The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi -- the highest amount frozen till date in India -- the ED said Friday. The agency charged the popular Chinese phone maker with remitting foreign currency equivalent to Rs 5,551.27 crore to three entities -- one Xiaomi Group company and two US-based unrelated entities -- in the guise of royalty. The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.
The report added that Anbang, which has close ties to the Chinese state, has seen its aggressive efforts to buy hotels in the US slowed amid concerns raised by Obama administration officials who review foreign investments for national security risk.
After years of giving free passes to counterparts from Korea, Japan, US in the Indian auto market, Chinese automakers had planned a major push to grab the fifth largest car market in the world. But the shutdown of factories and logistics hubs in the country following the outbreak of coronavirus is slowly constricting the business of Chinese auto majors which have recently entered India.
A third Chinese airline company, China Southern, will launch direct flights to India this year to tap the increasing traffic potential arising out of booming bilateral trade.
Cheap equipment imports, especially from China, is a major reason for falling tariffs in solar tenders
One indictment accuses Huawei of trying to steal trade secrets from T-Mobile, and of promising bonuses to employees who collected confidential information on competitors. A second indictment claims the company worked to skirt US sanctions on Iran.
The world's second largest wire rope manufacturer Usha Martin Limited is keen to enter the Chinese market for which it is carrying out a detailed study, its chairman B K Jhawar said on Saturday.\n\n
Although still behind India's $60 billion-equivalent, many Chinese companies are increasingly confident that India's days as king of software outsourcing are numbered. Business Standard spoke to Dr Liu Jiren, founder and CEO of Neusoft, China's largest outsourcing company, about how Chinese outsourcing firms evaluate themselves against Indian counterparts. Edited excerpts:
Today, with China centrally seated and located, the Global South has an intriguing road ahead. Odds of it becoming a Chinese bloc in the emerging new bipolar world are higher than we'd wish them to be, observes Shekhar Gupta.
A high-level meeting will be convened soon to decide on probing the India operations of Chinese Telecom companies -- 'Huawei' and 'ZTE' -- against the backdrop of the US calling the two firms a threat to American national security.
The Chinese admitted that they had suffered the maximum casualties fighting in the first battle on October 20, 1962, and these casualties had been inflicted mostly by 2 Rajput. Claude Arpi salutes Major B K Pant and his fighting force of 112 men, 82 of whom lost their lives in the Battle of Namkha Chu, and whose courage must never ever be forgotten by a grateful country for who they laid down their lives.
Ambani is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson, famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain, reports Lee Kah Whye.
'Nobody wants him to gain power.' 'But saying that all these players together conspired against Imran Khan and had him arrested would be in the realm of conjecture but possibilities cannot be ruled out.'
China's multinationals, powerful as they seem, are still beholden to the Communist Party. That's both a blessing and a burden.
China has invested millions in Sri Lankan infrastructure.
State-owned gas firm GAIL India Ltd is eyeing stake in two Chinese firms implementing a project to supply CNG to Beijing by 2008, before commencement of the Olympics.
They might have made little headway in the market so far, but leading Chinese consumer electronics companies are busy drawing up big plans to expand their footprints in India. After acquiring Anchor Daewoo's appliance business last year, Haier is on the prowl for some local brands. TCL is getting ready to expand its product range to mobile phones and home appliances.
The company is willing to partner existing players; to begin with commercial vehicle launch.
Prudence demands that in our enthusiasm for expanding our economic ties with China, we should not allow suspect companies such as Huawei a free run of our country and access to our communications network, which could facilitate their collection of intelligence in times of peace and war and paralyse our critical infrastructure during any military conflict.
Tata Motors, Titan Company & Tata Steel come in at second, third & fourth slots.
Pakistan plans to buy the fourth generation stealth fighter aircraft from China to boost its defence capability, according to a media report on Saturday.
'Indian entrepreneurs became traders for Chinese goods rather than producers of goods.'
In Tokyo, hundreds of Japanese citizens came out on the streets to express solidarity with the oppressed people of Tibet, Xinjiang, Mongolia, Hong Kong and Taiwan.
Hero MotoCorp, Honda Motorcycles, Scooters India, TVS, Honda India, Toyota Kirloskar Motor, Ford, Nissan, Ashok Leyland are all giving the Auto Expo a miss this time.
The company shot off its second letter to the Department of Telecom in the last four days, seeking clarifications from the government.
Zhang Jiao, after realising her dream of witnessing Argentina soccer great Lionel Messi lift the World Cup every match he plays from now on is "precious".
Indian apparel brands are looking at China as the new retail destination.
India on Friday launched an aggressive campaign to showcase its IT prowess in China to woo local companies in order to bridge the trade imbalance between the two nations.
After frequent incursions in Ladakh area, Chinese People's Liberation Army troops have been spotted at forward posts along the Line of Control on the Pakistani side of Kashmir, ringing alarm bells in the security grid.
Indian imports of Russian oil plunged by a record in August month-on-month (M-o-M) as discounts on the fuel shrank in tandem with rising Brent oil prices. Higher crude prices will drive inflation or hurt earnings at oil companies and India's fiscal position if such spikes are not passed on to consumers. Indian purchases of Russian crude declined by around 24 per cent in August from July to the lowest level since January, with refiners expecting volumes to drop further amid rising rates of Russian benchmark Urals grade, substantial stocks at refiners, and planned maintenance at Indian refineries, according to ship tracking data and industry officials.
India's security concerns over Chinese telecom equipment are groundless, a Chinese trade body has said, asserting that Chinese companies used same technologies as their Western counterparts and banning them was discriminatory.
A Chinese company has agreed to pay a penalty of $3 million after pleading guilty to the charges of illegally exporting high-performance coating to Pakistan's Chashma nuclear power plant, US federal authorities said.
India has realised that one can only deal with China from a position of strength and that is not palatable to Beijing, observes Dr Rup Narayan Das.
Chinese auto component manufacturers are quietly making inroads into India.
As many as 205 stocks touched their one-year low on the Bombay Stock Exchange.
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
Separately, China is also processing requests of thousands of Indian students studying in Chinese universities who have conveyed their interest to re-join their colleges and universities.
Huawei, the other big Chinese vendor, is yet to decide on the issue.
