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* China to stop building coal-fired power plants abroad* Xi’s announcement could impact 44 projects in Asia, Africa* China’s domestic coal power programme still expandingSHANGHAI/SINGAPORE, Sept 22 (Reuters) - China’s pledge to stop building coal-fired power plants overseas could cull $50 billion of investment as it slashes future carbon emissions, analysts said, although Beijing’s own domestic coal programme is still propping up the dirty fossil fuel. Beijing is the largest source of financing for coal power plants globally, and Xi’s announcement will have a far-reaching impact on coal power expansion plans in countries like Bangladesh, Indonesia, Vietnam and South Africa. China’s pledge followed similar moves by South Korea and Japan this year, turning off the taps of the last three major public financiers of overseas coal power plants. While Xi has promised to “strictly control” new domestic coal power capacity over the 2021-2025 period, the country will not begin to reduce coal consumption until 2026. “With the new direction set for overseas coal, China needs to work harder now on its domestic coal addiction,” said Li Shuo, senior climate advisor at Greenpeace.
Persons: Xi Jinping, , , Christine Shearer, “ We’ll, Joe Biden, Yan Qin, Xi, Li Shuo Organizations: United Nations General Assembly, United Nations, Global Energy Monitor, GEM, Reuters, Bank of, COP26, United, United Arab Emirates, Boston University Global Development, , Greenpeace Locations: China, Asia, Africa, SHANGHAI, SINGAPORE, Beijing, Bangladesh, Indonesia, Vietnam, South Africa, U.S, Bank of China, South Korea, Japan, Nations, Pakistan, Zimbabwe, Serbia, United Arab
SHANGHAI, Sept 22 (Reuters) - Chinese stocks fell on Wednesday, led by by banking and consumer staples, while real estate shares jumped after developer China Evergrande assured to make bond interest payment. ** The banking sub-index slumped 3.44%, while the real estate index jumped 5% after opening down nearly 2%. ** Over the holiday, property and banking stocks slumped in the Hong Kong market due to growing risks of defaults at Chinese property developers and concerns that Beijing’s “common prosperity” agenda would also include Hong Kong real estate names. They added overseas investors took up more than 40% of the investors in the Hong Kong market. ** Chinese A-share market opened after the Mid-Autumn Festival holiday, while the Hong Kong market was shut on Wednesday for a public holiday.
Persons: Xi Jinping Organizations: China, China Merchants Securities, Beijing’s, Beijing Stock Exchange, Beijing bourse Locations: SHANGHAI, Shanghai, Hong Kong, COVID, China, Beijing
UNITED NATIONS — Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. And I’m absolutely delighted to hear that President Xi has made this important decision," Kerry said in a statement. "It is clear the writing is on the wall for coal power. I welcome President Xi’s commitment to stop building new coal projects abroad — a key topic of my discussions during my visit to China," he said on Twitter. Xi spoke after U.S. President Joe Biden gave his first United Nations address.
Persons: Xi Jinping, Xi, António Guterres, John Kerry, Kerry, We’ve, Alok Sharma, Xi’s, Joe Biden, Biden, China's ascendance, Qilai Shen, Donald Trump, Justin Guay, Guterres Organizations: UNITED, United Nations General Assembly, NBC, United, Twitter, U.S, United Nations, Bloomberg, Getty, Sunrise, Congress Locations: China, Paris, South Korea, Japan, Glasgow, Scotland, Tongling, United States, Beijing
REUTERS/Kim Kyung-HoonSHANGHAI (Reuters) - China stood pat on its benchmark lending rate for corporate and household loans for the 17th straight month at its September fixing on Wednesday, matching market expectations. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%. Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.
