In July 2021, Chinese markets braced for a buzz. Syngenta, the Swiss agritech giant, filed for a $10bn-dollar listing on Shanghai’s STAR Market, a tech-focused stock exchange. It should have been a win-win for China; Syngenta said it would invest some of the new financing into agricultural technology, promising an injection of cash into an important sector. But, more than two years later, Syngenta still hasn’t listed. Beijing insists that China is open for business and that it is committed to supporting the private sector. But a renewed focus on…
Tag: Business
Evergrande founder ‘being investigated for suspected crimes’
The founder of China’s Evergrande is being investigated over suspected “illegal crimes”, the group has said, as creditors become increasingly concerned about the prospects of the world’s most indebted property developer. Evergrande Group, which has more than $300bn in total liabilities, did not say whether Hui Ka Yan was still in a position to run the company, or what crimes he was being investigated for. The news came hours after trading in shares of the company was suspended following a report that Hui had been placed under police surveillance. Evergrande…
Evergrande halts share trading as woes mount for China’ property giant
Embattled Chinese property giant Evergrande has suspended share trading on the Hong Kong stock exchange only a month after it resumed trading after a 17-month suspension. Trading in its two other units – the property services and electric vehicle groups – also stopped at 9am on Thursday, according to notices posted by the stock exchange. The halt in trading comes a day after reports that the chair of Evergrande had been put under police surveillance. Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and…
Chair of China’s Evergrande reportedly put under police surveillance
The chair of China’s Evergrande Group has reportedly been put under police surveillance as another missed bond payment casts further doubt over the future of the world’s most indebted property developer. Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and is being monitored at a designated location, according to Bloomberg. It is not clear why Hui might have been placed under residential surveillance, which falls short of a formal detention or police arrest and does not mean he will be charged with a crime.…
The east German town at the centre of the new ‘gold rush’ … for lithium
It has been called the new gold rush – a rush to catch up with China in producing and refining the materials needed in everything from computers to cars: but has it come too late to save Europe’s car industry? Deep inside a former East German town lies the first fruits of the EU’s grand plan to “de-risk” and wean itself off dependency on imports for the green revolution. In Bitterfeld-Wolfen, 140km south-west of Berlin, an Amsterdam-listed company is scrambling to complete construction of a vast factory that will be…
Evergrande arrests: China police detain staff at property giant’s wealth management arm
Police in China have arrested several employees at a subsidiary of Evergrande, the troubled property giant that is struggling under debts running into the hundreds of billions of dollars. Employees at Evergrande’s financial subsidiary, Evergrande Wealth Management, were arrested, police in the southern city of Shenzhen said in a statement, without specifying the number of employees or the charges against them. Police in the statement also urged the public to report any cases of suspected fraud to the authorities. Evergrande’s enormous debt has contributed to the country’s deepening property market…
Peak China? Jobs, local services and welfare strain under economy’s structural faults
When finding a job feels as unlikely as winning the lottery, playing the actual lottery may seem like a more productive use of time. In the first half of 2023, faced with a struggling economy, Chinese consumers spent 273.9bn yuan ($37bn/£30bn) on lottery tickets, an increase of more than 50% on the same period in 2022. It’s just the latest symptom of an economy in distress. A record high youth unemployment rate of 21.3% in June prompted the government to stop publishing data on the issue – along with other…
Chinese economy out of deflation but faces threat of relapse
China’s consumer price index rebounded in August as the world’s second-largest economy emerged from deflation, official data released on Saturday suggested, despite sluggish domestic consumption that is complicating its post-Covid economic recovery. Last month’s CPI, the main gauge of inflation, rose 0.1% year on year, the national statistics bureau said. China briefly slipped into deflation in July for the first time in more than two years, with prices falling 0.3% year on year. Analysts surveyed by Bloomberg had anticipated a rebound in August of 0.2% year on year. Deflation indicates…
China reportedly extends iPhone ban to more workers as tensions with US rise
China’s government has reportedly expanded its ban of iPhones to local government workers and state-owned companies, a day after it emerged central government employees were forbidden from bringing the devices to work. Several agencies had begun instructing employees not to bring iPhones to work and the ban was expected to be further extended, Bloomberg reported. Nikkei reported at least one state-owned company had told its employees that anyone working with trade secrets could not bring their iPhones, Apple Watches or AirPods into work from next month. The ban on the…
Australia news live: Dutton says opposition ‘won’t be departing’ from net zero, China welcomes PM’s confirmed visit
From 26m ago Paul Karp Dutton says opposition ‘won’t be departing’ from net zero In recent days some in the Nationals have agitated to abandon the commitment to net zero, through a motion to be debated at Nationals conference and comments from frontbencher Barnaby Joyce that the estimated cost of net zero was “utterly untenable”. The opposition leader, Peter Dutton, has just rejected that push, telling Radio National the Coalition “won’t be departing” from net zero. He said: No [it doesn’t concern me], there’s strong support for net zero. It’s…