23/02/2020

India says discovers fields with over 3,000 tonnes of gold ore

LUCKNOW, India (Reuters) – India, the world’s second-biggest gold consumer, has discovered gold fields with reserves of over 3,000 tonnes in its most populous northern state, a government official said on Saturday.

India mines between 2 to 3 tonnes of gold annually, relying on expensive imports to fulfil nearly all of its demand, which averaged 843 tonnes per year over the past 10 years.

Its hunger for gold – used extensively in jewellery, as offerings to Gods and in lavish weddings – cost India more than $31 billion on imports last year, making the metal its second-biggest import item after crude oil.

Federal and state departments have discovered traces of gold in northern Uttar Pradesh’s Sonbhadra district after surveying the area for more than 10 years, said Roshan Jacob, the head of the mining department in Uttar Pradesh state.

“In Son Pahadi we have found 2,940 tonne… in the Hardi Pahadi area 646 kilogram of ore has been traced,” Jacob told Reuters, referring to the two areas where gold ore had been discovered.

The state is now seeking forest and environment clearances after which it will open up the reserves for bidding, Jacob said.

The concentration level of gold in the area is about 3 grams per tonne of ore and the state is working with the Geological Survey of India to determine how much gold can be extracted from the fields, she added.

India has time and again considered a plan to revive a cluster of colonial-era gold mines in southern Karnataka state but the project has failed to take off due to predictions of low output and high costs involved.

Source: Reuters

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22/02/2020

Covid-19 likely to slash US$185 billion off China’s economy in January, February, says ex-IMF official

Dips in tourism, consumer spending could reduce first-quarter growth by three or four percentage points, according to Zhu Min, a former deputy managing director of the International Monetary Fund
Massive effort now needed to help country rebound, economist says

The coronavirus outbreak in China sparked a huge dip in consumer spending. Photo: EPA-EFE

The deadly coronavirus outbreak may have cost China more than 1.3 trillion yuan (US$185 billion) in the first two months of the year because of huge dips in consumer spending and tourism, according to a former senior executive with the

International Monetary Fund.

Zhu Min, who was deputy managing director of the IMF from 2011 to 2016, said during an online presentation on Saturday that the Covid-19 epidemic was likely to have cost the tourism industry about 900 billion yuan in January and February compared with last year, while consumer spending on food and drink was likely to have fallen by about 420 billion yuan.

While online spending – particularly on education and entertainment services – would offset some of the losses, the total drain on the economy over the period could be as much as 1.38 trillion yuan, said Zhu, who is currently head of the National Financial Research Institute at Tsinghua University in Beijing, which organised the presentation.

Based on figures from China’s National Bureau of Statistics, that would represent about 3.3 per cent of the country’s total retail sales in 2019.

Zhu Min says the Covid-19 epidemic cost China’s tourism industry about 900 billion yuan in January and February. Photo: AFP

“The falling consumption in the first quarter could knock down growth by three or four percentage points,” Zhu said. “We need a strong rebound, and that needs 10 times as much effort.”

Consumer spending is a cornerstone of the Chinese economy, accounting for almost 60 per cent of its growth last year. But with the coronavirus still far from contained, many local governments are reluctant to allow public facilities like cinemas and restaurants to reopen.

Despite the grim estimates provided by Zhu, his figures did not include car sales, which fell by 20.5 per cent year on year in January, their largest monthly dip in 15 years, according to figures from the China Passenger Car Association.

Sales in the first two weeks of February fell 92 per cent from the same period of 2019, mainly due to showroom closures. Over the whole of 2020, the coronavirus epidemic could cost China 1 million car sales, or about 5 per cent of its annual total, the industry group said.

In an effort to minimise that impact, Beijing has told local governments to introduce stimulus measures to boost car sales, including raising licence quotas in areas where numbers had previously been restricted to help fight air pollution.

Commerce ministry official Wang Bin said on Friday that the central government expected consumer spending to bottom out in March before rebounding in the second half of the year.

