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☆ Bank of China starts nationwide move to reduce salary gap among employees, manager levels -sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

A man rides his bicycle across the street under the Guomao bridge at the Central Business District in Beijing, China, October 19, 2015. Bank of China didn't immediately reply to a Reuters' request for comment. The move follows pay cuts being made at investment banks such as China International Capital Corp (CICC) (3908.HK). Two of the sources said the bank had finished implementing the plan at its headquarters in the first half of the year. A third source said the bank's Shanghai branch staff last week received notice that the bank would be reducing pay gaps there.

Persons: Jason Lee, Xi Jinping, Bank of China didn't, Ziyi Tang, Rong Ma, Ryan Woo, Hugh Lawson Organizations: Central Business District, REUTERS, Bank of China Ltd, Communist Party, Bank of, China International Capital Corp, HK, of, Central Commission, Inspection, Shanghai, Thomson Locations: Beijing, China, BEIJING, Bank of China, of China, Shanghai

☆ China condemns visit of 'troublemaker' Taiwan VP to US
▼ + stars: | 2023-08-13 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

China, which claims democratically governed Taiwan as its own territory, has repeatedly denounced Lai's trip, which includes another stopover in San Francisco on Wednesday on his way back to Taipei. In a statement issued shortly after Lai landed in New York on a scheduled flight from Taipei, China's foreign ministry said it opposed any form of visit by "Taiwan independence separatists" to the United States. "Lai stubbornly adheres to the separatist position of Taiwan independence and is a troublemaker through and through," the ministry said. China has stepped up its military activities around Taiwan over the past three years, seeking to force the island into accepting Beijing's sovereignty. In April, China staged war games around Taiwan in an angry response to Taiwan President Tsai Ing-wen meeting U.S. House Speaker Kevin McCarthy in California on a stopover on the way back to Taipei following her visit to Central America.

Persons: William Lai, Carlos Garcia Rawlins, Lai, Lai's, Washington's, Laura Rosenberger, Wang Yi, Joe Biden, Xi Jinping, Tsai Ing, Kevin McCarthy, Ryan Woo, Yimou Lee, Ben Blanchard, William Mallard, Jamie Freed Organizations: Taoyuan International Airport, REUTERS, Carlos Garcia Rawlins BEIJING, Taiwan, U.S, American Institute, Eastern Theatre Command, Liberation Army, Chinese Foreign, Central America, Thomson Locations: Taoyuan, United States, New York, Paraguay, Taiwan, U.S, Beijing, China, San Francisco, Taipei, Taiwan Strait, Washington, California, Central

☆ China asks Philippines to jointly work on defusing South China Sea tensions
▼ + stars: | 2023-08-12 | by ( ) www.cnbc.com time to read: +1 min

Chinese Foreign Minister Wang Yi urged the Philippines to work with China to seek an effective way to defuse tensions in the South China Sea, the official Xinhua news agency said on Saturday. The comments come amid rising tensions between the two countries over the location of a grounded warship that serves as a military outpost in the South China Sea. The comments were made by Wang during a visit to Singapore and Malaysia which took place on Thursday and Friday, said Xinhua. The Philippines won an international arbitration award in 2016 against China's claim over almost all of the South China Sea, after a tribunal ruled Beijing's sweeping claim had no legal basis, including at the Second Thomas Shoal. China, which does not recognize the ruling, has built militarized, man-made islands in the South China Sea and its claim of historic sovereignty overlaps with the EEZs of the Philippines, Vietnam, Malaysia, Brunei and Indonesia.

Persons: Wang Yi, Wang, Thomas Organizations: Xinhua, Philippines, China's Locations: Philippines, China, South China, Singapore, Malaysia, Xinhua, Philippine, Sierra, Thomas Shoal . China, South, Vietnam, Brunei, Indonesia

☆ China's economy is showing signs of serious trouble — and the problems are still mounting
▼ + stars: | 2023-08-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +9 min

Deflation — the trend of prices falling throughout the economy — presents a particularly dangerous trajectory for China, which carries a massive amount of debt. The main components of GDP on the demand side — consumption, investment, net exports — they all have serious problems right now." A shaky property marketMost of China's economic troubles tie directly into its property market. Roughly a quarter of China's population works in agriculture — well above the 3% mark in the US — and that presents its own productivity limitations. From an unstable, debt-ridden property market to anti-business policies and demographic issues, Beijing has plenty to tackle if it hopes to match the same growth as decades past.

