Category Archives: Global economy

Coronavirus: Japan to trial HIV antiretroviral drugs on patients – latest news

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UK prepares evacuation flight for cruise ship passengers. Follow the latest news

The Italian luxury fashion house Prada has postponed a fashion show due to take place in Japan in May.

In a statement, the company said:

Due to the current uncertainty related to the spread of the novel coronavirus, the Prada Resort fashion show originally scheduled for May 21 in Japan will be postponed.

Repatriating passengers from the coronavirus-stricken cruise ship in Japan is not without risks, a medical expert has said.

Paul Hunter, professor in Medicine at the University of East Anglia, said:

Considerable care needs to be made to ensure that the passengers do not transmit infection between themselves or to cabin crew during the flight home and once back on home soil they do not act as a focus for the spread of the disease into their home countries – any returning passengers may be put in quarantine on their return.

It is well known that certain infections such as influenza and norovirus can spread rapidly on board cruise ships. Cruise ships take passengers and crew from all over the world, often passengers are relatively elderly, they spend most of their time on board indoors mixing with others.

The most likely [infection] route is direct person-to-person transmission when people are close to an infected person, but with currently publicly available information it is not possible to rule out other issues at this stage.

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Coronavirus: Cruise ship turned away from five countries allowed to dock in Cambodia – latest news

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MS Westerdam, which has 1,455 passengers and 802 crew, will dock on Thursday as WHO chief warns coronavirus threat is greater than terrorism

A paper in the Lancet medical journal, published online, should dispel some of the worries around reported deaths of some babies born to women who have fallen ill with what is now being called COVID-19 infection.

The authors say preliminary evidence suggests the new coronavirus cannot be passed to the baby in the womb.

Hi, Amy Walker here taking over the blog from my colleague Simon Murphy.

Patients who were treated by the two Brighton GPs who have been diagnosed with coronavirus are being traced by health officials, the BBC has reported.

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Coronavirus live updates: all arrivals to Hong Kong from mainland China face ‘compulsory quarantine’ – latest news

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Thousands on board Diamond Princess cruise ship in offshore quarantine in Japan after 10 people test positive, as China death toll passes 490

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.

Related: Coronavirus: 14th Australian case confirmed as Dutton says people could be sent to mining camps

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UN report: half a billion people struggle to find adequate paid work

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Study also shows global unemployment due to rise for the first time in a decade

Nearly half a billion people around the world are struggling to find adequate paid work, trapping individuals in poverty and fuelling heightened levels of inequality, according to a UN report.

In a study published as world leaders fly into the Swiss ski resort of Davos to voice concerns over inequality and the climate crisis, the UN’s International Labour Organization (ILO) said more than 473 million people around the world lacked the employment opportunities to meet their needs.

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IMF boss says global economy risks return of Great Depression

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Kristalina Georgieva compares today with “roaring 1920s” and criticises UK wealth gap

The head of the International Monetary Fund has warned that the global economy risks a return of the Great Depression, driven by inequality and financial sector instability.

Speaking at the Peterson Institute of International Economics in Washington, Kristalina Georgieva said new IMF research, which compares the current economy to the “roaring 1920s” that culminated in the great market crash of 1929, revealed that a similar trend was already under way.

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Trump signs China trade pact and boasts of ‘the biggest deal ever seen’

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President signs first phase of new agreement with China, hours after Democrats named team that will prosecute him in Senate

Donald Trump has signed the first phase of a new trade agreement with China after two years of tension between the two superpowers that have rattled economies around the world.

Related: Trump vaunts his China trade pact – but some say it’s too little, too late

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Donald Trump says he will sign first phase of US-China trade deal

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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.

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Hong Kong recession to continue as protests hit economy – business live

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Rolling coverage of the latest economic and financial news

The pick-up in UK mortgage approvals in November is a “significant surprise”, says Howard Archer of the EY Item Club.

He suspects that some home owners may have been keen to move before the general election, as a hung parliament could have created more economic uncertainty in 2020.

Those gains in Hong Kong and China today have lifted Asian stock markets to their highest levels in 18 months today.

Global stock markets have gained another $700bn this week in thin trading on santa rally. All equities now worth $87.1tn, just $200bn shy of a fresh life-time high and equal to 100% of global GDP so stocks have entered bubble territory. pic.twitter.com/JgXmKPDWCN

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Easing trade tensions fuel pre-Christmas shares rally

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Donald Trump promises that a US-China trade pact will be signed ‘very shortly’

A pre-Christmas rally fuelled by hopes of waning trade tensions have pushed share prices to a fresh high and on course for their biggest rise in a decade.

Donald Trump’s promise that a US-China trade pact would be signed “very shortly” sent the MSCI gauge of stock markets around the world to new record levels.

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China confirms ‘phase one’ trade deal with US

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  • Beijing says deal includes rollback of tariffs in phases
  • Trump hails ‘amazing deal for all’

China and the US have reached an initial deal to resolve a bruising trade war between the two countries, according to statements from both sides.

China’s vice-commerce minister Wang Shouwen said in a late night briefing on Friday that the US had agreed to cancel some of its existing tariffs on Chinese goods, while Donald Trump tweeted that the two countries had agreed to a “very large Phase One Deal”.