As for the economy as a whole, Chen Wenling, chief economist at the China Centre for International Economic Exchanges, a Beijing-based think tank, said this week that even if national production returned to 80 per cent by the end of February, first-quarter growth would still be less than 4.5 per cent. By comparison, China’s economy grew by 6.4 per cent in the first three months of 2019.

Economists from French bank Natixis forecast China’s gross domestic product to grow by between 2.5 and 4 per cent in the first quarter, depending on how quickly the situation was stabilised and the effectiveness of the government’s stimulus measures.

Source: SCMP

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22/02/2020

Coronavirus: ‘Narrowing window’ to contain outbreak, WHO says

Passengers wearing face masks walk between columns at a subway station being renovated in Seoul — Image caption Cases of coronavirus have risen sharply in South Korea, where the outbreak is worsening

The head of the World Health Organization (WHO) has expressed concern at the number of coronavirus cases with no clear link to China or other confirmed cases.

Dr Tedros Adhanom Ghebreyesus said the window of opportunity to contain the virus was “narrowing”.

Chinese health authorities reported a decrease in deaths and new cases of the coronavirus on Saturday.

But cases are on the rise in South Korea, Italy, Iran and other countries.

Outside China, more than 1,200 cases of the virus have been confirmed in 26 countries and there have been eight deaths, the WHO says.

They include two deaths in South Korea, which has the biggest cluster of confirmed cases apart from China and a cruise ship quarantined in Japan.

On Saturday, South Korea reported 142 new confirmed cases of the coronavirus, bringing the national tally to 346.

An evacuation flight carrying 32 British and other European passengers has taken off from Japan and is due to land in England later on Saturday.

On Friday, doctors in Italy said a 78-year-old man became the first person in the country to die from the new coronavirus, Ansa news agency reported.

Earlier Italy had announced 16 more cases and its health minister said schools and offices would be closed and sports events cancelled in the affected regions.

China has reported 76,288 cases including 2,345 deaths. The new virus, which originated last year in Hubei province in China, causes a respiratory disease called Covid-19.

What did the WHO chief say?

Dr Tedros said the number of coronavirus cases outside China was “relatively small” but the pattern of infection was worrying.

“We are concerned about the number of cases with no clear epidemiological link, such as travel history to or contact with a confirmed case,” he said.

The new deaths and infections in Iran were “very concerning”, he said.

Iraqi medics check people returning from Iran — Image caption Iraq has been checking people at its border with Iran

But he insisted that the measures China and other countries had put in place meant there was still a “fighting chance” of stopping further spread and called on countries to put more resources into preparing for possible outbreaks.

What is the latest in South Korea?

Prime Minister Chung Sye-kyun declared a public health emergency as the total number of cases surpassed 300 on Saturday.

The southern cities of Daegu and Cheongdo have been declared “special care zones”. The streets of Daegu are now largely abandoned.

The nation’s capital, Seoul, banned demonstrations in central areas.

Two cases were also reported in Busan, South Korea’s second-largest city, and one on the Island of Jeju on Saturday – the first in both places.

Media caption People in Daegu have voiced concern over the spread of the virus

All military bases are in lockdown after three soldiers tested positive.

About 9,000 members of a religious group were told to self-quarantine, after the sect was identified as a coronavirus hotbed.

The authorities suspect the current outbreak in South Korea originated in Cheongdo, pointing out that a large number of sect followers attended the funeral of the founder’s brother from 31 January to 2 February.

The sect – known as Shincheonji – which has been accused of being a cult, said it had now shut down its Daegu branch and that services in other regions would be held online or individually at home.

As of Friday, more than 400 members of the church were showing symptoms of the disease, though tests were still ongoing, the city mayor said.

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Hand sanitizers and warning signs

By Hyung Eun Kim, BBC Korean Service, Seoul

Many people in South Korea are wearing masks on a daily basis.

Hand sanitizers have been placed at public transport stops and building entrances.

Warning government signs are everywhere. They say: “Three ways to prevent further infection: wear a mask at all times; wash your hands properly with soap for more than 30 seconds; and cover yourself when coughing.”

