China Financial News

Chinese ambassador to Nepal kicked up another controversy through social media, drawing the ire of the local population. In the latest such instance, Chen Song faced criticism for passing a «joke» about a bus accident in Nepal. On July 28, while reposting a news article titled «19 kg magnet, brought to search for the lost bus, is itself missing», he wrote on X, «Find the magnet then». He was referring to the July 12 accident, when a bus travelling from Kathmandu to Gaur and another coming from Birgunj to Kathmandu were swept away into the Trishuli river at Simaltal, Chitwan district of Nepal. Out of 65 passengers, 62 were missing. The whereabouts of the buses and most of the passengers are still unknown. Upon the request of the Nepal government, India sent a 12-member diving team with magnets to assist in the search. The Chinese ambassador's comments appeared to be targeted not only at Nepal but also at the failure of the Indian team, according to Kathmandu-based people.

Carolina Marin withdrew in tears from her badminton semi-final on Sunday after her right knee buckled in distressing scenes. Marin, who won women's singles gold at the Rio 2016 Games, was on track to reach the final but collapsed midway through the second game against China's He Bingjiao. Coaches and He rushed to her side as she lay on the ground for several minutes, clutching her leg.

₹234 crore at the end of 2023-24. Transactions only picked up after RBI introduced interoperability with the UPI system. But still, the volume of e-rupee transactions remains significantly lower than UPI, debit and credit card transactions in the country, which stood at ₹149.5 trillion in 2022.

Prime Minister Narendra Modi called for the creation of an “investment-friendly charter’ during the ninth Governing Council Meeting of the Niti Aayog on 27 July. This charter will outline policies, programmes and processes to attract more investments. Despite India’s potential, foreign direct investment (FDI) data shows that the country has not fully capitalized on its opportunities.

South China Sea and aiming to counter Beijing's continuing violations of international treaty obligations, countries in the region are galvanising their defences. Two warships from the Philippines and Japan each, for the first time ever, conducted a joint exercise in the contested waters. This exercise followed a bilateral defence treaty, termed the Reciprocal Access Agreement (RAA), signed between Manila and Tokyo to facilitate joint exercises for closer security cooperation, amid China's growing assertion in the regional resource-rich waters.

Everywhere you look, the world’s politicians face tough economic choices. In many countries, they must raise taxes, cut spending or put up with high interest rates to keep inflation in check and make room for investment in the future. China is different.

Draft rules for the legalisation of casinos, which include an initial 30-year casino license with a 10-year renewal option, have been published for public feedback until August 18. The casinos will be part of large entertainment complexes featuring hotels, convention centers, and amusement parks, among other amenities. Thailand would thus join the ranks of the United Arab Emirates and Japan in vying for a share of the global casino industry, estimated to have generated $263 billion in revenue last year. Major players like Galaxy Entertainment Group Ltd. and MGM Resorts International have shown interest in opening casino resorts in Thailand, considering it a strategic move against the uncertain prospects in Macau. Las Vegas Sands Corp. expressed interest in entering the Thai market, stating last month it would consider expanding to Thailand if the opportunity arises.

BJP leader Gyandev Ahuja's remarks over disaster-hit Wayanad district in Kerala, Communist Party of India (CPI) General Secretary D Raja said that the BJP is trying to 'communalise' the entire tragedy. Speaking to ANI, CPI General Secretary D Raja said, «A tragedy occurred, and people are suffering. Our and several other parties are working on how to help the people- financially, supplying relief material, and shelter. People need food, shelter and medicines. BJP is trying to communalise the entire situation...» «What is your responsibility as the political party of the country,» questioned the CPI leader.

Indian submarine INS Shalki is on a two-day visit to Sri Lanka in reflection of growing maritime security cooperation between the two countries. The Shishumar class diesel-electric submarine arrived in Colombo on August 2, the Indian Navy said on Saturday. India sends submarines to a handful of countries with whom it has close defence and strategic ties. The Indian submarine's visit to Colombo comes against the backdrop of China's persistent attempts to enhance its strategic and military influence over the island nation.

China is the latest in a slew of countries planning to gradually raise the statutory retirement age as an aging world population is forcing governments to reform their pension plans.

Six Records of a Floating Life. By Shen Fu. Translated by Leonard Pratt and Chiang Su-Hui.

To Lam, named Vietnam's top leader on Saturday, is a powerful former public security minister who has been swiftly elevated by a corruption crackdown that swept away other contenders. He was confirmed as general secretary of the Communist Party of Vietnam after the death of his predecessor Nguyen Phu Trong, Vietnam's most powerful leader in decades. In his first remarks as general secretary, Lam said his promotion was the result of «an urgent need to ensure the leadership of the party».

Oil prices fell on Friday, settling at their lowest since January after data showed the U.S. economy added fewer jobs than expected last month, and weak Chinese economic data added more pressure. Brent crude futures settled down $2.71, or 3.41%, to $76.81 a barrel. U.S. West Texas Intermediate crude futures settled down $2.79, or 3.66%, at $73.52.

David Plouffe, adviser to former President Barack Obama with crypto expertise, is set to join Kamala Harris’ campaign team as a senior adviser.

Paris Olympics 2024 live performance on Day 8 is scheduled to start off on August 3, with a plethora of events lying wait to begin, including the likes of the women's 100m final, cycling, artistic gymnastics and a lot more. As 29 gold medals lie in offer for Olympic enthusiasts this time on Day 8 of Paris Olympics, countries like China, Japan, Great Britain, USA and others will be trying to win as many gold as possible to consolidate their positions in the Paris Olympics medal tally.

Futu Securities International, Hong Kong’s largest online brokerage, has entered the cryptocurrency market by enabling retail cryptocurrency trading.

The Justice Department sued TikTok on Friday, accusing the company of violating children’s online privacy law and running afoul of a settlement it had reached with another federal agency

industry that's been a major drag on the economy. The IMF called on China to deploy «one-off» fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the its economy published on Friday. It put the cost at 5.5% of GDP over four years. That would amount to almost $1 trillion based on last year's GDP, according to Bloomberg calculations.

TikTok and parent company ByteDance for failing to protect children's privacy on the social media app as the Biden administration continues its crackdown on the social media site. The government said TikTok violated the Children's Online Privacy Protection Act that requires services aimed at children to obtain parental consent to collect personal information from users under age 13. The Chinese-owned short-video platform boasts around 170 million U.S. users, and is currently fighting a new law that would force ByteDance to divest TikTok's U.S. assets by Jan. 19 or face a ban.

Badminton Men’s Singles Round of 16 match at the Paris Olympics when 22-year-old Lakshay Sen had to go up against his Prannoy bhaiya surely made one of the most exciting matches of 2024. Sen, in the pre-quarterfinal match secured a 12-21, 6-21 win against his Olympic village roommate, HS Prannoy and became India’s final hope in badminton at the Games. Following this, Lakshya Sen on Friday stormed into the semifinals beating Taiwan’s and World No. 12 Chou-Tien Chen by 19-21 21-15 21-12, raising hopes for another shiny medal in India’s kitty.