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Man Dies From Hantavirus In China

Even as the coronavirus outbreak takes the world by storm, a number of other diseases are also rearing their ugly heads. Cases of swine flu and bird flu have already been reported in India and other countries. Now, a man from China has tested positive for hantavirus.

China’s Global Times tweeted that the man from Yunnan Province died while on his way back to Shandong Province for work on a bus on Monday. The 32 other people on the bus were also tested for the virus.

What exactly is the hantavirus?

According to the Centers for Disease Control and Prevention (CDC), hantaviruses are a family of viruses which are spread mainly by rodents and can cause varied diseases in people.

It can cause hantavirus pulmonary syndrome (HPS) and haemorrhagic fever with renal syndrome (HFRS).

The disease is not airborne and can only spread to people if they come in contact with urine, feces, and saliva of rodents and less frequently by a bite from an infected host.

Symptoms of hantavirus

Early symptoms of HPS include fatigue, fever, and muscle aches, along with headaches, dizziness, chills and abdominal problems. If left untreated, it can lead to coughing and shortness of breath and can be fatal, with a mortality rate of 38 percent, according to CDC.

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Source: Man dies from hantavirus in China: All you need to know about the virus, and how it spreads – Firstpost

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While countries grapple with the spread of the coronavirus, a different kind of virus is causing panic in China, after a man died of the #hantavirus.  The #CCPvirus (#coronavirus) has cost an unknown number of lives in Wuhan alone—possibly numbering in the thousands or tens of thousands. And now, one resident wants to hold the local officials accountable for the devastation.  Earlier this month, several lawyers in the U.S brought the Chinese regime to court for covering up the outbreak, allowing it to become a pandemic. Now a Chinese lawyer is trying to shift the blame to the United States The president of Harvard University and his wife just tested positive for the CCP virus. The couple are self-isolating at home.  ——— Subscribe for more first-hand news from China, please click here: http://bit.ly/2vhu9Ej For more news and videos, please visit ☛: https://www.ntd.com/china-in-focus Twitter: https://twitter.com/ChinaInFocusNTD Facebook: https://www.facebook.com/NTDChinainFocus

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What Is Coronavirus & What Happens Now It Is a Pandemic

The disease appears to have originated from a Wuhan seafood market where wild animals, including marmots, birds, rabbits, bats and snakes, are traded illegally. Coronaviruses are known to jump from animals to humans, so it’s thought that the first people infected with the disease – a group primarily made up of stallholders from the seafood market – contracted it from contact with animals.

Although an initial analysis of the virus that causes Covid-19 suggested it was similar to viruses seen in snakes, the hunt for the animal source of Covid-19 is still on. A team of virologists at the Wuhan Institute for Virology released a detailed paper showing that the new coronaviruses’ genetic makeup is 96 per cent identical to that of a coronavirus found in bats, while an as-yet unpublished study argues that genetic sequences of coronavirus in pangolins are 99 per cent similar to the human virus. Some early cases of Covid-19, however, appear to have inflicted people with no link to the Wuhan market at all, suggesting that the initial route of human infection may pre-date the market cases.

The Wuhan market was shut down for inspection and cleaning on January 1, but by then it appears that Covid-19 was already starting to spread beyond the market itself. On January 21, the WHO Western Pacific office said the disease was also being transmitted between humans – evidence of which is apparent after medical staff became infected with the virus. Since then, evidence of widespread human-to-human transmission outside of China has been well established, making chances of containing the virus much harder.

What exactly is Covid-19?

Coronaviruses are a large group of viruses that are known to infect both humans and animals, and in humans cause respiratory illness that range from common colds to much more serious infections. The most well-known case of a coronavirus epidemic was Severe Acute Respiratory Syndrome (Sars), which, after first being detected in southern China in 2002, went on to affect 26 countries and resulted in more than 8,000 cases and 774 deaths. The number of people infected with Covid-19 has now well surpassed those hit with Sars.

While the cause of the current outbreak was initially unknown, on January 7 Chinese health authorities identified that it was caused by to a strain of coronavirus that hadn’t been encountered in humans before. Five days later the Chinese government shared the genetic sequence of the virus so that other countries could develop their own diagnostic kits. That virus is now called Sars-CoV-2.

