SHENZHEN, China – China’s strict COVID-19 controls will hamper foreign investment into the country for years to come as limits on travel block the pipeline for projects, the President of the American Chamber of Commerce warned on Tuesday. There are few signs that American companies are leaving the China market, but the years-long process of research and due diligence for projects has been delayed, Michael Hart said at an event launching the chamber’s annual report.…"China’s COVID controls will impact foreign investment for years – U.S. lobby"
– Gold prices fell more than 1% to their lowest in 3-1/2 months on Monday as elevated bond yields and a firmer U.S. dollar dampened bullion demand, even as riskier assets dropped after grim China economic data. A stronger dollar makes gold expensive for overseas buyers, while higher Treasury yields raise the opportunity cost of holding zero-yield bullion. Spot gold was down 0.7% at $1,798.80 per ounce as of 0920 GMT, after hitting its lowest…"Gold prices buckle under pressure from ‘King Dollar’, higher yields"
BEIJING – Trade in China’s thermal coal futures has almost come to a halt, after Beijing stepped up its control of coal prices to rein in the soaring costs of energy and raw materials. The flagship product for Zhengzhou Commodity Exchange (ZCE) has at times seen as many as 1 million lots exchange hands in a day but recorded a turnover of just 27 lots on Monday. That was down 99.9% from a year ago…"China’s thermal coal futures mute as Beijing reins in commodity inflation"
BEIJING – China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns. Crude throughput last month was 51.81 million tonnes, equivalent to 12.61 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday. This compared with 13.8 million bpd in March and 14.09 million bpd…"China’s April oil refinery output plunges to two-year low as COVID curbs bite"
SHANGHAI/BEIJING -Shanghai will gradually begin reopening businesses such as shopping malls and hair salons in China’s financial and manufacturing hub from Monday after weeks in strict COVID-19 lockdown, while Beijing battles a small but stubborn outbreak. All but shut down for more than six weeks, Shanghai is tightening curbs in some areas that it hopes marks a final push in its campaign against the virus, which has infuriated and exhausted residents of China’s largest and…"Shanghai aims to reopen more COVID-shut businesses, Beijing battles on"
BEIJING -China will offer subsidies, tax breaks and easier loans to boost prospects for college graduates, the cabinet said on Friday, as a record number prepare to enter the workforce this year amid downside risks to economic growth stemming from COVID-19 curbs. The subsidies are aimed at small firms, while graduates launching start-ups stand to get tax breaks, easier loan terms and even rent-free premises, the general office of the State Council, or cabinet, said…"China looks to spur job prospects for record number of new graduates"
SARAJEVO – As supply chain disruptions caused by the COVID-19 pandemic, war in Ukraine and lockdowns in China hit Western European markets, Balkan companies are hoping to benefit from their close proximity and low labour costs. Some businesses at a Sarajevo business forum devoted to “near-shoring” – partnerships closer to home as opposed to in markets thousands of miles away – said on Thursday interest from their European partners has been on rise in the…"Balkan companies see ‘near-shoring’ opportunity with global supply woes"
BEIJING -China will not hesitate to introduce new policies to prop up growth, a senior Communist Party official said on Thursday, as the economy feels the pinch of protracted COVID-19 lockdowns. China aims to implement existing policies in the first half of the year and is ready to take new steps when the need arises, Han Wenxiu, deputy head of the party’s office for financial and economic affairs, told a news conference in Beijing. “We…"China to roll out new policies when needed to support economy – party official"
NEW DELHI – Indian tax officials froze $478 million worth of deposits lying in local bank accounts of China’s Xiaomi Corp in February as part of an investigation into alleged tax evasion, according to two sources and a court filing reviewed by . The fund freeze by tax authorities, being reported for the first time by , comes on top of another legal tussle Chinese smartphone giant Xiaomi faces where it has challenged – successfully…"Exclusive-India tax authority froze $478 million of Xiaomi funds in February-sources, document"
UNITED NATIONS – The United States called out China and Russia on Wednesday for opposing further United Nations action on North Korea, warning that the Security Council “cannot stay silent any longer” as Pyongyang prepares for a seventh nuclear test. U.S. Ambassador to the United Nations Linda Thomas-Greenfield, referred to “two council members” whom she said argued that restraint by the council would encourage North Korea “to stop escalating and instead come to the negotiating…"U.S. calls out Russia, China opposition to U.N. action on N.Korea"