People wear masks in Seoul, South Korea. Photo: 21 February 2020 — Image caption New norm: Mask-wearing crowd in Seoul

Koreans have also developed several apps and websites that tell you how much risk you face where you are. They show where the infected people are within a 10km radius.

“I can’t miss work, what I can do is minimise contact with others and stay at home during the weekend,” Seung-hye Lim, a Seoul resident, told the BBC.

“I do wonder if we reacted too laxly initially or if it really is because of the specific service practices of the Shincheonji sect.”

So-young Sung, a mother of two in Seoul, told the BBC: “It feels like my daily life is collapsing.”

She said she was struggling to find pharmacies that had masks.

She added that checking coronavirus-related alarms from her children’s schools and kindergartens was now a daily routine for her.

What about the Iran cases?

In Iran the outbreak is centred on the holy city of Qom, south of the capital Tehran, which is a popular destination for Shia Muslims in the region.

Iran reported two more deaths in Qom on Friday, adding to the two deaths it reported on Thursday. A total of 18 cases have been confirmed in the country.

Lebanon has reported its first confirmed case – a 45-year-old woman who was detected as she arrived in Beirut from Qom. The UAE, Israel and Egypt have also reported cases.

people outside Beirut hospital where the virus patient is being treated — Image caption Lebanon has confirmed its first case – a woman returning from the Iranian city of Qom

Meanwhile Canadian officials said one of the nine cases there was a woman who had recently returned from Iran.

WHO officials said both Iran and Lebanon had the basic capacity to detect the virus and the WHO was contacting them to offer further assistance.

But Dr Tedros said the organisation was concerned about the virus’s possible spread in countries with weaker health systems.

What about China and elsewhere?

The virus has now hit the country’s prison system, with more than 500 inmates confirmed infected.

They include 230 patients in a women’s prison in Wuhan. More cases have been found in a prison in the eastern province of Shandong and the south-eastern province of Zhejiang.

Some 36 people at a hospital in Beijing have also tested positive.

Senior officials have been sacked for mishandling management of the outbreak.

Passengers of the Diamond Princess cruise ship who have tested negative continue to disembark the ship in Yokohama after more than 14 days quarantined on board.

However, 18 American evacuees from the ship tested positive after arriving in the US, officials said. More than 300 other US nationals have arrived back in the US after disembarking.

Media caption Coronavirus: Quarantined passengers released from Japan ship

More than 150 Australian passengers have been evacuated from the ship and have already arrived in Darwin, where they will begin two more weeks of quarantine.

Australian officials said on Friday that six people had reported feeling unwell on arrival in Darwin and were immediately tested. Two of those people tested positive despite having received negative tests before leaving Japan.

The first batch of people from Hong Kong have also flown back to the city, where they will similarly be quarantined.

Source: The BBC

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22/02/2020

China reports fall in new coronavirus cases but concerns grow over rising global spread

BEIJING (Reuters) – China reported a sharp decrease in new deaths and cases of the coronavirus on Saturday but a doubling of infections in South Korea and 10 new cases in Iran added to unease about its rapid spread and global reach.

Mainland China had 397 new confirmed cases of coronavirus infections on Friday, down from 889 a day earlier, but only 31 cases were outside of the virus epicentre of Hubei province, the lowest number since the National Health Commission started compiling nationwide data a month ago.

But infection numbers continued to rise elsewhere, with outbreaks worsening in South Korea, Italy and Lebanon and Iran, prompting a warning from the World Health Organization that the window of opportunity to contain the international spread was closing..

South Korea saw another spike in infections, with 229 new confirmed cases, taking its tally to 433. Officials warned that could rise substantially as more than 1,000 people who attended a church at the centre of the outbreak had shown flu-like symptoms.

Iran, which had no reported cases earlier this week, saw 10 new cases, one of which had died, taking the number to 28 infections and five deaths.

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It has spread to some 26 countries and territories outside mainland China, killing 13 people, according to a Reuters tally.

WHO director-general Tedros Adhanom Ghebreyesus on Twitter expressed concern on Saturday about cases with no clear link to China and called on all countries to invest urgently in preparedness. He made an appeal for $675 million to support the most vulnerable countries.

