Business

FirstFT: China braces for more lockdowns

Good Morning. This article is a version on our site FirstFT Newsletter. Subscribe to us Asia, Europe / Africa or America Edition to send it directly to your inbox every weekday morning

China is at risk More frequent locks And mass testing when officials struggle to contain the spread of the high-transmission BA.5 Omicron sub-broadcast despite the damage the epidemic restrictions have already caused to the second-largest economy in the world.

41 Chinese cities are under full or partial closure or province-based control, covering 264 million people in areas that make up about 18.7% of the country’s economic activity, according to an analysis released Monday by Japanese investment bank Nomura.

This is a sign of deterioration from the situation a week ago, when borders were imposed in 31 cities covering 247.5 million people and representing 17.5% of the economy.

China’s zero-cube policy, aimed at completely eradicating the corona virus, put pressure on officials to fend off transmission chains and hampered economic growth.

If you live in China, are you preparing for another closure? Share your plans and thoughts with me at firstft@ft.com. Thank you for reading FirstFT Asia. – Emily

Sri Lanka declares a state of emergency Acting President Renil Wickersinga declared a nationwide state of emergency, two days earlier State MPs are set to elect a replacement To a president who fled the country after months of unrest.

2. Europe was hit by a record heat wave Record-breaking temperatures in parts of the UK Caused a disturbance For travel, schools, hospitals and the electricity grid on Monday, as infrastructure experts and climate change scientists called on the government to better plan the extreme weather. Four other European countries have declared a state of emergency or issued red alerts approx Temperatures are breaking records Across the continent.

3. U.S. banks’ profits reflect fears of the recession Goldman Sachs warned Monday that this will be the case Recruitment is slow and may drive out low-performing staffEven when the Wall Street giant’s traders helped it overcome a drop in trades and report better-than-expected earnings in the second quarter. Bank of America Reported a 32% drop in net profit – a fall that has been inflicted, at least for now, by consumer spending.

4. Khan demands early elections after dominating Punjab poll Amran Khan has Won a critical victory In a by-election in Pakistan’s most populous province, which prompted the former prime minister to impose early parliamentary polls just months after he was ousted.

5. Volodymyr Zlansky fires security chiefs over “treacherous” officials. The President of Ukraine was deposed Head of his State Security Service And the chief prosecutor yesterday for allegedly allowing cooperation with Russian forces by dozens of officials in the occupied territories.

The day ahead

The US Treasury Secretary is visiting South Korea Janet Yellen is supposed to Meet President Ion Suk-Yaul And other senior officials in Seoul today. During its meetings, Yellen will push to limit the price of Russian oil. (Reuters)

Gains membership Reporting results Today they include Oliverton, Hasbro, Johnson & Johnson, Lockheed Martin, Netflix, Novartis, Swedebank, Telenor and Volvo Cars.

U.S. lawmakers point to subsidies for chipmakers Chuck Schumer, the Democratic leader in the Senate, will call for a vote The coveted $ 52 billion package Of subsidies to U.S. chipmakers as early as Tuesday as it tries to put pressure on others in Congress to support it.

Putin in Iran for triple talks in Syria Putin will meet on Tuesday in Tehran with Turkish President Recep Tayyip Erdogan and Iranian President Ibrahim Raisi. To discuss Syria. A Black Sea access deal Can also be signed when Putin and Erdogan meet. (Euro News, FT)

What else are we reading

Japan is struggling with self-regulation during the crypto collapse While the industry’s most important annual conferences celebrated the opportunities of blockchain technology in an “alcoholic and optimistic” way, industry executives, lawyers and financial regulators at present and in the past sounded the alarm because A regulatory crisis is looming In Japan’s billions of dollars worth of virtual assets.

“The power of Siberia 2” will disintegrate in 2024, Mongolia says The country in Central Asia expects from Russia Start construction Of the “Siberian Power 2” gas pipeline through its territory to China within two years, when Moscow moves to connect its gas fields supplying Europe to Asia for the first time.

Half a trillion dollars were wiped out of fintech that was once high Digital companies that grew up during the lockout were hurt by fears that they were Can’t stand the recession. Their cumulative market capitalization fell by $ 156 billion in 2022. If each stock is measured at an all-time high, about $ 460 billion is lost.

“Can we just adapt to climate change? The answer is no.” For Corinne Le Quéré, one of the world’s experts on global emissions, there is no great discovery in Britain’s record-breaking temperatures. “It’s so predictable how climate change will develop,” she says, in her office at the University of Eastern England, in Norwich, East of England. “It’s like a train going forward,” she said Interview with Henry Mans from FT.

How to solve the productivity paradox Since the advent of the computer age in the 1970s, we have lived with a sense of accelerating progress and innovation. However the post-war productivity boom has ended: with the exception of a revival at the turn of the century, productivity has been declining for more than 50 years. Rohir Sharma asks, What can we do about it?

Fashion

In the Torii leadership race, there is There are no style winners, Write Carola Long and Robert Armstrong. From Thatcher’s Liz Truss rehearsals to Rishi Sonek’s too-slick suits: how the tops’ wardrobes help – or not – help their campaigns.

Penny Mordount, Rishi Sonek and Liz Truss on Campaign Track © FT Montage: Jonathan Hordle / ITV / Getty Images

Thanks for reading and remember you can Add FirstFT To myFT. You can also choose to receive a FirstFT push notification every morning in the app. Send your recommendations and feedback to firstft@ft.com. Sign up Here.

Disrupted times Documentation of changes in business and economics between Cubid and the conflict. Sign up Here

working on it Discover the great ideas that shape today’s workplaces with a weekly newsletter by work and career editor Isabel Berwick. Sign up Here

FirstFT: China braces for more lockdowns Source link FirstFT: China braces for more lockdowns

Related Articles

Back to top button