China Financial News

After receiving two bids to acquire it in the past month, U.S. Steel told its shareholders Tuesday that it is in the process of reviewing multiple offers for the storied company and symbol of American industrialization

India on Tuesday lodged a strong protest with China over its release of the so-called «standard map» that laid claim over Arunachal Pradesh and the Aksai Chin as region within its borders. External Affairs Ministry spokesperson Arindam Bagchi said India rejects these claims as they have no basis and that such steps by the Chinese side only «complicate» the resolution of the boundary question. «We have today lodged a strong protest through diplomatic channels with the Chinese side on the so-called 2023 'standard map' of China that lays claim to India's territory,» he said. «We reject these claims as they have no basis.

Brent crude edged up by 3 cents to $84.45 a barrel by 1332 GMT while U.S. West Texas Intermediate crude dipped 4 cents to $80.07. Hurricane Idalia strengthened on Tuesday as it headed towards Florida's Gulf Coast after skirting past Cuba. It is likely to cause power outages and could hit crude production.

Arunachal Pradesh which China claims as South Tibet and Aksai Chin occupied by it in the 1962 war as part of its territory. Taiwan and the disputed South China Sea are also included within the Chinese territory in the new map. Later in the day the External affairs ministry of India said that it strongly opposed the move by China.

BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members — Brazil, Russia, India, China and South Africa — decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill.

World Championship, ace Indian shuttler Prannoy H.S achieved a career-best world ranking as he reached No.6 in the latest chart released by the Badminton World Federation (BWF) on Tuesday. After pocketing a bronze, his first-ever medal in World Championships, at Copenhagen recently, Prannoy climbed up three spots to achieve his new career-high rank with 72437 points in the men's singles category. Prannoy, who stunned the Olympic champion Viktor Axelsen in the quarterfinals in the World Championship, is the lone Indian featuring in the top 10 in the men's singles list. The 31-year-old reached two finals this year. He won his first BWF title this May at Malaysia Masters and finished runner-up at the Australian Open after an epic, intense three-game battle against China's Weng Hong Yang earlier this month. Among the other Indian shuttlers, Lakshya Sen dropped a place to the No.

BEIJING (Reuters) -Some Chinese state-owned banks will soon lower interest rates on existing mortgages, three sources familiar with the matter said on Tuesday, as Beijing ramps up efforts to revive the debt crisis-hit property sector and bolster a sputtering economy.

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₹305 crore during the session. As per the NSE data, FIIs cumulatively bought ₹10,515.8 crore of Indian equities, while they sold ₹10,453.97 crore --- resulting in an inflow of ₹61.51 crore. Meanwhile, DIIs infused ₹8,131.87 crore and offloaded ₹7,826.78 crore, registering an inflow of ₹305.09 crore.

Oppo Find N3 Flip is priced at CNY 6,799 (approximately Rs. 77,000) for the 12GB + 256GB configuration and CNY 7,599 (around Rs. 86,100) for the 12GB + 512GB variant.

Russia-Ukraine conflict has thrust the significance of drones into the global spotlight. Notably, the Ukrainian military has effectively harnessed low-cost drones to confront the formidable Russian military.

Kayvan Vahid (pictured) spent over 20 years at UBS Asset Management

Convincing everyone to adopt a new technology can be a slog at first. The humble microwave oven, for example, took two decades of lukewarm sales to reach just a tenth of U.S. households. But then came the 1980s, and quicker than you could say “Hot Pockets,” microwaves had spread to nearly every kitchen.

By Katie Paul

Meta on Tuesday said it purged thousands of Facebook accounts that were part of a widespread online Chinese spam operation trying to covertly boost China and criticize the West. The campaign, which became known as «Spamouflage», was active across more than 50 platforms and forums including Facebook, Instagram, TikTok, YouTube and X, formerly known as Twitter, according to a Meta threat report. «We assess that it's the largest, though unsuccessful, and most prolific covert influence operation that we know of in the world today,» said Meta Global Threat Intelligence Lead Ben Nimmo. «And we've been able to link Spamouflage to individuals associated with Chinese law enforcement.» More that 7,700 Facebook accounts along with 15 Instagram accounts were jettisoned in what Meta described as the biggest ever single takedown action at the tech giant's platforms. «For the first time we've been able to tie these many clusters together to confirm that they all go to one operation,» Nimmo said. The network typically posted praise for China and its Xinjiang province and criticisms of the United States, Western foreign policies, and critics of the Chinese government including journalists and researchers, the Meta report says. The operation originated in China and its targets included Taiwan, the United States, Australia, Britain, Japan, and global Chinese-speaking audiences. Facebook or Instagram accounts or pages identified as part of the «large and prolific covert influence operation» were taken down for violating Meta rules against coordinated deceptive behavior on its platforms. Meta's team said the network seemed to garner scant engagement, with viewer comments tending to point out bogus claims. Clusters of fake accounts were run

Xiaomi Corp reported a 4% revenue drop in the second quarter, tracking a shrinkage in China's handset market, but said its move into making electric vehicles was running ahead of schedule. Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. The company put the increase down to cost cutting and efficiency improvements, particularly in its physical stores. «Despite the macroeconomic headwinds in the global market we continue to expand our footprint,» Xiaomi President Lu Weibing said on an earnings call. «Several of our peers already exited from certain areas in this challenging environment, but no matter how hard it will be we will reinforce our presence across regions and markets,» Lu said. Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5% to 64.3 million units, according to Canalys, a consultancy that tracks the smartphone industry. Xiaomi's shipments declined by 19% to 8.6 million, while in major overseas market India, shipments fell 22% to 5.4 million units, Canalys said. In light of declining handset sales, Xiaomi is planning to move into the manufacture of electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month. The company has pledged a $10 billion investment over a decade in the automobile business. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged.

Investing.com — U.S. futures traded largely unchanged Tuesday, with investors warily awaiting a deluge of economic data this week, culminating with Friday's monthly employment report.

European stocks gained for a second day as traders awaited a raft of economic figures over the next few days for clues on the outlook for global central bank policies.

China’s economic outlook is showing no signs of improvement, with forecasters broadly trimming their expectations for growth, prices and trade and predicting more monetary policy easing.

Xiaomi Corp reported a revenue drop of 4 per cent in the second quarter on Tuesday, tracking a continued sales decline in China's handset market. Sales dropped to 67.4 billion yuan ($9.24 billion), down from 70.17 billion in the same quarter yuan a year earlier, but beating analysts' estimates of 65.13 billion yuan. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating analysts' expectations. Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5% to 64.3 million units, according to research firm Canalys. Xiaomi's shipments declined by 19 per cent to 8.6 million, while in major overseas market India, Xiaomi shipments also fell 22 per cent to 5.4 million units, Canalys said. In light of declining handset sales, Xiaomi is planning to manufacture electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month. The company has pledged a $10 billion investment over a decade in the automobile business and set a goal of mass car production for the first half of 2024.

Aksai Chin occupied by it in the 1962 war as part of its territory. The map also incorporates China's claims over the nine-dash line thus laying claim to a large part of the South China Sea. The map was released by China’s Ministry of Natural Resources during the celebration of Surveying and Mapping Publicity Day and the National Mapping Awareness Publicity Week on Monday in Deqing county, Zhejiang province, as per China Daily newspaper.