Hong Kong’s unemployment surged to a three-year high as consumption figures plunged in the city caused by months of unrest and the Covid-19 outbreak. Economists forecast the Asian financial center could post an unprecedented second year of economic contraction in a row, reported Caixin. The city’s unemployment rate rose to 3.4% for the period of November […]
Category: Health Care
China plans to take over indebted conglomerate HNA Group Co. and sell off its airline assets, the most dramatic step to date by the state to contain the deepening economic damage from the deadly coronavirus outbreak, reported Bloomberg. The government of Hainan, the southern island province where HNA is based, is in talks to seize control of the […]
A rally in China’s government bonds prompted by the deadly coronavirus outbreak has rewarded big US and European investors that have bet on a slowdown in the world’s second-biggest economy, reported the Financial Times. Chinese bond yields have fallen to four-year lows as investors turn to the safety of sovereign debt because of the spread of […]
China cut the benchmark lending rate on Thursday, as the authorities move to lower financing costs for businesses and support an economy hit by a fast-spreading coronavirus epidemic, reported Reuters. The one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing. The five-year LPR was lowered […]
Samsung Electronics stands to be a major beneficiary of the China production problems announced by rival Apple on Monday, reaping the rewards of a decade-long bet on low-cost smartphone manufacturing in Vietnam, reported Reuters. Half of Samsung’s smartphones are now made in Vietnam, where the coronavirus that has crippled the China operations of Apple and many […]