China Financial News

China's export curbs on gallium and germanium in r... moreChina's export curbs on gallium and germanium in response to US restrictions on high-tech exports highlight the escalating tech rivalry between the superpowers.

IMF agreement has prevented Pakistan from going into default, at least temporarily, it has also set off a vicious cycle that has happened a few dozen times before in the nation's history, reported The Diplomat. Saudi Arabia made a USD 2 billion deposit into the State Bank of Pakistan (SBP) after the IMF agreement, and the UAE had already committed to making a USD 1 billion contribution.

TOKYO (Reuters) -Japan's Panasonic (OTC:PCRFY) Holdings posted a 42% rise in first quarter operating profit on Monday, buoyed by a weaker yen and stronger sales in its automotive and energy segments, while it stuck to its full-year outlook.

China’s 200-million-strong army of individual investors has turned away from the stock market. The country’s benchmark CSI 300 index lost around a fifth of its value last year, and has risen much less than major indexes in the U.S., Japan and elsewhere in 2023. That is creating a sense of despair among the office workers, civil servants and other ordinary citizens who are responsible for the bulk of trading in China’s stock market.

Scoring the biggest gain for oil in 18 months is one thing; keeping it going is another. That’s what OPEC will attempt this week as the world’s biggest crude producers sit again to strategize how to manipulate the market their way, as top importer China continues to show signs of economic weakness.

Check out the companies making headlines before the bell:

China has imposed restrictions on exports of long-range civilian drones, citing Russia’s war on Ukraine and concern drones might be converted to military use

Bonds fell and stocks struggled for direction as traders parsed the latest commentary from central bankers for clues on the path for interest rates.

India exported USD 2.43 billion worth of smartphones in April-May this fiscal, driven by a multifold jump in shipments to the US which emerged as the biggest destination for India-made devices, according to the government data. The smartphone exports to the US jumped multiple times to USD 812.49 million during the first two months of this fiscal as against USD 92.2 million in April-May 2022-23, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms.

UPL Ltd on Monday reported a net profit of ₹166 crore in the quarter ended June 2023, registering a sharp fall of 81% from ₹877 crore in the year-ago quarter. The company’s revenue from operations in Q1FY24 plunged 32% to ₹8,963 crore from ₹10,821 crore, YoY. Earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter under review decreased 16.7% to ₹1,952 crore from ₹2,343 crore, while EBITDA margin contracted by 380 basis points (bps) to 17.8% from 21.6%, YoY.

The US Department of State issued over 411,000 student visas during the 2022 fiscal year (October 2021 to September 2022), up 15% from 2021. Not only was this a 15% increase from the previous fiscal year, the largest non-pandemic year-over-year increase since 2010, but it was also the highest recorded total seen in six years, data from the State Department shows. Compared to the US, Canada issued over 420,000 student visas in 2022, a 27% increase over 2021. In the UK, annual growth was 34% in the year ending March 2023. «The US international education sector is on its way to a full recovery. The combination of a six-year high in F-1 visas issued, the largest annual increase in a decade (outside of the pandemic), and the emergence of several high-potential source markets build the foundation for an optimistic outlook,» according to ApplyBoard's latest report.

Indian market. The global variant of the phone is powered by an octa-core Snapdragon 680 chipset coupled with 8GB of RAM. Oppo has officially confirmed that the Oppo A78 4G will be launching in India soon.

Twitter underwent a rebranding, replacing its beloved bird logo with a Unicode character resembling the letter X. The changes have already appeared on Twitter's mobile apps for both Android and iPhone, as well as its web client. This transformation is believed to be a step towards turning Twitter into a «super app» similar to China's WeChat, with potential support for payments, instant messaging, and calls.

Lynas Rare Earths will withhold a portion of supply from the market in response to a plunge in prices for the key ingredient in wind turbines, electronics and military applications.

Toyota will strengthen its development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world's largest auto market. The move is the latest from the world's top selling carmaker that shows a sharper pivot to electric vehicles.

«I am willing to tell you with reasonable confidence that before October or November this year, fabs will be approved. This will be fab manufacturing, the actual wafer fab,» Chandrasekhar told TOI. Global companies recently visited Gujarat for ‘Semicon India 2023’ to expand semiconductor production in India. Companies will invest because of a strong demand curve for the precious commodity and as the country emerges as a trusted partner in the electronics ecosystem, said Chandrasekhar to TOI. «Electronics in India is now reaching a critical mass, and the target that we have set out for is $300 billion by 2026. We are on track to achieve this… This would result in a massive need for semiconductors, which we estimate to touch $110 billion by 2029,» said the minister.

Indian shooters and compound archers ruled the roost, bagging six medals including four golds at the World University Games in Chengdu, China on Monday. Shooters Aishwary Pratap Singh Tomar, Divyansh Singh Panwar and Arjun Babuta joined forces to outclass local favourites China to win the 10m air rifle men's team gold. The Indian trio, with a combined score of 1894.7, beat China's Li Xinmiao, Song Buhan and Zhu Xiaozhong (1881.9) to clinch the yellow metal while Kazakhstan finished third. Aishwary and Divyansh then made it a one-two finish in the 10m air rifle men's individual event. In a dominant display, Aishwary consistently shot scores in the higher 10s for a total of 252.6 to snatch the gold as Divyansh had to be content with a silver. China's Buhan was a distant third with a score of 229.0 Compound archers also contributed to India's tally, adding two golds and a bronze medal.

Hyderabad police, in their recent bust of a massive Rs 712 crore investment scam, have revealed that the masterminds behind it are a group of Chinese experts dedicated to creating innovative scams to deceive unsuspecting victims. According to cyber crime sleuths investigating the case, this exclusive team's primary role is to develop attractive advertisements, text messages for SMS, Telegram, and WhatsApp, as well as design enticing webpages that present a façade of genuine investment proposals to lure victims, ToI reported.

Investing.com — European stock markets are expected to open largely unchanged Monday, as investors digest weak Chinese business activity data ahead of the release of eurozone growth and inflation data.

Investing.com — Most Asian currencies fell on Monday, with the Japanese yen coming under pressure from an unscheduled bond buying operation by the Bank of Japan, while the Chinese yuan was hit by weak business activity data.

Investing.com — Oil prices fell slightly on Monday after weak business activity data from China pointed to worsening economic conditions in the world’s largest oil importer, although the prospect of more stimulus measures in the country kept losses limited.