Zhang Chiahou's Blog, page 2

May 9, 2022

China’s exports growth hits 2 year-low as virus curbs hit factories

Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019. REUTERS/Aly Song/Files

SummaryExports +3.9% yr/yr vs +3.2% forecast, +14.7% in MarchImports 0.0% yr/yr vs -3.0% forecast, -0.1% in MarchEconomy struggles with lockdowns

BEIJING, May 9 (Reuters) – China’s export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider COVID-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes.

Reporting by Ellen Zhang, Stella Qiu and Ryan Woo; Editing by Sam Holmes

Source: Reuters.

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Published on May 09, 2022 01:58

May 8, 2022

US to impose ‘new stiff sanctions’ on Russia, says Ukraine foreign min Kuleba

The minister’s announcement came after he held talks with his American counterpart Antony Blinken, during which the two leaders also discussed ways to ‘unlock Ukraine’s food exports.’

Ukrainian Foreign Minister Dmytro Kuleba speaks during a news conference after meeting with his counterparts Russian Sergei Lavrov and Turkish Mevlut Cavusoglu, amid Russia’s invasion of Ukraine, in Antalya, Turkey March 10, 2022.

Published on May 08, 2022 09:18 PM IST

ByHT News Desk, New Delhi

Ukrainian foreign minister Dmytro Kuleba said on Sunday that the United States will impose fresh sanctions against Russia for Moscow’s ongoing invasion of his home nation, as he discussed the Russian aggression with his American counterpart Antony Blinken. “On the Day of Remembrance and Reconciliation, Victory in Europe Day, @SecBlinken and I coordinated steps to bring the day of Ukraine’s victory closer. New stiff U.S. sanctions on Russia are coming. Discussed ways to unlock Ukraine’s food exports and ensure global food security,” Kuleba posted on Twitter.

Click here for all fresh updates on Russia-Ukraine war

While he did not elaborate on the ‘new stiff sanctions’ that he claimed Washington will impose on Moscow, the US has led the West in slapping sanctions on Russia for attacking the east European nation. It has also helped Ukraine with frequent military aid.

Faulty battery cells, modules likely caused e-scooter fire in India, initial probe finds

A man checks his mobile phone as he waits while recharging his Ola electric scooter, in New Delhi

A man checks his mobile phone as he waits while recharging his Ola electric scooter at an electric vehicle charging station in New Delhi, India, February 12, 2022. REUTERS/Aditi Shah

NEW DELHI, May 6 (Reuters) – Faulty battery cells and modules have been identified as the leading cause of electric scooters catching fire in India in recent weeks, according to the findings of an initial federal investigation, two government sources told Reuters.

Reporting by Aditi Shah, additional reporting by Heekyong Yang in Seoul; Editing by Louise Heavens

Source: Reuters.

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Published on May 08, 2022 01:16

May 7, 2022

View of Maiji Mountain Grottoes in Tianshui, Gansu

Aerial photo taken on April 29, 2022 shows a view of the Maiji Mountain Grottoes in Tianshui, northwest China’s Gansu Province. The Maiji Mountain Grottoes is one of the four most famous grottoes in China. (Xinhua/Chen Bin)

Source: Xinhua.

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Published on May 07, 2022 01:03

May 6, 2022

Covid-19: China postpones 19th Asian Games until 2023

The 19th edition of the multi-sports Games was scheduled to take place in Hangzhou, the capital of Zhejiang province, less than 200 km southwest of Shanghai, which is currently battling its worst Covid-19 epidemic

Source: Hindustan Times.

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Published on May 06, 2022 02:11

Heat adds to despair of Indian women after decades of daily treks for water

People fetch water from a pit at an abandoned stone quarry on a hot day in Badama village

A man fetches water from an almost dry well on a hot day in Badama village in the northern state of Uttar Pradesh, India, May 4, 2022. REUTERS/Ritesh Shukla

HINAUTI, India, May 6 (Reuters) – India’s scorching summer heat adds new risks this year to an energy-sapping challenge that tribal woman Munni Adhivasi has surmounted every day for two decades, by trudging for miles to carry home water.

Munni, who said she feared dying in the heat, teared up as she railed against the government’s failure to provide drinking water to more than 200 tribal families in her hamlet of Hinauti in northern Uttar Pradesh.

“All I can think is how many trips I will have to make to bring water needed for drinking and cooking for four children and three goats,” added Munni, who carries home on her head all 30 litres (8 gallons) her family and livestock need each day.

But this year’s summer, torrid even by Indian standards, with temperatures exceeding 40 degrees Celsius in many areas early in the season, adds risks of dehydration and heat stroke to her woes.

“This drill to collect water is the worst form of punishment inflicted upon us,” said Munni, who did not know her exact age, but appeared to be in her 30s.

She was among a group of women and children from four villages in the area who draw water from their usual source, a reservoir beside a quarry where many of their husbands find daily employment.

The heat wave has killed more than a dozen people nationwide since late March. read more

India has urged its officials to draw up action plans to ameliorate the temperatures, and is working to step up drinking water supplies to more than 50 litres a day for each person in the countryside by 2024. read more

To achieve this goal, it aims to build desalination plants in coastal areas, capitalise on existing resources and boost groundwater levels, which the government said in 2019 had fallen 61% in the decade since 2007.

Munni sees no rapid end to her ordeal, however.

“There are some water taps installed, but not a drop of water has ever trickled from them,” she said.

Source: Reuters.

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Published on May 06, 2022 02:11

May 5, 2022

Jammu and Kashmir delimitation process complete as panel signs final order

The J&K delimitation process is crucial as only after the exercise is over will the union territory head for elections. The last delimitation panel took seven years to give its award in 1995.

The delimitation commission of Jammu and Kashmir signs final order for the delimitation of the union territory,

Updated on May 05, 2022 02:25 PM IST

ByHT News Desk, New Delhi

The Jammu and Kashmir delimitation commission on Thursday signed the final order for the delimitation of the union territory. The panel, that was tasked to redraw the boundaries of assembly and parliamentary constituencies in Jammu and Kashmir, concluded the delimitation exercise today, paving way for the much-awaited assembly polls in the Valley.

The delimitation ‘award’ will be made public detailing the number of constituencies and their size by bringing out a gazette notification once the report is submitted to the government. The decision is crucial as only after the delimitation exercise is over will the proposed elections take place in Jammu and Kashmir, which has been without an elected government since June 2018.

Prime Minister Narendra Modi has promised the restoration of the region’s statehood after the elections.

The panel, formed by the Centre in March 2020, is headed by former Supreme Court judge Ranjana Prakash Desai, and comprises chief election commissioner Sushil Chandra and deputy election commissioner Chander Bhushan Kumar, state election commissioner (SEC) KK Sharma and chief electoral officer Hridesh Kumar as its ex-officio members. It was granted a year’s extension and then another extension of two months in February this year to complete its task, for the term that was to otherwise end on March 6.

China’s services activity falls at second sharpest rate on record – Caixin PMI

People dine at a hotpot restaurant in Beijing, China April 8, 2022. Picture taken April 8, 2022. REUTERS/Tingshu Wang/Files

BEIJING, May 5 (Reuters) – China’s services sector activity contracted at the second-steepest rate on record in April, as tighter COVID curbs halted the industry, leading to sharper reductions in new business and employment, a private-sector survey showed on Thursday.

Reporting by Stella Qiu and Ryan Woo; Editing by Sam Holmes

Source: Reuters.

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Published on May 05, 2022 01:42

May 4, 2022

Beijing halts public transport as China continues to fight COVID outbreak

China’s capital city Beijing has shut more than 40 subway stations, about a tenth of the network, and 158 bus routes, service providers said. Most of the suspended stations and routes are in the Chaoyang district, the epicentre of Beijing’s outbreak, reported The Express Tribune.

ANI | Beijing | May 4, 2022 1:27 pm

Covid, lockdown, Beijing

(Hector RETAMAL / AFP)

Dozens of metro stations and bus routes in Beijing have been shut down as COVID continues to spread and millions of residents in Shanghai still remain under strict lockdown even after more than a month.

Beijing is also resorting to mass testing. Twelve out of 16 Beijing districts were conducting the second of three rounds of tests this week, having done three mass screenings last week.

The city has also closed schools, some businesses and residential buildings in high-risk areas. Investment in China by international companies has also been badly affected which further undermines China’s growth.

On Wednesday, metros and buses were shut down in a campaign to stop the spread of COVID-19. A day earlier, on Tuesday, another city, Zhengzhou, announced work-from-home and other COVID curbs for the coming week.

Home to 12.6 million people the central city of Zhengzhou also has a factory of Apple’s iPhone manufacturer Foxconn. The city joins dozens of big cities in full or partial lockdown, as per the media outlet.

Shanghai’s lockdown has come under heavy criticism, with people unable to access essential medical care.

In a bizarre incident, an elderly person in a Shanghai nursing home was mistakenly taken to the morgue while still alive, local media reported, as the city’s prolonged lockdown continues to put a strain on city health facilities amid renewed COVID-19 outbreak.

The country’s much-publicized “zero-covid” strategy that the government credited for bringing the country out of the pandemic till recently is falling apart as the rapidly mounting cases are again forcing mass lockdowns like those seen in 2020

Source: The Statesman.

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Published on May 04, 2022 03:26

LIC IPO: Insurance giant opens India’s largest share sale

An advertisement of the state-owned insurance group and investment company Life Insurance Corporation (LIC) is pictured at the entrance of a metro station in New Delhi

Image caption, The Life Insurance Corporation is nearly as old as independent India

Shares in the Indian state-run insurance giant Life Insurance Corporation (LIC) have gone on sale in a $2.75bn (£2.18bn) initial public offering, witnessing strong demand from institutional investors.

The government is offering a 3.5% stake in what will be India’s largest share sale, despite both the size and valuation of the issue being slashed significantly to reflect current market conditions.

What are the details of the IPO?

The date for share listing is 17 May, the government’s Department of Investment and Public Asset Management said.

Bids for anchor investors opened on 2 May but the share sale for the public opens on 4 May and closes on 9 May.

