Chinese stocks plunge as coronavirus fears rattle markets February 3, 2020 Chinese stocks have plunged in the first day’s trading since the Lunar New Year holiday, suffering their worst opening since the financial crisis in 2007 amid growing fears about the effects of coronavirus on the economy. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks had fallen 7.9 per cent by 7.15am UK time, having [...]
London retains crown as top renminbi hub as trading hits record levels February 3, 2020 London has retained its position as the leading hub for trading the renminbi outside of greater China, with cross-border trading of the Chinese currency hitting record levels. Nearly 3 trillion yuan (£328bn) was cleared by the UK’s designated renminbi clearing bank between September and November last year. This represents a year-on-year increase of almost 23 [...]
All eyes turn to China ahead of markets reopening February 2, 2020 When China’s financial markets plunged into crisis in the late summer of 2015, the authorities in Beijing were left panicking. Having encouraged tens of millions of their citizens to invest in the stock market, they were unprepared for the consequences of a mass sell-off. As millions of small investors began to offload shares, the government [...]
Coronavirus hits UK as first two cases confirmed January 31, 2020 There have been two cases of coronavirus confirmed in the UK today, Public Health England has said. Two people from the same family have tested positive for the virus, according to Professor Chris Whitty, chief medical officer for England. The Department of Health has declined to confirm the identities of the pair or where in [...]
FTSE 100 back in the red as coronavirus surpasses Sars outbreak January 30, 2020 The FTSE 100 fell sharply in early trading today as European stocks sank into the red after the number of coronavirus cases surpassed the total for the Sars outbreak in the early 2000s. Coronavirus has now killed 170 while the number of infections has risen to 7,700. There were around 5,200 cases of Sars, which [...]
Government’s Huawei 5G cap will cost BT £500m January 30, 2020 BT today warned the government’s decision to cap Huawei’s involvement in the UK’s 5G network will cost the telecoms giant £500m over the next five years. BT welcomed the “clarity” provided by Prime Minister Boris Johnson’s decision to enforce a 35 per cent cap on Huawei’s 5G involvement. But CEO Philip Jansen today warned of [...]
Mike Pompeo warned of Huawei risk ahead of Raab meeting January 29, 2020 Foreign secretary Dominic Raab met with Pompeo this evening to discuss co-operation between the two countries but Huawei did not feature in their discussion. The US Secretary of State Mike Pompeo called for the UK to “relook” at the decision to allow Huawei to have a role in its 5G infrastructure earlier today. The “special [...]
Coronavirus could hit Bosch automotive supply chain in China, warns chief executive January 29, 2020 The biggest automotive supplier in the world has warned the coronavirus outbreak could hit its global supply chain. The chief executive of Bosh, Volkmar Denner, said that although there has been no disruption yet, “we are naturally concerned”. Bosch relies heavily on China as a global manufacturing base for exporting electric motors, transmissions and power [...]
Coronavirus: Brits returning from Wuhan face two weeks in quarantine January 29, 2020 British citizens being flown back to the UK from the Chinese city of Wuhan tomorrow will be put in quarantine for two weeks as a precaution against coronavirus. The government will evacuate Britons from Wuhan, where the outbreak started, and the surrounding Hubei province as the virus spreads across China. Hundreds could be flown home. [...]
Hong Kong stocks tumble three per cent on coronavirus fears January 29, 2020 The Hong Kong stock index slumped three per cent overnight in its first day of trading since the coronavirus outbreak intensified over the Chinese Lunar New Year. Coronavirus has now claimed 132 lives while the number of cases has hit 5,974. The jump in deaths has triggered an international response, with British Airways the latest [...]