Asia-Pacific stocks extend gains as investors see progress in world’s war to defeat the coronavirus

https://ift.tt/eA8V8J Asia stocks extended gains Tuesday after US equities surged amid continued signs lockdowns in the US and other hotspot countries may be working against the coronavirus.The respiratory pandemic has sickened 1.3 million people – including UK Prime Minister Boris Johnson who is on oxygen in a hospital – killed nearly 74,000, and led to […]

Australia, South Korea, Japan lead Asia-Pacific rally on rising hopes lockdowns may be working against the coronavirus

https://ift.tt/eA8V8J Australia, South Korea and Japan led a rally in Asia-Pacific markets Monday, after a decline in the death rate in hotspots in the US and elsewhere offered some hope against the raging coronavirus pandemic and sent US futures soaring.Australia’s ASX 200 shot up 3.9 per cent, South Korea’s Kospi advanced 2.6 per cent, Japan’s […]

‘After-the-coronavirus’ stocks at bargain basement prices are screaming ‘buy’ at gutsy investors, some analysts say

https://ift.tt/eA8V8J The Chinese internet ecosystem of fun, convenience and health is expected to emerge even stronger in the “after-the-virus” world. And with related stocks now trading at bargain-basement prices, it’s time for aggressive investors to start selectively shopping, analysts say.Lockdowns, work- and school-at-home orders, and coronavirus fears have focused consumers more than ever on their […]

‘After-the-coronavirus’ stocks at bargain basement prices are screaming ‘buy’ at gutsy investors, some analysts say

https://ift.tt/eA8V8J The Chinese internet ecosystem of fun, convenience and health is expected to emerge even stronger in the “after-the-virus” world. And with related stocks now trading at bargain-basement prices, it’s time for aggressive investors to start selectively shopping, analysts say.Lockdowns, work- and school-at-home orders, and coronavirus fears have focused consumers more than ever on their […]

‘After-the-coronavirus’ stocks at bargain basement prices are screaming ‘buy’ at gutsy investors, some analysts say

https://ift.tt/eA8V8J The Chinese internet ecosystem of fun, convenience and health is expected to emerge even stronger in the “after-the-virus” world. And with related stocks now trading at bargain-basement prices, it’s time for aggressive investors to start selectively shopping, analysts say.Lockdowns, work- and school-at-home orders, and coronavirus fears have focused consumers more than ever on their […]

Dettol, Lysol maker ramps up production as demand for disinfectant products soars amid coronavirus pandemic

https://ift.tt/eA8V8J Reckitt Benckiser, the company that makes Dettol disinfectant and Lysol cleaning products, has been working round the clock to keep its factories running to meet growing demand amid the coronavirus pandemic.The Covid-19 outbreak has led to a global scramble for personal hygiene products such as disinfectant wipes, hand sanitisers, and even necessities such as […]

Technology turbocharges China’s access to health insurance amid coronavirus pandemic – for the price of a Starbucks coffee

https://ift.tt/eA8V8J Xiao Li was devastated when she was diagnosed last June with breast cancer. The cost of treatment, at 70,000 yuan (US$9,913) a year, is about 40 per cent more than what she and her husband bring home as factory workers in central China’s Shaanxi province.“I cried,” the 35-year old mother of two said in […]

Hedge fund’s profitable Big Short shows why demand is surging to use alternative data in guiding investment strategies

https://ift.tt/eA8V8J Before the coronavirus sent stock markets tumbling at the fastest pace since the 2008 financial crisis, Dymon Asia Capital (Singapore) sensed trouble.The hedge fund firm was combining information on past outbreaks with a raft of so-called alternative data, including Google searches in the US and daily readings from China on everything from road congestion […]

Alibaba, JD.com, Pinduoduo help revive sales of farm goods from Hubei after coronavirus lockdown

https://ift.tt/eA8V8J China’s biggest e-commerce services providers, Alibaba Group Holding, JD.com and Pinduoduo, are pushing separate initiatives to help revive sales of farm goods from Hubei, as the province hardest hit by the coronavirus crisis emerges from its months-long lockdown.“Hubei has made great sacrifices and contributions to the fight against the epidemic nationwide,” said Hou Yi, […]

