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Iran’s entry into the Shanghai Cooperation Organization is a new threat on the horizon

As Iran formally integrates into the Shanghai Cooperation Organization (SCO), a growing concern is spreading across the Western world, primarily due to the multifaceted implications of Iran’s growing military ties with Russia and China. The issue becomes even more troubling with the scheduled ending of UN restrictions on Iran’s ballistic missile testing and transfers this coming October.To get more news shanghai, you can visit citynewsservice.cn official website.

This will grant Iran a freer hand to openly trade arms with Russia and China, and other SCO countries, which results in Iran’s expanding its influence and aggression in the region. The West needs to carefully consider the repercussions of this significant strategic development.

Iran’s admission to the SCO represents a significant foreign policy achievement for the Islamic Republic. This is particularly noteworthy as it is the first time the regime has joined a regional pact since its establishment in 1979.The Islamic Republic has sought to become a full member of the SCO for many years, and in a 2021 meeting of the organization in Kazakhstan, it was decided that Iran would be admitted as a permanent member, a change that came into effect on July 4th, 2023.

This integration can help Iran break free from its economic and diplomatic isolation. In fact, that Iran has been granted full membership in the SCO suggests that other member countries are also open to engaging with it. The Islamic Republic is banking on the SCO to improve its sanctions-stricken economy.
The regime’s goal here is to utilize the SCO as a tool to replace the US dollar in global trade to bypass unilateral US sanctions. To this end, the Iranian regime has proposed the creation of a new currency for transactions with China, Russia, and other SCO members.

Although such a plan isn’t likely to end the dollar’s reign any time soon, however, if it materializes it will facilitate trade between Iran and other SCO nations, eliminating the need for US dollars and accessing the US-controlled global financial system.

What raises more concern is the intention of the Islamic Republic – alongside Russia and China – to leverage the SCO as a platform to diminish Western military influence and to challenge the US’s and Europe’s military power. The regime-affiliated IRNA news agency has categorically identified this aspect as a significant element of SCO membership, noting that “four decades of continuous efforts by the West, the United States, and the Zionist regime to isolate Iran have been nullified by Tehran’s membership in [SCO] one of the most important international organizations.”

In light of this, it is noteworthy to mention the existing military alliances between Iran and some of the SCO members. The level of military cooperation between Iran and Russia is already remarkable.
Russia and Iran are already very close
SINCE 2010, the two countries have carried out nine joint military exercises. Both regimes developed a new and unprecedented strategic alliance after Putin’s invasion of Ukraine in February 2022. The Iranian regime has provided hundreds of reconnaissance and Iranian-made Mohajer-6 drones, one of its top airborne combat attack vehicles, and the Shahed-136 kamikaze drone that Russia deployed against civilian targets and critical infrastructure in Ukraine. Iranian military advisers were reportedly deployed on the Ukrainian battlefield to train Russian forces on how to use Iranian drones.

Iran also shipped artillery and tank rounds to Russia and supplied the Russian army with ammunition and body armor. Iran has also agreed to help Russia manufacture drones. It is expected that the Islamic Republic will transfer short-range ballistic missiles, including the Fateh-110 and Zolfaghar, to Russia once the UN prohibitions on ballistic missile testing and transfers terminate this October.

In exchange, Russia is going to provide the Islamic Republic with advanced fighter jets, attack helicopters, radars, combat trainer aircraft, electronics, and air defense systems. Iranian pilots have already started training in Russia on the Sukhoi Su-35, since the spring of 2022. The Su-35 would significantly strengthen Iran’s air force relative to its regional neighbors.

The level of military cooperation between Iran and China is also disturbing. On March 2021, Iran and China signed a 25-year cooperation agreement that vowed to strengthen military ties through joint training and exercises, joint research, and weapons development. Along with Russia, China and Iran conducted joint naval drills in the Indian Ocean and agreed to expand cooperation on maritime security, create a maritime community with a common future, and improve strategic defense cooperation.

