China April industrial profits up 14 percent but slowing pace stokes economy worries
Businessam Staff
May 27, 2017
Profits earned by Chinese industrial firms rose 14.0 percent in April from a year earlier, official data showed on Saturday, slowing from March’s pace and adding to concerns that the world’s second-largest economy may be losing steam. Profits in April rose to 572.78 billion yuan ($83.59 billion), the National Bureau of Statistics (NBS) said on […]
China’s reforms not enough to arrest mounting debt: Moody’s
Businessam StaffMay 26, 2017
China’s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody’s said. The comments came two days after Moody’s downgraded China’s sovereign ratings […]
Ballooning Chinese dollar borrowing a dilemma for index trackers
Businessam StaffMay 26, 2017
Record-breaking dollar bond sales from Chinese companies are steadily increasing China’s weight in global indexes, raising concerns about overexposure among investors who track them. Corporates’ rapid move onto offshore bond markets, partly a response to the crackdown on runaway credit growth at home, highlights China’s multi-faceted indebtedness, a growing worry for investors. Overall debt is […]
Venezuela launches fifth forex plan in four years
Businessam StaffMay 24, 2017
Venezuela on Tuesday announced a new foreign exchange auction mechanism to complement its currency control system, the fifth such plan in four years by a socialist government that has repeatedly balked at reforming its state-led economic system. The mechanism, known as New Dicom, will offer dollars within a band determined by the central bank, Economy […]
China set to impose heavy import duties on sugar, as experts question impact
Businessam StaffMay 22, 2017
China said on Monday that it will impose hefty penalties on sugar imports after lobbying by domestic mills, but experts said the ruling may not go far enough to stem the flow of lower-priced sweetener into the world’s top importer. The ruling, which will affect about a third of China’s annual sugar imports, introduces an […]
Despite Reserve Bank’s caution, 2,500 Indians investing in Bitcoins daily
Businessam StaffMay 17, 2017
Despite the Reserve Bank’s call for caution to people against the use of virtual currencies, a domestic Bitcoin exchange today said it is adding over 2,500 users a day and has reached five lakh downloads. Zebpay, an app-absed Bitcoin exchange, said it has had five lakh downloads on the Android operating system and is adding […]
Cruises boom as millions of Chinese take to the seas
Businessam StaffMay 15, 2017
Liu Jing wakes at 7, feeds her 84-year-old mother and two-year-old grandson and then spends the day watching the boy play in the playground, with breaks for meals and his afternoon nap and perhaps a little TV in the evening. That’s not unusual for a Chinese retiree, many of whom play an instrumental role in […]
China’s President Xi says Belt and Road summit reaches consensus, achieves positive outcomes
Businessam StaffMay 15, 2017
China’s first ever Belt and Road summit, held in Beijing over the last two days, has reached a broad consensus and achieved positive outcomes, President Xi Jinping said on Monday. Xi’s signature foreign policy, the Belt and Road initiative, will not base cooperation on ideological grounds but will be open and inclusive, the Chinese president […]