Alibaba’s Lazada briefly stops new grocery orders in Singapore

https://ift.tt/eA8V8J Singapore’s government urged residents to consider ordering their groceries online rather than going to the shops. That just became tougher.Alibaba Group Holding’s Lazada Group, Southeast Asia’s leading e-commerce services provider, is temporarily suspending new grocery orders in Singapore after strict physical distancing measures and rising coronavirus cases triggered a surge in orders. Alibaba is […]

Shanghai Airport divides traders, analysts as stock slumps below price target by widest margin in 13 years

https://ift.tt/eA8V8J The slump in the world’s biggest airport operator is dividing traders and analysts about the value of one of the market’s favourite picks, as the coronavirus pandemic causes unprecedented damage to travel and trade.Shanghai International Airport, the operator of the Shanghai Pudong International Airport, has fallen 21 per cent on the local bourse this […]

China’s mobile payments to see rebound as offline vendors reopen after coronavirus lockdowns

https://ift.tt/eA8V8J Home quarantine policies to curb the spread of Covid-19 in China have been a boon for most digital services, including remote work apps, e-learning and mobile gaming, but one online technology has not fared so well: mobile payments.The problem started during Chinese Lunar New Year holiday in January, when most Chinese stayed at home […]

Asia stocks mixed in start to new quarter on pandemic concerns, banks drag Hong Kong index on dividend cuts

https://ift.tt/eA8V8J Asia-Pacific stock markets were mixed in early trading Wednesday as concerns about rising death toll from coronavirus pandemic in the US and elsewhere overshadowed improvements in Chinese economic data.President Donald Trump warned of a “very, very painful two weeks” amid signs the viral outbreak is taking its toll on the retail and hospitality sectors. […]

Hong Kong dollar bank deposits fall the most since height of protests as coronavirus outbreak sparks outflow of funds

https://ift.tt/eA8V8J Hong Kong dollar bank deposits dropped 0.5 per cent in February, the most significant decline in six months as the coronavirus outbreak led to an outflow of funds.But analysts believe the tide is about to turn.Hong Kong dollar deposits are a crucial indicator of money flowing in and out of the city. They fell […]

Pinduoduo raises US$1.1 billion in private placement to fund new services such as live-streaming

https://ift.tt/eA8V8J Chinese e-commerce platform Pinduoduo has raised US$1.1 billion in a private share placement that could fund its expansion despite current market volatility, the company announced on Tuesday.The transaction for the newly issued Class A ordinary shares, which represent about 2.8 per cent of the company’s total outstanding shares, is expected to be closed with […]

As coronavirus outbreak, containment measures weigh on sector, Hong Kong home prices record biggest drop in 15 months

https://ift.tt/eA8V8J Hong Kong home prices recorded their steepest drop in 15 months in February, and are expected to decline by up to 20 per cent from a peak in June 2019 by year-end amid the coronavirus pandemic.An index of used home prices dropped 2.1 per cent last month, according to the city’s Rating and Valuation […]

Battered Hang Seng Index trading below book value for third time in 27 years may signal massive rally in Hong Kong stocks

https://ift.tt/eA8V8J Hong Kong’s stocks are so beaten down that the Hang Seng Index is now trading below its net asset value for only the third time in almost 30 years.The 50-member benchmark was valued as low as 0.92 times the book value in March, meaning the stock prices were below the stated values of the […]

Local governments in China issue free digital coupons to stimulate consumption amid coronavirus pandemic

https://ift.tt/eA8V8J Local governments in China are distributing free digital coupons on mobile payment platforms like Alipay and WeChat Pay to help stimulate domestic consumption as the coronavirus pandemic hammers the world’s second-largest economy.On Sunday, Jiaxing city in Zhengjiang province, announced that it would issue 200 million yuan (US$28.2 million) worth of digital consumer coupons to […]

