May.11 — Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax and cutting a cost-of-living allowance for government workers. Riad Hamade reports on “Bloomberg Daybreak: Europe.” …read more […]
(Bloomberg) — The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown.Inventories drawing in the world’s biggest importer is an early sign that rebalancing may have begun in the global oil market after an epic collapse in demand, according to Morgan Stanley. Stockpiles dwindled even as oil imports in April increased from the …read more […]
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. The airline had expected to add three Boeing 787-9 jets to its fleet by the end of 2020 and to start taking delivery in August of the first of 18 Airbus A321neos due by 2022. There is no longer a specific timeline for them to arrive because the market is too uncertain, a Qantas spokesman …read more […]
May.11 — Jun Bei Liu, portfolio manager at Tribeca Investment Partners, looks at how the coronavirus outbreak is affecting the global economy and stock markets, and shares her investment strategy. Federal Reserve Bank of Minneapolis President Neel Kashkari said Americans should brace for even more gut-wrenching news on unemployment amid the coronavirus pandemic. Liu speaks with Rishaad Salamat and Selina Wang on “Bloomberg Markets: Asia.” …read more […]
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 […]
(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 […]
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 […]
(Bloomberg) — The deadly coronavirus outbreak has been met with a wide-ranging response from China’s policy makers seeking to cushion the economy, support financial markets and bolster investor confidence. Here’s a look at some of the steps taken, along with market reaction.Sunday, May 10STRONGER POLICIES: The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth. The phrase “will avoid excess liquidity flooding the economy” was missing from the policy outlook section of its quarterly monetary policy implementation report. It was …read more […]
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