Chinese Consumers Hoard Cash After Confidence Takes a Hit
MarketsEconomists believe spending will be slow to bounce back after the end of zero-Covid Source link
‘The Last of Us’ in real life? Rising temperatures may spread fungal infections
One of the most suspenseful scenes in the HBO series “The Last of Us” comes in its pilot episode, when a scientist predicts that the end of the world won’t come from a viral pandemic, but rather, a fungal one. Smash cut to several decades later — on the show, that is — and a […]
Chinese moviegoers — starved for entertainment and craving normalcy — are set to put the country’s film industry back on top
While global and domestic businesses eagerly await the return of Chinese consumer spending, one industry in particular is already doing gangbusters. China’s box-office receipts this year have hit the 10 billion yuan ($1.5 billion) mark — the earliest in any year that it has ever done so. The explosion of moviegoing comes as authorities in […]
Omicron subvariant that’s dominant in U.S. extends lead over other variants in latest week, CDC data shows
The omicron subvariant that became dominant in the U.S. several weeks ago continued to extend its lead over other variants in the latest week, according to Centers for Disease Control and Prevention data that was updated on Friday. XBB.1.5, the omicron sublineage that first emerged in small numbers in October, accounted for 66.4% of cases […]
China’s Caixin services PMI bounces back in January
A private gauge of China’s service-sector activity bounced back in January to expansionary territory, signaling a quick economic recovery following Beijing’s removal of its stringent COVID-19 containment regime in December. The Caixin China Services purchasing managers index rose to 52.9 in January from 48.0 in December, said Caixin Media Co. and S&P Global on Friday. […]
Pandemic is still a global health emergency but it may be reaching a point where higher immunity levels mean fewer deaths
The coronavirus pandemic is still a global health emergency, according to the World Health Organization, but an advisory panel has determined that it may be nearing an inflection point where higher levels of immunity will lead to fewer deaths. That was the message Monday from WHO Director-General Tedros Adhanom Ghebreyesus at the agency’s annual executive […]
China’s central bank keeps benchmark lending rates unchanged
China’s central bank on Friday kept its benchmark interest rates unchanged as the Chinese economy recovered from the country’s COVID reopening quicker than expected. The People’s Bank of China kept the one-year loan prime rate at 3.65% and five-year LPR at 4.3%, both unchanged from last month. The hold on the benchmark loan rates for […]
Oil demand to hit record level this year as China reopens, says IEA
China’s rapid shift to reopen its economy following years of Covid-19 lockdowns should help oil demand rise to a record level this year, the International Energy Agency said Wednesday. The energy watchdog lifted its forecast for oil-demand growth this year by nearly 200,000 barrels a day to 1.9 million barrels a day. The extra demand […]
World’s 1% captured almost two-thirds of new wealth created in two years: report
For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis from the anti-poverty group Oxfam.That means that even in an era marked by the pandemic, nearly 15 million excess deaths and […]
Gold hits fresh 8-month high on China reopening hopes
Gold futures touched a fresh 8-month high Wednesday as traders bet that China’s decision to drop COVID-19 restrictions on its economy would continue to boost prices of precious and industrial metals. Price action Gold futures for February delivery GC00, +0.23% GCG23, +0.23% rose by $5, or 0.3%, to $1,889 per ounce on Comex, according to […]