General investors can buy equity shares at a price band set at $11.75-12.36 (£9.38-9.87) per share.

The company’s policyholders, employees as well as small mom and pop investors will be entitled to an additional discount of up to 60 rupees, according to papers filed by the company with India’s securities watchdog.

Broking firm Zerodha expects at least 8-12 million additional online trading accounts to be opened by investors keen to apply for the IPO, a 10-15% bump up to the 80 million accounts currently in operation.

Struggling Air India sold to Tata SonsWhy does LIC matter?

LIC is nearly as old as independent India. Formed by nationalising and merging 245 private insurance companies, it started issuing policies in 1956, holding a monopoly on India’s insurance sector until the turn of the millennium.

More than two decades after private competition was allowed, LIC continues to hold a leadership position, with 66% market share as of 2021.

Its sheer size makes the insurance behemoth a systemically important company for India.

At over $500bn, its asset base is bigger than the GDP of several countries. And with nearly 280 million policies in force, it manages four times more policies than the entire population of the UK.

It is also India’s largest asset manager, with massive investments in state and central securities as well as the stock market.

According to the ratings agency CRISIL, LIC’s equity investments in listed companies represented 4% of the total market capitalisation of the National Stock Exchange. It has also been the default financier of the government in trying times, bailing out flailing state-run companies.

LIC also owns a sprawling portfolio of real estate across India.

Why is LIC a part of India’s social fabric?

With 1.3 million distributors selling policies across pretty much every nook and corner in India, the ubiquitous “LIC agent” has held a unique place in independent India’s public consciousness.

Srinivasalu Naidu, a septuagenarian who has sold policies door to door for the past 30 years, told the BBC he was known in his heyday as “LIC Naidu”, a much revered figure in his village in the southern Indian state of Andhra Pradesh.

Agents like him have been critical to the company’s growth and mission to build trust and create a savings culture across the remote corners of the country.

“People didn’t buy policies from me just as insurance, they did it as an investment. For their kids’ education or wedding. They trusted their life savings with me,” said Naidu.

People walk past a bus shelter showing advertisement of country's largest insurer public, Life Insurance Corporation of India (LIC) in Mumbai

Image caption, With nearly 280 million policies in force, LIC manages four times more policies than the entire population of the UK

Private banking giant UBS estimates 10 out of every 100 rupees saved by Indian households go into LIC, a much larger amount than even the deposits attracted by India’s largest bank, the State Bank of India.

Are there any concerns over the IPO?

Given LIC’s social relevance and scaled-down valuation, India’s opposition politicians have accused the government of selling “family silverware” and prioritising shareholders over politicians.

According to analysts, even at the upper price band, LIC’s issue has been valued far lower by the government than its three listed private peers – HDFC Life Insurance Co., SBI Life Insurance Co. and ICICI Prudential Life Insurance Co.

“It is not justified at all. You should also involve the opposition (in deliberations), when you are disinvesting something like the LIC which is a social security net,” Dr Shama Mohamed, a spokesperson of the Congress party, told the BBC.

Last month, PM Narendra Modi’s government decided to defer the mega IPO amid global stock market volatility due to the Russian invasion of Ukraine. It had initially planned to raise about $8b by selling 5% of LIC to fund its widening fiscal deficit – the gap between earnings and expenditure.

Amid surging fuel costs and lower growth projections, the pruned fundraising target is expected to put additional pressure on New Delhi’s already stretched finances.

But analysts say the size and price are appropriate given the current environment, with foreign investors pulling out nearly $20bn from Indian equities since October 2021. And the government is confident that LIC’s dominant leadership position and fair valuation will attract significant investor interest.

“Even if we have a bit of a constrained environment, we can still pull it off because that’s the kind of optimum demand scenario which exists,” Tuhin Kanta Pandey, secretary at the Department of Investment and Public Asset Management, told journalists in Mumbai last week.

How India avoided its ‘Lehman Brothers moment’What does the IPO mean for LIC?

In the long run, a stock market listing is expected to improve how the firm is run and bring in more transparency.

But at a time when its competitors have all gone digital, LIC’s overt dependence on physical distributors has been flagged as a cause of concern by analysts, who believe it will continue losing market share in the years ahead.

“On the margin front, it will be kind of hard for LIC to compete if it sticks to the distributor model. They will have to re-innovate the company and become relevant for what the insurance market will be tomorrow,” says Nikhil Kamath, co-founder of Zerodha.

According to economic commentator Vivek Kaul, LIC pays agents twice as much in commissions in the first year, compared to private insurers, which is not sustainable in the longer run.

Covid-19 has also had an impact on the company. Its growth in new business premiums declined significantly as lockdowns disrupted operations, reiterating the need for LIC to significantly leverage technology to drive operating efficiency.

But analysts expect India’s young population and massive under-penetration of life insurance to give LIC a long runway for expansion.

According to analysis from the broking firm Anand Rathi, India’s protection gap – or the difference between the insurance required and actually available – was 83% or US$16.5 trillion in 2019, the highest in Asia-Pacific, “thereby presenting a huge potential for growth”.

Source: The BBC.

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Published on May 04, 2022 02:28

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