Page 94 - China

China losses force GM to take $5 bn restructuring charge, cut assets' value

The poor performance of General Motors' Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totalling more than USD 5 billion in the fourth quarter of this year. The Detroit automaker said in a regulatory filing Wednesday that it will cut the value of its equity stake in the ventures by USD 2.6 billion to USD 2.9 billion when it reports its results early next year. In addition, GM will take USD 2.7 billion worth of restructuring charges, most of it during the fourth quarter. The noncash charges will reduce the company's net income, but they will not affect adjusted pretax earnings, GM said in the filing with the US Securities and Exchange Commission. GM for years has owned 50 per cent of its joint venture with SAIC General Motors Corp. and has other joint ventures, including a finance arm. The ventures used to be a reliable source of equity income for the company, but have swung to losses in the past year. The ventures lost USD 347 ..

China remains Pak's top bilateral creditor, share drops to 22%: World Bank

With almost USD 29 billion in loans, China continued to be Pakistan's largest bilateral creditor while Saudi Arabia emerged as the second largest bilateral lender with about USD 9.16 billion, a World Bank report has said. However, China's share in Pakistan's total external debt went down to 22 per cent compared to 25 per cent in 2023 with Saudi Arabia increasing its share from 2 per cent in 2023 to 7 per cent in 2024. The World Bank's International Debt Report 2024 released on Tuesday ranks Pakistan among the top three loan recipients from the International Monetary Fund (IMF) this year and also notes that Pakistan's high debt-to-export and debt-to-revenue ratios indicate a weakening fiscal position. The International Debt Report 2024 put Pakistan's total external debt (including that from IMF) at USD 130.85 billion in 2023, accounting for 352 per cent of its total exports and 39 per cent of gross national income (GNI) while Pakistan's total external debt servicing amounted to 43 p

China moots 'love education'. Can it revive its declining population?

Beijing has reportedly called on colleges and universities to introduce "love education," aiming to promote positive perspectives on marriage and relationships amid population decline

India's success in capturing 'China-Plus-One strategy' limited: NITI report

India has seen limited success so far in capturing the 'China Plus One strategy', while Vietnam, Thailand, Cambodia, and Malaysia have become bigger beneficiaries, according to a report of government think tank Niti Aayog. It said that factors such as cheaper labour, simplified tax laws, lower tariffs and pro-activeness in signing Free Trade Agreements (FTAs) have played a critical role in helping these countries expand their export shares. The US has implemented stricter export controls and higher tariffs on Chinese goods to limit China's growth and expenditure towards technological progress. This has led to a fragmentation of global supply chains, prompting multinational corporations to seek alternatives to Chinese manufacturing. It said that India is seen as an attractive destination for companies looking to shift their manufacturing bases out of China and this shift offers the country a chance to enhance its domestic manufacturing capabilities, particularly in high-tech ...

Taiwan tells China to respect diplomatic norms amid rising tensions

China has spoken out against Taiwan President Lai Ching-te's phone call with US Representative Nancy Pelosi

Will we soon disappear? China's new material makes camouflage a reality

A revolutionary material developed by Chinese scientists can change colour like a chameleon, paving the way for advanced camouflage with applications in military, fashion, and beyond

Taiwan detects 15 Chinese military aircraft, 7 vessels, 1 ship near ADIZ

This incident follows a recent pattern of escalated manoeuvres by China around Taiwan, raising concerns over regional stability as Beijing continues to assert its claims over the island

StanChart aims $200 bn in new wealth assets, eyes Chinese, Indian clients

The bank sees good growth opportunities particularly as clients look to move businesses out of China

China's coast guard blasts water cannon, sideswipes vessel: Philippines

Chinese coast guard vessels, backed by navy ships, fired powerful water cannons and blocked and sideswiped a Philippine patrol vessel Wednesday in renewed aggression in a disputed shoal in the South China Sea, Philippine officials said. Three Philippine coast guard and bureau of fisheries vessels were on routine patrol to protect Filipino fishermen at the Scarborough Shoal when several Chinese coast guard and navy ships approached and staged aggressive actions after dawn, the Philippine coast guard said. There was no immediate comment from Chinese officials. In the past, they have repeatedly cited China's sovereignty in the contested offshore region and their determination to defend what they say is their territory despite a 2016 international arbitration decision that invalidated Beijing's historical claims. China's reported actions in the disputed waters came after a respite of more than a month while back-to-back major storms prevented many Philippine fishing and commercial vesse

India closes in on China in iPhone output, but revenue gap remains wide

Apple earned a record $8 bn in India in FY24 (2% of global revenue), while Greater China, including Hong Kong, Macau, and Taiwan, contributed $66.95 bn (17% of global revenue)

