DIRS.INFO The most relevant business & tech news

As the coronavirus has spread in China, Beijing has imposed prolonged lockdowns in several places. The stringent COVID-19 measures also stoked rare street protests across many cities over the weekend. Reuters GraphicsThe sub-indexes for manufacturing PMI including output, employment and suppliers' delivery times all shrank in November at a faster pace than the month before, the data showed. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.

☆ China's Nov factory, services activities fall to 7-month lows on COVID curbs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

The official manufacturing purchasing managers' index (PMI) stood at 48.0 against 49.2 in October, the lowest reading in seven months, according to data from the National Bureau of Statistics (NBS). Separately, the non-manufacturing PMI, which looks at service sector activity, fell to 46.7 from 48.7 in October, also the lowest reading in seven months. Chinese authorities this month rolled out a flurry of policies to prop up the struggling economy, including reserve requirement ratio cuts and COVID fine-tuning measures, while loosening financing curbs to rescue the property sector. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.

☆ China's factory activity contraction deepens in November
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 30 (Reuters) - China's factory activity contracted at a faster pace in November, an official survey showed on Wednesday, weighed down by softening global demand and COVID-19 restrictions, underscoring the added pressure faced by the world's second-largest economy. The official manufacturing purchasing managers' index (PMI) stood at 48.0 against a 49.2 reading in October, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 49.0. The 50-point mark separates contraction from growth on a monthly basis. Reporting by Liangping Gao and Ryan Woo; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Summary Shenzhou-15 marks last of 11 missions since April 2021 in building of space stationShenzhou-15 crew to take over from Shenzhou-14 astronauts on space stationChinese space station to be second permanently inhabited outpost after NASA-led ISSBEIJING, Nov 30 (Reuters) - Three Chinese astronauts arrived on Wednesday at China's space station for the first in-orbit crew rotation in Chinese space history, launching operation of the second inhabited outpost in low-Earth orbit after the NASA-led International Space Station. Shenzhou-15 was the last of 11 missions, including three previous crewed missions, needed to assemble the "Celestial Palace", as the multi-module station is known in Chinese. The "Celestial Palace" was the culmination of nearly two decades of Chinese crewed missions to space. The astronauts will live and work on the T-shaped space outpost for six months. The next batch of "taikonauts", coined from the Chinese word for space, to board the station, in 2023, will be picked from the third generation of astronauts with scientific backgrounds.

Shenzhou-15 was the last of 11 missions, including three prior crewed missions, that began in April 2021 needed to assemble the "Celestial Palace", as the multi-module station is known in Chinese. The space outpost took on its current "T" shape in November with the arrival of the last of three cylindrical modules. The "Celestial Palace" was the culmination of nearly two decades of Chinese crewed missions to space. FUTURE 'TAIKONAUTS'Leading the Shenzhou-15 mission was Fei Junlong, 57, who hailed from China's first batch of astronaut trainees in the late 1990s. During the space station's operation over the next decade, China is expected to launch two crewed missions to the orbiting outpost each year.

☆ China's factory activity contraction likely deepened in Nov on COVID woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 28 (Reuters) - China's factory activity is expected to have contracted further this month, piling pressure on the economy as COVID restrictions hit production and exports fell despite a flurry of stimulus policies, a Reuters poll showed on Monday. China's economy is poised to miss the "around 5.5%" full-year government growth target with gross domestic product expanding just 3% in the first three quarters of this year. Chinese advisers say they will recommend a modest growth target for 2023 ranging from 4.5% to 5.5% to an annual policymakers' meeting in December. The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Wednesday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.

☆ Postal Savings Bank of China to provide $39 bln of property sector financing
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 24 (Reuters) - Postal Savings Bank of China has agreed to provide a total of 280 billion yuan ($39.17 billion) in financing to property companies including Vanke, Longfor and Country Garden, it said in a statement on Thursday. ($1 = 7.1479 Chinese yuan renminbi)Reporting by Ziyi Tang and Ryan Woo Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese lender BoCom agrees $14 bln credit line with developer Vanke
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 23 (Reuters) - China's Bank of Communications Co Ltd (BoCom) (601328.SS) said on Wednesday it would provide a 100 billion yuan ($13.98 billion) credit line to developer Vanke in the latest sign of support for the embattled property sector. The property sector makes up about a quarter of the economy. Under the agreement, BoCom will likely offer Vanke (000002.SZ) property development loans, mortgage loans and loans for merger and acquisition deals, according to a statement released by the lender. The agreement is part of the bank's efforts to implement 16 measures outlined by Chinese regulators to support the property sector, it said in the statement. China's property sector, once a pillar of growth, has slowed sharply this year due to government efforts to restrict excessive borrowing by developers.

☆ China's property prices to rise in 2023, sales to fall more slowly
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

"Property measures are expected to strengthen support, which will improve residents' confidence." A recent slew of support measures, including loan repayment extensions, aimed at improving liquidity in the property sector has underpinned market sentiment. But analysts and economists in the poll expected concerns about falling house prices, protracted COVID restrictions, and delays in construction to continue to weigh on demand. Property sales were seen slumping 5.0% in the first half of 2023, a smaller drop than the 15.0% fall forecast in the September poll. Some analysts say average house prices will need to fall by around 20% to 30% to entice demand.

