Your Daily Scan of the New Global Economy

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China
As we emerge from the coronavirus pandemic, the world must invest in digital infrastructure as well as health care With the force of a whirlwind, Covid-19 has visited its wrath on many countries, inflicting considerable damage – visible and invisible, physical and psychological. While many governments around the world have started to ease restrictions put...
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China debt: bond problems could still resurface in 2020 after defaults amid coronavirus lower than expected Problems in China’s corporate bond market could still resurface later in the year after the level of defaults did not surge as high as expected during the economic downturn caused by the coronavirus outbreak thanks to ample credit and...
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Costly electric vehicles confront a harsh coronavirus reality At a factory near Germany’s border with the Czech Republic, Volkswagen’s ambitious strategy to become the global leader in electric vehicles (EVs) is coming up against the reality of manufacturing during a pandemic.The assembly lines in the German town of Zwickau, which produce Volkswagen’s soon-to-be released ID.3...
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Vanke sells all flats at Hong Kong development, defies worsening Goldman Sachs forecast for property sector Vanke Holding (Hong Kong) sold all the flats on sale at its The Campton development in Hong Kong’s Cheung Sha Wan area on Wednesday. The outcome defied a forecast by investment bank Goldman Sachs, which revised down its estimates...
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Shanghai’s exchange is mulling the first revamp of its benchmark stock index in 30 years, bringing it in line with gauges like S&P 500 The Shanghai Stock Exchange is considering the first overhaul of its benchmark index in three decades so that it better reflects China’s increasingly hi-tech economy, according to people familiar with the...
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IT talent gap is widening There is a long-term shortage of core technical talent in the new infrastructure sector, which is expected to exceed 4 million by the end of the year, a new study shows.While China is accelerating its 5G business and strengthening the construction of new infrastructure in fields such as artificial intelligence,...
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Pandemic drives Meituan Q1 revenue down 12.6% Food delivery and lifestyle service giant Meituan Dianping’s revenue fell 12.6 percent to 16.75 billion yuan (US$2.36 billion) in the first quarter after its core business was affected by lockdown conditions.Net loss widened to 1.58 billion yuan from 1.43 billion yuan a year earlier, after profits in the...
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Greystar offers new brand Greystar Real Estate Partners, LLC, a global leader in the investment, development and management of high-quality rental housing properties, recently launched LIV’N, its first residential rental brand in China.The move comes amid rapidly increasing demand for professionally designed and institutionally managed rental housing in top-tier cities.The first project under the brand...
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South America’s biggest airline seeks Chapter 11 Latam Airlines, South America’s biggest carrier, sought US bankruptcy protection yesterday as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic. The Chapter 11 bankruptcy filing underscores the severity of the financial challenges facing the travel industry as a result of the lockdowns,...
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No date set for launch of digital currency THERE is no timetable for the launch of a digital currency despite progress in its research and development and pilot testing, the governor of China’s central bank said yesterday. Internal pilot tests have been conducted in Shenzhen, Suzhou, Xiongan and Chengdu among others to check the theoretical...
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