China stocks consolidate just under two-month high
Chinese shares saw modest gains, consolidating just under a two-month high as sentiments stayed broadly supported on trade hopes and prospect of a steady domestic economic undertone. The benchmark Shanghai Composite index edged up by 0.21% to 3,387.51 while Hong Kong's Hang Seng index added 0.62% to close at 23,827.78. Yesterday, China cut its key lending rates. The Peoples Bank of China reduced the one-year loan prime rate (LPR) from 3.1% to 3.0% and adjusted the five-year LPR from 3.6% to 3.5%. This adjustment represents the first rate cuts since the central bank made a 25-basis-point reduction in October.
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First Post
41 minutes ago
- First Post
FirstUp: Trump to extend TikTok sale deadline for third time and other top news today
US President Donald Trump is expected to grant ByteDance, the parent company of TikTok, another 90 days to finalise a deal to sell the app to a US-approved firm. This will be the third extension of the deadline, which was originally set to expire today and has already been pushed back twice. Meanwhile, bypolls are set to take place today for five assembly seats across four states: Punjab, West Bengal, Gujarat and Kerala read more This will be the third time the deadline has been extended. Reuters/File Photo A deadline extension for TikTok in the US by Donald Trump, bypolls for five seats across four Indian states, the sentencing of Chinese student Zhenhao Zou by a London court, and Aung San Suu Kyi's 80th birthday in Myanmar, several events are lined up for today. TikTok's deadline to sell or face a ban in the US ends today. This is the second time the deadline has run out. Now, Donald Trump is expected to give the app 90 more days. STORY CONTINUES BELOW THIS AD Here's a quick look at these and other key developments to watch: Donald Trump to extend TikTok sale deadline US President Donald Trump is set to give ByteDance, the parent company of TikTok, more time to reach a deal to sell the app to a US-approved firm. This will be the third time the deadline has been extended. The current deadline, set to end today, was already pushed twice before. On Tuesday, White House Press Secretary Karoline Leavitt said the president plans to sign an executive order to extend the deadline by another 90 days. The TikTok logo is seen in this illustration. Reuters Last year, a law passed by Congress and signed by former President Joe Biden gave ByteDance nine months to sell TikTok or face a full ban across the country. Despite that law, the app will remain available for its 170 million users in the US, at least for now. Lawmakers had supported the measure after raising concerns over national security due to TikTok's Chinese ownership. Myanmar's Aung San Suu Kyi turns 80 Myanmar's Aung San Suu Kyi , who remains in jail, turns 80 today. The Nobel Peace Prize winner is serving a 27-year sentence. She was arrested during a military coup in 2021, which removed the democratically elected government. Her son, Kim Aris, had earlier launched a global campaign to collect 80,000 birthday wishes to celebrate her 80th birthday. She was arrested during a military coup in 2021. Reuters/File Photo In a video message, Aris said: 'The Suu 80 Birthday Wishes campaign offers a simple and secure way for individuals worldwide to upload a birthday wish honouring [Ms Suu Kyi's] 80th birthday. Everyone can upload a birthday wish, free of charge". STORY CONTINUES BELOW THIS AD The campaign ran from June 4 to 19. Bypolls in four assembly seats Bypolls will be held today for five assembly seats across four states: Punjab, West Bengal, Gujarat and Kerala. Opposition parties, including Congress, AAP, Trinamool Congress and CPI(M), will contest against each other as well as the BJP. Voting will take place today, and the results will be announced on June 23. The outcome may help parties shape a favourable narrative ahead of state elections. West Bengal and Kerala vote in 2026, while Punjab and Gujarat go to the polls in 2027. Sentencing of Chinese student Zhenhao Zou in London Sentencing will take place today in London for Zhenhao Zou, a Chinese student found guilty in March of drugging and raping 10 women in the UK and China. British police believe he may have attacked as many as 50 women. Zou, 28, lived in south London and used dating apps and other online platforms to meet women. According to London's Metropolitan Police, he would invite them to his home under the guise of studying or having drinks, then drug them. He filmed himself raping and sexually assaulting them while they were unconscious, and later kept some of their jewellery and clothes. Zou, 28, lived in south London and used dating apps and other online platforms to meet women. Reuters/File Photo He was convicted of 28 charges at Inner London Crown Court, including 11 counts of rape. Authorities have so far been able to identify only two of the 10 victims. STORY CONTINUES BELOW THIS AD Zou, originally from Dongguan in Guangdong Province, came to the UK in 2017 and began his PhD at University College London in 2019. With inputs from agencies
Time of India
an hour ago
- Time of India
Camlin Fine Sciences sees 51% surge in shares amid anti-dumping duties on Chinese Vanillin
ET Intelligence Group: Shares of Camlin Fine Sciences , a manufacturer and exporter of specialty chemicals , have surged nearly 51% over the past month amid anti-dumping duties imposed by the US and the European Union (EU) on Chinese manufacturers. The move is expected to benefit the company's aroma exports business over the next three-four quarters. However, investors should remain cautious, as sustaining such returns will depend on the company's ability to deliver strong financial performance in the medium term. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 혈압 안정화를 돕는 블러디션 배합 성분 메디셜 더 읽기 Undo The EU imposed anti-dumping duties of 131.1% on imports of vanillin, an organic compound, originating in China following a similar move by the US last year. These actions have driven up vanillin prices in both regions, which are significant export markets for Camlin. Camlin's business involves manufacturing, marketing, and supply of specialty chemicals used across various industries-including food, animal feed, pet nutrition, fragrance, pharmaceuticals, and industrial products. Its blends and aroma businesses, which include vanillin, were the primary drivers of growth in the previous financial year. Agencies The blends segment generated ₹878 crore in revenue in FY25 up from ₹747 crore in the previous financial year while revenue from the aroma ingredients segment surged to ₹176 crore from ₹35 crore in FY24. Total revenue improved by 15% to ₹1,666.5 crore for FY25. Live Events Buoyed by the increase in the prices, the company plans to increase its vanillin capacity utilisation from the current 45-50% to 100% over the next two years that would lead to lower cost per unit. "We should grow blends business by about 20% in the next two to three years and the Ebitda margins will improve in some of the geographies. So it will be in the high teens," Nirmal Momaya, managing director, Camlin Fine Sciences told analysts during an earnings call. The company's Ebitda margin was 12.5% in FY25 compared with 12.6% in the previous year. The company's net debt declined to ₹492 crore as of March 2025 from ₹564 crore a year ago, improving the net debt-to-equity ratio to 0.5 from 0.7. Higher growth potential and improved debt position has prompted brokerages to raise the company's valuations. "We raise the valuation multiple to 15 times FY27 expected earnings (previously 12 times) to reflect the anticipated improvement in performance due to increasing share of high margin blends, rising vanillin prices, and improving profitability," said Axis Securities in a report. The stock was ended at ₹300 on Wednesday on the BSE, reflecting 182% jump from the year-ago level.
Time of India
an hour ago
- Time of India
Alarms ring at speaker, wearables, TV makers on Chinese rare-earth squeeze
It's not just electric vehicles, China 's export control licensing of rare earth metals is creating panic among speakers, wearables, and television manufacturers who are sitting on thin supplies of permanent magnets with the threat of production coming to a standstill looming large, industry executives and associations said. Among the seven rare earth metals facing restricted exports, terbium and dysprosium are critical components in neodymium-Iron-Boron (NdFeB) magnets, or permanent magnets, which is the preferred choice for high-performance, portable and compact audio products. These magnets account for 5-7% of the bill of materials (BoM), depending on the product category, and electronics manufacturers in India import nearly 100% of their requirements from China, industry association ELCINA (Electronics Industries Association of India) said in a whitepaper presented to the government highlighting the issue. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 40세 미만이라면 이 매혹적인 게임을 하지 마세요 경복의 바다 플레이하기 Undo ETtech 'Inability to procure NdFeB magnets may halt speaker manufacturing lines in Noida, Chennai, and Pune. OEMs may switch to importing finished speakers, reversing the gains made under Make in India,' ELCINA said. Live Events Shipments of magnets and even finished products with embedded magnets are being stopped at Chinese ports, pending end-use declarations. This is leading to production disruptions of speaker assembly units in India, delaying supplies to customers including domestic TV and audio brands, the industry body said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Arjun Bajaj, director at TV maker Videotex, confirmed that there have been delays from their supplier side due to non-availability and delayed shipments of permanent magnets from China. This has disrupted their product roadmap, fuelling the search for alternatives and solutions. 'We are working closely with our suppliers to ensure adequate stock for the upcoming season, thereby maintaining production continuity.' Bajaj said. "Additionally, based on supplier guidance, we are actively exploring alternative solutions such as ferrite magnets, which offer reasonable performance trade-offs," he added. Another TV manufacturer Super Plastronics Pvt. Ltd. that sources speakers from Indian contract manufacturers, said Chinese exporters have been waiting for over 60 days for license approval. 'If imports are impacted, consumers will suffer on sound quality as there is no alternative with that compact size to have that kind of sound output,' said Avneet Singh Marwah, CEO at SPPL. Speaker maker Sunvoice Electronics currently has only one month's stock till July, which is sufficient for current production, but will bring production to a halt unless its customers approve the use of inferior alternatives such as ferrite magnets. 'We will not be able to manufacture speakers. We have started looking for alternatives such as ferrite magnets, even though they are of inferior quality, as a short-term mitigation strategy. For standalone loud-speakers, magnets make up almost 50% of the cost of production,' said Chacko Mathew, CMD, Sunvoice Electronics, which supplies to Dixon Technologies, Videotex, Panasonic and more. 'But this is a compromise. Ferrite magnets, while cheaper, are also heavier and do not offer the same sound quality as Neodymium,' he added. Speaker manufacturers and importers have approached the government for end-use certificates required as part of the Chinese exporter's license approval process where they must provide extensive traceability documentation. Ashok Chandak, president, India Electronics and Semiconductors Association (IESA), said the current situation can be partially blamed on Indian manufacturers who ignored the risk back in 2020. "While several countries, including India, possess reserves of critical minerals, the lack of local processing capabilities—largely due to economic viability and limited market size (often just a few hundred million USD per material)—has led to an overdependence on imports," he said. Following the announcement of export control in April, prices of China-origin magnets have increased by 15% due to tightened supply, Mathew said, adding that ongoing negotiations with suppliers indicate that if import resumes, costs will remain elevated. However, prices of permanent magnets almost double when sourced from Japan, Vietnam, and even when procuring recycled magnets from Indian companies, while availability is limited and inconsistent, according to a price analysis done by ELCINA.