Persons: Kim Kyung, Hoon, LPR Organizations: People's Bank of China, REUTERS, Hoon SHANGHAI Locations: Beijing, China
SINGAPORE (Reuters) - Stocks found support and U.S. futures lifted in relief on Wednesday after teetering developer China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse that had spooked investors. FILE PHOTO: An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. S&P 500 futures reversed an early loss to trade slightly higher after Evergrande pledged to pay the scheduled coupon on a yuan bond that is due on Thursday. [FRX/]Moves were capped ahead of Wednesday’s Fed meeting, however, and the dollar was firm at $1.1727 against the euro. [MET/L][O/R]Brent crude futures were last up 0.9% at $75.02 a barrel and U.S. crude rose 1% to $71.18.
Persons: Stocks, China Evergrande, allaying, Thomas Peter, Evergrande, Treasuries, , Ryan Felsman, Lehman, Powell, Tapas Strickland, Gold Organizations: REUTERS, Federal Reserve, Japan’s Nikkei, Rabobank, Australian, Fed, Treasury, Australia, Brent Locations: SINGAPORE, China, Beijing, Taiwan, Asia, Pacific, Japan, Hong Kong
SINGAPORE (Reuters) - Stocks found relief on Wednesday after teetering developer China Evergrande said it would be able to pay a coupon on one of its bonds, easing some market jitters, however, the Federal Reserve’s looming policy decision kept investors cautious. That weighed on MSCI’s broadest index of Asia-Pacific shares outside Japan, which fell 0.3%, however, Australia was higher. S&P 500 futures were last up 0.2%. [FRX/]Moves were capped ahead of Wednesday’s Fed meeting, however, and the dollar was flat against the euro, with the risk of a hawkish Fed supporting the dollar. Most analysts think the Fed will not go into detail about its tapering plans but say risks lie in board members’ “dot plot” of rates projections.
Persons: Stocks, China Evergrande, Thomas Peter, , Rob Carnell, Evergrande, Lehman, Powell, Tapas Strickland, Gold Organizations: Federal, REUTERS, People’s Bank of, Shanghai, Japan’s Nikkei, ING, Treasury, Rabobank, Fed, Australia, Brent Locations: SINGAPORE, China, Beijing, People’s Bank of China, Asia, Pacific, Japan, Australia, Hong Kong, Singapore
Safe-haven assets such as the yen and U.S. Treasuries rose slightly in morning trade. S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. But investors are now anticipating some sort of regulatory response from Beijing and hoping global fallout can be contained. The dollar held firm at $1.1722 against the euro and bought 109.13 yen. Brent crude futures were last up 0.4% at $74.64 a barrel and U.S. crude rose 0.4% to $70.75.
Persons: Lehman, , Powell, Tapas Strickland, Gold Organizations: China, Federal Reserve, Nikkei, Equity, Rabobank, Bloomberg, Treasury, Australia, Brent Locations: SINGAPORE, China, Singapore, Asia, Hong Kong, Beijing
Billions of dollars have been wiped off the market value of China's internet giants as Beijing steps up scrutiny over its tech companies — but one fund manager sees opportunity in stocks like Alibaba and Tencent. He says it's time to "start scaling in."
Locations: Beijing
An employee works at a packaging line for chicken vaccine at Ringpu Biotech in Tianjin, China, September 8, 2021. The robot's Tianjin-based maker has received tax breaks and government-guaranteed loans to build products that modernise China's vast factory sector and advance its technological expertise. The share of strategic industries in Tianjin's factory output will also rise to 40%, Yin said, from 26.1% last year. Additionally, the trade war with the United States and Washington's tech curbs exposed China's lack of high-tech know-how, hardening Beijing's resolve to speed up innovation. 'SENSE OF CRISIS'Manufacturing's share of China's GDP fell to 26.2% in 2020 from 32.5% in 2006, while the services sector has lifted its contribution to 54.5% from 41.8%, according to the World Bank.
