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S&P Global gives China rating warning over virus spending splurge
S&P Global warned China on Thursday that its credit rating or its outlook could be downgraded if the government tried to offset the economic impact of the coronavirus with a
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Alibaba posts 58% gain in quarterly profit, warns coronavirus crisis will impact revenues
On Thursday, Alibaba reported revenue of 161.5 billion yuan (US$23.2 billion) in its fiscal third quarter, up 38% from 117.3 billion yuan a year ago. That improvement was made on the back of steady growth at its core commerce and cloud computing businesses, despite a slowdown in the domestic economy and China’s protracted trade war with the US.
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USDA waiting to hear from China if coronavirus will reduce U.S. farm purchases
China has not informed the United States of any delays or reductions of its planned purchases of U.S. agricultural goods under the Phase 1 trade deal due to the outbreak of coronavirus, U.S. Department of Agriculture Under Secretary of Trade Ted McKinney said on Wednesday.
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Coronavirus: Sharp increase in deaths and cases in Hubei
Some 242 deaths from the new coronavirus were recorded in the Chinese province of Hubei on Wednesday - the deadliest day of the outbreak. There was also a huge increase in the number of cases, with 14,840 people diagnosed with the virus. Hubei has started using a broader definition to diagnose people - which accounts for most of the rise in cases.
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Powell says Fed will aggressively use QE to fight next recession
Federal Reserve Chairman Jerome Powell said Wednesday the central bank would fight the next economic downturn by buying large amounts of government debt to drive down long-term interest rates, a strategy that has been dubbed quantitative easing, or QE.
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Alibaba Blocked From Hong Kong Stock Connect Program
Chinese e-commerce titan Alibaba Group Holding (BABA) - Get Report cannot be included in a stock connect program that allows mainland Chinese investors to buy shares in Hong Kong, according to a report.
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A Chinese Drugmaker Has Started Mass-Producing an Experimental Drug for COVID-19
A Chinese drugmaker said it has started mass-producing an experimental drug from Gilead Sciences that has the potential to fight the novel coronavirus, as China accelerates its effort to find a treatment for the widening outbreak.
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Xi warned officials that efforts to stop virus could hurt economy
Chinese President Xi Jinping warned top officials last week that efforts to contain the new coronavirus had gone too far, threatening the country’s economy, sources told Reuters, days before Beijing rolled out measures to soften the blow.
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US stops treating India, China as developing countries for trade benefits
Geneva: The Trump administration is changing a key exemption to America’s trade-remedy laws to make it easier to penalize about two dozen so-called developing countries including China, India and South Africa.
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Sony and Amazon pull out of Mobile World Congress due to coronavirus risk
Sony and Amazon have cancelled their presence at Mobile World Congress 2020 due to the coronavirus outbreak. LG, ZTE, Nvidia, and Ericsson have already cancelled various events that were set to take place at MWC in Barcelona, which is the biggest mobile technology trade show on the annual calendar. Following Sony and Amazon’s decision, TCL also announced it would not be holding a press conference at the show, but the company still plans to attend.
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Hundreds of Chinese businesses seek billions in loans to contend with coronavirus
More than 300 Chinese companies are seeking bank loans totaling at least 57.4 billion yuan ($8.2 billion) to help to soften the impact of the coronavirus outbreak, two banking sources said.
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Real estate agencies in Hong Kong are trying to relieve rent amid the Corona virus outbreak
Hong Kong’s largest real estate agencies, with nearly 900 sales offices in the city, are demanding price reductions for new leases as they expect sales to decline further after the industry’s worst year since 2016.
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China's consumer inflation soars to 8-year high
The consumer price index climbed 5.4% in January from a year earlier, the highest reading since October 2011, when the index grew 5.5%, the National Bureau of Statistics said Monday. The key inflation gauge was higher than December's 4.5% rise and above a median forecast of a 4.9% increase by economists in a Wall Street Journal poll.
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Foxconn moving iPhone production to combat coronavirus production loss, says Ming-Chi Kuo
Apple analyst Ming-Chi Kuo sees significant uncertainty surrounding iPhone production in China because of the ongoing coronavirus, and has detailed what he is seeing so far at Apple assemblers Foxconn and Pegatron.
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China expected to maintain trade commitments despite virus outbreak: Mnuchin
U.S. Treasury Secretary Steven Mnuchin said on Thursday he expected China to maintain its commitment to boost purchases of American goods and service by at least $200 billion over the next two years, despite the coronavirus outbreak that has killed hundreds and jolted the Chinese economy.
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China Will Cut Tariffs In Half On $75 Billion Of U.S. Products
China is slicing tariffs on $75 billion worth of U.S. products, Chinese government news agencies report. The move is in reciprocation for the Trump administration's plan, announced last month, to halve tariffs on about $112 billion in Chinese goods.
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Foxconn makes masks in rush to restart lines in China - report
Hon Hai Precision Industry, known as Apple's supplier Foxconn, built its production line for surgical masks and asked employees to sign consent forms for returning to mainland China, so the company could resume its production in China on February 10, according to the Nikkei Asian Review.
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Coronavirus: The economic cost is rising in China and beyond
There are strict restrictions on moving out of Wuhan, where the outbreak began, a city with a population of 11 million. The lockdown, also now extended to other parts of Hubei province, prevents business-related travel as well as the movement of goods and workers.
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Coronavirus: Gilead’s Remdesivir Begins Trials as Researchers Publish Positive In Vitro Results
Clinical trials of Gilead Sciences’ remdesivir have begun in Wuhan, China, the center of the novel coronavirus outbreak, a day after Chinese researchers recommended that the antiviral drug candidate remdesivir be assessed in humans as a potential treatment for 2019-nCoV.
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China Services PMI Slumps to Three-Month Low: Caixin Survey
Expansion in China’s vast services sector softened for the second consecutive month in January as growth in new business and employment slowed, a Caixin-sponsored survey showed Wednesday, adding to evidence that the economy was cooling even before the outbreak of the deadly coronavirus started to impact activity.