The biggest US bank has been doing business in China since 1921. Chief Executive Officer Jamie Dimon has said that his firm is committed to bringing its “full force” to the country. This year it applied for full control of an asset management firm as well as a securities venture, and is expanding its office space in China’s tallest skyscraper in downtown Shanghai. … [Read more...] about Wall Street has billions to lose in China from rising strain
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HONG KONG: Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
Starting Monday, the automaker said three crossover assembly plants in the US and Canada will operate two shifts while three US plants building mid-and-full-size pickup trucks will move to three-shift operations from one shift. Five other US assembly plants will operate a single shift. … [Read more...] about Plunge in Consumer Spending Sends Stocks Lower
By Ayesha JhunjhunwalaAs the worst-hit countries including Italy and the UK limp past their infection peaks governments worldwide face difficult decisions about how to relax lockdowns. Some are already experiencing a second wave of infections which indicates that start-stop lockdowns might be a reality for months to come, possibly longer. This means preparing for a future in which containment and treatment are balanced with limited economic activity.Information and communications technology (ICT) can help us adapt to this new reality but tapping its full potential will require focus, collaboration, sustained investment, and safeguards. The basic pillars of any virus response include detection, containment, and treatment; the first two are where ICT can have the greatest impact. Available data and artificial intelligence (AI) tools can be harnessed to harvest and process large volumes of information to allow for hyper-local interventions. Leveraging technology to improve detection and … [Read more...] about ICT infrastructure could help navigate a post-Covid world