China Financial News

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There’s no shortage of risks to keep bankers up at night: Rising interest rates, wars, commercial real estate, a weakening Chinese economy. Yet financial regulators want banks to focus on—drum roll, please—climate change.

China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter. Reuters is reporting for the first time details of tenders from the government, military and state-linked entities, which show an acceleration in domestic substitution since last year.

Adani Enterprises (down 3.2%), Tech Mahindra (down 2.8%), Mahindra & Mahindra (down 2.6%), Bajaj Finserv (down 2.5%), Hindalco Industries (down 2.1%), Bajaj Finance (down 1.9%), LTIMindtree (down 1.7%), and Eicher Motors (down 1.7%) were the top losers in the pack. On the flip side, Axis Bank and HCL Technologies are trading in the green with a marginal gain of 0.8% and 0.1%, respectively. Among sectoral indices, Nifty Realty was the biggest laggard in today's trade, dropping as much as 3.17%, followed by Nifty Media (down 2.6%), and Nifty PSU Bank (down 2.31%).

From the U.S. to China, countries around the world are battling it out to lead on financial technology, a heavily lucrative industry that has grown over the years taking everything from retail banking to wealth management online.

BEIJING — Chinese electric car company Xpeng said this week it plans to roll out driver-assist technology in Europe by the end of next year, and remains on track with plans to expand the tech to 50 cities in China by year-end.

Stellantis says it plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says “we are in for a correction and volatility in the broader market, but it is not because investors are turning risk averse. It is because FIIs are selling largecaps. Mutual funds, in order to buy those largecaps, need to sell mid and smallcaps. It is not necessarily a reversal of risk attitude as much as the opportunity to get good quality, large companies at much reasonable prices. So it is just a reallocation. For a long-term investor, in fact the on-going correction could be a good time to accumulate.” Crude prices have eased off a bit at the start of the week. How do you see this correlation between crude prices and the kind of consolidation that we are seeing on the Nifty play out from here? The spot crude prices may ease up based on local announcements but if you look at the forward crude expectations, they remain in a firm stage both because it is winter setting into the US and in Europe, when the energy heating demand for homes goes up. The Israel-Hamas conflict is adding to the statement by OPEC that there will be at least a three and a half million barrel shortfall for Q4. So in the short term, because of China's slowdown, there may be movement in the spot crude, but otherwise I expect a firm crude trend.

defence spending would boost the economy. “We can reap a genuine peace dividend this year and then year after year, in the form of permanently reduced defence budgets," he declared in 1992. The world took note.

General Motors have jointly announced the discontinuation of their partnership aimed at producing affordable electric vehicles from 2027, AFP reported. The decision comes after extensive studies and analysis, the joint statement said. However, no specific reason was provided.

astronauts departed for China's space station on Thursday, paving the way for a new generation of «taikonauts» to advance the country's space ambitions in the future. The spacecraft Shenzhou-17, or «Divine Vessel», and its three passengers lifted off atop a Long March-2F rocket from the Jiuquan Satellite Launch Centre in northwest China. Leading the six-month mission was former air force pilot Tang Hongbo, 48, who was on the first crewed mission to the space station in 2021. His return to the orbiting outpost Tiangong, or «Celestial Palace» in Chinese, also set a new record for the shortest interval between two spaceflight missions by taikonauts — coined from the Chinese word for space — suggesting a faster rotation of taikonauts in coming years. Tang, from China's second batch of astronauts in 2010, had to wait more than a decade before he was picked for his inaugural spaceflight in 2021. By contrast, his fellow Shenzhou-17 crew members Tang Shengjie, 33, and Jiang Xinlin, 35, both travelling to space for the first time, joined China's third batch of astronauts in September 2020. China has already kickstarted the selection process for the fourth batch of astronauts, seeking candidates with doctoral degrees in disciplines from biology, physics and chemistry to biomedical engineering and astronomy. It is also opening the process to applicants from Hong Kong and Macau for the first time. The first and second batches of astronauts were all former air force pilots, like Tang, who joined the People's Liberation Army in 1995 at age 20.

China's Belt and Road Initiative through a network of infrastructure projects, including a railroad connecting Saudi Arabia with Europe, President Joe Biden said. On the sidelines of the G20 Summit in September, key leaders of the world led by Prime Minister Narendra Modi and Biden had announced the launch of the ambitious India-Middle East-Europe Economic Corridor. «We are going to compete on that (Belt and Road Initiative) and we're doing it in a different way.

Honda and US giant General Motors said Thursday they were scrapping a tie-up that was aimed at producing «affordable» electric vehicles from 2027. «After extensive studies and analysis, we have come to a mutual decision to discontinue the program,» the firms said in a joint statement. No reason was given, but automakers are reportedly slowing expansion plans in EVs because of cooling demand, particularly in China. GM said this week that it was «moderating the acceleration of EV production in North America to protect our pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements». GM and other US automakers have also been hit by a lengthy strike by factory workers in the United States. Japanese automakers have lost market share in key markets in recent years due in part to a slow rollout of EV's, having long focused on hybrid vehicles instead. The tie-up announced in 2022 aimed to develop electric cars cheaper than the US firm's planned $30,000 Chevrolet Equinox. Honda added that it still hoped to achieve 100 percent electrified vehicle sales by 2040. Honda and GM are still working together in other areas, including a recently announced plan to launch driverless taxis in Tokyo in 2026.

By Veronica Dudei Maia Khongwir

(Reuters) -Stellantis NV on Thursday announced a 1.5 billion euro ($1.6 billion) deal to acquire a 20% stake in China's Leapmotor (HK:9863) Technology in a move that gives the European automaker a vital foothold in the world's largest auto market.

BEIJING (Reuters) — China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter.

Rich Listers and Chemist Warehouse founders Jack Gance and Mario Verrocchi have shared a $365 million dividend from Australia’s no.1 pharmacy chain, despite profit at the privately owned business falling more than 20 per cent.

The opening of a Chinese currency remitter in Sydney’s CBD in the middle of the pandemic sparked a police investigation which has allegedly exposed Australia’s biggest money-laundering ring, with ties to cyber crime, drug running, cryptocurrency and violent crime.

(Corrects paragraphs 1 and 2 after the Nuevo Leon Economy Ministry said an Oct. 18 statement had incorrectly named Hesai Technology (O:HSAI) as the second company instead of Shenzhen. Removes references to Hesai Technology in paragraphs 6 and 7.)

By Seher Dareen

A team of scientists from the University of Science and Technology of China and Tencent’s YouTu Lab have developed a tool to combat “hallucination” by artificial intelligence (AI) models.