Although symptoms of coronaviruses are often mild – the most common symptoms are a fever and dry cough – in some cases they lead to more serious respiratory tract illness including pneumonia and bronchitis. These can be particularly dangerous in older patients, or people who have existing health conditions, and this appears to be the case with Covid-19. A study of 44,415 early Chinese Covid-19 patients found that 81 per cent of people with confirmed infections experienced only mild symptoms. Of the remaining cases, 14 per cent were in a severe condition while five per cent of people were critical cases, suffering from respiratory failure, septic shock or multiple organ failure. In the Chinese study, 2.3 per cent of all confirmed cases died, although the actual death rate is probably much lower as many more people will have been infected with the virus than tested positive.

How far has it spread?

China has borne the brunt of Covid-19 infections (so far). As of March 11, Chinese health authorities had acknowledged over 81,250 cases and 3,253 deaths – most of them within the province of Hubei. On March 17, China recorded just 39 new cases of the virus – a remarkable slowdown for a country which, at the peak of its outbreak in mid-February, saw more than 5,000 cases in a single day.

But while things were slowing down in China, the outbreak started picking up in the rest of the world. There are now confirmed cases in at least 150 countries and territories. Outside of China, Italy has seen the highest number of cases, with 47,035 confirmed infections, mostly in the north of the country, and 4,032 deaths – more than in China. The entire country is now on lockdown after the quarantine covering the north of the country was extended on March 9.

Spain is also in the grip of a significant outbreak. The country has 20,410 confirmed infections and 1,043 deaths – the second-highest number within Europe. There, citizens are under lockdown, with the government shutting all schools, bars, restaurants and non-essential supermarkets down. People are only allowed to leave their homes to buy food or to go to work. Germany has 19,711 cases and 53 deaths, with the state of Bavaria implementing a full lockdown.

Iran, too, is seeing a surge in cases. The country has confirmed at least 1,433 deaths and 19,664 cases. In the US, there have been more than 14,631 cases and 210 deaths – 74 of them in Washington State, which has become the epicentre of the US outbreak.

While the number of new cases continues to rise sharply, people are also recovering from the infection. Globally, 84,960 people have recovered from Covid-19 – about 32 per cent of all of the people who had confirmed infections, although the true number of coronavirus cases will be much higher.

What’s the latest in the UK?

As of March 18, the UK has reported 3,983 confirmed Covid-19 infections and 177 deaths. On March 16, prime minister Boris Johnson led the first daily coronavirus press conference, saying that the government now advised all UK residents to avoid non-essential social contact and travel where possible. On Friday March 20 this was extended to include a shutdown of all bars, pubs, cafes and restaurants in the UK. From the same day all schools in England, Scotland and Wales were shut until further notice. Only vulnerable children, or those who are the sons and daughters of employees in the NHS or other key industries, will be permitted to remain at school.

People who currently live alone are recommended to self-isolate for seven days if they develop a fever or persistent dry cough – the two most common symptoms of coronavirus. For families and other people who live together, the advice is that the entire household should self-isolate if any member develops either of those symptoms. This strategy is part of the government’s ‘delay phase‘ plan to flatten the peak of the virus and reduce the burden on the NHS.

A key part of this plan is shielding those who are most vulnerable to Covid-19: people older than 70, or those who have underlying health conditions. The prime minister said that this shielding may last as long as 12 weeks in order to ensure that the peak of the outbreak has passed, although modelling from Imperial College London suggests that these measures may have to be in place for as long as 18 months. Despite these measures, some have been critical that the government’s stance doesn’t go far enough. Italy and Spain have both in place widespread lockdowns, while South Korea has rolled-out extremely comprehensive testing for many of its population.

The outbreak has also had a serious impact on the UK’s stock market. On March 9 the FTSE 100 fell by more than eight per cent, knocking billions off the value of major UK companies. Cinema changes Odeon, Cineworld and Vue closed their doors while Euro 2020 was also delayed until 2021, which is an added blow to broadcasters, particularly ITV.

What are the symptoms of Covid-19?

Covid-19 shares many of its symptoms with the flu or common cold, although there are certain symptoms common to flu and colds that are not usually seen in Covid-19. People with confirmed cases of Covid-19 rarely suffer from a runny nose, for instance.

The most common Covid-19 symptoms are a fever and a dry cough. Of 55,924 early Chinese cases of the disease, nearly 90 per cent of patients experienced a fever and just over two-thirds suffered with a dry cough. That’s why the UK government is advising anyone with a high temperature or a new, continuous cough to stay at home for seven days or, if they live with other people, for the entire household to isolate for 14 days from the first onset of symptoms.

