China economy grows at slowest pace in 50 years outside Covid as population shrinkage signals long-term decline January 17, 2023 China’s economy is growing at the slowest pace since the 1970s, barring the pandemic, due to tough zero Covid restrictions hitting spending, figures out today reveal. The world’s second biggest economy grew three per cent in the three months to December compared to the same period in 2021, beating the consensus forecast of just 1.6 [...]
LVMH: Shares in luxury giant hit record high amid warning it’s ‘firing last cartridge’ on back of China’s reopening January 17, 2023 Shares of luxury goods giant LVMH soared to a new record high of £703.35 (€795.7bn) this morning, bringing the company’s market capitalisation to £350bn. LVMH (Moët Hennessy Louis Vuitton) continues to thrive after China’s reopening at the start of the year proving to be a major boost for the company, which relies heavily on luxury [...]
PwC steps down from auditing heavily-indebted property developer Evergrande January 17, 2023 PwC has resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. In a filing to the Hong Kong stock exchange, Evergrande said its board had decided to replace PwC as the company’s auditor after the two parties failed to reach an agreement [...]
Apple promises more transparency on removal of apps from App Store January 12, 2023 Apple and its investors have agreed to provide clarity on why apps are removed from its App Store, following criticisms about its lack of transparency. This means that the company has committed to providing a clear explanation of the number, categories, relevant authorities and applicable laws or policies when it comes app removals from the [...]
Got the minerals? China’s control of key metals poses challenges for green transition, IEA warns January 12, 2023 China's dominance over tight supply chains could jeopardise the global shift to green technology, warned a leading climate body.
UK-Japan relations ‘stronger than ever’ as Sunak pens new post-Brexit defence deal at Tower of London January 11, 2023 The UK and Japan today signed a new defence agreement with Prime Minister Rishi Sunak saying that relations between the two nations are “stronger than ever.” Sunak signed the deal alongside Japan’s Prime Minister Fumio Kishida at the Tower of London this evening. The Reciprocal Access Agreement (RAA) allows both nations to deploy military forces in [...]
Brexit, Covid and Ukraine drag on Games Workshop’s profits despite record sales January 10, 2023 Warhammer-maker Games Workshop recorded sales of over £200m for the first time, but Covid, Brexit and the war in Ukraine continue to dent its commercial plans. The FTSE 250 firm announced it made £212m from May until the the end of 2022, up more than £20m on the previous year. But it also reported a [...]
How the Chinese New Year and covid rule changes could give a tourism boost to London’s West End January 6, 2023 London’s West End is looking forward to the return of Chinese tourists this month, after the easing of the nation’s zero-Covid policy – ahead of the Chinese New Year. China has seen a surge in Covid infections in recent months, with EU countries introducing testing requirements for travellers. Travel from and to China will be [...]
Airlines ‘extremely disappointed’ by wave of China-targeted Covid restrictions January 4, 2023 The global industry body for airlines has said it is “extremely disappointed” by countries’ decisions to introduce restrictions on travellers from China after Covid cases have skyrocketed in the country following Beijing’s decision to ditch its zero-Covid policy. The International Air Transport Association (IATA), which represents around 300 airlines across the globe, described the wave [...]
China’s zero-Covid policy must be a cautionary tale for the UK January 4, 2023 The rise in Covid-19 cases in China has seen the return of travel restrictions – but Paul Ormerod argues the scientific evidence suggests lockdowns aren’t worth the cost – only shifting cases, rather than eliminating them As we greet the new year with the hope of more serene times ahead, some might do it with [...]