Day: October 7, 2023

Nickel miners linked to devastation of Indonesian forests

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Stay informed with free updates Simply sign up to the Mining myFT Digest — delivered directly to your inbox. US carmaker Ford, Brazil’s Vale, China’s Tsingshan and Hong Kong’s Jardine Matheson are invested in Indonesian nickel projects responsible for the clearance of large swaths of some of the world’s most biodiverse forests. New data compiled by environmental group Mighty Earth and its partner Brown Brothers Energy and Environment shows that at least 76,301 hectares — an area the size of New York City — of tropical forests has been cleared…

China’s third-quarter IPOs decline amid efforts by regulator to tighten the pace of fundraising

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There were 91 listings worth 114 billion yuan (US$15.8 billion) recorded in the third quarter, down from 105 listings worth 144.6 billion yuan in the previous quarter, according to reports by local news outlets. In the first nine months of the year, a total of 264 new share listings in mainland China raised 323.6 billion yuan, which marked a 0.33 per cent decline from the number of IPOs in the same period in 2022. Shanghai’s Nasdaq-style Star market was the mainland’s top IPO venue during the past three quarters, with…

As Chinese families cut costs, studying abroad goes on the chopping block

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Many Chinese students studying overseas have encountered similar financial issues. The country’s total cohort of outbound students reached a record high of 703,500 in 2019, but plunged to 450,900 in 2020 before recovering and hitting 662,100 last year, according to data from the Chinese Ministry of Education. The three-year pandemic dealt a heavy blow to the Chinese economy in general, plunging its annual growth from 6.0 per cent in 2019 to the average of 5.2 per cent in the past two years. But small businesses were among those which were…

India must not let conglomerates ‘define its destiny’, warns banker Kotak

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Stay informed with free updates Simply sign up to the Uday Kotak myFT Digest — delivered directly to your inbox. India must not let a handful of conglomerates “define its destiny”, the billionaire who founded one of the nation’s largest banks has warned, as he urged the country to aim for broader growth with many “winners”. The comments by Uday Kotak reflect concerns that a handful of tycoons and storied business houses have come to dominate swaths of the economy in India, which overtook China this year to become the…

India must not let conglomerates ‘define its destiny’, warns billionaire Kotak

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Stay informed with free updates Simply sign up to the Uday Kotak myFT Digest — delivered directly to your inbox. India must not let a handful of conglomerates “define its destiny”, the billionaire who founded one of the nation’s largest banks has warned, as he urged the country to aim for broader growth with many “winners”. The comments by Uday Kotak reflect concerns that a handful of tycoons and storied business houses have come to dominate swaths of the economy in India, which overtook China this year to become the…

China price pressure offers hope of Christmas cheer for western shoppers

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Stay informed with free updates Simply sign up to the Chinese trade myFT Digest — delivered directly to your inbox. China’s manufacturers have cut prices this year as the domestic economy has weakened, potentially bringing some relief to western gift shoppers this Christmas. Slow economic activity and a downturn in the country’s heavily indebted property sector have depressed commodity prices and reduced input costs. Chinese producers have also regained some of the cost advantages they lost to cheaper locations over the past decade, thanks to a depreciation in the renminbi,…

‘It could make China self-sufficient’: new strategic rare metal ore unearthed in Inner Mongolia

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China on Thursday received official confirmation that its geologists had discovered a new type of ore in the world’s largest rare earth deposit, and that it contains niobium, a shiny, light grey metal that is prized in the steel industry for its strength, and also has superconducting properties. The niobium ore – dubbed niobobaotite – has received an official approval number from the International Mineralogical Association’s classification committee, according to the state-owned China National Nuclear Corporation (CNNC). The niobobaotite, which was discovered at the Bayan Obo ore deposit in the…

Quick vision, fast hands: Burmese kite fighters compete in the sky

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On any clear evening, kites can be seen in just about every direction in the skies above the suburbs of Mandalay. People fly kites for the pleasure of seeing the colorful designs. Or they watch for kite fighting – a game where one uses the kite’s string to cut the string of other kites. “I lost six today,” said Ko Paik, who uses his kites for kite fighting. “I beat about 20. More than 20, I guess.” [embedded content] There are more than 10 kite flying teams in Mandalay, Myanmar’s…

China Expels Former Bank of China Chairman From Communist Party

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SHANGHAI —  China’s ruling Communist Party has expelled the former chairman of the state-owned Bank of China from the party, accusing him of illegal activities and taking bribes, the top anti-graft watchdog said Saturday. Liu Liange was accused of illegally granting loans and causing significant financial risks, the Central Commission for Discipline Inspection, or CCDI, said in a statement on its website. He also brought prohibited publications into the country and illegally took bribes and accepted entertainment at private clubs and ski resorts, said the commission, which is responsible for…

Spy games: Why the US-China cold war is heating up in public

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Among recent disclosures, US officials arrested two Navy sailors for allegedly passing classified information to China; reported dozens of Chinese gatecrashers entering US military bases; and sentenced a Chinese former graduate student to eight years in prison for spying on US-based engineers and scientists. Ji Chaoqun, a former graduate student, was convicted of spying for China and sentenced to eight years in prison. Photo: Ji Chaoqun/ Facebook These followed a 2021 FBI announcement that the bureau was opening a new Chinese espionage case every 12 hours as Washington strengthens export…