Persons: Tingshu Wang, Ren Zhiyong, Ren, Yin Jihui, outlays, Yin, ACHILLES, Hongbin, Fu Xubin, Xinquan, Kevin Yao, Sam Holmes Organizations: Ringpu Biotech, REUTERS, Tianjin Langyu, Reuters, Tianjin Industry, Information Technology Bureau, Sino, HSBC, World Bank, Officials, Reuters Graphics, China Institute, WTO Studies, University of International Business, Thomson Locations: Tianjin, China, TIANJIN, China's, U.S, United States, Beijing
BEIJING, Sept 22 (Reuters) - Chinese auto-chip startup Black Sesame Technologies said on Wednesday that it had raised "hundreds of millions of dollars" from Xiaomi Corp (1810.HK) and other investors as China accelerates development of its semiconductor industry. Black Sesame Technologies said its valuation is now near $2 billion. Reporting by Yilei Sun and Brenda Goh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Yilei Sun, Brenda Goh, Muralikumar Organizations: Sesame Technologies, Xiaomi Corp, HK, Thomson Locations: BEIJING, China
An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. read moreSingapore-traded FTSE China futures are about 2% below Friday's closing level. S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. Evergrande - as expected - missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reported on Tuesday. Brent crude futures were last up 0.4% at $74.64 a barrel and U.S. crude rose 0.4% to $70.75.
Persons: Thomas Peter, Lehman, Powell, Tapas Strickland, Gold, Tom Westbrook, Richard Pullin Organizations: REUTERS, China, Federal Reserve, Nikkei, Equity, Rabobank, Bloomberg, Treasury, Australia, Brent, Thomson Locations: Beijing, China, SINGAPORE, Singapore, Asia, Hong Kong
Hong Kong (CNN Business) It's been nearly two years since Norris Fong has seen his family back in his native Singapore. Like many Asian countries , Hong Kong has embraced a "zero Covid" strategy, placing emphasis on social distancing, limiting travel and shutting most non-residents out. No end in sightBut for many in Hong Kong, the grass is still greener on the other side of the South China Sea. Reopening to the mainland has been crucial for businesses who view Hong Kong as a gateway to the vast market there. In some cases, the quarantine restrictions in Hong Kong have sped up the decisions for job-seekers to head to Singapore, said Dass.
Persons: It's, Norris Fong, he's, Fong, Fong isn't, weren't, Frederik Gollob, Gollob, Carrie Lam, Edward Yau, Yau, Let's, Hong, Jaya Dass, Motley, TikTok, Alexander von zur Muehlen, Dass, Carlotta Dotto Organizations: CNN, Versace, of Commerce, CNN Business, Hong, European Chamber of Commerce, Asia Pacific, Hong Kong Commerce, Malaysia, Basel, headhunters, American Chamber of Commerce, New York Times, Facebook, Netflix, Citi, Banks, Singapore . Deutsche Bank DB Locations: Hong Kong, Singapore, Beijing, Sands, South China, Central , Hong Kong, Hong Kong Hong Kong, China, Macao, Macau, Malaysia, Randstad, Asia, Seoul, Southeast Asia
COVID-19 sends northern Chinese city into semi-shutdown
  + stars: | 2021-09-22 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Jason LeeBEIJING, Sept 22 (Reuters) - China's northeastern city of Harbin, population 10 million, went into semi-shutdown after reporting new locally transmitted COVID-19 cases for the first time since early February. Three of 16 new local cases reported in China for Sept. 21 were in Harbin, the provincial capital of Heilongjiang, the National Health Commission (NHC) said on Wednesday. Indoors venues such as cinemas, gyms and mah-jong parlours were also shut, and tourist sites were ordered to limit visitor traffic at half of their capacity, state television reported on Tuesday. It was unclear if the three new Harbin cases were linked to the current outbreak in the eastern province of Fujian. Zhangzhou has told local authorities to tighten approval for foreigners seeking to enter the city.
