13/07/2026

BIZ & FINANCE MONDAY | JULY 13, 2026

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China approves Shein’s bid for Hong Kong listing

of domestic production. “We are putting fiscal resources into oil and gas exploration in a very big way – with a US$10 billion programme,“ he said. India is a modest producer in global terms. Domestic crude production in 2025-2026 was 25.98 million metric tonnes, according to the oil ministry. That meets just 10 percent of India’s crude needs, equivalent to roughly 522,000 barrels per day (bpd) – a figure well below its production peak of just more than 900,000 bpd in 2011. India survived the energy crunch by expanding its crude suppliers from 27 to 41 countries, including Iran, Venezuela, greater purchases from Russia and several African nations. New Delhi has previously been criticised by both the United States and Europe for its purchase of Russian oil, with critics arguing that it bankrolled Moscow’s war against Kyiv. – AFP US eases export controls on UAE WASHINGTON: The United States last week announced a major easing of export restrictions on the United Arab Emirates, removing barriers to sales of advanced AI chips and military items to the Gulf ally. The Commerce Department said it would upgrade the UAE’s status under US export rules, a move that reflects the country’s designation as a major defence partner and its role in supporting American national security objectives, including in the war in Iran. The department’s bureau of industry and security said it would remove the UAE from two restricted country groups, making it eligible for license-free exports of controlled military items, certain satellites and spacecraft, and dual-use goods used in oil and gas production, desalination and civil nuclear power. The changes will also lift restrictions on support for the UAE’s drone programmes. The upgraded status“is warranted in light of the ongoing US-UAE military partnership and the UAE’s commitment to preventing the diversion and misuse of sensitive US technology”, the department said. Separately, the department said it was approving the UAE government and certain companies to receive advanced computing items – including AI chips and servers – without export licences. This was part of a May 2025 cooperation agreement in which the UAE pledged to make matching investments in AI infrastructure in the United States. The changes came as US tech giants and chipmakers look to expand their presence in the Gulf, where countries flush with oil and gas wealth have been investing heavily in artificial intelligence infrastructure. The move drew sharp criticism from US Senator Elizabeth Warren, who accused Donald Trump’s administration of rewarding Emirati businesses with close financial ties to the president.– AFP

NEW DELHI: India’s largest state run oil and gas producer has approved plans to develop a 1.75 million metric tonne strategic petroleum reserve, as New Delhi seeks to bolster energy security after being hit hard during the Middle East war. India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas, has faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the United States and Iran. State-run Oil and Natural Gas Corporation (ONGC)in a stock exchange filing last week said its board of directors had “accorded an in-principle approval for the development of 1.75 MMT capacity strategic petroleum reserves as a project of national importance” in the southern Mangalore region. Minister of Petroleum and Natural Gas Hardeep Singh Puri told AFP last week that India was aggressively pursuing new avenues He said at the time that the Chinese Communist Party and the provincial government had given crucial support to Shein. Shein’s platform exports exceeded 100 billion yuan (RM59 billion) in 2025. Beijing’s approval signifies that “China is still supporting Hong Kong as a major offshore capital raising platform”, said Kelvin Lam, a China-focused economist at Pantheon Macroeconomics. The US regulatory ban on Shein’s listing bid in New York, which cited supply chain issues, reflected the geopolitical risks involved in listing abroad, Lam said, adding that the company also “has been undergoing a lot of problems with listing” in the UK. With the approval, China “removes a long-time and major political uncertainty for Shein”, Han Lin, China director for consultancy firm The Asia Group, told AFP. “Beijing is signaling selective reopening, not deregulation – rewarding companies that strengthen China’s economy while remaining aligned with national security and regulatory priorities,” he added. The online platform has been scrutinised over its environmental footprint and allegations of human rights violations for years, but its executive chairman told AFP last year that the company has “zero tolerance” on forced labour. Shein also drew criticism last year in France over the discovery of childlike sex dolls on its platform. In June, French authorities imposed two fines on Shein totalling more than €22 million (RM102 million), citing problems with product traceability, environmental labelling and delivery times. – AFP

moved to Singapore in 2021 and sells trendy clothes in more than 150 countries. With most of its factories located in China, Shein sets itself apart from its so-called fast fashion competitors through the speed at which it designs products and a highly efficient supply and production chain. Xu pledged to allocate greater resources to the southern Chinese province of Guangdong earlier this year, seeking to leverage the efficiency of the local garment supply chain and the international logistics network.

Shein’s plan to sell up to 341.6 million shares and list on the Hong Kong stock exchange is approved, the CSRC said. Plans to list the company in New York and London had been held back in recent years by regulatory hurdles, according to media reports. A vast selection of products at stunningly low prices has boosted the popularity of Shein, along with China’s Temu and AliExpress, bringing them into the same league as Amazon in the US. Founded in 2012 by Chinese-born entrepreneur Xu Yangtian, Shein

BEIJING: Fashion titan Shein has won approval from China’s market watchdog for its initial public offering application in Hong Kong, the China Securities Regulatory Commission said in a statement last week. o Fast-fashion giant’s New York and London IPO plans held back by regulatory hurdles

Sunglasses are displayed at the reception of Shein’s office in Sao Paulo. – REUTERSPIC

Music industry launches labelling system for generative AI-created content

India okays plan to expand strategic oil reserves

NEW YORK: Several major music industry organisations last week unveiled a labelling system for content created with generative artificial intelligence that they would like to see widely adopted. The International Federation of the Phonographic Industry (IFPI) and the Recording Industry Association of America (RIAA) announced the voluntary labels alongside six other groups including the Grammys. “Fans want to know whether and how generative AI has been used,“ the chief executives of IFPI and RIAA said in a prepared statement. “These labels will provide an immediately understandable and easily scalable approach to transparency.” They unveiled two labels. The first would indicate music that is primarily “AI-generated” – cases where artificial intelligence “was used to generate the entirety or the primary portion of the creative elements of the recording.” This includes tracks generated

trade group representing streaming companies including Apple Music, Amazon and Spotify, said it was following the labeling announcement closely and looks forward to receiving more detailed and accurate AI metadata as a way to “strengthen our ability to give fans the transparency they deserve.” “DIMA has long advocated for the creators, owners, and distributors of music to provide accurate and timely metadata on all music released and distributed to streaming services,“ the association’s CEO Graham Davies said in a statement. In April, Spotify launched a “Verified by Spotify” label to signal that users can “trust the authenticity” of an artist, and last year the company announced new efforts to support AI disclosure and combat impersonation. Spotify declined to comment on Friday. Apple Music and the Digital Media Association did not respond to requests for comment. – AFP

“entirely” from AI prompts, as well as lead vocals and “key” instrumental tracks that are AI-generated, according to the statement. The second label applies to “AI-assisted”music recording which are still “created substantially by humans and expresses human creativity” but contain “some expressive elements” that were generated with AI. However, humans must perform the lead vocals and primary instrumental tracks. This voluntary labeling system is designed for “broad, global adoption,“ including on streaming services. Music streaming site Deezer systematically flags tracks generated with AI, which the company recently said appear in close to half of new uploads. In June, it launched an “AI music detector”which it said is 99.8% accurate. Earlier this year, an Apple Music executive told Billboard that more than one third of new uploads were entirely created with AI. The Digital Media Association, a