Pinduoduo to help New York’s Met Museum and others turn to live streaming and online gift sales

https://ift.tt/eA8V8J As the coronavirus pandemic continues to ricochet around the world, closing cities and slamming entire sectors of the economy, museums are turning to live streaming in an effort reach the public and avoid catastrophic losses.China’s third-largest e-commerce player Pinduoduo said it is working with New York’s Metropolitan Museum of Art and six other Chinese […]

Pinduoduo to help New York’s Met Museum and others turn to live streaming and online gift sales

https://ift.tt/eA8V8J As the coronavirus pandemic continues to ricochet around the world, closing cities and slamming entire sectors of the economy, museums are turning to live streaming in an effort reach the public and avoid catastrophic losses.China’s third-largest e-commerce player Pinduoduo said it is working with New York’s Metropolitan Museum of Art and six other Chinese […]

China’s mental health counsellors reach out online to help those affected by coronavirus pandemic

https://ift.tt/eA8V8J Three days after Chinese authorities ordered the Wuhan lockdown in late January, Shanghai-based psychological adviser KnowYourself made its online consultation service free for Covid-19 patients, medical workers and people suffering mental problems amid the unfolding health crisis.The company brought together a team of over 100 professionals and trained volunteers to scan messages sent in […]

Developers Country Garden, Sunac China warn construction, sales may be disrupted as Covid-19 subdues business activity

https://ift.tt/eA8V8J Two of China’s biggest property developers have warned that their sales and construction schedules are likely to be disrupted by a downturn in demand caused by the Covid-19 outbreak.Country Garden Holdings, the largest seller of homes in China, said its building and sales progress may be exposed to short-term volatility as business activities remain […]

World’s costliest offices are poised to enter tenants’ market as Hong Kong businesses reel from coronavirus, protest movement

https://ift.tt/eA8V8J Hong Kong’s notoriously pricey office rental sector is fast becoming a tenants’ market as last year’s protest movement and the current coronavirus pandemic have prompted struggling companies to bail on their leases.A huge increase in firms, from co-working space providers to finance companies and retailers, abandoning their offices before the contracts expire has helped […]

Oil titan PetroChina’s production plan and budget hang in the balance as coronavirus, oil price war cloud economic outlook

https://ift.tt/eA8V8J PetroChina, the nation’s largest oil and gas producer, has deviated from its long-standing practice of unveiling clear production targets when it announces its annual results, as the coronavirus pandemic and an oil price war clouds the global economic outlook.“The oil price’s free-fall since last month has dealt the heaviest blow to our upstream production […]

Mainland developers including Poly Property, China Resources accelerate sales to shore up cash flow to minimise impact of Covid-19

https://ift.tt/eA8V8J Some of China’s biggest developers are set to accelerate sales and shorten their construction cycles to shore up cash flow in response to the economic fallout from the Covid-19 outbreak.Four mainland Chinese builders reported higher profit growth for 2019 on Thursday, but said they are braced for hard times ahead as the deadly epidemic […]

Alibaba’s Taobao launches platform to help factories digitalise their operations in China

https://ift.tt/eA8V8J Taobao, the e-commerce marketplace owned by Alibaba Group Holding, has launched a new initiative to help drive the digital transformation of traditional factories in China using its consumer-to-manufacturer (C2M) system.The platform will enable companies to better manage raw materials and product inventories based on precise consumer distribution, preferences and behavioural data, Taobao said in […]

Race for safety in Chinese utilities stocks may bode ill for wider market, history suggests

https://ift.tt/eA8V8J Chinese traders are turning more defensive in the world’s only major stock market that has not slipped into bear territory: snapping up domestic utilities companies.But if history is any guide, this rush for shelter in power companies – seen as a safe bet with their high dividends and stable cash flows – may bode […]

Life and work will never be the same in China as the country attempts a post-virus tech restart

https://ift.tt/eA8V8J With the coronavirus outbreak crippling normal life in China, technology has rushed to the fore on many fronts as literally a lifesaver: robots in hospitals, health code apps, online education and remote working all played crucial roles in keeping the country operational with most of the population trapped in self-isolation.But as the devastating outbreak […]

