(A Savage Comment) When Life Starts Again: Should The Whole World Reset At “O”?

( When Life Starts Again: Should The Whole World Reset At “O”?)

 

Lets start off with the fact that I am not an Economists and this heading is simply a question that formed in my mind. Is this a question that has merit enough to be seriously looked at? If the shutdown does in deed last till September first and the post COVID-19 comes out of its womb fresh at that time, how about it if no one, no company, no Government in the whole world, no one, owed any debt? Why not have a fresh new world and then try not to screw up this second one? It is true that some people, some groups, some businesses and some Governments are going to come out negative on some of their balance sheets. Yet on the other hand, all of their debts are forgiven, this should in the long run come pretty close to evening out a new fairer nicer world order. Well, at least this is my thought on the issue. What is your thoughts, would this work?

US government to give citizens emergency financial aid

(THIS ARTICLE IS COURTESY OF THE GUARDIAN NEWS)

 

US government to give citizens emergency financial aid

White House prepares to send direct payments to Americans as part of stimulus package

Donald Trump
 The cash handouts are part of a wider $850bn stimulus package the Trump administration is negotiating amid the threat of a global recession. Photograph: Kevin Dietsch/EPA

Donald Trump has dramatically stepped up the US government’s response to the coronavirus outbreak by announcing plans to send cheques directly to American citizens to give them emergency financial aid, while agreeing to purchase up to $1tn (£830bn) of corporate bonds.

The White House said it was preparing to send the payments to Americans within two weeks as part of a vast stimulus package to shore-up confidence in the world’s largest economy as the efforts to contain the disease threaten a global recession.

At a special briefing in Washington, the the US Treasury secretary, Steve Mnuchin, said: “This is stuff that needs to be done now. The president has instructed me, this is no fault to American workers, for medical reasons we’re shutting down.”

Speaking after the Republican senator, Mitt Romney, proposed sending $1,000 cheques, Mnuchin said the value of the payments would be “bigger than what’s in the press”.

The handouts are part of a wider $850bn stimulus package the Trump administration is negotiating with Congress. The bank bailout package agreed at the time of the financial crisis – known as Tarp – was worth $700bn.

The US Federal Reserve will also invest $10bn to a special purpose vehicle to provide guarantees that the central bank would purchase up to $1tn of US corporate bonds if required, aiming to smooth the financial markets after weeks of turmoil.

Mnuchin also said the White House planned to allow individual taxpayers to defer payments of up to $1m and for companies of up to $10m, in steps that could cost the government as much as $300bn.

Speaking alongside Mnuchin at the press conference, Trump said: “We’re going big. We want to get it done and have a big infusion as opposed to going through little meetings every couple of days.

“We want to go big – we want to go solid. The country’s strong. With this invisible enemy, we don’t want airlines going out of business or people not having jobs and being able to live, when they were doing OK four weeks ago.”

“We have ways of getting out money in many ways, very quickly and very actively.”

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Dow Dives 1,900 Points, NYSE Halts Trading As Stock Indexes Plummet

(THIS ARTICLE IS COURTESY OF NPR NEWS)

 

Dow Dives 1,900 Points, NYSE Halts Trading As Stock Indexes Plummet

A trader reacts on the floor of the New York Stock Exchange on Monday. Major U.S. stock indexes plunged 7% before trading was temporarily halted.

Richard Drew/AP

Updated at 10:52 a.m. ET

Trading on the New York Stock Exchange was halted temporarily Monday after indexes plunged 7% in reaction to Saudi Arabia’s shocking oil-price cut. The financial market chaos comes amid increasing worries that the coronavirus epidemic will plunge the global economy into recession.

In early trading, the Dow Jones Industrial Average was down more than 1,900 points — more than 19% off its February peak. Stocks also fell sharply in Asia and Europe.

Later in the morning, the U.S. indexes recovered somewhat, with the Dow down nearly 1,600. Both the Dow and the S&P 500 were down about 6%.

The price of oil also fell — down 21% Monday following the unexpected Saudi move.

As investors fled stocks and sought relative safety in government bonds, the yield on the benchmark 10-year Treasury note fell below 0.4% overnight before climbing above 0.5% Monday morning.

Over the weekend, Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — and a boost in production.