Other Covid-19 symptoms are less common. Just under 40 per cent of people with the disease experience fatigue, while a third of people cough up sputum – a thick mucus from within the lungs. Other rarer symptoms include shortness of breath, muscle pain, sore throats, headaches or chills. According to the WHO, symptoms tend to appear between five and six days after infection.

What’s happening with a vaccine?

A vaccine for Covid-19 isn’t around the corner. Bringing vaccines to the market is a notoriously slow process and any potential vaccine will have to pass multiple stages of testing for safety and effectiveness. And once we know a vaccine is safe, we will also need to manufacture it at a scale high enough to use across the world. It’s likely that any vaccine is around 18 months away.

That said, there is lots of work being done to develop a vaccine for Covid-19. The pharmaceutical firm Sanofi is trying to build on its already-approved flu vaccine and turn it into something suitable to treat Covid-19. Other approaches – such as one being trialled by the University of Oxford – are focusing on the external spike proteins on the Covid-19 virus as a way to target vaccines.

But accelerating these efforts will require funding. The Coalition for Epidemic Preparedness Innovations (CEPI) has called for $2 billion in funding to support the development of new coronavirus vaccines.

What’s going to happen next?

WHO chief Tedros Adhanom Ghebreyesus has warned that the window of opportunity to contain Covid-19 is “narrowing”. Recent outbreaks in Italy and Iran, which so far have no clear link to China, pose a significant challenge to health authorities trying to stop the spread of the virus.

After initially delaying the decision, on March 11, the WHO declared the Covid-19 outbreak a pandemic. The agency cited the rapid growth of cases outside of China and the global spread of the disease as reasons behind the designation. In January, it also declared the outbreak a “public health emergency of international concern” – the highest category of warning for an infectious disease outbreak.

Since 2009 there have only been five declarations of international public health emergencies: the swine flu pandemic in 2009, a polio outbreak in 2014, the Western Africa Ebola outbreak in 2014, the Zika virus outbreak in 2015 and another Ebola outbreak in the Democratic Republic of the Congo in 2019.

Matt Reynolds is WIRED’s science editor. He tweets from @mattsreynolds1

Source: What is coronavirus and what happens now it is a pandemic?

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And why the disease first appeared in China. NOTE: As our expert Peter Li points out in the video, “The majority of the people in China do not eat wildlife animals. Those people who consume these wildlife animals are the rich and the powerful –a small minority.” This video explains how the people of China are themselves victims of the conditions that led to coronavirus. The virus is affecting many different countries and cultures, and there is never justification for xenophobia or racism. You can find further reading on this on Vox: https://www.vox.com/2020/2/7/21126758… https://www.vox.com/policy-and-politi… https://www.vox.com/identities/2020/3…

China Announces Expulsion of U.S. Journalists

The Chinese government moved Tuesday to strip credentials from American reporters working for the New York Times, The Wall Street Journal and the Washington Post, in a tit-for-tat exchange with the U.S. that has escalated in recent weeks. Beijing also demanded those outlets, as well as TIME and Voice of America, hand over details about personnel and operations.

China’s Ministry of Foreign Affairs instructed Americans working for the three U.S. newspapers whose credentials expire at the end of the year to turn in their press passes within 10 days. Those reporters would then be barred from reporting inside China, as well as in China’s semi-autonomous regions of Hong Kong and Macau. The ministry also demanded information “in written form” about staff, operations, finances and real estate of the five American news organizations, including TIME, in China, Hong Kong and Macau.

The Chinese government said that the move to send reporters out of the country was taken in response to the U.S. not allowing more Chinese nationals working for state-run media to work in the U.S. On March 2, the Trump administration put a cap on the number of Chinese nationals allowed to be employed by five Chinese state-run news outlets operating inside the U.S. That action by the U.S. followed China’s decision to expel three reporters from the Wall Street Journal following the publication of an opinion article critical of the Chinese government. China’s “measures are entirely necessary and reciprocal countermeasures that China is compelled to take in response to the unreasonable oppression the Chinese media organizations experience in the U.S.,” the ministry wrote in a statement.