China's Prez Xi praises Nepal PM Oli's commitment to promote bilateral ties

President Xi Jinping on Tuesday lauded visiting Nepalese Prime Minister K P Sharma Oli's commitment to promote China-Nepal relations and pledged to advance strategic ties with Kathmandu as both sides inked nine agreements. Oli arrived in Beijing on Monday on a four-day visit to China, his first official visit to that country after assuming office for the fourth time. Xi met Oli and expressed appreciation for the Nepalese leader's firm commitment to promoting friendship between the two sides over a long period, the state-run Xinhua news agency reported. He also pledged efforts to advance the strategic partnership of cooperation with Nepal where Beijing has scaled up its investments in the last decade, expanding its influence in the landlocked country located between India and China. Xi said China and Nepal, linked by the same mountains and rivers, are good neighbours, good friends and good partners, and bilateral relations have maintained sound and steady development. Noting that n

China announces ban on Germanium, Gallium exports to US in tit-for-tat move

Gallium, germanium, antimony and superhard materials are no longer allowed to be exported to America as an overall principle, the Ministry of Commerce said in a statement Tuesday

Pivoting away from India, Nepal PM Oli visits China to seek investment

Oli's visit was his first to a foreign country since his July swearing-in, a break from the customary destination of New Delhi, with which Kathmandu has centuries-old ties

British firms downbeat about China business despite stimulus: Survey

Doing business in China had become tougher for five consecutive years and only 41 per cent of its members were expecting to have a better time next year, the survey said

Canada says Pacific trade pact open to new nations after Taiwan's complaint

Taiwan has few international trade agreements due to its diplomatic isolation because of pressure from China, which views the democratically governed island as its own territory

Joe Biden on his maiden visit to Angola; seeks to strengthen US-Africa ties

President Joe Biden arrived for his long-awaited first presidential visit to sub-Saharan Africa on Monday to the cheers of thousands in Angola, where he will highlight an ambitious US-backed railway project meant to counter China's influence on the continent of over 1.4 billion people. Biden's three-day visit to Angola will focus largely on the Lobito Corridor railway redevelopment in Zambia, Congo and Angola. It aims to advance the US presence in a region rich in the critical minerals used in batteries for electric vehicles, electronic devices and clean energy technologies. Biden's trip comes weeks before Republican Donald Trump takes office on Jan. 20, finally delivering on Biden's pledge to visit sub-Saharan Africa. On his way to Angola, he stopped in the Atlantic Ocean island nation of Cape Verde for a brief, closed-door meeting with Prime Minister Ulisses Correia e Silva. Biden plans to meet with Angolan President Joo Loureno in the capital, Luanda, where crowds lined the stree

Taiwan Prez Lai's Pacific trip shows efforts to counter China's expansion

Taiwanese president arrived in Hawaii on Saturday for a two-day stopover en route to Palau, the Marshall Islands, and Tuvalu, with a stop in Guam scheduled for his return journey

China expands presence in Antarctica with its first atmospheric station

China has opened its first overseas atmospheric monitoring station in Antarctica as it continues to firm up its presence in the icy and resource-rich southernmost continent by building research stations. Located in the Larsemann Hills in East Antarctica, the Zhongshan National Atmospheric Background Station began operating on Sunday, according to the China Meteorological Administration (CMA). The station will conduct "continuous and long-term operational observations of concentration changes in Antarctic atmospheric components, and provide a faithful representation of the average state of atmospheric composition and related characteristics in the region", said an article posted on the CMA website on Monday. The monitoring data would support the global response to climate change", the article said, the Hong Kong-based South China Morning Post reported. It is China's ninth operational atmospheric monitoring station and its first overseas. In addition, 10 new atmospheric monitoring ..

Explained: What is de-dollarisation and why Trump warned Brics nations?

Donald Trump has threatened to impose 100 per cent tariffs on Brics nations if they push for de-dollarisation and introduce a currency that could challenge the US dollar

Nepal accepts $20 mn grant assistance from China ahead of PM Oli's visit

The Nepal government has accepted projects worth USD 20 million as grant assistance from China ahead of Prime Minister K P Sharma Oli's first official visit to the country after assuming office for the fourth time. Minister for Information and Communication Prithvi Subba Gurung talking to media persons on Sunday said the Council of Ministers meeting wished for the success of the prime minister's China visit and also decided to accept projects worth USD 20 million equivalent to Nepalese Rs 2.70 billion as grant assistance from China. Besides, the Cabinet also decided to accept 300 million Chinese Yuan (USD 4.13 million approximately) equivalent to Nepalese Rs 5.60 billion worth projects proposed by the government of China, according to government spokesperson Gurung. During Oli's China visit, various projects including Tokha-Khahare Tunnel Road, Special Economic Zone construction at Corala border point of Mustang, road construction at Kimathanka of Shankhuwasabha, feasibility study o