The move was a dramatic reversal from a few days earlier. Late last week, talks between OPEC and Russia collapsed after weeks of negotiations. The kingdom had tried but failed to get Russia to agree with OPEC to cut production in order to keep prices from falling in reaction to economic worries about the coronavirus.

The oil price war comes amid increasing fears that the coronavirus will hit the global economy hard as factories shut down, travel plans are cancelled and spending grinds to a halt. In Italy’s industrial region, 16 million people are under quarantine as the country fights to control the coronavirus outbreak there.

Worldwide, there are more than 110,000 cases of the COVID-19 virus, including more than 7,000 each in South Korea, Italy and Iran, according to a dashboard created by the Johns Hopkins Whiting School of Engineering.

Stock Market: 5 Reasons There Will Be 0% Earnings In 2020, Only 1 Is The Coronavirus

(THIS ARTICLE IS COURTESY OF ‘MARKET WATCH’)

 

The U.S. stock-market rally has unraveled, with a period of historic gains coming to a screeching halt, as fear that the coronavirus epidemic may reach America rattles Wall Street.

The Dow Jones Industrial Average DJIA, -4.42% fell into correction on Thursday, widely defined as a drop of at least 10%, but no more than 20%, from a recent peak. The S&P 500 index and the Nasdaq Composite indexes all joined the blue chips in correction territory.

However, it is the speed at which the indexes fell into these conditions that has surprised investors and some experts on Wall Street. It was the fastest decline into correction for the Dow, 10 sessions, since the nine-session slump into correction on Feb. 8, 2018.

Corrections from a Record Close
Record Close Enters Correction Date Trading days
Nov. 3, 1919 Nov. 12, 1919 7
Nov. 28, 1928 Dec. 8, 1928 8
Jan. 26, 2018 Feb. 8, 2018 9
Feb. 12, 2020 Feb. 27, 2020 10
Sept. 23, 1955 Oct. 11, 1955 12

For both the S&P 500 SPX, -4.42% and the Nasdaq COMP, -4.61%, it was the fastest retreat on record from a record high, six sessions ago, to correction.

Thursday’s declines also put all three equity indexes on pace for their worst weeks since the 2008 financial crisis.

Here’s are 5 reasons that the market is falling:

COVID-19 infects confidence

Fear of the COVID-19 disease infecting the U.S. is intensifying. The illness derived from the novel coronavirus, SARS-COV-2, which originated in Wuhan, China, late last year, is starting to affect global trade and travel and taking a bite out of confidence about earnings and economic growth.

Seven days ago, Goldman Sachs chief global equity strategist Peter Oppenheimer told clients that “in the nearer term…we believe the greater risk is that the impact of the coronavirus on earnings may well be underestimated in current stock prices, suggesting that the risks of a correction are high.”

Goldman made a similar call on Thursday, this time from strategist David Kostin, saying there would be no earnings growth in 2020.

Risks have intensified since Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the Centers for Disease Control and Prevention, said on Tuesday that “the disruption of daily life might be severe.”

President Donald Trump’s coronavirus news conference on Wednesday failed to provide investors with much comfort, mostly because it is difficult to predict how the virus will play out here and elsewhere.

The World Health Organization hasn’t declared the viral infection a pandemic, but the disease, from the family of viruses known as SARS, or severe acute respiratory syndrome, has sickened people in China, South Korea, Japan, Malaysia, Italy and Iran. And according to Reuters, Austria, Spain, Croatia and Switzerland have also confirmed their first cases.

The virus has virtually crippled swaths of manufacturing in China, the world’s second-largest economy, and the country is a big buyer of products and services from other countries. U.S. technology companies such as Apple Inc. AAPL, -3.79% depend on Chinese supplies.

At last check, COVID-19 has sickened 82,550 people, and claimed 2,810 lives.

Read: Why a ‘supply shock’ is biggest stock-market worry as viral outbreak continues

Investors don’t know how long the outbreak will last, and it is too early to determine to what degree it will hurt corporate earnings, but a number of companies, including Hasbro Inc. HAS, -3.62%HP Inc. HPQ, -5.71% and Mastercard Inc. MA, -4.14%, have already said that they think it will.

