China Financial News

Could sails make a comeback for cargo ships on the high seas? Major players in maritime shipping, looking for ways to cut carbon emissions and save on fuel, are trying out new ways to use old-fashioned wind power. But the devices being tested on some bulk freighters are far from old-fashioned—more like high-tech airplane wings than the canvas sails that once powered schooners and sloops. One version is the “WindWings" device developed by the Minneapolis-based agricultural giant Cargill and BAR Technologies, a U.K.-based company that has designed boats and advanced sails for the America’s Cup race.

By Marius Zaharia

Investing.com-- The Japanese yen fell sharply on Tuesday after the Bank of Japan maintained its ultra-dovish stance and offered no cues on a planned pivot, while broader Asian currencies were muted as a post-Federal Reserve rally cooled. 

Sales of construction equipment — a barometer of economic activity — is expected to grow in strong double-digits for the second straight year to a record this financial year spurred by increased government spending on infrastructure development, ahead of general elections next year, said three of the country's leading construction equipment makers. Sales of construction equipment have risen by nearly a fifth since April and are likely to close the year at 125,000-130,000 units, breaching the previous peak of 107,779 units in FY23, said Dimitrov Krishnan, head of Volvo CE India. Prior to this, construction equipment makers had reported record sales of 98,000 units in the pre-pandemic year of FY19. «Among major markets (for construction equipment), while North America is still growing, China is a big problem with sales declining 50% this year.

To mark China’s National Day on October 1st the Communist Youth League sent a message to its nearly 18m followers on Weibo, a microblog platform. “Today, as protagonists of this era, we will write new legends on this sacred land!" it proclaimed. Attached was a music video, its lyrics suffused with patriotic rhetoric and interspersed with clips of speeches by Mao Zedong and the country’s current leader, Xi Jinping.

Nissan Motor Co. is expanding its research ties with a leading Chinese university as it and other foreign car companies try to claw back market share in the important Chinese market

Today, the industry comprises only 4 crore unique investors who have around 15 crore folios. MF AUM as a percent of GDP stands currently at 14%. In comparison, countries like China (23%), South Africa (45%) and Brazil (72%) are significantly ahead. Developed markets like the US, France and Australia stand north of 100% on this metric. Clearly more than 4 crore people in India can invest in mutual funds. Over 50 crore people have an OTT subscription, over 25 crore ordered food online last year and over 20 crore have shopped online. I would argue that all these people can certainly start a Rs 500 monthly SIP in mutual funds. At a very conservative estimate, at least 20 crore people in India can be mutual fund investors. Affordability is not the issue. So why are more people not investing in one of the most transparent, well-regulated investment opportunities in the country? I am certain that everyone who is ordering food online is aware of mutual funds and can invest, but for some reason many do not take the next step of considering it as an investment avenue. Why?

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion

Until recently, the Chinese manufacturer behind Elf Bar e-cigarettes was able to slip its products passed U.S. customs officials

Joe Biden, warning that European technology regulations are unfairly targeting US companies and not including many Chinese or EU firms, according to a letter seen by Reuters on Monday. Under the European Union's Digital Markets Act (DMA), five major US tech companies — Alphabet, Amazon, Apple, Meta and Microsoft — were designated «gatekeeper» service providers. From March 2024, these companies — as well as TikTok's Chinese owner ByteDance — will be required to make their messaging apps work with rivals and let users choose which ones they want pre-installed on their devices.

Goldman Sachs Group Inc. plans to ramp up its credit business in India and sees an increasing opportunity to target the nation’s wealthy diaspora as global investors shift their focus from China to what is now the world’s fastest-growing major economy. The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according to Sonjoy Chatterjee, chairman and chief executive officer for Goldman in India.

earthquake in a mountainous region in northwestern China, the country's state media reported on Tuesday. The official Xinhua News Agency said that 100 people died in the province of Gansu and another 11 in the neighboring province of Qinghai in the quake, which occurred just before midnight on Monday.

Catch Live Market Updates here Investors await the decision of Bank of Japan policy meeting wherein members are likely to debate whether economic conditions are falling into place for the bank to begin unwinding ultra-loose monetary settings. None of the economists polled by Reuters expect the central bank to end its negative interest rate policy on Tuesday with most projecting such an action to happen next year. Meanwhile, the domestic equity indices ended lower on Monday as investors seem to book profits after markets set a new high last week.

magnitude earthquake that occurred just before midnight on Monday in a mountainous region in northwestern China, the country's state media reported today. The official Xinhua News Agency, as quoted by The Associated Press, said that 100 people died in the province of Gansu and another 11 in the neighboring province of Qinghai in the quake. More than 200 people were injured in Gansu and Qinghai provinces, said Xinhua, adding that the quake struck in Gansu's Jishishan county, about 5 kilometers (3 miles) from the provincial boundary with Qinghai.

By Martin Coulter

By Emma Farge

(Reuters) -New York-listed e-commerce giant Coupang plans to buy Farfetch (NYSE:FTCH) Holdings in a deal that will provide the struggling online luxury fashion retailer with $500 million in capital to stay in operation, the companies said in a joint statement.

By Jonathan Saul

oil prices are on a declining trend. This, despite production cuts announced earlier this year by Opec and Russia, because US output is likely to reach record highs. Last week, IEA released its projection that suggests that world oil consumption will increase by 1.1 million bpd in 2024, up by 130,000 bpd from its earlier estimate.

Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the assumption of debt. The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.

Security Council could vote as early as Monday on a proposal to demand that Israel and Hamas allow aid access to the Gaza Strip — via land, sea and air routes — and set up U.N. monitoring of the humanitarian assistance delivered. Diplomats said the fate of the draft Security Council resolution hinges on final negotiations between Israel ally and council veto power, the United States, and the United Arab Emirates, which has drafted the text.