Secretary of State Mike Pompeo called China’s announcement “unfortunate,” adding in remarks to the press Tuesday that he hopes “they will reconsider.” Pompeo defended the State Department’s actions to limit the staff of Chinese state-run media in the U.S. “The individuals that we identified a few weeks back were not media,” Pompeo said, “but were part of Chinese propaganda outlets.”

If the Chinese Communist Party follows through with the actions, it would mark the most sweeping press expulsions from China since Mao Zedong’s death in 1976. The moves were seen by free press advocates and news organizations as a way to intimidate reporters and chill news gathering operations inside China, which is still managing the fallout of the COVID-19 pandemic that began there late last year.

By Brian Bennett March 17, 2020

Source: China Announces Expulsion of U.S. Journalists

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China has announced it will expel dozens of US journalists working for the New York Times, the Washington Post, and others in what’s being described as the latest “tit for tat” response between the two super powers. For more from ABC News, click here: https://ab.co/2kxYCZY You can watch more ABC News content on iview: https://ab.co/2OB7Mk1 Subscribe to us on YouTube: http://ab.co/1svxLVE Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 You can also like us on Facebook: http://facebook.com/abcnews.au Or follow us on Instagram: http://instagram.com/abcnews_au Or even on Twitter: http://twitter.com/abcnews

An Unexpected Coronavirus Effect: Cheap Lobster (Lower Meat Prices, Too)

Topline: As the coronavirus outbreak has limited shipments into China, the price of U.S. exports like lobster — and, to a lesser extent, pork, chicken and beef — has dropped for U.S. consumers (but don’t expect that to last).

  • Lobster has fallen to its lowest price in four years after charter flights from North American to Asia came to a standstill during the onset of the coronavirus outbreak.
  • As a result, thousands of pounds of surplus lobster have drowned markets in North America and pushed prices down.
  • According to Bloomberg, the price for a 1.5 pound lobster from New England has fallen by 17% since January to $8.10, in a time of year when prices typically rise to somewhere around $9.85.
  • Seafood companies in Australia and New Zealand have also seen a drop in business from China’s slowdown.

Key background: As China’s middle class grew and developed a taste for luxury, the U.S. came to be the top supplier of lobster for the country—until 2018, when the tariff war between Washington and Beijing had Chinese favoring Canada as a supplier. Before coronavirus, Canada alone sent about 1.5 million pounds of lobster on nine charter flights per week to Asia, Bloomberg reported. But lobster isn’t the only industry hurting because of coronavirus. The meat price index has taken a 2% hit as imports to China slowed, Reuters reported. On Thursday, U.S. live cattle futures began to fall as markets worried that the virus would hurt global demand for beef. On Friday futures set a low, down 16% from their peak. With exports slowed, U.S. cold storage facilities have seen the number of chicken breasts, thigh meat and drumsticks rise by 12% over January to a total of 957.5 million pounds, The Wall Street Journal reported.

Crucial quote: “Prices [for meat] have gone down. It’s a combination of general reduction in commerce [in China], people eating in more and eating out less, the ports are backed up and exports are not getting in,” says Adam Stout, a risk management consultant at INTL FCStone.

According to Stout, there was already a meat deficit because of the African swine fever China has been battling since 2018. The U.S. pork industry has become increasingly dependent on the export demand in China, more than the beef and poultry industries.  However, Stout is optimistic that there’s a light at the end of the tunnel.

What to watch for: “If you were to look at China specifically, you would see things are starting to improve, getting the economy up and moving and reducing congestion at ports. I think that will continue to improve,” Stout said. “We will need to experience similar improvements in other places—South Korea is increasingly important to us.”

Tangent: At least one country will see more food exports to China: according to The Bangkok Post, Thailand’s food exports to China are likely to double next quarter once food stocks are consumed.

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Source: An Unexpected Coronavirus Effect: Cheap Lobster (Lower Meat Prices, Too)

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In 2010, China accounted for just about one percent of exports of American lobsters by value. Six years later, that figure had risen to 15 percent, and stayed that way for a while. That was until 2018 when President Donald Trump launched his trade war with China, complete with new levies on billions of dollars in goods. The Chinese government retaliated with a 25 percent tariff on U.S. lobster imports in July 2018, with an additional 10 percent added from September 1 this year.  Subscribe to us on YouTube: https://goo.gl/lP12gA Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvn… Download our APP on Google Play (Android): https://play.google.com/store/apps/de… Follow us on: Website: https://www.cgtn.com/ Facebook: https://www.facebook.com/ChinaGlobalT… Instagram: https://www.instagram.com/cgtn/?hl=zh-cn Twitter: https://twitter.com/CGTNOfficial Pinterest: https://www.pinterest.com/CGTNOfficial/ Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing Tiktok: https://m.tiktok.com/h5/share/usr/659… Douyin: https://www.youtube.com/redirect?q=ht…

China’s Planned Bitcoin-Killer Sparks Major Concerns

Bitcoin and cryptocurrency have this year successfully provoked central bankers and governments to take digital currencies seriouslythough many remain skeptical.