Persons: Jason Lee BEIJING, jong parlours, Sun Chunlan, Sun, Zhangzhou, Roxanne Liu, Ryan Woo, Michael Perry Organizations: REUTERS, National Health Commission, NHC, Fujian Daily, Thomson Locations: Harbin, Heilongjiang province, China, Heilongjiang, Fujian, Philippines, Guangzhou, Harbin . Bayan, Xiamen, Putian, Quanzhou, Zhangzhou
The Genomic Map of Poland's concerns stem from questions over how Polish genomic data may be used that relate to national security, said Marek Figlerowicz, a Professor at the Institute of Bioorganic Chemistry at the Polish Academy of Sciences who steers the project. As the technology to sequence genetic data has advanced and become cheaper, Figlerowicz said, the mapping project plans to bring the remaining sequencing in-house. The project wants to ensure Poland has genomic "independence" so it can ensure data security. The European Union, which provided about 65% of the total funding for the Genomic Map, did not respond to a request for comment. BGI uses the pregnant women's genetic data for research into the traits of populations.
Persons: Kacper, Marek Figlerowicz, Figlerowicz, BGI, CEGC, Gene S.A, hasn't, Kirsty Needham, Sara Ledwith Organizations: REUTERS, China's BGI, Reuters, Institute of Bioorganic, Polish Academy of Sciences, U.S . National Security, Artificial Intelligence, Ministry of Foreign Affairs, Europe Genomics, Gene, European Union, Poland's Ministry of Education, Information Processing, People's Liberation Army, PLA, Thomson Locations: Warsaw, Poland, WARSAW, United States, Beijing, Bialystok, Europe, Poznan, CEGC, China, Sydney
INSIDE THE CAPITOL: The halls of Congress are not much different from scenes back home. President Joe Biden's sweeping COVID-19 vaccine mandate does not cover lawmakers or their staff members. According to a memo obtained by Insider, each of the 435 House offices can set its own vaccine policies. Don't ask about the vax: One Republican House staffer told Insider that GOP aides didn't talk about their vaccination status for the most part "and consider it a personal decision." Many Republican lawmakers said they're vaccinated but wouldn't impose a mandate: "I am pro-vaccine and anti-mandate," said Sen. John Barrasso of Wyoming.
Persons: Phil Rosen, Sen, Richard Burr, Chris Coons, Chip Somodevilla, Joe Biden's, didn't, Paul Gosar of, John Barrasso of, Ron Johnson of, Ben Cardin, Ben Cardin of Maryland, Don Beyer of Virginia, I've, knuckleheads, Sean Casten, Mitch McConnell, Trump, Donald Trump, Mary Trump, Biden, Vladimir Putin's, haven't, Derrick Johnson, Gabby Petito's, Petito's fiancé, Brian Laundrie, Emmanuel Macron, Tom Lee, Evergrande, hasn't, Cary Organizations: iOS, Android, Republican, Democratic, Aging, Israel's, CNN, New York Times, The Times, Daily, University of Michigan's, Consumers, Democrats, White, Washington Post, Teton County Coroner's, FBI, US, European Union, UN Locations: North Carolina, Delaware, Paul Gosar of Arizona, John Barrasso of Wyoming, Ron Johnson of Wisconsin, Ben Cardin of, Illinois, Washington, Afghanistan, China, Beijing, Vladimir Putin's Russia, Teton County, Grand, France, Australia, European
REUTERS/Carlos Garcia Rawlins/File PhotoWhile concerns about the spillover from a messy collapse roiled markets on Monday, U.S. stocks were flat on Tuesday. Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates. Evergrande missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reported on Tuesday, citing people familiar with the matter. Citigroup Inc subsidiaries serve as trustee and payment agent for a China Evergrande bond that matures in March 2022 and has $83.5 million in interest coming due on Thursday. Mainland China’s stock and bond markets, foreign exchange and commodity futures markets, which were closed Monday and Tuesday for Mid-Autumn Festival, resume trade on Wednesday, but Hong Kong’s financial markets will be closed for a public holiday.
