Page 207 - China

China assures SL of help in addressing debt challenges before IMF's review

Sri Lanka's largest bilateral creditor, China, has assured the island nation its help in effectively addressing the debt challenges as it has to finalise the external and domestic debt restructuring of a whopping USD 41 billion by September before the IMF's first review. The International Monetary Fund (IMF) is set to conduct its first review of the USD 2.9 billion bailout granted to Sri Lanka in March this year from September 11-19. A release from the Prime Minister's Office on Wednesday said Wang Yi, the Foreign Minister and Director of the Office of the Foreign Affairs Commission of the ruling Communist Party of China (CPC) Central Committee who met Sri Lanka Prime Minister Dinesh Gunawardena on the sidelines of the seventh China-South Asian Expo assured that it will help in effectively addressing the country's debt challenges. China is always Sri Lanka's reliable strategic partner and appreciates that Sri Lanka has always been friendly to China and has stood by China on issues .

China dragging global smartphone market to worst year in a decade

"Asia is one of the major hurdles to positive growth, as headwinds halt the economic turnaround anticipated for China," the report said

China's housing slump much worse than data shows amid tepid growth

New-home prices have slipped just 2.4 per cent from a high in August 2021, government figures show, while those for existing homes have dropped 6 per cent

Over 750 eminent citizens come out in support of NewsClick amid allegations

More than 750 eminent citizens, including historian Romila Thapar, economist Jean Dreze and actor Naseeruddin Shah, on Wednesday came out in support of a news website which is alleged to have received dubious funds to spread Chinese propaganda. The allegation was levelled against NewsClick following a report in the New York Times. Expressing solidarity with NewsClick, the group of more than 750 citizens said in a statement, "The hounding of NewsClick is an attack on the freedom of expression enshrined in our Constitution." "It is an attack on the conscientious role of independent journalism in a democracy to inform its readers about the government's failings and to hold the government accountable," said the statement signed by Zoya Hasan, Jayati Ghosh, Harsh Mander, N Ram, Bezwada Wilson, Aruna Roy, Colin Gonsalves, Prashant Bhushan, Anand Patwardhan and Ratna Pathak Shah among others. It said The New York Times report "does not allege any violation of the law by NewsClick". The .

In fresh blow to China, shadow bank misses payments of investment products

Zhongrong International Trust has short-term liquidity troubles, the company's chief compliance officer Wang Qiang told dozens of investors at the company's headquarters in Beijing

Oil prices stabalies as China economic fears counter tight US supply

Brent crude futures edged up 6 cents to $84.95 a barrel by 11:35 a.m. EDT (1535 GMT), while U.S. West Texas Intermediate crude (WTI) fell 2 cents higher to $80.97 a barrel

Apple's supplier Foxconn begins iPhone 15 production in Tamil Nadu

A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China

Intel calls off $5.4 bn semiconductor deal after failing to get approvals

Intel will terminate a USD 5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower, the companies said Wednesday. Intel said that the deal was terminated due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement. Intel Corp. will pay Tower a termination fee of USD 353 million, the US semiconductor giant said. The deal required regulatory approval from several regulators worldwide including China, but Chinese regulators did not greenlight the deal by the August 15 transaction deadline, even after Intel CEO Patrick Gelsinger travelled to China last month in a bid to win them over. The scuttled deal between the two companies comes amid increasing US-China tensions, particularly as the US has tightened export controls and imposed restrictions aimed at crippling China's ability to

China appears to be constructing airstrip on disputed S China Sea island

China appears to be constructing an airstrip on a disputed South China Sea island that is also claimed by Vietnam and Taiwan, according to satellite photos analysed by The Associated Press. The work on Triton island in the Paracel group mirrors construction on seven human-made islands in the Spratly group to the east which have been equipped with airstrips, docks and military systems, although it currently appears to be somewhat more modest in scale. China claims virtually the entire South China Sea as its own, denying the claims of others and defying an international ruling invalidating its assertion. Satellite photos from Planet Labs PBC analysed by the AP show construction on the airstrip first visible in early August. The runway, as currently laid out, would be more than 600 metres (2,000 feet) in length, long enough to accommodate turboprop aircraft and drones, but not fighter jets or bombers. Also visible are large numbers of vehicle tracks running across much of the island,

US treasury secretary Janet Yellen says she ate 'magic mushrooms' in China

The dish was made from Lanmosa asiatica mushrooms, considered poisonous as they can be hallucinogenic