On Friday, he said now was the time to act decisively.

“We still have a chance to contain it,” he said. “If we don’t, if we squander the opportunity, then there will be a serious problem on our hands.”

An outbreak in northern Italy worsened with its first two deaths, among 17 confirmed cases including its first known instance of local transmission.

Japan confirmed 14 new coronavirus cases on Saturday, among those a teacher who had shown symptoms while working at her school.

Japan is facing growing questions about whether it is doing enough to contain its spread, and concern about whether it could scupper this year’s Tokyo Olympics. Organisers on Saturday postponed the start of training for volunteers as a precaution.

The Bank of Japan’s governor on Saturday shrugged off talk that the widening epidemic is triggering an outflow of funds from Asia.

Online site for coronavirus news – here

GRAPHIC: Tracking the novel coronavirus – here

NEW COMPLICATIONS

The total number of confirmed cases in mainland China rose to 76,288, with the death toll at 2,345 as of the end of Friday. Hubei reported 106 new deaths, of which 90 were in Wuhan.

But new, albeit isolated findings about the coronavirus could complicate efforts to thwart it, including the Hubei government’s announcement on Saturday that an elderly man took 27 days to show symptoms after infection, almost twice the presumed 14-day incubation period.

That follows Chinese scientists reporting that a woman from Wuhan had travelled 400 miles (675 km) and infected five relatives without showing signs of infection, offering new evidence of asymptomatical spreading.

State television on Saturday showed the arrival in Wuhan of the “blue whale”, the first of seven river cruise ships it is bringing in to house medical workers, tens of thousands of which have been sent to Hubei to contain the virus.

Senior Chinese central bank officials sought to ease global investors’ worries about the potential damage to the world’s second-largest economy from the outbreak, saying interest rates would be guided lower and that the country’s financial system and currency were resilient.

Chen Yulu, a deputy governor of the People’s Bank of China, said policymakers had plenty of tools to support the economy, and were fully confident of winning the war against the epidemic.

“We believe that after this epidemic is over, pent-up demand for consumption and investment will be fully released, and China’s economy will rebound swiftly,” Chen told state television.

China has recently cut several key lending rates, including the benchmark lending rate on Thursday, and has urged banks to extend cheap loans to the worst-hit companies which are struggling to resume production and are running out of cash.

The transport ministry said businesses would resume operations on a larger scale later this month and said more roads, waterways and ports were returning to normal.

Online media and Weibo users posted footage and images on Saturday of some malls reopening, including in the cities of Wuxi, Hangzhou and in Gansu province, with shoppers queuing in near-empty streets outside for mandatory temperature checks as trickles of customers in masks perused luxury goods shops and makeup counters.

Some analysts believe China’s economy could contract in the first quarter from the previous three months due to the combined supply and demand shocks caused by the epidemic and strict government containment measures. On an annual basis, some warn growth could fall by as much as half from 6% in the fourth quarter.

However, transport restrictions remain in many areas and while more firms are reopening, the limited data available suggests manufacturing is still at weak levels, with disruptions starting to spillover into global supply chains.

Samsung Electronics (005930.KS) said on Saturday that one coronavirus case had been confirmed at its mobile device factory complex in Gumi, causing a shutdown of its entire facility.

Finance leaders from the Group of 20 major economies were set to discuss risks to the world economy in Saudi Arabia this weekend.

The WHO’s Tedros on Twitter said 13 priority countries in Africa had been identified for help because of their direct links to China or high travel volume. That would include 30,000 personal protective kits on the way to six countries and 60,000 more for 19 states in the weeks ahead.

Source: Reuters

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22/02/2020

Trump in India: A brief history of US presidents’ trips

Indian Prime Minister Narendra Modi (L) and US President Donald Trump shakes hands as they speak during a bilateral meeting in Biarritz, south-west France on August 26, 2019. — Image caption Mr Trump is making his first official visit to India

US President Donald Trump is expecting a raucous welcome on his first official state visit to India on Monday and Tuesday.

