China on Tuesday said its official manufacturing PMI for March came in at 52.&nbsp;In February, the official manufacturing PMI plunged to a&nbsp;record low of 35.7.&nbsp;PMI readings below 50 signify a contraction, while figures above that level indicate an expansion.&nbsp;China&rsquo;s manufacturing activity slowed dramatically earlier this year as the government instituted large-scale lockdowns and quarantines to contain the spread of coronavirus.

China on Tuesday said its official manufacturing PMI for March came in at 52. In February, the official manufacturing PMI plunged to a record low of 35.7. PMI readings below 50 signify a contraction, while figures above that level indicate an expansion. China’s manufacturing activity slowed dramatically earlier this year as the government instituted large-scale lockdowns and quarantines to contain the spread of coronavirus.

Chinese government officials have told major state-run agricultural companies to pause purchases of some American farm goods including soybeans as Beijing evaluates the ongoing escalation of tensions with the US over Hong Kong, Bloomberg&nbsp;reported on Monday. The halt is the latest sign that the hard-won trade deal between the world&rsquo;s two biggest economies is in jeopardy. The measures to halt imports came after US President Donald Trump on Friday criticised Beijing after it moved to impose the controversial national security legislation on Hong Kong.

India&rsquo;s trade with countries in South Asia has remained less than 4% of its global trade since the late 1980s while China has increased its exports to the region by 546%, from $8 billion in 2005 to $52 billion in 2018, according to a new study. The study by Brookings India noted that South Asia remains one of the least economically integrated regions in the world.&nbsp;As per the report,&nbsp;intra-regional trade remains well below its potential, at only 5% of the region&rsquo;s global trade, because of protectionist policies, high logistics cost, lack of political will and a broader trust deficit.
&nbsp;

The government may impose anti-dumping duty on imports of a certain type of rubber used in various industries. The domestic industry has approached the commerce ministry to investigate the alleged dumping of the product from China, European Union, Japan and Russia. Dumping of the product from these countries is impacting the domestic industry.&nbsp;In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.

TikTok parent ByteDance has reportedly seen an increase in its valuation in private share transactions, putting the firm's value at over $100 billion. According to reports, investors expect the company will continue to pull in advertisers despite the pandemic, with some transactions valuing the Beijing-based ByteDance at as much as $140 billion. It's worth noting however, that the trades mentioned are private transactions, and may not reflect broader investor sentiment.

According to reports, the world's largest contract semiconducter maker TSMC, has stopped taking new orders from Huawei Technologies. The Chinese smartphone maker is one of the largest clients for Taiwanese Semiconductor Manufacturing Co., that's reportedly made the decision to comply with new US export controls. The new regulations announced last week, are meant to make it harder for Huawei to obtain chips that have been produced using US technology, including manufacturing equipment. It's worth noting that TSMC makes many of the advanced processors used by Huawei, including in its smartphones.

Allocation to Chinese stocks among more than 800 funds reached nearly a quarter of their total asset under management, data from EPFR&nbsp;Global showed. It is higher than&nbsp;20% a year ago. For investment funds that are focused on global emerging market stocks, the average allocation to China is 34%. Investors' interest in Chinese equities remains high as&nbsp;the Shanghai Composite is down only 5.8% for the year so far as compared to the Dow Jones, which is down 18.5% year-to-date as of Wednesday&rsquo;s close. Experts say&nbsp;China, even at lower levels of growth, is going to be the dominant, the supermajority driver of growth over the next 10 years.
&nbsp;

Chinese tech giant Tencent beat Covid-19 lockdown blues and market forecast to record a 21 per cent growth in the first-quarter of this year. The company&rsquo;s online gaming business, which generates more than a third of its revenue, saw the fastest pace of growth since 2017 with likes of PUBG Mobile and Honor of Kings helping it to a 31 per cent year-on year surge. Tencent also recorded better-than-expected results out of its financial technology and advertising units.

Union Finance Minister Nirmala Sitharaman&nbsp;announced that global tenders will be disallowed in government procurement up to ₹200 crores. Sitharaman said Indian MSMEs and other companies have often faced unfair competition from foreign companies.

The Karnataka Government on Monday constituted a Special Investment Promotion Task Force to woo disenchanted multinational companies looking to shift their manufacturing bases from China. Commerce and Industries Department's Principal Secretary Gaurav Gupta said following the Covid-19 pandemic, there is a pushback against China by several countries. This is an opportunity for India to attract them here, bringing with their investments both jobs as well as a transfer of technologies, he said.

China's purchase of US goods in 2020 may fall way short of what was agreed in phase one of their trade deal due to the disruptions caused by the Covid-19 pandemic. A&nbsp;forecast by think tank Center for Strategic and International Studies projected that exports of US goods to China could come in at only $60 billion for all of 2020, much lower than the $186.6 billion needed to meet requirements in the agreement that&nbsp;both countries signed in January.

India may extend anti-dumping duties and safeguards on almost 25 Chinese goods ranging from calculators and USB drives to steel, solar cells and Vitamin E, the Hindustan Times reported. The government is concerned that a flood of imports would kill domestic manufacturers as the anti-dumping duties on these products are expiring this year. India&rsquo;s total imports from China was $70.32 billion in FY19 with substantial contributions of these 25 items.

