China Financial News

A Chinese government official has been sentenced to life in prison for both illegitimate business operations of running a 2.4 billion Chinese Yuan ($329 million) Bitcoin mining enterprise and unrelated charges of corruption. 

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COVID-19 pandemic. The BRICS group was formed in 2009 by Brazil, Russia, India and China. South Africa was added in 2010.

United States will impose visa restrictions on Chinese officials to address «forcible assimilation» of Tibetan children in government-run boarding schools, the State Department announced on Tuesday, without providing details or naming any officials. «We urge PRC authorities to end the coercion of Tibetan children into government-run boarding schools and to cease repressive assimilation policies,» Secretary of State Antony Blinken said in a statement.Tibet has been ruled by China since 1951, when troops took control in what it says was a peaceful liberation. China maintains that it protects the rights of all ethnic minority cultures and its constitution grants groups the freedom to use and develop their own written and spoken languages.

Narendra Modi arrived in South Africa on Tuesday on a three-day official visit during which he will attend the 15th BRICS summit and hold bilateral meetings with a number of world leaders. PM Modi was welcomed by Indian diaspora with chants of 'Vande Mataram' at Sandton Sun Hotel in Johannesburg.

The vice chancellor of Germany has reportedly proposed tightening the screening process for foreign direct investment from China, according to reports from local media outlets. 

crypto investors, with Bitcoin seeing its most significant weekly drop since the November 2022 FTX crash. In the past week, Bitcoin declined 11.5%, hitting $26,023.3, according to CoinGecko's data as of 5.30 pm on Monday. Similarly, significant alternative cryptocurrencies like Ethereum fell 9.7%, Ripple lost 16.9%, Solana crashed 13.3%, and memecoins such as Dogecoin and Shiba Inu declined nearly 16%. The broader market was already in a bear phase, but Bitcoin faced an 8% plunge on August 18 as Elon Musk's SpaceX reportedly divested its Bitcoin holdings, akin to Tesla. SpaceX had accumulated $373 million in Bitcoin during 2021-2022.

By Natalie Grover and Paul Carsten

inflation fight, but experts warn it could also mean a steeper downturn domestically this fall.The early stages of China’s rebound from the COVID-19 pandemic spurred hope for a stronger global recovery at the start of this year, but recent months have seen some economic forecasters slash expectations for the world’s second-biggest economy.Here’s a look at what’s behind China’s faltering economy and the ripple effects it could have in other countries.China stocks fell to around nine-month lows on Monday as investors reacted to milder-than-expected measures by authorities to boost confidence in the economy, with sluggish recovery, high youth unemployment and property woes keeping sentiment fragile.Economic output and consumer spending came in below expectations in July, coming off one of China’s weakest quarters for annualized growth in decades.Jimmy Jean, Desjardins’ chief economist, said in a note on Aug. 11 that slowing foreign-direct investment, Western trade restrictions and a trend of multinational corporations reconfiguring their supply chains away from China post-COVID are all compounding to hamper growth.“We were always skeptical of the narrative that China’s reopening would save the global economy this year,” he wrote.

Li Xiang, the CEO of Li Auto (NASDAQ:LI), initiated a collection of business startup courses on China's Dedao platform on Monday with a goal of tapping into a broader range of customers and demonstrate the company's expertise.

sting operation at a London hotel helped authorities recover a 15th-century Chinese vase worth about 2 million pounds ($2.5 million) and break up the criminal ring believed to have stolen the artifact from a Swiss museum, British police said Saturday. The vase, which dates to the Yongle period of the Ming Dynasty, was one of three items stolen from the Museum of Far Eastern Art in Geneva in 2019. The Metropolitan Police Service made the announcement after a London court on Friday found two men guilty of charges related to the gang's effort to sell the vase. A third man pleaded guilty to similar charges earlier this year, and two other men who were arrested in London are awaiting trial in Switzerland for their alleged role in the burglary.

₹8 crore) was 59 million in 2022. This is projected to increase to 86 million by 2027, led by China (112% increase in count between 2022 and 2027), Asia Pacific (57%) and Europe (43%).

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Nifty ended flat on Tuesday, August 22, as persistent concerns over US interest rates and China's economic health, although the mid-cap index rallied to a fresh record on brighter domestic prospects. The gains in shares of select heavyweights such as ITC, Larsen & Toubro and Axis Bank were offset by losses in those of HDFC Bank, ICICI Bank and TCS. Sensex closed 4 points higher at 65,220 while the Nifty closed the day at 19,396, up 3 points.

BEIJING — U.S. Secretary of Commerce Gina Raimondo is set to visit China from Aug. 27 to 30, both countries announced Tuesday.

Ashi Anand, CIO, IME-branded strategies, Valcreate Investment, says the ability of the new age platform companies to continue to compound revenues at over 25% from a longer-term perspective is very clearly there. The misunderstanding in terms of the listed market space is with relation to the longer-term profitability of these companies. What people do not necessarily understand is the sheer quantum of the current expenses are short-term in nature as these expenses are primarily linked to the current hyper growth phases that these companies are on.”Let’s start with your market construct. What is your view and where do you think we are headed in the near term?We have had a fairly strong move in the market over the last few months.

The Ethereum price has dropped to $1,664 today, representing a 0.4% fall in 24 hours and a 10% loss in the past week.

A significant shift is happening in the pool of bidders for BHP’s multibillion-dollar sale of its Queensland coal mines Blackwater and Daunia.

COVID pandemic, North Korean leader Kim Jong Un has further fortified the country to ensure a complete isolation from the world in terms of news and information. He has built hundreds of kilometers (miles) or upgraded border fences, walls and guard posts since the pandemic began.

Nasdaq futures signaled further gains in US tech shares after Monday’s rally, while the sector also outperformed in Europe and Asia. 

Microsoft has submitted a new proposal to Britain's competition regulator for the acquisition of video gaming giant Activision Blizzard, the watchdog said Tuesday, after a previous version of the deal was blocked. Xbox-owner Microsoft launched a bid for Activision Blizzard early last year, seeking to establish the world's third biggest gaming firm by revenue after China's Tencent and Japan's PlayStation maker Sony. But the $69 billion deal for the purchase of the owner of game titles including Call of Duty, World of Warcraft and Candy Crush has faced significant scrutiny by regulators. Britain's Competition and Markets Authority (CMA) said it has «opened a new phase 1 investigation into a new, restructured deal by Microsoft to buy Activision». It added that the new deal follows confirmation by the regulator that «the original deal would be blocked to protect innovation and choice in cloud gaming». Under the new proposed deal «Microsoft will not acquire cloud rights for existing Activision PC and console games, or for new games released by Activision during the next 15 years (this excludes the European Economic Area),» the CMA said. Instead these rights will be divested to French game developer Ubisoft Entertainment prior to Microsoft's acquisition of Activision, according to the CMA. Ubisoft will in particular have «the ability to supply Activision's gaming content to all cloud gaming service providers (including to Microsoft itself)». «This will allow gamers to access Activision's games in different ways, including through cloud-based multigame subscription services,» Sarah Cardell, the CMA chief executive, said. — Confidence — Cardell added that «this is not a green light». «Our goal has not changed — any future