Nissan announced a reduction of 9, 000 jobs and a five of the world’s output capacity while revising its yearly income outlook in response to negative trends in China and the US. Japan’s third-largest automaker cut its annual operating profit forecast by 70 per cent to 150 billion yen (Continue Reading
HONG KONG: HSBC Holdings posted a 10 per cent rise in third-quarter profit on Tuesday (Oct 29), beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected rate cuts while it embarks on one of the largest overhauls in its history. Europe’s largest bank posted pretax profit ofContinue Reading
China’s largest shopping event is taking place, but most retailers and financial analysts are anticipating a level or at best tepid sales increase, noting that consumers are still deeply moved by the country’s economic woes. The Singles Day buying feast, which started last year, has evolved from an Alibaba functionContinue Reading
SEOUL: Samsung Electronics issued a rare apology and acknowledged on Tuesday ( Oct 8 ) that it was facing a” crisis” over its technological competitiveness, reflected in a disappointing profit guidance, despite a global AI boom. Samsung reported a third-quarter profit increase of 9.1 trillion won ( US$ 6.8 billionContinue Reading
Tokyo: Following a significant interest rate cut by the US Federal Reserve, there was a mixed response on Asian share markets on Thursday ( Sep 19 ). The Fed’s standard policy rate window was lowered by 50 basis points, moving from 4.75 to 5.5 %. In Singapore, the Straits TimesContinue Reading
Beijing: China’s Ministry of Finance ( MOF ) announced on Friday ( Sep 13 ) that PwC’s audit of troubled property developer China Evergrande Group had a six-month business suspension. According to a statement posted on the MOF site, the government also fined PwC Zhong Tian LLP, the registered financeContinue Reading
Liu Jin, vice chairman and president of the Bank of China, resigned on Sunday ( Aug 25 ) for personal reasons, the bank said. According to a filing the banks released on Sunday, the state-owned merchant announced that its table had approved president Ge Haijiao to function as acting president.Continue Reading
Beijing alleged on Friday ( Aug 9 ) that it had filed an appeal with the World Trade Organization regarding the EU’s decision to impose additional tariffs on Chinese imports of electric vehicles. After its executive branch discovered that Chinese Batteries were badly undermining European rivals, the EU added upContinue Reading
The Jack Ma-backed Ant Group was fined roughly US$ 1 billion by Chinese regulators in July for “illegal acts” that involved “internal participation in the business activities of bank and insurance institutions,” among other things.
The investigation into the software giant that began in 2020 was ended by the sentence.  ,
The government’s effort to punish the world’s most powerful technology firms and billionaires was portrayed as the start of the investigation.  ,
China announced a reduction in private tuition in July 2021 to lessen the strain and educational load on individuals.  ,
In addition, the regulations for after-school education centers forbid online and offline mentoring over the holidays and vacation.
The 20 suggestions come in the midst of official statistics showing the country’s second-largest economy grew 4.7 per share in the April-June third. It surpassed a 5.1 percent analyst estimates in a Reuters poll, which was the slowest since the first third of 2023.  ,
After stringent pandemic measures were lifted at the end of 2022, China’s lengthy property slump and job insecurity have hampered economic recuperation.
According to an economist, encouraging high-quality company consumption may help to “balance the Chinese economy’s economy” in a statement to the state-owned information outlet Global Times.  ,
Many of the company use areas cited by economist Cao Heping of Peking University need to be developed more in order to raise China’s federal income levels.
One scientist claimed that the proposed actions “represent new concepts to promote consumption growth” in an opinion piece published on the state-run China Internet Information Center.  ,
According to Associate Research Fellow Liu Jintao of Renmin University of China, the steps, such as expanding access to high-quality education resources and developing the gold economy, may benefit the population’s ageing.
They can also help the population by satisfying “relevant group’s diverse use needs,” leading to high-quality economic growth.  ,
The government’s innovative strategy to promote use does not include proposed expenses.  ,
According to the file, income tax cuts are intended to cover the cost of caring for seniors and children under three.
Beijing also made a pledge to support more financial aid for small, service-oriented eligible businesses, especially from banks.
The strategy calls for the development of road food that is well-known among visitors and for more food-themed festivals to be held. It commits to promoting China’s second big foreign firms ‘ establishment of their first branches.
Chinese officials made a public announcement last month that the stimulus measures needed to meet the country’s economic growth goal will be directed at buyers, breaking their customary policy of investing money in infrastructure projects, according to Reuters.  ,
The country’s second-largest economy faces negative stresses, with retail sales and imports considerably underperforming business outcome and exports.
The Politburo, a top decision-making figure of the ruling Communist Party, pledged at the end of its July meeting to make” countercyclical changes” to join an economic growth target of around 5 per share for the year.
China Evergrande Group announced on Monday ( Aug 5 ) that its liquidators were requesting$ 6 billion from seven defendants, including founder Hui Ka Yan, and that they had obtained injunctions against three of them. The Hong Kong High Court ordered the country’s most beholden property developer to sell inContinue Reading