Congress' Surjewala targets Modi govt over border issue with China

The Congress on Wednesday targeted the Modi government over the border situation with China, asking when will it travel beyond the rhetoric to protect 'Bharat Mata' and when will status quo ante be restored at the border. Citing media reports, Congress general secretary Randeep Surjewala said, "19 round of talks with China fail, talks fail every time for last 3 Years". In two-day military talks, India and China agreed to resolve the remaining issues along the Line of Actual Control (LAC) in eastern Ladakh in an expeditious manner besides maintaining peace and tranquillity in the border areas, a joint statement said on Tuesday. The readout on the 19th round of Corps Commander-level meeting described the talks as "positive, constructive and in-depth" but it did not indicate any immediate breakthrough in the disengagement of troops in the remaining friction points. Surjewala said, "Status Quo Ante as in April 2020 not restored for three Years and three Months. "Indian Forces can't ..

Intel to drop $5.4 billion Tower deal after China review delayed: Reports

Intel does not plan to negotiate an extension of the contract, and will instead pay Tower a $353 million break-up fee to walk away, the sources added

Global prices down after China's weak July data, cuts key interest rate

Global stock markets declined Tuesday ahead of an update on US retail spending after China reported that an economic slump deepened in July and its central bank cut a key interest rate to shore up growth. London, Shanghai and Wall Street futures declined. Tokyo advanced. Oil prices fell. Chinese consumer and factory activity slowed more than expected in July, official data showed. The People's Bank of China cut its interest rate on one-week loans to banks. Policymakers are starting to hit the panic button, Stephen Innes of SPI Asset Management said in a report. Also Tuesday, Russia's central bank raised its main lending rate by 3.5 percentage points to 12% in an emergency move to strengthen the ruble after the currency reached its lowest value since early in the war with Ukraine. The ruble has lost one-third of its value since the start of this year. In early trading, the FTSE 100 in London fell 1.2% to 7,417.72. The CAC 40 in Paris declined 1% to 7,277.68 and the DAX in Frankfurt

Nepal PM 'Prachanda' to embark on 10-day US and China visit on Sept 16

Nepal's Prime Minister Pushpa Kamal Dahal Prachanda will leave for a ten-day official visit to the US and China on September 16. Prachanda will travel to the US first, where he will attend the 78th United Nations General Assembly, scheduled to take place in New York from September 18 to 26, the prime minister said while interacting with editors of major newspapers here on Tuesday. Prachanda will address the UN General Assembly on September 21 in New York, according to sources close to the prime minister. After spending five days in the US, the Prachanda will fly directly to Beijing, embarking on a four-day journey to China. Besides being part of the Nepalese delegation to the Asian Games to be hosted by Beijing, the prime minister will also engage in high-level political consultations there. During the visit, he is expected to meet Chinese President Xi Jinping, among others, according to the sources, and discuss matters relating to the construction of a cross-border transmission l

Oil prices drop over 1% due to intensifying pressure of Chinese economy

China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth

Foxconn spends more to accelerate global migration as China falters

What replaces Foxconn's former mega-factory strategy will have huge ramifications for multi-billion dollar industries, geopolitics, and the world's largest economies

Army bought weapons worth Rs 7,300 cr from domestic firms to counter China

Another Rs 7,000 crore worth of orders is in the final stages of procurement and is likely to be completed in the coming weeks

Evergrande's EV maker agrees to sell 28% stake for $500 mn to Dubai's NWTN

NWTN has agreed to invest $500 million in China Evergrande New Energy Vehicle Group Ltd. in exchange for shares and a majority of the EV maker's board

Nepal PM Prachanda will embark on US and China visit in September

Nepal's Prime Minister Pushpa Kamal Dahal Prachanda will visit the US and China, towards the end of September. Prachanda will first visit the US to participate in the 78th General Assembly of the United Nations, which is scheduled to take place towards the third week of September. After his address to the UN General Assembly, Prachanda will leave for China, according to informed sources close to the prime minister. Next, Prachanda will embark on a visit to Nepal's northern neighbour China as part of the Himalayan nation's delegation in the 19th Asian Games. He will meet high-ranking Chinese officials during the visit. The prime minister will likely leave Kathmandu for New York on September 20, said PM's Press Coordinator Surya Kiran Sharma. However, the Foreign Ministry is yet to make a formal announcement of the visits. Earlier this month, Foreign Minister N P Saud said the prime minister would pay an official visit to China towards the third or fourth week of ...

Global currency markets stabalises after yen hits lowest level since Nov

The dollar hit a one-month high against a basket of other major currencies as investors sought a safe haven on concerns about China's economy, but then eased