Business

China’s Biggest ‘Bad Bank’ Tests Beijing’s Resolve on Financial Reform

Chinese regulators say they want to clean up the country’s financial system, but a state-owned conglomerate may ultimately get in the way. By Alexandra Stevenson, Keith Bradsher and Cao Li HONG KONG — BlackRock gave it money. So did Goldman Sachs. Foreign investors had good reason to trust Huarong, the sprawling Chinese financial conglomerate. Even as […]

Business

COVID-19: Locked-down UK economy shrank by 1.5% in first quarter

Britain’s locked-down economy shrank by 1.5% in the first quarter of the year, official figures show. The data covers a period when a resurgence in coronavirus cases resulted in renewed restrictions including school, retail and hospitality closures and “stay at home” advice. But the impact on the economy appears to have been much smaller than […]

Business

Amid election uncertainty and viral surge, U.S. economic recovery wobbles

WASHINGTON (Reuters) – Fresh signs the U.S. economic recovery may be faltering surfaced over the last week with high-frequency measures of retail traffic and jobs both ebbing amid a record-breaking surge in coronavirus cases.FILE PHOTO: A closed Victoria’s Secret store is seen at an indoor shopping mall before the mall closes again due to new […]

Business

‘Shoppers aid growth but economic slowdown ahead’

The UK economy may have grown by as much as 17% in the three months to the end of September, says the EY Item Club, but slower growth may follow. Shoppers splurged during the period as coronavirus lockdown restrictions were lifted, it said. It is a rosier vision than the one offered by Item Club […]