City Beijing Financial News

China's Didi Chuxing rose 52.6% for the April-June quarter from a year earlier to 48.8 billion yuan ($6.65 billion, as the ride-hailing firm emerged from a regulatory crackdown and demand rebounded with the end of strict COVID-19 restrictions. Didi posted a net loss of 300 million yuan, the company said in a statement on Saturday.

Welcome to the weekend. To start off your day, we’ve curated 10 great reads to enjoy.

Investing.com — The S&P 500 was flat Friday, despite a rise energy and tech, but remained on course to end the week in the red as fears that the Fed may have to persist with higher for longer rates weighed on sentiment.

G20 Summit: The world leaders are in New Delhi for the 18th G20 Summit which will begin on 9 September. US President Joe Biden and Prime Minister Narendra Modi held a bilateral meeting on Friday and soon the minutes of the meeting will be out. One of the major questions around the G20 Summit will be about the New Delhi declaration and as per Indian officials, the declaration is almost finalized.

Investing.com -- Shares in Apple (NASDAQ:AAPL) climbed in early U.S. trading on Friday, paring back some losses from two straight days of declines that wiped around $200 billion off of the tech giant's market value. Media reports suggesting that government officials in China have been barred from using Apple’s iPhone and other foreign-branded mobile devices at work have sparked concerns that Beijing is willing to sideline American companies in favor of Chinese players. China is a crucial market for Apple, with the country accounting for nearly a fifth of its total sales. 

By Shristi Achar A and Amruta Khandekar

Investing.com — Apple (NASDAQ:AAPL) shares hug the flatline in premarket trading on Friday following a two-day skid sparked by reports that China is telling government officials not to use the California company's iPhone device for work. Elsewhere, two more Federal Reserve policymakers hint that the central bank may skip hiking interest rates at its September gathering, while U.S. Treasury Secretary Janet Yellen suggests that China's post-COVID economic woes may not have a «significant impact» on the United States.

Investing.com-- Gold prices rose slightly from a 10-day low on Friday, taking some relief as the dollar retreated from a near six-month high, while weak data from Japan and fears of worsening U.S.-China tensions also drove some safe haven demand for the yellow metal.

G20 summit. "That said, China has quite a bit of policy space to address these challenges," she added. China's President Xi Jinping will miss the leaders' meeting at a time of heightened trade and geopolitical tensions with the United States and India, with which it shares a long and disputed border.

Asian markets go into the final trading day of the week unable to escape the downbeat mood rooted in worries over high U.S. bond yields, a rampant dollar, China's economic funk and now the potential inflationary impact from spiking oil prices. Brent crude oil is now higher than it was a year ago, the first time since January that year-on-year price changes have been positive.

By Yuka Obayashi

China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc.

Joe Biden leaves for the G20 in India on Thursday, aiming to boost alliances at a summit where global tensions will be highlighted by the absence of the leaders of China and Russia. Biden will try to show that on big transnational issues, Washington is a better partner than Beijing or Moscow -- and that the G20 remains a key forum.

Chinese smartphone brand Realme is looking to expand local manufacturing in India through contract manufacturers several of whom are domestic companies besides asking its global suppliers to set up shop in the country, founder and global chief executive officer Sky Li said. The company aims to fully localize production of hearables and wearables in India after achieving complete local manufacturing of smartphones and televisions, Li said. «In terms of manufacturing, we are working to establish a strong manufacturing ecosystem all across India.

G20 meeting of world leaders in New Delhi over the next few days is likely to become an apogee for India’s foreign policy exertions, apart from providing an appropriate platform for the country to project its aspirations as an emerging global leader. Past top-level summits were never this comprehensive, nor attended by such a wide range of leadership.

BEIJING : Eschewing face-time with foreign leaders at global summits this week, Chinese President Xi Jinping on Thursday visited the homes of villagers in a rural part of northeast China battered by floods. In the village of Longwangmiao in Heilongjiang province, Xi called on local residents to triumph over their difficulties and work towards returning life to a more normal footing, according to state media reports. He also enquired about their losses and supply of daily necessities.

Giles Broadbent has passed away at the age of 51. His family revealed in a statement on Thursday, September 7 that he had died after a «short illness». Giles Broadbent was a member of the band Stringfever. Not only for the band, Broadbent was famous for leading orchestras at West End. He had led acclaimed shows such as Sunset Boulevard, Phantom of the Opera and My Fair Lady, to name a few. The four member band Stringfever was formed in 2003 with Broadbent's younger brothers, Ralph and Neal, and their cousin Graham. «Although Giles had not been well recently, we as a family are still in shock at his passing,» said his family in a statement shared on Instagram. Broadbent had studied at the Royal Academy of Music. In 2015, Ralph and he were awarded the prestigious title of 'Associate of the Royal Academy of Music' or ARAM.

Apple fell nearly 4% on Thursday and sparked a rout in U.S. equities after reports that China has widened curbs on iPhone use by government staff in one of the U.S.

Investing.com -- U.S. stock futures pointed to a mixed open for equities on Wall Street, as investors examine how recent services sector data and a closely-watched Federal Reserve survey could impact the central bank's monetary policy. Elsewhere, China's exports contract in August in a sign of mounting pressure on the manufacturing industry in the world's second biggest economy, while a report that Beijing is barring government officials from using iPhones at work weighed on Apple (NASDAQ:AAPL) shares.

COVID-19 pandemic. His remarks come amidst growing concerns over China's assertive actions in territorial disputes, which were highlighted by Beijing's release of a controversial map claiming territories of other nations as part of China. India, Japan, Indonesia, Malaysia, the Philippines, Vietnam and Taiwan have protested against the Chinese map.

The Wall Street Journal. The move has been initiated in sensitive departments to government-backed agencies and state companies, instructing staff not to bring their iPhones to work. Apart from this, Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations.