KEY POINTS
-A new BRICS currency is currently not on the agenda, said India's Foreign Minister S. Jaishankar
-His remarks come ahead of a BRICS summit to be held in August in South Africa
-Brazil and South Africa's leaders recently made statements about an alternative to the U.S. dollar
India has shut down speculation in recent weeks that the BRICS nations were planning a common currency to derisk their economies from the kind of devastating sanctions that the United States has levied on Russia and other countries by leveraging the greenback's global dominance.
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1,487 comment(s).Last comment by IDQWE001 2023-10-04 18:00
Posted by IDQWE001 > 24 minutes ago | Report Abuse
I fully agreed with qqq, without CCP buying AI chips Nvidia/AMD would have gone bankrupcy. China media is a very responsible media and would have warned Biden, however, Biden did not understand Chinese like qqq. As a stand tall and proud to be Chinese, qqq would engage with the translator and convey this message to Biden without further delay. Lol.
No worry, qqq, as stand tall and proud Malaysian Chinese, he would engage with the translator and convey this message to Biden as per message from China media. Make sure the message published in WSJ/Reuters/Bloomberg so that Biden got the message to surrender. So that Biden would not play play with Malaysian Chinese like qqq. Lol.
As a Chinese land geniuses better not to warn Biden. Tomorrow CCP not buying AI chips from Nvidia/AMD, day after tomorrow Nvidia/AMD would have gone bankrucy. The 3rd day CCP able to take over these 2 AI companies at very cheap price. What a genius. Lol.
qqq is a genius to let Biden surrender and not an i.diot. Fully support him to carry out the neccesary work so that Biden would surrender and not play play with Malaysian Chinese like qqq.
speak with respect, China always listen to complaints and feedbacks. They even have public complaints bureaus and always taken seriously. Speak with insults, they will throw in jail for public disturbance if u are in China.
qqq is a genius to let Biden surrender and not an i.diot. Fully support him to carry out the neccesary work so that Biden would surrender and not play play with Malaysian Chinese like qqq.
Dure to qqq strong protest Biden is very scary now. Lets jail Biden. Lol.
China CPC has 100 million members, all work very hard to serve the people, the people united and patriotic. These are admirable and the way to succeed.
talk what also no use until Malaysia can produce the goods.
China’s Unemployed Youth: Why There Aren't Jobs For New Graduates | Money Mind | Full Episode CNA understands China.................Singapore China are twins, they understand each other.
Import less, export more. China trade surplus with US will again break new record. It is not China intentional widen trade surplus with the US, but simply US longing for that. All are self-inflicted.
Import less, export more. China trade surplus with US will again break new record. It is not China intentional widen trade surplus with the US, but simply US longing for that. All are self-inflicted. =======
a lot of things China can buy from America but they don't want to sell, sure trade deficit by America.
comments @leecheong4986 49 minutes ago Companies in China don’t buy local because that is the culture. That is why it is good that the American ban Nvidia chip in China. This will force the Chinese companies to buy local. The Chinese GPU chips will get more market by next year. This is the same with memory chip. The day that you have the Chinese government ban Nvidia, that is the time the Chinese GPU chip is thoroughly ready. This is why Nvidia CEO is so anxious to stop this development. If there is zero Chinese GPU chips in the market, he won’t be so anxious.They, Nvidia, Qualcomm and Intel learn from Micron’s mistake. You need to ask one question. Since China has cut import of 50 billion chips to date of which about 15% are GPU chip, so who is filling this vacuum? The Chinese market are complex. Don’t get too excited for some bit and pieces of information. This won’t give the whole picture. The four type of chips are CPU, GPU, memory chip and mobile phone chip. Memory chip is the most cancelled of the 50 billion by 50%. The vacuum was filled mostly by local and some from South Korea. The rest are the other 3 types. With the least for mobile phone chips. Also on the GPU chips, China has sign a huge contract with TSMC to produce 7nm GPU chips. This is mass production. It also show that there is only sparse quantity in China so far. Once this mass production starts, there is no telling if the Nvidia 100 series will still be in demand. The cost of domestically produced chip will be far cheaper. Quality assuredly will not be far off. It will probably be Nvidia 800 series level chocking off Nvidia and forcing Nvidia to go back to legally sell their top 100 series. Again, look at the anxiety of the Jensen Huang and you will know. Should wait before drawing a conclusion now.
2019 net imports of chips by China USD $ 350 billion........................in another few years how? what about Boeing sales to China? soon zero.........................................
by 2030, China self sufficient in chips, cars, planes...even major players in chip , cars, planes, ships, trains, buses, every thing u can think of.........G7 eat what?
But Nvidia still not aware if CCP not importing their AI chips anymore Nvidia would go bankrupcy. How ? Lol.
Aiyo, as a stand tall and proud Malaysian Chinese (although he lost identity as Chinese as he could not understand his ancient language) still not conveyed the message to CCP.
CCP should have stopped buying any chip from America to make all the chips companies gone bankrupcy long time ago. Lol.
China never says non Chinese must take this formula...... But China is against non Chinese imposing their formulas on China.
China calls it mutual respect, non interference, win win.
China believes every country must be given option to choose its own path according to its own culture, tradition, history, circumstances, and only local people knows best.
no country has complete control over the whole supply chain in chips. Not even America, and not China..........not yet anyway. But things are changing fast.
But Nvidia still not aware if CCP not importing their AI chips anymore Nvidia would go bankrupcy. How ? Lol.
Aiyo, as a stand tall and proud Malaysian Chinese (although he lost identity as Chinese as he could not understand his ancient language) still not conveyed the message to CCP.
CCP should have stopped buying any chip from America to make all the chips companies gone bankrupcy long time ago. Lol.
If CCP listened to qqq stop buying AI chips from America immediately, CCP would have made those chips companies gone bankrucy and took over by CCP. That's why silly CCP is not smart enough. Lol.
qqq is the leader of 4000 top level patriots Malaysian AI chips scientists whom on the way to CCP. With qqq assistance CCP will take lead on AI chips technology by next year why wait until 2030 ? Lol.
(Reuters) - Ratings agency Fitch on Tuesday downgraded the U.S. government's top credit rating to AA+ from AAA, citing an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden.
Dow Jones will close down 1000 points tonight, another 500 points tomorrow. Just need to take cue when it was downgraded previously. Same pattern expected.
US sanctions may just slow down China's economic growth, but cannot make it collapse. Just give China another 5 years, all those who are not willing to trade with China now will have no market for their chips. Chinese chips will then flood the world market with no competitors both in terms of pri ing and quality.
China's Evergrande Property applies to resume trading on Hong Kong exchange
(Reuters) - Evergrande Property Services Group Ltd said on Wednesday it had applied to the Hong Kong Stock Exchange to resume trading of the company's shares from Aug. 3.
Shares of the company, the property services unit of China Evergrande Group, have been suspended from trading since March 21, 2022, after being sucked into a debt crisis in mid-2021 that had hit multiple Chinese property developers.
The company posted its long-overdue financial results in June this year, reporting a 46.4% plunge in its fiscal 2022 profit when compared with fiscal 2020.
The property services unit said it has sufficient assets for its business operations and expects to maintain a growth level of revenue and net profit comparable to that of property service industry leaders.
According to a report by Reuters Wednesday, leading Chinese automaker, BYD (SZ:002594), is currently facing an investigation by India's Directorate of Revenue Intelligence (DRI) due to accusations of underpaid taxes on imported parts used in their assembled cars sold within India.
The investigation was revealed by two undisclosed sources who have direct knowledge of the matter. As per one of these sources, the DRI alleges that BYD, China's biggest electric vehicle (EV) manufacturer, underpaid taxes amounting to 730 million rupees (approximately $9M). The situation comes at a time when BYD's expansion plans have been affected by the strained relations between New Delhi and Beijing.
Beijing floods: Deadly rains batter China capital as new storm looms
At least 11 people have died and 13 others are missing in torrential rains in Beijing as China braces for the third typhoon in as many weeks.
The remnants of last week's super storm Doksuri flooded Beijing for the fourth straight day on Tuesday even as another typhoon approached the eastern coast.
More than 50,000 people in the city have been evacuated so far, according to state media.
qqq is the leader of 4000 top level patriots Malaysian AI chips scientists whom on the way to CCP. With qqq assistance CCP will take lead on AI chips technology by next year why wait until 2030 ? Lol.
By 2030 improved version AAA10000 and HHH10000 already invented.
Stock Market Today: Nasdaq Drops, Indexes Fall as Earnings Continue, Fitch Downgrades U.S.
A Silver Lining for Bond Investors in the U.S. Credit Downgrade By
Sam Goldfarb
, Reporter
Some analysts see a bright side to Fitch’s downgrade of the U.S. government’s credit rating.
In a morning note, Ian Lyngen of BMO Capital Markets writes that the practical impact of the downgrade should be limited because funds that were once required to buy triple-A rated bonds have long since adjusted the language of their mandates so that they only purchase bonds of “‘US Government quality or the equivalent.’” That means that there should be no forced selling due to the downgrade.
Beyond that, however, Lyngen suggests that investors might even be pleased by the downgrade since it is “an acknowledgement of the market’s angst (and annoyance)” at repeated debt-ceiling standoffs.
Morgan Stanley Says Take Profits on China, Downgrades Shares Jacob Gu and John Cheng Thu, August 3, 2023 at 8:56 AM GMT+8·2 min read
(Bloomberg) -- Morgan Stanley cut its rating on Chinese stocks to equal weight Wednesday, saying investors should capitalize on a rally spurred by government stimulus pledges to take profits.
Chinese assets have gotten a boost in recent days amid a slew of promises from Beijing to spur growth and revitalize the nation’s flagging private sector. But easing measures are likely to come piecemeal, analysts at the bank wrote in a report, which may not be enough for shares to sustain gains.
What’s more, market sentiment is refocusing on the country’s structural challenges, they said, including local government issues and unemployment, which still lack detailed solutions.
“We take the July politburo meeting as sending more dovish signals given the clearer stance on stabilizing economic growth and supporting the private sector,” analysts including Laura Wang and Fran Chen wrote. “However, we believe that investor confidence and conviction level are still very fragile, and that investors are still reluctant to pre-position in a major way, given that they have been disappointed by rather lackluster/lukewarm easing measures seen since March.”
Other key issues, including the nation’s troubled property sector and geopolitical tensions with the US, also need to improve to attract sustainable inflows, they added.
The strategists had turned overweight in Chinese stocks in December amid the nation’s reopening, but slashed targets for key equity gauges in June, citing a delayed earnings recovery, weaker currency outlook and geopolitical uncertainties.
China fell to No. 13 from No. 3 in the bank’s 28 country developing-nation market allocation framework, relative to the last review.
As for a reentry point, the bank highlighted early October, when another top-level gathering of party officials could spur reforms, and the downside of earnings may be largely priced in.
A “bottoming out of earnings growth and clearer structural outlook, in combination with continuous stabilization of geopolitical conditions, would offer a better upgrade opportunity and attract back long-term money,” the analysts wrote.
Do you notice that the survey on youth unemployment was done in June? when most of the students just finished their schooling or universities' studies? Naturally, the unemployment rate will be inflated very much higher!!?? Any suspicions here??? Every year about 10 million or so students graduate from Chinese universities, hence, providing jobs for such huge number of youths is a tremendous and formidable task for any government!!! (What about those students graduating from high schools??) Thus, the government's laser like focus on growth and development to provide jobs!
Indian government (Modi) just like most governments are more interested in getting reelected and staying in power. They have always wanted to and envisaged to be the big superpower like China but unfortunately they seem to act and behave like an immature, jealous spoilt child like the US/west??? Can't seem to be able grow up like a well behaved teenager, to fight and compete on a fair, just manner. Instead, they are acting/behaving like a big fat, selfish kid displaying their self inflated egoism, arrogance, as well as throwing their weight around as though the world owes them a living! Never a good or trusted partner to work with! They will play along on any side as long as there are benefits to be harvested or reaped by them! As long as I win, who cares!
Analysis-In India, it's advantage Tesla as Chinese automakers face heat
NEW DELHI (Reuters) - China's loss in India could be Elon Musk's gain.
Tesla (NASDAQ:TSLA) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD, has been stopped cold by increased scrutiny from New Delhi.
The result could be an opening for Tesla to negotiate terms for an entry to the world's third-largest auto market without the competitive threat from BYD that it faces in other emerging markets, like Thailand.
"The future of who wins in India will have some bearing on who wins globally in the EV race," said Jasmeet Khurana of the World Economic Forum.
Since a meeting between Musk and Indian Prime Minister Narendra Modi in June in New York, Tesla has fast-tracked closed-door discussions with Indian officials on a potential plant investment and plans to build a new low-cost $24,000 EV.
Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say.
Those meetings, though, have been strictly kept under wraps, with officials putting out no photos on social media of handshakes with executives which otherwise is a usual affair after high-profile meetings.
BYD, meanwhile, appears to be taking a backseat. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. In a further setback, BYD is facing an investigation over allegations that it underpaid import tax in India.
Among other concerns, Indian officials are worried about the national security implications of Chinese-made vehicles and the data they could collect. India is "uncomfortable with Chinese automakers," an official said.
While all investments from China have faced tightened approval requirements in India since a border clash between the two in 2020, there could be an outsized effect on the developing market for EVs in India because of China's dominance in battery materials, battery production and other technology.
Tesla, too, has Chinese suppliers that have helped it slash production costs at its Shanghai factory and it now wants to bring them to India - where it appears to have an upper hand in talks with New Delhi.
India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple (NASDAQ:AAPL) did. But at the same time, India is hesitant on BYD's $1-billion plan even though that too was proposed as a partnership with a domestic engineering firm.
The Global Times, a Chinese state-run newspaper, said the reported pushback on BYD's investment plan "will lead to a chain reaction and deal a blow to the overall confidence of Chinese companies in investing India."
BYD did not respond to requests for comment on the status of its India investment plan or the import tax claim. In a statement to Reuters, the company noted it had been active in the Indian market for 16 years and sells commercial vehicles and passenger cars there.
Tesla did not respond to a request for comment on its talks with Indian officials. Musk had said in June that Modi was "pushing us to make significant investments in India, which is something we intend to do."
Tesla wants to sell 20 million cars globally by 2030, up from 1.31 million in 2022, but faces hurdles to expanding its Shanghai factory.
BYD was the world's biggest seller of EVs and plug-in hybrids in 2022 with a total of 1.86 million units - the vast majority in China. It trails Tesla in terms of sales of fully electric cars.
"Tesla sees competition mainly with BYD, and both are expanding globally at great speed," said Gaurav Vangaal of S&P Global (NYSE:SPGI) Mobility.
"If they want volumes, they have to come to India," he said, adding that with the government incentivising companies to build EVs locally, India can also serve as an export base.
Annual production of light electric vehicles in India is expected to rise to 1.4 million by 2030, close to 19% of total forecast production of 7.25 million, according to estimates by S&P Global Mobility. It was less than 50,000 in 2022.
India's nascent EV market is dominated by local player Tata Motors (NYSE:TTM), whose best-selling Nexon EV sells for as high as $19,000 while Chinese carmaker MG Motor's ZS EV starts at $28,000 while BYD's Atto 3 retails at around $41,000 in India.
Toyota Motor (NYSE:TM), Hyundai Motor and Kia all sell mid-sized gasoline SUVs priced at around $24,000, Tesla's identified entry point.
Tesla does not currently sell vehicles in India.
"Tesla has become a desirable product in name alone," said Sam Fiorani of AutoForecast Solutions. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by IDQWE001 > 2023-07-18 09:23 | Report Abuse
KEY POINTS -A new BRICS currency is currently not on the agenda, said India's Foreign Minister S. Jaishankar -His remarks come ahead of a BRICS summit to be held in August in South Africa -Brazil and South Africa's leaders recently made statements about an alternative to the U.S. dollar India has shut down speculation in recent weeks that the BRICS nations were planning a common currency to derisk their economies from the kind of devastating sanctions that the United States has levied on Russia and other countries by leveraging the greenback's global dominance.