The bitcoin price, which has failed to return to its all-time highs set in late 2017 despite a late December rally, was given a substantial boost in the first half of this year by social media giant Facebook’s plans for a bitcoin-like rival.

Now, China’s long-awaited answer to bitcoin and Facebook’s libra is taking shape, with People’s Bank of China confirming the “digital yuan” won’t be “for speculation or require the support of a basket of currencies”— leaving many disappointed and others concerned.

“The currency is not for speculation,” Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said over the weekend, according to the official Shanghai Securities News and reported by China’s South China Morning Post newspaper.

“It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies,” Mu said, with the newspaper adding “the top-level design, formulation, functional research and testing of the Digital Currency Electronic Payment had been completed,” with “the next step” to roll out pilot programmes.

The news was met with disappointment from China’s social media users, the South China Morning Post reported.

One said there will be “no fun in it,” while another added “if you don’t allow me to speculate on the digital form of the yuan, I’ll speculate on other things, like foreign exchange.”

Meanwhile, China’s plans for a bitcoin-rival have sparked fears Beijing will use the digital yuan to better control its citizens.

“A roller-coaster decade—not just for for banking and money but also for privacy and politics—may just be beginning,” wrote Andy Mukherjee for Bloomberg, a financial newswire.

“[China’s digital yuan is] far bigger than [bitcoin]. The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity,” Mukherjee wrote, adding “a digital yuan could bypass [the current deposit-based banking] system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers.”

Mukherjee also warned other nations will follow China’s lead and that “anonymity disappears when cash does.”

Last month, outgoing European Central Bank executive board member Benoît Cœuré, who last year described bitcoin as “the evil spawn of the financial crisis,” outlined plans for a European “central bank digital currency” to rival the likes of Facebook’s libra and bitcoin.

Bitcoin, with its well-earned reputation as internet cash, is only going to become more important as regions, countries and companies try to control digital assets.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: China’s Planned Bitcoin-Killer Sparks Major Concerns

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China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the Keiser Report. “[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Keiser told Kitco News. Keiser added that bitcoin is a superior form of currency to gold. “Both fiat money and gold are inferior to bitcoin for one very simple reason, that with a bitcoin transaction, it is also simultaneously the settlement. You don’t have that with fiat, you don’t have that with gold,” he said. ________________________________________________________________________________________________ Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions. Subscribe to our channel to stay up to date on the latest insights moving the metals markets. For more breaking news, visit http://www.kitco.com/ Follow us on social media: Facebook – https://www.facebook.com/KitcoNews/?r… Twitter – https://twitter.com/kitconewsnow Google+: https://plus.google.com/u/0/116266490… StockTwits – https://stocktwits.com/kitconews Live gold price and charts: http://www.kitco.com/gold-price-today… Live silver price and charts: http://www.kitco.com/silver-price-tod… Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscriptio… Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/ Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.

Stock Markets Failed To Rally On China Trade Deal, Here’s Why

Topline: Although the U.S. and China have finally agreed on an initial deal that’s expected to defuse the 19-month-long trade war and result in a rollback of both existing and scheduled tariffs, the stock market didn’t surge on the news. Instead, markets ended the day largely flat: The S&P 500 finished the day up by less than 0.008%, while the Dow Jones Industrial Average rose 0.012%.