Persons: David Dollar, Biden, Dexter Roberts, Roberts, Terry Group, it's, Xi Jinping Organizations: Service, China's National Bureau of Statistics, People's Bank of, Federal Reserve, Brookings, Bloomberg, JPMorgan, Financial Times, China's, Global, US Census Bureau, Atlantic Council, Communist Party, Garden Holdings, Beike Research Institute, Terry Locations: Beijing, Wall, Silicon, China, People's Bank of China, China's US, Western, Russia, Asia, Ukraine, Mexico, China cratered, Rocky

☆ Big tech losses sink Nasdaq, S&P as US Treasury yields rise
▼ + stars: | 2023-08-11 | by ( David French | ) www.reuters.com time to read: +5 min

It was the first time in 2023 that the Nasdaq fell for two straight weeks. The S&P 500 ended the week down 0.3%, with the Nasdaq 1.9% lower. Yield on the two-year U.S. Treasury note , that moves in line with near-term interest rate expectations, climbed to 4.88%. REUTERS/Brendan McDermid//File PhotoMegacap growth and technology stocks have led outsized gains this year in the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX). The S&P 500 posted 4 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 52 new highs and 169 new lows.

Persons: Refinitiv, We've, Jason Betz, Brendan McDermid, Ameriprise's Betz, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Vinay Dwivedi, David Gregorio Our Organizations: Treasury, Nasdaq, Dow Jones, Federal Reserve, Ameriprise, Inc, Microsoft, Nvidia, Traders, New York Stock Exchange, REUTERS, International Energy Agency . Occidental Petroleum Corp, U.S, News Corp, Thomson Locations: U.S, New York City, JD.com, Bengaluru, New York

☆ Nasdaq, S&P end lower as rising US Treasury yields sink big tech
▼ + stars: | 2023-08-11 | by ( David French | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. It was the first time this year that the Nasdaq notched two weekly losses in a row. Megacap growth and technology stocks have led outsized gains this year in the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX). According to preliminary data, the S&P 500 (.SPX) lost 4.52 points, or 0.10%, to end at 4,464.31 points, while the Nasdaq Composite (.IXIC) lost 73.83 points, or 0.54%, to 13,647.20. The energy sector's increase was aided by crude prices rising on forecasts for tightening supplies from the International Energy Agency.

Persons: Brendan McDermid, Refinitiv, We've, Jason Betz, Ameriprise's Betz, Rupert Murdoch, JD.com, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Treasury, Nasdaq, Federal Reserve, Ameriprise, Microsoft, Nvidia, Dow Jones, University of Michigan, International Energy Agency . Occidental Petroleum Corp, U.S, News Corp, Thomson Locations: New York City, U.S, Bengaluru, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. The drop in megacap growth and technology stocks, which have led outsized gains this year, has put the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX) on track to end lower for a second straight week. Declining issues outnumbered advancers by a 1.10-to-1 ratio on the NYSE and a 1.49-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and three new lows, while the Nasdaq recorded 34 new highs and 131 new lows.

Persons: Brendan McDermid, Refinitiv, David Russell, Russell, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal Reserve, Nvidia, Microsoft, Benchmark, Dow Jones, University of Michigan, News Corp, NYSE, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

REUTERS/Brendan McDermid//File PhotoSummaryCompanies US-listed China stocks fall as stimulus measures disappointFutures mixed: Dow up 0.02%, S&P down 0.06%, Nasdaq down 0.16%Aug 11 (Reuters) - U.S. stock index futures were subdued on Friday as investors awaited producer prices data that could offer more clarity on the Federal Reserve's rate hike path. Investors are now focused on the producer prices data due at 8:30 a.m ET that will offer more insight into inflation in the world's largest economy. U.S. Labor Department's producer price index (PPI) for final demand, is expected to rise 0.2% in July, after growing 0.1% in June. "This (PPI) data set is something of a crystal ball for consumer price inflation; when producers charge more for goods the higher costs are usually passed on to households." "Higher yields incentivize investors to park their cash in the safety of bonds, and therefore decreases demand for risky plays like equities."

