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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Chinese Nickel Giant Tsingshan Faces $8 Billion Trading Loss as Ukraine War Upends Market — Nickel prices soared, prompting the London Metal Exchange to suspend trading in the metal.
- U.S. State Governments Hit in Chinese Hacking Spree — At least six states were hacked in campaign that took advantage of widespread Log4J security flaw, according to Mandiant.
- In China, Inflationary Pressures Remain Subdued—For Now — Producer prices rose 8.8% in February, easing from recent high of 13.5%, though conflict in Ukraine could increase inflation risks.
- Biden Enlists Business Executives to Push Bill Countering China Tech Threat — House, Senate have competing versions of measure that would put $52 billion toward boosting U.S. chip production.
- Human-Rights Groups Worry U.N. Is Bowing to Beijing Over Xinjiang — Letter signed by nearly 200 groups demands release of long-delayed report as United Nations human-rights chief plans visit to China.
- Biden to Order Study of Cryptocurrency Risk, Creation of U.S. Digital Currency — Federal agencies to explore financial and environmental concerns and inform regulatory action.
The Financial Times
- Chinese smartphone shipments to Russia plunge as rouble collapses — Currency and sanctions stop China’s companies from taking advantage of exodus of western brands.
- Ukraine war likely to influence China on Taiwan, US intelligence chiefs say — Response by western allies would influence Beijing’s ‘calculus’ on securing control, officials tell House committee.
- Beijing takes ‘war lessons’ from Russia’s military tactics in Ukraine — The performance of Russian troops on the ground may have come as a surprise to China’s People’s Liberation Army.
- Chinese metals tycoon faces steep losses on nickel price surge — Metal hit a record $100,000 a tonne as brokers rushed to close a ‘short’ position taken by Xiang Guangda.
- Shanghai halts trading of nickel contracts in wake of LME suspension — Prices have escalated in recent weeks over fears of disruption to supplies from Russia.
- Nickel/LME: chaos from margin calls may recur in other asset classes — Soaring exposure has triggered margin calls for extra collateral — expect this pattern to repeat.
- Russia/payments: China is no shelter from sanction storm — Fears of a powerful new economic bloc look overblown.
The New York Times
- Chinese companies that aid Russia could face U.S. repercussions, commerce secretary warns. — Gina Raimondo, the commerce secretary, said the U.S. could take “devastating” action against Chinese companies that defy Russian sanctions.
- U.N. Human Rights Chief to Visit China — Michelle Bachelet would be the first official in her position to visit China, which has come under fire for its rights record, in nearly two decades.
Caixin
- In Depth: The Winners and Losers of China’s Credit Easing — With GDP growing just 4% in the fourth quarter, policymakers have loosened the credit tap, but some parts of the economy stand to gain more than others.
- The Chinese Stainless Steel Giant Facing Billions in Losses After Nickel Bets Sour — Fortune 500 member Tsingshan has extensive interests in Indonesia and is broadening its footprint in electric-car batteries.
- With Local Government Backing, Evergrande Secures Funding to Complete Some Projects — The cash-strapped developer is trying out different forms of financing in some provinces to avoid the wrath of homebuyers.
South China Morning Post
- China sends first shipment of humanitarian aid to Ukraine — China says it has sent a first shipment of humanitarian aid to war-torn Ukraine, as Beijing comes under growing pressure to mediate on the Russian invasion.
- China’s disciplinary enforcers shift focus from corruption to poor performance — China’s President Xi Jinping is increasingly using the Communist Party’s disciplinary mechanisms, best known for tackling corruption, to punish poor performance, a study has found.
- As China’s sovereign bonds tumble from No 1 ranking, eyes turn to Russia as possible source of funds exodus — China’s sovereign bonds have plunged from atop the global performance rankings to the bottom half in recent weeks, undermining their status as an alternative haven just as global markets have become roiled by the war in Ukraine.
Nikkei Asia
- China signals shift on Ukraine as Russia accused of atrocities — Xi calls conflict a ‘war’ for first time as it threatens No. 2 economy.
- Taiwan raids 8 Chinese tech companies over alleged talent poaching — Investigation comes as island grapples with severe chip staffing shortage.
- Chinese home appliance makers focus on diversification — Government moves to rein in housing market dampen demand for white goods.
- Suning to sell consumer finance unit for $58m in restructuring — Chinese group refocuses on core retail portfolio after expansion hits earnings.
Bloomberg
- Nickel Trade Falls Silent in Throwback to LME’s Darkest Days — For nearly a century and a half — with only a handful of interruptions — the London Metal Exchange has been the place where global prices are set for industrial metals from aluminum to zinc.
- Biden Pushes for Coordinated Approach to Crypto Oversight — President Joe Biden on Wednesday plans to order government agencies to take a closer look at issues surrounding the fast-growing crypto market, from developing a potential digital dollar to combating illicit finance.
- Hong Kong Delays Mass Testing Plan as Focus Shifts to Deaths — Hong Kong’s plan to test the entire population for coronavirus in March has been indefinitely postponed as the city prioritizes vaccinating the elderly and reducing fatalities in an outbreak that’s now the deadliest in the world.
- China’s Government Gets 1 Trillion Yuan Boost From Central Bank — China’s central bank stepped up its financial support for the economy, saying it will transfer more than 1 trillion yuan ($158 billion) in profits to the government to help finance fiscal spending.
Reuters
- Analysis: Taiwan studies Ukraine war for own battle strategy with China — While Taiwan’s government has not reported any unusual activity by the military in China, which views the island as its own territory, Taipei has raised its alert level.
- Union matchmakers a turn-off, say Chinese web users as birth rate debate heats up — Proposals for matchmaking committees within unions and a drive to encourage more graduate students to have babies triggered a frosty reception on social media, as officials brainstormed ways to raise China’s plunging birth rate.
Other Publications
- The Washington Post: Ukraine helped build China’s modern military, but when war came, Beijing chose Russia — When Ukraine asked China for help in bringing about a cease-fire after Russia invaded, it was calling on a country whose modern military Kyiv had helped build.
- Quartz: Why the surge in nickel prices is bad for a Chinese nickel giant — The London Metal Exchange was forced to suspend the trading of nickel yesterday (March 8) after prices for the metal surged some 250% in just over 24 hours.
- Rest of World: TikTok’s biggest Chinese competitor bets big on Brazil — Kuaishou is chasing novela creators and working-class users in Latin America to keep up with the competition.
- MacroPolo: From Fear to Behavior Modification: Beijing Entrenches Corruption Fight — The expanded purview of the CCDI is intended to bolster its two core functions: supervision and enforcement at all levels of Party-state organizations. Our data show three discernible trends that reinforce how the CCDI is coming into its own.