He follows a long line of leaders who have made the journey. Some of his predecessors were greeted enthusiastically; others stumbled through diplomatic gaffes; one even had a village named after him.

Can history be a guide to how this diplomatic tryst might go? Here’s a brief look at past visits, ranked in order of how they went.

The good: President Eisenhower

Let’s begin at the beginning.

Dwight D Eisenhower, the first US president to visit India, was greeted with a 21-gun salute when he landed in the national capital, Delhi, in December 1959. Huge crowds lined the streets to catch a glimpse of the World War Two hero in his open-top car – Mr Trump is expecting a similar reception in Ahmedabad city, where he will be doing a road show.

President Eisenhower (L) with Prime Minister Jawaharlal Nehru — Image caption Dwight D Eisenhower, pictured with Prime Minister Jawaharlal Nehru, was the first US president to make the trip

The warmth between President Eisenhower and Indian Prime Minister Jawaharlal Nehru helped during what was a rocky phase in US-India ties. This was early in the Cold war, when the US and Pakistan had become become close allies, and India insisted on staying neutral or “non-aligned”. Like today, relations with China were at the core of the India-US equation, with Washington pressuring Delhi to take an aggressive stance with Beijing on the issue of Tibet.

But, on the whole, Eisenhower’s four-day trip was billed a success. And nearly every US president on a state visit to India has emulated his itinerary: he laid flowers at Mahatma Gandhi’s memorial, took in the splendour of the Taj Mahal, addressed parliament and spoke at Delhi’s iconic Ramlila grounds, which, according to one news report, attracted one million people.

When he left, Nehru said he had taken with him “a piece of our heart”.

President Eisenhower drove in open car to small village to get a glimpse of rural India on December 13, 1959. — Image caption President Eisenhower was greeted by large crowds

Presentational white space — Image caption President Eisenhower was greeted by large crowds

If there was a game-changing visit, it would be Bill Clinton’s in March 2000 with Prime Minister Atal Bihari Vajpayee. Mr Clinton’s arrival came after a two-decade lull – neither Ronald Reagan nor George Bush Snr made the journey East. It came at a tricky time as Washington had imposed sanctions on Delhi following its 1999 test of a nuclear bomb.

But, according to Navtej Sarna, a former Indian Ambassador to the US, the five-day trip was “a joyous visit”. It included stops in Hyderabad, a southern city that was emerging as a tech hub, and Mumbai, India’s financial capital. “He came and saw the economic and cyber potential of India, and democracy in action,” says Mr Sarna.

US President Bill Clinton shakes hands with local villagers after touring Nayla Village 23 March 2000. — Image caption Bill Clinton’s visit was described as “joyous”

Mr Clinton also danced with villagers, took a tiger safari and sampled Delhi’s famously creamy black dal (lentils) at a luxury hotel that has since been associated with the president.

The country’s reaction is perhaps best expressed in this New York Times headline: “Clinton fever – a delighted India has all the symptoms.”

The nuclear deal: George W Bush

George W Bush, as Forbes magazine once put it, was the “best US president India’s ever had”. His three-day visit in March 2006 was a highlight in the two countries’ strategic relationship – especially in matters of trade and nuclear technology, subjects they have long wrangled over. His strong personal dynamic with Prime Minister Manmohan Singh was hard to miss – after he left office, Mr Bush, a keen artist, even painted a portrait of Mr Singh.

The two leaders are credited for a historic but controversial nuclear deal, which was signed during Mr Bush’s visit. It brought India, which had for decades refused to sign the Nuclear Non-Proliferation Treaty (NPT), out of isolation. Energy-hungry India got access to US civil nuclear technology in exchange for opening its nuclear facilities to inspection.

George W Bush (L) with Manmohan Singh (R) — Image caption George W Bush and Manmohan Singh had a very good relationship

However, while the visit was substantive, it was not as spectacular as others – there was no trip to the Taj, nor an address to parliament. But the timing was important. Anti-US sentiment over the invasion of Iraq was running high – left-wing MPs had staged a protest against Mr Bush’s visit, and there were demonstrations in other parts of India.