Persons: Brendan McDermid, Russ Mould, AJ Bell, Marios Hadjikyriacos, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Benchmark, Labor, PPI, Dow e, Nvidia, Treasury, XM, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ Microsoft's role in data breach part of US cyber inquiry -Bloomberg News
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

A Microsoft logo is seen in Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson/File PhotoCompanies Microsoft Corp FollowAug 10 (Reuters) - A U.S. cybersecurity advisory panel will investigate risks in cloud computing that will also include Microsoft Corp's (MSFT.O) role in the recent breach of government department email systems by suspected Chinese hackers, Bloomberg News reported on Thursday. That access was used to spy on the communications of U.S. Commerce Secretary Gina Raimondo and senior State Department diplomats. The U.S. House of Representatives Oversight Committee last week said it was opening an investigation into China's suspected involvement in recent breaches of Commerce and State department email systems. Reporting by Gokul Pisharody in Bengaluru; Editing by Himani Sarkar and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucy Nicholson, Ron Wyden, Gina Raimondo, CISA, Gokul, Himani Sarkar, Jamie Freed Organizations: Microsoft, Los Angeles , California U.S, REUTERS, Bloomberg, Federal Trade Commission, Infrastructure Security Agency, Justice Department, U.S . Commerce, State Department, U.S . House, Commerce, Thomson Locations: Los Angeles , California, U.S, Oregon, Bengaluru

☆ Taiwan steeling itself for Chinese drills over VP's US visit
▼ + stars: | 2023-08-11 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

The United States has described the stopovers as routine and no reason for China to take "provocative" action. Neither Taiwan nor the United States have given details of Lai's schedule on his stopovers. That includes the prospect of a visit to the United States by Chinese Foreign Minister Wang Yi, which could pave the way for a meeting between U.S. President Joe Biden and Chinese President Xi Jinping. Taiwan believes the scale of the exercises could be smaller than those in April, the Taiwanese official said. Chinese state television this month ran an eight-part series on the People's Liberation Army, some of which focused on Taiwan.

Persons: William Lai's stopovers, Lai, Tsai Ing, Kevin McCarthy, Biden, Wang Yi, Joe Biden, Xi Jinping, China, Jeff Liu, Yimou Lee, Ben Blanchard, Liz Lee, Michael Martina, Robert Birsel Organizations: United, House, Taiwan Affairs Office, People's Liberation Army, China's Eastern Theatre Command, Reuters, Chinese Foreign, American Institute, The U.S . State Department, Thomson Locations: TAIPEI, China, Taiwan, United States, U.S, Beijing, Los Angeles, Taiwan Strait, New York, Paraguay, San Francisco, stoke, Virginia, The, Taipei, Washington

☆ Country Garden is set to pay its chairperson $28 million in dividends. Bondholders are now eyeing her huge $5.3 billion fortune to help the struggling property developer.
▼ + stars: | 2023-08-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. On Friday, Yang could receive $28 million in dividends from her personal stake in Country Garden's services unit, according to Bloomberg calculations. Most of her wealth comes from a 52.60% stake in Country Garden Holdings, Insider previously reported. Country Garden did not respond to a request for comment from Insider. Hong Kong-listed Country Garden Holdings shares are down 6% to 98 Hong Kong cents apiece at last check.

