It is expected to speed up the use of yuan in trade.

Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global demand and a wider slowdown. However, the pace of contraction slowed from the previous month and not as bad as feared. Overseas shipments sank 8.8 percent on-year, the customs authority...

The G20, which accounts for about 85 percent of the world's economy and greenhouse gas emissions, will meet in New Delhi in the absence of China and Russia's leaders, as the invasion of Ukraine, trade and the future of fossil fuels stir tensions.

The 10-member Association of Southeast Asia Nations (ASEAN) was holding separate summits with China, Japan, South Korea, the United States and Canada, providing an arena for big powers to lobby the bloc. US Vice President Kamala Harris is attending in place of President Joe Biden, while Chinese Premier Li Qiang...

Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022,  which works out as a compound annual growth rate of 14.2 percent, a research report presented at the Global Digital Economy Conference (GDEC) 2023 revealed, reported by Xinhua.  By 2022, the scale of China's...

Tehran, Iran - The CEO of Iran’s largest car manufacturing company, IKCO (Iran Khodro Industrial Group), said that his company will import the first batch of electric vehicles (EVs) bought from China’s Dongfeng Motor Corporation. IKCO’s CEO Alimardan Azimi said on Monday that EV imports by the company will amount...

Cairo, Egypt -- Egyptian President Abdel Fattah al-Sisi called Tuesday for measures to slow the birthrate in the Arab world's most populous country, citing China's one-child  policy as an example. "We need 400,000 births per year," said the leader of the country of 105 million inhabitants which recorded nearly 2.2 million...

Shares dropped 29% after talks on taking the firm private called off.

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by...

BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported on Saturday. One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end...

Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according to the Chinese newspaper People's Daily Online. The nation's first domestically-produced large cruise ship has wrapped up its maiden test voyage, with plans for its official naming and delivery by...

Wall Street's three main indexes ended a volatile August on a tepid note Thursday after data showed the Fed's preferred gauge of inflation -- the personal consumption expenditures index -- ticked a little higher in July.

The plant is located in their jointly owned petrochemical firm.

Dubai, UAE - The annual Belt and Road Summit being held on September 13 and 14 in Hong Kong will feature a dedicated session focused on the Middle East, South China Morning Post reported on Thursday.  The Belt and Road Initiative, China's ambitious plan to boost international trade and connectivity,...

The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy transition and social reform programme. According to Wood Mackenzie, offshore wind power is increasingly playing a role with the first half of the year seeing a 26 percent rise over...

Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment. The ratings firm said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly...

Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR 341.6 billion, in the second quarter of 2023, contributing mainly to the decline of 31.8 percent in overall merchandise exports, compared to Q2 2022. The value of exports amounted to...

BEIJING, CHINA – The director of China’s Office of the Central Commission for Foreign Affairs met with the speaker of the Arab Parliament Adel Al Asoomi here. Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, said that Beijing is willing to...

China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while allowing them to stay in the race with others. Baidu led several companies in rolling out AI chatbots on Thursday: SenseTime opened its service for registration, and two other firms...

Captain Kuany Ngor Kuany, who was born in South Sudan but moved to Australia as a nine-year-old, said the tournament was "a tool to promote the image of our country". The team played their first official international game only six years ago, but Kuany says they have captured the South...

London, Britain - The Biden administration has implemented restrictions on the sale of Nvidia's advanced microchips to certain Middle Eastern countries, citing rising worries about China's access to crucial artificial intelligence resources, Telegraph reported on Wednesday.  Nvidia, a tech giant valued at $1.2 trillion, has been directed to obtain permission...

But the toy giant's market share grew as sales rose slightly.

The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth compared to the first half of 2022 and 5.4 percent more than H2 2022. Non-oil exports in the first six months of 2023 exceed the exports recorded in the whole...

The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as part of a drive to support the country's beleaguered property sector. Wall Street enjoyed one of its best days in months thanks to a surge in big names -- including...

Beijing, China - China and Arab nations have agreed to establish China-Arab International Research Centre for Drought, Desertification, and Land Degradation at the Ninth Kubuqi International Desert Forum on Saturday, according to Global Times. Government representatives in attendance at the meeting signed the Memorandum of Understanding on building the centre...