Persons: “ Lehman, Carlos Garcia Rawlins, “ There’s, Evergrande, Gary Gensler, Jerome Powell, , Samy Muaddi, Rowe Price, , Danielle Romero, Apsilos, Hui Ka Yuan Organizations: Reuters, China Evergrande Group, Oasis, Evergrande Group, REUTERS, U.S, Bloomberg, Securities, Exchange Commission, SEC, Fund, HSBC, UBS, UBS Asset Management, Rowe Price Emerging Markets, BNP, Citigroup Inc, Citigroup Locations: HONG KONG, China, Luoyang, U.S, New York, Evergrande, Beijing
A man walks in front of unfinished residential buildings at the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 15, 2021. REUTERS/Carlos Garcia RawlinsWASHINGTON, Sept 21 (Reuters) - The International Monetary Fund on Tuesday said it is closely following developments surrounding China Evergrande Group (3333.HK), but believes Beijing has the tools to prevent the situation from turning into a systemic crisis. IMF chief economist Gita Gopinath told Reuters the real estate sector was a big part of China's economy, and China Evergrande's potential default could have implications for China's economic activity and financial stability. "We are following the developments in China very closely," Gopinath said, underscoring the need for regulatory reforms to address the heavily leveraged property sector. "We still believe that China has the tools and the policy space to prevent this turning into a systemic crisis."
Persons: Carlos Garcia Rawlins WASHINGTON, Gita Gopinath, Gopinath, Andrea Shalal, Leslie Adler Organizations: Evergrande Group, REUTERS, Monetary Fund, China Evergrande, HK, IMF, Reuters, Thomson Locations: Luoyang, China, Beijing
MSCI’s gauge of stocks across the globe edged up 0.13%, following Monday’s biggest percentage drop in two months. The Cboe Volatility Index fell 1.35 points to 24.36 after hitting a four-month high a day earlier. In currency trading, the dollar index fell 0.012%, with the euro down 0.03% to $1.1722. Benchmark 10-year U.S. Treasury notes last fell 5/32 in price to yield 1.3243%, from 1.309% late on Monday. U.S. crude settled up 0.4% at $70.56 per barrel and Brent settled at $74.36, up 0.6% on the day.
Persons: Wall, DAX, China Evergrande, Price, , Chuck Carlson, , Germany’s DAX, Justin Trudeau’s, Edward Moya, Brent Organizations: China, Horizon Investment, Dow Jones, Nasdaq, Federal, Treasury Locations: U.S, Britain, Japan, Europe, Evergrande, Beijing, Hammond , Indiana, Central, United States, New York
(Corrects headline to say yields moved higher) By Herbert Lash NEW YORK, Sept 21 - Longer-dated U.S. Treasury yields edged higher on Tuesday after an auction of 20-year bonds was well received and investors waited for the end of this week's Federal Reserve meeting that may shed light on when its massive purchase of government debt will begin to ease. The yield on the benchmark 10-year Treasury note rose 1.4 basis points to 1.323%, while yields on 20-year Treasuries narrowed, up 0.7 basis points. A steady reduction, spread out over several quarters, would likely minimize any disruption to the financial markets. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at 110.5 basis points. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was unchanged at 0.216%.
Persons: Herbert Lash NEW, Kim Rupert, Rupert said, Guy LeBas, LeBas, John Vail, Herbert Lash, Stefano Rebaudo, Lisa Shumaker, Barbara Lewis Organizations: Treasury, Reserve, Economics, China Evergrande Group, Analysts, Janney Capital Management, Nikko Asset Management, U.S, Securities Locations: Beijing, U.S, New York, London
European indexes rose solidly while Wall Street’s main gauges were gaining in afternoon trade. “There are still issues that the market is dealing with,” said David Joy, chief market strategist at Ameriprise Financial in Boston. The Cboe Volatility Index retreated after hitting a four-month high a day earlier, last down 2.25 points to 23.46. The pan-European STOXX 600 index rose 1%, with Germany’s DAX rising 1.4%. In currency trading, the dollar index fell 0.053%, with the euro up 0.02% to $1.1727.
