Stocks fell sharply on Monday as fears about the worsening coronavirus as well as uncertainty on further fiscal stimulus rattled traders. The Dow Jones Industrial Average dropped 804 points, or 2.9%. The S&P 500 lost 2.6% while the Nasdaq Composite fell 2.3%. Monday’s decline put the Dow on pace for its worst day since June […] Read more
The haggling over TikTok is the latest signal of a change in U.S.-China deal-making: rather than buying each other, companies may soon be looking to sell their cross-border holdings. Amid the shock of the coronavirus pandemic and escalating U.S.-China tensions in the first half of this year, the total value of foreign direct investment and venture capital […] Read more
Goldman Sachs expects the onshore Chinese yuan to strengthen to 6.5 per dollar over the next 12 months, according to Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs. “We’ve recently firmed up … in particular, our Chinese renminbi forecast from 6.7 to 6.5 on a 12 month view,” Moe told […] Read more
The World Trade Organization ruled that additional tariffs imposed in 2018 by the United States on Chinese goods violated international trading rules, a blow to the Trump administration’s trade war against the world’s second-largest economy. A three-person panel of WTO trade experts said Washington broke with global regulations in 2018 when it slapped more than […] Read more
The U.S. State Department updated its travel advisory on Hong Kong based on China’s implementation of a national security law widely seen as eroding freedom in the once-autonomous city. “Since the imposition of national security legislation on July 1, the PRC unilaterally and arbitrarily exercises policy and security power in Hong Kong,” the State Department […] Read more
Oracle’s stock surged Monday after reports that China-based ByteDance has chosen it to be TikTok’s U.S. technology partner. A person familiar with the discussionsthat ByteDance picked the Oracle to be the U.S. partner of the popular social video app. Oracle also will take a significant stake in the business, the person said. Earlier Sunday, Microsoft said ByteDance had […] Read more
The U.K. and Japan on Friday agreed in principle to a trade deal, in a move that sees the U.K. strike its first major agreement post-Brexit. The announcement, which the U.K. hailed as a “historic moment,” comes as Britain struggles to secure an agreement with its closest trading partners in the European Union. Britain’s trade department […] Read more
Huawei launched the second version of its own operating system on Thursday and it will be run on its smartphones for the first time next year as an alternative to Google’s Android. Last year, Huawei took the wraps off HarmonyOS, its own cross-device operating system. It came after the company was put on the U.S. Entity List, a blacklist […] Read more
Disney is facing backlash after the final credits for its latest film “Mulan” thanked government entities in Xinjiang, the province where Muslims have faced human rights abuses. The film had already generated controversy after its lead actress, Liu Yifei, recently expressed support for police crackdowns in Hong Kong, spurring talks of boycotts on social media. That […] Read more
Lebanon’s central bank governor told http://beirutblogpost.com/ this week that he wants to help the country in its time of distress — and he won’t resign. “You cannot resign … in an environment of a crisis, because it would look like going away from the task you have to perform,” Riad Salameh said. “I don’t want to […] Read more
