CNN – Macao, the world’s biggest gambling hub, began its second day of mass Covid-19 testing on Monday after dozens of locally transmitted cases were discovered over the weekend. But while most businesses have shut down, casinos remain open. The testing of Macao’s roughly 600,000 residents is expected to end on Tuesday. The Chinese-ruled former … Read more
Hong Kong / London CNN Business – Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following a surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 (SPX) shed 2.7% and the … Read more
Washington CNN – In a Wednesday appearance on the ABC late-night show “Jimmy Kimmel Live !,” President Joe Biden made a dramatic claim about the US economy – and repeated himself for emphasis. “Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world, ”Biden said. Facts First: Biden’s … Read more
Hong Kong CNN Business – From big gains in tech stocks to robust trade data, China has had plenty of good news on the economic front this week. The positive developments come after the world’s second largest economy was battered by widespread Covid lockdowns, a sweeping crackdown on tech companies and a real estate slump. … Read more
Hong Kong CNN Business – China’s richest and most international city is trying to return to business as usual after a two-month lockdown, but some restrictions will remain in place. Shanghai authorities on Sunday pledged to allow all businesses to open up from Wednesday. The city’s deputy mayor, Wu Qing, announced the easing of restrictions … Read more
Hong Kong CNN Business – China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and … Read more
Hong Kong CNN Business – China’s gigantic services sector just contracted at the second sharpest pace on record as Covid lockdowns hit businesses hard. The Caixin purchasing managers’ index, a closely-watched indicator for assessing the state of the economy, plummeted to 36.2 in April from 42 in March, according to a survey released by IHS … Read more