Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China Eastern Airlines Crash Rescuers Find No Survivors — A listed company’s chief financial officer and people working for an accounting firm among those on board.
- China Plane Crash: What to Know About the Boeing 737 Jet With 132 People Aboard — The 737-800 is one of the workhorses of the commercial aviation industry and has one of the best safety records.
- Chinese Plane Crash Follows Rapid Growth at Airline Without Safety Incidents — China Eastern Airlines has become one of the world’s largest carriers amid a boom in Chinese air travel.
- Ukraine War Complicates Biden Administration’s Military Strategy on China and Russia — Russia’s invasion is forcing the administration to rethink its priorities, but it still sees Beijing as the long-term threat.
- Alibaba to Buy Back Up to $25 Billion of Stock — The modified repurchase program will be effective for two years through March 2024.
- Nike Sales Rise as It Navigates Supply-Chain Snarls — Sneaker giant says consumer demand continues to outpace supplies across its markets.
The Financial Times
- Alibaba increases share buyback programme to $25bn in boost to stock — Chinese ecommerce group raises plan for second time in a year after tech crackdown hammered company.
- Rescue teams find no survivors from Boeing 737 crash in China — Disaster expected to prompt more reviews of family of aircraft in wake of Max grounding.
- China’s Evergrande says lenders have claimed $2bn in cash — Claim could reduce value of heavily indebted developer’s international bonds.
- Chinese companies weigh business and politics in Russia after war — Ukraine’s criticism of drone maker DJI highlights challenge of maintaining commercial links.
- Republican stance on free markets is shifting when it comes to China — Despite the priority traditionally given to the free flow of capital, many now argue that Beijing should be the exception. By Oren Cass
The New York Times
- China Evergrande says it will delay its financial report. — The news is the latest setback for the hugely indebted Chinese property developer, which fell into default last year.
- High Death Rate in Hong Kong Shows Importance of Vaccinating the Elderly — Covid has surged in a number of Asian countries that had once held the virus at bay. Vaccination levels have largely determined how deadly those waves would be.
- What We Know About the Crash of China Eastern Airlines Flight 5735 — The crash of the Boeing plane, with more than 130 people on board, is China’s worst air disaster in more than a decade.
- China Eastern Jet’s Steep Plunge Suggests Little Chance of Survival — Search workers recovered identity cards, cellphones and purses from the crash of the Boeing plane that carried more than 130 people. But no survivors have been found.
- Boeing Faces New Upheaval After Crash of Chinese Airliner — No fault has been found, but the company, which has been trying to overcome a recent legacy of design and production troubles, is likely to get scrutinized.
- The Boeing 737-800 NG is widely used around the world. — The model involved in the China crash represents nearly 17 percent of the commercial aircraft in operation.
- After China’s Worst Air Crash in Years, a Desperate Hunt for Survivors — The plane that crashed in a mountainous area of southern China was carrying 132 people, and no survivors have been found so far, a state broadcaster said on Tuesday.
Caixin
- The Rise of the China-Focused Private Equity Giant Hillhouse — From its founding with money from Yale, the company has grown to manage tens of billions of dollars of assets.
- China’s Cabinet Vows Stronger Support for Economy — State Council promises tax rebates and prudent monetary policy in continuation of government actions to stabilize capital markets and bolster growth following stock market sell-off.
- In Depth: What’s Behind China’s Growing Problem With Child Depression — Not only have case numbers climbed, especially since the pandemic, but children are being hospitalized in growing numbers.
South China Morning Post
- Australia launches Space Command to counter China’s extraterrestrial military ambitions — Australia’s government on Tuesday launched “Space Command”, a new defence agency with echoes of the United States’ Space Force that has been tasked with securing the country’s place in an “already contested” cosmos.
- A year after sanctions, EU-China ties face new ‘defining moment’ on Russia — Beijing hit European diplomats, politicians and researchers with travel and business bans in response to sanctions over Xinjiang.
- China Evergrande to delay 2021 results due to unfinished audit and efforts to overhaul world’s most indebted developer — China Evergrande Group said it would delay the release of its 2021 financial results due to ongoing audit work while it investigates banks’ seizure of its deposits at a unit, as the world’s most indebted developer overhauls a sprawling business with 1.97 trillion yuan (US$310 billion) in liabilities.
Nikkei Asia
- China Evergrande auditor unable to meet deadline for results — Group reveals $2.1bn in deposits seized by banks from property management unit.
- Shenzhen emerges from lockdown as China wavers on ‘zero COVID’ — Tech hub reopens despite lingering coronavirus cases.
- China exit? Russia crisis has businesses thinking the unthinkable — Capital flight may have already begun as investors fear Taiwan contingency.
Bloomberg
- Beijing Tells Chinese in Russia to Help Fill Economic Void — China’s top Russia envoy urged Chinese business people in Moscow to seize economic opportunities created by the crisis, a strategy that could help soften the blow from international sanctions.
- Alibaba’s $9 Billion Buyback Binge Has Done Little For Its Stock — China’s Alibaba Group Holding Ltd. has spent more on share buybacks than any other tech firm since the sector’s downturn began. But that’s done little to boost its stock’s fortunes.
- Nickel’s Rapid Cool-Down Pushes London Price Near to China’s — Nickel on the London Metal Exchange is getting closer to level-pegging with China’s main market after several days of limit-down losses — a sign that the metal’s historic short squeeze is easing.
- Chinese Wind Company Wins India Turbine Orders in Overseas Push — China’s second-largest wind manufacturer said it has received 1.9 gigawatts of turbine orders from India, highlighting companies’ efforts to seek overseas sales as the domestic market becomes increasingly competitive.
Reuters
- Analysis: China Eastern crash could set back Boeing’s China recovery, return of MAX — The 737-800 that crashed on Monday does not have the equipment that led to 737 MAX crashes more than three years ago, but that may not make a difference to Chinese passengers and a national regulator known for scrupulous safety requirements.
- U.S., EU allies to coordinate on China in NATO, G7 meetings this week — U.S. President Joe Biden’s bid to drive a wedge between Chinese President Xi Jinping and Russian President Vladimir Putin over the Ukraine war will be a key topic of discussion this week when Biden travels to Brussels for talks with European leaders.
- Exclusive: Chinese regulators ask some U.S.-listed firms to prepare for audit disclosures – sources — Chinese regulators have asked some of the country’s U.S.-listed firms, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures, sources said.
Other Publications
- The New Yorker: How a Book About America’s History Foretold China’s Future — In 1989, a young Chinese academic spent six months travelling in the United States. His insights are now central to Xi Jinping’s cultural crackdown. By Chang Che
- Associated Press: US expands travel bans on Chinese officials for persecution — The Biden administration on Monday expanded existing U.S. travel bans against Chinese officials whom it accuses of repressing ethnic and religious minorities.
- Protocol: EV battery swapping was left for dead. Now, it’s being revived in China. — Charging a car battery might take an hour … but swapping it out takes minutes.