China Financial News

Tesla (NASDAQ:TSLA) has reportedly scaled back its electric vehicle (EV) production in China as it faces slower growth in the sales of new-energy vehicles and increased competition in the world's largest car market.

Australia and Britain said in a joint statement on Friday there were potentially devastating consequences of an Israeli ground invasion of Rafah in Gaza. «Given the large number of displaced persons taking refuge in the area and lack of safe spaces in Gaza, ministers shared deep concern at the potentially devastating consequences for the civilian population of an expanded Israeli military operation in Rafah,» the statement said. Israel says a ground invasion of Rafah is necessary to eliminate Hamas, despite countries including the United States warning of dire consequences for the more than a million Palestinians who have sheltered there since being displaced elsewhere in the Gaza Strip during the five-month-old war.

Investing.com-- Shares of SMIC sank on Friday, leading declines across major Chinese technology firms after the Biden administration suggested that China’s biggest chipmaker may have flouted U.S. export curbs to produce a new chip for a flagship Huawei phone. 

SHANGHAI (Reuters) -China's yuan declined to a four-month low against the dollar on Friday, breaching a key threshold and prompting state-owned banks to step in to defend the currency.

Investing.com-- Most Asian currencies fell sharply on Friday, coming under pressure from a rebound in the dollar as an unexpected interest rate cut by the Swiss National Bank pushed currency traders squarely into the greenback.  

By Xie Yu and Selena Li

Investing.com-- Most Asian stocks sank on Friday with Chinese markets leading losses on resurgent concerns over a slowing economy, while a rally in Japan’s Nikkei 225 ran dry after strong inflation data. 

The International Monetary Fund says the economic situation in debt-stricken Sri Lanka is improving gradually from the country's worst economic crisis two years ago

By Alexandra Alper and Karen Freifeld

Golden Visa program, aimed at addressing the pressure on the country's property market. Investors seeking residency rights will now need to invest a minimum of €800,000 ($873,280) in popular areas like Athens, Thessaloniki, Mykonos, Santorini, and other islands with a population exceeding 3,100 inhabitants, according to a statement from the Finance Ministry. This adjustment follows a previous doubling of the required investment amount in popular areas, raising it to €500,000 in August. Additionally, in other parts of the country, the minimum investment threshold will rise to €400,000 from €250,000. Investors are limited to purchasing a single property with a minimum surface area of 120 square meters (1291.7 square feet), which cannot be utilized for short-term rental purposes. Effective from March 31, the revised investment thresholds aim to bolster the supply of long-term rental housing and mitigate the impact of the Golden Visa program on housing costs, as per the ministry's statement.

Ethereum co-founder Vitalik Buterin unveiled a new “rainbow staking” framework on Wednesday that may help decentralize protocol control from the network’s largest players.

By James Pomfret and Greg Torode

After-Hours Stock Movers:

Investing.com — Nike reported Thursday better-than-expected fiscal third-quarter results as improved margins and strength in its North America segment boosted performance.    

By Ananya Mariam Rajesh

Income and wealth inequality in India are at a historical peak with the share of the richest 1% higher than in countries like China and Brazil, finds a new study by the World Inequality Lab. Left unattended, India could slide into a plutocracy, the authors warn. Mint takes a look.

Chinese leader Xi Jinping plans to meet a group of U.S. business leaders next week after a government-sponsored forum as Beijing steps up efforts to woo American firms amid an exodus of foreign capital. The meeting with China’s top leader is set for Wednesday, and insurer Chubb’s CEO, Evan Greenberg, along with Stephen Orlins, president of the National Committee on U.S.-China Relations, and Craig Allen, president of the U.S.-China Business Council, are expected to attend, people familiar with the matter said.

By Alexandra Alper

Japan has reported its exports rose 7.8% in February from a year earlier on strong shipments of cars and electrical machinery

A Communist Party newspaper says Vietnam’s Vice President Vo Thi Anh Xuan will be acting president after the previous president’s resignation

Two decades ago, rising gold prices launched a historic bull run in Canada’s gold mining sector. Now, bullion is popping to all-time highs again, but this time investors are fleeing gold miners’ stocks in droves.