World

Commentary: The world has big expectations for a Joe Biden presidency
11Nov By Team FPNo Comments
China, Market, USA, World

Commentary: The world has big expectations for a Joe Biden presidency

Countries around the world hope to see huge efforts devoted to restoring US leadership and repairing alliances, say the Financial Times’ Katrina Manson, Aime Williams and Michael Peel. LONDON: Joe Biden has promised to put an end to Donald Trump’s isolationist, disruptive approach to global relations. But a Biden administration bid to restore American leadership will require time and political capital at a time when the superpower’s global role stands in doubt at home and abroad. While diplomats are not likely to hear the phrase “America First” for a while, Mr Biden will face challenges including countering China, re-entering the nuclear deal with Iran, resetting relations with Europe and dealing with the fallout of Brexit on the relationship with the UK. CHINA: LITTLE LET-UP IN PR...
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S&P 500, Dow sink 3per cent to late-September lows on virus, election worry
8Nov By Team FPNo Comments
World

S&P 500, Dow sink 3per cent to late-September lows on virus, election worry

The S&P 500 and the Dow slumped on Wednesday to their lowest levels since late September, as coronavirus cases climbed globally and investors also worried about the possiblity of a contested U.S. presidential election next week. NEW YORK: The S&P 500 and the Dow slumped on Wednesday to their lowest levels since late September, as coronavirus cases climbed globally and investors also worried about the possiblity of a contested U.S. presidential election next week. A spiraling pandemic and the failure to approve new fiscal stimulus before the Nov. 3 election put the blue-chip Dow on track to close at its lowest since early August. All three major indexes fell about 3per cent. Twelve U.S. states set records for hospitalized COVID-19 patients on Tuesday, while Germany announced plans to...
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Malaysia reports daily high of 869 new COVID-19 cases, 4 more deaths
8Nov By Team FPNo Comments
Asia, World

Malaysia reports daily high of 869 new COVID-19 cases, 4 more deaths

KUALA LUMPUR: Malaysia reported 869 new coronavirus cases on Saturday (Oct 17), its highest daily count so far, health authorities said. All of the new COVID-19 cases are local transmissions, involving 745 citizens and 124 non-Malaysians, Health Director-General Noor Hisham Abdullah said. Many of the cases continue to be in the state of Sabah, with 451 infections over the past 24 hours. Four more deaths were confirmed, bringing the total number of fatalities to 180. Saturday's case count is a sharp rise from the day before when 629 new infections were reported. After a recent surge in cases, Malaysia imposed targeted lockdowns this month, with Kuala Lumpur, Selangor and Putrajaya under a Conditional Movement Control Order until Oct 27. The country's tally of cases stand...
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Potential stock winners and losers from Tuesday’s US election
8Nov By Team FPNo Comments
China, World

Potential stock winners and losers from Tuesday’s US election

Tuesday's presidential election between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. NEW YORK: Tuesday's presidential election between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. A group of stocks seen benefiting from Biden's Democratic policies has outperformed those seen benefiting from Republican Trump. Over a two-month period that ended Wednesday, a "Biden basket" of stocks created by JPMorgan head of U.S. equity strategy Dubravko Lakos gained 4.5per cent versus a 16per cent drop ...
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Japan eases COVID-19 travel curbs for China, eight others
8Nov By Team FPNo Comments
Asia, China, Singapore, World

Japan eases COVID-19 travel curbs for China, eight others

TOKYO: Japan has eased travel curbs for China, Australia, South Korea and six other countries and regions, Foreign Minister Toshimitsu Motegi said on Friday (Oct 30), as Tokyo steps up efforts to revive its economy while preventing the spread of COVID-19. Japan lowered its infection risk advisory level for Thailand, Singapore, Taiwan, New Zealand, Brunei and Vietnam, besides China, South Korea and Australia, to 2 from 3, telling its citizens to avoid non-urgent, non-essential trips. Under the infection risk advisory level of 3, the public are instructed not to take any trips. Singapore and Japan launched a reciprocal green lane to facilitate short-term essential business and official travel between the two countries on Sep 18. The business track will allow the safe resumption of cr...
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US targets Hong Kong leader but not banks in sanctions report
6Nov By Team FPNo Comments
China, World

US targets Hong Kong leader but not banks in sanctions report

WASHINGTON: The United States on Wednesday (Oct 14) renewed pressure against Hong Kong's leader, accusing her of undermining autonomy from China, but stopped short of imposing sanctions on banks under a tough new law. The State Department issued its first report mandated to Congress under the Hong Kong Autonomy Act, a law passed by Congress aimed at making the tightening restrictions on the financial hub costly for Beijing. The report "underscores our ongoing objection to Beijing's actions that are intentionally designed to erode the freedoms of the people of Hong Kong and impose the CCP's oppressive policies", the State Department said, referring to the Chinese Communist Party. In line with the report, the Treasury Department added 10 people to its blacklist of "Specially Designate...
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In emails, Sacklers fret over wealth, opioid business
6Nov By Team FPNo Comments
Market, USA, World

In emails, Sacklers fret over wealth, opioid business

NEW YORK: Soon after a Purdue Pharma LP affiliate pleaded guilty to misbranding its addictive opioid painkiller OxyContin in 2007, the company's Sackler family owners fretted about possible threats to their wealth. On May 17, 2007, Jonathan Sackler, who has since passed away, emailed relatives and a financial advisor, triggering an anxious discussion, according to settlement documents US prosecutors disclosed on Wednesday. He told them an investment banker had once told him that his family "is already rich, the one thing you don’t want to do is to become poor.” David Sackler responded the same day: " hat do you think is going on in all of these courtrooms right now? We’re rich? For how long? Until which suits get through to the family?" Between 2008 and 2019, Purdue transferred more...
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Op-ed: More people are creating wills amid the pandemic
6Nov By Team FPNo Comments
World

Op-ed: More people are creating wills amid the pandemic

The Covid-19 pandemic has produced a rise in estate planning. To that point, a survey conducted for LegalZoom.com found that 32% of young people ages 18 to 34 said they got a will because of Covid-19. What's more, 21% of that age group also drew up a will specifically because they or someone they knew had Covid-19. Of Americans who do have a will, just over a quarter, or 26%, got one because they were fearful of serious illness or death related to Covid-19. However, the majority of Americans still do not have a will. The LegalZoom.com survey found that 62% of Americans don't have a will and, of those who do, 12% created them in the past 12 months — and 44%, in the last five years. More from Your Money Mindset: What to know before investing stimulus money Consider these factors befor...
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Iran reports highest ever day death toll from COVID-19, currency plunges
5Nov By Team FPNo Comments
Asia, World

Iran reports highest ever day death toll from COVID-19, currency plunges

TEHRAN: Iran announced on Sunday (Oct 11) its highest single-day death toll from the coronavirus with 251 confirmed dead, the same day local media reported two senior officials had been infected and the nation's currency plunged to its lowest level ever. Health Ministry spokesperson Sima Sadat Lari said the total confirmed death toll now stands at 28,544, making Iran the hardest-hit country in the region. Iran had just recently recorded its highest daily death toll four days earlier with 239 new fatalities. A further 3,822 new cases were confirmed over the past 24 hour-period, raising recorded nationwide cases to 500,075. Nearly 4,500 patients are in critical condition. Among those recently infected is the head of the country’s atomic energy organization, the latest senior official ...
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