Check out: What Apple, Microsoft, Nike and other U.S. companies are saying about the coronavirus outbreak

Also readConsumer-facing companies will be the first hit if the coronavirus spreads across the U.S.

Related: Here’s how the 30 Dow industrials companies are prepping for the impact of the coronavirus

The 2020 election

Uncertainty about the U.S. presidential election’s outcome is also starting to drive markets, strategists and analysts argue. A number of them think that if Sen. Bernie Sanders, an independent from Vermont who characterizes himself as a democratic socialist, wins the Democratic presidential nomination, and possibly even the presidency, stocks would take a hit as he is perceived by some as an antibusiness candidate. “The risk to U.S. stocks is pretty significant if Bernie gets the nomination,” said Ed Moya, a senior market analyst with Oanda.

Lofty valuations

Even before the market slump this week, the value of stocks has been viewed as rich.

One measure of stock-market values showed that the S&P 500 index was trading at 18.9 times the weighted aggregate consensus forward earnings estimate among analysts polled by MarketWatch. That is up from 16.2 a year ago, and, aside from a brief point early in 2018, it is the highest forward price-to-earnings ratio for the benchmark index since May 2002.

The bond market

Government bonds yields have been sliding steadily as investors seek havens, and thus drive up bond prices, amid doubts about global economic growth in the wake of the coronavirus outbreak.

The 10-year Treasury note yield TMUBMUSD10Y, -6.80% fell to a record low below 1.24% on Thursday at one point.

Recession fears

Bond investors fear that the coronavirus might result in a global economic slowdown that might wash up on U.S. shores as a full-fledged recession. MarketWatch economics writer Rex Nutting explained the potential for an uncontained outbreak of COVID-19 this way: “Much of the immediate economic impact of a pandemic can be traced to the efforts to contain it, rather than from the effects of the disease itself. As we attempt to quarantine those who might spread the disease, we shut down a lot of economic activity.”

Congressional Budget Office study found that a pandemic “could produce a short-run impact on the worldwide economy similar in depth and duration to that of an average postwar recession in the United States.”

Mark DeCambre is MarketWatch’s markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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Taking out his iPad, PM Modi made on the spot trade presentation to Trump

(THIS ARTICLE IS COURTESY OF THE TIMES OF INDIA)

 

Taking out his iPad, PM Modi made on the spot trade presentation to Trump

According to those present at Hyderabad House, PM Modi took upon himself to remove the misgivings of US President Donald Trump that India was treating his country unfairly with little effort being made to address an adverse trade deficit.

INDIA Updated: Feb 28, 2020 12:57 IST

Shishir Gupta
Shishir Gupta
Hindustan Times, New Delhi
Prime Minister Narendra Modi speaks to US President Donald Trump during a meeting at Hyderabad House in New Delhi.
Prime Minister Narendra Modi speaks to US President Donald Trump during a meeting at Hyderabad House in New Delhi.(REUTERS)

Prime Minister Narendra Modi used his favorite gadget, an iPad to make an impromptu presentation to US President Donald Trump on Tuesday at Hyderabad House in an effort to dispel all misgivings on bilateral trade with India. He also used a time-window before lunch was served at Hyderabad House to explain both the Citizenship Amendment Act and the nullification of Article 370 of the Constitution to the satisfaction of the US president.

Trade is one of the big outstanding issues between the two countries, which couldn’t agree on a widely anticipated trade deal that was expected to be signed during this visit. However, both say they are working on a larger deal.

According to those present at Hyderabad House, PM Modi took upon himself to remove the misgivings of US President Donald Trump that India was treating his country unfairly with little effort being made to address an adverse trade deficit.

Watch what Donald Trump said on CAA debate, Pakistan terror, at Delhi briefing

It is learnt that PM Modi took out his iPad and showed President Trump what India had done during his tenure to reduce the trade deficit from $31 billion in 2014 to $24.2 billion in 2018—a decline a 22% over four years. PM Modi also showed that India’s hydrocarbon imports from the US went from zero in 2013 to $9 billion now and likely to reach $12 billion by the end of the year, with the US exporting oil, coal and liquefied natural gas to India.

