China

China’s covert op Fox Hunt is targeting Canada’s Chinese community: Canadian Intelligence
12Nov mmBy Mike TrudellNo Comments
China, World

China’s covert op Fox Hunt is targeting Canada’s Chinese community: Canadian Intelligence

Canada’s Security Intelligence Service (CSIS) on Wednesday said that covert “anti-corruption” operation named Fox Hunt is attacking members of the Chinese community in Canada to curb dissent among its diaspora.“Certain foreign states routinely attempt to threaten and intimidate individuals around the world through various state entities and non-state proxies. These states, such as the People’s Republic of China, may use a combination of their intelligence and security services as well as trusted agents to assist them in conducting various forms of threat activities,” said (CSIS) spokesperson John Townsend.This announcement came in less than a month following the US Justice Department charged eight individuals who allegedly participated in the same covert Chinese operation in the United Sta...
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Pompeo, Esper driving US’s anti-China message in India visit
11Nov By Desk TeamNo Comments
China, USA, World

Pompeo, Esper driving US’s anti-China message in India visit

NEW DELHI: US Secretary of State Mike Pompeo and Defense Secretary Mark Esper are in India to drive the Trump administration’s anti-China message exactly a week ahead of America’s presidential election. With President Donald Trump in a tight race for a second term against former Vice President Joe Biden, Pompeo and Esper are seeking to play on Indian suspicions about China to shore up a regional front against increasing Chinese assertiveness in the Indo-Pacific region. In talks on Tuesday (Oct 27) with their Indian counterparts, Pompeo and Esper are to sign an agreement expanding military satellite information sharing and highlight strategic cooperation between Washington and New Delhi with an eye toward countering China. Just hours before the meetings began, the Trump administratio...
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Businesses should get ready for more volatility in the Chinese yuan, regulator says
11Nov By Desk TeamNo Comments
China, Market, World

Businesses should get ready for more volatility in the Chinese yuan, regulator says

Jason Lee | Reuters BEIJING — China's foreign exchange regulator told businesses Friday to prepare for more volatility in the yuan. The Chinese currency, also known as the renminbi, strengthened roughly 1% this week against the U.S. dollar to levels not seen since July 2018. Less than five months ago, the yuan was at its weakest against the greenback since early 2008. Although that is based on a midpoint set by the central bank, the People's Bank of China, Beijing has been allowing markets to play a greater role in the exchange rate. One-year implied volatility of the yuan has climbed to 5%, versus less than 2% for previous years, indicating a basis of "increased flexibility" in the exchange rate, State Administration of Foreign Exchange spokeswoman Wang Chunying told reporters on Friday....
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South Korea Oct factory activity grows at fastest pace in more than 2 yrs
11Nov By Desk TeamNo Comments
China, Market, USA, World

South Korea Oct factory activity grows at fastest pace in more than 2 yrs

SEOUL: South Korea's factory activity expanded at the fastest pace in more than two years in October, a private-sector survey showed on Monday (Nov 2), as global demand picked up from its coronavirus slump. The IHS Markit purchasing managers' index (PMI) jumped to 51.2, from 49.8 in September, the first expansion in 10 months and the highest reading since September 2018. The 50-mark threshold separates growth from contraction. That reflected the rise in major sub-indexes, with factory production and new orders logging their sharpest growth since April 2013. New export orders returned to growth for the first time in nine months, albeit at a subdued level. "October data marks a clear improvement in South Korea's manufacturing sector ... outright expansions in both output and new orde...
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Commentary: The world has big expectations for a Joe Biden presidency
11Nov By Desk TeamNo Comments
China, Market, USA, World

Commentary: The world has big expectations for a Joe Biden presidency

Countries around the world hope to see huge efforts devoted to restoring US leadership and repairing alliances, say the Financial Times’ Katrina Manson, Aime Williams and Michael Peel. LONDON: Joe Biden has promised to put an end to Donald Trump’s isolationist, disruptive approach to global relations. But a Biden administration bid to restore American leadership will require time and political capital at a time when the superpower’s global role stands in doubt at home and abroad. While diplomats are not likely to hear the phrase “America First” for a while, Mr Biden will face challenges including countering China, re-entering the nuclear deal with Iran, resetting relations with Europe and dealing with the fallout of Brexit on the relationship with the UK. CHINA: LITTLE LET-UP IN PR...
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Potential stock winners and losers from Tuesday’s US election
8Nov By Desk TeamNo Comments
China, World