Here’s why stocks didn’t make headway on Friday’s trade news, according to market experts:

  • The market may have already priced in expectations for an agreement prior to Friday: “Stocks already ran up 7% in just the past two months alone on the belief that a deal would be signed,” notes Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
  • Some experts remain wary: “The devil remains in the details,” points out Bankrate senior economic analyst Mark Hamrick. “We await further word on purported aspects of the agreement including purchases of U.S. farm goods, intellectual property protections, technology transfers and access to China’s financial sector.”
  • “Investors are right to be skeptical,” says Joseph Brusuelas, RSM chief economist. “There’s a limited framework to the deal, since both sides just wanted to agree and avoid the looming tariff deadline on December 15th.”
  • “Contrary to what many believed—and were told in news stories—there is no immediate tariff relief, just an agreement to eventually rollback tariffs later as phase two negotiations progress,” Zaccarelli points out.
  • “I’m still suspicious of a major rollback on existing tariffs,” Nicholas Sargen, economic consultant at Fort Washington Investment Advisors, similarly argues. “Don’t rule out a selective rollback, since Trump needs to maintain bargaining power—he has to keep his powder dry.”
                                   
                                   

Crucial quote: “Is this deal enough to give the US economy an added lift? I doubt it because to get that added lift we need businesses to ramp up capital spending—and they’re going to stay on the sidelines until there’s greater clarity and less uncertainty,” Sargen says. “If trade uncertainty was behind us, we’d have gotten a bigger pop in the market.”

What to watch for: “Both sides need to figure out translation and legal framework first—and if they don’t come to an agreement on that this deal could fall apart very quickly,” Brusuelas says. “We’ll have to see if it survives the weekend and into next week.”

Key background: Officials from both sides have been working tirelessly to hammer out a deal ahead of the looming December 15 tariff deadline. Reports came in on Thursday that negotiators had agreed to terms, and President Trump signed off on them later in the day. Wall Street cheered the good news, sending the stock market to new record highs, though the market’s reaction was notably more tempered on Friday, despite further confirmations that an agreement had been reached.

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Source: Stock Markets Failed To Rally On China Trade Deal, Here’s Why

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Hodges Funds’ Eric Marshall discusses opportunities in the stock market amid the US-China trade war with L Catterton Managing Partner Michael J. Farello and Yahoo Finance’s Adam Shapiro, Scott Gamm and Julie Hyman. Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz

Alibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency

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China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in the world, the Industrial and Commercial Bank of China, the second largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.

A separate source, who’s involved in the development of the cryptocurrency, dubbed DC/EP (Digital Currency/Electronic Payments), confirmed that the seven institutions would be receiving the new asset when it launches, adding that an eighth institution could also be among the first tier of recipients. The source declined to provide the name of the additional company. Speaking under terms of anonymity, the source, who previously worked for the Chinese government, confirmed that the technology behind the cryptocurrency has been ready since last year and that the cryptocurrency could launch as soon as November 11, China’s busiest shopping day, known as Singles Day.

At the time of launch, the recipient institutions will then be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi, China’s fiat currency, according to the source. The source added that the central bank hopes the currency will eventually be made available to spenders in the United States and elsewhere through relationships with correspondent banks in the West. “That’s the plan, but that won’t happen right away,” the source said.

The plan to use a diverse set of China’s trusted intuitions to disperse the cryptocurrency is reminiscent of a number of other ideas currently percolating around the world. For instance, Facebook’s planned libra cryptocurrency will be backed by a basket of currencies issued by central banks with support from companies like Mastercard and Uber in the United States, Vodaphone in England and Mercado Pago in Argentina. And last week, Bank of England governor Mark Carney floated the idea of a new currency backed by a number of central banks to replace the U.S. dollar as the global reserve currency.

What sets China’s DC/EP apart from libra and Carney’s “synthetic hegemonic currency” (SHC), according to Shulte, is that while libra is little more than early-stage computer code and the SHC doesn’t appear to have gone much further than Carney’s mind, the Chinese cryptocurrency is ready to launch. “China is barreling forward on reforms and rolling out the cryptocurrency,” says Schulte, who now runs an eponymous bank research firm. “It will be the first central bank to do so.”

At the time of publication, neither the People’s Bank of China nor any of the seven institutions mentioned by Schulte had responded to Forbes requests to confirm or deny his claim. However, the two-tiered strategy, where the central bank creates the currency and others distribute it, aligns with previously unreported statements made by Mu Changchun, deputy director of the Paying Division of the People’s Bank of China (PBOC) and the new head of China’s cryptocurrency research lab. In a speech on August 10 at the China Finance 40 Forum, since revised and posted on the PBOC’s WeChat channel, Mu described the central bank’s “two-tiered” system, wherein the bank would create the cryptocurrency and a small group of trusted commercial businesses would “pay the central bank 100% in full” to be allowed to distribute it.