He revealed that Indian students in US were contributing nearly $ 6 billion each year to the American treasury by spending dollars in education. PM Modi then pointed out to the growing military hardware imports to India during President Trump’s tenure with more multi-billion dollar defense deals in the pipeline. India is buying $3 billion worth of helicopters this year, for instance. President Trump indicated to PM Modi that his country is willing to supply any top-of-the-line defense equipment including armed drones and fighters to India and that New Delhi was free to buy from anyone provided that the equipment was better in comparison to American hardware. Both PM Modi and President Trump spoke about bilateral trade in comments to media at Hyderabad House.

On CAA, PM Modi explained to the US president that the proportion of those belonging to minority communities in Pakistan and other Muslim nations in India’s neighborhood, including Christians, has fallen and that the law is aimed only at providing security and dignity to those mistreated in the neighborhood. He explained that CAA was not aimed at depriving any one of citizenship rights, the people present during the meeting said.

On the issue of J&K, Modi explained how despite all his efforts, Pakistan was targeting India through terrorists, the people added.

Interestingly, even as Modi pointed out the security challenges that India faces from Pakistan, President Trump repeated his willingness to mediate between the two estranged neighbors, the people said. According to them, PM Modi heard out President Trump.

(A Savage Commentary) When The Poor Serve No Need We Will Be Exterminated

When The Poor Serve No Need We Will Be Exterminated

 

Earlier I posted an article that came from the Government of China, the article was in several of their news outlets, the article stated that by the year 2027 in China’s Financial district alone that AI will cause the loss of 2.3 million jobs. Remember that their current President for life Mr. Xi Jinping is a devout follower of Chairman Mao. When Chairman Mao was in charge in China their country’s population was about one billion people and his policies were to let about half of the Nation starve to death. One of the main reason he gave was the Central Government’s inability to not only be able to control them but also their inability to feed them. The population of the United States and of Russia combined today is about 470 million people, Mao was speaking of letting 500 million of his own people starve to death. There are many reasons that China went to their ‘one child’ policies for several decades, these were two of their top reasons.

 

There are those in China and elsewhere in the world who will argue that these things could not happen today because we are now much more civilized and to this I have to say, O really. The United States is without a doubt a ‘surveillance State’ today, if you think otherwise you are being quite naive. There are good things about living in constant surveillance though, I have no doubt that the FBI, CIA, and the NSA have stopped quite a few attacks upon the American people because of their secretive work. Yet how much freedom do the people give up for the sake of being safer? The more a government knows, the more easily they can then totally control the lives of the people. When it comes to governing a Nation the main building block of their power is their ability to control the people. Lose control on the streets, they lose their grip on their power.

 

Now let’s get back to financials within a government. Unless you are oblivious to reality you should know that the tail that wags the dog, is money. Back in the mid 1970’s I worked in a Chrysler Assembly Plant in norther Illinois for just a couple of weeks (I couldn’t stand the thought of working on an assembly line putting cushions in-car seats for at least 37 years) so I quit. What I did notice was how many people worked on the different ‘lines’. As the cars went down the assembly line you had many people doing manual labor like spot welding and putting windshields into the car frames. Go there now, see how many jobs are still there and how many are being done by automation, the job loss is staggering. Even think of stores like Wal-Mart who are getting rid of their cashiers in favor of automation and self-checkouts. Now think about self driving cars, trucks and even trains. Even companies like Uber are killing the Taxi industry. What do all of these things have in common folks? Companies are trying to get rid of human employees and the reason is simple, more profits for the top end persons in these companies.

 

If you are old enough (I am 62) do you remember when we used to hear how technologies were going to allow the workers to only have to work 4 days a week because with technologies we could get 5 days work done in 4 days? Some people were foolish enough to think that their employer was going to pay you for 5 days work even though you only worked 4 days. Reality was that the employees still worked 5 days a week but the companies demanded 6 or 7 days of finished product in the 5 days, for no more pay. Then of course the companies could ‘let go’ some of their workforce because they didn’t need them anymore. The employment issue has just grown from there as more and more computers and machines have taken over jobs that humans used to do.

