Updated: 13 min 43 sec ago
A busy week all round, boys and girls. What happens in the US impacts on everything else, so we will start there. The evidence is building that we were correct in our view, held since the first Spicer press conference, that this Trump arrangement is unsustainable. The turning point was probably Trump accusing Comey of "grandstanding"; Comey's reaction has to have been - you're going down. From then on, it was only a matter of time before Comey speaks publicly.
A US warship carried out a "maneuvering drill" when it sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, to show it was not entitled to a territorial sea around it, US officials said on Thursday.
Alibaba plans to lead an investment round of at least $1 billion in Ele.me, Bloomberg reports. The financing from Alibaba and Ant Financial will value Ele.me at $5.5 billion to $6 billion and help it compete with a rival service backed by Tencent, sources said, requesting not to be named because the matter is private.
Caixin reports that China's securities regulator has approved the initial public offering of the country's largest biotech genetic startup, BGI Genomics, a key step forward for the company after failed attempts to list on foreign bourses.
A Chinese consortium is buying Ansell's condom division, the world's no. 2 condom maker, for $600 million, betting on surging demand in China as sex becomes less of a taboo subject and more emphasis is placed on public health education.
Microsoft has unveiled a new Windows 10 software customized for the Chinese government to improve security, including modifying the program to prevent data that is typically collected from being transmitted to other devices. The product addresses concerns by the Chinese government over network security, including the desire to locally store data—such as details on the hardware or applications being run—and to prevent overseas parties from accessing sensitive information.
The downgrade of China's debt by Moody's Investors Service may push Chinese companies to borrow even more money from domestic banks as overseas debt becomes more expensive, increasing risks for the nation's finance industry. With growing indebtedness at home, compounded by a slowing economy, there's a risk of a "negative feedback loop," said Khoon Goh, head of Asia research for Australia & New Zealand Banking Group who sees state-owned enterprises and property developers feeling the biggest impact.
Armed men abducted two Chinese nationals in the city of Quetta in southwestern Pakistan Wednesday, police said, a rare incident that is likely to raise security concerns around the country's many China-backed infrastructure projects, according to The Wall Street Journal.
The US steel industry is pushing the Trump administration to take a sweeping view of what constitutes national security, as it seeks a crackdown on imports from China, South Korea and other countries, the Financial Times reports. Donald Trump last month ordered a special investigation into the impact on US national security of steel imports under a 1962 law that would allow him to impose far broader tariffs and other restrictions on imports of for
China has suggested more goods it may import from the United States as Beijing attempts to thaw once frosty ties with the Trump administration over its trade policies. A report issued by the Ministry of Commerce on Thursday said China may buy further goods including crude and refined oil products, cotton and machine tools.
Shanghai-based Juneyao Airlines has joined the global Star Alliance, becoming the first of a new generation of private Chinese carriers to enter one of world's three major frequent flyer groups as it prepares to launch long-haul flights. The move also makes Juneyao the first airline admitted under Star's Connecting Partner program, which opens the alliance to smaller, and low-cost regional carriers.
Moody's Investors Services downgraded China's long-term local and foreign currency issuer ratings on Wednesday, citing expectations that the financial strength of the world's second biggest economy would erode in the coming years. The ratings agency also changed its outlook for China to stable from negative. The downgrade by one notch to an A1 rating from Aa3 comes at a time when the Chinese government is grappling with the challenges of slowing economic growth and rising financial risks stemming from soaring debt.
According to Bloomberg, the government's effort to keep Asia's biggest economy on track for its 6.5% growth target has sustained a flurry of spending on housing and infrastructure that started in 2016, and is poised to extend well into 2017. Excavator sales in the first four months of the year rose to the highest since 2012. A bulldozer binge sent sales to the highest since 2014.
Struggling to control a housing bubble, the city government announced measures on March 26 that effectively closed loopholes that had allowed new commercial buildings to be turned into homes and sold to individual buyers. Under the new rules, developers now need government authorization to undertake the conversions and only legally registered public institutions, companies and other social organizations are allowed to buy units in such developments.
China's population may be smaller than official data suggests, according to a group of researchers, meaning the nation will be replaced by India as the world's most populous country sooner than expected. It may also mean the problems created by China's rapidly ageing population and shrinking workforce are more serious than feared, according to the experts.
Venture capital funding is continuing to pour into Asia, with the year-to-date run rate putting the region's technology start-ups on track to pull in $56.44bn this year, a 132% annual rise, the Financial Times reports. Leading the charge are China's big tech giants, who have taken the baton from the more traditional venture capital firms.
MSCI will announce on June 20 whether it would finally include China's domestic A-shares in its global indices. The US index provider last June delayed for a third straight year the A-shares' inclusion into its benchmark $1.5tn emerging markets stock index, citing regulation worries and accessibility for global investors. Inclusion on the index would have been a major step forward for Beijing as it attempts to open up its financial markets and attract foreign capital.
As the global limelight fades from President Xi Jinping's "Belt and Road" summit, the main actors – Chinese state-owned companies – are warning about the political risks they face along the route.
The founder of LeEco, a Chinese Netflix-to-Tesla-like conglomerate, has stepped down as the CEO of the group's main listed unit, as the company begins to streamline and cut debt after rapid expansion led to a cash crunch.