Business Archives - Page 2 of 39

Li Jianping was executed for a $421 million scam in China’s worst corruption case.

17Dec

By Nectar GanNo Comments

Li Jianping was executed for a $421 million scam in China’s worst corruption case.

In the largest corruption case in China’s history, the Chinese government executed Li Jianping on Tuesday. Jianping, a former official in the Inner Mongolia Autonomous Region, was sentenced to death after being found guilty of embezzling over three billion yuan (approximately $421 million). The execution was ordered by China’s Supreme People’s Court and carried out by a court in Inner Mongolia, according to the Xinhua News Agency. Jianping, 64, had served as secretary of the Communist Party working committee for the Hohhot Economic and Technological Development Zone. His death sentence was initially issued in September 2022 and upheld on appeal in August 2024. Xi Jinping’s anti-corruption driveSince coming to power in 2012, President Xi Jinping has made anti-corruption a key part of

Divided on China: Politicians disagree on luring Chinese foreign direct investment

17Dec

By Nectar GanNo Comments

Divided on China: Politicians disagree on luring Chinese foreign direct investment

When the FY24 Economic Survey presented in July batted for allowing more Chinese investment into India, it was seen as a change in heart following the NDA government’s re-election for a third successive term. However, with trade minister Piyush Goyal quickly clarifying that there was no rethink within the government to support foreign direct investment (FDI) from China, matters died down. However, in recent months, India’s fast-tracking of business visas for Chinese nationals, troop disengagement along the Ladakh border, and statements by senior government functionaries have indicated a renewed deliberation on the future of India’s economic ties with its northern

Despite stimulus, British businesses are pessimistic about doing business in China: Survey

3Dec

By Nectar GanNo Comments

Despite stimulus, British businesses are pessimistic about doing business in China: Survey

British companies operating in China feel that doing business in the world's second-largest economy has become harder over the past year due to sluggish economic conditions and they expect that situation to remain in 2025, a survey found. That is despite China rolling out a series of stimulus measures over the past few months to bolster the $19 trillion economy, the British Chamber of Commerce in China found in its annual sentiment survey released on Tuesday. The findings by the lobby group, based on members' views over September and November, revealed that 58 per cent of companies felt that doing business in China had become more difficult over the past year, with 86 per cent of such firms blaming economic factors. "British businesses continue to face significant headwinds, from...

22Nov

By Nectar GanNo Comments

China: 30-day visa-free travel policy

From November 30, 2024, visa-free stays in China will increase from 15 to 30 days, and nine new countries will be added to the list of nations benefiting from the unilateral visa-free policy. Good news for travelers from the many countries benefiting from China’s unilateral visa-free policy: from November 30, 2024, visa-free stays in China will be extended to 30 days, instead of the current 15. This decision was announced today by Chinese diplomacy, which will take the opportunity to extend the list of countries eligible for this entry facility to 38 nations, and add exchange visits (type “F”) as a purpose of stay authorized without a visa. “In order to further facilitate exchanges between China and foreign countries, China has decided to expand the scope of visa-f

A joint venture between China and Singapore will spend $18 million in BEPZA.

13Nov

By Joanne SerriehNo Comments

A joint venture between China and Singapore will spend $18 million in BEPZA.

Chic Wings (BD) Lingerie Co Limited, a Singapore-China joint venture, will invest $18 million to establish a garment manufacturing plant in the BEPZA Economic Zone (BEPZA EZ). The Bangladesh Export Processing Zones Authority (BEPZA) signed the agreement on November 12, 2024, at the BEPZA Complex in Dhaka.In the presence of BEPZA executive chairman major general Abul Kalam Mohammad Ziaur Rahman, BSP, ndc, psc, member (investment promotion) of BEPZA, Ashraful Kabir and managing director of Chic Wings (BD) Lingerie Co Limited Lijuan Chen signed the agreement on behalf of their respective organisations. Chic Wings (BD) Lingerie Co Limited will produce 30 million pieces of various garments annually, including briefs, undergarments, slips, boxers, shorts, camisoles, bras, and vests. The comp...

Trump has the ability to thwart China’s economic reform initiatives.

