Your Daily Scan of the New Global Economy

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China
Australia, South Korea, Japan lead Asia-Pacific rally on rising hopes lockdowns may be working against the coronavirus Australia, South Korea and Japan led a rally in Asia-Pacific markets Monday, after a decline in the death rate in hotspots in the US and elsewhere offered some hope against the raging coronavirus pandemic and sent US futures...
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Coronavirus pandemic likely to permanently change dining habits of Asian consumers, Nielsen study says Asian consumers are unlikely to go back to their old habits of frequently dining out, and will instead prefer takeaways and eating at home once life goes back to normal after the Covid-19 pandemic, according to a study.“Consumer across Asia have...
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Hong Kong and Shenzhen firms join global effort to meet demand for coronavirus test kits As demand for Covid-19 test kits surges globally, three diagnostic companies in Hong Kong and neighbouring Shenzhen sprang into action to help contain the worst public health crisis in a generation.“We are seeing huge demand for our extraction kits, with...
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Apple has begun designing face shields to protect health care workers during pandemic, Tim Cook says Apple is designing and producing face shields to protect health care workers in the United States throughout the coronavirus pandemic, CEO Tim Cook said in a video posted on Twitter on Sunday.The tech giant is also increasing the number of...
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How the pandemic is hitting the reset button on the world economy and international cooperation Last September, business leaders and academics across Europe and the US began calling for a reset: the need for businesses to act more sustainably, to treat their stakeholders more equitably, and global warming seriously. They were focusing on ESG –...
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Steady growth on economy into 2018 CHINA’S manufacturing activity edged down in December, official data showed yesterday, but largely maintained momentum despite curbs on heavy industry aimed at taming the country’s chronic air pollution. The manufacturing purchasing managers’ index (PMI), a gauge of factory conditions, stood at 51.6 last month, the National Bureau of Statistics...
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PBOC cuts RRR in bid to stimulate economy CHINA’S central bank on Friday announced a decision to cut the reserve requirement ratio for small and medium-sized banks by 100 basis points in its latest effort to bolster the real economy amid the novel coronavirus outbreak. The RRR cuts will be implemented in two phases, with...
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Luckin Coffee apologizes over faked sales figures LUCKIN Coffee, China’s biggest rival to Starbucks, apologized yesterday after it revealed a top executive may have faked 2.2 billion yuan (US$310 million) worth of sales in 2019. The company’s former chief operating officer Liu Jian and several of his staff have been suspended pending an internal investigation,...
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City’s new plan to lure investment Shanghai has rolled out an innovative investment promotion platform for investors designed to help them make the right choices in the city.The platform (http://investment.sheitc.sh.gov.cn/) was created by the Shanghai Commission of Economy and Informatization, along with several other government authorities, industrial parks and business complexes.The platform is like an...
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Resilient Shanghai stocks: a safe haven? Shanghai stocks, led by health care-related shares, have weathered the COVID-19 pandemic better than expected — a performance largely credited to the government’s rapid response to the outbreak.To be sure, there have been hiccups. The benchmark Shanghai Composite Index, which covers both Class A and B shares, posted a...
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