China

As long as fossil fuels remain profitable, governments are in an awkward position, say business lecturers. CARDIFF, Wales: The climate crisis was a hot topic at the G7 summit in Cornwall. Yet while the leaders of the world’s richest countries agree in theory on the need to reach net zero emissions by 2050 at the latest, they remain faithful to a fossil fuel industry reluctant to substantively change its business model. A recent report by the International Energy Agency, a typically conservative advisory body, argued for an immediate ban on new fossil fuel projects. But investments by oil, gas and coal companies into finding new sources continue, as does industry lobbying to undermine regulation. The environment ministers of the G7 countries committed to end funding for new overseas...

BEIJING: Growth in China's factory output slowed for a third straight month in May, possibly due to disruptions caused by COVID-19 outbreaks in the country's southern export powerhouse of Guangdong. The Chinese economy has largely shaken off the gloom from the coronavirus-induced slump last year, but officials warn the foundations for the recovery are not yet secure amid challenges including rising raw material prices and global supply chain disruptions, especially a shortage of micro chips. Industrial production grew 8.8per cent in May from a year ago, slower than the 9.8per cent uptick in April, National Bureau of Statistics data showed on Wednesday. That missed a 9.0per cent on-year rise forecast by analysts from a Reuters poll. Most China watchers had expected some moderation i...

Japan's industrial output extended gains in April as manufacturers benefited from a recovery in appetite for capital goods, especially in key overseas markets. The world's third-largest economy is expected to grow in the current quarter at a much slower pace than previously thought, after the government extended COVID-19 emergency measures in Tokyo and other major areas. Separate data on Monday showed that retail sales, a key gauge of consumer spending, surged in April, thanks largely to favorable statistical base effects from a year earlier, when the country was under even stricter COVID-19 curbs. Official data released Monday showed factory output grew 2.5% from the previous month in April, as higher production of general-purpose and electrical machinery offset a contraction in cars a...