DIRS.INFO The most relevant business & tech news

☆ Debt-laden China Evergrande gives back land sites to Wuhan city
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 22 (Reuters) - A Chinese municipal district said it had taken back 134,500 hectares (332.4 acres) of land formerly held by a unit of debt-laden developer China Evergrande Group (3333.HK) and had made no payment for doing so. The government of Jiangxia District in the central city of Wuhan retrieved its land-use rights over the undeveloped sites at the Evergrande Technology Tourism City on November 16, according to a statement by the district's Planning and Natural Resources Bureau. China Evergrande unit Wuhan Baden City Investment Co Ltd has held the land as developer of Evergrande Technology Tourism City. A right to use land is the Chinese equivalent of ownership, since title is always ultimately held by the state. read moreThe land parcels taken back by Jiangxia comprised nine residential sites, two commercial and one for mixed development, the filing, dated Nov. 18 showed.

☆ Fauci says he 'will cooperate fully' with GOP oversight hearings even though he's leaving the government
▼ + stars: | 2022-11-22 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Dr. Anthony Fauci said he's ready to testify before US lawmakers under the new Congress. "I absolutely will cooperate fully and testify before the Congress if asked," Fauci told reporters during the White House press briefing. In the months leading up to the election, Republicans vowed to hold congressional oversight hearings with Fauci even after he leaves government. During Tuesday's press briefing, reporter Diana Glebova of conservative news outlet the Daily Caller tried to ask Fauci what he did to investigate the origins of COVID-19. Fauci left the briefing after taking questions from reporters for roughly 30 minutes.

☆ Anthony Fauci says he will cooperate fully with possible House Republican investigation into Covid origins
▼ + stars: | 2022-11-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks about the coronavirus during the White House press briefing on Tuesday, November 22, 2022. White House chief medical advisor Dr. Anthony Fauci said Tuesday that he will fully cooperate with House Republicans if they launch an investigation into the origins of the Covid-19 pandemic. GOP lawmakers vowed in August to open such a probe and call on Fauci to testify if they won a majority in the House of Representatives in the midterm elections. "If there are oversight hearings I absolutely will cooperate fully and testify before the Congress" Fauci told reporters Tuesday during a briefing at the White House. Fauci has maintained that it is much more likely that the virus spilled from animals into people.

☆ Pfizer says omicron booster is better against new subvariants like BQ.1.1 than old shots
▼ + stars: | 2022-11-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Pfizer said its omicron booster triggers a stronger immune response against a number of emerging Covid subvariants circulating the U.S. Pfizer developed its booster against omicron BA.5 at the request of the Food and Drug Administration. Among the emerging subvariants, the omicron booster elicited the strongest immune response against BA.4.6 with antibodies 11 times higher, and the weakest response against XBB.1 with antibodies about 5 times higher. Moderna on Monday said its omicron booster induces an immune response against BQ.1.1 though the company didn't provide specifics. Pfizer and Moderna's new boosters target both omicron BA.5 and the original strain of Covid that emerged in Wuhan, China in 2019.

☆ Explainer: How the World Health Organization might fight future pandemics
▼ + stars: | 2022-11-17 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

A new pact is a priority for WHO chief Tedros Adhanom Ghebreyesus as his second five-year term at the head of the global health agency gets underway. It seeks to shore up the world's defences against new pathogens following the COVID-19 pandemic that has killed more than 6.5 million people, according to the WHO. The global health agency itself is facing calls for reform after an independent panel described it as "underpowered" when COVID-19 struck, with limited ability to investigate outbreaks and coordinate containment measures. The WHO already has binding rules known as the International Health Regulations (2005) which set out countries' obligations where public health events have the potential to cross borders. Adopted after the 2002/3 SARS outbreak, these regulations are still seen as functional for regional epidemics like Ebola but inadequate for a global pandemic.

