City Beijing Financial News

Six members of the United States Congress have called on the U.S. Securities and Exchange Commission (SEC) and Department of Justice to investigate Prometheum, claiming the firm has ties to the Chinese Communist Party. 

Treasury Secretary Janet Yellen has appealed to China not to let disagreements about trade and other irritants disrupt cooperation on climate change and other global challenges

Treasury Secretary Janet Yellen says Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations

By Lawrence Delevingne and Nell Mackenzie

Red flags have risen over the prospect of petrochemical over-production in China, potentially causing a global glut of polymer supply. As many as 20 petrochem projects in the country are expected to be completed this year and its share of global capacity may reach nearly a quarter, up from 14% five years ago. These new facilities will produce inputs for an array of industries, such as plastics.

Investing.com -- U.S.-listed shares in Chinese companies slipped in premarket trading on Monday, as concerns around the health of the world's second-biggest economy mount following weaker than anticipated inflation data.

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.

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.

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.

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.

Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market's strength, prompting investors to be more sceptical of the Federal Reserve's rate hike trajectory.FUNDAMENTALS * Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. U.S.

NEW DELHI : India’s manufacturing sector has failed to capitalize on multinational companies’ efforts to diversify supply chains away from China, foreign direct investment (FDI) data shows, even as manufacturing continues to shrink at the northern neighbour. Expectations of higher inflows into Indian manufacturing had taken root as China’s purchasing managers’ index (PMI) for manufacturing contracted in seven of the last 12 months, as Beijing struggles to reopen its economy after exiting its controversial zero-covid policy early this year. India’s PMI for manufacturing did not contract in the past year, but against expectations, FDI inflows fell 22% to $46.03 billion in FY23 amid high inflation and recessionary trends in developed economies.

By Clare Jim

By Andrea Shalal

climate change and debt distress. She reiterated that Washington was not seeking to decouple from China's economy, adding doing so would be "disastrous for both countries and destabilizing for the world." But she said the United States wanted to see an "open, free and fair economy," not one that forces countries to take sides. She said she used the discussions to raise "serious concerns" about what she called China's "unfair economic practices" and the recent uptick in coercive actions against the US firms.

By Julie Zhu and Josh Ye

By Andrea Shalal

Treasury Secretary Janet Yellen appealed to China on Saturday for cooperation on climate change and other global challenges and not to let disagreements about trade and other irritants derail relations. In a meeting with her Chinese counterpart, Vice Premier He Lifeng, Yellen defended US restrictions on technology exports that rankle Beijing. She said the two governments shouldn't let such disagreements disrupt thriving economic and financial relations.

By Andrea Shalal and Yew Lun Tian