Property developer China Vanke narrowly dodged a default on Monday after onshore bondholders approved a plan to extend the grace period of a RMB 2 billion ($284 million) bond repayment reports Reuters. The bond in question matured on December 15, and bondholders rejected an earlier proposal by Vanke to delay repayments. But bondholders again rejected the state-backed developer’s […]
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China has slapped tariffs of up to 42.7% on European producers of certain dairy products, reports the South China Morning Post. This includes cheese and cream products. Chinese investigators made a preliminary determination that the European Union provided “substantial subsidies” to the milk and dairy products industry “through programmes such as the common agricultural policy” and […]
China’s trust sector returned to profit growth in the first half of this year, following a regulatory overhaul aimed at curbingshadow banking risks, reports Caixin. Total profit at China’s trust companies edged up 0.45% year-on-year to RMB 19.7 billion ($2.8 billion) in the period, supported by rising revenue, data from the China Trustee Association showed. Despite […]
Uber and Lyft said they are teaming up with Chinese tech giant Baidu to launch driverless taxi trials in the UK next year, reports Reuters. The move reinforces the UK’s role as Europe’s leading testbed for commercializing robotaxis. As part of the partnerships, Baidu’s Apollo Go RT6 vehicles will join the London networks of the ride-hailing […]
The US has announced it will ban all new models of foreign-made drones, a move which will lock all Chinese drone companies out of the US market, one of the world’s most lucrative for civilian and commercial drones. The biggest casualty is DJI, which is the world’s largest drone manufacturer, and produces around half of […]