Boeing agrees to pay $51m over export violations in China and other countries

Boeing said on Thursday it had reached a $51m settlement with the US state department for numerous export violations including Chinese employees in China improperly downloading documents related to US Pentagon programs. The state department said from 2013 through 2017 three Chinese employees at Boeing facilities in China downloaded technical data involving programs including the F-18, F-15 and F-22 fighter jets, the E-3 airborne warning and control system, the AH-64 Apache attack helicopter and the AGM84E cruise missile. Boeing said there were additional unauthorized downloads of technical data at Boeing…

Embattled China property giant Country Garden faces liquidation petition

Country Garden Holdings has said a liquidation petition has been filed against the property developer for non-payment of a loan worth $205m, adding to the woes for China’s liquidity crisis-hit property sector. Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would “resolutely” oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Kingboard Holdings. A court hearing has been set for 17 May. Country Garden’s shares fell more than 12% in early trading on Wednesday. The petition is set…

China needs to do more on ‘silent crisis’ of debt, says World Bank official

China holds the key to speeding up debt relief and ending the “silent crisis” that is holding back attempts to tackle poverty in the world’s poorest countries, a senior World Bank official has said. Ayhan Kose, the Bank’s deputy chief economist, said Beijing needed to be more active in negotiations to provide financial support for those countries already in, or close to, debt distress. Kose said China’s emergence as a significant creditor country over the past 15 years meant it needed to take responsibility for making a post-pandemic debt relief…

‘It’s legalised robbery’: anger grows at China’s struggling shadow banks

Wang Jin felt sure that he could invest in Sichuan Trust, an institution that was part of one of what he describes as the “four pillars” of China’s financial system: banks, securities, insurance and trusts. Promised a return on his investment of 8.3%, he handed over 1.6m yuan (£178,000) in 2019. “The trust had a state licence, so we believed in its integrity,” Wang (not his real name) recalls. Unluckily for him, in May 2020, the company said that it would be unable to repay 20bn yuan of investments. Protests…

Post-Brexit watchdog ‘ready’ to investigate flood of cheaper Chinese electric cars

The head of Britain’s post-Brexit trade watchdog has said it is ready to follow Brussels in launching an investigation into Chinese companies flooding the market for electric cars, but the government has not asked it to do so. Oliver Griffiths, the chief executive of the UK’s Trade Remedies Authority (TRA), which advises the government on trade defence, said it was keeping lines of communication open with ministers and had been in close contact with the car industry. “We’ll be ready to go if anyone does come to us,” he told…

The Guardian view on the digital pound: an impetuous idea with a risky momentum of its own | Editorial

Two years ago, the House of Lords looked into whether the Bank of England should issue digital pounds to be held in electronic wallets. Peers were unconvinced, asking if this wasn’t “a solution in search of a problem”. Last December, MPs on the Treasury select committee said the same thing. The government’s response, however, was to tell the public to prepare for a “Britcoin” to be in use by the end of the decade. Physical money has been around for thousands of years for good reason. Cash is convenient, reliable and…

German firm BASF to pull out of Xinjiang after Uyghur abuse claims

The German chemicals producer BASF has said it will withdraw from its two joint ventures in Xinjiang, after media reports about alleged human rights abuses relating to its partner company, which BASF’s CEO said crossed a red line. In a statement on Friday, BASF said that while “regular due diligence measures including internal and external audits have not found any evidence of human rights violations in the two joint ventures”, the recent reports “indicate activities inconsistent with BASF’s values”. On Monday, a group of politicians from around the world urged…

China has seen a fourth month of falling prices, but will it act to curb deflation?

China’s economy has gone from bad to worse – and it is only February. Figures released on Thursday showed consumer prices fell by 0.8% in January compared with a year earlier, outstripping economists’ expectations and marking the biggest contraction in 15 years. Prices in China have been flat or falling nearly continuously since July. Although the country’s zero-Covid policy was abandoned more than a year ago, consumers are still cautious about spending, both on everyday goods and on property, which has traditionally been the driver of growth in China’s gross…

China consumer prices plunge at fastest rate for 15 years as deflation fears deepen

China’s consumer prices fell at their fastest pace in 15 years in January, as the world’s second-largest economy sank deeper into deflation amid weakening demand. Data released on Thursday showed that China’s consumer price index tumbled last month, falling by 0.8% compared with a year earlier. It marks the fourth consecutive month of declines, as well as the sharpest drop since September 2009, when the global economy was still grappling with aftershocks from the 2008 banking crisis. Food prices were the biggest drag on the headline inflation figure, having fallen…

China’s consumer prices fall at fastest rate in 15 years as economy battles deflation – business live

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