 

I have spoken of the world Stock Markets before, how I believe that they are nothing but a Ponzi scheme and a curse to the working class, the working poor who labor in these corporations who are on these ‘Markets.’ Some will argue that throughout the years that they have been buying and selling stocks and bonds that they have been able to amass a ‘nice little retirement fund’, yet in reality all of a persons profits that they have amassed over the past thirty years can easily be wiped out in one or two hours on this same ‘Market scheme.’ Little people like us working class folks at best get the crumbs that fall off of the ‘Boss Mans’ plate. We are no more than dogs licking their floor and their shoes. What takes you or I 30 years to amass the ‘connected’ make in one 5 minute transaction.

 

When there are lets say 4 billion working age poor people (ages 16-70) but there are only 2 billion actual jobs that need a humans hands to do, what will happen to the other 2 billion people, and all of their families, all of the children? The Republicans in the U.S Congress often refer to things like Social Security, Medicare, Medicaid, Food Stamps, Aid For Dependent Children, unemployment checks, VA Disability checks and even the VA itself as “entitlements” as “Welfare”, things that must be “defunded”, “stopped.” Why is this? The answer is simple, it takes away from the money that flows to the top end of the financial class. The Republicans say that they are the “Christian right” yet their actions are as anti-Christian as you can get in American politics. Do not get me wrong, I am no fan of the Democratic Party either with their platform of murdering babies (pro-abortion). Both ‘Parties’ are pure evil, they will both do everything that they can to make sure that the American people never get to have a viable 3rd or 4th political party and the reason is simple, that would take away from their power and they aren’t about to let that happen.

 

When there is not enough jobs for the poor people to do, not even slave labor jobs, who is going to house and feed these people if they can’t get an income? Is the top 1% going to just ‘give’ these people money from their bank accounts? When there is 7 billion people on the planet but only enough food or clean drinking water for 6 billion, who is going to get that food and clean water, the poorest of the poor people? Really? If you really think so, how naive you are my friend! In this new world that is on our doorstep, indeed kicking down our doors right now, you are either the lead dog, or you are daily looking up the lead dogs ass, drinking their piss for water and licking up their shit for food. In this regard, for the poor, this new world that we are all hurtling into, thousands, then millions, then billions of people will be fighting for a position behind these lead dogs just so they can stay alive. Those who refuse will not be fed and housed, we will be exterminated!

 

(A Savage Commentary) Government And Greed – The Slow Death Of America

Government And Greed – The Slow Death Of America

 

Friends, as we all know we have a lot of problems that we the people must address here in our country, that is if we wish to continue to have a country. Most of the problems we are not addressing at all, this tends to make these problems worse not better. I am going to try to address some of these problems here tonight and I would like your feedback on these issues if you have the time to do so. Poverty is the first thing on my agenda tonight. I know that almost no issue has only one side to it or one cause of it and certainly poverty is a worldwide curse which afflicts at least a couple billion people worldwide, but I am only going to try to address the U.S. problem here tonight.

A lot of our countries problems are generated because of poverty, what I am saying is that if we had no poverty here in our country a lot of other issues would for the most part disappear. The federal government says that the official unemployment rate is hanging out at about 4.2%, but most everyone I would think knows that this is simply a government generated farce. If you dig into the real numbers you find that the long-term unemployed (the people who have been unemployed longer than their unemployment checks) are not counted. Another outlier in the government’s figures is that if a person is able to find a part-time job the government counts them as being employed. These people are the folks usually referred to as the real unemployed and the underemployed. By what I hear from many of the “talking heads” on the radio I believe that the real unemployed/underemployed figure should be at least 10%. Of course some markets are better than others, some places may be 4% while others are 20%. Some people say that if you are in one of the bad areas just move to a better market. There is a problem with that line of thought though, what are these people suppose to use to move on, their good looks? Gas, rent, cars, deposits, these are things that most people in these situations simply do not have. As most everyone knows poverty causes many other problems besides major depression. People are going to need a roof over their head if they have any possibility to obtain employment, somehow people need to be able to pay their rent and utilities. Food, now that is an issue for humans even if they live under a bridge. People need jobs that will at least pay the minimum bills such as rent, utilities, and food. For most good jobs, (those that haven’t already left the country), people need real job skill training.