The close military collaboration between the countries has major implications for the US domination of the Gulf and large stretches of the Indian Ocean. China and Iran have been working on a large arms deal timed to coincide with the ending of the UN Security Council arms restrictions on Iran.

China Box Office: ‘Lost in the Stars’ Is Weekend’s Top Film

Chinese mystery drama “Lost in the Stars” was the top-grossing film on the planet over the latest weekend – despite playing only a single territory.To get more news about new chinese movies, you can visit shine news official website.

The film earned $70.7 million (RMB502 million) between Friday and Sunday in mainland China, according to data from consultancy Artisan Gateway. That put it far and away ahead of other Chinese new releases and Hollywood’s holdovers “Transformers: Rise of the Beasts” and “The Flash.”

With the Dragon Boat Festival holiday occurring on Thursday, the film was given an unusual one-day advance on the normal releasing pattern in China. Including Thursday takings, the film made a total of $98.3 million (RMB968 million).Data from Comscore shows “Lost in the Stars” handily beating second-placed “Elemental,” which earned $49.8 million between Friday and Sunday ($31.3 million in 40 international markets and $18.5 million in North America).

“Lost in the Stars” is a Chinese adaptation of a 1990 Russian movie “A Trap for the Lonely Man,” which itself was adapted from a Robert Thomas stage play. It sees a woman disappear while on an overseas trip with her husband. Just as mysteriously, she reappears at the moment that the search for her is running out of steam. But the man refuses to accept that she is the same woman and believes that she is an imposter.

The Chinese adaptation was scripted by hitmaker Chen Sicheng (“Detective Chinatown” franchise) and co-directed by Liu Xiang (“Knock Knock”) and Cui Rui. The cast is headed by Zhu Yilong, Ni Ni, Janice Man and Du Jiang.

Chinese romance film “Love Never Ends” was given a five-day opening run and placed second. Over the Friday-Sunday weekend, it earned $11.8 million (RMB83.7 million) according to Artisan Gateway. Over five days, it earned $23.7 million.

“Transformers: Rise of the Beasts” slipped from second place to third. It earned $8.3 million for a three-weekend total of $79 million (RMB561 million).

“Never Say Never,” written and directed by actor Wang Baoqiang (“Lost in Thailand,” “Detective Chinatown””) does not officially release in China until July 6. Nevertheless, its previews were strong enough to earn it $6.3 million (RMB44.5 million) and take fourth place over the weekend. Earnings to date add up to $9.4 million.

“The Flash” shot rapidly downwards, falling from first place on its opening weekend to fifth place in its second session. It grossed $3.4 million between Friday and Sunday, for a ten-day cumulative of $23.7 million.
China’s huge park of Imax screens played three of the top five titles. “Lost in the Stars” earned $1.5M of its total on the circuit. “The Flash” earned $670,000. “Transformers: Rise of the beasts” earned $1 million.

Nationwide, China’s box office haul was $111 million over the weekend. That lifts the year-to-date total to $3.52 billion. Artisan Gateway calculates that as 50% ahead of the same point last year, but 18% behind 2019.

China's Finance Minister Promises 'Appropriate' 2023 Fiscal Expansion

China will step up fiscal expansion in an appropriate manner in 2023 by boosting fiscal spending and investment via local government special bonds to spur the economy, state media Xinhua reported on Tuesday, citing the finance minister Liu Kun.To get more china business market news, you can visit shine news official website.

Chinese policymakers have pledged to strengthen policy adjustments to cushion the impact on businesses and consumers of a surge in COVID-19 infections after Beijing's abrupt COVID-19 policy U-turn.

The world's second-largest economy also faces declining exports due to slow global growth and a protracted property slump at home, which also reduced local governments' revenue from land sales.

Liu said in an interview with Xinhua that the government needed to expand fiscal expenditure, use local government special bonds to drive investment and increase transfer payments from the central government to poor and less developed areas.

The government needs to "ensure fiscal sustainability and keep local government debt risks controllable," the finance minister said.Policymakers in 2022 drew on an established practice of issuing debt to fund big public works projects to try to revive the slowing economy.

