Global economic coordination lacking in virus crisis

With the global economy melting down after the failure of Lehman Brothers in 2008, world leaders swiftly created an international forum that committed to boost economies by spending more and keeping trade open. Central banks announced rate cuts within seconds of each other. The approach to the economic shock from the coronavirus outbreak is, so far, looking very different. The disease for most people causes only mild or moderate symptoms. For some, it can cause more severe illness. With the w

March 15, 2020

Coronavirus puts 'fragile' global recovery at risk: IMF to G20

RIYADH (AFP) -- The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned Sunday, as G20 financial chiefs voiced "real concern" over its economic ripple effects. Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh. But the projected recov

Feb. 24, 2020

Automakers in China gradually reopen after virus shutdown

BEIJING (AP) -- Automakers are reopening factories in China that were idled by anti-virus controls as they try to reverse a sales slump in their biggest market. Local officials have orders from the ruling Communist Party to get businesses functioning again while still enforcing anti-disease curbs that shut down much of the world's second-largest economy. "Local governments are putting their full weight behind helping businesses open,'' the president of the American Chamber of Commerce i

Feb. 17, 2020

IMF chief sees 'mild' virus impact on global economy

WASHINGTON (AFP) - It is too early to tell the economic toll from the virus outbreak in China, but the hit to global growth should be "mild," International Monetary Fund chief Kristalina Georgieva said Wednesday. The death toll from the new coronavirus epidemic in China has climbed past 1,350, but hopes have risen that the outbreak could peak later this month. The IMF is expecting a "V-shaped impact," with a sharp decline in activity in China followed by a sharp recovery,

Feb. 13, 2020

Under Armour may put NYC flagship store on ice, restructure

Under Armour is plunging in premarket trading after the company said it anticipates a big financial hit from the viral outbreak in China and saying separately that it may need to restructure this year at a cost of hundreds of millions of dollars.    The athletic gear company anticipates the virus outbreak in China will drag first-quarter sales down by $50 million to $60 million. It's also looking at pre-tax charges this year of between $325 million to $425 related to restructuring. Th

Feb. 11, 2020

Boeing says 737 MAX return delayed until mid-2020

NEW YORK (AFP) -- Boeing on Tuesday officially pushed back the timeframe for the 737 MAX to return to the skies, sending shares plunging and overshadowing an earlier announcement of a first flight of the delayed 777X plane.Boeing said it is now targeting the return of the grounded MAX "during mid-2020," the latest delay in the schedule for the troubled jet, which has been grounded since March following two deadly crashes.Boeing shares finished at $313.37, down 3.3 percent, after t

Jan. 22, 2020

Carlos Ghosn's escape: What we know

From jumping bail and fleeing to Lebanon to be met with an arrest notice from Interpol, Carlos Ghosn's escape from Japan has been worthy of a Hollywood plot.Here's what we know about the former Renault-Nissan boss's flight:The exact circumstances of his departure from Japan, where he was under house arrest pending trial, are still shrouded in mystery.On Thursday, Kyodo News quoted an associate of Ghosn, Imad Ajami, as claiming the tycoon was helped by two private security operatives who pretende

Jan. 5, 2020

Official: China hopes for US trade pact as tariff hike nears

A Chinese official says Beijing wants a prompt settlement of its trade war with Washington. A deputy commerce minister said Monday that Beijing wants "satisfactory results as soon as possible.'' The official gave no details of talks on a "Phase 1" deal announced by President Donald Trump in October. Another US tariff hike on $160 billion of Chinese imports is due to take effect Sunday. China announced Friday it was carrying out a promise to waive punitive tariffs on American

Dec. 9, 2019

[Graphic News] Air New Zealand named world’s best airline 2020

　Air New Zealand has dethroned Singapore Airlines to reclaim the title of world’s best airline for the sixth time. 　AirlineRatings.com released the latest edition of its annual ranking, which is based on 12 criteria including fleet age, passenger reviews, profitability, investment rating, product offerings and staff relations. 　This year, the flagship carrier of New Zealand took top honors, nudging Singapore Airlines into second place, followed by All Nippon Airways, Qantas and Cathay Paci

Dec. 8, 2019

China introduces mandatory face scans for phone users

BEIJING (AFP) -- China will require telecom operators to collect face scans when registering new phone users at offline outlets starting Sunday, according to the country's information technology authority, as Beijing continues to tighten cyberspace controls.In September, China's industry and information technology ministry issued a notice on "safeguarding the legitimate rights and interests of citizens online", which laid out rules for enforcing real-name registration.The notice said t