Double visit: Barack Obama

Barack Obama was the only president to make two official visits. First, in 2010 with Prime Minister Manmohan Singh, and then in 2015 with Prime Minister Narendra Modi.

On his first visit – in a break from the past – he landed in Mumbai, instead of Delhi, with a large trade delegation. This was not just about economic ties but a show of solidarity following the Mumbai terror attacks of 2008, which killed 166 people. Mr and Mrs Obama even stayed at the Taj Mahal hotel, one of the main targets.

It was significant that the US president declared support for India to join a reformed and expanded UN Security Council, says Alyssa Ayres, a former US deputy assistant secretary of state for South Asia. “That all these years later nothing has changed in the UN system is another matter, but that was a major policy shift for the United States.”

US President Barack Obama paying floral tributes at the samadhi of Mahatma Gandhi at Rajghat in Delhi. — Image caption Barack Obama visited India twice

Mr Obama returned in 2015 as chief guest at India’s Republic Day celebrations, at PM Modi’s invitation. Trade, defence and climate change were at the heart of the talks. The trip also emphasised an Indo-Pacific strategy, where both leaders expressed unease over Beijing’s provocations in the South China Sea.

The not-so-good: Jimmy Carter

Although Jimmy Carter’s two-day visit in 1978 was a thaw in India-US relations, it was not free of hiccups.

With some 500 reporters in tow, Carter followed a packed itinerary: he met Prime Minister Morarji Desai, addressed a joint session of parliament, went to the Taj Mahal, and dropped by a village just outside Delhi.

The village, Chuma Kheragaon, had a personal connection: Carter’s mother, Lillian, had visited here when she was in India as a member of the Peace Corps in the late 1960s. So when Carter and his wife, Rosalynn, made the trip, they gave the village money and its first television set. It was even renamed “Carterpuri”, a moniker it still holds.

Jimmy Carter being greeted by villagers of 'Carterpuri' — Image caption Jimmy Carter being greeted by villagers of ‘Carterpuri’

But beyond the photo-ops, India and the US were sparring. India was building its nuclear programme, and had conducted its first test in 1974. The US wanted India to sign the NPF, which sought to stop the spread of nuclear weapons. But India refused, saying the agreement discriminated against developing countries.

In a leaked conversation that made headlines and threatened to derail the visit, Mr Carter promised his Secretary of State, Cyrus Vance, a “very cold and very blunt” letter to Desai. The two leaders signed a declaration, promising greater global co-operation, but Carter left India without the assurances he had hoped for.

The ugly: Richard Nixon

Richard Nixon was no stranger to India when he arrived in August 1969 for a day-long state visit. He had been here as vice-president in 1953, and before that on personal trips. But, by all accounts, he wasn’t a fan.

“Nixon disliked Indians in general and despised [Prime Minister] Indira Gandhi,” according to Gary Bass, author of Blood Telegram: Nixon, Kissinger and a Forgotten Genocide. And, he adds, the feeling was said to be mutual.

This was also at the height of the Cold War, and India’s non-alignment policy “appalled” American presidents. Mr Bass says that under Gandhi, India’s neutrality had turned into a “noticeably pro-Soviet foreign policy”.

President Richard Nixon waves to crowds as he rides in open car with the acting president of India, Mohammad Hidyatullah, in motorcade from airport upon arrival here July 31. — Image caption Richard Nixon waves to the crowds alongside Mohammad Hidyatullah, India’s acting president

The relationship only turned frostier after the trip as India backed Bangladesh (then East Pakistan) in its fight for independence from Pakistan, a close American ally. The differences were laid bare when Gandhi visited the White House in 1971. Declassified state department cables later revealed that Nixon referred to her as an “old witch”.

And the future: Donald Trump

The US and India have certainly had their ups and downs, but during the last official visit in 2015, Mr Obama and Mr Modi signed a declaration of friendship: “Chalein saath saath (Let’s move forward together)…” it began.

President Trump’s visit will take the relationship forward, but it’s unclear how.

