China Financial News

coal will leave miners with the equivalent of 100 job cuts daily through 2035, mostly in China and India. Mine closures will eliminate about 15% of global coal mining jobs by that year, about 400,000 in total, according to a new report published by Global Energy Monitor this week. The figure is likely to rise to nearly 1 million by 2050 as the world turns to cheaper wind and solar power generation. The job losses highlight some of the social challenges that companies and governments face as they transition the world away from fossil fuels in order to avoid the worst impacts of climate change.

© 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com

The Financial Times reported citing sources. As per the report by FT, in the previous week, Trudeau and Joly said that Ottawa was attempting to address the dispute behind closed doors.

More Russian banks will join the digital ruble pilot, with Center-invest Bank, which mainly operates in the nation’s south, set to trial the CBDC next year.

BHP’s chief commercial officer Vandita Pant is optimistic China’s housing market policies could buoy already strong demand for iron ore, generating “strong momentum” for the steel-making commodity into next year.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Europe also witnessed a fourth consecutive monthly outflow in gold ETFs. Regional gold ETFs suffered a loss of over $1 billion, or 28 tonnes during September – a month in which the European Central Bank delivered its tenth consecutive rate hike and reiterated that rates will stay “at sufficiently restrictive levels for as long as necessary." Gold prices declined 3.7% in September dragged by a sharp uptick in bond yields alongside a stronger dollar.

Vladimir Putin will visit Kyrgyzstan on Thursday, the presidential office of the Central Asian country said, in what would be the Russian leader's first known trip abroad since the International Criminal Court issued a warrant for his arrest. Putin has rarely travelled abroad since the start of Moscow's invasion of Ukraine in early 2022 and is not known to have left Russia since the ICC issued in March a warrant for him on suspicion of illegally deporting hundreds of children from Ukraine. The Kremlin denies those allegations. «At the invitation of the President of the Kyrgyz Republic, Sadyr Japarov, on October 12 of this year, the President of the Russian Federation, Vladimir Putin, will make an official visit to the country,» the Kyrgyz presidential administration said in a statement on its website. Putin agreed in May during talks with Japarov to visit Kyrgyzstan, but there has been no official confirmation yet from the Kremlin that the Russian president will travel there on Thursday. The Russian leader is also due to travel to China next week for the third Belt and Road Forum in Beijing.

New Zealand's immigration numbers have hit an all-time high, enabling employers to fill jobs but also putting pressure on the housing market, according to economists. The net number of immigrants was 110,000 in the year ending August, beating the previous high of 103,000 set a month earlier, according to figures released Wednesday by Statistics New Zealand. The numbers represent a big turnaround after more people left New Zealand than arrived during much of the COVID-19 pandemic. “We are talking very, very big numbers for a small economy like ours,” said Jarrod Kerr, chief economist at Kiwibank. Kerr said the surge likely reflected pent-up demand that had built during the pandemic. He said it had come as a relief to employers, who last year were having great difficulty finding skilled workers to fill vacant roles. New Zealand's unemployment rate remains at a relatively low 3.6 per cent.

BEIJING — China's consumer spending still isn't growing as fast as it did before the pandemic, analysts said.

ANI. A team of agency officials searched the residence and office of NewsClick founder Prabir Purkayastha, who was recently arrested by the Delhi Police in a case under the Unlawful Activities Prevention Act, officials said as reported by PTI. It is alleged that the portal received foreign funds in violations of the FCRA case, officials added.

China will host the third Belt and Road Forum for International Cooperation in Beijing from Oct. 17 to 18, according to state media Xinhua news agency. Chinese President Xi Jinping will attend the opening ceremony and deliver a keynote speech.

More Chinese banks are issuing loans in the digital yuan, the nation’s central bank digital currency (CBDC), as e-CNY corporate financing options diversify.

US bond yields also eased nervous sentiment as traders covered some of their bearish bets, pushing the markets higher. NSE's Nifty rose 177.5 points, or 0.91%, to close at 19,689.85. BSE's Sensex climbed 566.97 points or 0.87% to close at 66,079.36.

Love him or hate him, when Arthur Hayes speaks, people listen. 

Tokyo International Film Festival’s Lifetime Achievement Award in «recognition of his extraordinary career and long-standing contributions to the film industry.» He will be presented with the honor at the Tokyo festival’s opening ceremony on October 23. Zhang Yimou will take part in a special talk session at the TIFF Lounge, a panel series by noted Japanese auteur Hirokazu Kore-eda.

Indian economy to grow at 6.5% real GDP for FY24: Finance Ministry Highlighting the capacity constraints in traditional areas of investment, Bajoria said that these sectors require a higher degree of investment, including from the government. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! In the period between 2005-10, the Indian economy had grown at an average of around 8 percent.

NEW DELHI : The International Monetary Fund (IMF) lifted its 2023-24 growth projection for India to 6.3% from its July estimate of 6.1%, citing “stronger-than-expected consumption" during the June quarter. In contrast, the agency expects global growth of 3% in 2023 and 2.9% in 2024, with advanced economies expanding by 1.5% in 2023 and 1.4% in 2024. The Washington-based agency presents India’s economic growth forecast on a fiscal year basis while it uses the calendar year for other economies.

China-based Bitcoin (BTC) mining machine manufacturer Bitmain has resolved a recent salary delay issue by finally paying its employees for the month of September.

India is hosting the 8th BRICS International Competition Conference (ICC) in New Delhi under the aegis of the Competition Commission of India (CCI). BRICS represents 42% of the world's population, 26% of global GDP, and 18% of global exports. It has seen a more than four-fold increase in their annual FDI inflows from $84 billion in 2001 to $355 billion in 2021. Their share in global FDI inflows also doubled from 11% in 2001 to 22% in 2021.

Russia was defeated in its bid to regain a seat in the United Nations premiere human rights body by a significant majority in Tuesday's election in the General Assembly, which voted last year to suspend Moscow after its invasion of Ukraine. Russia competed against Albania and Bulgaria for two seats on the Geneva-based Human Rights Council representing the East European regional group. In the secret ballot vote, Bulgaria got 160 votes, Albania got 123 votes and Russia just 83 votes.

By Philip Blenkinsop