China
ED attaches assets of fintech firms having Chinese links
The ED is conducting a money laundering investigation against a number of NBFCs which are in the business of instant personal micro loans. "It was revealed that various fintech companies backed by Chinese funds have made agreements with these NBFCs for providing instant personal loans of term ranging from seven to 30 days.
Trade between Hong Kong, mainland China surges more than sixfold in 25 yrs
From 1997 to 2021, the value of trade increased 6.1 times from $50.77 billion to $360.33 billion, an average annual hike of 8.5 per cent, Xinhua news agency quoted China's Ministry of Commerce as saying. By the end of 2021, investment from Hong Kong into China had topped $1.4 trillion, the data showed.
India aims to double marine product exports to Rs 1 lakh Cr in 5 years
"This target will be achieved through sustainable fishing, ensuring quality and variety, promotion of coastal shipping and aquaculture, and by supporting the entire fisheries ecosystem," said Goyal, addressing the mediapersons at the Marine Products Export Development Authority (MPEDA), Kochi.
Alibaba best-paying tech company in China despite crackdown
According to South China Morning Post, citing data from Chinese career and social-networking platform Maimai, the most generous tech companies in terms of annual bonuses last year were smartphone maker OPPO, Tencent Holdings, and Ant Group. Huawei Technologies paid an average bonus of $25,000 last year, according to the data. Didi Chuxing was in the 10th spot with an annual bonus of $15,000.
China's economic crisis hits countryside after rural banks are told to freeze withdrawals
Deposits of several rural banks have remained frozen for more than a month now. These banks are Yuzhou Xinminsheng Village Bank, Zhecheng Huanghuai Community Bank, Shangcai Huimin County Bank, and New Oriental Country Bank of Kaifeng. Such a drastic move could be a precursor to a larger economic challenge, foreign policy watchers said.
China lockdowns may hamper Apple's iPhone volumes: Report
According to Nikkei Asia, the tech giant has "told suppliers to speed up product development efforts to make up for the lost time", which, in the worst-case scenario, could "impact the manufacturing schedule and initial production volumes of the new phones".
China's semiconductor output shrinks to 2020 level
Disrupted supply chains amid logistics issues have paralysed some of the country's largest manufacturers. "China's monthly output of chips shrunk to its lowest level since 2020, as strict lockdowns in Shanghai and other cities disrupted production in downstream industries from cars to robotics," reports South China Morning Post, quoting data released by the National Bureau of Statistics.
Chinese currency declining rapidly as economy falters
Since the start of the year, investors have been moving money out of China, driven by concerns over rising lockdowns in major cities, and Beijing's close ties with Moscow in the wake of Russia's invasion of Ukraine. The links have raised fears that China could be targeted by Western sanctions if it helps Moscow.
Chinese firms rush to Singapore, HK bourses amid US delisting threat
According to the Global Times, Nio is another US-listed Chinese company that has moved to another country amid delisting threats from the US. Nio said the company's shares listed in Singapore will be fully fungible with its American depositary shares.
Arrest of 'Ma' in China erodes $27 bn from Alibaba's share value
CCTV alleged late on Tuesday that Ma had been apprehended on charges of using the internet to engage in activities endangering national security. The shocked Investors quickly dumped their shares, causing the stock to crash by as much as 9.4 per cent, erasing about $27 billion in share value.
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