Ride-hailing service Uber has reported losses worth $2.9 billion in the first quarter of 2020, it's biggest loss yet in three quarters. The firm has reported $3.54 billion in revenue, with gross bookings for its business down by 3% amid the Covid-19 pandemic. However, bookings in its Uber Eats division were up over 54% year-over-year due to increased demand in food deliveries thanks to stay at home orders. It's worth noting that Uber announced this week that it would be letting go of 3,700 full-time employees, or&nbsp;roughly 14% of it's workforce. Company CFO Nelson Chai has been quoted as saying "there are no sacred cows", in regards to the matter.

China&rsquo;s exports saw a shocking 3.5% rise in April despite a hit to external demand from the coronavirus pandemic, official figures showed on Thursday. However, imports fell 14.2% from a year ago, a steeper drop from last month, according to the Customs Administration.

India is developing a land pool of 461,589 hectares, nearly double the size of Luxembourg, to lure businesses moving out of China, a&nbsp;Bloomberg report said. Land has been one of the biggest impediments for companies looking to invest in India. Investors keen on setting up a factory in India currently need to acquire land on their own. The process, in some cases, delays the project as it involves negotiating with small plot owners to part with their holding.

The world's second-biggest gold consumer, India, imported its lowest monthly volumes in at least a decade as air transport was grounded and jewellery stores were shut in a bid to contain the spread of coronavirus. A Bloomberg report said that imports&nbsp;slumped 99.5% to 60 kilograms in April from 13 tons a month ago.

Saudi Arabia's Ambassador to India&nbsp;said the Kingdom&rsquo;s investments in India will not be affected despite a fall in Aramco's profits. In an interview with The Hindu, the envoy said that India is one of the fastest-growing economies today and also one of the largest.&nbsp;In March, Saudi Aramco had reported a 20% drop in its net profit for 2019 due to low oil prices and production levels.

Finnish tech firm Nokia has reported a 2% drop in Q1 revenue due to a EUR 200 million hit it took thanks to a disrupted supply chain amid the Covid-19 pandemic. However, it reportedly managed to claw back a small profit due to good demand for its latest 5G telecoms equipment. Nokia is rivalling the likes of Huawei and Ericsson in order to become a top contender for 5G network sales, especially for use by US telecom companies amid tensions with the Chinese Huawei.

Amazon has said that the complete Covid-19 lockdown in India since March 24 has resulted in the biggest revenue impact in any country in the international market. Due to the lockdown, the&nbsp;e-commerce giant was allowed to sell only groceries and other essential items. However, Amazon&rsquo;s international sales, which account for all its businesses outside the US, grew 18% to $19.1 billion in the first quarter, while losses more than quadrupled to $398 million compared to the year-ago period.

Crude oil prices continued to gain as the OPEC&nbsp;and its allies started reducing output from Friday. The June contract of benchmark Brent crude oil was at around $27 per barrel, higher by 1.55%. The June delivery contract of WTI crude on the NYMEX was trading at $19 per barrel, higher by 2.55%.&nbsp;OPEC and its allies led by Russia had last month agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.&nbsp;The rise in oil prices came after the recent free fall on concerns of decline in the storage capacity as supply continues and demand remains nearly standstill.
&nbsp;

The US is in talks with its 'friends', including India, for restructuring the global supply chains, Secretary of State Mike Pompeo has said. He also praised New Delhi for lifting the export ban on critical medical supplies to combat the global coronavirus pandemic.&nbsp;Addressing a news conference, Pompeo said, "We're working with our friends in Australia, India and Japan, New Zealand, the Republic of Korea, and Vietnam to share information and best practices as we begin to move the global economy forward."

China's manufacturing PMI stands at 52, indicates expansion

editorji

follow us

download editorji app

home > global business > China's manufacturing PMI stands at 52, indicates expansion

replay trump newslist

up NEXT IN 5 SECONDS sports newslist

NaN/0

China's manufacturing PMI stands at 52, indicates expansion

Mar 31, 2020 12:36 IST

share this news

explore newslists

International

Lifestyle

Hollywood

Sports

Viral

Tech

National

Showbiz

Travel

Local

Global Business

Jun 01, 2020 15:40 IST

May 28, 2020 17:30 IST

May 28, 2020 13:10 IST

May 20, 2020 18:00 IST

May 19, 2020 16:00 IST

May 14, 2020 16:00 IST

May 14, 2020 15:05 IST

May 13, 2020 19:00 IST

May 11, 2020 19:10 IST

May 11, 2020 16:30 IST

May 11, 2020 12:10 IST

May 08, 2020 21:30 IST

May 07, 2020 14:30 IST

May 05, 2020 16:00 IST

May 05, 2020 14:20 IST

May 04, 2020 16:30 IST

May 01, 2020 18:00 IST

May 01, 2020 16:00 IST

May 01, 2020 15:50 IST

Apr 30, 2020 14:31 IST

follow editorji

download editorji

editorji

About Us

Reach us

Navigate

home
> global business
> China's manufacturing PMI stands at 52, indicates expansion