CHINESE
Crisis & fears - What are the main obstacles to Chinese growth?
China's leadership tackles economic challenges including weak consumption, 14.2% youth unemployment, property crisis, local debt, export pressures, and falling foreign investment. Financial pressures, asset shortages, and currency depreciation risks, deflation fears are key concerns affecting the economy's recovery and overall stability.
Germany to bar Chinese companies' components from core parts of its 5G networks
Germany, Europe's largest economy, will ban Huawei and ZTE 5G core network components by 2026 and critical systems by 2029, according to Interior Minister Faeser's March declaration. Chancellor Scholz views China as a systemic rival, encouraging climate collaboration and reduced dependence. Agreements with Deutsche Telekom, Vodafone, Telefonica were signed. Scholz's April visit to China prompted Beijing's criticism.
US Coast Guard patrol spots Chinese naval ships off Alaska island
US Coast Guard cutter encountered Chinese military ships in international waters within the US exclusive economic zone near Amchitka Pass, Aleutian Islands. Another ship was spotted near Amukta Pass. Rear Adm. Megan Dean of the Seventeenth Coast Guard District emphasized no disruptions. Honolulu-based US Cutter Kimball saw Chinese guided missile cruisers in 2022.
Chinese overcapacity has significant spillovers around the world: US
In his remarks, Shambaugh said the US is not isolated in seeking to address negative spillovers from China's non-market practices.
Biden announces tariffs on Chinese metals routed through Mexico
The United States will now impose a 25% tariff on Mexican steel that is melted or poured outside of North America before being turned into a finished product. Previously, that steel would have entered the country duty free.
Nearly 66 Chinese aircraft surround Taiwan in biggest sortie of year
Taiwan detected 66 Chinese aircraft, a record high, with 56 crossing the Taiwan Strait median line. Su Tzu-yun linked it to political tensions and PLA exercises involving the Shandong carrier near Miyako island and Balingtang Channel. This follows Taiwan President Lai's meeting with Washington's ambassador. The Philippine military noted China-Russia exercises amid South China Sea tensions.
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Chinese EV manufacturer BYD expands with $1 Billion Turkey factory. Will it threaten Elon Musk's Tesla?
Chinese EV manufacturer BYD is building a new factory in Turkey to grow its global footprint amid trade challenges, aiming to strengthen its position in the international electric vehicle market.
Samsung launches sixth generation foldables amid rising competition from Chinese brands
Samsung has intensified competition in the super-premium foldable smartphone segment with the launch of its sixth generation devices, the Z Flip6 and Fold6. Despite maintaining a dominant 79% volume share in India's foldable smartphone market as of Q1 2024, Samsung faces growing competition from Chinese brands like Tecno, Motorola, OnePlus, and Vivo.
All about China's 'monster ship,' the world's largest coastguard vessel, that has anchored in the South China Sea
China has deployed its CCG 5901 Coast Guard ship in the South China Sea. This is being seen as a tactic aimed at intimidating Philippines. The deployment of the world’s largest Coast Guard ship has turned the focus on this ship’s capabilities. It possesses lethal weapons and is believed to even be larger than some regular ships which are part of the US Navy.
Ready to work with India to properly handle situation in border areas: Chinese FM Wang to Doval
Chinese Foreign Minister Wang Yi expressed his willingness to collaborate with India's National Security Advisor Ajit Doval to address border issues. In a congratulatory message to Doval, Wang emphasized the importance of China-India relations beyond their bilateral boundaries. This message followed a meeting between Wang and Indian External Affairs Minister S Jaishankar at the SCO summit. Despite ongoing border tensions since 2020, both nations aim to maintain peace through the Special Representatives mechanism, which has held multiple meetings to resolve disputes.
Lava mulling spinning off manufacturing arm into independent co
Lava International may spin off its manufacturing arm to meet PLI targets. Despite past struggles and lost business from Chinese brands and Google Pixel, head of manufacturing Sanjeev Agarwal is hopeful about a new incentive package. Lava plans increased local value addition, PCBA, and evaluating components for in-house production or outsourcing, balancing capital expenditure for growth.
As violence surges, can Pakistan protect its Chinese projects?
Security measures in Pakistan are being ramped up to protect Chinese workers amidst rising militant violence targeting Chinese-funded projects. Recent attacks have led to casualties and raised concerns about the security of investments. The situation has prompted discussions on balancing security priorities.
Lava to decouple production arm to boost PLI targets and attract new business
Lava International plans to separate its production arm to attract business from other handset brands and meet the production-linked incentive (PLI) scheme targets for smartphones. Despite struggling to meet PLI targets since the scheme's inception in 2020-21, Lava remains hopeful due to the upcoming component production incentive package. Sanjeev Agarwal, head of manufacturing, noted that increasing production by Rs 500 crore annually is crucial. He attributed the difficulties to starting with a higher base and rival brands' reluctance to partner with manufacturers with their own brand.
