Medical and Hospital News  
TRADE WARS
China inflation slips but stays high on virus, food worries
by Staff Writers
Beijing (AFP) March 10, 2020

Market rout costs Ambani's crown as Asia's richest
New Delhi (AFP) March 10, 2020 - India's Mukesh Ambani has lost his crown as Asia's richest person after the latest rout across global markets wiped almost $6 billion off his fortune, according to the Bloomberg Billionaires Index.

All told, the world's 500 richest people lost $238.5 billion on Monday, according to Bloomberg, the biggest daily plunge since the index began tracking them in October 2016.

Equity and oil markets went into meltdown on what has been dubbed Black Monday as growing fears about the economic impact of COVID-19 were compounded by Saudi Arabia's decision to slash crude prices following a row with Russia over production cuts.

Crude prices tanked by a third in their worst drop since the 1991 Gulf War.

The sell-off erased $5.8 billion from 62-year-old Ambani's net worth to leave him with a net worth of about $41.8 billion.

He was overtaken by Chinese tycoon Jack Ma, the founder of Alibaba whose fortune had fallen about $1.1 billion to $44.5 billion. Ma, 55, had ceded the number-one ranking in mid-2018.

The slump in oil prices raises questions about plans by Ambani's Reliance conglomerate to cut debt as they hinge on selling a stake in its oil and petrochemicals unit to Saudi Aramco, Bloomberg reported.

Ambani, whose fortune ballooned on the back of India's telecoms boom, lives with his family in a 27-storey luxury Mumbai skyscraper reputed to have cost more than $1 billion to build.

The carnage on global markets on Monday also lost Amazon founder and world's richest man Jeff Bezos $5.6 billion and Berkshire Hathaway's Warren Buffett $5.3 billion, Bloomberg said. However, they still have fortunes of $111.8 billion and $76.4 billion respectively.

Frenchman Bernard Arnault, chairman of luxury-goods giant LVMH, was Europe's biggest decliner with a $4.4-billion drop in his net worth to $81.4 billion.

The soaring price of pork and other food kept Chinese consumer inflation close to eight-year highs in February, official data showed Tuesday, as authorities battled the coronavirus outbreak.

Analysts said the figure would likely remain elevated for some time as measures put in place around the country to contain the deadly epidemic have put a huge dent in supplies of key goods.

However, the factory prices fell and observers warned of further drops as global demand for Chinese goods is battered by the spread of the disease.

Consumer inflation rose 5.2 percent on-year last month, slightly down from 5.4 percent the month before, which was the highest since October 2011. The reading was in line with forecasts in a Bloomberg News survey.

Food prices rose almost 22 percent, with pork increasing 135 percent -- following a 116 percent rise in January -- as the country's pig herds are ravaged by African swine fever that has seen millions of pigs culled.

"The sudden new coronavirus epidemic caused a more complex impact on price movements in February," said Zhao Maohong, director for the urban department of the National Bureau of Statistics.

Consumers were encouraged to stay home over an extended Lunar New Year holiday to avoid infections and businesses suspended operations. Cities also imposed various travel restrictions.

"Usually, year-on-year consumer price index (CPI) inflation drops by roughly 1.5 percentage points following the Lunar New Year holiday... so the 5.2 percent reading in February was actually quite unusual," said chief China economist at Nomura, Lu Ting.

Lu added that the figure suggests "supply shock does dominate CPI inflation in the short term".

- Car sales hit -

The producer price index -- a barometer of the industrial sector that measures the cost of goods at the factory gate -- fell 0.4 percent, slightly more than expectations of a 0.3 percent drop.

Iris Pang, ING chief economist for Greater China, told AFP that "factories almost stopped operation in February", leading to expectations of a fall in prices.

She added that both indexes are expected to fall in March because of lower energy prices after a rout on oil markets.

But Pang said "this may not be a good thing for all companies as some depend on higher oil prices to have higher profits". She said she expects prices to normalise as people return to work and are more willing to spend.

Julian Evans-Pritchard of Capital Economics said core inflation, which strips out both food and energy prices, fell to a nine-year low, suggesting the virus outbreak "led to a marked weakening in demand-side price pressures".

Passenger car sales in China plummeted last month as well, dragged down by the epidemic, according to data released Monday by the China Passenger Car Association (CPCA).

It said 124,649 sedans were sold last month, a 78.4 percent drop from a year ago.

"Due to the sudden outbreak of the new coronavirus epidemic, since the start of the Spring Festival break, dealers across the country basically closed their stores and stopped sales and service operations," the CPCA said.

"Because of that, most dealerships' retail sales in the first three weeks of February were basically zero."

bys/lth/amj

ING GROEP


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
The impatience of being idle: China's factory workers chafe under quarantine
Beijing (AFP) March 4, 2020
China's coronavirus epidemic turned a Lunar New Year family reunion into an enforced quarantine for factory worker Hu Aihua, trapping him at home and preventing him from returning to his job. He is one of China's 290 million rural migrant workers and many like him are mired in uncertainty, confined to their homes since late January, worried about a prolonged absence from work. As new infections fall nationwide authorities are encouraging companies to get back to work, with some local governmen ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Hong Kong starts standing down riot police after budget hike

Under-fire Trump defends coronavirus response

Hong Kong to give big cash handouts as economy reels from virus

Coronavirus outbreak fuels China black market for supplies

TRADE WARS
Regulators move to fine telecoms for selling location data

Four BeiDou satellites join system to provide services

Four BeiDou satellites start operation in network

Third Lockheed Martin-Built GPS III satellite delivered to Cape Canaveral

TRADE WARS
Long-overlooked arch is key to fuction, evolution of human foot

Analysis reveals prehistoric migration from Africa, Asia, Europe to Mediterranean

Earliest evidence of hominin interbreeding revealed by DNA analysis

New Neanderthal skeleton unearthed from 'flower burial' site

TRADE WARS
Bushfire smoke killed endangered Aussie mice far from blazes

Nearly 50 rhinos killed in Botswana in 10 months as poaching surges

Study: To curb biodiversity declines, protect land in the tropics

Why coronavirus could help save China's endangered species

TRADE WARS
Google cancels developers gathering due to coronavirus

China virus city in transport shutdown as WHO delays decision

Europe boosts China flight checks as killer virus spreads

Global health emergencies: A rarely used call to action

TRADE WARS
China sentences Swedish bookseller Gui Minhai to 10 years' jail

China ordered to slash state media staff in US

China steps up visa threats against foreign reporters: media group

Hong Kong media tycoon Jimmy Lai arrested over pro-democracy rally

TRADE WARS
Four Chinese sailors kidnapped in Gabon are free

Bolsonaro pardons Brazil security forces convicted of unintentional crimes

TRADE WARS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.