China Financial News

The 175-member International Maritime Organization (IMO) notified its strategy on July 7 to decarbonise the global shipping sector and achieve net-zero emissions by 2050, the Global Trade Research Institute (GTRI) said. It added that IMO has also set interim targets for reducing emissions by 20-30 per cent by 2030 and 70-80 per cent by 2040, compared to 2008. It added that IMO has also suggested the shipping industry should switch to cleaner fuel. «By 2030 cleaner fuel must account for a minimum 5 per cent of total fuel use. IMO will notify detailed measures next year. While IMO recommendations are not legally binding, countries are expected to achieve the targets set. This year, few countries pushed for a flat tax of USD 100 per tonne of carbon emission by ships, yet IMO ignored the recommendation and set broad targets due to opposition from China and many developing countries,» GTRI co-founder Ajay Srivastava said.

emerging market (EM) for investing in EM debt. The country is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a recent report by Invesco titled ‘’Invesco Global Sovereign Asset Management Study.'' A development sovereign based in the Middle East noted, “We don’t have enough exposure to India or China.

Reliance Industries (RIL), while global sentiment was cautious ahead of key macro data and corporate earnings in the week ahead. "Global stocks took a breath on Monday after a surprisingly low reading on Chinese inflation and ahead of data on U.S. inflation and corporate earnings later in the week.

Reliance Industries. The 30-share BSE benchmark Sensex rose 64 points or 0.10% to settle at 65,344. The broader NSE Nifty surged 24 points or 0.12% to end at 19,356.

Chinese exchanges, which vet initial public offering (IPO) plans, accepted around 330 new applications during the period, down from more than 500 a year earlier, exchange data shows. Although Beijing has adopted a registration-based system designed to let the market decide which companies list, bankers have said that the process largely remains at the discretion of authorities, using unwritten rules to decide on the grounds of national security or industrial policies.

US equity futures fell and European stocks wavered at the start of a week in which inflation and interest rates will be in focus after soft price data raised fresh worries about China’s economic recovery.

Investors who stuck with bonds from countries that defaulted or are on the brink are betting the double-digit returns they’ve posted over the past month are just the start of a rally.

Hindustan Times report cited.  While details of the defense deals remain undisclosed, it is understood that India and France will sign a defense-industrial roadmap aimed at enhancing India's manufacturing of hardware platforms through indigenous engines and technologies. Furthermore, PM Modi and French President Emmanuel Macron are set to unveil a bilateral roadmap for the Indo-Pacific, outlining specific measures to ensure maritime security and freedom of navigation in the region, which has been a subject of contention with a rising China.

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China's producer prices fell at their fastest pace in over seven years in June, while consumer prices teetered on the edge of deflation, adding to the case for policymakers to use more stimulus to revive sluggish demand. The worsening factory-gate price deflation and the move by consumer prices towards deflation for the first time since February 2021 bode ill for China's economic growth. Momentum in China's post-pandemic recovery has slowed from a brisk pickup seen in the first quarter with demand for industrial and consumer products weakening, raising concerns about the health of the world's second-largest economy. «We think the more challenging deflation environment and sharp slowdown in growth momentum support our view that the PBOC has entered a rate-cutting cycle,» said economists at Barclays in a research note. The producer price index (PPI) fell for a ninth consecutive month in June, down 5.4% from a year earlier, the National Bureau of Statistics (NBS) said on Monday, the steepest decline since December 2015. That compared with a 4.6% drop in the previous month and a 5.0% fall tipped in a Reuters poll of analysts.

Last week China announced export curbs from August on gallium and germanium in retaliation to the US barring the export of high-end microprocessors and chipmaking equipment to China. The Chinese want to make it clear that they will fight back against attempts to curb their rise as a global power. Gallium and germanium are used in semiconductors, and if their availability shrinks as the superpowers vie for supremacy, all electronic products will become more expensive.

Tata Motors share price rose almost three per cent to its fresh 52-week high of ₹634.60 in intraday trade on BSE on Monday, July 10, looking set to extend its winning run into the third consecutive session. The stock rose after the company said sales of Jaguar Land Rover (JLR) increased significantly on a year-on-year (YoY) basis for the first quarter of FY24. In a BSE filing on Friday, July 7, the company said "wholesale volumes for the first quarter for JLR were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30 per cent compared to the same quarter a year ago.

During her visit to China, US Treasury Secretary Janet Yellen called on her hosts to implement market reforms while criticising their actions against American companies and export controls on strategic minerals. In May, G7 leaders vowed to counter long-standing Chinese economic coercion of their corporate entities. Beijing, meanwhile, considers the US to be acting unfairly by imposing restrictions on Chinese imports of advanced semiconductors and other high technology goods, and for security reviews that discourage Chinese investment in the US.

Alibaba Group and Tencent shares rose in Hong Kong on Monday after China’s $984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crackdown on the country’s technology sector. Following the penalty on Friday, the Alibaba affiliate announced a share buyback that values the fintech at a 75% discount to the valuation touted in an abandoned initial public offering (IPO) plan, but is seen as providing liquidity and certainty to investors.

The Department of Pension & Pensioners’ Welfare has increased the rate of Dearness Relief (DR) admissible to CPF beneficiaries in receipt of basic ex-gratia payment in the 5th Central Pay Commission (CPC) series. The hiked DR rate will be admissible from January 1, 2023.

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Rescuers were looking for survivors of a landslide Saturday that buried a highway construction site and killed at least one person in the central city of Yichang in Hubei province. Five people were injured, the official Xinhua News Agency reported, citing the executive deputy mayor of Yichang, Ye Yang. Elsewhere, the weather agency issued an orange alert, its second-highest-level warning, for heat across southern China and much of the north and northeast. Temperatures above 40 C (104 F) were forecast in Beijing, the capital, and across central China to the southeastern coast. Heat above 37 to 39 C (99 to 102 F) was forecast in parts of populous Sichuan province in the southwest. Elsewhere, temperatures above 35 C (95 F) were expected in most of northern China, the rest of Sichuan and much of the south. The orange alert requires employers to make outdoor work as brief as possible. Despite that, delivery workers for restaurants and online retailers still were working.

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Indian Badminton player Lakshya Sen defeated China's Li Shi Feng in straight sets 21-18 and 22-20 to clinch the men's singles title at the Canada Open 2023 early Monday. 21-year-old Lakshya Sen triumphed over the reigning All England Champion Li Shi Feng by winning the first set by 21-18 and the second set by 22-20. <a data-ga-onclick=«Inarticle articleshow link click#News#href» href=«https://twitter.com/BAI_Media/status/1678201264667082752?ref_src=» https: target="_blank" rel=«nofollow»>https://twitter.com/BAI_Media/status/1678201264667082752?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet Commonwealth Games gold medalist, Lakshya Sen secured his second BWF World Tour after winning the Indian Open in 2022.

gallium prices jumped 27% this week as buyers reacted to China’s move to control exports of the niche metal used in an array of high-tech industries. Beijing’s announcement on Monday has been viewed as a retaliation over recent trade restrictions targeting the country’s semiconductor industry, and comes amid broader efforts by the US and Europe to reduce its dominance in the supply chain for critical raw materials. The gallium market was well supplied before the announcement, but buyers are now moving to lock in shipments before the controls kick in, according to one trader who said he has been actively buying this week.

Karl Haeusgen’s grandfather invented a hydraulic pump he was so proud of that he founded a company to sell it. Back then, there were no revenue projections or five-year growth strategies. The plan was survival: “It was just about grabbing chances,” Haeusgen said.