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China steps in as Zambia runs out of loan options

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Southern Africa’s third largest economy is a textbook example of the increasing debt facing a fast-growing continent

Zambia’s capital, Lusaka, was having a power cut, so the only light in the restaurant was from Fumba Chama’s mobile phone. The rapper, better known as PilAto, had just finished uploading a new track to Twitter. The bitter-sweet lyrics (in Bemba) of Yama Chinese describe the concerns of many Zambians: “They put on smart suits and fly to China to sell our country. The roads belong to China. The hotels are for the Chinese. The chicken farms are Chinese. Even the brickworks are Chinese.”

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Donald Trump calls for World Bank to halt all China lending

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President says China has plenty of money amid market jitters about trade talks and Beijing vow to be ‘strong backup’ for Hong Kong police

Donald Trump has called for the World Bank to stop lending money to China, a day after the institution adopted a lending plan to Beijing despite Washington’s objections.

The World Bank on Thursday adopted a plan to aid China with $1bn to $1.5bn in low-interest loans annually until 2025. The plan called for lending to “gradually decline” from the previous five-year average of $1.8bn.

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UK growth will dip to 1% even if no-deal Brexit avoided, warns OECD

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Prospect of crashing out of EU leaves UK more exposed to global financial risks, thinktank says

The UK’s GDP growth rate will slip to 1% next year even if a no-deal Brexit is avoided, according to the Organisation for Economic Development and Cooperation.

The OECD said the economy would slow down from growth of 1.2% this year if parliament passes Boris Johnson’s Brexit deal before the 31 January deadline, before returning to 1.2% in 2021.

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Paul Keating’s speech on Australia’s China policy – full text | Paul Keating

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Australia can’t go on downplaying the largest economic shift in world history. Read the former PM’s speech in full

Taking some longer view of the strategic scenery, I have come to some key beliefs about the changes that are taking place globally.

The international system is fundamentally anarchic in structure. Two world wars in a century and Vietnam, Iraq, Syria gives the evidence of that. We should not confuse the relative peace of the last 30 years with the anarchy which lies latent.

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US-China trade war: hopes of deal rise after partial easing of tariffs

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IMF says deal to alleviate trade tensions could persuade it to revise up growth forecasts

China has raised hopes that a deal can be reached to end its trade war with the US after agreeing with Washington to roll back some tariffs.

The prospect of an agreement sent stock markets soaring to all-time highs and prompted the International Monetary Fund (IMF) to say a deal easing trade tensions between the US and China could persuade its officials to revise up forecasts for global growth next year.

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World’s largest trade deal RCEP faces delay as India pushes back against China

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Sixteen-nation Regional Comprehensive Economic Partnership will cover half the planet’s people

The world’s largest trade deal is unlikely to be signed this year, with a draft statement from south-east Asian leaders suggesting it will be delayed until 2020, despite China’s desire to bring it into operation as soon as possible as a counterweight to its debilitating tariff war with the US.

The 16-country Regional Comprehensive Economic Partnership – known as the RCEP – would be the world’s largest when operational, spanning India to New Zealand, including 30% of global GDP and half of the world’s people.

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China warns US: criticism of Uighur detentions is not ‘helpful’ for trade talks

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Beijing voices anger over ‘gross interference’ after 23 countries criticise arbitrary detentions in Xinjiang

China’s UN envoy has sounded a warning note over trade talks with Washington after the US joined 22 other countries at the UN in criticising Beijing over the detention of ethnic Uighurs and other Muslims.

China has been widely condemned for setting up internment camps in the western region of Xinjiang that it describes as “vocational training centres” to stamp out extremism and give people new skills. The United Nations says at least a million Uighurs and other Muslims have been detained.

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It’s time to boycott any company doing business in Xinjiang | Michael Caster

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Forced labour in China’s internment camps taints the supply chains of many western companies. We need to take action

Any western company doing business in Xinjiang should consider their supply chains tainted by forced labour drawn from internment camps. Hardly a drop in the ocean of the vast global economy, this involves companies such as Ikea, H&M, Volkswagen and Siemens.

This month, the United States banned the import of products made by a firm in Xinjiang over its use of forced labour. It also blacklisted 28 Chinese entities for their role in the repression of Uighurs and issued visa restrictions on key Chinese officials. Following suit, two major Australian companies have now also announced they are ending partnership with their cotton supplier in Xinjiang.

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China overtakes US in rankings of world’s richest people

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Credit Suisse survey shows Brexit effect has reduced number of UK millionaires by 27,000

The number of wealthy Chinese people has overtaken the number of rich Americans for the first time, according to a report by Credit Suisse.

The bank’s annual wealth survey found there were 100 million Chinese people among the world’s top 10% of richest people, compared with 99 million in the US.

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US delays China tariff increase as Trump claims ‘substantial’ deal

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  • US had planned to raise tariffs on $250bn of goods to 30%
  • Trump: ‘All would like to see something significant happen!’

Donald Trump announced a “very substantial phase one deal” to solve the long-running trade dispute with China.

After a two-day meeting in Washington between US and Chinese officials on Friday Trump announced a delay on plans to raise tariffs on $250bn worth of goods to 30% on 15 October.

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