Country Garden shares jump after Chinese developer strikes debt deal

European stocks hit three-week high as China’s government tries to prop up ailing economy

The share price of the ailing Chinese developer Country Garden has jumped by as much as a fifth after its creditors agreed a delay on debt repayments, offering some respite from the country’s crisis-hit property market.

The company agreed over the weekend to extend the payment dates on a 3.9bn yuan (£430m) private bond, to the relief of investors who had thought it would default on payments due on Saturday. Country Garden will instead have three years to repay the debt, after it won a narrow vote with the backing of 56% of its creditors, Reuters reported.

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UK solar could be ‘dumping ground’ for products of Chinese forced labour, ministers warned

Energy bill amendment requires large solar energy projects to prove supply chain free of slave labour

The UK risks becoming a dumping ground for the products of forced labour from Xinjiang province in China if it rejects reforms proposed by members of the foreign affairs select committee with cross-party support, ministers have been warned.

An amendment to the energy bill, due to be debated on Tuesday, would require solar energy companies to prove that their supply chains are free of slave labour. The Xinjiang region is the source of 35%-40% of the world’s solar-grade polysilicon, the key raw material in the solar photovoltaic supply chain.

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Typhoon Saola makes landfall in southern China as nearly 900,000 evacuated

Storm hit overnight as business, transport and schools suspended in Hong Kong and Guangdong

Typhoon Saola has made landfall in southern China after nearly 900,000 people were moved to safety and most of Hong Kong and other parts of coastal southern China suspended business, transport and schools.

Guangdong province’s meteorological bureau said the powerful storm churned into an outlying district of the city of Zhuhai, just south of Hong Kong at 3.30am local time. It was forecast to move in a south-westerly direction along the Guangdong coast at a speed of about 10mph (17km/h), gradually weakening before heading out to sea.

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Weather tracker: Hurricane Idalia leaves trail of damage in Florida

Category 3 storm causes extensive flooding in south-east US, while heavy rain and winds also hit France and Italy

Hurricane Idalia struck northern Florida on Wednesday, bringing damaging winds and torrential rain. It made landfall near Keaton Beach on Florida’s Big Bend during the morning as a high-end category 3 hurricane, bringing sustained winds speeds near 125mph (200km/h) and a storm surge of 16ft along Florida’s north-west coastline.

Due to very warm sea surface temperatures, the storm strengthened rapidly over the Gulf of Mexico to category 4 status, before weakening to category 3 as it made landfall. It brought extensive flooding as it passed through and damaged power lines, leaving thousands without electricity.

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US restricts exports of Nvidia AI chips to Middle East

Controls apply to A100 and H100 chips, in escalation of US efforts to curb China’s access to products

The US has expanded the restriction of exports of Nvidia artificial intelligence chips beyond China to some countries in the Middle East.

Nvidia, which is one of the world’s most valuable companies at $1.2tn, said in a regulatory filing this week the curbs affected its A100 and H100 chips, which are used to accelerate machine-learning tasks on major artificial intelligence apps, such as ChatGPT.

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Thursday briefing: What we learned from the foreign secretary’s trip to China

In today’s newsletter: James Cleverly met senior Chinese officials for talks in Beijing – was there anything to gain?

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Good morning, or perhaps 你好 (nǐ hǎo). Hopefully James Cleverly got at least that far on Duolingo before the UK foreign secretary’s plane touched down in Beijing this week on a trip aimed at resetting ties after a long period of tension over security, investment and human rights concerns at home and abroad.

It was the first visit to China by a UK foreign secretary for five years. Remember the last time, when Jeremy Hunt somehow ended up announcing that his Chinese wife was Japanese? Very odd.

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TikTok removes 284 accounts linked to Chinese disinformation group

Action by social media company comes after Facebook parent company Meta shut down 9,000 accounts tied to political spam network

TikTok has removed 284 accounts associated with a Chinese disinformation campaign after Guardian Australia raised questions about several accounts uncovered by the company’s rival Meta.

On Wednesday, the parent company of Facebook and Instagram reported it had shut down close to 9,000 Facebook and Instagram accounts, groups and pages associated with a Chinese political spam network that had targeted users in Australia and other parts of the world.

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Typhoon Saola: China issues highest warning as storm approaches Hong Kong and Guangdong

Winds reaching 209km/h recorded as major train lines suspended ahead of typhoon’s expected arrival on Friday

China has issued the highest typhoon warning as Typhoon Saola crawled closer to the south-eastern coastline, threatening Hong Kong and other major manufacturing hubs in neighbouring Guangdong province.

Chinese forecasters issued a typhoon red warning at 6am on Thursday. China’s National Meteorological Centre said Saola, which lies about 295km (183 miles) south-east of Guangdong province, will move north-west across the South China Sea at a speed of about 10km/h (6mph), gradually approaching the coast of Guangdong, then slowly weaken in intensity.

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Chinese developer Country Garden reports $6.7bn loss amid fears of another Evergrande

Group warns that if its financial performance ‘continues to deteriorate’ it faces possible default after huge half-year losses

Embattled Chinese developer Country Garden reported a 48.9bn yuan ($6.7bn) loss for the first half of the year in a stock exchange filing on Wednesday, adding to worries of a potentially catastrophic default.

Its tenuous state has sparked fears of a collapse that could have far-reaching consequences for the Chinese financial system two years after the fall of Evergrande.

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Isolating China would be a mistake, says UK foreign secretary

On trip to Beijing, James Cleverly says Britain is ‘clear-eyed’ about its disagreements with world’s second largest economy

James Cleverly has defended his meetings with senior Chinese government members, saying it would be a mistake to try to isolate China, during the first visit to Beijing in five years by a UK foreign secretary.