For about 30 years I was a commercial cross-country truck driver, in this job you get to see the reality people around our country are having to live in that you would never get to see if you were working in an office or a factory.  Out here you see 60+ year old women with obvious physical ailments working at fast food joints, jobs that the politicians seem to think only high school kids are doing. You see one-armed men working at guard gates checking in trucks and cleaning toilets in truck stops. Adults are doing these type jobs because it is all they can get and a lot of these jobs are just part-time so that the companies (just like at your local Wal-Mart) won’t have to pay any benefits. You know, people aren’t doing jobs like these because it is their life long ambition to work and live like this. Also, these type jobs are almost always paying at or very near the minimum wage. I know some folks will say that I am lying about seeing adults with these physical problems working like this because they could just file for social security and live on that. Have you ever tried to collect social security? If you are very lucky you will get your turn down notice within 12 months, then you can go get an attorney (they will work pro-bono) and refile, hopefully within 6-9 months you will get your next turn down. You and your attorney can then go before a judge (who is paid by social security), hopefully it will only take you about three months to see the judge then usually another couple of months before you get his decision. You see the problem most everyone has is that they don’t have anyway to survive while all this is going on, no food, no housing, nothing. If you are in that spot, what are you suppose to do? What would you do if it was you? Hopefully you have a wealthy family that will be willing to keep you and your family alive while you are trying to get your disability checks, very few are that fortunate. Some folks will say, well, they could get government housing. Even if you are lucky enough to live in a low crime area like where we live there is this thing called, a waiting list, I checked here, the waiting list is 42 months.

People all over our country are hurting badly even though the media doesn’t say much about it when one of their beloved far left democrats is setting in the White House, and no, I am not a republican. It is very common to see a three bedroom apartment being rented by three adults, or maybe three couples, this is not because people wish to live communal, it is so they have three paychecks to help split the rent (remember the comedy program Three’s Company)? So often I see adults in different fast food uniforms walking to their jobs. It’s not for the exercise for most folks, it’s because they can’t afford a car. With minimum wage jobs you have no extra money to spend on anything, cars, gas, insurance, or food and rent. If you are lucky enough to be in a position where you think I am blowing smoke up your behind, look in your local news paper for the cost of rent, now take a minimum wage paycheck after taxes and see how well you are going to be able to live, folks, it isn’t pretty.

As you travel around the country and you go through the cities you see things that will make you sick at heart. You see all the poverty and the slums, the graffiti, the trash. You also see all the bars on business windows and on the homes, you see homeless people wandering the streets along with the working girls and guys with so many strung out on one habit or another. You see people congregating under bridges as well as boarded up burnt out homes where the lucky homeless can find shelter as long as they are not one of the many crack houses. You know, many in politics want to get away from having any blame for any of our people s problems, but I believe that out government is the biggest problem that all of us Americans have. I am setting here in our living room watching the Presidents State of the Union Address, so much BS on both sides of the aisle. We here in America are a ship without a rudder, I wish we as a country had actual leaders who cared about the Constitution and our freedom more than their bank accounts. I guess I’m just dreaming.

Shanghai stocks notch fifth straight week of wins

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

Shanghai stocks notch fifth straight week of wins

Huang Yixuan

Shanghai stocks retreated slightly on Friday, but still managed to close out a fifth consecutive week in positive territory.

The benchmark Shanghai Composite Index edged down 0.05 percent to 3,083.79 points, and the blue chip CSI300 Index closed 0.18 percent lower at 4,144.96 points. The smaller Shenzhen Component Index, however, rose 0.17 percent to 10,656.41 points, while the ChiNext Composite Index advanced by 0.18 percent to 1,832.74 points.

Turnover on the two major bourses totaled 695.4 billion yuan (US$99.8 billion), 56.1 billion yuan less than the previous session. Overseas capital continued to flow into the Chinese mainland market via the Stock Connect schemes, posting a net influx of 3.36 billion yuan by the close of trading.

Liquor shares were among the big decliners. Leading firm Kweichow Moutai extended its recent slump, falling by 4.55 percent to its lowest level since mid-September, as revenue and net profit growth in 2019 fell short of expectations.

Anhui Gujing Distillery Co fell 3.01 percent, while Anhui Kouzi Distillery Co shed 2.46 percent.

Home appliance firms were also among the losers, with Haier Smart Home Co closing 3.92 percent lower and Midea Group Co down 2.49 percent.

