China Financial News

The past week dealt a blow to Bitcoin's recent uptrend that started in June, steering us toward a critical support zone.

Australia’s largest integrated provider ofcancer care, Icon Group, backed by private equity firm EQT, is expanding its services into the UK after penning a new deal with Nuffield Health, the nation’s biggest healthcare charity.

The crash of Russia’s Luna-25 spacecraft into the moon over the weekend isn’t just a setback for President Vladimir Putin’s ambitions to overcome war-related sanctions. It’s also an embarrassment for Chinese President Xi Jinping—Putin’s partner in building a proposed base on the moon meant to challenge the US and its space allies.

Narendra Modi will be in Johannesburg for the Brics leaders’ summit, starting today. The five-nation grouping will meet amid disagreements on expansion and a common currency. Questions persist over the bloc’s relevance, too.

(Reuters) — Embattled property developer China Evergrande (HK:3333) Group said on Monday it was confident its internal controls and processes had improved and could meet the listing rules of the Hong Kong stock exchange.

Chinese smartphone brand Honor is returning to the Indian market this September in a new avatar. The brand, earlier owned by Huawei, is being licensed by Gurugram-based PSAV Global, said a senior company executive. PSAV Global will raise ₹1,000 crore in domestic loans to establish its operations in the country.

Brics bloc of emerging economies to counterbalance Western influence, while others in the group are reluctant to admit new entrants, such as Iran and Cuba, for fear of alienating Washington. The debate among the Brics nations—Brazil, Russia, India, China and South Africa—about whether and how to expand will likely feature prominently during the group’s first in-person leaders’ summit since the pandemic. The presidents of Brazil, China and South Africa, as well as the Indian prime minister, are set to attend the gathering here starting Tuesday.

lending rate by 10 basis points and left its five-year rate unmoved, in a surprise to analysts who had expected cuts of 15 basis points to both. The recovery in the world's second largest economy has been slowed by a worsening property crisis, weak spending and lower credit growth.

Alibaba Group Holding and JD.com this year have embarked on campaigns to promote low-price goods to cater to penny-pinching shoppers through new services and incentives for merchants. In May, Alibaba’s flagship platform Taobao launched “Taobao Good Price" within the app where users can buy low-price merchandise such as butter cookies for 40 cents a box and rubber gloves for 14 cents a pair. During this year’s June 18 Shopping Festival, an annual e-commerce event, Taobao required merchants to offer at least a 10% discount for the goods they were selling and gave priority to merchandise at lower prices or with steeper discounts.

NEW DELHI : Foreign Secretary Vinay Mohan Kwatra on Monday downplayed the possibility of Brics countries developing a common currency. Briefing the media, Kwatra said deliberations among Brazil, Russia, India, China and South Africa have been focused on boosting trade in national currencies instead of on developing a common currency.

NEW DELHI : Vietnam is pushing for a visit to India by its Prime Minister Pham Minh Chinh, according to persons aware of the matter. India and Vietnam have forged a close strategic partnership in recent years.

China, a.k.a. “the growth engine of the world,” has posted a series of disappointing economic data points over the last few months.

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Narendra Modi came to power in 2014. From being a net importer, India has become a net exporter of handsets. Elsewhere in Asia, the contest is over semiconductors.

bond yields across the euro area rose sharply on Monday as benchmark U.S. 10-year Treasury yields climbed to fresh 15-year highs on a view that interest rates will remain higher for longer than initially anticipated. That eclipsed some soft German data and demand for safe-haven assets due to concerns about China's economy. Bond prices move inversely with yields. The 10-year U.S.

BRICS group of countries starts on Tuesday in South Africa, the only add-on member of what began as a quartet of Brazil, Russia, India and China, which formed the original ‘BRIC’ coined by Goldman Sachs two decades ago by clubbing together hot emerging markets for global investors to bet on. Such summitry has been a regular feature since 2009, and its most notable achievement has been the Shanghai-based New Development Bank set up by the group as a multilateral lender, an alternative to the West-led World Bank and International Monetary Fund. What’s new is the context: a geopolitical upheaval is underway in the post-Ukraine-war world.

Here's how analysts read the market pulse: “A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fueled by concerns about rate hikes. “Investors are keenly observing the commentary from the Fed Chair during its forthcoming summer conference for interest rate insights.

exports and imports of goods and services declined 2.5% on-year in January-June 2023 at $800.9 billion, think tank Global Trade Research Initiative (GTRI) said Monday. Exports of goods and services rose 1.5% to $385.4 billion in the first six months of the calendar year as against $379.5 billion in the corresponding period a year ago while imports dipped 5.9% to $415.5 billion from $441.7 billion in January-June 2022. In merchandise trade, exports fell 8.1% to $218.7 billion, while imports contracted 8.3% to $325.7 billion. “Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors,” said GTRI Co-founder Ajay Srivastava. Services exports during the six months grew 17.7% to $166.7 billion, while imports rose 3.7% to $89.8 billion. India exports goods to 240 countries and out of that, the country's outbound shipments declined in 134 destinations. Major countries where exports declined include the US, UAE, China, Bangladesh, and Germany.

₹26,852 crore) in 2022, India jumped to 11th position in the top markets of direct sellers, as per the World Federation of Direct Selling Association (WFDSA) report. The report which was quoted by the news agency PTI said that in the previous year, India witnessed a jump of 5.4% in retail sales. Moreover, during the last 3 years, India witnessed the highest Compounded Annual Growth Rate (CAGR) of over 13.3% on a constant dollar basis.

ChatGPT creator OpenAI in January. Google parent Alphabet unveiled a rival chatbot the next month. Companies hoping to develop their own artificial intelligence programs need to buy Nvidia’s chips, known as graphics processing units, to build them.

An American research firm has been fined $1.5 million by China’s government in a crackdown on information-gathering that has rattled foreign investors