Persons: Yang Huiyan, Yeung Kwok, Yang Guoqiang —, Yang, Hui Ka Yan, JPMorgan Chase, Iris Chen, Chen Organizations: Bloomberg, Service, Garden Holdings, Hong, JPMorgan, Nomura, . Locations: Wall, Silicon, Beijing, Hong Kong, . Hong Kong

☆ Philippines says refurbishing grounded ship an option to strengthen hold on disputed shoal
▼ + stars: | 2023-08-11 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

[1/2] A Philippine flag flutters onboard the BRP Sierra Madre, a marooned transport ship which Philippine Marines used as a military outpost, in the disputed Second Thomas Shoal, part of the Spratly Islands in the South China Sea March 30, 2014. REUTERS/Erik De Castro/File PhotoPUERTO PRINCESA, Philippines Aug 11 (Reuters) - The Philippines is looking at several options to strengthen its hold on the disputed Second Thomas Shoal in the South China Sea including refurbishing a grounded and rusting warship it uses as a military outpost, a move that would likely anger Beijing. The Philippines intentionally grounded the World War Two-era warship Sierra Madre in 1999 as part of its sovereignty claim to the Second Thomas Shoal, which lies within its exclusive economic zone, and rotates a handful of troops through the ship. China has urged the Philippines to fulfill a "promise" to tow away the grounded vessel, but Manila denied striking any agreement to abandon the shoal, which it calls Ayungin. The Philippines won an international arbitration award in 2016 against China's South China Sea sovereignty claim, after a tribunal ruled Beijing's sweeping claim had no legal basis, including at the Second Thomas Shoal.

Persons: Thomas Shoal, Erik De Castro, Alberto Carlos, Romeo Brawner, Thomas, Ayungin, Carlos, Ramsey Gutierrez, Gutierrez, Karen Lema, Michael Perry Organizations: flutters, BRP, BRP Sierra Madre, Philippine Marines, REUTERS, Philippine Western Command, Chinese Coast Guard, Philippines, China's, Thomson Locations: BRP Sierra, Spratly, South, PRINCESA, Philippines, South China, Beijing, Sierra, China, Manila, Japan, France, South Korea, United States, Philippine, Thomas Shoal . China, Vietnam, Malaysia, Brunei, Indonesia

☆ With eyes on Taiwan, new China ban shows the U.S. may be learning lessons from mistakes with Russia
▼ + stars: | 2023-08-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +7 min

Analysts said the U.S. was making such moves with an eye on rising tensions over Taiwan, given that the potential fallout from a conflict between China and Taiwan would be "unimaginable." Yurchenko, who spoke to CNBC ahead of the Wednesday announcement, dubbed the scale of the risks regarding Taiwan as "unimaginable." Beijing, meanwhile, has called for "reunification" with Taiwan, last year describing its status in a white paper as an "unalterable" part of China. watch nowElina Ribakova, senior fellow at the Peterson Institute for International Economics, said that China was watching the West's approach to Russia closely. Western sanctions against Moscow keep coming, almost 1½ years after Russian forces crossed Ukraine's borders.

Persons: Drew Angerer, Joe Biden, Olena, it's, Olena Yurchenko, Yurchenko, Kyle Bass, Xi Jinping, Biden, Ukraine's Yurchenko, they've, Elina Ribakova, Ribakova, Daniel Ferrie, I'm Organizations: Getty, Wednesday, Foreign Ministry, Economic Security, of, of Ukraine, CNBC, Peterson Institute for International Economics, Moscow, Ukraine, European, European Union, Hayman Capital Locations: China, disassociation, Beijing, U.S, Russia, Taiwan, United States, Washington, of Ukraine, India, Taiwan Strait, Ukraine, Ukraine's, Moscow

☆ US cyber body to review cloud computing safety, Microsoft breach
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

A man types into a keyboard during the Def Con hacker convention in Las Vegas, Nevada, U.S. on July 29, 2017. REUTERS/Steve Marcus/File PhotoWASHINGTON, Aug 11 (Reuters) - A U.S. cyber safety body will review issues relating to cloud-based identity and authentication infrastructure that will include an assessment of a recent Microsoft (MSFT.O) breach that led to the theft of emails from U.S. government agencies, the Department of Homeland Security (DHS) said on Friday. The review by the Cyber Safety Review Board will look at the malicious targeting of cloud computing environments, the DHS said in a statement. Senator Ron Wyden in July asked the Federal Trade Commission, the Cybersecurity and Infrastructure Security Agency and the Justice Department to "take action" against Microsoft following the hack. The Cyber Safety Review Board's review will provide recommendations to help organizations protect against malicious access to cloud-based accounts , DHS said.

