Your Daily Scan of the New Global Economy

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China
China’s stock accounts top 160 million, equal to world’s ninth-largest population, outpacing Communist Party’s membership China’s capitalists expanded in ranks last year, as the number of registered stock investors outgrew the Communist Party’s membership for the fifth year, attracted by the government’s economic stimulus policies and the prospects of a detente in the year-long trade...
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Coronavirus: Chinese banks face test as bad debts tipped to rise while economic growth tumbles China’s banking system will be seriously tested by the fallout from the coronavirus outbreak, which could derail growth and trigger a spike in bad debt if banks are told to lend to virus-hit sectors of the economy, analysts said.The virus...
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Wealthy clients in Asia still ‘actively involved’ in the markets, not deterred by coronavirus outbreak, private bank says Asia’s wealthiest have remained “actively involved” in the financial markets and have not rushed to the sidelines as concerns have grown over the effects of the coronavirus outbreak on the region’s economy, according to Michael Blake, Union...
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Live in the time of coronavirus: sleeping man, rural farmers ride wave of streaming popularity in China Live-streaming, already a booming industry in China, is experiencing a new wave of popularity with many cities locked down and millions staying home to prevent the spread of the novel coronavirus which has killed more than 2,000 in...
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China, Hong Kong stocks end mixed as traders weigh whether Beijing is doing enough to boost virus-stricken economy Hong Kong stocks advanced Wednesday while China shares lost ground, as traders weighed whether China is taking strong enough steps to boost its economy hammered by the deadly coronavirus.China airline stocks took off on a Bloomberg report...
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Boy Scouts filing for bankruptcy The Boy Scouts of America yesterday announced it had filed for Chapter 11 bankruptcy amid a flood of lawsuits over allegations of child sexual abuse stretching back decades. The bankruptcy is not expected to affect the organization’s programs, which promote self-reliance through outdoor activities like hiking and camping. The group...
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Massive layoffs at HSBC HSBC will eliminate 35,000 jobs as part of a deep overhaul to focus on faster-growing Asian markets as it tries to cope with a slew of global uncertainties, from Brexit to trade wars to the coronavirus. Interim chief executive Noel Quinn said yesterday the number of employees will fall from 235,000...
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China set to relax tariffs on US goods China will grant duty exemptions imposed on 696 American-made goods in response to the US Section 301 tariff measures, the most substantial tariff relief to date, as the country seeks to fulfill commitments made to the United States in its interim trade deal. Beginning March 2, China’s...
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Stocks rise across board Chinese stocks surged by more than 2 percent Monday amid increased trade volume due to greater liquidity, a change in refinancing policies and regained confidence.At the close, the benchmark Shanghai Composite Index was up 2.28 percent to 2,983.62, while the smaller Shenzhen Component Index increased 2.98 percent to 11,241.50 points. Trading...
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GM pulling out of three countries General Motors’ decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets not producing adequate returns on investments caused dismay from officials concerned about job losses.Sunday, the company announced plans to wind down sales, engineering and design operations in 2021 for...
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