Moscow, Russia -- Collective Security Treaty Organization (CSTO) member states have invited observers from Saudi Arabia, Iran, China and Mongolia to monitor the Combat Brotherhood-2023 drills in Belarus, CSTO Joint Staff Chief Colonel General Anatoly Sidorov said at a briefing. Saudi Arabia, Iran, China and Mongolia are not the members...

The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with...

Founded in the southern province of Guangdong in 2015, XPeng is one of dozens of Chinese startups to emerge in recent years to take advantage of the boom in electric vehicles in the world's largest auto market. Didi is China's leading car-hailing app but also operates a subsidiary designing electric...

Firm said it has $556 million remaining in cash assets.

Riyadh, Saudi Arabia  - Saudi Arabia has to not only enhance its defensive capabilities but also establish effective deterrence measures against Iran and its proxies, particularly in the context of its ambitious Vision 2030 initiative, a latest analysis by Middle East Institute (MEI) says.  The policy brief authored by MEI...

Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil market, as per calculations based on 2022 OPEC data, reported by InfoTech news outlet on Thursday. Together with the existing participants, Russia and Brazil, these countries jointly command 39% of...

The builder has accumulated debts of more than $150bn.

A rally in Nvidia helped propel gains in global markets earlier this week, though traders could not keep up the buying owing to ongoing rate worries.

Tehran, Iran -- The trade exchanges between Iran and China in the first seven months of the current year reached $8.540 billion, with China’s export of products to Iran accounting for $6 billion of it. The trade declined by 11 percent compared to the same period last year, China’s Customs...

South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia.

The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news, as there was no fresh news that went against the slowing China rhetoric" or indication of a possible shift in policy by US monetary policymakers, said Swissquote Bank analyst Ipek...

The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly.

European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris stocks were up by more than one percent, with both Frankfurt and London also pushing higher. Market sentiment has taken a hammering this month by a string of weak data...

The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation, will indirectly support economic activity as China's growth flags. The long-awaited post-Covid recovery following the lifting of health restrictions at the end of 2022 has run out of steam in...

Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that the country could join the group as its latest member. The meeting, which brings together major emerging economies countries led by Brazil, Russia, India, China, and South Africa, will be...

Tehran, Iran-- China's ambassador to Iran has affirmed that his country's cooperation with Iran is at its best in various fields, voicing hope that both sides will further improve ties. Chang Hua made the remarks in a Saturday meeting with the governor of the northwestern Iranian province of West Azarbaijan...

China announced earlier Saturday that it had "launched joint air and sea patrols and military exercises of the navy and air force around the island of Taiwan", according to state media outlet Xinhua. The drills were conducted after Taiwan's Vice President William Lai made stopovers in the United States --...

Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny of the real estate industry. The company's woes have come to symbolize the growing crisis in China's sprawling property sector,...

BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in Belt and Road countries, demonstrating a surge of 23.2 percent compared to the previous year. This growth amounts to approximately US$13.69 billion (a year-on-year increase of 15.3 percent), constituting nearly...

Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.

Expectations of another Fed hike have pushed 10-year Treasury yields -- a gauge of future rates -- close to their highest levels since the global financial crisis. Data on Thursday did little to dissuade investors, with unemployment benefit applications falling the most since last month, indicating the labour market remains...

Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33 billion (SAR 5 billion). The agreements covered infrastructure development, financing, with five of them related to housing projects. The agreements were signed at the Saudi-Chinese Business Forum being held in...

Tencent last year posted its first decline in quarterly sales since its listing.

Ras Al Khaimah, UAE - Chinese companies are seeking business opportunities in the Ras Al Khaimah Economic Zone (RAKEZ) as they plan to navigate the business landscape and strategic investment opportunities in the UAE. Post its successful business tour to major Chinese cities earlier this year, the economic zone hosted...

Representatives from around 40 countries including China, Germany, India and the United States took part in last weekend's gathering in Jeddah, though Russia was not invited. "It makes sense for us to continue these talks, because they increase the pressure on Russia to realize that it has taken the wrong...