Chinese social media and entertainment giant Tencent is understood to have paid $260 million for a majority stake in Bohemia Interactive, a Czech-based games designer behind the “ArmA” and “DayZ” games series. The news was reported Wednesday by The Information. Tencent declined to comment. The move comes barely a week after Tencent paid a reported […]
China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns. While China - the world's second-largest oil consumer - is the outlier for now, easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020, industry executives said. "The brisk resumption of Chinese oil demand, 90% of pre-COVID levels by the end of April and moving higher, is a welcome signpost for the global economy," said Jim Burkhard, vice president and head of oil markets at IHS Markit.
Despite the coronavirus pandemic and increasingly heated tensions between the U.S. and China, Universal Studios Beijing is expected to open to the public on schedule in May of next year, its general manager said Wednesday. Chinese reporters were recently taken on a tour of the construction site, which is in Beijing’s Tongzhou district, on the […]
360 Finance, Inc. (NASDAQ: QFIN) ("360 Finance" or the "Company"), a leading digital consumer finance platform, today announced that its mobile application "360 Jietiao" was among the first batch of financial services apps from 33 companies to complete registration and file records with the National Internet Finance Association of China ("NIFA"), the national self-regulatory body for China's internet finance industry backed by People's Bank of China (PBOC).
(Bloomberg) -- Turkish policy makers are pumping money into the economy at the fastest pace in over a decade to contain the fallout of the coronavirus pandemic, a move that risks weakening the currency and stoking inflation.State lenders are unleashing credit through the economy as the central bank injects liquidity by scooping up government bonds. The money supply, as measured by the M1 gauge -- which includes currency in circulation and bank deposits -- is growing at an annual rate of almost 80%, according to the latest central bank data.With annual credit growth running at the fastest pace since at least 2007, and the size of the central bank’s bond holdings ballooning, the worry is that the looser financial conditions could leave Turkey’s currency weaker and unanchored, making imports more expensive.After nine straight interest-rate decreases, the lira already has one of the lowest yields in the world when adjusted for inflation. Meantime, the price outlook already started to show some signs of deterioration. Turkey’s consumer inflation unexpectedly quickened to an annual 11.4% in May, snapping two months of declines, as elevated food costs offset some of the impact from weaker demand.“By forcing the banks to increase lending at such a rapid rate, the authorities may be sowing the seeds of the Turkish economy’s downfall, through a combination of higher inflation, a weaker lira and lower GDP growth,” said Nigel Rendell, a senior analyst at Medley Global Advisors LLC in London. “Strong demand and inevitable bottlenecks in supply will lead to higher prices.”Money AppetiteIn a sign that demand for financing is still heating up, Turkish lenders borrowed a record 197.9 billion liras ($29.5 billion) from the monetary authority on Friday. That’s even after the central bank injected the equivalent of $35.5 billion -- or roughly 240 billion liras -- into the banking system through currency swaps this year through April.The policy maker also bought back 55.8 billion liras worth of government bonds from the secondary market since the beginning of the year, taking its securities portfolio to 71.9 billion liras as of June 1. The stockpile is now equivalent to about 10% of its total assets, the biggest share since 2010, according to Bloomberg calculations.Still, given the disruptions from the pandemic, a possible annual contraction of 17% in gross domestic product this quarter could slow inflation to single digits by the second half, allowing the central bank to continue easing, according to Carla Slim, a Dubai-based economist at Standard Chartered Plc.(Updates with inflation data in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Chinese social drama film “Damp Season” was this week named as the Grand Prize winner at the Jeonju International Film Festival. The well-established Korean festival has been held in largely virtual form this year in reaction to the coronavirus outbreak. At the end of April, festival organizers confirmed that JIFF would go ahead May 28 […]
Britons drove up an increase in the number of foreigners obtaining German citizenship last year, with more naturalised than in any year since Britain's 2016 referendum vote to leave the European Union, official data showed on Wednesday. Britain left the EU on Jan. 31. Talks aimed at setting out its future ties with the bloc have all but stalled and some Britons worry they will lose the right to live and work in Germany, Europe's biggest economy.
Pune, June 03, 2020 -- The global helicopter industry size is projected to reach USD 68.36 Billion by 2026, exhibiting a CAGR of 4.47% during the forecast period. However, the.
Buena Vista International has struck a content supply deal with Chinese streaming platform Bilibili. The agreement covers 85 titles, and nearly 400 hours, of National Geographic documentary series to Chinese audiences. Some 35 of them will be exclusive to Bilibili within China. In late May, the documentary supply kicked off with “Cosmos: Possible Worlds,” the follow-up […]
The global beverage carton packaging machinery market size is expected to reach USD 1.5 billion by 2027, expanding at a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Rising awareness pertaining to the adverse environmental effects of plastic waste is expected to drive the demand for green packaging materials, in turn, benefitting market growth.
The euro topped $1.12 for the first time in 11 weeks, extending the shift in the currency market amid optimism over economic reopenings across the globe. The euro traded at $1.1226 vs. $1.1168 on Monday. The New Zealand dollar and Australian dollar also rose against the greenback, as did the British pound which flirted with the $1.26 level.
Elsewhere on Wednesday: – Trump’s violent rhetoric meets with scorn. – The age of magic money. – Is Covid-19 a blood vessel disease? – Tesla autopilot misses truck, crashes. – How can pubs reopen ? A nation ...
Davos will open itself up to allow people all around the world to share their views at a virtual summit, as part of what the event says is a "great reset" of capitalism.
The Global Electronic Musical Instruments Market will grow by $ 425.43 mn during 2020-2024
MyWave.AI announced today that its MyWave.AI Intelligent Personalization Platform is now an SAP endorsed app, available for online purchase on SAP® App Center. SAP Endorsed Apps are a new category of solutions from SAP’s partner ecosystem to help customers become best-run, intelligent enterprises. Endorsed apps are meant to deliver value with desired outcomes.
Pricefx’s Optimized Dynamic Pricing solution named a SAP Endorsed App, now available for digital discovery and purchase on SAP App Center
The "Satellite-based Earth Observation Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
Novo Ventures, part of Novo Holdings, today announced that it has led the $55 million (£44 million) Series B financing in NodThera, a UK and US based clinical stage biotechnology company developing a new class of medicines to treat diseases driven by chronic inflammation. Nanna Lüneborg, Partner at Novo Ventures, will join the NodThera board.
PepsiCo, Inc. (NASDAQ: PEP) today announced that Wern-Yuen Tan has been appointed Chief Executive Officer of Asia Pacific, Australia, New Zealand and China ("APAC"), overseeing all of PepsiCo's operations in the region. Mr. Tan, who will begin his new role on June 15, 2020, will be based in Singapore and will report to PepsiCo CEO Ramon Laguarta.
Polestar, the premium electric vehicle maker owned by China's Geely, plans to open 20 showrooms in the mainland, as it prepares for delivery of its Polestar 2 electric sedans to compete with Tesla Inc's locally made Model 3. Polestar, which currently has only one showroom in Beijing, plans to have 20 in 17 Chinese cities, the automaker said in a statement on Wednesday. The Gothenburg, Sweden-based company is manufacturing cars in China's eastern city of Taizhou.
Global stocks and oil prices jumped as hopes for a swift global economic recovery from the coronavirus pandemic and further central bank support helped offset rising geopolitical risks. Global stock markets have hit their highest levels since March this week, driven by green shoots of economic recovery and significant central bank support. “Compared to market drawdowns in past recessions, the speed and scale of this rebound is unusual,” said Kerry Craig, global market strategist at JPMorgan.