China Financial News

₹1,959 crore was paid as visa fees for the 1.4 million US visitor and work visas processed across consulates in India in 2023. Additionally, the average waiting time for visitor visa appointments was 250 days. Passport strength is closely connected to the business environment, especially for the high-ranked countries.

Indian pair of Satwiksairaj Rankireddy and Chirag Shetty received a major boost ahead of the Paris Olympics as they secured the men's doubles title at the Thailand Open Super 500 badminton tournament with a straight-game win over Chen Bo Yang and Liu Yi of China here on Sunday. In the form of their lives, Satwik and Chirag, the world number three pair prevailed 21-15 21-15 over Liu and Chen, ranked 29th, for their ninth BWF world tour title. It was also the second title of the season for the Asian Games champions following their triumph at the French Open Super 750 in March. They had also finished runners-up at Malaysia Super 1000 and India Super 750. "Bangkok has always been special for us, we won our first Super Series title back in 2019 here and also the Thomas cup, so it has been a special place and so happy to be here," Chirag said after the win.

warships docked on Sunday at a commercial port in Cambodia, in preparation for joint naval exercises between the two countries. The Jingangshan amphibious warfare ship and Qijiguang training ship sailed in to the Sihanoukville Port as onlookers waved Cambodian and Chinese flags from the piers. The port is north of the Ream Naval Base, where China has funded a broad expansion project that has been carefully watched by the United States and others over concerns it could become a new outpost for the Chinese navy on the Gulf of Thailand. The Gulf is adjacent to the South China Sea, which China claims virtually in its entirety, and would give easy access to the Malacca Strait, one of the most important shipping lanes in the world.

economic adviser V Anantha Nageswaran on Saturday called on the industry to reciprocate the government's deregulation bid with concrete action on improving the quality of products and earning consumer trust, stressing that «it takes two to strike a bargain for society to advance.» «It's one thing to ask the government to deregulate to simplify rules and decriminalise rules; but it's another thing to reciprocate that action with trust and better quality as well,» the CEA said at a Confederation of Indian Industry event. Flagging reports of Indian automobiles failing safety standards, and of misleading labelling on food products, he said the industry has to make a compact with society as well.

Himanta Biswa Sarma on Saturday alleged that Congress leader Rahul Gandhi has been displaying the Chinese constitution at his rallies, instead of the Indian one. The BJP leader claimed that the book shown by Gandhi is with a red cover like the original Chinese constitution, whereas the original Indian constitution has a blue cover. «Rahul is displaying a red Chinese constitution to the people attending his meetings,» Sarma wrote on X. In response, several social media users said that the red-bound Constitution is a coat pocket edition, which has been presented to top Indian leaders, including the President and the Union Home minister.

₹39, to ₹73,750 per 10 grams on Friday. The yellow metal made a high of ₹73,782 and a low of ₹72,833 during the day. MCX Silver rate gained 0.14%, or ₹125, to close at ₹91,149 per kg.

Mahesh Patil, CIO, Aditya Birla Sun Life AMC, says the market has a tendency to continue with its inherent trajectory based on fundamentals. “Hence, we would not try to time election outcomes and rather focus on stock picking while reducing risk in the portfolio to navigate the volatility due to election outcomes,” he says. Edited excerpts from a chat:

Russia and India on visa-free tourism will begin in June, according to a senior Russian official. «India is at the final stage of internal state coordination,» Nikita Kondratyev, director of the Russian Economic Development Ministry's Department of Multilateral Economic Cooperation and Special Projects, said on the sidelines of the International Economic Forum «Russia — Islamic World: KazanForum 2024» in Kazan. Both sides will sign a pact for visa-free tourism this year, he said, adding that the first discussion on a draft agreement is scheduled to take place in June and a signing is expected by the end of the year.

