China, HK stocks fall with earnings, US tech restrictions in focus
** At the midday break, the Shanghai Composite index was down 0.52% at 3,363.32 points.
** China's blue-chip CSI300 index was down 0.57%, with its financial sector sub-index lower by 1.31%, the consumer staples sector down 1.04%, the real estate index down 0.61% and the healthcare sub-index down 0.36%.
** In Hong Kong, the Hang Seng Index was down 0.81% at 23,262.80.
** Index heavyweight Alibaba Group lost 5.3% by midday after the e-commerce giant posted quarterly revenue below analysts' estimates on Thursday.
** On the geopolitical front, the U.S. Commerce Department is considering placing more Chinese companies, including ChangXin Memory , on its restricted export list, a person familiar with the matter told Reuters.
** The Bureau of Industry and Security is also looking at adding subsidiaries of Semiconductor Manufacturing International Corporation and Yangtze Memory Technologies Co to the "Entity List", the source said.
** "Market focus has shifted to the U.S.-China competition on other fields, such as semiconductor and healthcare, after the two countries significantly reduced tariffs for each other," said Dickie Wong, executive director of research at Kingston Securities.
** While U.S.-China tariff truce is a positive surprise to the market, a durable resolution remains challenging, given the complex bilateral relationship, Morgan Stanley analysts said in a note, adding sentiment on mainland A-shares edged down this week with lower trading volume.
** The smaller Shenzhen index was up 0.34%, the start-up board ChiNext Composite index was higher by 0.16% and Shanghai's tech-focused STAR50 index was down 0.59%.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.15% while Japan's Nikkei index was down 0.04%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
IndiGo stands ready to resume flights to China: CEO Pieter Elbers
IndiGo CEO Pieter Elbers announced the airline's readiness to resume direct flights between India and China, which were suspended due to the coronavirus pandemic in early 2020. Prior to the suspension, IndiGo operated daily flights from Delhi to Chengdu and Kolkata to Guangzhou. Negotiations between India and China are reportedly in an advanced stage to re-establish these direct air services. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: IndiGo CEO Pieter Elbers on Wednesday said the airline stands ready to resume direct flights between India and Tuesday, people familiar with the matter said India and China are in an "advanced stage" of negotiations to resume direct flights between the two countries said IndiGo operated daily flights between India and China prior to the coronavirus pandemic."The airline stands ready to resume these services as soon as bilateral arrangements between the two countries allow," he said in a statement on also said that guided by its entrepreneurial spirit, the airline remains committed to identifying and pursuing commercially viable was operating daily flights from Delhi to Chengdu till February 6, 2020, and from Kolkata to Guangzhou till February 1, flights were operational between the two countries till early 2020 before getting suspended due to the coronavirus pandemic. Both Indian and Chinese carriers had direct services remained suspended in view of the eastern Ladakh border India also had flights from Delhi to Shanghai, and those were also suspended in early January 27 this year, India and China in principle agreed to resume direct air services between the two countries as part of certain people-centric steps to "stabilise and rebuild" the bilateral ties.
Time of India
2 hours ago
- Time of India
US phone glass maker Corning expands tie-up with Optiemus
NEW DELHI: Top American specialty glass and technology company Corning is expanding its business in India as it ties up with local contract manufacturer Optiemus through a trademark and licensing agreement for screen protectors. The company is also close to starting production of finished cover glass for smartphones in India in a Rs 1,000-crore JV also with Optiemus. The factory is likely to begin production in Dec this year. This will be the first time it will directly supply finished cover glass from India rather than importing it. The customers for the cover glass are likely to include companies, such as Apple, Samsung, and the Chinese makers, who account for a majority of smartphone sales in the country. Ashok Gupta, chairman of Optiemus Infra, said the company will import glass sheets into India for tempered glass and these will be sold in the country under the Rhinotech brand after processing as per Corning's techniques and mandates. The domestic market for tempered glass screen protectors is expected to see annual sales of 400 million pieces this year with an estimated retail value of Rs 20,000 crore. Most of these are currently sold through the unorganised sector after imports from China and Vietnam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mit Yazid: New Container Houses – Take A Look At The Prices! Container homes | Search ads Learn More Undo Sudhir Pillai, MD of Corning in India, said the screen protectors will carry the 'Engineered by Corning' trademark. "We believe that this development will support India's growing need for providing screen protectors for the mobile consumer electronics industry." Sources said govt is concerned over import of "low quality but high revenue" tempered glass into India. "BIS standards for setting quality standards for screen protectors have been announced and will need to be implemented over next few months. This will lead to higher production of tempered glass in India, which is critical as its volumes and turnover have been going up each year," a senior official at IT ministry said. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