☆ China Oct new home prices fall at fastest annual pace in 7 years
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

On an annual basis, new home prices slumped 1.6%, the fastest pace since August 2015, worsening from the 1.5% year-on-year fall in September and marking the sixth month of contraction. New home prices declined 0.3% month-on-month, easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The property sector has struggled with defaults and stalled projects since authorities started to clamp down on excessive leverage in mid-2020, hitting market confidence and weighing on economic activity. Data on Tuesday also pointed to further weakness in the cash-strapped sector, showing real estate investment fell at its fastest pace in 32 months in October. A notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, sources said on Sunday.

☆ China's new home prices fall at faster pace in Oct
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 16 (Reuters) - China's new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook. New home prices declined 0.3% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% year-on-year in September. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ China's property investment falls at a faster clip in Jan-Oct
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 15 (Reuters) - China's property investment fell at a faster pace during January-October, declining 8.8% from a year earlier after slumping 8.0% in the first nine months of the year. Property sales by floor area dropped 22.3% during January-October from the same period a year earlier, compared with the 22.2% plunge in the first nine months of the year, according to data from the National Bureau of Statistics (NBS). New construction starts measured by floor area fell 37.8% year-on-year in the first 10 months of the year, a slightly smaller decline than the 38% drop in the first nine months period. Funds raised by China's property developers fell 24.7%, after a 24.5% drop in the first nine months of the year. Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ China regulators order more financing support for property firms
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +4 min

The move, first reported by Bloomberg, comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Chinese regulators are telling financial institutions to allow real estate companies to defer repayment of some loans, such as property development and trust loans, the sources said. China's property sector, once a pillar of growth, has slowed sharply this year as the government sought to restrict excessive borrowing by developers. Goldman Sachs said in a note that the basic principles of the property measures are not new. Chinese regulators expanded a key financing support programme designed for private firms, including real estate companies, to about 250 billion yuan ($35.18 billion) this week.

☆ Chinese cities including Beijing report record COVID cases
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +3 min

"Currently COVID cases are rising in major cities such as Guangzhou and Chongqing, and zero-COVID policy continues, suggesting down-side risks to the near-term growth outlook," said analysts at U.S. investment bank Goldman Sachs in a note on Monday. Shares of consumer staples (.CSICS) remained subdued on Monday, while stocks in tourism (.CSI930633) and transport (.CSI000957) slumped as domestic COVID cases surged and some investors booked profits on previous COVID easing bets. Beijing reported 407 cases on Monday, compared with 235 the previous day. Major manufacturing hub Zhengzhou in central China reported 2,981 new infections versus 2,642 a day prior. Chongqing, a southwestern city of more than 32 million people, also saw a jump in cases to 2,297 compared with 1,820 the previous day.

☆ China regulators urge more financing support for property firms -sources
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 13 (Reuters) - Chinese regulators have asked financial institutions to extend more support to property developers to shore up the sector, two sources with direct knowledge of the matter said on Sunday. A notice to the institutions from the People's Bank of China and the China Banking and Insurance Regulatory Commission covered 16 steps, such as loan repayment extensions, in a major push to ease a deep liquidity crunch since the summer of 2020. The PBOC and CBIRC did not immediately respond to Reuters requests for comment. Reporting by Liangping Gao and Ryan Woo; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ China shortens COVID quarantine times, eases flight curbs
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 11 (Reuters) - China on Friday eased some of its COVID curbs, including shortening by two days quarantine times for close contacts of cases and for inbound travellers and scrapping a penalty on airlines that bring in infected passengers. Under the new rules, quarantine for close contacts will be cut to five days at a centralised location plus three days at home, from seven days centralised and three days at home. A similar shortening of quarantine rules was made for inbound travellers, according to the revised rules, which the National Health Commission (NHC) published on its website. The NHC said the number of people affected by COVID measures should be minimised. Secondary close contacts would no longer have to be identified although close contacts would still be, the health authority said.

☆ China's COVID curbs intensify as cases surge to highest since Shanghai lockdown
▼ + stars: | 2022-11-11 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

REUTERS/Aly SongBEIJING, Nov 11 (Reuters) - Chinese authorities stepped up COVID-19 lockdowns and other curbs to halt clusters from spreading as China's case load soared to its highest since this year's Shanghai lockdown, with Beijing and Zhengzhou seeing record daily cases. China reported on Friday 10,535 new locally transmitted cases for Nov. 10, the highest since April 29, when the country's commercial hub, Shanghai, was battling its most serious outbreak. The southern city of Guangzhou, the current epicentre of China's COVID fight, reported 2,824 new local cases for Nov. 10, the fourth day in which infections exceeded 2,000. TIGHTER MEASURESOther major cities such as Beijing, Zhengzhou and Chongqing have tightened measures this week as daily cases renewed all-time highs. Beijing reported 118 new local cases for Nov. 10, a daily record but still low compared with other Chinese cities.