Online game players were top target for scammers during China’s coronavirus lockdown

https://ift.tt/eA8V8J China’s gamers were the largest group of victims amid a spike in internet scams during the country’s coronavirus outbreak as millions of quarantined people turned to online games to alleviate boredom.Liewang Platform, a website where Chinese internet users can report online fraud cases, found that scammers were out in force during the outbreak, which […]

Hong Kong stocks are at their cheapest relative to mainland Chinese equities in two years as Citic Securities predicts 20 per cent gain

https://ift.tt/eA8V8J The global coronavirus pandemic has sent Hong Kong stocks to their cheapest level relative to Chinese equities in two years, a price gap that Citic Securities says may spur a 20 per cent gain in the city’s shares.A gauge tracking the price discrepancy between the two markets showed that Chinese companies trading in Hong […]

Hongkongers relish picking up overseas properties on the cheap as currencies slump amid market stampede

https://ift.tt/eA8V8J Hongkongers are relishing the prospect of picking up global properties on the cheap, as a global market stampede crushed major currencies and emergency rate cuts flattened borrowing costs.The Hong Kong currency is trading at the stronger end of its band through the market carnage, courtesy of its decades-old peg to the US dollar. It […]

US plant-based meat start-up Nature’s Fynd, backed by Jack Ma, Bill Gates, gets new funding from Al Gore as it targets Chinese market

https://ift.tt/eA8V8J Plant-based meat maker Nature’s Fynd said it has recently secured US$80 million of funding from investors including former US vice-president Al Gore, as the four-year old food tech start-up begins production in Chicago and prepares to expand into Asia.The latest equity funding round comes after African swine fever and the more recent coronavirus have […]

JD Logistics to hire 20,000 more delivery and warehouse workers, giving priority to those below poverty line

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce giant JD.com is looking to hire over 20,000 new warehouse and delivery workers to meet surging online demand amid a growing pool of people looking for work after losing jobs during the coronavirus crisis.The company said it would give priority to applicants who fall under the country’s poverty […]

JD Logistics to hire 20,000 more delivery and warehouse workers, giving priority to those below poverty line

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce giant JD.com is looking to hire over 20,000 new warehouse and delivery workers to meet surging online demand amid a growing pool of people looking for work after losing jobs during the coronavirus crisis.The company said it would give priority to applicants who fall under the country’s poverty […]

Henderson Land, Hong Kong’s third biggest developer, sees challenging year ahead as 2019 profit slumps 26 per cent

https://ift.tt/eA8V8J Henderson Land Development, the third largest developer in Hong Kong, sees a “challenging” year ahead after posting a 26 per cent drop in core profit for 2019.Chairmen Peter Lee Ka Kit and Martin Lee Ka-shing on Monday reported the company’s first set of annual results since taking over last year from their father, Lee […]

Mainland Chinese macro fund that has made 31 per cent this year is hoarding cash

https://ift.tt/eA8V8J The slump in Chinese equities is no buying opportunity for one of the country’s top performing fund managers.“If you buy risk assets now amid this huge market volatility, you’ll easily end up getting buried,” said Lu Jun, founder of private fund Shanghai Congrong Investment Management, which manages US$1.1 billion in assets.Lu, a macro fund […]

Asia markets plunge on growing fears of global recession amid explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading Monday, with US futures falling on concerns that a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge drop […]

Asia markets plunge on growing fears of global recession amid explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading on Monday, with US futures falling on concerns that a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge […]

No respite for Asia-Pacific markets as investors recoil in horror at the explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading on Monday, with US futures falling on concerns a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge drop […]

Back in business, China’s online travel sites Qunar, Ctrip expect a surge in domestic tourism amid global shutdown

https://ift.tt/eA8V8J Qunar and Ctrip, two of China’s biggest online travel service providers, have resumed bookings for travel packages and attraction tickets after a two-month hiatus as the country recorded its lowest number of deaths since the outbreak and no new infections for the second day in a row.Customers can now book presale travel packages for […]