Since 2018, China has arranged 14.6 trillion yuan ($2.11 trillion) in new local government special bonds to support the economy, Liu said. That included 4 trillion yuan in such bonds to support the construction of nearly 30,000 projects in January-November of 2022.

In 2023, the fiscal shortfall outstanding will not lead China to hold back expenditure on people's livelihood, Liu vowed. "We will keep fiscal spending appropriately," he said, adding the government will increase funds to support education and ensure money needed for fighting against COVID.

The finance chief also said China will standardise the management of local government financing vehicles (LGFVs) to guard against local debt risks.

China’s local governments set 2023 growth targets

A number of key provinces and cities in China have announced their growth targets for this year, most of them above 5%, offering the first clues about the country’s economic path in 2023.To get more China finance news 2023, you can visit shine news official website.

Local governments across China began to convene this week for annual legislative sessions laying out their respective policy goals for the year. The meetings will culminate in the national parliamentary session to be held in March, in which the premier is expected to disclose the nation’s GDP growth target.

Guangdong, the southern manufacturing and export giant, announced Thursday that it aims to grow its economy by 5% or more this year.Wang Weizhong, the provincial governor, estimated that its economy only expanded about 2% in 2022, missing the target of 5.5% by a long shot.

“It was not easy to achieve that result,” Wang said in a speech. He added the economy had encountered difficulties not seen in “many years,” including shrinking demand, supply chain shocks and weakening expectations.

This year, Guangdong will focus on growing its economy, including supporting the manufacturing industry, accelerating economic integration with neighboring Hong Kong and Macao, and helping private businesses, Wang said.

Guangdong accounts for more than a tenth of China’s total economic output. In 2021, its GDP was slightly higher than South Korea’s, which is the world’s tenth largest economy.

China’s economy is in bad shape because of three years of Covid lockdowns and a persistent property market slump. Economists had generally expected growth to slump to a rate between 2.7% and 3.3% for 2022, lower than the government’s target of 5.5%.Policymakers have recently turned their focus to boosting growth after rapidly dismantling the draconian zero-Covid policy in early December. They have also eased their stance on the embattled tech and property industries, which have been reeling from a sweeping regulatory crackdown since 2020.

The signs have boosted investor and analyst confidence about a significant rebound in China’s economy in 2023. So far, a group of government economists and international analysts have said they expect Beijing to set a growth target of above 5% in 2023.
On Thursday, Zhejiang province, another major economic powerhouse, announced it’s targeting an expansion of more than 5% in 2023. Last year, the economy grew by only around 3% amid “unexpected shocks and challenges,” its governor Wang Hao said.

He vowed to focus on boosting the digital economy to make it a bigger growth engine. The province is home to several of the country’s largest tech and manufacturing companies, including Alibaba (BABA) and Geely Auto (GELYF).

Earlier this week, the municipal government of Hangzhou, where Alibaba is based, signed a strategic cooperation agreement with the tech conglomerate. The city’s top officials praised Alibaba’s role in helping the local economy and pledged “unwavering support” for the firm, according to the government statement.
Bouncing back?
On Wednesday, Shanghai, the most affluent city in mainland China, announced it would aim for 5.5% growth this year. Last year, its economy increased by 3%, according to the city’s mayor, Gong Zheng.

Shanghai, which is the nation’s financial and shipping hub, was hit hard by a two-month long Covid lockdown in April and May. The city’s fiscal income contracted last year, missing its previous goal of a 6% growth, Gong said. By industry, the combined hotel and catering sector was the worst hit, recording a 63% plunge in revenue for the whole 2022.

Novartis today announced the introduction of a new organizational structure and operating model designed to support the company’s innovation, growth, and productivity ambitions as a focused medicines company in the coming decade.To get more novartis latest news, you can visit shine news official website.