Summary China may miss typical November-December export surgeExports unexpectedly dropped in October as global demand ebbedFall in exports broad-based, from toys to appliancesBEIJING, Nov 10 (Reuters) - China's usual year-end export surge is in doubt as weak global demand dims a rare bright spot for the world's second-biggest economy, already hurt by COVID-19 lockdowns, a frozen property sector and ebbing domestic consumption. Analysts expect global recession risks and China's disruptive COVID curbs will further drag on exports in coming months, dashing hopes for an economic rebound this quarter. Qi was not sure of the scale of orders that overseas customers would place in December. A closely watched private-sector survey focussing on small manufacturers shows export orders contracting since August. Buyers usually book orders for Christmas and Black Friday around August, but weak demand already sapped any lift this period.

☆ China warns against extra 'layers' of COVID curbs as outbreaks widen
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +3 min

[1/3] A boy gets tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 9, 2022. China is grappling with its highest tallies of coronavirus cases since April, raising questions about its zero-COVID policy that has frustrated the public and inflicted damage on the world's second-largest economy. It cited improvements in the implementation of measures in some major cities such as Zhengzhou, in the central province of Henan. The economic costs of COVID in China, where the virus first emerged in December 2019, are being felt in most sectors. This month, Apple supplier and iPhone assembler Foxconn (2317.TW) was rocked by discontent over stringent COVID measures, with many workers fleeing the site.

☆ China amends rules for management of insurance bailout funds
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 10 (Reuters) - China has amended rules for the management of state-run bailout funds rescuing troubled insurers, its financial regulators said on Thursday. The rules aim to promote healthy development of the insurance industry, prevent and resolve financial risks and maintain financial stability, the China Banking and Insurance Regulatory Commission said in a statement on its website. The company operates bailout funds that provide money to rescue policyholders and liquidate troubled insurers. Shareholders and management should also cooperate with authorities in the process of liquidating an insurance company with the support of the funds, the rules said. The new rules also adapt the cap of money that insurance companies should hand on to supplement the funds.

☆ China reaffirms zero-COVID stance, city of Guangzhou on edge
▼ + stars: | 2022-11-10 | by ( Tony Munroe | ) www.reuters.com time to read: +5 min

[1/3] A boy gets tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 9, 2022. "As things stand, it is hard to tell whether Guangzhou will repeat the experience of Shanghai in spring this year. If Guangzhou repeats what Shanghai did in spring, it will lead to a new round of pessimism on China," Nomura analysts wrote in a Thursday note. Mason Long, who works for a Guangzhou gaming company, said some residents were bracing for a lockdown, with many leaving the city or planning to. BE MORE TARGETEDIn Beijing, residents of some areas have been asked to get COVID tests every day this week.

☆ Guangzhou's COVID outbreak deepens as more lockdowns loom in China
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +3 min

The increase was modest by global standards but significant for China, where outbreaks are quickly tackled when they surface. Guangzhou, capital of Guangdong province, reported 2,377 new local cases for Nov. 7, up from 1,971 the previous day. "The lockdown situation has continued to deteriorate quickly across the country over the past week, with our in-house China COVID lockdown index rising to 12.2% of China's total GDP from 9.5% last Monday," Nomura wrote in a note on Monday. "We continue to believe that, while Beijing may fine-tune some of its COVID measures in coming weeks, those fine-tuning measures could be more than offset by local officials' tightening of the zero-COVID strategy." In the southwest metropolis of Chongqing, the city reported 281 new local cases, more than doubling from 120 a day earlier.

☆ China's October exports likely cooled further as global demand weakened, Reuters poll shows
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +3 min

Exports likely rose 4.3% last month from a year earlier, according to the median forecast of 20 economists in the poll, slowing from a 5.7% pace in September. "The tepid outlook for global supply chains does not bode well for China's exports," said Raymond Yeung, chief China economist at ANZ. "In addition to slowing global demand amid a likely global recession, we note export orders normally sent to China are being diverted to other emerging market economies." Combined with a high base of comparison from last year, Barclays forecast China's exports could fall 2-5% in 2023. The weak trade forecasts implied that China's trade surplus would widen to $95.95 billion from 84.74 billion in September.

☆ China's Oct exports and imports contract, missing expectations
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 7 (Reuters) - China's exports in October dropped 0.3% from a year earlier, while imports shrank 0.7%, both missing expectations, customs data showed on Monday. Analysts in a Reuters poll had expected exports to increase 4.3% after a 5.7% rise in September due to softening external demand. China posted a trade surplus of $85.15 billion last month, versus a forecast for a $95.95 billion surplus in the poll. The country reported a $84.74 billion surplus in September. Reporting by Ellen Zhang and Ryan Woo; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ China opposes British minister's planned visit to Taiwan
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 7 (Reuters) - China's foreign ministry said on Monday that Britain must stop any form of official exchanges with Taiwan, following plans by a British minister to visit the self-governed island, which China claims, for trade talks. Taiwan's authorities need to stop colluding with foreign forces, said Zhao Lijian, a spokesman at the Chinese foreign ministry, at a regular media briefing. Reporting by Eduardo Baptista; Writing by Ryan Woo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Ryan Woo"

25 mentions found