China Financial News

UBS Group AG is cutting hundreds of wealth jobs in Asia just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China’s slowing economy. Switzerland’s largest bank reduced some overlapping roles in the past months and further cuts are expected through November, according to people with knowledge of the matter, who asked not to be identified as the plans are private. The lender is set to eliminate a few hundred roles that include relationship managers in Hong Kong and Singapore, the majority within teams newly acquired from Credit Suisse, the people said. The number of cuts hasn’t been finalized, they said.

Diplomats and analysts said the surprise consensus in the summit statement on the Russia-Ukraine conflict avoided a split in the group, and the inclusion of the African Union as a new member represented a victory for host India and for developing economies, but the rest was disappointing. «The G20 has been at its best as a multilateral forum when it can forge consensus — not just on language, but on action — to deal with serious global issues, such as global financial crises,» said Michael Froman, president of the New York-based Council on Foreign Relations. «Looking ahead, the focus should be on that, not on the statement per se,» said Froman, a former U.S.

Project Samudrayaan. As per a TOI report, this ambitious project aims to plunge three individuals 6,000 meters beneath the ocean's surface in a homegrown submersible, all in the pursuit of precious metals and minerals, notably cobalt, nickel, and manganese. Dubbed «Matsya 6000,» this submersible has been in development for nearly two years and is now primed for its inaugural sea trials, slated to unfold in early 2024 off the Chennai coast in the Bay of Bengal.

Russia-Ukraine crisis, India worked very closely with Brazil, South Africa and Indonesia. I want to say that it was the emerging markets which played a very key role. There was very tough, very ruthless negotiations for several days non-stop," said India’s G20 Sherpa Amitabh Kant during a press briefing.

Traders in the $325 billion industry for emerging-market exchange-traded funds are shifting cash toward strategies that focus on brighter spots in the developing world as China’s economy stumbles.

G20 Summit in Delhi was the committment to build a rail-and-port network that will connect India to the Middle-East and the Middle-East to Europe and the US. It has been named the India-Middle East-Europe Economic Corridor (IMEC).

China on Monday said the G20 New Delhi Leaders' Declaration has sent a «positive signal» that the member countries of the influential grouping are joining hands in tackling global challenges and economic recovery.

India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 Leaders' Summit is expected to be a game-changer project and provide a huge boost to global trade, said EEPC. India expects this corridor to be economically more viable than China's flagship Belt and Road Initiative (BRI). TheUS, UAE, Saudi Arabia, European Union (EU), Italy, France and Germany were brought together on the economic corridor agreement on the sidelines of the G20 Summit. The US-backed corridor seeks to connect India with Europe via the Middle East by sea and port.

China at the heart of the government in London, sparking fresh fears over how Beijing gathers intelligence. The incident follows allegations earlier this year that China flew a surveillance balloon over the United States, causing a diplomatic furore.

As India handed over the G20 Presidency to Brazil, the member nations have committed to harnessing artificial intelligence (AI) technology in a responsible manner in addition to planning for a future involving crypto assets and central bank digital currencies (CBDC).

Duncan MacIness (pictured) co-manages the Ruffer Investment Company alongside Jasmine Yeo.

It holds a special place in South Korean culture, consumed at various occasions, from intimate family gatherings to extravagant «mukbang» sessions watched by millions, including K-pop sensation Jungkook from the renowned group BTS. Paired with chilled lager, this combination, affectionately known as «chimaek» (a fusion of the Korean words for chicken and beer), is an essential part of the Seoul experience, particularly during baseball games. South Korea boasts the world's third-largest domestic fried chicken market, trailing only behind the United States and China, with a staggering worth of approximately seven trillion won ($5.3 billion).

Indian Foreign Service officers played pivotal roles in India's successful bid to secure a consensus at the recent G20 Leaders Summit. As per a TOI report, these officers, working closely with India's G20 sherpa Amitabh Kant, were instrumental in navigating the challenging negotiations that spanned over 200 hours, involving 300 bilateral meetings and 15 draft revisions. Announcing the achievement on the microblogging site X, Amitabh Kant shared his appreciation for the tireless efforts of these diplomats.