Cleverly said he believed China genuinely cared about UK views on human rights, following his meetings on Wednesday with China’s vice-president, Han Zheng, and foreign minister, Wang Yi. However, there was no indication of a change in Chinese policy such as the lifting of its sanctions on British parliamentarians, the test for the trip set by the shadow foreign secretary, David Lammy.

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Western politicians face tough balancing act on visits to Beijing

UK’s James Cleverly is latest to travel to Beijing hoping to improve ties and change Chinese foreign policy

The UK foreign secretary, James Cleverly, on Wednesday described his government’s relationship with Beijing as “complicated and sophisticated”. He said the UK’s approach was “clear-eyed” and pragmatic, neither seeking to isolate the world’s second largest economy nor shying away from raising disagreements.

The balancing act may prove difficult. Cleverly is the latest in a series of western government officials – from the US secretary of state, Antony Blinken, to the French president, Emmanuel Macron – to have visited China in recent months hoping to repair soured relations and trade ties. Few have had much success.

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Travel firms urged to halt trips to Uyghur region over China rights abuses

Exclusive: Report says optics of western firms organising Xinjiang tours amid ‘crimes against humanity are disastrous’

Uyghur advocates have called on western tourism companies to stop selling package holidays that take visitors through Xinjiang, where human rights abuses by authorities have been called a genocide by some governments.

The request comes as China reopens to foreign visitors after the pandemic, and as its leader, Xi Jinping, calls for more tourism to the region.

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Australia news live: ‘no downside, only upside’, PM says, confirming Indigenous voice to parliament referendum date as 14 October

The formal announcement of a voice referendum date triggers a campaign from both the yes and no camps, before Australians eventually head to the polls. Follow today’s live news updates

Report points to Snowy 2.0 project costs blowing out to $12bn

Nine’s Sydney Morning Herald and the Age are this morning reporting that the cost of Snowy Hydro’s 2.0 giant pumped hydro project has doubled in six months to $12bn.

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UK should take China to task on human rights and Taiwan, MPs say

Foreign select committee report published as foreign secretary, James Cleverly, travels to Beijing

Britain must take a tougher stance on China over its severe human rights abuses and help Taiwan build its defences to deter a potential attack from Beijing, an influential group of MPs says.

With the foreign secretary, James Cleverly, scheduled to land in China on Wednesday for a first official visit in five years, a report from the foreign affairs select committee says ministers have to call out the country’s transnational repression.

China’s behaviour is a threat to world security that cannot be ignored, it says.

The Chinese Communist party (CCP) is “seeking to silence criticism of its human rights abuses, and impose its foreign policy and Xi Jinping’s thought beyond its own borders”, the committee, which is Tory controlled, writes. “This is a challenge to the functioning of democracies globally.”

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Chinese migrants believe Australian media fuels hostility towards them, study shows

Reports about China’s ‘influence’ made public more suspicious of Chinese-Australian communities, according to 70% of respondents to UTS survey

First-generation migrants from China believe Australian media reporting has fuelled unfriendly or suspicious attitudes towards them, new research shows.

The report, published by the University of Technology Sydney, explores the hopes and fears of members of Chinese Australian communities, including a parent whose child came home from school asking: “Mum, is China going to invade us?”

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Meta closes nearly 9,000 Facebook and Instagram accounts linked to Chinese ‘Spamouflage’ foreign influence campaign

Company says users targeted in Australia, UK, US and elsewhere by political spam network across more than 50 platforms

Meta shut down close to 9,000 Facebook and Instagram accounts, groups and pages associated with a Chinese political spam network that had targeted users in Australia and other parts of the world, the company has revealed.

Meta began investigating in 2019 and its research aligned with several research groups, including the Australian Strategic Policy Institute (Aspi), who coined the term Spamouflage.

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UK foreign secretary to challenge China over support for Russia in Ukraine war

James Cleverly to say during visit to Beijing this week that China has ‘a responsibility on the global stage’

The UK foreign secretary, James Cleverly, will challenge Chinese officials in Beijing on Wednesday over their growing military support for Russia, but is intent that his meetings are seen as the revival of a political dialogue that eventually revives UK trade with China.

Ahead of the meetings, he said that no major international issue could be solved without China but added that the country had to live up to its international commitments and obligations.

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China continues coal spree despite climate goals

World’s biggest carbon emitter approving equivalent of two new coal plants a week, analysis shows

China is approving new coal power projects at the equivalent of two plants every week, a rate energy watchdogs say is unsustainable if the country hopes to achieve its energy targets.

The government has pledged to peak emissions by 2030 and reach net zero by 2060, and in 2021 the president, Xi Jinping, promised to stop building coal powered plants.

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Evergrande shares plunge further amid China economy fears

Property developer’s value fell by more than $2bn as stock resumed trading after 17-month suspension

Shares in Evergrande fell a further 13% on Tuesday after more than $2bn was wiped off the Chinese property developer’s market value when it resumed trading for the first time in almost 18 months on Monday.

Evergrande, the world’s most indebted property firm with liabilities of $328bn (£260bn), has lost more than 99% of its share market value over the past three years.

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Hong Kong: Cantonese language group shuts down after targeting by national security police

Fears that China’s crackdown on dissidents is expanding into cultural sphere after linguistic group closes over a fictional essay about erosion of liberties

A Cantonese language group has shut down after Hong Kong national security police raided the founder’s home over a fictional essay submitted to the group’s literary competition three years ago.

Andrew Lok Han Chan, who created and convenes the Societas Linguistica Hongkongensis (SLHK) group, said in a Facebook post that the officers from a police division set up to enforce the 2020 national security law, visited a home where some of his family members live last week when he was out of town. The officers, who did not have a search warrant, asked that he remove the essay from his group’s website immediately, he said.

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