China Financial News

China's Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling back from the brink of default for the second time in four days and bringing some relief to the country's crisis-hit property sector. China's largest private property developer failed to pay coupons on the bonds totalling $22.5 million due on Aug. 6, exacerbating fears over how much cash it has left and keeping markets on tenterhooks throughout the bonds' 30-day grace periods. Though the amount was modest, failure to pay would have undermined fragile hope in financial markets that China's steady drip feed of policy stimulus was starting to stabilise the economy and its struggling property market. It would also have raised the prospect of default on other dollar bonds as well as creditor calls to accelerate payments, bondholders and lawyers said, while heightening concern of a spillover into the banking system in the world's second-largest economy. Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters.

The seasonally adjusted S&P Global India Services PMI Business Activity Index recorded an expansion in new business for the consecutive 25th month. A value of above 50 denotes expansion. «Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects,» De Lima said. Strong services growth and capital spending pushed India's GDP growth to a four-quarter high of 7.8% in the first quarter of FY24, according to data released last week.

NEW DELHI : India has all the potential that China had a decade ago, former Canadian foreign and defence Minister Perrin Beatty said. Beatty, who serves as President and CEO of the Canadian Chamber of Commerce, said India is a high priority for Canadian businesses looking for an alternative to China. Critical minerals, renewable technologies and fertilizers will be a key focus.

private investment as a result of intimidation by the ruling party; and a commitment to state capitalism that hampers total factor productivity growth. Chinese domestic consumption has weakened, owing to uncertainty and the lack of a broad social safety net. With deflation setting in, China now must worry about Japanification: a long period of lost growth.

Huawei Technologies' breakthrough in making an advanced chip underscores China's determination and capacity for fighting back against US sanctions, but the efforts are likely very costly and could prompt Washington to tighten curbs, analysts said. Huawei unexpectedly unveiled the latest Mate 60 Pro smartphone last week during US Commerce Secretary Gina Raimondo's visit in China, as the government readies a new $40-billion investment fund to bolster its developing chip sector.

Reliance Industries and Infosys amid a bearish trend in global equities. Besides, robust domestic macroeconomic data added to the positive momentum, traders said. The BSE Sensex climbed 152 points or 0.23% to settle at 65,780.26.

judicial capabilities. The 10th meeting of the Ministers of Law and Justice of SCO countries was held on Tuesday via video conferencing. The meeting began in a «cordial atmosphere» with the reading out of a message from Chinese President Xi Jinping. In his message, President Xi appealed to the members to work with a spirit of cooperation and understanding so as to realise the objectives and visions of the SCO and optimise its contribution towards the holistic development of the region, a law ministry statement said here. Speaking on the occasion, Law Minister Arjun Ram Meghwal emphasised India's commitment to the SCO charter and its principles of mutual trust, respect for sovereignty and territorial integrity, and mutual benefit. The minister said this commitment is based on Prime Minister Narendra Modi's vision that «India has emerged as Vishwa Mitra (universal friend) and India's greatest strength is trust, our trust in each individual, trust of each individual in government, trust of each one in a bright future for the nation, and world's faith in India as well.

Sina Weibo, one of the most popular Chinese social media apps with over 258 million daily active users, has removed 80 influencer accounts promoting cryptocurrency activities citing official legislation.

Investing.com — U.S. stocks were mixed to start the holiday-shortened week as investors look to the Federal Reserve's policy meeting at the end of September.

By David Kirton and Max A. Cherney

The fund will be liquidated on 7 November 2023.

Aviva said it would be contesting the claim but declined to comment further on legal proceedings.

ALSO READ: ISRO's Aditya L1 successfully performs 2nd earth-bound manoeuvre; third to take place on THIS date "In this 3-channel image, the left image is positioned in the red channel, while the right image is placed in the blue and green channels (creating cyan). The difference in perspective between these two images results in the stereo effect, which gives the visual impression of three dimensions.

According to CEO Luca de Meol, Renault 's (EPA:RENA) Ampere electric vehicle division, set to go public through an initial public offering (IPO), might attain a valuation of around €10 billion ($10.8 billion).

By Shristi Achar A and Amruta Khandekar

MUNICH—For decades, German carmakers dominated their industry with brands that were bywords for excellence and consumer appeal. But as the sector transitions toward electric vehicles, they are falling behind. Nearly a decade into their electric-vehicle shift, and despite billions in investments, VW, BMW, Mercedes and others have failed to make a dent in Tesla’s share of the growing market.

SEOUL—For more than four years, Kim Jong Un has stayed inside his country’s borders, focused on a deadly virus, a stifled economy and a corrupt elite. Now, the North Korean leader, U.S. officials said, could be planning his first foreign trip to Russia for a meeting with Vladimir Putin.

Stablecoin issuer Tether has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino. 

By Sarah N. Lynch and Andrew Goudsward

China’s electric-vehicle champion BYD has sped ahead in its home market despite a bruising price war. Now it will try to export its way to even greater success. The Warren Buffett-backed Chinese automaker sold 1.8 million new-energy vehicles, including plug-in hybrids, in the first eight months of the year—an 83% rise from a year earlier.

Nasdaq opened lower on Tuesday as higher Treasury yields weighed on major growth stocks, while downbeat data on services activity in China stoked worries over demand in the world's second largest economy. The Dow Jones Industrial Average rose 5.51 points, or 0.02%, at the open to 34,843.22. The S&P 500 opened lower by 5.71 points, or 0.13%, at 4,510.06, while the Nasdaq Composite dropped 37.27 points, or 0.27%, to 13,994.54 at the opening bell. More to come...