China
China's chip output shrinks as India, US ramp up local manufacturing
According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units.
Chinese mobile firms plan to set up plants elsewhere amid India crackdown
The report, citing a Chinese executive based in India, claimed that companies will evaluate bilateral ties, market potential, preferential policies and labour costs to set up manufacturing plants elsewhere. OPPO is going to set up a $20 million mobile phone plant in Egypt.
Dovetailing of GatiShakti with National Logistics Policy will create infra powerhouse
Commerce and Industry Minister Piyush Goyal outlined the merits of PM's National Master Plan or GatiShakti working in conjunction with the new National Logistics Policy. He gave the example of JNPT which for years has been grappling with last mile connectivity issues. Now such logjams will be resolved by optimally utilising these data layers. Cement companies for instance are positive on GatiShakti as they have major last mile connectivity issues.
President Putin predicts record trade with China
Last month, Beijing's ambassador to Moscow expressed hope that Russia-China trade could reach the targeted milestone of $200 billion this year. He pointed out that economic cooperation between the two nations shows excellent results and sustainable development, despite the challenges associated with the Covid-19 pandemic, the global economic downturn, and difficult international and regional situations.
Lured by a rising India, Central Asia rediscovers Iran's Chabahar port
For landlocked countries of Central Asia, connectivity is the greatest priority, both in economic and strategic terms. For double landlocked countries like Uzbekistan, it assumes even greater salience. And the shortest route to the warm waters of the Indian Ocean and to South Asia and further afield is through Af-Pak.
China missing among nations driving India's foreign fund inflows
However, China is a notable absentee in the list and what is all the more interesting is that it has not been there in the list of main contributors to India's foreign inflows since 2017-18, according to Reserve Bank of India (RBI) data. In the list of country-wise FDI inflows into India in 2021-22, Singapore was the leading contributor with $15.9 billion worth of inflows, followed by the United States at $10.5 billion and Mauritius at $9.4 billion.
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.
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