Students paint on canvas faces of US President Donald Trump (R) and India"s Prime Minister Narendra Modi, in the street in Mumbai on February 21, 2020, ahead of the visit of US President in India

His arrival in Ahmedabad, the main city in PM Modi’s home state of Gujarat, followed by a big arena event, is expected to draw a massive crowd. It will echo President Eisenhower’s rally in Delhi years ago, perhaps cementing the personal ties between the two leaders.

But while Mr Trump’s trip will be packed with pageantry, it could be light on policy. Unlike other presidential visits, this one is not expected to yield concrete agreements, with the trade deal Mr Trump so badly wants looking unlikely.

Source: The BBC

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21/02/2020

Coronavirus: China’s car sales collapse, as officials warn of sharp trade decline to come

China Passenger Car Association said sales fell to just 4,909 units in the first 16 days of February, from 59,930 in the first quarter of 2019
The growth rate for China’s imports and exports is expected to decline sharply in the January-February period

Commuters make their way along an expressway during rush hour in Beijing. Photo: AP

A 92 per cent drop in car sales in China in the first half of February provided the first real indicator of the economic impact of the coronavirus epidemic, with officials also warning of a sharp decline in Chinese exports and imports for the first two months of the year.

The China Passenger Car Association (CPCA) on Friday said that sales dropped to just 4,909 units in the first 16 days of the month, down from 59,930 vehicles in the same period a year earlier.

“Very few dealerships opened in the first weeks of February and they have had very little customer traffic,” said the CPCA.

China’s car market is likely to see sales slide more than 10 per cent in the first half of the year due to the outbreak, and around 5 per cent for the whole year, provided the virus is effectively contained before April, the country’s top industry body, the China Association of Automobile Manufacturers (CAAM), said last week.

Chinatowns around the world feel effects of coronavirus fears

The sector was already under pressure from the cooling economy, with car sales falling 3 per cent in 2018 in the first sales contraction since the 1990s, and 8.2 per cent in 2019, CAAM said.

“We must firmly believe that China’s auto market still has great development space and potential, and the automobile consumption demand is still strong,” Wang Bin, vice-director of the commerce market operation department at the commerce ministry, said on Thursday.

To stabilise the market, in which more than 25 million vehicles were sold last year, China’s commerce ministry said it will introduce more measures to boost consumption.

Li Xingqian, head of foreign trade at the Ministry of Commerce, said the growth rate for China’s exports and imports would decline sharply in the January-February period due to a collapse in logistics and the delayed start of work following the extended Lunar New Year holiday, which was aimed at controlling the coronavirus outbreak.

“The impact of the epidemic on the first quarter is here objectively, should not be underestimated, but [growth] is still within the tolerable range,” he said on Friday. “As the prevention and control [measures] achieve new staged results, foreign trade will inevitably resume its growth. China’s foreign trade development is expected to remain within a reasonable range throughout the year.”

China cancelled the release of its January trade data, with the General Customs Administration of China saying it will combine January and February’s data in an effort to remove seasonal volatility from the Lunar New Year period. Statistics will be released in early March.

Trade is traditionally volatile over the first two months of the year in China. Shipments are heavily affected by the Lunar New Year break, with this volatility to be exacerbated by the coronavirus outbreak, which causes the disease officially known as Covid-19.

Zong Changqing, head of the commerce ministry’s foreign investment department, also conceded the virus could hit inward investment over the entire first quarter of 2020. Zong claimed the impact would only be temporary, and that China remained an attractive environment for foreign investment.

Foreign direct investment (FDI) in China in 2019 rose 5.8 per cent from a year earlier to 941.5 billion yuan (US$134 billion), according to the commerce ministry. FDI in China also saw a steady year-on-year increase of 4 per cent last month, compared with a growth of 4.8 per cent registered in January 2019.

The impacts of the outbreak on foreign investment have begun to show, and are expected to become greater in February and March. Zong Changqing

“The impacts of the outbreak on foreign investment have begun to show, and are expected to become greater in February and March,” Zong said.

He confirmed that the ministry asked local authorities in Shandong province to push all 32 South Korean-owned car parts companies to restart production by the end of last week to keep the global supply chain stable.

