2020.04.01

News Headlines - 01 April 2020

Coronavirus pandemic expected to slash China’s 2020 growth to 2.3 per cent, World Bank warns | South China Morning Post

The coronavirus pandemic’s economic fallout could cause China’s growth to come to a standstill while driving 11 million more people in East Asia into poverty, the World Bank warned on Monday... Even in the best-case scenario, the region will see a sharp drop in growth, with China’s expansion slowing to 2.3 per cent this year from 6.1 per cent in 2019, according to a report on the pandemic’s impact on the region.
Under the most pessimistic scenario, growth in China could tumble to be 0.1 per cent, the bank said.

Japan's business mood hits seven-year low as virus revives deflation specter - Reuters

The Bank of Japan’s quarterly “tankan” survey on Wednesday showed big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board.
Service-sector sentiment also hit a seven-year low as travel bans and social distancing policies hurt consumption, clouding an already dark outlook.
Analysts warn firms are yet to fully factor in the coming business hit from the pandemic and will likely slash spending plans in months ahead.

Abe plans to send cloth masks to every household | NHK WORLD

Japan's Prime Minister Abe Shinzo has announced a plan to provide cloth masks to households across the country to deal with a continued shortage of face masks.
Abe unveiled the plan at a coronavirus taskforce meeting on Wednesday... Abe announced a plan to use the postal system to deliver two cloth masks per one address... Abe also said the necessary cost for the measure will be included in a supplementary budget bill for this fiscal year.

Spark by Naoki Matayoshi - a strange Japanese double act | Financial Times

Spark - a 2016 sensation in Japan that has since spawned a Netflix series - is written by one half of a manzai duo, Naoki Matayoshi. The lifestyle provides much of the setting, in tin-pot theatres and down-at-heel bars. The heroes - or perhaps anti-heroes - are a pair of man-boys awkwardly charting the boundaries of friendship in their mentor-apprentice relationship.

Huawei's 2019 revenues up 19.1% despite U.S sanctions

Chinese vendor Huawei recorded revenues of CNY858.8 billion ($123 billion) in 2019, up 19.1% year-on-year, while its net profit reached CNY62.7 billion, up 5. 6% versus 2018, the company said in its annual report.
Huawei invested 15.3% of its 2019 revenue - or CNY131.7 billion - back into R&D.
Revenue from China increased 36.2% to CNY506.7 billion, accounting for 59% of Huawei’s total revenues, with EMEA (24% of the total) flat at CNY206 billion. Revenues in Asia Pacific (8.2 %) declined 13.9% to CNY70.5 billion, while revenues in the Americas (6.1%) increased 9.6% to CNY52.5 billion.

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