Cement prices likely to remain muted during this quarter: Rakesh Arora
No, we are not expecting any cut on GST on cement. It is a very touchy topic, meaning obviously 28% is a very high GST number for a thing like cement which is an essential commodity. But I think government would be vary that if they cut GST, it will not be passed on, that is number one.
Taiwan to mass produce new kamikaze drones to defend against potential Chinese invasion
Amid daily Chinese provocations in Taiwan, Ministry of National Defense (MND) has decided to invest in the mass production of domestically designed loitering munitions, also known as "kamikaze drones"
Moratorium on foreign research vessels intact: Lankan FM
Ali Sabry denied ending the moratorium on foreign vessels, including Chinese "spy ships", in Sri Lanka's waters and EEZ near India, misquoted in Tokyo. Decisions will be year-end. Emphasizing UNCLOS obligations, equal country opportunities, and capacity-building till 2024, Sabry explained to The Daily Morning, stressing Sri Lanka's non-aligned stance during his Tokyo visit.
Russian missile attack kills 29, hits children's hospital, Ukraine says
Russia launched a devastating daylight missile attack on multiple Ukrainian cities, including Kyiv, killing at least 29 civilians and damaging Kyiv's main children's hospital. The assault, which involved over 40 missiles, also affected Kryvyi Rih, Dnipro, and two eastern cities. President Volodymyr Zelenskiy condemned the attacks, calling for global action against Russia's air strikes. Kyiv's Mayor, Vitali Klitschko, described it as one of the war's largest attacks. The strikes come ahead of a NATO summit where Ukrainian security is a key focus. Russia claimed the strikes targeted defense industry sites and aviation bases.
Why disconnecting global trade from China is so hard
There are several major factors that create a natural limit to how much of a supply chain can be exfiltrated from China, even if sweeteners like free land, tax breaks and cheap utilities are on offer.
China makes mock dill of destroying US F-35 and F-22 fighter jets. Is PLA preparing for war with US? Details here
Airbus and Google Earth have captured images showing the People's Liberation Army destroying US F-35 and F-22 fighter jets in a remote desert area in northwest China. Really?
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
Chinese premier calls for international AI cooperation
Chinese Premier Li Qiang on Thursday called for global cooperation and a more open mindset in artificial intelligence, as a rivalry between Beijing and Washington heats up in the nascent tech field. Chinese Premier Li on Thursday urged countries to adopt "more open mindsets" and promote international cooperation on AI.
Philippines says June 17 South China Sea incident 'most aggressive' recent Chinese action
The Chinese Coast Guard's actions against Philippine vessels conducting a routine resupply mission to the Second Thomas Shoal in the South China Sea last month were deemed by a senior Philippine navy official as the "most aggressive" in recent history. Rear Admiral Roy Vincent Trinidad, spokesperson for the Philippine navy on South China Sea matters, characterized the maneuvers as deliberate, planned, and escalatory. The incident on June 17 resulted in a Philippine sailor being seriously injured due to what the military described as intentional high-speed ramming by the Chinese Coast Guard.
Chinese rocket accidentally launches during test, then crashes
Because of a "structural failure," the Tianlong-3 rocket separated from its testing platform while its propulsion system was being tested and lifted off from its launchpad, the rocket's owner Space Pioneer said in a statement. The accident occurred at 3:43 p.m. local time Sunday at a test facility in Gongyi city in central China's Henan province, the statement said.
Congress targets PM over report on Adani group 'taking' Chinese help in solar project
Congress leader Jairam Ramesh criticized Prime Minister Narendra Modi on Saturday, pointing to a report that the Adani Group has selected eight Chinese companies for its solar manufacturing project. Ramesh emphasized the need for a strategy to reduce India's dependence on China and ensure taxpayer money does not benefit Chinese firms.
China hopes for EV tariff deal with EU that suits both sides
China aims to find a "mutually acceptable solution" with the EU regarding preliminary tariffs on Chinese electric vehicles set to begin on July 4, seeking to avoid escalating trade tensions. Beijing wants the EU to drop the tariffs, while Brussels insists on addressing alleged subsidisation in China's EV industry. Negotiations are ongoing, with both sides working towards a resolution to protect economic relations.
Enemy within? China is buying land around American military bases
China's proximity to military bases within the US, including a nuclear missile base in Wyoming, raises national security concerns. The US government blocked a Chinese-backed cryptocurrency mining firm from owning land near Francis E. Warren Air Force Base in Wyoming, citing it as a 'national security risk'. The order required the divestment of property operated as a crypto mining facility near the base.
Diversion ahead? For Chinese EVs, the road may fork out to India
The European Union's decision to hike tariffs on cheap electric vehicles made by Chinese companies has sparked concerns about unfair competition and the impact on the global auto sector. The move could lead to a reshuffling of the market dynamics, with potential consequences for both Chinese and European automakers.
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