The Hindu
2 hours ago
- The Hindu
Africa is challenging China's mining hegemony
Over the past two decades, China has entrenched itself as a dominant actor in Africa's mining sector. But signs are mounting that the tide is beginning to turn. A new wave of resistance, driven by increased scrutiny from African governments as well as civil society activism, is starting to challenge China's long-standing dominance in Africa's mining industry. Chinese firms have often failed to deliver promised skills transfer or infrastructure. Consequently, African nations are growingly asserting their rights to value-added development. The old model of raw resource extraction in exchange for infrastructure or investments is no longer tenable in a region demanding agency, accountability, and economic sovereignty. No longer passive partners Africa is home to some of the world's richest reserves of critical minerals. The Democratic Republic of Congo (DRC) alone produces 80% of the world's cobalt, a mineral indispensable for rechargeable batteries. China controls around 80% of that output through long-standing agreements such as the Sino Congolaise des Mines (Sicomines) deal, which granted Chinese firms mining rights in exchange for infrastructure projects. However, the benefits to local Congolese have been disproportionate to the mineral wealth extracted. Congo's cobalt ban: Impact on global market explained According to the civil society coalition Congo Is Not for Sale (CNPAV), tax exemptions granted to Chinese companies cost the DRC approximately $132 million in 2024 alone. These losses have spurred public outrage, and citizens have called for a full review of the Sicomines deal. Further, since the payments are tied to market prices, there is a real risk that the country could receive little or no infrastructure investment during downturns. Faced with mounting criticism, the Congolese government was forced to renegotiate the existing contracts with China, especially in light of fluctuating copper prices. The DRC reportedly plans to increase its stake in a joint venture with Chinese firms Sinohydro and China Railway Group, raising its ownership from 32% to 70%. Last year, after Congo's state-owned miner, Gecamines, voiced its opposition, the sale of Trafigura-backed miner Chemaf Resources to China's Norin Mining was cancelled. In Namibia, China's Xinfeng Investments has been accused of acquiring its lithium mine through a bribe of N$ 50 million. Over the years, Xinfeng has exported thousands of tonnes of raw lithium ore to China but has not constructed the promised processing facilities. Workers at the company have also reported hazardous working conditions and substandard housing. In 2023, China's Zhejiang Huayou Cobalt invested $300 million to construct a lithium processing plant in Zimbabwe. Most benefits will likely flow back to China unless robust regulatory frameworks and local capacity-building initiatives are implemented. China's dominance has also triggered environmental and social concerns. In Hwange National Park in Zimbabwe, Chinese firm Sunny Yi Feng's application for coal mining permits has been blocked by environmental authorities. In Zambia, a catastrophic acid spill from a Chinese-owned copper mine contaminated a significant tributary of the Kafue River, one of the country's most critical water sources. In Cameroon, resistance is growing against the massive Lobé-Kribi Iron Ore Project led by Sinosteel Cam S.A., a subsidiary of China's Sinosteel Corporation. Local NGOs have warned that the project threatens ecosystems, public health, and cultural heritage. Many community members see the project as a fait accompli, pushed through without adequate consultation or benefit-sharing. Across Africa, Beijing's once-unquestioned mining dominance is now being scrutinised more closely, with a growing demand for fairer, more transparent partnerships. This signals a newfound assertiveness by African governments, who are no longer content to act as passive partners in resource exploitation. Policy changes Meanwhile, strategic policy changes are also occurring. In 2022, Zimbabwe banned the export of unprocessed lithium to force investors to build local processing plants. In 2023, Namibia implemented a similar export ban on unprocessed lithium and other critical minerals. These countries aim to retain more value from their mineral wealth by requiring local beneficiation. Similar stories are unfolding across the continent. Still, policy alone is not enough. These export bans must match broader economic strategies to ensure local participation in processing and transformation. Otherwise, they risk simply shifting exploitation from one form to another. African leaders must ensure that domestic processing leads to fundamental economic transformation, not just a new phase of elite capture. China may still be Africa's largest mining partner, but the future of its dominance is no longer guaranteed. Moreover, a clear shift is underway, where African nations are reasserting sovereignty over their natural resources. By challenging opaque contracts, enforcing environmental standards, and demanding value addition, they are redrawing the terms of engagement. If these trends continue, African countries are poised to reshape the global supply chain for minerals and their role within it, moving from exporters of raw materials to integral partners in the emerging green economy. This change would come at the expense of China's long-standing dominance in the African mining sector. Samir Bhattacharya, Associate Fellow, Observer Research Foundation