Back in business, China’s online travel sites Qunar, Ctrip expect a surge in domestic tourism amid global shutdown

https://ift.tt/eA8V8J Qunar and Ctrip, two of China’s biggest online travel service providers, have resumed bookings for travel packages and attraction tickets after a two-month hiatus as the country recorded its lowest number of deaths since the outbreak and no new infections for the second day in a row.Customers can now book presale travel packages for […]

Art Basel launches online viewing rooms after cancelling Hong Kong show amid coronavirus

https://ift.tt/eA8V8J Art Basel, the world’s largest art fair, will open an online exhibition Friday night to make up for the cancellation of its Hong Kong show due to the novel coronavirus outbreak.More than 90 per cent of exhibitors from the scrapped Art Basel Hong Kong event have joined the move online, with over half of […]

Amazon halts grocery orders to restock amid surging demand due to coronavirus worries

https://ift.tt/eA8V8J Amazon said on Thursday it has halted its Prime Pantry delivery service in the United States to restock groceries, following a surge in online orders by shoppers worried about the coronavirus pandemic.“Amazon Pantry is not accepting new orders at this time while we work to fulfil open orders and restock items following increased demand,” […]

After a year of conflicting signals, investors should welcome the growth and moderation of 2020

https://ift.tt/eA8V8J In many ways, 2019 has been a year of dislocation and disruption. The big wedge between stock market returns and economic growth illustrates one such contradiction: over the year, economic data and asset markets moved in opposing directions as earnings growth flatlined and world gross domestic product sank to below trend, yet all major […]

Kingswood tops Hong Kong’s most actively traded address list of 2019 as owners cut prices ahead of biggest home sales in 10 years

https://ift.tt/eA8V8J Kingswood Villas, one of Hong Kong’s largest housing communities, was the city’s most actively traded address for the second consecutive year, as owners slashed prices ahead of a 2020 launch of the first major property project to come to market in the area in the past decade.As many as 531 homes changed hands at […]

Rachel Duan: from problem solving in Puerto Rico to GE’s chief of global growth

https://ift.tt/eA8V8J Driving the emerging-markets expansion of American industrial giant General Electric is no walk in the park.But the 49-year-old charged with steering the iconic Fortune 500 company’s global growth seems unfazed by the scale of the task.Shanghai native Rachel Duan, who took up the role in January, says simply that she draws on one of […]

Rachel Duan: from problem solving in Puerto Rico to GE’s chief of global growth

https://ift.tt/eA8V8J Driving the emerging-markets expansion of American industrial giant General Electric is no walk in the park.But the 49-year-old charged with steering the iconic Fortune 500 company’s global growth seems unfazed by the scale of the task.Shanghai native Rachel Duan, who took up the role in January, says simply that she draws on one of […]

When will the Western-led global order catch up with the world and include Asia?

https://ift.tt/eA8V8J The world turned a corner in 2019. The problem is that the world order didn’t turn with it. This disconnect could have disastrous consequences.The biggest global change has been the start of the “Asian century”. Today, Asia is home to three of the world’s top four economic powers (in purchasing power parity terms): China, […]

China cannot just rely on its economic might to silence the growing army of critics

https://ift.tt/eA8V8J This will be remembered by many as the year that China did near-irreparable damage to its international reputation and image.Chinese leaders and policymakers have generally understood that China’s gradual rise to international prominence would bring with it challenges, especially regarding the perceptions of others. To allay the fears of outsiders about its rise, China […]

Hong Kong beats Nasdaq to IPO crown as Alibaba, Budweiser mega listings lift funds raised to US$40 billion for 2019

https://ift.tt/eA8V8J Hong Kong has again taken the crown as the world’s largest initial public offering market worldwide.The mega listing of Alibaba Group Holding in November pushed it to the top of the league for the seventh times in 11 years, according to data from Refinitiv.Some 144 companies have raised US$40 billion on the main board […]