Real estate companies, transportation shares, and the catering and tourism sector also posted declines, while media firms, computer companies and the communication industry performed well.

On the STAR Market, 45 of the total 70 listed companies gained on the day.

For the week, the Shanghai Composite Index was up 2.63 percent, extending its rally to a fifth week in a row. Total turnover also expanded to 1.11 trillion yuan compared with last week’s 1.03 trillion yuan.

China: Xi says phase-one China-US trade deal benefits both sides, world

(THIS ARTICLE IS COURTESY OF SHANGHAI CHINA’S ‘SHINE’ NEWS NETWORK)

 

Xi says phase-one China-US trade deal benefits both sides, world

Xinhua

The phase-one economic and trade deal between China and the United States benefits both sides and the whole world, Chinese President Xi Jinping said on Friday.

In a phone conversation with his US counterpart, Donald Trump, Xi noted that the two countries have reached the phase-one agreement on the basis of the principle of equality and mutual respect.

Against the backdrop of an extremely complicated international environment, the agreement benefits China, the United States, as well as peace and prosperity of the whole world, Xi said.

For his part, Trump said that the phase-one economic and trade agreement reached between China and the United States is good for the two countries and the whole world.

Noting that both countries’ markets and the world have responded very positively to the agreement, Trump said that the United States is willing to maintain close communication with China and strive for the signing and implementation of the agreement at an early date.

Xi stressed that the economic and trade cooperation between China and the United States has made significant contributions to the stability and development of China-US relations and the advancement of the world economy.

Modern economy and modern technologies have integrated the world as a whole, thus making the interests of China and the United States more intertwined with each other, Xi said, adding that the two sides will experience some differences in cooperation.

As long as both sides keep holding the mainstream of China-US economic and trade cooperation featuring mutual benefits and win-win outcomes, and always respect each other’s national dignity, sovereignty and core interests, they will overcome difficulties on the way of progress, and push forward their economic and trade relations under the new historical conditions, so as to benefit the two countries and peoples, Xi said.

China expresses serious concerns over the US side’s recent negative words and actions on issues related to China’s Taiwan, Hong Kong, Xinjiang and Tibet, Xi said.

He noted that the US behaviors have interfered in China’s internal affairs and harmed China’s interests, which is detrimental to the mutual trust and bilateral cooperation.

China hopes that the United States will seriously implement the important consensuses reached by the two leaders over various meetings and phone conversations, pay high attention and attach great importance to China’s concerns, and prevent bilateral relations and important agendas from being disturbed, Xi said.

Trump said he is looking forward to maintaining regular communication with Xi by various means, adding he is confident that both countries can properly handle differences, and US-China relations can maintain smooth development.

Xi said he is willing to maintain contacts with Trump by various means, exchange views over bilateral relations and international affairs, and jointly promote China-US relations on the basis of coordination, cooperation and stability.

The two heads of state also exchanged views on the situation of the Korean Peninsula. Xi stressed that it is imperative to stick to the general direction of a political settlement, saying all parties should meet each other halfway, and maintain dialogue and momentum for the mitigation of the situation, which is in the common interests of all.

India slips to 112th in gender gap index, bottom 5 of health and economic fronts

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES OF INDIA)

 

India slips to 112th rank on WEF’s gender gap index, in bottom 5 on health, economic fronts

While Iceland remains the world’s most gender-neutral country, India has moved down the ladder from its 108th position last year on the World Economic Forum’s Gender Gap Report to rank below countries like China (106th), Sri Lanka (102nd), Nepal (101st), Brazil (92nd), Indonesia (85th) and Bangladesh (50th).

INDIA Updated: Dec 17, 2019 05:37 IST

Press Trust of India
Press Trust of India

New Delhi
Worldwide, women now hold 25.2 per cent of parliamentary lower-house seats and 21.2 per cent of ministerial positions, compared to 24.1 per cent and 19 per cent, respectively last year.

India has slipped four places to rank 112th globally in terms of gender gap amid widening disparity in terms of women’s health and survival and economic participation — the two areas where the country is now ranked in the bottom-five, an annual survey showed on Tuesday.

