China Financial News

Buy or sell stocks for today: Following strong global market sentiments after better-than-expected Chinese economic data, Indian stock market ended in green terriroty for third straight session. NSE Nifty ended at record close of 20,192 levels after climbing to a new life-time high of 20,222 during Friday deals.

HONG KONG (Reuters) -Shares of embattled developer China Evergrande (HK:3333) Group plunged 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company's woes.

South Korean regulators look set to turn their attention to the over-the-counter (OTC) crypto market, with indications regulation could be on its way.

The a2 Milk Company has cancelled the exclusive manufacturing and supply rights for most of the infant formula supplied by New Zealand’s Synlait, as tensions between the two groups worsen.

Paine Schwartz Partners has cut the amount it is prepared to pay for Costa Group, Australia’s largest fruit and vegetable processor.

Switzerland wants to hold a vote on partially nationalizing UBS Group AG, newspaper Sonntagszeitung reported. The initiative proposes to amend the Swiss constitution to say that “large banks of systemic importance are to be managed as joint stock companies with the confederation as majority shareholder in terms of share capital,” according to the paper. The text is currently under review by federal authorities. If they greenlight it, the initiators have 18 months to collect 100,000 signatures for their cause. Parliament and cabinet ministers would then need to weigh in before the issue could be put to a national vote, a process that would likely take several years. Popular initiatives are a key part of Switzerland's system of direct democracy. Even if they don't succeed, they often influence public debate. After the governmentbrokered takeover of its former rival Credit Suisse, UBS's assets are now about twice the size of the Swiss economy. This has raised concerns that the bank would be too big to rescue. UBS “is a cluster risk for our economy,” said Bernhard Schmidt, the 58-year-old school headmaster from near Zurich who's leading the initiative, according to Sonntagszeitung. “In the next crisis, the whole country could go under.”

NEW DELHI : India must follow mindful and environmentally conscious consumption and production rather than the single-minded pursuit of growth at any cost, federal policy think tank NITI Aayog vice chairman Suman K. Bery said in an interview. Bery proposed that emerging economic realities, including the potential of services exports, India’s prospects of becoming an agriculture superpower, and the dwindling potential of the manufacturing sector to create jobs due to increased productivity, warrant a review of the traditional notions on which development models are built.

Apple has set the ball rolling by supporting India's homegrown global positioning system (GPS), NavIC (Indian Regional Navigation Satellite System). GoI hopes to persuade other mobile handset-makers to incorporate the positioning system that uses a clutch of indigenous satellites to cover an area of 1,500 km beyond India's borders. Apple is leading the way in showcasing Indian technological capability to a wider audience.

Companies considering India as an investment destination are concerned over long-term outlook of the India-China relationship, besides factors such as competitiveness, the Centre-state polity, societal conflicts, short-term infrastructure and skill availability, said Nick Allan, chief executive of risk consultancy firm Control Risk. This is particularly relevant, considering several American, European, and Japanese companies are exploring India as a key part of their China-plus-one strategy. “In the long term, you know, people question, where’s India and China’s relationship heading? There’s no question that India is emerging as a competitor in a number of spheres to China.

Foxconn, Taiwan-based Apple supplier, has said that they are planning to double their investment and workforce in India within the next twelve months, according to V Lee' LinkedIn post on the occasion of Prime Minister Narendra Modi's 73rd birthday. Taiwan-based Foxconn, the world's largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.

PTI citing sources, some regional parties have demanded quota for backward classes and scheduled castes within the overall reservation for women. BJD leader Pinaki Misra said a new era should begin from new Parliament building and the women's reservation bill should be passed.

BEIJING (Reuters) — Police in southern China have detained some staff at China Evergrande (HK:3333) Group's wealth management unit, suggesting a new investigation that could add to the property giant's woes.