Potential stock winners and losers from Tuesday’s US election

Tuesday's presidential election between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. NEW YORK: Tuesday's presidential election between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. A group of stocks seen benefiting from Biden's Democratic policies has outperformed those seen benefiting from Republican Trump. Over a two-month period that ended Wednesday, a "Biden basket" of stocks created by JPMorgan head of U.S. equity strategy Dubravko Lakos gained 4.5per cent versus a 16per cent drop ...
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Japan eases COVID-19 travel curbs for China, eight others
8Nov By Desk TeamNo Comments
Asia, China, Singapore, World

Japan eases COVID-19 travel curbs for China, eight others

TOKYO: Japan has eased travel curbs for China, Australia, South Korea and six other countries and regions, Foreign Minister Toshimitsu Motegi said on Friday (Oct 30), as Tokyo steps up efforts to revive its economy while preventing the spread of COVID-19. Japan lowered its infection risk advisory level for Thailand, Singapore, Taiwan, New Zealand, Brunei and Vietnam, besides China, South Korea and Australia, to 2 from 3, telling its citizens to avoid non-urgent, non-essential trips. Under the infection risk advisory level of 3, the public are instructed not to take any trips. Singapore and Japan launched a reciprocal green lane to facilitate short-term essential business and official travel between the two countries on Sep 18. The business track will allow the safe resumption of cr...
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India’s biggest festival Diwali to boycott Chinese products
7Nov By Online DeskNo Comments
Asia, China, Market

India’s biggest festival Diwali to boycott Chinese products

While we’ve noted the extent to which markets have been flooded with ‘cheap quality yet affordable’ products from China, with PM Modi’s push towards Atmanirbhar Bharat, it seems changes can be plotted especially this festive season. As trends suggest, this is the peak season for huge amounts of imports from China to meet the demand of customers for diverse goods. Yet, this year has brought a twist in the tale. What accounted for almost 70-80% of market share some 5-6 years ago has fallen to a mere 10% share of imported Chinese goods this year. Traders importing Idols of gods and goddesses have declined rapidly. Forces behind this change range from anti-China product demonstrations to a significant change in consumer sentiments as demand for Made in India sees a rise. This in turn ha...
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Confrontation with China reboots Indian economy
7Nov By Online DeskNo Comments
Asia, China

Confrontation with China reboots Indian economy

The tense relations due to border standoff between China and India led to a campaign by Indian traders to boycott Chinese products and Indian authorities mulling higher trade barriers. In terms of global value chains, India is looking to create its own industrial base and alternate global value chain, introducing many preferential policies, economic stimulus and incentives for Indian industry. Additionally, some Indian industrial sectors which rely on supplies from China are now looking to create alternate and reliable supply chains. China has been a top trading partner of India for years, while China's exports to India have accounted for about 2 percent of its total exports. India can take confidence East Asian countries who have developed highly integrated industrial chains. India...
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Swedish clothing icon H&M joins global clamour to end human rights abuses in Xinjiang
7Nov By Online DeskNo Comments
Asia, China

Swedish clothing icon H&M joins global clamour to end human rights abuses in Xinjiang

Swirling reports about human rights abuses in Xinjiang are now beginning to hurt China's export-led economy, with Swedish clothing icon H&M deciding not to buy raw materials from the region's farms and factories suspected of using "forced labour". The fashion house said on Tuesday that it would no longer source cotton from Xinjiang-China's largest growing area of the cash crop. It also clarified that it did not work with any garment factory in the region. H&M said it had conducted "an inquiry at all the garment manufacturing factories we work with in China aiming to ensure that they are not employing workers ... through what is reported on as labour transfer programmes or employment schemes where forced labour is an increased risk." By de-linking from restive Xinjiang, where...
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