China
China denies reports of $313bn bank notes printed without authorisation
Officials from the Currency Gold and Silver Bureau of the People's Bank of China (PBC) said that the printing and issuing of renminbi has strict working procedures and technical standards, and the PBC has been carrying out relevant work in accordance with laws and regulations, Global Times reported. The bank strongly condemned the rumour-mongering and has reported the case to the public security organ.
CAIT urges Centre to ban 'Chinese' firm Shopee for FDI violations
The traders body urged the Centre to take immediate cognisance of the matter. According to the 2020 rule, an entity of any country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only through the government route. CAIT accuses the Chinese e-commerce company Shopee of violating the rule.
Omicron cases in China threaten its manufacturing hubs
Less than 24 hours after North China's Tianjin reported the Chinese mainland's first case of an imported infection of the Omicron coronavirus variant on Monday night, Guangzhou, capital of South China's Guangdong Province, reported a new imported case infected with the Omicron strain on Tuesday. While the sporadic outbreaks are affecting major manufacturing hubs and ports such as Shaoxing and Ningbo, two cities in Zhejiang, Dongguan.
Indian stainless steel sector drowning in Chinese imports
The import tide of stainless steel from China and Indonesia is fast turning into a deluge destroying many companies on its way, and threatening the very existence of the small, medium and micro industries in India. After all, the first half of 2021-22 witnessed a staggering 185% increase in import volumes of stainless steel flat products compared to the average monthly imports in the last fiscal.
Louis Vuitton under fire in China for refund policy
The brand's different return and exchange policies have also triggered fresh anger among Chinese consumers on Chinese Twitter-like social media Sina Weibo on Saturday, Global Times said. There are also netizens calling for the revision of market regulations in China to better protect the rights and interests of Chinese consumers, the report added.
Alibaba, Tencent fined in China crackdown
The State Administration for Market Regulation (SAMR) slapped 500,000 yuan ($78,300) on each firm for the deals they were involved in, including Beijing Baidu Wangxun Technology Co and Nanjing Wangdian Technology Co's joint purchase of Nanjing Xinfeng Network Technology Co, Alibaba's acquisition of the equity of AutoNavi Software Holdings Co, and Tencent's acquisition of equity in China Medical Online Co.
WTO needs to reassess the way of conducting its affairs: Goyal
The minister said that the developed countries should contribute more to achieve the 'Sustainable Development Goals' and do their part on meeting the obligations of providing clean and green technology and achieving climate goals as well as meeting the needs of billions of people.
India should aim to achieve over $10 bn leather exports by 2025: Piyush Goyal
Goyal made these remarks while addressing an event of the Council for Leather Exports (CLE). He said that he feels "very satisfied" that the leather industry is aiming to grow at least $10 billion by 2025, though it provides only a growth rate of about 15-17 per cent. The minister also said that the industry has the potential to aim for even higher targets.
General insurers in India, China, Indonesia may reduce exposure to coal industry gradually: Moody's
According to Moody's, such initiatives will reduce insurers' potential liability risk from weather-related claims and stranded asset risk, where insurers' coal-related investment assets will lose economic value. By contrast, insurers operating in economies with low coal dependencies, such as Japan, and Korea will take a more progressive approach to lower coal exposures.
China overtakes US as richest country in the world
A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
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