China Financial News

NEW DELHI : The Union steel ministry has started industry consultations to frame India’s first stainless steel policy, an official aware of the matter said. The policy will aim to raise domestic capacity by nearly fivefold by 2047, from the current 6.6 million tonnes (mt) to 30 mt. A key objective of the policy is to reduce dependence on China for nickel, silicon and chromium, which are used to make stainless steel.

handset companies have reduced to 6-8% for fiscal 2023 from an average of 10-12% in the previous two years, staffing firms said, as the industry struggles with a slump in demand. The segment has also seen some attrition — voluntary and layoffs — in the first few months of calendar year 2023. Things, though, are expected to take a turn for the better with the smartphone market showing signs of recovery in the April-June quarter, experts said.

GreenTech Research President and CEO Hilary Kramer and ‘The Cow Guy’ Scott Shellady discuss the Fed likely not cutting rates in 2023 or 2024, the 1Q GDP performing higher than expected and the market’s reaction. 

WASHINGTON (Reuters) — A U.S. House of Representatives panel will hold a July 26 hearing as lawmakers look to jump start long-stalled efforts to pass legislation to speed adoption of self-driving cars, sources told Reuters.

India is gaining valuable experience in shepherding opinion on the top policy challenges confronting the global economy. The third meeting of the G20 finance ministers and central bank governors under India's rotating presidency held in Bengaluru this week saw progress in negotiations for a common debt framework, reform of multilateral lending institutions, a new approach to international taxation and synchronised regulation of cryptocurrencies. Marshalling a consensual approach to these issues demonstrates a mature handling of conflicting interests of member countries that wield bigger clout in world affairs.

A few years ago, this small town on the border with China was a few dusty lanes surrounded by tropical forests. Now, a nearly $6 billion Chinese-built railroad cuts through it—and a city is rising. Dozens of half-constructed office towers and warehouses rise into the skyline.

Chinese companies wanting to go public in Hong Kong have had a hard time getting international investors to buy their shares. Local governments in China are stepping up to help fill the void—and seeking more in return. Listings in Hong Kong raised just $2.6 billion this year, down 47% from the same period last year and far below 2021 levels, according to Dealogic.

₹6,1239 per bbl, having swung between ₹6,188 and ₹6,351 per bbl during the session so far, compared to their previous close of ₹6,221 per bbl. U.S. crude inventories fell by 708,000 barrels in the last week to 457.4 million barrels, Energy Information Administration data showed on Wednesday.  For the first time since January 2021, the data showed inventories in the Strategic Petroleum Reserve climbed, as the U.S.

TEHERAN : India could have played a more active role in West Asia, said Iranian Deputy Foreign Minister Ali Bagheri Kani, just months after China helped broker a key normalisation pact between Iran and Saudi Arabia. Speaking to a delegation of Indian journalists in Tehran, Kani said Indian diplomacy had shown “passivity" in the region in contrast to China. “I believe,among the great powers of the world, it is the Chinese party that has emerged victorious because it did not allow the United States’ illegal restrictions to affect its bilateral relations with different countries.

K-pop music label that brought the world hit boy group BTS are using artificial intelligence to meld a South Korean singer's voice with those of native speakers in five other languages. The technology enabled HYBE, South Korea's largest music label, to release a track by singer MIDNATT in six languages — Korean, English, Spanish, Chinese, Japanese and Vietnamese in May.

Microsoft said it plans to offer free some tools that can spot cyberattacks following last week’s disclosure of a major security breach linked to Chinese hackers that was undetectable for some customers. The decision to open up access to its back-end systems that log activity on the cloud came after Microsoft’s tiered payment system attracted criticism in the wake of an alleged Chinese cyber-espionage campaign, which the company said infiltrated its cloud-based email system and compromised inboxes at about two dozen organizations globally.

NEW DELHI : Multiple specialty chemical manufacturers are staring at weak prospects in the near term, led by weak global demand and destocking of inventory. Declining chemical prices and increased competition from China post opening of the Chinese economy are putting pressure on their margins. The only solace for now comes from some decline in raw material prices.

By Valerie Volcovici and David Stanway

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Ripple’s partial victory against the SEC and its impact on the crypto market. Although people traded based on emotion after headlines popped out, the next day, as investors could process what happened, the altcoins gave away half of the gains.

opposition parties formed an alliance of parties and named it 'INDIA' (Indian National Developmental Inclusive Alliance) to fight the upcoming Loksabha elections in 2024, a police complaint has been registered against 26 Opposition parties «for improper use of the name of INDIA and for the undue influence.» A police complaint has been lodged at Barakhamba Police Station in Delhi, against 26 Opposition parties «for improper use of the name of INDIA and use of the said name for the undue influence and personation at elections.» The complainant, Dr Avinish Mishra requests for necessary action against these parties. Notably, the Opposition with 26 parties came up with a name for the alliance for the 2024 Lok Sabha polls, announcing that it would be called the Indian National Developmental Inclusive Alliance, or INDIA.

Brent futures were up 63 cents at $80.26 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) crude was up 51 cents at $76.26. China's top economic planner pledged on Tuesday to roll out policies to «restore and expand» consumption in the world's second-largest economy, which could boost oil demand.

81% of the 262 managers polled in July predicted a further economic slowdown in Europe, up from 70% last month

Chinese livestreamers have set their sights on selling to TikTok shoppers in the U.S. and Europe

Chinese e-commerce retailer Temu has filed a lawsuit accusing its rival Shein of violating U.S. antitrust law by blocking clothing manufacturers from working with Temu

South Africa says Russian President Vladimir Putin will not attend an economic summit in Johannesburg next month

Second gentleman Doug Emhoff next week will become the highest-profile U.S. official to visit Samoa, as the Biden administration steps up its outreach to Pacific island nations