China Financial News

China said on Monday it would slap export controls on two rare metals essential for the manufacture of semiconductors over security concerns, as Beijing and Washington tussle over the global market for chips. Exports of gallium and germanium, of which China is a major producer, will require a license from August 1, according to a guideline issued by the Ministry of Commerce and China Customs. The final recipient of the exports and the purpose of their use will have to be specified, the text said.

Bubs Australia says its key distributor in China is seeking to claw back more than $20 million from the troubled baby formula company as refund for ageing stock sitting unsold in its warehouses.

Former Northern Star Resources boss Bill Beament is set to make the leap into lithium with the support of Mineral Resources billionaire Chris Ellison, two years after declaring that “gold is not green”.

Hong Kong/San Francisco/Tokyo | Apple has been forced to make drastic cuts to production forecasts for the mixed-reality Vision Pro headset, unveiled last month after seven years in development and hailed as its most significant product launch since the iPhone.

Investing.com — U.S. futures inched lower at the start of a holiday-shortened week that includes the release of some key economic data, including the monthly employment report.

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Electric car sales could jump 35% this year to 14 million vehicles, an expansion in markets led by China, Europe and the U.S. that could cut oil demand by at least 5 million barrels a day, according to the International Energy Administration (IEA).

Elon Musk has regained his place as the world’s richest person, surpassing Bernard Arnault, the CEO of the French luxury goods empire, LVMH (LVMUY).

Shares of lithium producers plunged Friday after Chile, the second-largest lithium producer in the world, proposed nationalizing its production of the rare earth metal, a key component of electric vehicle batteries.

BuzzFeed shares dropped more than 20% after CEO Jonah Peretti said the company is shutting down its news division as part of a 15% workforce reduction affecting 180 jobs.

Nike (NKE) shares jumped over 13% in pre-market trading after the athletic apparel maker posted earnings and revenue that both topped analyst expectations, though inventories remain high.

Starbucks (SBUX) is expected to post higher income and earnings per share in its latest report, though sales are forecast to decline from the previous record quarter.

The world has a new wealthiest human. Elon Musk lost his top rank to LVMH CEO Bernard Arnault after Tesla Inc. (TSLA) stock fell 6% on Monday, bringing its decline this year to about 50% amid Musk's highly public purchase of Twitter. Forbes estimates Musk's net worth at $177.8 billion and Arnault's at $188.1 billion.

artificial intelligence (AI) such as Microsoft-backed OpenAI's ChatGPT are complicating governments' efforts to agree laws governing the use of the technology. Here are the latest steps national and international governing bodies are taking to regulate AI tools:AUSTRALIA Seeking input on regulations The government is consulting Australia's main science advisory body and considering next steps, a spokesperson for the industry and science minister said in April.BRITAIN Planning regulations The Financial Conduct Authority, one of several state regulators that has been tasked with drawing up new guidelines covering AI, is consulting with the Alan Turing Institute and other legal and academic institutions to improve its understanding of the technology, a spokesperson told Reuters.

On June 28, 2023, in Shanghai, China Mobile announced the formal establishment of the China Mobile Metaverse Industry Alliance during the Mobile World Congress (MWC) Shanghai 2023. This initiative marks a significant stride in China Mobile's strategic foray into the rapidly expanding metaverse landscape.

National Black Farmers Association President John Boyd Jr. calls on policymakers who are not doing enough to stop China's 'foothold' on the U.S. economy.

Tesla and BYD set sales records in the second quarter, widening their lead as the world’s best-selling electric-car makers. Elon Musk-led Tesla delivered 4,66,140 cars worldwide, beating Wall Street estimates. BYD, China’s top-selling car brand, posted its best-ever quarter, selling 7,00,244 fully electric and plug-in hybrid vehicles.

Bank of America has become the latest bank to cut people in London.

Going to the right university is as important to your potential career in finance as drinking water, eating food, or even breathing. But which universities are best? It’s a question that has plagued students for years.

Narendra Modi will host Chinese President Xi Jinping, his Russia counterpart Vladimir Putin, Pakistan's Shehbaz Sharif and other leaders of the SCO nations at a virtual summit of the bloc on Tuesday that is expected to focus on regional security situation and ways to boost connectivity and trade. It will be Putin's first participation in a multilateral summit after a mercenary group launched a short-lived armed rebellion last week that rocked Moscow. The summit of the Shanghai Cooperation Organisation (SCO) under India's presidency is also set to welcome Iran as the new permanent member of the grouping. The situation in Afghanistan, the Ukraine conflict and enhancing cooperation among the SCO member countries are expected to figure in the summit, people familiar with the matter said, adding boosting connectivity and trade is also likely to be discussed. The summit is also taking place against the backdrop of the over three-year eastern Ladakh border standoff between Indian and Chinese troops, and two weeks after Prime Minister Modi's high-profile visit to the US. The SCO, comprising India, China, Russia, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, is an influential economic and security bloc and has emerged as one of the largest transregional international organisations.

Investing.com — European stock markets edged higher Monday, continuing last week's positive sentiment while investors digest mixed regional manufacturing data.