9Nov

By Nectar GanNo Comments

Trump has the ability to thwart China’s economic reform initiatives.

China has unveiled new measures aimed at boosting its flagging economy, as it braces for a second Donald Trump presidency. The country plans to tackle tens of billions of dollars of local government debt to prevent it being a drag on growth. Trump won the US election on a platform that promised steep import taxes, including tariffs as high as 60% on Chinese-made goods. His victory is now likely to hinder Xi Jinping’s plans to transform the country into a technology powerhouse – and further strain relations between the world’s two biggest economies. A property slump, rising government debt and unemployment, and low consumption have slowed down Chinese growth since the pandemic. So the stakes are higher than ever for the latest announcement from the Standing Committee of the

Reports that SpaceX ordered suppliers to relocate outside have angered Taiwan.

8Nov

By Joanne SerriehNo Comments

Reports that SpaceX ordered suppliers to relocate outside have angered Taiwan.

Taiwan’s government says it is paying close attention to reports that Elon Musk’s SpaceX asked Taiwanese suppliers to move manufacturing to other countries because of “geopolitical” concerns. Reuters reported on Wednesday that SpaceX’s request to suppliers in Taiwan’s multibillion-dollar industry appeared to have prompted some to shift locations to Vietnam, Thailand and other places. In response, Taiwan’s economic affairs minister, JW Kuo, said the industry was strong and “should be able to cope”, but that the government was monitoring the situation. “There is no such information on its official website, but some foreign media are reporting it, and we are paying close attention to it. I think the supply chain in Taiwan is very strong and it should be able to cope with the

China is preparing for new economic, tech, and Taiwan-related disputes with Trump.

8Nov

By Nectar GanNo Comments

China is preparing for new economic, tech, and Taiwan-related disputes with Trump.

The first time China faced Donald Trump in the White House, there was a trade war, a breach of protocol involving Taiwan’s former leader, and a president-to-president bromance that turned sour. As President-elect Trump prepares to start his second term in office, China is bracing for unpredictability in its ties with the United States and renewed tensions over trade, technology and Taiwan. A new tariff war looms Perhaps the biggest consequence for China — if Trump stays true to his campaign promises — is his threat to slap blanket 60% tariffs on all Chinese exports to the U.S. Tariffs like that would be a blow to China’s already unstable economy, which is suffering from high youth unemployment, a lengthy property slump and government debt. A 60% duty o

Bangladesh increases Adani repayments to prevent a power outage.

5Nov

By Joanne SerriehNo Comments

Bangladesh increases Adani repayments to prevent a power outage.

Bangladesh is ramping up payments to Adani Power after the Indian conglomerate cut electricity supplies by half, reportedly over an unpaid $800m bill. Two senior government officials told the BBC they are already processing partial payments to Adani, which supplies 10% of the electricity used by Bangladesh. “We have addressed payment glitches and already issued a $170 million [£143m] letter of credit to Adani group,” a senior Bangladesh Power Development Board official told the BBC. Adani supplies Bangladesh from its 1600 megawatt coal-fired plant in eastern India. The company hasn't responded to BBC queries about cuts to its supply to Bangladesh, which suffers regular power shortages. Officials say the company has threatened to suspend all supplies if the money owed to it is

Expectations for China’s NPC meeting and important Hang Seng Index levels

1Nov

By Joanne SerriehNo Comments

Expectations for China’s NPC meeting and important Hang Seng Index levels

China’s NPC meeting in focus next weekChina's top legislature, the 14th NPC Standing Committee (NPCSC), will convene for its twelfth session from 4-8 November 2024, the week of the US presidential election. Why is the meeting important?Weak economic conditions have forced Chinese authorities into rescue mode lately, as time is running short for them to meet their 5% gross domestic product (GDP) growth target this year. China’s Q3 GDP pointed to a 4.6% year-on-year expansion, marking the slowest annual growth rate since Q1 2023. The International Monetary Fund (IMF) also projected China’s economy to grow by 4.8% this year, falling short of its 5% target. This seems to raise the pressures for a final year-end push by Chinese authorities, following policymakers’ assertions that they