U.S. President Donald Trump ordered meat processing plants to stay open to protect the nation’s food supply even as workers got sick and died. Yet the plants have increasingly been exporting to China while U.S. consumers face shortages, a Reuters analysis of government data showed.
U.S. President Donald Trump ordered meat processing plants to stay open to protect the nation’s food supply even as workers got sick and died. Trump, who is in an acrimonious public dispute with Beijing over its handling of the coronavirus outbreak, invoked the 1950 Defense Production Act on April 28 to keep plants open. Now he is facing criticism from some lawmakers, consumers and plant employees for putting workers at risk in part to help ensure China’s meat supply. …read more […]
The Walt Disney Company has reopened its biggest Asia resort after a four-month shutdown, as Shanghai’s health authorities eased restrictions on public gatherings after getting the coronavirus outbreak in the megacity of 24 million people under control.
For more context: https://www.scmp.com/business/companies/article/3083743/disney-reopens-its-biggest-asia-resort-one-third-capacity …read more […]
Central bankers who have spent a generation researching how their words influence the economy and honing the craft of “forward guidance” are now effectively tongue-tied by a health crisis that has no clear destination yet to guide households and investors toward.
Chinese direct investment in the United States dropped to the lowest level since 2009 last year amid bilateral tensions, and the COVID-19 pandemic will continue to weigh on investment flows between the world’s two biggest economies, according to a report.
(Bloomberg) — JPMorgan Asset Management is betting that some Asian technology shares could double in value in three to five years as the global pandemic makes working and playing online a force of habit.“We are still finding most of these tech names to be offering 15% and 25% annualized expected return on a five-year view,” said Mark Davids, co-manager of the JPMorgan Asia Growth Fund. The technology “trends that existed prior to the coronavirus have been accelerated,” he added.Alibaba Group Holding Ltd., Tencent Holdings Ltd., Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. are some of the fund’s biggest investments, …read more […]
U.S. electric vehicle maker Tesla Inc sold 3,635 Shanghai-made Model 3 vehicles in China in April, down 64% from March, according to the China Passenger Car Association (CPCA).
May.10 — Ron Merriman, managing director at consultancy MR ProFun China, talks about Monday’s reopening of Shanghai Disneyland. To reach the gates of the theme park, guests have to pass through body temperature checks and show that their health status has been confirmed using a smartphone app for tracking infected persons. Masks are mandatory. Merriman speaks with Selina Wang and Rishaad Salamat on “Bloomberg Markets: China Open.” …read more […]
(Bloomberg) — Stage Stores Inc., the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus.The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down operations, Stage Stores said in a statement late Sunday. It will start reopening stores that have been closed by the pandemic, with about 557 outlets scheduled to open May 15 to conduct liquidation sales.The company’s Chapter 11 filing in its …read more […]
(Bloomberg) — The Covid-19 pandemic likely barely dented Tencent Holdings Ltd.’s growth, thanks to its dominance of online spheres from gaming to social media. Now that China’s industries are emerging from the worst of the outbreak, the bigger long-term threat may be the growing posse of challengers to its internet leadership.The WeChat operator is expected to unveil an 18% revenue rise when it reports earnings Wednesday, offering investors the earliest glimpse into how China Internet Inc. fared during a coronavirus-stricken first quarter. That’s down a tad from 20%-plus in prior quarters but still decent, thanks to its burgeoning cloud and …read more […]
May.10 — Matthew Prince, co-founder and chief executive officer of San Francisco-based software maker Cloudflare Inc., which provides services such as firewalls, network routing and traffic management that allow cloud-based sites to operate more effectively, discusses how the coronavirus outbreak is affecting demand for its products and services. He also talks about the deal with a unit of China’s JD.com with Selina Wang and Rishaad Salamat on “Bloomberg Markets: China Open.” …read more […]
Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.
Qantas Airways Ltd said on Monday it had advised Airbus SE and Boeing Co that it did not expect to take delivery of any new planes in the near term as it grapples with a plunge in demand due to the coronavirus pandemic.
Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.
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