China
China's economy grows faster than expected
Compared to the same period last year, gross domestic product (GDP) grew by 4.5 per cent, the BBC reported on Tuesday citing official figures. The key measure of economic activity was driven up by a boost in household spending and rising factory activity. Beijing pledged to boost the world's second largest economy when it.
Global oil demand on course for a record high
The International Energy Agency's predicted daily average for 2023 is 2m bpd higher than last year's figure. The price of a barrel of oil rose from $85.62 to $86.10 on Friday morning after the IEA's report was published, The Guardian reported. The agency warned that a recent decision by the world's biggest oil exporters to cut their ;production could drive oil prices higher, in a blow to efforts to reduce inflation and reset economic growth in developed countries, The Guardian reported.
Wheat export ban to stay to ensure domestic supplies, check inflation, says Piyush Goyal
Speaking to media persons in Rome, where he is currently on an official visit, Goyal noted that wheat procurement has begun and initial figures related to buying are "very satisfactory". He expressed hope that despite unseasonal rains, the harvest will be good. The minister went on to add that adequate supplies need to be ensured in the country of wheat, once the procurement is over.
'Huge delta of opportunities in India': Piyush Goyal at India-France business summit
Goyal, who is currently on a tour of France, while addressing the India-France Business Summit and CEOs Roundtable in Paris on Tuesday, said: "We are one of the largest consumers of goods and services. Exports of goods and services are growing by over 50 per cent, and we hope to continue this growth trajectory. We hope to see our exports of goods and services triple from $765 billion to $2 trillion by 2030."
India-France Business Summit in Paris on April 11
Union Minister of Commerce and Industry Piyush Goyal along with Olivier Becht, Minister delegate of Foreign Trade, Government of France, will co-chair the summit. Officials said that the summit will focus on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific regions.
China wages price war on Musk's SpaceX reusable rockets
A new aerospace launching system is under development in China that requires cutting the cargo cost per kilogram to 5 per cent to that of the existing Long March rockets, reports South China Morning Post. The Long-Range Aerospace Transportation System, being built at the China Aerospace Science and Technology.
China cracks down on big banks
The Communist Party's top anti-graft agency, the Central Commission for Discipline Inspection (CCDI), has investigated more than a dozen senior executives at the country's most important financial institutions so far this year, CNN reported. Three big names at the very top of China's financial system have been probed or charged, according to the CCDI, including Li Xiaopeng, the former chairman of China Everbright Group -- one of the country's oldest and largest state-owned financial conglomerates.
China probes US chip maker in apparent retaliation
The Cyberspace Administration of China (CAC) will review products sold by Micron in the country, CNN quoted a statement issued by the watchdog as saying. The move is aimed at "ensuring the security of key information infrastructure supply chains, , preventing cybersecurity risks caused by hidden product problems.
Alibaba shares jump after breakup plan announced
The firm says five of the six units created by the move will explore raising fresh funding and initial public offering (IPO) options, the BBC reported. Alibaba shares gained more than 14 per cent in New York on Tuesday and were more than 13 per cent higher in Hong Kong on Wednesday.
China spent $240 bn on 20 countries in rescue lending
In total, more than 20 debtor countries have received $240 billion in Chinese rescue lending since 2000. The scale of China's global bailout lending programme is also growing fast. More than $185 billion was extended in the past five years alone (2016-2021), as per a report by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy.
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