China could land themselves in trouble with the government for their fashion choices. Flared pants and bluejeans were considered «weird attire.» Some government buildings barred men with long hair and women wearing makeup and jewelry. Patrols organized by factories and schools cut flared pants and long hair with scissors. It was the early days of China's era of reform and opening up.

Lithium-play Liontown Resources has allowed New York-listed Albemarle into its data room to undertake exclusive due diligence for four weeks, kicking off the $6.6 billion sale of the Perth-based miner.

Alibaba Group Holding Ltd’s former chief Daniel Zhang has decided to quit just months after agreeing to lead its cloud division, introducing another layer of uncertainty to China’s largest e-commerce company just as it’s navigating a complicated breakup.

car giant BMW is to make a multi-million pound investment in its Mini plants in the UK, the government in London said Monday. The money will be used to «transform» BMW's plant in Oxford, southern England, «securing 4,000 high-quality jobs and strengthening the electric vehicle supply chain,» the government said in a press release. «BMW's investment is another shining example of how the UK is the best place to build cars of the future,» said Prime Minister Rishi Sunak. «By backing our car manufacturing industry, we are securing thousands of jobs and growing our economy right across the country,» he added, with his government having offered tens-of-millions of pounds in support for BMW. The first generation of the iconic British vehicle's electric model was launched at the Oxford plant in 2019, but last year BMW announced most of its electric cars would be made in China. The investment is expected to be used to make the plant fit for making electric vehicles, with all Minis set to be electric by 2030. «Today's announcement by BMW, coming a week after electric vehicle production started at Stellantis's site at Ellesmere Port, clearly shows that the government's plan for the automotive sector is working,» said Business and Trade Secretary Kemi Badenoch.

Lula da Silva on Monday said that Brazil will put the inequality issue as the core issue during the G20 Summit under its Presidency and said it was a huge challenge for Brazil to take over the G20 presidency. «We will put inequality at the top: inequality of gender, race, education, health, poverty and hunger. The world needs balance,» the Brazilian President said addressing a press conference today after the conclusion of the two-day long G20 Summit in New Delhi on Sunday. «I'm one of the founder member of G20,» said Lula da Silva pointing out that an important meeting like the G20 showed the importance of the multipolar world. Prime Minister Narendra Modi on September 10 handed over the ceremonial gavel to Lula, intiating the process of transition of the President's chair for the next round of the G20 to be held in Brazil. «I would like to congratulate India for organising the Summit exceptionally well.

Why India Doesn't Have a WeChat-Like Super App WeC... moreWhy India Doesn't Have a WeChat-Like Super App WeChat is a Chinese super app that does everything from messaging to payments to ride-hailing.

United States and Vietnam on Monday warned against the «threat or use of force» in the disputed South China Sea, days after the latest clash involving Chinese vessels. «The Leaders underscored their unwavering support for the peaceful resolution of disputes in accordance with international law, without the threat or use of force,» President Joe Biden and Vietnamese leader Nguyen Phu Trong said in a joint statement, calling for «unimpeded lawful commerce in the South China Sea».

The BSE Sensex was trading 283 points or 0.43% higher at 66,882. Nifty50 was trading at 19,912, up 92 points or 0.46% at around 9.24 am. From the Sensex pack, HCL Tech, Tata Motors, NTPC, Wipro, and Power Grid opened with gains, while only Infosys, Bharti Airtel, and IndusInd Bank opened with cuts. Among individual stocks, SJVN shares opened over 6% higher after the company signed a power-purchase agreement with Bhakra Beas Management Board for an 18-megawatt solar power project. Adani Enterprises shares also opened 3% higher after the company's subsidiary in Singapore signed a joint venture agreement with Kowa Holding Asia, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives. Sector-wise, Nifty PSU Bank rose 1.07% and Nifty Auto surged 0.54%.