China Financial News

BEIJING — Chinese tech company Baidu on Tuesday reported better-than-expected revenue, up by 15% year-on-year in the second quarter and bolstered by growth in advertising.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Virgin Australia boss Jayne Hrdlicka has called on the government to reconsider its decision to block Qatar Airways from adding flights to east coast cities, saying it would have an immediate impact on reducing fares and boosting tourism.

silver funds in the market, with six schemes that have completed one year in the market.HDFC Silver ETF lost the most at around 7.99%, followed by Aditya Birla Sun Life Silver ETF which lost 7.15%, and Axis Silver ETF that lost around 7.04%. Most schemes lost around 6% in one month.

China's economy is facing challenges due to author... moreChina's economy is facing challenges due to authoritarian policies, lockdowns, and economic shifts.

Rahul Singh, CIO-Equities, Tata Mutual Fund, in an interview with Mint. He added that slower urban consumption contrasts rural recovery. He also shared his views on rate cuts by the RBI and the IT sector.

crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments. Saudi Arabia volunteered to cut output by another 1 million barrels per day (bpd) from July through September, and Russia will reduce exports in August by 500,000 bpd, part of a deal among members of the Organization of the Petroleum Exporting Countries and its allies, a grouping know as OPEC+, to curb supplies and support prices. India's overall imports also declined 5.2% from June to 4.4 million bpd oil in July, the data showed, as several refining plants are shut for maintenance during monsoon season.Russian oil imports declined 5.7% to 1.85 million bpd and Saudi shipments fell by 26% to 470,000 bpd, the data showed. India imports more than 80% of its overall oil needs. Indian refiners that have been diversifying their oil import sources to cut costs began snapping up Russian oil at a discount as some Western companies stopped purchasing from Moscow following its invasion of Ukraine in February 2022. India's import of Russian oil may now decline further in August and September, however, as refiners plan maintenance at their plants and as Russian crude prices are above the $60-a-barrel ceiling imposed by the European Union and G7 economies after spot discounts shrank, sources said. Russia was still the top oil supplier to India in July, though, followed by Iraq and Saudi Arabia.

Also read: Russia's Luna 25 crashes on moon's surface ahead of Chandrayaan-3's landing This mission was Russia's first lunar attempt since 1976 when it was part of the Soviet Union. The United States, the Soviet Union, and China are the only countries to have achieved successful moon landings. Borisov attributed the mission's failure to the interruption of Russia's lunar program for nearly 50 years.

Narendra Modi is expected to hold a bilateral meeting with Chinese President Xi Jinping on the sideline of the BRICS summit. Giving a hint of the meeting, PM Modi, on Tuesday, said that he looks forward to holding bilateral meetings with "some of the leaders present in Johannesburg". Shedding light upon PM Modi's schedule in Johannesberg during the BRICS summit, Foreign Secretary Vinay Kwatra in a special briefing, said that the schedule for bilateral meetings with leader is still being developed.

Macroeconomist Lyn Alden has cast doubt on a proposal that would see five countries work together to develop a common BRICS currency — arguing it will likely struggle to get off the ground and fail to dethrone the United States dollar.

EcoSoul Home aims to accelerate the movement towards a sustainable lifestyle by tapping Earth’s most renewable sources. With a diverse range of products in kitchenware, dinnerware and cutlery, the brand claims to drive the 3As of sustainability — awareness, availability and affordability.

Security expert Lt General (Retd) Sanjay Kulkarni cautioned against Rahul Gandhi's recent claim that India lost land to China, stating such assertions during ongoing talks could hinder diplomatic efforts. The comment comes as Rahul Gandhi contradicted Prime Minister Narendra Modi's stance, asserting Chinese PLA's encroachment.

BRICS economic alliance, comprising Brazil, Russia, India, China and South Africa, are gathering in Johannesburg's financial district of Sandton for a three-day summit. The meeting is anticipated to witness discussions on ways to consolidate political and economic influence in the developing world, marking a pivotal moment in international diplomacy. China's President Xi Jinping's participation in the summit underscores the nation's continued investment in the BRICS alliance as a vehicle for its strategic aspirations.

Vinit Bolinjkar, Head of Equity Research, Ventura Securities, “says index stocks have just not performed. It has been a screeching rally led by the smallcap and the midcap stocks. Currently, the smallcap stocks still look very cheap. They are at 13 times CY25 earnings. So, although there are a number of indicators which point to the move reaching slightly uncomfortable levels, I still believe that if you have a good selection of stocks, smallcap is the market to play in the current scenario.”Where do you think India is going to draw cues from? Will it be a global event, which is going to dictate our markets or do you think it is going to be something internal like inflation?There are a couple of things that I would like to draw your attention to.

Asset Management could be seen playing with all his energy on the court. He captioned the video of his tennis practice as ‘Three hours of solid debate prep this morning.’ Born on 9 August 1985, Vivek Ganapathy Ramaswamy started his journey as an entrepreneur and managed to transform himself into one of the top billionaiares of America. He was born in Cincinnati to an Indian couple.

BRICS Summit: Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit, a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The summit will take place from August 22 to August 24.

Perth-based engineering group Monadelphous expects to secure more resources and energy contracts after its annual net profit rose 2.5 per cent to $53.5 million, boosted by higher income from a renewable energy joint venture.

Xi Jinping has arrived in South Africa, Chinese state media reported Tuesday, where he will attend the BRICS summit in Johannesburg. The state visit will be Xi's second of 2023, after making an official trip to Russia in March. «Chinese President Xi Jinping arrived in Johannesburg on Monday to attend the 15th BRICS Summit to be held here, and pay a state visit to South Africa,» Xinhua news agency said, adding he had been «warmly welcomed» by South African President Cyril Ramaphosa. «Xi said that he is very glad to visit South Africa again and looks forward to having in-depth exchanges of views with Ramaphosa on deepening China-South Africa relations and issues of common interest,» Xinhua said. The heads of Brazil, China, India and South Africa plus Russia's top diplomat will gather from Tuesday to Thursday this week under the theme «BRICS and Africa», South Africa's Foreign Minister Naledi Pandor said this month. Russian President Vladimir Putin — who is sought by the International Criminal Court (ICC) for his role in the Ukraine war — will not attend this year's BRICS conference in South Africa, which is a signatory of the ICC. The Chinese leader previously visited South Africa in 2018 as he sought to enhance his country's diplomatic and economic ties with the continent. On the agenda at this year's summit will be the possible future expansion of BRICS membership, which the bloc has previously indicated it is open to. Several African countries have previously expressed a desire to join the bloc, including Algeria, Egypt and Ethiopia. A total of 69 countries have been invited to the summit, including all African states. BRICS, a loosely-defined group that sees itself as a counterweight to Western economic domination,

Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit. It is a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The BRICS summit will be held from August 22-24.

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 $26,023.33 according to Coingecko's data at 5.30 PM on Monday. Similarly, significant alternative cryptocurrencies like Ethereum fell 9.7%, Ripple's lost 16.9%, Solana crashed 13.3%, and memecoins such as Dogecoin and Shiba Inu declined by 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. “Bitcoin’s fall below $26000 last week was the biggest decline for BTC in almost over a year,” said Siddhartha Gupta, SVP, Business and Strategic Alliances, CoinDCX. Simultaneously, investor concerns were heightened by the Federal Reserve's July minutes suggesting possible interest rate hikes.

BHP’s annual underlying profit slumped 37 per cent to $US13.4 billion ($20.9 billion) as commodity prices came back to earth after 2022’s record result.