Persons: Steve Marcus, Alejandro Mayorkas, Ron Wyden, Jasper Ward, Ismail Shakil, Jonathan Oatis Organizations: Def Con, REUTERS, Microsoft, Department of Homeland Security, DHS, Federal Trade Commission, Infrastructure Security Agency, Justice Department, Thomson Locations: Las Vegas , Nevada, U.S, Washington, Ottawa

A Baidu search for the question "should China be more responsible for climate change? ", or variations of it, did not produce any articles critical of China's climate policy in the first few dozen results. Instead, the results, many from state media outlets, focused on China's leadership in the fight against climate change and calls for developed countries to take more responsibility. China's foreign ministry did not immediately respond to a request for comment on this story, but government spokespeople have long defended China's record on climate change and press freedom. Despite the extreme weather, China has reinforced its message about energy security rather than climate change in recent months, said CREA's lead analyst, Lauri Myllyvirta.

Persons: Doksuri, Tingshu Wang, Li Shuo, We're, Su, Fang Kecheng, Pan Zhongdang, Xi Jinping, Li, Lauri Myllyvirta, David Stanway, Barbara Lewis Organizations: REUTERS, Greenpeace, Weibo, Baidu, Chinese University of Hong, Communications, University of Wisconsin, Environmental Studies, New, Centre for Research, Energy, Clean, Thomson Locations: Zhuozhou, Hebei province, China, BEIJING, Beijing, Hebei, Chinese University of Hong Kong, United States, Madison, New York, Shanghai Campus, Shanghai

☆ Tech investors face 'new era' of China restrictions after Biden order limits funding in A.I., chips
▼ + stars: | 2023-08-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

The Biden administration's executive order restricting U.S. private equity and venture capital investments in Chinese technology finally landed on Wednesday. For U.S. tech investors who'd already grown wary of the budding cross-Pacific rivalry, the ruling is the clearest signal yet that the world's second-biggest economy is off limits. Biden is specifically targeting investments in technologies like semiconductors, quantum computing and artificial intelligence on concern that China's advancements in those areas run counter to U.S. national security interests. U.S. investors have been steadily retreating from China due to a combination of a weakening economy and the fraught geopolitical environment. "Most investors want to avoid being seen as acting against U.S. national security interests."

Persons: Joe Biden, Biden, We've, Elena McGovern, Neil Shen helming, Eric Reiner, Adam Hickey, Mayer Brown, Steve Sarracino, that's, Activant, There's Organizations: Biden, Capstone, Chinese Communist Party, Sequoia Capital, Sequoia, Vine Ventures, Justice Department's, who's, U.S, Activant, Investors Locations: Belen , New Mexico, U.S, China, Sequoia China, Israel, Latin America, Germany, South Africa, The U.S, ByteDance

"The situation is already very bad for dollar-based funds to invest in China's tech sector. There isn't much room for things to get worse," said Beijing-based China Growth Capital partner Wayne Shiong. Biden's move will likely make China-focussed venture capital firms feel more urgency to raise yuan funds from Chinese investors, he said. In response to Biden's executive order, China's commerce ministry said it was "gravely concerned" and reserved the right to take countermeasures. But the executive order is barely going to do anything, and China escalating would risk turning a molehill into a mountain."

Persons: Florence Lo, Joe Biden's, Donald Trump, Weiheng Chen, Wilson Sonsini, Biden, Chen, Wayne Shiong, Biden's, Yuan, Pan, Trump, Derek Scissors, Kane Wu, Michael Martina, Roxanne Liu, Ziyi Tang, Yantoultra, Sumeet Chatterjee, William Mallard Organizations: REUTERS, U.S, Reuters Graphics Reuters, China Growth Capital, Chinese Academy of Social Sciences, TECH, Hua Hong Semiconductor, Analysts, American Enterprise Institute, Thomson Locations: China, U.S, HONG KONG, WASHINGTON, Beijing, Washington, Shanghai, Hong Kong, Singapore, Bengaluru

