Market

Indian consumers and manufacturers getting sensitive to domination of Chinese goods in Indian market
7Nov By TheGreenZoneNo Comments
Asia, China, Market

Indian consumers and manufacturers getting sensitive to domination of Chinese goods in Indian market

China’s emergence as a recent economic superpower is in no small part due to its massive production industry. The coastal factory towns produce an assortment of goods — with equally varying degrees of quality — on an enormous scale and with low cost, only for them to be shipped off to the rest of the world. Cheap labour —allegedly through labour rights violations as well as slave labour — and brazen theft of intellectual property have played a fairly large hand in cementing the Communist state as a principal hub for free market production. Experts had prophesied a subsequent political transformation from communism into a democracy with the liberation of China’s economy. Unfortunately, the Chinese Communist Party (CCP) has pioneered a sinister amalgamation of the ugliest aspects of Marx...
Read More
In emails, Sacklers fret over wealth, opioid business
6Nov By Team FPNo Comments
Market, USA, World

In emails, Sacklers fret over wealth, opioid business

NEW YORK: Soon after a Purdue Pharma LP affiliate pleaded guilty to misbranding its addictive opioid painkiller OxyContin in 2007, the company's Sackler family owners fretted about possible threats to their wealth. On May 17, 2007, Jonathan Sackler, who has since passed away, emailed relatives and a financial advisor, triggering an anxious discussion, according to settlement documents US prosecutors disclosed on Wednesday. He told them an investment banker had once told him that his family "is already rich, the one thing you don’t want to do is to become poor.” David Sackler responded the same day: " hat do you think is going on in all of these courtrooms right now? We’re rich? For how long? Until which suits get through to the family?" Between 2008 and 2019, Purdue transferred more...
Read More
Rights of minorities and forced conversions in Pakistan
5Nov By Brian ThompsonNo Comments
Market

Rights of minorities and forced conversions in Pakistan

Right now, a case with critical bearing on the rights of minorities in Pakistan is being heard at the High Court in Sindh. The case carries with it a particularly thorny question of religious conversion when it goes hand in hand with underage marriage.A Christian girl named Arzoo recently sought a court injunction to prevent the registration of a kidnapping case against a man with whom she had undergone a ‘nikah’ (wedding) ceremony, and his family. She had claimed in an affidavit that she was of 18 years and was ‘marrying’ him after converting to Islam of her own free will.However, incontrovertible documentary evidence has emerged that shows she is a 13-year-old child. The police said they arrested the purported ‘husband’, recovered the girl and were moving her to a shelter home for three ...
Read More
Exclusive: Chinese regulatory probe delays approval for Ant’s IPO, sources say
5Nov By Desk TeamNo Comments
China, Market, World

Exclusive: Chinese regulatory probe delays approval for Ant’s IPO, sources say

China's securities regulator is probing a potential conflict of interest in fintech giant Ant Group's planned US$35 billion stock listing, delaying approval for what could be the world's largest IPO, three people with direct knowledge of the matter said. HONG KONG/BEIJING: China's securities regulator is probing a potential conflict of interest in fintech giant Ant Group's planned US$35 billion stock listing, delaying approval for what could be the world's largest IPO, three people with direct knowledge of the matter said. The China Securities Regulatory Commission (CSRC) is looking into the role of Alipay, Ant's flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO, the people told Reuters,...
Read More
Trump’s stock market: A wild four years
4Nov By Desk TeamNo Comments
Market, USA, World

Trump’s stock market: A wild four years

The Trump rally, a trade war, and then a crippling pandemic: The four years since President Donald Trump's 2016 election victory have been a period like no other for the U.S. stock market. REUTERS: The Trump rally, a trade war, and then a crippling pandemic: The four years since President Donald Trump's 2016 election victory have been a period like no other for the U.S. stock market. Hours after Trump's unexpected win on Nov. 8, 2016, expectations of massive tax cuts and financial deregulation kicked off a stock rally that saw the S&P 500 surge 5per cent in a month. Wall Street continued its path higher through a trade war and impeachment, going on to new record highs following a deep slump caused by the coronavirus pandemic that continues to cripple the global economy. Graphic: Tru...
Read More
Amid worsening ties, China expected to sanction Australian copper, sugar
3Nov By Mike TrudellNo Comments
Asia, China, Market, World

Amid worsening ties, China expected to sanction Australian copper, sugar

As relations between China and Australia continue to get worse on a range of issues, importers across Beijing are expected to brace for a round of sanctions on copper ore and copper concentrate as well as sugar this week.The General Administration of Customs of China (GACC) has issued a notice to exporters claiming that it had found a pest in imported log timber from Queensland and has banned all log exports from the Australian state. It further claimed that it had found contamination in barley shipments from Australian grain exporter Emerald Grain as well.As per repots, bans on copper ore and copper concentrate, as well as sugar, are expected to be introduced this week.In September, China suspended barley imports from Australia’s largest grain exporter, CBH Group, after also detecting pes...
Read More
Oil gains nearly 2% as robust China trade data offsets returning supply
3Nov By Desk TeamNo Comments
China, Market, World

Oil gains nearly 2% as robust China trade data offsets returning supply

An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise. Brent crude futures were up 72 cents, or 1.7%, to $42.44 a barrel. West Texas Intermediate crude futures settled 77 cents, or 1.95%, higher at $40.20 per barrel. On Monday, both benchmarks fell nearly 3%. China, the world's top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, but still below the record high level of 12.94 mln bpd in June, customs data showed. "Oil prices, which suffer...
Read More
Trump vs Biden: Potential implications for investors
3Nov By Desk TeamNo Comments
Asia, China, Market, Singapore, World

Trump vs Biden: Potential implications for investors

As the clock ticks down to the US presidential election, Money Mind looks into the potential impact of a Trump or Biden victory, and what this means for investors. SINGAPORE: As the clock ticks down to the US presidential election on Nov 3, the intensity of the contest between Republican President Donald Trump and Democratic challenger Joe Biden is rising. For investors, the anticipation of the outcome has led to some wild rides in the markets. A survey conducted by wealth management firm UBS in September found that investors favoured Mr Trump for economic direction and job growth. However, Mr Biden was their pick to manage the COVID-19 downturn, foreign policy, and healthcare. Over the past month, much has happened. From a first presidential debate that some have called disastrous...
Read More
Wall Street shares close higher on stimulus hopes
2Nov By Desk TeamNo Comments
Market, World

Wall Street shares close higher on stimulus hopes

Wall Street's main indexes climbed on Tuesday on growing signs that U.S. lawmakers were making headway in their talks over stimulus to support an economic recovery from the impact of the COVID-19 pandemic. NEW YORK: Shares on Wall Street ended higher on Tuesday on growing optimism that talks among U.S. lawmakers are progressing with respect to a U.S. stimulus package aimed at cushioning the economic shock from the coronavirus pandemic. House of Representatives Speaker Nancy Pelosi said she was optimistic Democrats could reach a deal with the White House that could get aid out by early next month. She added there should be an indication of a possible agreement later on Tuesday. "I think no matter who gets elected, we will get the stimulus," said Brian Reynolds, chief market strategis...
Read More