China Financial News

rain deluged Hong Kong on Friday leading to widespread flooding across the densely packed city, submerging streets, shopping malls and metro stations, as authorities shut schools and asked workers to stay at home. The Chinese special administrative region saw the highest hourly rainfall since records began 140 years ago.Hong Kong Observatory reported rainfall of 158.1 millimetres (6.2 inches) between 11 p.m. HKT on Thursday and midnight on Friday (1500 to 1600 GMT on Thursday). The weather bureau issued the highest «black» rainstorm warning and said more than 200 mm of rainfall was recorded on Hong Kong's main island, Kowloon and the northeastern part of the city's New Territories since Thursday night. The trough of low pressure associated with the remnant of Typhoon Haikui has brought torrential rain to the coast of Guangdong since Thursday, the weather bureau said.

Nifty closed higher for the fifth straight day despite weak global cues on recovery in the second half due to short covering on the weekly expiry day. «Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However, we expect outperformance in the broader market to continue with interest in niche sectors,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a positive startGIFT Nifty on the NSE IX traded 15 points, or 0.08 per cent, higher at 19,782.50, signaling that Dalal Street was headed for positive start on Friday.

President Joe Biden wants to show the world at the Group of 20 summit in India and during a stop in Vietnam that the United States and its like-minded allies are better economic and security partners than China. White House officials said Biden, who departed Thursday evening for New Delhi, will use the annual G20 gathering as an opportunity for the U.S. to highlight a proposition for developing and middle-income countries that would increase the lending power of the World Bank and International Monetary Fund by some $200 billion.

By Rae Wee

Investing.com-- Consolidation in oil markets continued in Asian trade on Friday, with prices falling further below 10-month peaks as a mix of profit taking, strength in the dollar and fears of an economic slowdown in major consumers weighed. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Apple Inc. is looking to stave off a crisis in China just days before the launch of its next iPhone, an already high-stakes event that will test whether new features can shake the smartphone industry out of the doldrums. The product unveiling, set to stream globally from the company’s headquarters on Tuesday, risks being overshadowed by multiple controversies in China — Apple’s largest international market.

TAIPEI (Reuters) — Shares in Taiwan's TSMC, a major Apple (NASDAQ:AAPL) supplier, dropped around 1% on opening on Friday after reports that China has widened curbs on iPhone use by state employees.

By Yuka Obayashi

IT hardware imports surged as much as 50% in August from July, ahead of licensing rules taking effect on November 1. Companies advanced procurements fearing a supply crunch, said manufacturers and a leading system integrator that buys from distributors and producers and supplies to enterprises. The Director General of Foreign Trade (DGFT) put the import of IT hardware, including laptops, PCs and servers, under the restricted category last month, calling for a licence.

Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.

China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc.

Investing.com-- Hong Kong Exchange and Clearing Ltd (HK:0388), the operator of the city’s stock exchange, said on Friday that morning trade in the securities and derivatives market was delayed after the city issued a “Black Rainstorm” warning in the face of torrential rainfall and severe flooding.  

By Jamie McGeever

By Yoshifumi Takemoto and Leika Kihara

Joe Biden leaves for the G20 in India on Thursday, aiming to boost alliances at a summit where global tensions will be highlighted by the absence of the leaders of China and Russia. Biden will try to show that on big transnational issues, Washington is a better partner than Beijing or Moscow -- and that the G20 remains a key forum.

Foxconn Technology Group chairman Young Liu has backed India as an important country for the future of manufacturing, saying that the opportunities for development of electronics manufacturing and industrial chains was very huge. Speaking to media at a group event in Taipei, Liu said that India would be able to build the ecosystem faster than China, which took 30 years, on the back of experience and new technologies such as AI. “Some of India’s development over the past few years, everyone can see that.

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will be holding a hearing discussing central bank digital currencies (CBDCs) for the first time in months.

healthcare following the pandemic is leading to robust growth in opportunity for businesses, and consumers are definitely not downtrading on health, said Brian McNamara, global chief executive of Haleon, the consumer healthcare company spun off from GlaxoSmithKline Consumer. Last year, British consumer healthcare company GSK had separated its consumer healthcare business from GSK Group to form Haleon, an independent listed company that sells non-prescription drugs, vitamins and oral care products.

Chinese smartphone brand Realme is looking to expand local manufacturing in India through contract manufacturers several of whom are domestic companies besides asking its global suppliers to set up shop in the country, founder and global chief executive officer Sky Li said. The company aims to fully localize production of hearables and wearables in India after achieving complete local manufacturing of smartphones and televisions, Li said. «In terms of manufacturing, we are working to establish a strong manufacturing ecosystem all across India.

G20 members late Thursday agreed to make an effort towards the “phasedown of unabated coal power”, staying with the text of the Bali declaration on the issue. This was decided at the Sherpa-level deliberations that aim to finalise the text for the Leaders’ Declaration. India’s proposal to expand it to “phase-down of fossil fuel” ran into stiff opposition from Saudi Arabia and Russia, people aware of the deliberations told ET. The “phasedown of coal power”, agreed on in earlier declarations, is in the context of energy efficiency and in line with national circumstances, and does not impinge on India’s energy security, the people said. The cue was taken from the Bali declaration where the phrase “phasedown of unabated coal power” found agreement among all members. The language has also been used earlier in the UNFCCC Glasgow Climate Pact and the Sharm el-Sheikh Implementation Plan. Unabated coal power is generally understood to mean coal power without carbon capture utilisation and storage. There was no mention of a phasedown of coal power at the outcome of the G20 Energy Transition ministerial meeting in July, a prelude to the leaders’ summit.