☆ Australian journalist held in China writes 'love letter' home
▼ + stars: | 2023-08-10 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

[1/3] Australian journalist Cheng Lei poses for a selfie at an unknown location in this undated handout photograph obtained by Reuters on August 11, 2023. Nicholas Coyle/Handout via REUTERSSYDNEY, Aug 11 (Reuters) - Australian journalist Cheng Lei, detained in China on national security charges, has described how standing in sunlight for just 10 hours a year feels in a "love letter" to her country. Her first public statement since her arrest came in what she called a "love letter to 25 million people" which was dictated to consular staff during a visit and released by her partner. The Australian government has repeatedly raised concerns about her detention, which came as China widened blocks on Australian exports amid a diplomatic dispute that is gradually easing. Albanese on Sunday said the barley decision was positive, but he wanted "other impediments to be removed ... included in that, the detention of the Australians, including Cheng Lei".

Persons: Cheng Lei, Nicholas Coyle, Handout, Cheng, I've, Anthony Albanese, Albanese, Nick Coyle, Lei, Coyle, Penny Wong, Ms Cheng, Wong, Kirsty Needham, John Stonestreet, Stephen Coates Organizations: Reuters, REUTERS SYDNEY, Sunday, China - Australia Business Council, Thomson Locations: Australian, China, Beijing, Canberra, Australia

☆ Falling prices in China could be a blessing in disguise for the world economy's ongoing fight against inflation
▼ + stars: | 2023-08-09 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

But falling prices there could end up being good news for the rest of the world. However, falling prices there aren't necessarily bad news for everyone else. In China, prices are falling rather than risingData from the National Bureau of Statistics published Wednesday showed China's factory-gate prices, as measured by the producer price index, plunging 4.4% year-on-year in July for a tenth straight month of declines. Falling prices in the world's second-biggest economy could "give central bankers in the US, UK and Europe pause for thought when they weigh up their next steps," according to AJ Bell investment director Russ Mould. So deflation in China might end up being bad news for Beijing – but a blessing in disguise for the rest of the world.

Persons: it's, China's, Hargreaves Lansdow n's, Steve Lansdown, AJ Bell, Russ Mould Organizations: Service, Privacy, Apple, Nike, Federal Reserve, National Bureau, Statistics, Beijing, Bank of England Locations: China, Wall, Silicon, Beijing, West, Saudi Arabia, Russia, Ukrainian

China Coast Guard/Handout via REUTERSMANILA, Aug 9 (Reuters) - Philippine President Ferdinand Marcos Jr on Wednesday denied making an agreement with China to remove a grounded warship that serves as a military outpost in South China Sea, and said if there ever were such a deal, it should be considered rescinded. China on Monday accused the Philippines of reneging on a promise made "explicitly" to remove the ship, which was grounded in 1999 to bolster its territorial claims in one of the world's most contested areas. Jonathan Malaya, National Security Council assistant director general, earlier challenged China to produce evidence of the promise. China and the Philippines have been embroiled for years in on-off confrontations at the shoal, the latest on Saturday. China has built militarised, manmade islands in the South China Sea and its claim of historic sovereignty overlaps with the EEZs of the Philippines, Vietnam, Malaysia, Brunei and Indonesia.

Persons: Ferdinand Marcos Jr, Thomas Shoal, I'm, Marcos, Jonathan Malaya, Thomas, Jay Batongbacal, Neil Jerome Morales, Karen Lema, Martin Petty Organizations: Coast Guard, China Coast Guard, REUTERS, National Security Council, Philippines, China, South China, University of the, Thomson Locations: Philippine, REUTERS MANILA, China, South China, Philippines, Sierra, Manila, reneging, China's, Sierra Madre, Malaya, South, Thomas Shoal . China, Vietnam, Malaysia, Brunei, Indonesia, University of the Philippines

☆ China to require all apps to share business details in new oversight push
▼ + stars: | 2023-08-09 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File PhotoHONG KONG, Aug 9 (Reuters) - China will require all mobile app providers in the country to file business details with the government, its information ministry said, marking Beijing's latest effort to keep the industry on a tight leash. The new rule is primarily aimed at combating online fraud but it will impact on all apps in China, he said. Bishop said that in order to comply with the new rules, app developers now must either have a company in China or work with a local publisher. Use of such apps are not allowed in China, but they can be still downloaded from app stores, enabling Chinese to use them when traveling overseas. China already requires mobile games to obtain licences before they launch in the country and it had purged tens of thousands of unlicenced games from various app stores in 2020.

