LONDON – The British government is expected to set a deadline of 2025 for removing equipment made by China’s Huawei from the country’s 5G telecoms networks, the Telegraph newspaper said on Friday. The Telegraph reported that British culture minister Oliver Dowden will make a statement in Parliament on Tuesday about Huawei, and that ministers wanted Huawei’s removal within five years. Adding to strains in ties between London and Beijing, Britain in January capped Huawei’s role…"UK expected to order removal of Huawei 5G equipment by 2025: Telegraph"
BEIJING – China’s customs authority said on Friday it was suspending imports from three shrimp producers in Ecuador after detecting the new coronavirus in recent shipments. It said samples taken from shipments from Industrial Pesquera Santa Priscila SA, Empacreci SA and Empacadora Del Pacifico Sociedad Anonima Edpacif had produced six positive results. However, tests on the frozen shrimp and inner packaging were negative. The companies did not respond to requests for comment. The findings are…"China suspends imports of Ecuador shrimp on coronavirus risk"
BEIJING – New bank lending in China rose 22.3% in June as authorities continued to boost credit and ease policy to get the world’s second-largest economy humming again after a sharp coronavirus-induced contraction. Chinese banks extended 1.81 trillion yuan (204 billion pounds)in new yuan loans in June, up from 1.48 trillion yuan in May and slightly exceeding analysts’ expectations, according to data released by the People’s Bank of China (PBOC) on Friday. That pushed bank…"China bank lending hits record $1.72 trillion in first half after solid June"
WASHINGTON – China said on Friday it would take “reciprocal measures” against the United States after Washington imposed sanctions on senior Chinese officials over alleged human rights abuses against the Uighur Muslim minority. Beijing described the new U.S. sanctions as “deeply detrimental” to mutual relations, already strained by differences over China’s handling of the novel coronavirus outbreak and its tightening grip on Hong Kong. Washington imposed sanctions on the autonomous region of Xinjiang’s Communist Party…"China says it will hit back against new U.S. sanctions over Uighur rights"
TOKYO – Japan Display Inc aims to bring some automotive panel production back to Japan after the novel coronavirus outbreak disrupted its supply chain in China, a company executive said on Friday. Under the plan, Japan Display would boost production at its plant in Tottori, western Japan, to supply panels to major Japanese automakers, Kazutaka Nagaoka, chief manufacturing officer, said in an interview. “We could have spared opportunity losses if we had our production in…"Japan Display aims to bring some panel production back from China after coronavirus"
BEIJING – Outbreaks of deadly African swine fever are surging in some parts of southern China following heavy rains, analysts and industry sources said, in what could be a big setback for Beijing’s goal of replenishing pork supplies. China’s hog herd, by far the world’s largest, shrank last year by around 180 million pigs, or 40%, after the incurable disease decimated farms. Pig producers are building new farms and restocking amid the push to restore…"China floods blamed for fresh African swine fever outbreaks"
TOKYO – Japan may still build Aegis Ashore missile defense systems to defend against attacks by North Korea and other regional rivals, including China, a source told just weeks after reports that the proposal had been killed. Japan’s defense minister, Taro Kono, last month cancelled plans to build two Aegis Ashore sites, citing cost and concerns that falling booster stages from the interceptor missiles could drop on local residents. Japan, however, has not cancelled the…"Exclusive: Japan may still build Aegis Ashore despite reports of cancellation – source"
HONG KONG – China’s national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors. They have also raised fears about the stability of the Hong Kong dollar’s (HKD) 36-year old peg to its U.S. counterpart, prompting local officials to issue several reassurances. HOW THE PEG WORKS The HKD is pegged in a narrow range of 7.75-7.85 to the U.S.…"Explainer: Dollar peg is critical to Hong Kong amid U.S. threats, China worries"
BEIJING – China’s aviation industry sank further into the red, losing 34.25 billion yuan ($4.89 billion) in the second quarter, only slightly narrower than in the first quarter, underlining the colossal financial impact from the coronavirus pandemic. In the first quarter the industry, which includes airlines, airports and other aviation companies, lost 38.1 billion yuan, according to data released by the Civil Aviation Administration of China (CAAC) on Friday. China’s aviation industry has been recovering…"China’s aviation industry suffers $4.9 billion loss in second quarter on coronavirus jolt"
SHANGHAI – People’s Insurance Co (Group) of China (PICC) and three China-listed tech companies said their major state shareholders plan to reduce holdings – a move that comes amid a torrid bull run in China’s stock market. The bull run, encouraged by state media, has been fuelled by signs of an early economic recovery for China from the coronavirus, capital market reforms and accelerating inflows of foreign funds. PICC’s second-biggest shareholder, China’s National Council for…"China state funds to cut stakes in PICC, some tech firms amid stock bull run"