He also said that over 80 per cent of key foreign-owned enterprises in Shanghai, Shandong and Hunan province had reopened, with most regions expected to restore production by the end of February, provided the spread of the virus is contained.

However, a survey by the American Chamber of Commerce in Shanghai, released earlier this week, found that in the vast majority of cases, factories that have reopened are running at a fraction of their production capacity.

Source: SCMP

Posted in car sales collapse, China Association of Automobile Manufacturers (CAAM), China Passenger Car Association, China Passenger Car Association (CPCA), Chinatowns, coronavirus epidemic, exports and imports, Foreign Direct Investment (FDI), foreign trade development, General Customs Administration of China, global supply chain, Hunan Province, lunar new year, Ministry of Commerce, prevention and control [measures], seasonal volatility, shandong province, Shanghai, sharp trade decline, South Korean-owned car parts companies, Uncategorized | Leave a Comment »

21/02/2020

Coronavirus: South Korea ’emergency’ measures as infections increase

South Korea has stepped up measures to contain the spread of the deadly new coronavirus, as confirmed infections increased sharply for a second day.

PM Chung Sye-kyun said it was now an emergency as 100 new cases and the country’s second death were confirmed.

The southern cities of Daegu and Cheongdo have been declared “special care zones”. The streets of Daegu are now largely abandoned.

All military bases are in lockdown after three soldiers tested positive.

About 9,000 members of a religious group were told to self quarantine, after the sect was identified as a coronavirus hotbed.

The authorities suspect the current outbreak in South Korea originated in Cheongdo, pointing out that a large number of sect followers attended a funeral of the founder’s brother from 31 January to 2 February.

On Friday, a second person who contracted the coronavirus died.

The victim was a woman in her 50s. She died in the south-western city of Busan after being transferred there from a hospital in a nearby country, according to Yonhap news agency.

Reports say she had earlier been a patient at the same mental hospital in Cheongdo as the country’s first victim – an elderly man. Another 15 patients there have also tested positive.

On Thursday, 53 new cases were reported. South Korea now has a total of 204 cases making it the largest cluster outside mainland China and the cruise ship docked off Japan.

The new virus, which originated last year in Hubei province in China, causes a respiratory disease called Covid-19.

What measures are being taken?

From the 100 new cases reported on Friday, 86 were in Daegu, a city 300km (186 miles) south-east of the capital Seoul, and nearly all of those were from a cluster involving the religious sect.

Worker disinfecting a train — Image caption South Korea is trying hard to stop the local spread of the new coronavirus

Reacting to the quickly deteriorating situation, the government promised swift measures to prevent further spread of the virus.

“It is urgent to find people who have contacted infected people and cure patients,” PM Chung said, according to Yonhap.

He said the government was readying resources like sickbeds, medical equipment and health workers and warned the virus was now spreading locally.

“The government has so far focused on curbing infections coming from outside the country. From now on, the government will further prioritise preventing the virus from spreading locally.”

Health Minister Park Neung-hoo said authorities would allow hospitals to isolate respiratory patients from others in an effort to prevent any spread within medical institutions.

He also said that all pneumonia patients in Daegu hospitals would be checked for the virus.

What happened in Daegu?

The city’s biggest cluster appears to be at a branch of a religious sect which calls itself the Shincheonji Church of Jesus, Temple of the Tabernacle of the Testimony.

South Korean health officials believe these infections are linked to a 61-year-old woman who tested positive for the virus earlier this week.

Workers on scooters disinfect the streets of Daegu, South Korea. Photo: 21 February 2020 — Image caption Workers have been disinfecting the streets of Daegu, South Korea’s fourth-largest city

The Shincheonji, which has been accused of being a cult, said it had now shut down its Daegu branch and that services in other regions would be held online or individually at home.

As of Friday, more than 400 members of the church were showing symptoms of the disease, though tests were still ongoing, the city mayor said.

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Daegu is the country’s fourth-largest city, with a population of 2.5 million people.

Residents are now being asked to remain at home after authorities described the church cluster as “super-spreading event”.