China
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".
China's Belt And Road grapples with mounting debt crisis
Kyrgyzstan's debt currently sits north of $5.1 billion, according to the Foreign Ministry, 42 per cent of which is owed to Beijing. But Bishkek is struggling to cope with a contracting economy and has so far failed to yield a commercial return on the projects backed by its huge Chinese loans.
Asia's richest woman loses more than half her fortune as China's property crisis escalates
The 41-year-old controls Country Garden Holdings, China's largest real estate developer by sales. Her stake was largely transferred from her father Yang Guoqiang, who founded the company in Foshan, Guangdong province, in 1992, CNN reported. Country Garden's stock has lost more than half its value this year, as the country's real estate sector has struggled with falling home prices, weakening buyer demand, and a debt default crisis that has engulfed some of its largest developers since last year, CNN reported.
Tencent pips Sony, Apple in 'strategic' gaming investments
Tencent invested in gaming companies in the US, Europe and South Korea. "Data from ITjuzi compiled by Nikkei shows that 40 per cent of Tencent's investment deals in the first half of 2022 were outside China, a large jump from the 18 per cent share for all of 2021," the report noted. Tencent took this route to avoid larger scrutiny, as it is a Chinese firm.
China smartphone sales hits new low, Honor fastest growing
The last time the sales were lower than this point was nearly a decade ago in Q4 2012, when the iPhone 5 was introduced. With a 19.8 per cent share, Vivo retained its first place in Q2, followed by Honor (18.3 per cent) and OPPO (17.9 per cent), according to Counterpoint Research. The quarter's volumes were 12.6 per cent lower than the level seen during the severe pandemic-hit Q1 2020.
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