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
- HSBC Posts $10 Billion Profit on Higher Rates and China Reopening — The bank will target a $2 billion stock buyback and said its Silicon Valley Bank U.K. acquisition boosted its results.
- The Next Big Bull Market Could Be Copper — Cyclical headwinds could limit gains in 2023, but longer-term demand, driven by green power, looks likely to far outstrip supply growth.
The Financial Times
- China’s ‘men in black’ step up scrutiny of foreign corporate sleuths — Raids on consultancies reveal mounting risks of performing due diligence.
- China dominates global IPO market as Wall Street fails to rebound — US companies raise less than a fifth of Chinese total this year as banking turmoil dulls enthusiasm for new listings.
- EU and US warn Malaysia of ‘national security’ risk in Huawei’s bid for 5G role — Kuala Lumpur’s review of tender tests ability to juggle relations with the west and China.
- Joe Biden says US commitment to defending Philippines is ‘iron clad’ — Comments come days after Manila accused Beijing of harassing patrol ship in South China Sea.
- Tibet’s exiled government pushes China on sovereignty claims in bid for leverage — Penpa Tsering seeks change in strategy as Beijing tightens political suppression in region.
The New York Times
- In China, It’s Time to Splurge Again, and the Luxury Industry Is Relieved — The end of pandemic-era restrictions has unleashed a luxury spending rebound in China. Which Western brands are coming out on top?
- Shein, E-Commerce Retailer Hit by Criticism, Tries Charm Offensive — With an initial public offering expected at some point, the company is looking to change its public perception. Not everyone is buying it.
- Biden Meets Marcos in Washington Amid Tensions With China — The Filipino leader’s four-day visit is meant to send a message to China amid conflict over Taiwan and the South China Sea.
Caixin
- Special Report: China’s AI Charge — China’s AI pioneers are hoping this flurry of activity could usher in a new era of AI development in the world’s largest internet economy.
- Mainland Roads Opened to More Cars From Hong Kong — From July 1, more private cars from Hong Kong will be allowed to enter the mainland via the Hong Kong-Zhuhai-Macao Bridge, Guangdong authorities announced, as the central government pushes for further connectivity in the Greater Bay Area.
South China Morning Post
- Who is Li Hui, China’s point man in Ukraine? — The diplomat spent 10 years as ambassador to Moscow and has spoken of his love of Russian literature.
- In just 3 months, China’s internet censor has closed over 4,000 websites and removed 55 apps — Cyberspace Administration of China bans a dozen personal media platforms using names similar to state media or major news portals.
- Our strategy is working, CEO says as HSBC posts better-than-expected pre-tax profit of US$12.9 billion for first quarter — Lender to pay first quarterly dividend since 2019, having not paid a quarterly dividend since it cancelled its final dividend payment that year and suspended its dividend in 2020.
- Australian expat accused of spying for China is no ‘James Bond’, was ‘working innocently’: lawyer — Alexander Csergo, accused of ‘reckless foreign interference’, is being held in a top-security jail cell in Australia.
Nikkei Asia
- Hong Kong security law keeps tight lid on Labor Day rallies — Quiet streets reveal limitations of city’s post-COVID return to ‘normal’.
- Arm’s IPO filing fuels speculation of SoftBank going private — Listed chip designer could replace Alibaba as a fundraising avenue.
Bloomberg
- World’s Top Steelmaker Signs to Build Plant in Saudi Arabia — China’s Baoshan Iron & Steel to build factory in Ras Al-Khair.
- Taiwan Sees Accelerating Shift of Production Away From China — India, Southeast Asia benefit from diversified supply chains.
- China Tourists Overwhelm Attractions as Travel Explodes After Covid — More than 159 million trips were made by car, rail, airplane and waterways in the first three days of the five-day holiday.
- BYD Will Accelerate Bottom-Up EV Trend With Under-$11,000 Model — China has electrified both the low and high ends of its auto market. Budget models are now taking off in India, Indonesia and Thailand, as well.
Reuters
- China’s exit bans multiply as political control tightens under Xi — China is increasingly barring people from leaving the country, including foreign executives, a jarring message as the authorities say the country is open for business after three years of tight COVID-19 restrictions.
- Exclusive: India, China propose ‘multiple pathways’ on cutting use of fossil fuels-sources — India, backed by China, is trying to build a consensus within the G20 group to let countries choose a roadmap to cut carbon emissions instead of setting a deadline to end the use of fossil fuels, three Indian government officials said.
- US lawmakers push SEC to order audit of Shein IPO over Uyghur forced labor fears — A bipartisan group of two dozen U.S. representatives was calling for the Securities and Exchange Commission to halt the initial public offering of Chinese-founded fast-fashion giant Shein until it verifies it does not use forced labor, according to a letter seen by Reuters.
- Japan’s automakers have a made-in-China sales crisis — Total sales of Japanese auto brands in China were down 32% year-on-year in the first quarter, more than double the pace of the overall market contraction, industry data analysed by Reuters showed.
Other Publications
- Associated Press: On board a Philippine patrol in contested South China Sea — When two Philippine coast guard vessels set out to patrol the volatile South China Sea recently, they had to face more than China’s growing territorial ambitions.
- Safeguard Defenders: Trapped – China’s Expanding Use of Exit Bans — The Chinese Communist Party (CCP) has been widening the legal landscape for imposing exit bans and is increasing their use against everyone from human rights defenders to foreign journalists.
