China Financial News

Narendra Modi on Sunday hailed Indian athletes' performance at the World University Games in Chengdu, saying they had done the nation proud by returning home with a record haul of 26 medals. India won 11 gold, five silver and 10 bronze, the best ever performance by the country's sportspersons in WUG, which was held in the Chinese city from July 28-August 8. Speaking on Mann Ki Baat, the PM said, «India displayed its best performance in the Games (WUG) this time.

(Reuters) — Chinese refining giant Sinopec (OTC:SHIIY) Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales.

BEIJING (Reuters) — China will cut halve the stamp duty on stock trading from Monday, the finance ministry said on Sunday.

According to a report by CNN, in 2021, Murugan fell off the back of an overcrowded lorry, leading to a fracture on his leg. Murugan’s accident occurred on January 3, 2021.

By Howard Schneider, Ann Saphir and Balazs Koranyi

By Samuel McKeith

BEIJING (Reuters) -Profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month with weak demand squeezing companies as a post-pandemic recovery faltered in the world's second-biggest economy.

US Marines died Sunday after an Osprey aircraft crashed on a remote tropical island north of Australia during war games, US military officials said. Five Marines had been rescued from the crash site and flown to a hospital in Darwin in a «serious condition», the US officials said, while Australian police said they were triaging the rest of the injured crew at the scene. «There were a total of 23 personnel on board,» US military officials said in a statement. «Three have been confirmed deceased while five others were transported to Royal Darwin Hospital in a serious condition.» Rescue efforts were complicated by the location of the crash — the remote and sparsely populated Melville Island about 60 kilometres (37 miles) north of the Australian mainland. «Recovery efforts are ongoing,» US officials said, adding that an investigation into the cause of the incident had been launched. Prime Minister Anthony Albanese described the incident as «tragic» and «regrettable» but stressed that authorities were still trying to piece together what happened. «We want to make sure that any information that is provided is absolutely accurate,» he told reporters. The Osprey — a mix between a helicopter and a plane — was taking part in the Predators Run exercises, a joint series of warfighting drills involving thousands of soldiers from the US and Australia, as well as other militaries such as Indonesia and the Philippines. Northern Australia has become an increasingly important staging ground for the US military in recent years, as Washington and Canberra work together to counter China's growing clout in the Asia-Pacific region. — Troubled aircraft — The Osprey aircraft has a troubled history, blighted by a string of fatal crashes over the

Mann Ki Baat: Prime Minister Narendra Modi on Sunday said that lauded the winners of World University Games 2023 and said sports is one area where the country's youth are continuously achieving new success. The Prime Minsiter congratulated and interacted with the athletes who won medals in the World University Games held in China.

G20 summit, close to 3,500 rooms across big and small hotels in Delhi and Gurgaon have been booked, reported TOI. To cater to the needs of the leaders, over 10,000 hospitality professionals have been instructed to be present across 30 prominent hotels across central and south Delhi, Aerocity and Gurgaon. Delhi Police, Ministry of External Affairs and other embassies have already started security drills almost two months ago, according to TOI quoting a Hyatt Regency Hotel spokesperson. Hotel Arrangements for World Leaders Several luxury hotels across Delhi and other nearby locations have been selected to host the leaders. US President Joe Biden is expected to stay at ITC Maurya while Chinese President Xi Jinping is set to be hosted by Taj Palace. Other hotels such as Shangri La's Eros expected to have UK PM Rishi Sunak and German delegation, The Imperial may host the Australian PM and Indonesian delegation, Taj Mahal to have UAE delegation; Leela Palace expects Saudi Arabia delegation, The Lalit to have Canadian and Japanese delegations, The Claridges expects French president Emmanuel Macron and The Oberoi will host Russian delegation. During the stay, several preparations are in place to give the world leaders a taste of the Indian culture. «Indian musicians, especially the ones good at playing dhol, tabla, sitar, sarod and shehnai, are being signed up for welcoming the guests and also for playing soft music through the day in lobby,» explained a hotel manager. Another hotel's representative explained that from 'organising a traditional Indian welcome with a popular local music or dance performance and signature Indian welcome drinks to stocking the rooms with specially curated amenities, such as Indian coffee, teas,

Sanjiv Bhasin, Director, IIFL Securities, “says steel stocks have become growth stocks rather than value picks. I am very bullish on select stocks because their whole functioning has changed. It is more of shareholder value, appreciation of value and that is very positive. So use all these declines to accumulate this basket or buy a mutual fund which has exposure to metals because I am very sure the dollar run is short-lived.”You have been tracking metal. I remember SAIL was your pick. But the China issue seems to be kind of throwing a spanner in the works for the metal trade. Would you avoid metals right now or do you have something on radar?Metals have been a proxy to the dollar trade and we have seen the dollar come back from 99 to 104.

