Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
At $114bn, its market value is above HSBC – but questions remain about business model and if it will ever be profitable
It is a company that is just about to turn five years old but is valued more highly than the oil giant Shell, or HSBC, one of the largest banks in the world.
Pinduoduo is the latest behemoth produced by China’s tech machine, an online shopping site that specialises in extraordinary discounts on everything from tissues to Teslas. And its market value has more than doubled in recent months to $114bn (£87bn).
Fears over the strength of China’s economic recovery from the coronavirus pandemic have been raised after retail sales slumped in July and industrial production remained subdued.
Fuelling concerns for the world economy, retail sales in China dropped in July by 1.1% compared with the same month a year ago, missing predictions for a small increase in consumer spending.
S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds
US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.
The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.
It is New Year’s Eve 2019 and around the world stock markets are closing for business on a high note. Shares in the US are up by almost 30% on the year, those in Japan by 18%. Even in Britain, where the mood has been dampened by months of Brexit uncertainty, the FTSE 100 has risen by 12%.
Overall, it had been the best year for stocks since 2009 and traders saw no real reason why the party should not continue into 2020. The US and China looked close to an armistice in their trade war, the US central bank was stimulating the world’s biggest economy, and Boris Johnson’s decisive victory in the general election had removed any lingering doubts about whether Britain would leave the European Union.
Italy may need to call on the European Union to offer leeway on its budget targets as it struggles with the impact of the coronavirus outbreak, a senior official said.
Deputy economy minister, Laura Castelli, made the comments a day after prime minister Giuseppe Conte warned that the fallout from the outbreak, which has concentrated in the economic powerhouses of northern Italy, would be “very strong”.
If you want to share any thoughts or news tips with me about the coronavirus then please email: sarah.marsh@theguardian.com or tweet me @sloumarsh. My direct messages are open. Thanks
Inspectors in protective suits have been going door to door in Wuhan in an effort to find every infected person, the Associated Press reports.
Wednesday marked the final day of a campaign to root out anyone with symptoms whom authorities may have missed so far.
Britons returning home from the Diamond Princess cruise ship that has had more than 600 cases of coronavirus will be quarantined at the same NHS facility that housed people flown back to the UK from Wuhan.
The Department of Health said: “We can confirm that an accommodation block on the Arrowe Park NHS site will be used to isolate those returning from the Diamond Princess cruise ship in Japan. They will be kept in this location for the 14-day quarantine period, with around-the-clock support from medical staff at all times.”
Impact of Chinese outbreak has already rippled out well beyond world’s No 2 economy
The impact of coronavirus on the global economy is growing and spreading daily. What started as a medical emergency in the Chinese city of Wuhan has led to planes being grounded, cruise ships being quarantined, theme parks being shut and car plants being mothballed.
TV footage of deserted streets and empty shops tell their own story: China’s economy, which was already slowing, is going to suffer a major hit as the authorities seek to stop the virus from spreading.
A hotel worker in the northern Italian city of Verona has tested negative for coronavirus.
The woman, who was isolated after coming down with a fever, is a member of staff at the same hotel where a Chinese couple being treated for the virus in Rome stayed for one night.
Here’s a report from Josh Taylor, a Guardian reporter based in Melbourne, that the Australian government is considering sending its citizens evacuated from Wuhan to isolated mining camps if Christmas Island reaches capacity for people being quarantined.
The home affairs minister, Peter Dutton, admitted there is the possibility that Christmas Island could reach capacity if the outbreak continues to spread. He said one option would be for people to share rooms, or potentially even open up other locations away from the rest of the Australian population.
Prospect of agreement lifts stock markets but experts question impact on long-running tensions
Donald Trump has said he will sign the first phase of a long-awaited trade deal with China on 15 January, in a move that de-escalates the tariff war between the world’s two biggest economies.
In a tweet on Tuesday, the US president said “high-level representatives of China” would attend an official ceremony at the White House, adding he would also be travelling to Beijing for talks on the second phase of the deal.
Chairman Eric Xu warns that hit from US sanctions means telecoms firm must ‘go all out’ to maintain sales
The embattled Chinese telecommunications company Huawei says “survival” is its first priority after announcing sales were hit hard by a boycott from western countries.
Eric Xu, the company’s chairman, said estimated sales revenue would reach 850bn yuan for 2019 (US$121bn) - up roughly 18% from the previous year, but much lower than initially expected.
The territory’s recession is getting deeper and the US is threatening its special trading status, bringing serious consequences for Beijing
Almost six months after the protest movement that has upended life in Hong Kong began, the region is now facing serious questions about its future as Asia’s leading international business centre.
The most recent violence in the autonomous Chinese region have been the worst disturbances of the six-month long pro-democracy protests. US lawmakers have passed legislation threatening Hong Kong’s special trading status and the territory has slumped into its worst recession for 10 years.
Chinese exports worth $125bn will face new taxes from 1 September, while China places levy on oil as agreement becomes more distant
China and the United States have begun imposing additional tariffs on each other’s goods in the latest escalation of their bruising trade war that has sent shockwaves through the global economy.
A new round of tariffs took effect from 0401 GMT on Sunday, with Beijing’s levy of 5% on US crude oil marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
President ‘hereby orders’ US firms to seek alternative locations and suggests Fed Chair is an ‘enemy’
Donald Trump escalated his attacks on China on Friday, bumping up tariffs on Chinese imports and ordering US companies to leave China.
Trump’s announcements on Friday – all on Twitter – came after the president launched another blistering criticism of the Federal Reserve chairman, Jerome Powell, asking: “Who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”
If President Xi would meet directly and personally with the protesters, there would be a happy and enlightened ending to the Hong Kong problem. I have no doubt! https://t.co/eFxMjgsG1K
Trade war rhetoric ratchets up as Beijing responds to US claim of being ‘a currency manipulator’
China stepped up the trade war rhetoric on Tuesday, accusing the US of “deliberately destroying international order” with “unilateralism and protectionism”.
A day after Washington branded China a currency manipulator in a rapidly escalating trade dispute, China’s central bank said it “deeply regretted” the move by the US and said such behaviour “seriously undermined international rules” and damaged the global economy.
Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise
China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.
Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited to the mainland to face trial in courts controlled by the Communist party.
The president’s bullish advisers may be taking a hard line, but the chances of a deal are better than they look
During Donald Trump’s campaign to be president, he regularly cited China’s export subsidies as “evil”, and in his manifesto he pledged to “cut a better deal with China that helps American businesses and workers compete”.
The president turned decades of musings into a policy mission after his son-in-law, Jared Kushner, handed him a book by the academics Peter Navarro and Greg Autry – Death by China – which set out to explain how China manipulated the global trade system for its own ends.
The US president says it is ‘very important for our farmers’ while adding that trade talks are ‘moving along nicely’
Donald Trump has urged China to abolish tariffs on agricultural products imported from the United States – adding that trade talks between the rival powers were going well.
“I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.),” the US president wrote on Twitter.
The US president says he will hold a summit with Xi Jinping to conclude an agreement to end the year-long standoff
Donald Trump has said he will delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing “substantial progress” in trade talks with China over the weekend.