China
Chinese corporate profits are collapsing
As many as 53 per cent posted a decline in net profit, according to data from Wind and Choice, two major financial information services in the country. That was almost as bad as 2020, when companies posted their worst earnings season on record as the country came to a near standstill during the initial Coronavirus outbreak.
India to benefit as investment destination as China slows down: SBI Report
Commenting on China's sliding construction sector, the SBI report said that as India's eastern neighbour struggles with a meltdown in the sector, housing sales in India during the first half of 2022 i.e. between January and June, reached the highest level since the first half of 2013. The reason behind the boom in housing sales in India was mainly due to low interest rates and affordable pricing of units as well as renewed demand for homes, fuelled by the Coronavirus pandemic, the report noted.
Fresh Covid outbreak: China shuts world's biggest electronics wholesale market
The South China Morning Post reported that the suspension of business operations at Huaqiangbei is part of a series of broader measures initiated by the Shenzhen government to contain the outbreak. However, the closure adds new risks to supply chains, as the hi-tech industry accounted for 20 per cent of Shenzhen's gross domestic product in 2020.
China cuts mortgage rate to support crisis hit property market
The world's second largest economy faces a property crisis that has seen some building projects grind to a halt. Lockdowns due to the country's strict zero-Covid policies are also affecting businesses and consumers. On Monday, the PBOC reduced the five-year rate to 4.2 per cent, which will bring down the cost of home mortgage repayments around the country.
China ramps up Russian energy imports
Data from Beijing's Customs Office on Saturday showed that Russia is China's largest supplier of oil for the third month in a row, reports dpa news agency. In July, China imported a total of 7.15 million tonnes of Russian oil, up 7.6 per cent year-on-year. At the same time, China's coal imports from Russia rose to the highest level in more than five years with 7.42 million tonnes in July -- around 14 per cent more than in the same month last year.
Loan app scam: Rs 500 cr sent to China; 22 Indians arrested
The arrested individuals were working on behest of Chinese nationals. Deputy Commissioner of Police KPS Malhotra said that hundreds of complaints were received by Delhi Police that instant loan applications are disbursing loans at higher rates and even after payment of loan, they are extorting money using the morphed nude pictures. "The IFSO took cognizance of the same and started analysing the complaints during which it was found that more than 100 such apps are involved in the loan and extortion racket," Malhotra said.
'Chinese economy struggling, policy rate cut could impact global financial markets'
According to the Monthly Economic Review published by the DEA, the lowering of policy rate in China could trigger risk aversion in financial markets around the world that have begun celebrating, perhaps, prematurely, the easing of inflation pressures in the near-term in the developed world.
5 Chinese companies to delist from New York Stock Exchange
In separate statements issued on Friday, China Life Insurance, PetroChina, Sinopec, Aluminum Corporation of China and Sinopec Shanghai Petrochemical said they had notified the NYSE and applied for "voluntary delisting", reports CNN. The companies cited "low turnover in the US" and "high administrative burden and costs" as their reason for the departure. China's securities watchdog, the China Securities Regulatory Commission, said on Friday that it is aware of the situation and that "it is normal for companies to list or delist from any market"
4.2 mn EVs sold in first half of 2022 globally, China leads
China alone witnessed the sale of 2.4 million EVs, 26 per cent of all passenger cars delivered in the country against just 10 per cent in the first half of 2021, according to latest Canalys research. EVs include 4.2 million electri (BEVs) and plug-in hybrid electric vehicles (PHEVs). "EV sales in Mainland China more than doubled in H1 2022 and it is now by far the biggest EV market. Fifty-seven per cent of global EV sales were in Mainland China. With 118 per cent year-on-year growth, it is the fastest-growing market as well," said Jason Low, principal analyst at Canalys.
India may restrict Chinese mobile players from under Rs 12K market: Report
According to a Bloomberg report citing sources that came out on Monday, the country "seeks to restrict Chinese smartphone makers from selling devices cheaper than Rs 12,000 ($150) to kick-start its faltering domestic industry". The move, said the report citing people close to the matter, may push Chinese smartphone makers "out of the lower segment of the world's second-biggest mobile market".
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