Persons: Thomas Peter, HONG KONG, ，, Rich Bishop, AppInChina, Bishop, Josh Ye, Miyoung Kim, Kim Coghill Organizations: REUTERS, Ministry of Industry, Information Technology, Apple, Facebook, Thomson Locations: Beijing, China, HONG, Shanghai

☆ Taiwan reports second large-scale China air force incursion this week
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoTAIPEI, Aug 9 (Reuters) - Ten Chinese air force aircraft entered Taiwan's air defence zone on Wednesday accompanying five Chinese warships engaged in "combat readiness" patrols, the island's defence ministry said, the second such incursion this week. Those aircraft were acting in coordination with five Chinese warships engaging in "combat readiness" patrols, it said. China staged war games around Taiwan in April after President Tsai Ing-wen returned home from a visit to the United States where she met U.S. House Speaker Kevin McCarthy. Taiwan Vice President William Lai leaves for the United States this week on his way to Paraguay on what is officially only a transit but which has angered China. It was China's "priority" to stop Lai from visiting the United States, Beijing's ambassador to the U.S. said last month.

Persons: Aly, Tsai Ing, Kevin McCarthy, Nancy Pelosi, William Lai, Lai, Taiwan's, Ben Blanchard Organizations: Liberation Army, PLA, REUTERS, U.S, Taiwan, Thomson Locations: China's, Taiwan, Pingtan, Fujian province, China, TAIPEI, Beijing, Taiwan Strait, United States, Taipei, Paraguay

Conservative Party Leadership candidate Michael Chong, addresses crowd at the Conservative Party of Canada's final televised debate in Toronto, Ontario, April 26, 2017. REUTERS/Fred Thornhill/File PhotoAug 9 (Reuters) - Canada said on Wednesday that an opposition Canadian legislator with family in Hong Kong had been targeted in an online disinformation operation and said China most likely played a role. In a statement, the Canadian foreign ministry said the target was Michael Chong, a member of the opposition Conservative party, a frequent critic of China who has drawn Beijing's ire. "While China's role in the information operation is highly probable, unequivocal proof that China ordered and directed the operation is not possible to determine," the statement said. The Globe and Mail newspaper, citing an intelligence report, said in May that China sought information about Chong and his family in China in a likely effort to "make an example" of him.

Persons: Michael Chong, Fred Thornhill, Chong, Kanishka Singh, David Ljunggren, Mark Porter, Matthew Lewis, Andy Sullivan, David Gregorio Our Organizations: Conservative, Conservative Party, REUTERS, Ottawa, Beijing, Globe, Mail, Canadian, Thomson Locations: Toronto , Ontario, Canada, Hong Kong, China, Canada's, Beijing, Washington, Ottawa

Sentiment rebounded in China as the blue chip CSI300 index (.CSI300) turned positive to be up 0.07% after initially losing 0.54%. Australian shares (.AXJO) were up 0.15%, while Japan's Nikkei stock index (.N225) rose 0.29% after early trading up by nearly 0.8%. ANZ predicts China's July consumer price index to come in at minus 0.4% year-on-year. "Weak inflation in China should be a global disinflationary force in goods markets going forward." Minor measures to help property markets have been delivered in the past fortnight, but no broad stimulus has been outlined.

Persons: Kim Kyung, Hoon SYDNEY, Hong, HSI, Mizuho, Brent, Scott Murdoch, Lincoln Organizations: Yen, REUTERS, Federal, Japan's Nikkei, Dow Jones, Nasdaq, Global, ANZ, Thomson Locations: Tokyo, Japan, China, United States, Asia, Pacific, U.S, Sydney

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