China Financial News

BEIJING (Reuters) — China's direct economic losses from natural disasters surged to 41.18 billion yuan ($5.74 billion) in July, more than in January to June combined, driven by severe weather as two powerful typhoons hit the country in one month.

NEW DELHI: Union minister Jitendra Singh on Saturday said, BRICS (Brazil, Russia, India, China and South Africa) should continue to hold global significance for being the most populated marketplace, driven by the knowledge, creativity and innovation economy. Addressing the 11th BRICS STI ministerial meeting at Goeberha in South Africa through a virtual medium on “STI Priorities and Policies Updates", the minister said, the grouping could collaborate to identify and explore regional scientific research challenges through joint S&T solutions suited to local economies.

Beijing, officials said Saturday, bringing the death toll from recent torrential rains in northern China to at least 30. Officials reported the deaths in Baoding, about 150 kilometres (90 miles) from Beijing, adding that 18 people were missing. Storm Doksuri, a former super typhoon that hit mainland China last Friday, has brought the most severe rains to the region since records began 140 years ago. By noon Saturday (0400 GMT), more than 600,000 of Baoding's 11.5 million residents had been evacuated from areas deemed to be at risk, officials said. The torrential rain that hit northeast China on Saturday battered the provinces bordering Russia and North Korea.

reality quickly set in again. Contracted sales at the country’s top 100 developers plunged 33% from a year earlier in July, according to China Real Estate Information. In the first seven months combined, sales for those developers have now fallen 5% year over year, wiping out all the progress notched at the beginning of the year immediately after China abandoned its strict pandemic control policies.

NDTV reported on Saturday. The Chinese naval base in Cambodia is close to the Strain of Malacca, a crucial point that links the Indian Ocean with the South China Sea.

While India has not said the new requirement is aimed at China, more than half of its roughly $10 billion in annual imports of personal computers and tablets are Chinese-made. Relations between the countries have deteriorated since mid-2020, when Chinese and Indian troops clashed on LAC and 24 people were killed. Several Indian government officials, who asked not to be named, said the licensing measure aimed to address a trade imbalance with China. Here are some other Chinese trade and investment ventures affected by Indian measures since 2020:

Foreign portfolio investors (FPIs) started August on a subdued note, while the inflows by the end of July came in lower than June 2023. FPIs sold ₹2,034 crore in Indian equities so far in August and infused a total of ₹46,618 crore in Julytaking into account debt, hybrid, debt-VRR, and equities, according to National Securities Depository Ltd (NSDL ) data. During the last seven trading sessions FPIs sold stocks worth ₹8,545 crore in the cash market, according to analysts.

Ten-year US yields rose to the highest level since October 2022 as the yields rose to 4.2043% before falling on the US non-farm payroll report released Friday. Global rating agency Fitch, which had kept the US Government's credit on a negative watchlist in May, downgraded the US government's credit rating to AA+ from AA on anticipated fiscal deterioration over the next three years, a high and growing general government debt burden, social security concerns and governance issues. The reaction so far is largely muted in the financial markets.

PTI. The three-time champions were seen struggling to convert a penalty corner against Japan on Friday at the Mayor Radhakrishnan Hockey Stadium in Chennai. Despite India earning as many as 15 penalty corners, it could only convert just one, even though they have a potent force in skipper Harmanpreet Singh, Varun Kumar, Amit Rohidas, and Jugraj Singh.

Apple tipster Ming-Chi Kuo in a post, the iPhone 15 standard models set for release in the second half of 2023 will feature a stacked-designed CIS (Complementary Metal-Oxide-Semiconductor) image sensor. Interestingly, Kuo also mentioned that the iPhone 16 Pro models, scheduled for the second half of 2024, will adopt the same technology. Consequently, this move could put a strain on Sony's high-end CIS capacity, resulting in an advantage for Will Semi as they continue to secure more orders for high-end CIS from Chinese smartphone brands, reported HT Tech.

Hair processing is a Rs 3,000-crore business in India which is not surprising at all. It’s not surprising then that hair processing is a Rs 3,000-crore business in India. Cities like New Delhi, Chennai, Elur in Andhra Pradesh, Bhagabanpur and Murshidabad in West Bengal, and Dig in Rajasthan are its major centres.Hair hub in Karnataka Apart from these cities, Bhagyanagar in Karnataka’s Koppal district is another place with a 70-year history of hair processing.

Floodwaters from Typhoon Doksuri continued to deluge farms and cities in northeast China into the weekend, with the country's disaster relief systems struggling to contain the aftermath of one of the strongest storms in years. Almost 15,000 residents were moved out of the city of Shulan in corn-growing Jilin province, where one person was dead and four others missing, according to state media. Rain has fallen continuously in Shulan since Aug.

food prices rose for the first time in three months, as trade disruptions from India to the Black Sea and extreme weather stoke supply concerns anew. The United Nations’ index of food-commodity prices gained 1.3% in July, led by vegetable oil, according to a Friday report. That marks a pickup from the two-year low reached the prior month as fresh threats emerge in the supply chain.

security does not constitute a breach of WTO rules, unless contested. Security restrictions are commonplace for countries to impose non-tariff trade barriers. India's notification this week requires importers of IT hardware to obtain a permit from the Directorate General of Foreign Trade (DGFT), which promises to issue these expeditiously.

China will allow some foreigners to obtain visas on arrival and rural residents to settle more easily in cities as part of a series of measures aimed at boosting its flagging economy. The relaxations aim to «promote the free movement» of «people, vehicles, information and data», an official from the Ministry of Public Security said Thursday. China's post-Covid recovery has run out of steam in recent months, dragged down by sluggish consumption and a real estate sector in crisis. GDP growth increased by just 0.8% from the first to second quarter of the year, and youth unemployment has reached record highs at over 20%. In response, the ministry announced 26 new measures on Thursday, including a new visa policy for foreign businesspeople.

The U.S. military is considering putting armed personnel on commercial ships traveling through the Strait of Hormuz, in what would be an unheard of action aimed at stopping Iran from seizing and harassing civilian vessels

Heavy rain and high water levels in China's northeastern rivers are threatening cities downstream, prompting the evacuation of thousands

China is lifting a stifling 3-year-old tariff on Australian barley in a sign of an improving bilateral trade relationship since Australia’s government changed

Make in India program, which offers incentives for manufacturing electronics and other high-tech goods locally, with eligible companies standing to recoup millions of dollars of their investments. The country initially targeted the program at smartphones and has since expanded it to other areas, including drones and semiconductors as well as tech hardware.

TikTok owner ByteDance, another highly valued private tech company that counts private-equity funds among its shareholders, shelved its IPO plans. In 2022, the average annual return for China private-equity funds, including venture capital funds, was minus 5.6%, according to estimates from data-analytics firm Burgiss. That was the lowest since the global financial crisis in 2008, although it was better than the global average last year.

mental health of young people. Chinese parents who have struggled to keep their children away from screens are looking forward to the change. “It would be great if there was a way to force him not to spend so much time online," Wang Yuefang, a shift manager at a textile factory in the southern manufacturing hub of Guangzhou, said of her 13-year-old son.