Goldman Sachs expects more China real estate defaults, switches to bear case

Real estate and related industries account for more than a quarter of China’s economy, according to Moody’s estimates. CFOTO | Future Publishing | Getty Images BEIJING — Chinese real estate defaults have increased so much that Goldman Sachs analysts have shifted to their worst-case scenario for the riskiest part of the market. Twenty-two China high-yield … Read more

Why China will likely recover more slowly from the latest Covid shock

As Shanghai tries to reopen businesses, one downtown district over the weekend banned residents from leaving their apartment complexes again for mass virus testing. Pictured here, in another district on May 21, 2022, is a line outside a shopping mall. Xu Kaikia | Visual China Group | Getty Images BEIJING — China’s economy won’t be … Read more

Australia’s new PM Albanese sworn in, ahead of Quad meet

Anthony Albanese, leader of the Labor Party, during a ceremony at the Government House in Canberra, Australia, on Monday, May 23, 2022. Albanese, was sworn in as the country’s 31st prime minister on Monday, promising to bring the country together after a fractious election campaign as he vowed to tackle climate change and inequality. Brendon … Read more

profits plunge amid China Covid lockdowns, regulation

Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | … Read more

China is second-biggest bitcoin mining hub as miners go underground

By September 2021, China made up just over 22% of the total bitcoin mining market, according to Cambridge University research. Paul Ratje | The Washington Post | Getty Images Bitcoin miners aren’t giving up in China despite Beijing’s ban on the practice. China was once the world’s biggest crypto mining hub, accounting for between 65% … Read more

Goldman Sachs cuts its China GDP forecast on Covid controls

Since March, mainland China has struggled to contain its worst Covid outbreak in two years. Notably, the metropolis of Shanghai, pictured here on May 18, only started this week to begin discussing resumption of normal activity — with a goal of mid-June. Hector Retamal | Afp | Getty Images BEIJING — Goldman Sachs analysts on … Read more

Australian election polls 2022 show race tightening in final stretch

Prime Minister Scott Morrison speaks at a press conference during a visit to a housing site in the suburb of Armstrong Creek, on May 18, 2022 in Geelong, Australia. The Australian federal election will be held on Saturday 21 May. Asanka Ratnayake | Getty Images News | Getty Images Australia’s national election has become too … Read more

Strong air travel recovery in US, Europe, Latin America but Asia lags

International air travel has been making a strong recovery this year, with the exception of the Asia-Pacific region, which is “lagging significantly behind,” according to the International Air Transport Association (IATA). “Last year, international travel was at about 25% of where it was in 2019. First quarter of this year across the globe, it’s up … Read more

Countries banning food exports amid rising prices, inflation

Workers unload wheat sacks from a truck at a Punjab Grains Procurement Corp. facility in the Ludhiana district of Punjab, India, on Sunday, May 1, 2022. T. Narayan | Bloomberg | Getty Images India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due in … Read more