China Financial News

Vladimir Putin will not attend a BRICS nations summit in South Africa next month, the country's presidency said on Wednesday, ending months of speculation. Putin's potential visit has been a thorny diplomatic issue for South Africa. The Russian leader is the target of an International Criminal Court arrest warrant — a provision that Pretoria as an ICC member would be expected to implement were he to set foot in the country. «By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the summit, but the Russian Federation will be represented by Foreign Minister Mr (Sergei) Lavrov,» Vincent Magwenya, a spokesman for President Cyril Ramaphosa, said in a statement. The decision follows «a number of consultations» held by Ramaphosa in recent months, the most recent of which took place «last night,» Magwenya said.

British spies are already using artificial intelligence to hamper the supply of weapons to Russia, the head of Britain’s MI6 agency said Wednesday, predicting that Western spies will increasingly have to focus on tracking the malign use of AI by hostile states. In a rare public speech, Richard Moore also urged Russians who oppose the invasion of Ukraine to spy for Britain, saying others had already done so since the war began.

Hong Kong’s rapid adoption of cryptocurrencies and Web3 is a sign of some “big moves” happening in mainland China, a co-founder of the local game software firm Animoca believes. 

Investing.com — ASML (AS:ASML) posted higher-than-anticipated net profit in the second quarter and lifted its full-year sales guidance as the Dutch semiconductor equipment maker was boosted by solid demand in China.

BEIJING — China's Commerce Ministry on Wednesday said non-economic factors were growing and interfering with the country's foreign trade which was facing an «extremely severe» situation in the second half of this year.

Based in New York, the manager will also be supported by twelve others within an investment team comprising of CIOs, research analysts, traders and portfolio specialists.

G20 Sherpa Amitabh Kant on Wednesday said the country should target 100% electrification of two and three-wheelers by 2030. He also said India should target that 65% of its state public transport should be electric by 2030. Kant said India requires a clear policy framework to achieve its electric mobility goals. He was addressing a side event organised by the NITI Aayog on 'Policy support and Enablers to Accelerate India's Electric Mobility during the ongoing fourth Energy Transitions Working Group meeting under India's G20 Presidency in Panaji.

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India’s trade with China slowed down a bit in dollar terms in the first half of 2023. This is probably due more to a decline in commodity prices and the depreciation of the yuan against the dollar than any actual fall in the volume of goods exchanged. Here’s how the numbers stack up.

By Jason Xue and Tom Westbrook

Google, and Best Buy (BBY.N), will introduce an initiative aimed at enabling Americans to identify devices that have a lower vulnerability to cyberattacks. According to a statement from the White House, this new certification and labeling program will establish higher cybersecurity standards for smart devices such as refrigerators, microwaves, televisions, climate control systems, and fitness trackers. Manufacturers and retailers will affix a "U.S.

Older and experienced workers will make up more than a quarter of the workforce by 2031, a study has predicted. The Bain & Company report claimed that more than 15 crore jobs will shift to workers over the age of 55 by 2030 in G7 countries. CNN.com, citing Bain's report mentioned that Japan has almost 40% of the workforce over age 55 whereas Europe and US have senior people workforce anywhere from 25-30%.

A look at the day ahead in European and global markets from Tom Westbrook

Investing.com-- Most Asian currencies fell on Wednesday as the dollar rebounded from 15-month lows, with recent U.S. data spurring more bets that the Federal Reserve was close to pausing its rate hike cycle.

Investing.com-- Gold prices edged lower from seven-week highs on Friday amid speculation over whether the Federal Reserve was close to ending its rate hike cycle, while copper sank further on concerns over major importer China.

India has significantly improved its passport ranking by rising 5 spots from last years and is now ranked 80th in the latest Henley Passport Index. Owning to this, Indians can travel to 57 destinations completely visa free or visas on arrival arrangements.  However, it is to be noted here that India has scored poorly in mobility.

Industrial equipment used to make semiconductors, solar cells and electric vehicles presents a great way for corporate executives, bank managers and government bureaucrats to keep the wheels turning even as consumers balk at spending money and foreign buyers cut purchases of Chinese exports. The US-China tech cold war and continuing trade tensions serve as the perfect excuse to rack up expenditures that can support local businesses, keep people employed, and add to the economy. Only one line item in China’s industrial output figures, out of almost two dozen, consistently posted double-digit growth figures in recent months.

China used for years as it turned into the biggest EV market on Earth. Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe.

dinosaur for dinner. The fossil shows a badgerlike creature chomping down on a small, beaked dinosaur, their skeletons intertwined. The find comes from a site known as 'China's Pompeii,' where mud and debris from long-ago volcanoes buried creatures in their tracks.

FPIs as of now. “It is high time for India to get its due recognition among the global investor community, especially when it has the strongest outlook for growth among major economies, a stable currency, and a strong government and fiscal balance sheet, unlike many other EMs,” said Sheetal Malpani, Chief Investment Officer and Head of Equity at Tamohara Investment Advisors.Edited excerpts from an interview with ETMarkets:Although markets have hit record highs, India has still underperformed its EM and DM peers on a year-to-date (YTD) basis. Do you see scope for a trend reversal?India has covered a lot of underperformances versus the US market in the past 3 months.

“There is a kind of FOMO from foreign players as they can’t miss India as an investment but at the same time, they are also very specific about the sectors in which they want to invest”, says Vikram Kasat- Head Advisory, Prabhudas Lilladher Pvt Ltd. In an interview with ETMarkets, Kasat who has over 13 years of experience said: “In Bull Case, we value NIFTY at 10-year average (20.8x) and arrive at bull case target of 24353 (23878 at LPA PE)” Edited excerpts:Where do you see markets headed amid interest rate headwinds? The US Federal Reserve's decision to raise interest rates can have an impact on the Indian market, particularly in terms of capital flows and investor sentiment. In this case, it may lead to a strengthening of the US dollar, which could potentially put pressure on the Indian rupee and create volatility in the equity markets.