“The simpler organizational model we are unveiling today is central to our growth strategy as it will make us more agile and competitive, enhance patient and customer orientation, unlock significant potential in our R&D pipeline and drive value-creation through operational efficiencies,” said Vas Narasimhan, CEO Novartis. “With our portfolio of in-market medicines and up to 20 major pipeline assets that could be approved by 2026, Novartis is in a strong position to deliver above-peer-median sales and margin growth in the mid- and long-term.”

Integrating Pharmaceuticals and Oncology business units
Novartis will integrate the Pharmaceuticals and Oncology business units and create two separate commercial organizations with a stronger geographic focus—Innovative Medicines US and Innovative Medicines International. The two units will have full P&L responsibility across all therapeutic areas and ownership of customer experience, marketing and sales, and market access for their respective markets. The elevation and establishment of an independent US commercial organization strengthens Novartis’s ability to achieve its goal of becoming a top-five company in the US in terms of sales while maintaining and growing its leadership position internationally. The new model will also help Novartis bring increased focus and commitment to its core therapeutic areas of Cardiovascular, Hematology, Solid Tumors, Immunology and Neuroscience.

Marie-France Tschudin, currently President, Novartis Pharmaceuticals, will become President, Innovative Medicines International and Chief Commercial Officer. In her capacity as Chief Commercial Officer, Marie-France Tschudin will oversee global marketing, medical affairs and value and access across all therapeutic areas. Victor Bulto, currently Head of US Pharmaceuticals, will become President, Innovative Medicines US. They will both report to Vas Narasimhan effective immediately.

New Strategy & Growth Function
Novartis will create a new Strategy & Growth function combining corporate strategy, R&D portfolio strategy and business development. This function will help drive the company’s growth strategy end-to-end and will look across internal and external opportunities to strengthen Novartis’s pipeline with medicines that are both transformational and can make significant contributions to growth. This new function will be led by a Chief Strategy & Growth Officer who will become a member of the ECN and report to the CEO. The search is currently underway for this new leader, and in the interim the function will be led by Lutz Hegemann, M.D., Ph.D., President, Global Health.

Integrated Operations and Global Functions
Novartis will also combine its Technical Operations and Customer & Technology Solutions units to create a new Operations unit. This new unit will provide a stronger and simpler operational backbone that can accelerate multiple technology transformation initiatives more efficiently, create novel digital solutions at scale and increase productivity, while maintaining industry-leading quality and service levels. Effective immediately, Steffen Lang, currently Global Head of Novartis Technical Operations, will become President, Operations reporting to Vas Narasimhan. In addition, all G&A functions—Finance, People & Organization, Ethics, Risk & Compliance, Legal, and Communications & Engagement—will be integrated on global and country levels.
Novartis has appointed Shreeram Aradhye, M.D., as President, Global Drug Development and Chief Medical Officer effective May 16th, 2022. Dr. Aradhye, who is returning to Novartis, was most recently Executive Vice President and Chief Medical Officer at Dicerna Pharmaceuticals where he led the development of multiple clinical stage RNAi assets. Previously, he was Chief Development Officer at Axcella Health. Dr. Aradhye has dedicated his entire professional career to improving patient lives, first as an academic clinician and then as a drug developer and business leader. He brings significant experience in global clinical development of innovative medicines across several therapeutic areas and has played a key leadership role in the development of multiple innovative therapeutics. During his 20-year tenure at Novartis, he held several global leadership roles including as development head for the company’s Neuroscience franchise and Global Head of Medical Affairs for the Pharmaceuticals business unit. Dr. Aradhye will report to Vas Narasimhan and join the ECN. With the changes in organizational structure and operating model, John Tsai, M.D., has decided to pursue opportunities outside Novartis effective May 15th, 2022.
“I would like to extend my deep gratitude to Susanne, Robert and John for their invaluable contributions to the company. Susanne has been an inspiring and dedicated leader at the company for 25 years, and she has played a pivotal role in strengthening our global Oncology business. Over the last four years, Robert has led a successful transformation of our business services and technology operations and helped create a strong Customer & Technology Solutions unit. Since taking over as Head of GDD in May 2018, John has played a key leadership role in advancing our mid-stage pipeline and delivering 18 major drug approvals to patients around the world. I wish them the very best in their future endeavors,” added Vas Narasimhan, CEO Novartis. “I would like to congratulate Marie-France, Shreeram, Steffen and Victor on their new roles, and extend a warm welcome back to Shreeram. I look forward to working closely with them as we embark on this new phase of our journey to reimagine medicine together.”

