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Grim outlook for Hong Kong retailers as third wave of COVID-19 strikes

August 7, 2020

HONG KONG -- Hong Kong is facing a deeper economic quagmire owing to a third wave of COVID-19 infections, with the global financial group, Natixis, lowering its forecast for Hong Kong GDP in 2020 from minus 4% to minus 7%. Natixis says negative consumer sentiment implies that Hong Kong's unemployment rate could deteriorate from 3.3% in 2019 to between 7% and 8% in the second half of 2020.

Thai Cabinet approves temporary relaxation of Capital to Loan Ratio Requirement

August 3, 2020

BANGKOK - In an attempt to support the business sector during the COVID-19 pandemic, Thailand's Cabinet has approved in principle relaxation of the capital-to-loan ratio requirement of 1:7 under the Foreign Business Law for non-financial institutions (e.g. companies conducting leasing, credit card, personal loan, and nano finance businesses).

Imported seafood blamed for new COVID outbreak in China

July 31, 2020

BEIJING - The latest outbreak of COVID-19 in China's port city of Dalian was most likely to have been caused by contaminated imported seafood, said Wu Zunyou, chief epidemiologist of the Chinese Centre for Disease Control and Prevention.

China's top epidemiologist was quoted by the media group Caixin as saying that the outbreak had largely been brought under control, with the new case count declining to single digits for three straight days despite a spike nationwide.

U.S. Q2 GDP worst quarter on record

August 1, 2020

WASHINGTON - The global banking group BBVA says that GDP in the United States dropped by 32.9% in the second quarter, marking the steepest decline in over-the-quarter growth since 1937. It says that the rise in the number of COVID-19 cases since mid-June has lowered the likelihood of the "V-shaped" recovery, and that economic and health outcomes will be interwoven in the near future.

HK’s Mass Transit Rail recovery dented by spike In COVID-19 cases: S&P

July 15, 2020

HONG KONG  -- S&P Global Ratings said today that the sudden increase in COVID-19 cases in Hong Kong, leading the Government to re-introduce strict social distancing measures, may reduce local transportation traffic, pressuring the stand-alone credit profile of Hong Kong's Mass Transit Rail Corporation (MTRC), and threatening the recovery of the metro system operator's passenger traffic,  already battered by the COVID-19 outbreak and social unrest.