BEIJING/HONG KONG, Nov 18 (Reuters) - A slew of recent supportive measures will bring China's cash-strapped property developers much needed relief, but a full recovery of the sector will be hobbled by increasingly elusive buyers, say bankers, developers and analysts. "These policies will have little lasting effect and the property prices will not go up significantly," said Jack Yang, an engineer in Beijing, noting "future income" had become a key concern for homebuyers. Despite the recent liquidity-boosting measures, some bankers say developers continue to face credit risks given the uncertain outlook. According to UBS, Chinese banks have roughly 88 trillion yuan ($12.43 trillion) worth of exposure to the property sector. It estimates the property sector downturn will cost the banking system up to 1.4-1.5 trillion yuan in the next few years, mainly from potential losses in banks' unsecured property development loans, bonds, and non-standard assets.

☆ China tightens restrictions as rise in Covid cases reported
▼ + stars: | 2022-11-12 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Everyone in a district of 1.8 million people in China’s southern metropolis of Guangzhou was ordered to stay home Saturday to undergo virus testing and a major city in the southwest closed schools as another rise in Covid infections was reported. Guangzhou, 75 miles north of Hong Kong, has shut down schools and bus and subway service across much of the city as case numbers rise. In the southwest, the industrial city of Chongqing closed schools in its Beibei district, which has 840,000 people. Economists and public health experts say “zero Covid” might stay in place for as much as another year. They say millions of elderly people have to be vaccinated before the ruling party can consider lifting controls that keep most foreign visitors out of China.

WASHINGTON — President Joe Biden will meet with Chinese President Xi Jinping on the sidelines of next week’s Group of 20 summit in Bali, Indonesia, the White House announced Thursday. Tensions hit a high over the summer after House Speaker Nancy Pelosi visited Taiwan, which Beijing viewed as an effort to undermine China’s territorial integrity. Although the two leaders have spoken virtually five times over the past two years, this will be their first in-person meeting since Biden became president. They will also discuss their policies toward North Korea and Ukraine, the official said. “The president believes that there is no substitute for face-to-face diplomacy to carry these discussions forward,” the official said.

☆ Virus lockdowns hit China economic powerhouse Guangzhou
▼ + stars: | 2022-11-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

BEIJING — A surge in Covid-19 cases has spurred lockdowns in the southern Chinese manufacturing hub of Guangzhou, adding to financial pressure that has disrupted global supply chains and sharply slowed growth in the world’s second-largest economy. The order came after the densely populated city of 13 million reported more than 2,500 new cases over the previous 24 hours. Public transport has been suspended and classes halted across much of Guangzhou, while flights to Beijing and other major cities have been canceled, according to state media. China has retained its strict “zero-Covid” policy despite relatively low case numbers and no new deaths. The tight restrictions have set off occasional clashes between residents and local Communist Party officials, who are threatened with punishment if reported cases in their areas of jurisdiction climb above levels deemed acceptable.

☆ Sanofi, GSK score late win with EU COVID booster approval
▼ + stars: | 2022-11-10 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

The shot is based on lab-made viral proteins provided by Sanofi and an adjuvant ingredient from GSK that increases the immune response. Adapting the older protein technology chosen by Sanofi and GSK to a new virus variant requires several months longer than under the mRNA approach, which saw a breakthrough during the pandemic. Work on the shot by Sanofi and GSK, two of the world's largest vaccine makers by sales, was delayed repeatedly. The partners later pivoted to targeting the Beta variant, requiring months in additional development time. While the shot tested at the time was bivalent - meaning it was based both on original Wuhan strain of the virus and Beta - Sanofi and GSK later focused on a monovalent shot based on Beta only.

☆ His COVID lockdowns made him one of the most unpopular politicians in China. Xi Jinping just made him the 2nd-most powerful man in the country. Meet Li Qiang.
▼ + stars: | 2022-11-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

They key to his success is his loyalty to President Xi Jinping, experts say. But on October 23, Chinese President Xi Jinping made it clear: It didn't matter. Xi Jinping, Li Qiang, and other members of China's new top leadership walk in order of their rank. But his real value to Xi comes in the form of his loyalty to Xi, Wu said. Xi Jinping doesn't look into other things.

☆ China COVID cases surge to 6-month high as tensions in affected cities build
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

Almost three years into the pandemic, China has stuck to a strict COVID-19 containment policy that has caused mounting economic damage and widespread frustration. Curbs and lockdowns became more frequent with the spread of the highly transmissible Omicron strain. China has yet to describe when or how it will begin to exit from its current approach. Earlier this week, Chinese shares jumped after rumours that China was planning a reopening from strict COVID curbs in March. Domestic tensions have steadily built this year as the endless curbs, restrictions and lockdowns fuelled unhappiness.

☆ China to make 'substantial' COVID policy changes soon - ex-govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +5 min

"The situation is changing now and China's 'dynamic zero' will also undergo major changes. Substantive changes will happen soon," he said, according to the recording of the session, which was titled "China's Exit Strategy from Zero-Covid". Chinese health authorities will hold a press conference on Saturday on COVID-19 prevention, according to a notice that said officials from the the National Bureau of Disease Control and Prevention would attend. LOCKDOWNS AND PROTESTSZeng was part of a top team at China's National Health Commission when the virus started to spread from the central Chinese city of Wuhan to other parts of China in 2020. On Wednesday, the country's National Health Commission said the nation should unwaveringly stick to zero-COVID.

☆ China to make substantial changes to COVID policy soon- former govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Zeng Guang, a former chief epidemiologist at the Chinese Centre for Disease Control and Prevention who has remained outspoken on China's COVID fight, said that the conditions for China opening up were "accumulating", citing new vaccines and progress the country had made in antiviral drug research. He has previously urged against using excessive measures to fight COVID that risk exhausting people, and in March said that China would look for a route to "flexible and controllable opening up". read moreWhile most of the world has largely done away with virus curbs, China has resolutely stuck to a zero-tolerance approach that reacts to even single cases with lockdowns and mass testing. China reported 3,871 new locally transmitted cases for Thursday, its highest since early May. Reporting by Beijing and Shanghai Newsrooms; Editing by Alex Richardson and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Major banks are bullish on Hong Kong's economy and China growth prospects
▼ + stars: | 2022-11-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

"Hong Kong business is as strong as it has ever been," said StanChart's CEO Bill Winters. I have every confidence Hong Kong will rebound strongly next year. People walk through Exchange Square in Hong Kong on October 28, 2022. Major lenders Standard Chartered and HSBC expressed confidence in the rebound of Hong Kong's and China's economy, even as China ramps up its Covid measures and Hong Kong's economy posted its worst quarter in more than two years. Eventually China will start to open up and the economy will rebound strongly," Quinn told CNBC.

"With the zero-COVID policy here to stay, we think the economy will continue to struggle heading into 2023," Zichun Huang, economist at Capital Economics, said in a research note. At this month's twice-a-decade Communist Party Congress, President Xi Jinping reiterated China's commitment to its zero-COVID policy, disappointing investors and countless Chinese frustrated by lockdowns, travel curbs and testing. "We don't expect the zero-COVID policy to be abandoned until 2024, which means virus disruptions will keep in-person services activity subdued," said Huang from Capital Economics. New cases in mainland China hit 2,898 on Sunday, topping 2,000 for a second straight day, a tiny number by global standards. However, in Beijing the Universal Resort theme park reopened on Monday after being shut last week because one visitor had tested positive for coronavirus.

☆ Chinese cities clamp down on COVID as cases rise before winter season
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

In Guangdong province, manufacturing centre Guangzhou has seen a spate of cases over the past week that has closed some districts. Over the past week, authorities raced to get a handle on rising cases in Datong, Xining, Nanjing, Xian, Zhengzhou and Wuhan forcing temporary lockdown measures of some neighbourhoods. Datong, which recorded 288 cases from Oct. 27-30, has enforced stricter isolation and management of hotels, key industries and its railway. As winter nears, northern cities, particularly those close to international borders, are seeing higher case numbers and could face new curbs. Mudanjiang in Heilongjiang province, bordering North Korea, extended the temporary lockdown of some areas, according to local media reports.

☆ China Southern cancels planned return of Boeing 737 MAX flights
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

Oct 30 (Reuters) - China Southern Airlines Co Ltd (600029.SS) has cancelled plans for two Boeing Co (BA.N) 737 MAX flights on Sunday that would have represented the model's return to passenger flying in China after more than three years, according to the airline's website. China Southern had scheduled flights from its Guangzhou hub to Zhengzhou and Wuhan, Reuters reported on Thursday. The airline's website and flight tracking website FlightRadar24 showed the flights had been cancelled. China Southern did not respond immediately to a request for comment. Earlier this month, a 737 MAX flight by MIAT Mongolian Airlines landed in Guangzhou, marking the first commercial flight by the model in China since 2019.

☆ China's factory activity set to stall in October
▼ + stars: | 2022-10-28 | by ( Nelson Bocanegra | ) www.reuters.com time to read: +3 min

BEIJING, Oct 28 (Reuters) - China's factory activity likely showed no growth in October, with production hit by COVID-19 restrictions and as exports moderate on slowing global demand, a Reuters poll showed on Friday. read more"China's struggling growth trajectory is not just about COVID-related restrictions," said analysts at Oxford Economics in a research note. We forecast China's growth will average about 4%-4.5% over the next five years or so." The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Monday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

☆ Chinese cities tighten curbs against widening COVID outbreaks
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 27 (Reuters) - Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks. Wuhan, site of the world's first COVID-19 outbreak in late 2019, reported around 20 to 25 new infections a day this week. Nevertheless, local authorities ordered more than 800,000 people in one district to stay at home until Oct. 30. Other large cities across China including Zhengzhou, Datong and Xian have implemented new curbs this week to rein in local outbreaks. China has repeatedly vowed to stick to its zero-tolerance response to COVID-19 and implement what the authorities say are necessary measures to contain the virus.

☆ Updated Covid-19 boosters offer protection, but new studies suggest they don't offer an edge against Omicron
▼ + stars: | 2022-10-26 | by ( Brenda Goodman | ) edition.cnn.com time to read: +13 min

Similar immune responsesThe studies have important limitations, and they aren’t the final word on the updated boosters. In Barouch’s study, antibody concentrations were 15 times higher after the original boosters, rising from 184 to 2,829. They were 17 times higher after the updated shots, jumping from 211 to 3,693. After waiting the recommended three months since his last Covid-19 infection, President Joe Biden got an updated booster Tuesday and urged eligible Americans to do the same. Worobey says that when the strains are combined as they are in the updated boosters, they actually end up competing.

☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ On China's internet, only plaudits for the party and Xi
▼ + stars: | 2022-10-24 | by ( Eduardo Baptista | ) www.reuters.com time to read: +3 min

BEIJING, Oct 24 (Reuters) - While financial markets judged the outcome of China's Communist Party Congress harshly on Monday, on China's internet the only permitted response has been full-throated support. But no such reaction was visible on China's internet, which was already heavily policed and saw a tightening up of censorship before and during the Congress, analysts said. Some social media users voiced criticism in opaquely written posts. State and party groups across China, meanwhile, promoted the Congress energetically in their online postings, highlighting praise for Xi and the outcome of the party's deliberations. Hashtags for state media congress coverage dominated the top of Weibo's viral topics list.

☆ Anti-Xi protest spreads in China and worldwide as Chinese leader begins third term
▼ + stars: | 2022-10-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +17 min

Obtained by CNNCNN spoke with two Chinese citizens who scribbled protest slogans in bathroom stalls and half a dozen overseas Chinese students who put up anti-Xi posters on their campuses. Chen had tried to share the Sitong Bridge protest on WeChat, China’s super app, but it kept getting censored. But as the widespread anti-Xi posters have shown, the rising nationalistic sentiment is by no means representative of all Chinese students overseas. In the day following the protest in Beijing, Jolie saw on Instagram an outpouring of photos showing protest posters from all over the world. But the extensive censorship around the Sitong Bridge protest also betrays its paranoia.

☆ FDA authorizes Novavax's Covid shots as mix-and-match booster to Pfizer or Moderna
▼ + stars: | 2022-10-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The authorization of Novavax's booster could significantly increase the role that its shot plays in U.S. vaccination efforts. The Centers for Disease Control and Prevention still has to give the final go ahead before pharmacies can start administering Novavax's booster. Only 35,300 people have received Novavax's shots so far in the U.S., according to data from the CDC. By comparison, some 372.5 million Pfizer shots, 235.8 million Moderna doses and 18.9 million Johnson & Johnson shots have been administered across the U.S. so far. People who received Novavax's vaccine as their primary series are also eligible for Pfizer and BioNTech's new omicron booster.

Search resuls for: "wuhan"

25 mentions found