China’s financial regulators will allow the nation’s lenders to delay recognizing bad loans from smaller businesses reeling from the deadly coronavirus outbreak, giving temporary reprieve to trillions of RMB of debt, reported Caixin. Qualified small- and medium-sized businesses nationwide with principal or interest due between Jan. 25 and June 30 can apply for a delay to […]
Category: Health Care
Cathay Pacific Group has 120 planes sitting on the tarmac at any given time, accounting for about half of its fleet, and has scrapped more than three-quarters of its weekly flights in March, reported the South China Morning Post. SCMP sources said the number of planes left on the ground was likely to rise as Cathay […]
Two more Chinese cities that rely heavily on car manufacturing plan to offer incentives to bolster auto sales, which have been hit by the fallout from the spread of the coronavirus, reported Reuters. In the southern city of Guangzhou – where Japanese automakers Toyota, Honda and Nissan all have joint ventures with Chinese partners – the […]
China took over management of debt-laden HNA Group’s liquidity risks after the coronavirus outbreak scared off travelers and cut off the conglomerate’s main source of income, forcing the government to take extraordinary steps to contain the fallout from the epidemic, reported Caixin. The government of Hainan, the southern island province where HNA is based, appointed an executive […]
Official gauges of China’s factory and non-factory activity plunged to record lows in February as the nation’s economy struggled to resume normal production as it faced the coronavirus epidemic, reported the Wall Street Journal. The official manufacturing purchasing managers index tumbled to 35.7 in February from 50 in January, indicating a deep contraction. February’s reading from […]