While Iceland remains the world’s most gender-neutral country, India has moved down the ladder from its 108th position last year on the World Economic Forum’s Gender Gap Report to rank below countries like China (106th), Sri Lanka (102nd), Nepal (101st), Brazil (92nd), Indonesia (85th) and Bangladesh (50th).

Yemen is ranked the worst (153rd), while Iraq is 152nd and Pakistan 151st.

“The time it will take to close the gender gap narrowed to 99.5 years in 2019. While an improvement on 2018 -– when the gap was calculated to take 108 years to close — it still means parity between men and women across health, education, work and politics will take more than a lifetime to achieve,” the WEF said.

Geneva-based WEF, an international organisation for public-private cooperation, said this year’s improvement can largely be ascribed to a significant increase in the number of women in politics.

The political gender gap will take 95 years to close, compared to 107 years last year. Worldwide, women now hold 25.2 per cent of parliamentary lower-house seats and 21.2 per cent of ministerial positions, compared to 24.1 per cent and 19 per cent, respectively last year.

However, the economic opportunity gap has worsened, widening to 257 years, compared to 202 years last year. The report said one of the greatest challenges to closing this gap is women’s under-representation in emerging roles, such as cloud computing, engineering and data and AI.

The WEF had published its first gender gap report in 2006, when India was ranked relatively higher at 98th place.

Since then, India’s rank has worsened on three of four metrics used for the overall ranking. While India has improved to 18th place on political empowerment, it has slipped to 150th on health and survival, to 149th in terms of economic participation and opportunity and to 112th place for educational attainment.

The WEF said economic opportunities for women are extremely limited in India (35.4 per cent), Pakistan (32.7 per cent), Yemen (27.3 per cent), Syria (24.9 per cent) and Iraq (22.7 per cent).

It also named India among countries with very low women representation on company boards (13.8 per cent), while it was even worse in China (9.7 per cent).

On health and survival, four large countries — Pakistan, India, Viet Nam and China — fare badly with millions of women there not getting the same access to health as men, the WEF said.

It also flagged abnormally low sex ratios at birth in India (91 girls for every 100 boys) and Pakistan (92/100).

The WEF said India has closed two-thirds of its overall gender gap, but the condition of women in large fringes of India’s society is precarious and the economic gender gap runs particularly deep.

Since 2006, the gap has significantly widened and India is the only country among the 153 countries studied where the economic gender gap is larger than the political one.

Only one-quarter of women, compared with 82 per cent of men, engage actively in the labour market — one of the lowest rates globally (145th).

Furthermore, the female estimated earned income is mere one-fifth of the male income, again among the world’s lowest (144th).

Women account for only 14 per cent of leadership roles (136th) and 30 per cent of professional and technical workers.

“Violence, forced marriage and discrimination in access to health remain pervasive. The situation and the trend are more positive in terms of gender gaps in education… But a large difference persists for literacy rate; only two-thirds of women are literate compared with 82 per cent of men,” WEF said.

India ranks high on the political empowerment sub-index, largely because the country was headed by a woman for 20 of the past 50 years. But, female political representation today is low as women make up only 14.4 per cent of Parliament (122nd rank globally) and 23 per cent of the cabinet (69th), the report said.

Nordic countries continue to lead the way to gender parity and Iceland is followed by Norway, Finland and Sweden in the top-four. In the top-10, they are followed by Nicaragua, New Zealand, Ireland, Spain, Rwanda and Germany.

The WEF said one positive development is the possibility that a ‘role model effect’ may be starting to have an impact in terms of leadership and possibly also wages.

“For example, in eight of the top-10 countries this year, high political empowerment corresponds with high numbers of women in senior roles. Comparing changes in political empowerment from 2006 to 2019 shows that improvements in political representation occurred simultaneously with improvements in women in senior roles in the labour market,” the report said.

WEF’s Founder and Executive Chairman Klaus Schwab said, “Supporting gender parity is critical to ensuring strong, cohesive and resilient societies around the world. For business, too, diversity will be an essential element to demonstrate that stakeholder capitalism is the guiding principle.” The issue of gender gap is likely to be among key focus areas for discussion next month at the annual meeting of the WEF in Davos, Switzerland.

The WEF said it is has committed to at least double the current percentage of women participants at the Davos summit by 2030.

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