Persons: DAX, Price, , David Joy, Germany’s DAX, Justin Trudeau’s, Edward Moya, Brent Organizations: U.S ., China, Financial, Dow Jones, Nasdaq, Federal Locations: Britain, Japan, Evergrande, Beijing, Boston, Central, United States, New York
MSCI’s gauge of stocks across the globe gained 0.19%, following Monday’s biggest percentage drop in two months. European indexes rose solidly while Wall Street vacillated in early trade. The pan-European STOXX 600 index rose 0.74%, with Germany’s DAX up 1.3%. Canada’s main stock index gained as Prime Minister Justin Trudeau’s limited victory in the federal election raised hopes that his government would keep the stimulus taps open. In currencies, the dollar index rose 0.025%, with the euro down 0.03% at $1.1721.
Persons: Germany’s DAX, Price, , David Joy, Justin Trudeau’s, Stephen Miller, Brent Organizations: U.S ., China, Financial, Dow Jones, Nasdaq, Federal, Treasury Locations: U.S, Europe, Britain, Japan, Evergrande, Beijing, Boston, Central, United States, .
The yield on the benchmark 10-year Treasury note was up 0.8 basis points to 1.318% in morning trade. A steady reduction, spread out over several quarters, would likely minimize any disruption to the financial markets. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at 110.4 basis points. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.6 basis points at 0.210%. The 10-year TIPS breakeven rate was last at 2.305%, indicating the market sees inflation averaging about 2.31% a year for the next decade.
Persons: Herbert Lash NEW, Guy LeBas, LeBas, John Vail, Herbert Lash, Stefano Rebaudo, Lisa Shumaker Organizations: Treasury, Reserve, China Evergrande Group, Analysts, Janney Capital Management, Nikko Asset Management, U.S, Securities Locations: Beijing, U.S, New York, London
Investors pointed to the broadly positive market backdrop with central bank money-printing and the recovery in the world economy post-pandemic as reasons to stay bullish. MSCI’s index of world stocks edged up 0.14%, having plunged 1.6% on Monday. Evergrande shares fell 0.4% as focus now shifts to Thursday when the company is due to make bond interest payments. The OECD said it was too early for governments and central banks to withdraw exceptional support for their economies. Central banks will likely be watching gas price moves, with sharp price increases possibly exacerbating inflation risks and hurting the economic recovery.
Persons: , , Angelo Meda, Hong, Evergrande, Hui Ka Yuan, Stephen Miller Organizations: Wall, Nasdaq, SIM, Japan’s Nikkei, BHP, Rio Tinto, Fed, Treasury, OECD, Brent Locations: Britain, Japan, U.S, Milan, China’s, Beijing, United States, Norway, South Africa, Sweden, Switzerland
With Monday’s selloff in global markets largely blamed on option-driven flows in an environment of poor market liquidity, some investors perceived it as an opportunity to engage in “buy the dip” trades. A JP Morgan weekly investor survey found that 61% of survey respondents planned to increase equity market exposure. A BOfa survey last week found investor positioning in equities among its private clients was near record highs. The Swiss franc edged higher to 1.0869 per euro, but was still near Monday’s peak of 1.08750. Smaller rival ether rebounded more than 3% to $3,076, after dipping to $2,803.20, also a first since Aug. 6.
Persons: China Evergrande, Monday’s, JP Morgan, , Charalambos Pissouros, selloff, Cryptocurrencies Organizations: U.S, Swiss, China, Group, Financial, JFD Group, Reserve Locations: China, Norwegian, Beijing, Swiss
HONG KONG—China’s high-profile crackdowns on property developers, technology firms and other private enterprises are starting to weigh on business activity and add to financial risks in the country, raising the potential that Beijing’s campaigns could harm the broader economy. Over the past year, China has taken numerous regulatory actions, including fines and other penalties, affecting a range of industries as it tries to reduce inequality, rein in excessive debt and force businesses to hew more closely to the Communist Party line. Beijing officials signaled that the country’s strong recovery from Covid-19 provided a window of opportunity to act, enabling them to tackle social and economic imbalances without derailing its overall growth trajectory.
Organizations: Communist Party Locations: HONG KONG, China, Beijing, Covid
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