China Financial News

India and Iran signed a 10-year contract on Monday for the management of Chabahar port, putting the seal on what’s envisaged as a gamechanger in regional connectivity, rivalling China’s Belt and Road Initiative and being an alternative to Gwadar port in Pakistan. Shipping minister Sarbananda Sonowal travelled to Tehran for the signing of the new 10-year contract between India Ports Global Ltd (IPGL) and Ports & Maritime Organisation of Iran (PMO). ET was the first to report on the new Chabahar contract in its May 13 edition. Under the contract, IPGL will equip and operate the port for the duration of the contract. At the end of the 10-year period, both sides will extend their cooperation in Chabahar. IPGL will invest about $120 million in equipping the port, officials said. India has also offered a rupee credit window equivalent to $250 million for mutually identified projects aimed at improving Chabahar-related infrastructure, they said.

Markets are caught in electoral turbulence with volatility spiking ahead of the results. Sensex and Nifty had run up in anticipation, and are now in choppy trades. Comparisons with previous poll years is fraught because markets tend to deliver outcomes with weak correlation to poll results.

Chinese workers are showing a lack of enthusiasm towards the country’s central bank digital currency (CBDC). A report on May 13 revealed that some workers who received their salaries in digital yuan (e-CNY) converted the asset into fiat currency immediately after they were paid, indicating a clear preference for physical cash over the digital alternative.

Mt Everest in Nepal? It requires an individual to have the highest level of stamina, mental agility and excellent mountaineering abilities. Now, what does it take to climb the mountain 29 times? It is in this regard that, Sherpa Kami Rita has broken his record by climbing Mt Everest for the 29th time. It is his expertise and skills that often lead to others accomplishing their record of having climbed this magnificent mountain. It has been reported by the Associated Press that this feat was accomplished on May 12 at 7:25 am (local time). It has also been reported that Sherpa Rita had climbed Mt Everest, twice last year.

card game is helping investment agencies in China stay afloat as US investment towards the world's second-largest economy led by President Xi Jinping, keeps falling through the cracks due to a recent executive order by current US President Joe Biden. The executive order signed by US Prez Biden back in August 2023, restricts American investment in China in significant sectors including artificial intelligence, quantum computing and other technology-based services. This has led to a void for Chinese companies and investment agencies as they are looking at raising funds to keep themselves afloat as the US investments keep pulling out. However, card game, Guandan, also known as 'throwing eggs' has come to the rescue of the Chinese, according to an NBC report.

Gold price declines ahead of US inflation data, silver gains marginally The previous session also saw a lift in oil prices to a one-week high, supported by reports of increased crude oil imports in China during April. Furthermore, investors interpreted the cooling U.S.

Oil prices edged higher on Monday after losing about $1 a barrel in the previous session on signs that U.S. policymakers are likely to keep interest rates higher for longer. Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88.

Falkland has once again hit the headlines and it is most likely to stir the passion of the people living on the island. After Argentina’s President Javier Milei said that British Foreign Secretary David Cameron has “every right” to visit the Falkland Islands as they are “in the hands of the United Kingdom, he has been branded as a 'traitor'.

Former President Donald Trump rewrote the consensus on trade policy, so much so that President Biden largely copied it: Prioritize domestic manufacturing, deprioritize trade deals, sideline the World Trade Organization and embrace tariffs. Other than Trump himself, no one did more to refashion that consensus than his trade ambassador, Robert Lighthizer. He has unfinished business.

External Affairs Minister S Jaishankar on Monday said the Congress holds Prime Minister Narendra Modi accountable for the mistakes made by first prime minister Jawaharlal Nehru when making comments on China while believing the party has no culpability for the past acts.

By Rahul Pandey

The commercial real estate market in India is projected to reach USD 106.05 billion by 2029 from USD 40 billion in 2024, with a compound annual growth rate (CAGR) of 21.10% during the forecast period (2024- 2029), according to a report by Mordor Intelligence.

Dalal Street's volatility indicator India VIX, also known as the fear index, on Monday zoomed 16% to fly past the 20-mark for the first time in the last one year. After suddenly crashing 20% to sub 10-levels on April 23, the index has been rising non-stop. In the last 13 sessions, the index has doubled.

International Monetary Fund warned the Maldives against looming «debt distress» Monday, as the small but strategically placed luxury tourist destination looks set to borrow more from main creditor China.

The Bitcoin Asia 2024 conference in Hong Kong attracted a large crowd of enthusiasts and especially investors from mainland China.

The Public Security Bureau of Panshi City in Jilin Province has cracked down on an illegal operation involving underground banks and virtual currencies.

With India VIX jumping 43% in May, it is advised to market participants that they remain cautious in building fresh positions and it would be prudent to adopt a wait and watch policy, and focus on quality stocks with a longer-term perspective, and that also in an SIP mode, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said. This analyst spells-out strategy in previous week’s major movers viz. Manappuram Finance, Canara Bank and Yes Bank and three more stocks. Here’s what he recommends: A hard week for markets with Nifty declining 2.6% WoW. Do you see this as an election led correction or there is more and what levels should one watch out this week and in the run-up to June 4 when the outcome unfolds? Aamar Deo Singh: Investors appear to be adopting a cautious approach ahead of the outcome of the general elections, and that is evident in the markets as a broad sell-off is visible across sectors.

₹176 ($2.1) per day, last updated in 2017, is one of the lowest in the Asia-Pacific region, surpassed by China’s $11.9, Vietnam $6.5 and even Bangladesh’s $3.7. Brazil’s minimum wage of $47 per day is closer to the figure in developed economies like Australia ($14.8 per hour), the UK ($14.1) and the US ($7.2). While India’s minimum wage remains unchanged, the government routinely updates its dearness allowance (DA) for central government employees.

Mint’s Plain Facts section brings out an update on key global economic data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India. This time, we explain how monetary policies have diverged around the world and why the debt situation has become a reminder of the Napoleonic Wars.

Cotton Association of India (CAI) on Saturday estimated cotton exports to rise about 27 per cent to 28 lakh bales during 2023-24 crop year ending September. In 2022-23 crop season (October-September), cotton exports were at 22 lakh bales, CAI said. One bale is equal to 170 kilogram.

Asian share markets made a cautious start on Monday in a week where inflation figures could make or break hopes for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy. Beijing has already reported a welcome pickup in inflation to an annual 0.3% in April, helping to soothe worries about a slide into prolonged deflation. Forecasts favour further gains in April retail sales and industrial output due on Friday.