China Financial News

China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. The deal saw China Integrated Circuit Industry Investment Fund, also known as the «Big Fund», contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26 to the company's registration information on the National Enterprise Credit Information Publicity System. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is also the chairman and general manager of Changxin Memory Technology, which is one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The Big Fund's latest investment comes after it invested 13 billion yuan into Yangtze Memory Technologies (YMTC) earlier this year, marking one of its largest investments in recent years. YMTC, China's only player in the global NAND memory market, has been aggressively expanding production capacity and R&D with the help of state subsidies.

Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high. Brent crude futures rose 46 cents, or 0.53%, to $87.91 a barrel by 0001 GMT while U.S. West Texas Intermediate crude climbed 33 cents, or 0.4%, to $83.64 a barrel. Oil fell more than 3% on Monday as Israel's attacks on Gaza escalated although fears eased that the Israel-Hamas war would disrupt supply from the region. Israeli troops and tanks attacked Gaza's main northern city from the east and west on Monday, three days after it began ground operations in the Palestinian enclave. Traders were also keeping a close eye on global monetary policy, with rate-setting meetings of major central banks scheduled for this week. The Bank of Japan (BOJ) will be the first with its meeting on Tuesday where it is likely to revise up its inflation forecasts and discuss further tweaks to its bond yield curve control (YCC). Speculation grew on Monday that the BOJ would act after Nikkei, citing sources close to the matter, reported that policymakers may further tweak YCC to allow the 10-year Japanese government bond yield to rise above 1%. The U.S.

China, warning the public that visibility could drop to less than 50 metres (164 feet). Northern province Hebei launched an anti-pollution emergency response, listing traffic safety controls for when necessary including suspending flight takeoffs and landings, temporarily closing highways and suspending ferries, China's meteorological bureau said in a notice. Authorities also warned road users to stop in safe parking areas when conditions required and asked people to stay indoors. Beijing said it would implement traffic control measures if the capital activates its highest air pollution warning. Heavy smog has engulfed the country's north for a few days while autumn temperatures soared to typical early summer levels close to 30 degrees Celsius (86 degrees Fahrenheit) in some areas. Experts said weak cold air currents from the north pole were a key factor behind the unusual weather. As air pollution levels in the wider Beijing-Tianjin-Hebei area and northern part of Henan province reached moderate to severe, pollution control experts said increased industrial activities, heavy trucking and crop fires had contributed to the haze, state media CCTV reported. Regional power consumption in late October was up 5% compared with first half of the month, more significantly in the cement, brick and tile industries, worsening conditions, CCTV said. Parts of Tianjin municipality and Hebei and Shandong provinces, as well as eastern areas of Jiangsu province saw heavy fog resulting in visibility of less than 1 km (0.62 mile) on Tuesday morning, the National Meteorological Center (NMC) said. Until Thursday, light to moderate haze will continue to cover the central and southern parts of China's northern region, with severe haze

Also Read: 6 things that changed for the stock market overnight - Gift Nifty, Wall Street rally to China PMI “Technically, this pattern indicates continuation of upside bounce in the market. The recent swing low of 18,837 of October 26 could now be considered as a short-term bottom reversal for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Chief executive Tim Ford aims to turn California’s high-end Daou Vineyards that Treasury Wine Estates is buying in a $US1 billion ($1.6 billion) deal into a global brand like the Australian company’s flagship, Penfolds.

US Federal Reserve and the Bank of England will leave interest rates unchanged on Wednesday and Thursday, respectively. This week, investors will also keep a close eye on policy announcement from Japan’s central bank and China factory data. The US stocks rallied more than 1% on Monday ahead of jobs data and the Federal Reserve's two-day monetary policy meeting.

California Gov. Gavin Newsom’s trip to China, with the stated goal of working together to fight climate change, resulted in a surprise meeting with leader Xi Jinping and was filled with warm words and friendliness not seen in years in the China-U.S. re...

A Hong Kong court has adjourned a winding up hearing for property developer China Evergrande Group’s until Dec. 4

China’s leaders are expected to search for ways to mend the country's fractured property market, create jobs for millions of unemployed youths and spur faster growth in a meeting that reportedly began Monday in Beijing

₹400 crore in the current fiscal year. While prioritizing positive cash flow, Practo will be achieving the target by the end of the year, Lal said. “We are on track.

China's top electric carmaker BYD announced a record quarterly profit Monday, underscoring the firm's growing dominance in a high-tech sector that is fiercely contested by both domestic and foreign competitors. The Shenzhen-based firm posted a profit of 10.4 billion yuan ($1.42 billion) for the July-September period, its highest-ever earnings during a single quarter and up 82 percent on-year, a statement to the Hong Kong Stock Exchange showed. The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings. BYD's cumulative net profit for January-September reached 21.4 billion yuan, more than doubling on-year and surpassing last year's total annual earnings of 16.6 billion yuan. Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms. BYD, whose investors include US investment titan Warren Buffet, wants its sales to be dominated by electric and hybrid vehicles by 2035. Earlier this year, BYD became the first global manufacturer to pass the five million milestone in electric vehicle production, crowning itself «the world's leading manufacturer of new energy vehicles and power batteries». Originally specialising in the design and manufacture of batteries, the company diversified into the automotive sector in 2003. Many foreign automotive leaders — including Tesla, BMW, Mercedes and Audi — depend on BYD for their batteries. China's electric vehicle sector has benefited from decades of subsidies issued by Beijing in related technological fields. The growing success of Chinese electric car firms in foreign markets has also drawn scrutiny.

Thailand’s second-largest bank, signaling bullish fervor for blockchain after buying out one of the region’s local crypto exchanges through one of its subsidiaries.

(Reuters) — Shares of Tesla (NASDAQ:TSLA) fell about 5% on Monday after key supplier Panasonic (OTC:PCRFY) Holdings said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle (EV) sales.

Rare earths play Northern Minerals has asked the Foreign Investment Review Board to probe whether recent share acquisitions are part of a covert attempt by Chinese interests to gain control of its strategically important assets in Western Australia.

By Arunima Kumar

₹35,000 crore (approx). As per the agreement five squadrons of S-400 missiles was set to be delivered by Russia to India.

Mumbai: As per the International Monetary Fund’s World Economic Outlook released in early October, China is expected to grow by 5% in 2023. This growth forecast is in constant terms adjusted for inflation and in the Chinese currency yuan. A growth of 5% in 2023 is better than growth of 2.2% in 2020 and 3% in 2022.

₹1 lakh per year, will grow faster than its upper end. The middle class currently represents 31% of India’s population and is expected to reach 40% by 2031. The room for growth is huge, given the big gap in average income between India and developed countries and India’s large youth bulge in a rapidly ageing world.

India recently chose to abstain from a UN General Assembly vote that sought a humanitarian truce and the protection of civilians amid the intensifying conflict between Israel and Gaza, drawing significant domestic scrutiny. Here's a breakdown of India's decision and its implications - The UN General Assembly's resolution called for an “immediate, durable and sustained humanitarian truce leading to a cessation of hostilities", especially given that the death toll in Gaza has reportedly surpassed 8,000, due to Israel's ongoing airstrike campaign. The conflict escalated following Hamas' attacks in Israel on 7 October, leading Israel to launch a ground offensive into Gaza.

By Elizabeth Howcroft

Investing.com -- U.S. stock futures point higher, with investors preparing for a busy week of central bank decisions, economic data, and company earnings. Meanwhile, HSBC rolls out fresh share buybacks despite missing third-quarter profit expectations and a Hong Kong court gives embattled developer China Evergrande (HK:3333) one last opportunity to present a new restructuring plan or face liquidation.