Defence Ministry has approved the procurement of a regiment of 'Pralay' ballistic missiles for the Indian Army for deployment along the Line of Actual Control (LAC) and Line of Control (LoC), that is, borders with China and Pakistan respectively. «This is a major decision for the Indian Army as the proposal to acquire a regiment of the Pralay ballistic missiles which can hit targets between 150-500 Km, was cleared by the recent Defence Acquisition Council meeting,» defence officials told ANI. The Army would be deploying these missiles with conventional warheads and using them in tactical roles. The decision to buy these missiles comes soon after a similar proposal was cleared by the government for the Indian Air Force, they said. As per sources, the acquisition of these ballistic missiles is being seen as a big development for the country which now has a policy that allows the use of ballistic missiles in tactical roles. «Both China and Pakistan have ballistic missiles which are for tactical roles.

G20 summit successfully concluded in New Delhi last week, it managed to generate some positive headlines for India globally. Even India’s staunchest critics had to concede that contrary to their expectations, New Delhi managed to pull off a successful summit at a time when geopolitical and developmental fault-lines have been sharpening by the day. Despite the absence of Chinese President Xi Jinping and Russian President Vladimir Putin (and perhaps because of it), a large part of the world agreed and put its stamp on India’s global developmental priorities.

Parliament of free India was a special session held on August 14-15, 1947, to mark India’s Independence. It is known for Prime Minister Jawaharlal Nehru’s “tryst with destiny” speech, among other things. — Chinese aggression in 1962 led to the second special session on November 8 that year.

A CIBC Capital Markets Inc. report released last month suggested there are about a million more non-permanent residents in Canada than the official number, 925,000, that is widely quoted and used for planning purposes by various government authorities.

Here's how analysts read the market pulse:«Elevated crude oil prices and concerns about inflation initially cast a shadow over the market. However, this negative sentiment was offset by robust domestic industrial and manufacturing production data, as well as a decline in inflation, which propelled the market to new highs. The market also received support from a set of positive global cues.

Indian football team will kick start their Asian Games campaign in the opener match against the host China on Tuesday. The Asian Games is scheduled to start from September 23 but the football event will begin from September 19, as per Olympics.com. The men's football event at the Asian Games starts on September 19 and will run till October 7. Since 2002, the men's football event at the Asian Games has been an under-23 affair, with each team allowed a maximum of three players above 23 years of age. There are 23 teams participating in the men's event, where they have been divided into five groups of four teams each and one group of three teams. The Indian men's football team is in Group A with hosts China, Bangladesh and Myanmar. The top two teams from each group and the four best third-placed teams across all groups will advance to the round of 16. The Republic of Korea are the defending champions and the most successful nation in men's football at the Asian Games with five titles.

Narendra Modi's achievements since 2014. In «Modi: The Challenge of 2024 — The Battle for India», author Minhaz Merchant draws on his meetings with Modi since 2012 to decode the prime minister's thinking on economic reforms, geopolitics, secularism and democracy ahead of what could be a historic 2024 Lok Sabha election. The book, published by Amaryllis, also examines whether the Opposition's strategy to present a united front can derail the BJP's juggernaut. Merchant insists this book is not a biography of Modi. «It focuses on Modi's first two five-year terms as prime minister.

India is the world’s 3rd largest oil importer and the rise above $95 could bring back inflation fears and put pressure on India's fiscal math. India’s current account deficit can widen, thus weakening its currency, says Navneet Damani, Head of Commodity & Currency Research at Motilal Oswal Financial Services.Considering the current trends in crude oil prices, where do you see Brent/WTI price targets in the near term and for the year 2023? Oil prices have been on a roll trading at 10 months highs recently, as Chinese central banks have been cutting cash reserve requirements to boost its economic recovery, expectations of peaking interest rate cycles by major central banks along with output cuts driven by Saudi Arabia and Russia amid record global consumption. Prices got a further boost after the IEA warned that continued supply cuts by the two OPEC+ leaders are likely to create a “significant supply shortfall” and threaten further price volatility.

H-1B visa programme as a form of «indentured servitude», Indian-American Republican presidential aspirant Vivek Ramaswamy has vowed to “gut” the lottery-based system and replace it with meritocratic admission if he wins the race to the White House in 2024. The H-1B visa, much sought-after among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. Ramaswamy himself has used the H-1B visa programme 29 times. From 2018 through 2023, US Citizenship and Immigration Services approved 29 applications for Ramaswamy's former company, Roivant Sciences, to hire employees under H-1B visas, the Politico reported.