Walmart’s online shopping strategy is paying off in China, arguably one of the most developed e-commerce markets in the world. The giant discount retailer reported Tuesday that net e-commerce sales in China grew 104% from a year ago in the three months ended July 31. That’s a faster pace than the 97% growth posted for net e-commerce […] Read more
White House senior advisor and the U.S. president’s son-in-law, Jared Kushner, has defended the Trump administration’s strategy to combat the coronavirus pandemic, saying others have tried to use the crisis to “play politics” — but not President Donald Trump. “Some people have chosen to play politics with the pandemic, President Trump has opted not to politicize it and […] Read more
The U.S. and China will reportedly review the progress of their “phase one” trade deal later this week — roughly six months after the agreement came into effect. The deal paused a damaging trade war — involving retaliatory tariffs being slapped on billions of dollars worth of goods — between the world’s top two economies that started […] Read more
When the coronavirus pandemic forced restaurants to shut their dining rooms, many chains slimmed down their menus to make service smoother — and some of those changes may be permanent. States and cities across the country are easing restrictions, but menus are unlikely to snap back to their pre-pandemic status. Bloated menus can overwhelm customers, slow down […] Read more
Chinese state media labeled the U.S. a “rogue country” and dubbed the potential sale of social media firm TikTok to Microsoft as “theft,” adding that Beijing could retaliate if a deal is sealed. Microsoft announced plans on Sunday to acquire TikTok’s business in certain markets — the U.S., Canada, Australia and New Zealand. Commenting on the matter, President […] Read more
The world’s two largest economies appear set to dial up their exchange of sharp language ahead of the U.S. presidential election in November, according to the former chairman of Goldman Sachs Asset Management. It has amplified concerns about whether simmering diplomatic tensions between the U.S. and China could soon spill over. China’s Foreign Ministry announced on Friday […] Read more
Chinese fintech firm Ant Group has begun the process of a concurrent initial public offering in Shanghai and Hong Kong. Ant, an affiliate of e-commerce giant Alibaba, said Monday that it would list its shares on both the Shanghai stock exchange’s STAR — a Nasdaq-style tech board — and the Hong Kong stock exchange. The dual […] Read more
China reported that the country’s GDP grew by 3.2% in the second quarter of this year, compared to a year ago — beating analysts’ expectations and rebounding from the first quarter’s contraction. It comes as lockdowns to contain the coronavirus outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy. Economists […] Read more
The Chinese yuan is set to see a sizable appreciation against the greenback in the next 12 months, according to Zach Pandl, co-head of global foreign exchange, rates and emerging market strategy at Goldman Sachs. Pandl forecasts the Chinese currency could hit 6.70 per dollar in the next 12 months, “primarily through the health of the Chinese […] Read more
Malaysia’s police sought help from Hong Kong authorities in its 1MDB probe that includes the hunt for Jho Low, the alleged mastermind behind the billion-dollar scandal. The police have sent letters and information to their Hong Kong counterparts to seek help in the investigation, Inspector General of Police Abdul Hamid Bador said in Kuala Lumpur […] Read more