In addition to preventing regional banks and other organizations from being disintermediated, Mu said the two-tiered system is designed to “curb” public demand for other cryptographic assets, consolidate China’s national currency sovereignty, ensure that the central bank maintains control over monetary policy affecting the currency, increase the likelihood of people using the currency, distribute the risk of having all the authority directly in the hands of the central bank and encourage competition between the organizations that receive the cryptocurrency.

“This dual delivery system is suitable for our national conditions,” said Mu. “It can not only use existing resources to mobilize the enthusiasm of commercial banks but also smoothly improve the acceptance of the digital currency.”

The composition of the organizations Schulte says will receive the DC/EP also aligns with Mu’s comments. Later in his speech, Mu added that only after the technical specifications for the DC/EP were completed in 2018 did the central bank realize the similarity between its design and that of libra, the cryptocurrency being developed by Facebook and about 30 other early-stage partners.

One key difference, according to Mu, is that while libra is being designed to handle 1,000 transactions per second, the DC/EP was designed to handle 300,000 transactions per second. For context, Mu added that during last year’s Singles Day the peak volume of all transactions in China was 92,771 transactions per second, dwarfing what the other platforms could support, but well within the DC/EP specifications. “At present, we belong to a state of horse racing,” Mu said according to the translation.

How Blockchain Went From Bitcoin To Big Business| 37:20

The DC/EP can achieve this kind of volume only because it is not a “pure blockchain architecture,” according to Mu, and therefore it doesn’t need to wait for groups of transactions to settle in a block. Like other permissioned blockchains that not anyone can use, the DC/EP is centrally managed, in this case by the central bank, meaning the digital currency remains a liability of the bank and the debtor/creditor relationship is unchanged, according to Mu. Also, instead of using an algorithm to limit supply, like bitcoin, Mu says the PBoC itself will control supply. Crucially, Mu says, the DC/EP is being designed to replace the physical notes and coins in circulation, not the renminbi sitting in bank accounts in a digital form.

“The central bank’s digital currency can be circulated as easily as cash,” said Mu. “Which is conducive to the circulation and internationalization of the renminbi.”

Whether anyone outside China would actually use a digital renminbi for transactions in their own country is unclear. As the Bank of England governor’s comments about replacing the U.S. dollar indicate, much of the world is tired of having their financial stability tied to the United States’ monetary system. But China may not be the best alternative. Earlier this month, as part of the escalating trade war between the United States and China, U.S. President Trump accused China of being a “currency manipulator.” After China’s renminbi fell to its lowest in 11 years, hitting 6.9225 renminbi per dollar on August 5, according to a Financial Times report, it has recovered significantly, trading at 7.15 renminbi per dollar today. While China has denied the charge and called the U.S. “protectionist” in a press statement, the perception of manipulation could be harmful to broader adoption of a digital currency linked to the renminbi.

In December 2017, another country accused of devaluing its currency, Venezuela, revealed plans for its own cryptocurrency, backed by oil and called the petro. After much hullabaloo, the currency somewhat officially launched in 2018, but it isn’t available on most international exchanges because of a U.S. embargo and has been almost impossible to accurately value. Another obstacle to adoption could be uncertainty about the benefits of a technology that’s intended to replace fiat currency but is still under centralized control. While it’s obvious that any central bank wishing to more closely observe how citizens are using a cryptocurrency would prefer a transparent ledger like the bitcoin blockchain, which makes transactions easily traceable, most of the benefits to users of current blockchains, such as instant settlement and digital transactions without the need of a middleman, could be undermined by central control.

One person who’s not concerned about the obstacles to adoption of China’s cryptocurrency is Charles Liu, chairman of HAO International, a private equity firm investing over $700 million in Chinese growth companies. After largely focusing on solar, organic fertilizer, and wastewater treatment technologies since 2012, Liu says he is an angel investor in “the first blockchain company to be able to sign an official contract with the People’s Bank” of China.

Liu declined to reveal the name of the firm or its technology but lent support to Mu’s comments about the potential benefits to businesses using China’s cryptocurrency. In addition to being a more efficient way to track money laundering, bribery and other transactions, Liu says, the cryptocurrency will give banks increased confidence in the creditworthiness of borrowers, let merchants receive payments instantly and lower transaction fees. While Liu says that banks in the United States have been resistant to such improvements that eat away at their bottom line, he adds that China doesn’t have that problem, because the government owns the banks.

