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The Latest Breaking News from China

China gives PwC record £47m fine and six-month ban over Evergrande

Accountancy firm accused of issuing false audits says it has sacked six partners and five other staff have left

The Guardian - UK

Stock Index Futures Inch Higher as Investors Mull Size of Fed Rate Cut, U.S. Economic Data on Tap

September S&P 500 E-Mini futures (ESU24) are up +0.23%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.08% this morning, while Treasury yields slumped after fresh U.S. economic data left investors uncertain about the size of an anticipated interest rate cut from the Federal Reserve next week.

Barchart

US hints at allowing Ukraine to strike deep inside Russia, enraging Putin

If Washington expands weapons authorisation, NATO will be directly involved in the war, says the Russian leader.

Al Jazeera

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Italy Busts Ring Trafficking Retro Video Games From China

Italy's financial police said Friday they have dismantled a ring trafficking counterfeit vintage video game consoles from China containing some of the most popular titles of the 1980s and 90s.

International Business Times

Cheap Valuations Prompt Investors Like Warren Buffett to Buy Beauty Stocks Despite Concerns Over Industry Prospects

Warren Buffett bought over half a million shares of Ulta Beauty at a cheap valuation, potentially hinting that the ongoing cosmetics market slump is a short-term hurdle rather than a long-term trend.

International Business Times UK

China Bans PwC For Six Months Over Evergrande Audit

Accountancy giant PwC was banned in China Friday for six months and slapped with a fine of $62.2 million over problems with its audit of beleaguered property company Evergrande.

International Business Times

Stock Index Futures Inch Higher as Investors Mull Size of Fed Cut

Barchart

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China hands PwC a 6-month ban and fine over audit of the collapsed developer Evergrande

Chinese authorities have banned the accounting firm PwC for six months and fined it over $56 million for its involvement in the audit of collapsed local property developer Evergrande

The Independent UK

US backs two permanent seats for Africa on UN Security Council

The US has thrown its weight behind creating two permanent seats for African states on the United Nations Security Council, and one rotating seat for small island developing states. Years of talks about reforming the council have led nowhere, and many doubt whether US backing will be enough to spur…

Radio France Internationale

China Raises Retirement Age To Address Aging Workforce

China's new policy raises retirement age to address demographic challenges and ensure pension fund sustainability.

Top News

US House Approves Bills To Counter China's Influence

U.S. House passes bills to counter China's influence through technology, espionage, farmland, and diplomacy.

The Independent UK

US House clears a largely bipartisan package of bills to counter China

The U.S. House this week approved a sweeping package of bills to counter China’s influence

International Business Times

James Comer Gives FBI New Deadline While Citing New Evidence Of Tim Walz's 'Longstanding Connection' To China

The House Oversight Committee chair said the "FBI's silence regarding Governor Walz's relationship with CCP-affiliated entities and officials is inexcusable"

Tom’s Hardware

Blacklisted Chinese AI GPU champ Biren preps for IPO at $2.19B valuation

Nvidia's China-based rival Biren hires an investment bank to prep for an IPO at a $2.19 billion valuation while being blacklisted by the U.S. government.

The Guardian - UK

Oil demand growing at slowest rate since height of pandemic, says IEA

Energy watchdog says global oil prices could continue to fall from three-year lows as supply outstrips demand

InsideEVs

China Tells Automakers: Keep The Best EV Tech At Home

Today on Critical Materials: China wants to keep EV manufacturing at home, China pilots V2G to balance its grid, and dealerships unprepared for EV service needs

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