Saurabh Mukherjea, Founder, Marcellus Investment Managers, says “the positive trigger is the China play because the scale of China's unwind is such that I find it hard to believe that it will not trigger broader connections in commodity prices and then on to on to inflationary numbers both for America and for India. The negative one in India's case is that we have got so many elections ahead of us. We got five assembly elections through the winter and then obviously the big one in the summer.” What could be the trigger now for the market? Earnings are good. Inflation is benign. Macro will keep on getting ups and downs here but in general is steady. Flows have been decent. The outlook by corporate India is not that bad. So for markets to move higher, what is next?If I have to pick one positive trigger and one negative trigger, the positive trigger is the China play because the scale of China's unwind is such that I find it hard to believe that it will not trigger broader connections in commodity prices and then on to on to inflationary numbers both for America and for India.

reliance on China for revenues. In 2021 the 200 biggest multinationals in America, Europe and Japan made 13% of their sales in the country, earning $700bn. Tesla is more exposed still, making around a fifth of its sales in China; Qualcomm, a chipmaker, makes a staggering two-thirds.

PTI, Ramaswamy said, “The US is economically dependent on China today, but with a stronger relationship with India, it becomes easier to declare independence from that Chinese relationship." Biden Administration’s point person for South Asia has earlier said that the US wants to be part of India's economic miracle. “We want to be part of your economic miracle," Assistant Secretary of State for South and Central Asian Affairs Donald Lu had told PTI. “We strongly support India's goal to grow its economy in an inclusive way.

RBI target leading to an elongated high interest rate cycle. However, corporate earnings are forecast to remain buoyant in Q2 due to a moderation in international costs (fuel, metals, and chemicals) and festival demand. The upswing in retail inflation observed in July at 7.44% warrants careful observation due to its potential upward risk.

Reliance Industries, macroeconomic data, global cues, and more. Markets consolidated in a range and settled lower for the fifth successive week -the longest streak since April 2022 - mainly pressurized by weak global cues. The tone was positive for most of the week but a decline in the final sessions pushed the index in the red.

Chandrayaan-3 touched down on the Moon’s surface last week, joining the US, China and the erstwhile Soviet Union in successfully making a soft landing on the lunar soil. What’s remarkable is that India is the only nation to have landed near the southern pole. This spectacular feat will invigorate the Indian Space Research Organisation (ISRO) to undertake more missions and be counted among the space powers of the world.Cost of the mission One of the most interesting facts about the Chandrayaan-3 mission is its cost. India managed to com

China’s regulators face a losing battle convincing global funds to invest in the nation’s stocks unless market boosting efforts are accompanied by stronger stimulus to support growth. Officials have undertaken a flurry of measures in recent days to improve battered sentiment in the world’s second-largest stock market. They’ve urged financial institutions to snap up equities, encouraged companies to boost buybacks, and asked mutual funds to stop selling.

Global trade volumes will grow at a “moderate pace” in the third quarter of the year, continuing the uptick from the prior period after two quarters of decline, the World Trade Organization said. The WTO’s periodic goods barometer jumped to 99.1 from the previous reading of 95.6 announced in May, the Geneva-based organization said in a report published Thursday. The baseline of 100 indicates growth over the next quarter that’s in line with medium-term trends. High commodity prices, tighter monetary conditions, and anemic import demand have weighed on global trade volumes, the report said.

US Trade Representative (USTR) Katherine Tai on Saturday raised concerns related to India’s import licensing requirements for technological equipment during her meeting with commerce and industry minister Piyush Goyal. The two ministers agreed to explore this issue further and find a solution that addresses both countries’ concerns, commerce and industry ministry said in a statement. “She noted that there were stakeholders that needed an opportunity to review and provide input to ensure that the policy, if implemented, does not have an adverse impact on US exports to India,” USTR office said in a statement. India on August 3 restricted imports of these devices and put them under license regime. In a message on social media network X (formerly called Twitter), Goyal said he held a bilateral meeting with the US counterpart Tai.

Prannoy HS had to settle for a bronze medal as he registered a loss to Kunlavut Vitidsarn in the semifinals of the ongoing Badminton World Federation (BWF) World Championships on Saturday. Prannoy went down to world number three and three-time Junior champion Vitidsarn by 21-18, 13-21, 14-21. Prannoy and Vitidsarn were neck-to-neck in the first game, but the Indian won the first game easily. Vitidsarn staged a comeback in the second game. Prannoy fought hard but lost the game by 13-21, setting up an exciting decider. In the decider, Prannoy was trailing right from the start.