As millions of people in Shanghai line up for coronavirus tests, authorities are promising tax refunds for shopkeepers in the closed-down metropolis and to keep the world's busiest port functioning to limit disruption to industry and trade.To get more China finance news, you can visit shine news official website.
This week's shutdown of most activity in China's most populous city to contain virus outbreaks jolted global financial markets that already were on edge about Russia's war on Ukraine, higher U.S. interest rates and a Chinese economic slowdown.

On Wednesday, the government reported 8,825 new infections nationwide, including 7,196 in people with no symptoms. That included 5,987 cases in Shanghai, only 329 of which had symptoms.

China’s case numbers in its latest infection surge are low compared with other major countries. But the ruling Communist Party is enforcing a “zero tolerance” strategy aimed at isolating every infected person.Some 9.1 million of Shanghai's 26 million people had undergone virus testing by Wednesday, according to health officials. They said “preventive disinfection” of apartment compounds, office buildings and shopping malls would be carried out.

Shanghai recorded more than 20,000 cases by Monday in its latest outbreak, according to state media.The party is trying to fine-tune its strategy to rein in job losses and other costs to the world’s second-largest economy.The Shanghai government announced tax refunds, cuts in rent and low-cost loans for small businesses. A government statement Tuesday promised to “stabilize jobs” and “optimize the business environment.”

The Shanghai port stayed open and managers made extra efforts to ensure vessels “can call normally,” state TV reported. The port serves the Yangtze River Delta, one of the world's busiest manufacturing regions, with thousands of makers of smartphone and auto components, appliances and other goods.Operations at Shanghai airports and train stations were normal, according to the online news outlet The Paper. Bus service into and out of the city was suspended earlier. Visitors are required to show a negative virus test.

Abroad, the biggest potential impact on China’s Asian neighbors and the rest of the world is likely to come from developments that chill demand in the world's most populous consumer market, economists said.China is the biggest export market for all of its neighbors, including Japan and South Korea.

Economic growth already was forecast to decline from last year’s 8.1% due to a government campaign to cut corporate debt and other challenges unrelated to the pandemic. The ruling party's official target is 5.5%, but forecasters say even that looks hard to reach and will require stimulus spending.

“China is the biggest single consumer of practically everything. It matters outside China,” said Rob Carnell, chief Asia economist for ING. “If China’s consumption is getting knocked down by COVID, it is going to be something that filters down the supply chain and affects countries in the region.”

Officials are trying to defend China's role in global manufacturing supply lines by making sure goods get to customers, said Louis Kuijs, chief Asia-Pacific economist for S&P Global Ratings. He noted that after previous shutdowns, factories caught up with orders by working overtime.

“The impact on supply chains is not as big as many outside observers fear,” Kuijs said. “These restrictions tend to have a larger impact on spending and the demand side in China.”The impact on Shanghai should be “relatively muted” if the city contains its outbreak as the southern business center of Shenzhen did earlier, said Carnell.

Shenzhen, a tech and finance center of 17.5 million people, imposed a similar citywide shutdown in mid-March and reopened a week later.Employees of financial industries can work from home, while automakers and other big manufacturers can have workers live at factories in a “closed loop system” that isolates them from contact with the outside.

General Motors Co. and Volkswagen AG said their factories in Shanghai were operating normally. GM said in an email it was carrying out “contingency plans on a global basis” with suppliers to reduce COVID-related uncertainties.Elsewhere, a total of 2,957 new cases were reported in Jilin province in the northeast, including 1,032 with no symptoms. Access to the cities of Changchun and Jilin in that province has been suspended.