Dec. 1, 2019

E-commerce giant Alibaba raises $11 billion in share listing

The Chinese e-commerce giant Alibaba has raised at least $11 billion in a share offering in Hong Kong, netting the city's biggest offering since 2010 despite recent political turmoil.Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9% discount for the closing price for its shares traded in New York. It's also below the original maximum offer price of $188 Hong Kong dollars.The company's shares are due to begin trading

Nov. 20, 2019

[Graphic News] Global market size for luxury goods and jewelry

　According to Euromonitor International, global luxury goods sales reached $954 billion in 2017 and the global market grew 5 percent in 2018 across most segments.　Luxury cars sales accounted for almost 53 percent of all global luxury goods sales. This proportion grew over the reviewed period, and is expected to continue increasing to 2022.

Nov. 19, 2019

Saudi Aramco's IPO Is Vulnerable to the Russians

In finance, as in comedy, timing is everything. Get it right and you have investors (or the audience) in the palm of your hand. Get it wrong and the ensuing silence is painful.Saudi Arabia has stepped on stage finally to launch the initial public offering of its oil monopoly Saudi Aramco. By a strange quirk of the calendar, the price of the shares will be set on the same day OPEC meets to decide the next step in its strategy of propping up the price of crude.It’s hard to see this coinciden

Nov. 12, 2019

[Graphic News] No. of China’s ‘unicorn’ startups exceed US for first time

　China now has more privately held startups valued by investors at over $1 billion than the US, a report said.　There were 206 Chinese firms out of a global total of 494 ultravaluable startups - known as unicorns - in June 2019, according to the research firm Hurun Report.　This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies.　According to Hurun, China is home to the world’s three most valuable unicorns - Alibaba

Nov. 11, 2019

Beyond vegan burgers: next-generation protein could come from air, methane, volcanic springs

It may sound like science fiction, but in a few short years the family dinner table may be laden with steak from a printer and other proteins produced from air, methane or volcanic microbes.　With the explosive success of vegan beef and burger substitutes developed by Beyond Meat and Impossible Foods, the alternative protein sector just keeps growing.　According to investment bank Barclays, alternative meat sales could reach $140 billion - or 10 percent of the global meat industry - within a

Nov. 6, 2019

Euro zone economy at risk of contracting in Q4, PMI shows

Euro zone business activity grew more than initially thought last month but remained close to stagnation, according to a survey whose forward-lookingindicators suggest the existing growth might dissipate.Wednesday‘s survey of businesses comes soon after the European Central Bank resumed its 2.6 trillion-euro bond-buying program to try and stimulate inflation and growth.The former head of the ECB, Mario Draghi, repeatedly called on euro zone countries to add fiscal support to stoke growth,

Nov. 6, 2019

Saudi regulator says approves Aramco share offering

RIYADH (AFP) -- Saudi regulators on Sunday approved state energy giant Aramco's request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world's largest.The Capital Markets Authority did not give any details of the Initial Public Offering but it is expected to begin trading in mid-December.The markets regulator "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco)... application for the registration and

Nov. 3, 2019

[Graphic News] Rich Chinese outnumber wealthy Americans for first time

　The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. 　The Swiss bank’s annual wealth survey found 100 million Chinese ranked in the global top 10 percent as of the middle of this year versus 99 million in the United States. 　The ranks of the world’s millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net asse

Oct. 28, 2019

Luxury giant LVMH makes bid for jewellers Tiffany: source

NEW YORK (AFP) -- LVMH, which owns Louis Vuitton, Dior and the champagne brands Veuve Clicquot and Moet, has made a bid for American jeweller Tiffany, known for its engagement rings and diamonds.The French luxury giant made an offer for the US company at the start of the month, a source told AFP late on Saturday.Tiffany, whose flagship New York store is next to Trump Tower on 5th avenue, has not yet responded to the offer, which comes as the luxury industry is jittery about the possible effects

Oct. 28, 2019

SoftBank Seeks Majority Stake in WeWork With Bailout Deal

SoftBank Group Corp. offered to take a majority stake in WeWork, one of two rescue packages that the board of the troubled company is weighing, according to people familiar with the matter.The deal from SoftBank is currently in the lead among some directors, according to a person familiar with the board’s thinking. A decision is likely to be made Monday night, though the process is fluid, said the person, who asked not to be identified discussing private deliberations. JPMorgan Chase &

Oct. 22, 2019