CX Daily: Why the world is burning this summer

Heat wave /

Cover: Why the world is burning this summer

At 2:30 p.m. on July 13, the thermometer showed the screen of the Shanghai Xujiahui weather station exceeded 40.9 degrees Celsius (105.6 degrees Fahrenheit), the highest since records began in 1873.

From Shanghai to Dallas, from Paris to London, a record heat wave is sweeping the entire northern hemisphere. On the temperature map, the areas marked in dark red and orange, indicating temperatures above 35℃, cover large areas of Europe, North Africa, North America, East Asia and the Middle East.

Covid19 /

Chinese leaders have all been inoculated with national Covid-19 vaccines, health official says

The main Chinese heads of state have been vaccinated against Covid-19 with nationally developed bites, the deputy head of the National Health Commission (NHC) said in a briefing on Saturday.

“It shows the leadership’s confidence in Chinese vaccines,” Zeng Yixin said, according to a reading out loud (link in Chinese) of the briefing. He did not identify any of the vaccinated leaders by name.

Drop in Covid cases in China as Macau and Shanghai ramp up mass testing

Egg freezing /

Chinese court sentences single woman who wanted to freeze her eggs

A court in Beijing ruled against a legal challenge by a single woman seeking to freeze her eggs. The case shed light on women’s reproductive rights in China and the limits single women face in delaying parenthood.

Since 2019, Xu Zaozao (pseudonym) has turned to legal action to defend her reproductive rights after her request to have her eggs frozen was rejected by a local hospital due to her marital status. Xu would have been the first single woman in the country to do so. Chinese regulations state that married women are allowed to freeze their eggs if they have fertility problems.

FINANCE & ECONOMY





CMB first unveiled a plan to establish an independent direct bank in February 2017.

Bank /

China Merchants Bank abandons banking project with JD.com

A long-planned banking joint venture between China Merchants Bank Co. Ltd. (CMB) and the fintech unit of e-commerce giant JD.com Inc. collapsed after more than five years of preparation.

CMB, one of the country’s largest commercial banks, said on Friday its board had decided to withdraw its application to open China Merchants Tuopu Bank and end preparations. The decision came more than a year after the bank got the approval from the leading banking regulator to establish a direct banking joint venture with financial services platform Jingdong Digits Technology Holding Co. Ltd. (JD Digits).

Yuan /

China expands cross-border cash pooling trial for multinationals

China is extend a trial program which facilitates the cross-border use of funds by multinational companies, another step in the country’s longstanding effort to internationalize the yuan.

As part of the pilot program, launched for the first time in Beijing and Shenzhen in March 2021Selected companies can combine their cross-border yuan and multi-currency cash pools into a single pool and purchase foreign currency for overseas payments at will within certain limits.

Corruption /

Registry investigators target regulator linked to Henan bank scandal

An official formerly in charge of overseeing village banks in central China’s Henan province has been placed under investigation by anti-corruption agencies following a multi-billion dollar banking scandal.

Li Huanting, an inspector with the provincial branch of the China Banking and Insurance Regulatory Commission (CBIRC), is suspected of serious violations of law and Communist Party discipline, the Central Commission for Discipline Inspection said on Sunday. (CCDI) in a press release, without offering more details. Such announcements usually allude to corruption.

Quick shots /

Chinese actress censored sits on the board of directors of a company controlled by a mysterious tycoon

Main Chinese banks begin lending funds as part of a $45 billion infrastructure plan

Editorial: How to “lubricate” friction in China’s labor market

COMPANY & TECHNOLOGY





A poster of Aluminum Corporation of China at an exhibition in Shanghai in July 2019. Photo: VCG

Aluminum /

Chalco’s takeover of Peer could make it the world’s largest publicly traded aluminum maker

Aluminum Corp. of China Ltd., known as Chalco, take control of Yunnan Aluminum Co. Ltd., which analysts say could make it the world’s largest listed aluminum producer.

Chalco, listed in Shanghai and Hong Kong, will pay 6.66 billion yuan ($986.5 million) for about 19% of Yunnan Aluminum, the company announced on Sunday. an exchange file (link in Chinese). The price per share of 10.11 yuan represents a premium of 5.5% over Friday’s closing price.

Oil /

Russia becomes China’s biggest oil supplier as prices fall

Russia outmoded Saudi Arabia has become China’s largest supplier of crude oil in the past two months as Western sanctions over Moscow’s invasion of Ukraine have depressed the prices of its oil exports, bolstering their appeal to Asian buyers.

Last month, China imported 7.3 million tons of crude oil from Russia, up 9.5 percent from the same period in 2021, according to data provided to Caixin at the request of the General Administration. customs. Oil imports jumped 54.8% year-on-year to 8.4 million tonnes in May.

Corruption /

Former Shanghai Electric chairman expelled from Communist Party over corruption allegations

Zheng Jianhua, former chairman of state-owned electrical equipment maker Shanghai Electric Group Co. Ltd., was removed from public office and expelled from the Communist Party over alleged bribes and other misconduct, according to a Friday statement of the national anti-corruption agency.

The Central Commission for Discipline Inspection accused Zheng of abusing his power and causing “huge losses” to state assets, as well as accepting bribes and embezzling funds. public funds. He will then be tried, the statement said.

Quick shots /

China tightens its grip on the data practices of VTC platforms

China Evergrande CEO, CFO internal probe output for use of the setpoint

Long read /

Chinese economy uncertain path to recovery

GALLERY





Taikonauts enter Wentian’s lab module

Newsletter recommended for you /

Must-Have Caixin Newsletter brings you the best of our coverage and stories you can’t miss. You can opt-in now and get free, hand-picked media coverage delivered to your inbox every week.

Thanks for reading. If you haven’t already, click here register.

About Catherine Sturm

Check Also

September 18, 2022 Russia-Ukraine News

Ukrainian defenses continue to consolidate liberated territories in the east of the country as Russian …