“What will facilitate commercial transactions and enhance efficiency, the central government decides and they go ahead and do it,” says Liu, adding that “China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic. It’s all long term.”

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I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies such as Bitcoin, Ethereum and Ripple, and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 I’ve run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattan’s rich literary heritage.

Source: https://www.forbes.com

China’s central bank is reportedly on the verge of launching a national digital currency. Investigative Journalist Ben Swann joins Scottie Nell Hughes to discuss the implications. He argues that at some point every country will have its own digital currency. And that there’s “nothing attractive” about such currencies as they’re no better than traditional government-backed fiat currency. #NVHughes #QuestionMore #RTAmerica Find RT America in your area: http://rt.com/where-to-watch/ Or watch us online: http://rt.com/on-air/rt-america-air/ Like us on Facebook http://www.facebook.com/RTAmerica Follow us on Twitter http://twitter.com/RT_America

Trade War Is Hiding China’s Big Problems

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The ongoing US-China trade war is a distraction from China’s big problems: the blowing of multiple bubbles and the country’s soaring debt, which will eventually kill economic growth.

It happened in Japan in the 1980s. And it’s happening in China nowadays.
The trade war is one of China’s problem that dominates social media these days. It’s blamed for the slow-down in the country’s economic growth, since its economy continues to rely on exports. And it has crippled the ability of its technology companies to compete in global markets.
But it isn’t China’s only problem. The country’s manufacturers have come up with ways to minimize its impact, as evidenced by recent export data. And it will be solved once the US and China find a formula to save face and appease nationalist sentiment on both ends.
One of China’s other big problems , however, is the multiple bubbles that are still blowing in all directions. Like the property bubble—the soaring home prices that makes landlords rich, while it shatters young people’s dreams of starting a family, as discussed in a previous piece here.

New Home Prices 2015-19

New Home Prices 2015-19

Koyfin

Unlike the trade war, that’s a long-term problem. Low marriage rates are followed by low birth rates and a shrinking labor force, as the country strives to compete with labor-rich countries like Vietnam, Sri Lanka, the Philippines and Bangladesh—to mention but a few.
Then there’s the unfavorable “dependency rates” — too few workers, who will have to support too many retirees.
And there’s the impact on consumer spending, which could hurt the country’s bet to shift from an investment driven to a consumption driven economy.
Japan encountered these problems over three lost decades, even after it settled its trade disputes with the US back in the 1980s. China experience many more.
Meanwhile, there’s the infrastructure investment bubble at home and abroad, as discussed in a previous piece here. At home infrastructure investments have provided fuel for China’s robust growth. Abroad infrastructure investments have served its ambition to control the South China Sea and secure a waterway all the way to the Middle East oil and Africa’s riches.

City overpass in the morning

City overpass in the morning

Getty

While some of these projects are well designed to serve the needs of the local community, others serve no need other than the ambitions of local bureaucrats to foster economic growth.
The trouble is that these projects aren’t economically viable. They generate incomes and jobs while they last (multiplier effect), but nothing beyond that—no accelerator effect, as economists would say.
That’s why this sort of growth isn’t sustainable. The former Soviet Union tried that in the 1950s, and it didn’t work. Nigeria tried that in the 1960s ;Japan tried that in the 1990s, and it didn’t work in either of those cases.
That’s why bubbles burst – and leave behind tons of debt.
Which is another of China’s other big problem s.
How much is China’s debt? Officially, it is a small number: 47.60%. Unofficially, it’s hard to figure it out. Because banks are owned by the government, and give loans to government-owned contractors, and the government owned mining operations and steel manufacturers. The government is both the lender and the borrower – one branch of the government lends money to another branch of government, as described in a previous piece here.
But there are some unofficial estimates. Like one from the Institute of International Finance (IIF) last year, which placed China’s debt to GDP at 300%!
Worse, the government’s role as both lender and borrower concentrates rather than disperses credit risks. And that creates the potential of a systemic collapse.
Like the Greek crisis so explicitly demonstrated.
Meanwhile, the dual role of government conflicts and contradicts with a third role — that of a regulator, setting rules for lenders and borrowers. And it complicates creditor bailouts in the case of financial crisis, as the Greek crisis has demonstrated in the current decade.

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I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.

Source: Trade War Is Hiding China’s Big Problems

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