Equity markets traded firmly for the most part of Friday and closed with gains. The exchanges will remain open on Saturday for a special trading session to prepare for disaster management. «Overall, we expect markets to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling and the outcome could keep volatility higher,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial

Russia and China are interested in increasing their oil and gas trade, President Vladimir Putin told reporters in Harbin on Friday. «Mutual interest in implementation of such projects has been confirmed,» Putin said in the final hours of his state visit to China, as per a briefing broadcast by state-run Rossiya 24 TV. «We have a huge common border and nothing can interfere: neither sanctions against the tanker fleet, nor sanctions against financial institutions. We will buy and sell everything in national currencies.» Russia's relations with western nations, formerly its main energy market, are at the lowest point since the Cold War due to Putin's invasion of Ukraine. That makes Moscow increasingly reliant on oil and gas deliveries to growing Asian economies. China, the word's largest energy importer, is currently a key buyer of Russian barrels and Gazprom PJSC's natural gas.

Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as the digital yuan on Friday.

Popular and lovable Solana meme coin Slothana ($SLOTH) today announced that it will be listed on top 10 crypto exchange HTX.

Motilal Oswal Financial Services. Also read: Gold rate today: Gold price retraces from three-week high despite US Fed rate cut buzz, weak US dollar. Buy or wait? Damani added, “The CME Fed-watch tool showed traders pricing in a greater chance of a 25 bps cut in September, at nearly 54%.

Rajnath Singh on Friday asserted that Pakistan Occupied Kashmir «was, is and will remain ours» while also hitting out at the opposition parties for raking up the China issue. Accusing the opposition parties of spreading confusion on the China issue, he said, «India has not lost anything. We will not let India lose anything. Talks are ongoing… we are confident that a solution will be found.» Addressing an election rally in Ballia's Sikandarpur in support of the BJP's Salempur candidate Ravindra Kushwaha, Singh also asserted, «Pakistan Occupied Kashmir was ours, is ours and will remain ours.» He claimed that after four phases of elections, political analysts not only in India but across the world believe that the BJP is going to form the government by winning more than 400 seats.

On Friday, President Vladimir Putin expressed concern that the U.S. sanctions policy was eroding confidence in the dollar. He highlighted that Russia and China were exploring solutions to prevent the imposition of measures against Chinese banks from disrupting their growing trade.

JSW Steel Ltd on Friday reported a 64.54% fall in its consolidated net profit for the March quarter to ₹1,299 crore mainly due to higher coking coal prices. The Sajjan Jindal-led company’s consolidated revenue from operations fell 1.5% year-on-year to ₹46,269 crore. A Bloomberg poll of analystshad expected JSW Steel to post a profit of ₹1,661.35 crore for the March quarter on revenue of ₹44,676.34 crore.

domestic manufacturing and investment. Jaishankar highlighted the importance of considering national security in business decisions, particularly in relation to China.

solar panels and electric vehicles driving the demand for silver, the price of the industrial metal is seen surging to Rs 1 lakh a kg in the next one year and up to Rs 92,000 per kg within the next 3 months. “Silver being an industrial metal, may benefit from upside in base metals and bullish sentiments in emerging market equities. So, we expect silver to trade with a positive bias benefiting from enhanced industrial applications. Hence, an extended slowdown in the Chinese economy is one of the major risks to our outlook. Silver prices may trade in a range of Rs 75,000 – 92,000 in the next 3 months,” said Kaynat Chainwala, Senior Manager of Commodities Research at Kotak Securities.

Tesla has been developing plans for a data center in China to train the algorithm needed for more fully autonomous vehicles, according two people, who asked not to be named because the work remains private. Until recently, Tesla has focused on efforts to secure approval from Chinese regulators to transfer data generated by its EVs in China out of the country for its “Full Self Driving" (FSD) system, according to the two people and an additional person with knowledge of the matter. It was not clear if Tesla would proceed with both options for handling self-driving data from China - data transfer and a local data center - or if it was developing parallel plans as a hedge.

Indian stocks are set for the biggest monthly outflow in nearly a year as election uncertainties and high valuations prompt some funds to shift to cheaper alternatives like Chinese equities. Global investors have pulled a net $3.5 billion from India’s stock markets so far in May, on course for the biggest withdrawal since June 2023, according to data compiled by Bloomberg.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) China President recently shared insights on the challenges and solutions for cross-border central bank digital currency (CBDC) interoperability.