India gets a reality check with Moody’s downgrade  

 India gets a reality check with Moody’s downgrade  
Asia’s third-largest economy placed one rung above junk as pre-coronavirus fiscal crisis deepens likelihood of contraction 

China

Rural e-commerce grows as China’s stay-at-home economy thrives
Thousands of new firms take advantage of stimulus measures and open e-commerce channels to serve distant communities during coronavirus lockdown and beyond
‘Third board’ turnover tops 40 bln yuan
Growth enterprise and start-up exchange has more than 8,000 companies registered
China 2020 bond sales top 20tn yuan 
Year’s issuance plans front-loaded to first quarter to help ease economy out of coronavirus crisis
Company Report: SMIC
Semiconductor maker gives up shares issue rights; industrial zone operator to raise acquisition funds

Beijing repeats warning over US action over security law 

Beijing repeats warning over US action on security law
China says it will retaliate but details of US response are yet to be revealed, while over 700 US firms are based in Hong Kong and could be hit by the finance hub's loss of trade privileges
ECB expected to pump up eurozone support
The European Central Bank could announce hundreds of billions of euros in new bond-buying this week to keep fighting the pandemic crisis, analysts say
India Q1 growth worst in two decades
Second quarter growth could be even worse as the impact of the world's biggest lockdown hits
US indicts Koreans, Chinese for $2.5 bn network to dodge sanctions
US Justice Department says 28 North Koreans and five Chinese operated money-laundering ring that moved billions of dollars through global banks to avoid nuclear sanctions on Pyongyang
This week: PMI surveys, ECB, RBA, BOC rates, US non-farm payrolls
Business surveys in a host of countries this week will provide the first major insights into global economic trends in May
VW becomes Guoxuan’s biggest shareholder
Electric battery maker’s shares surge after 6bn yuan deal after German carmaker secures deal for its EV plans
Bonds to help China partly rebuild its Grand Canal
Proceeds from 10-billion yuan issue to be used on a range of projects along the canal's 1,800km length
China's digital push could help internationalise the yuan
The PBoC launched pilot testing of a central bank digital currency (CBDC) in four cities last month, which will give it 'first-mover advantage' in the post-virus world
Firm ‘buying 1.5X amount of Bitcoin being mined’
Grayscale Investments has acquired 18,910 since halving. However, Goldman Sachs is telling clients to stay away
US layoffs exceed 40m but some are returning to work
Labor Secretary Eugene Scalia, however, acknowledged that the national unemployment rate could hit 20%
South Korea is the pivot in the Huawei wars
Restrictions on semiconductor sales to Chinese companies are 'unacceptable' to Seoul
Kaifeng eyes logistics hub status
Henan port city keen to put itself in RBI web with cargo railway already running regular services into hinterland
Google cautions EU on AI rule-making
Tells the European Union that its definition of artificial intelligence is too broad, saying too much legal exposure could stifle innovation
Confirmed: ‘No India crypto ban’
In response to Right to Information request, central bank says exchanges, firms and traders can operate freely
Tencent to sink 500bn yuan into new infrastructure
Data centres, a 5G network and blockchain among targets of fresh investment
Singapore GDP could fall 7% this year
Finance minister to announce second stimulus package as city-state faces its worst contraction since independence in 1965

Insights into China's new civil code 

Insights into China's new civil code
After years of work, a huge collection of civil laws covering a vast spectrum of social issues has been approved by the country's parliament and will come into force in January; it will affect all business and people in China

Huawei Row

Canadian court rules against Huawei exec fighting extradition
British Columbia judge rules that proceedings to extradite Meng Wanzhou to the United States will go ahead, saying bank fraud allegations are a crime in Canada and the US
US-China chip battle burning firms on both sides
Key parts in Chinese phones come from American chip technology, and these devices are central to revolutionary applications now being developed; they are also found in weapons
Huawei draws line in the sand amid US-China tensions
Execs say, it's not about cybersecurity, it's about the US leveraging tech power to crush opponents
China says it’s hit ‘fast forward’ on 5G
More than 200,000 high-speed network base stations now in use by 128 million customers, ministry claims

Recent Bonds and Ratings News

China keen to beef up laws against bond, securities fraud
Deputy director of the NPC’s Finance Committee says that company and criminal laws should be revised urgently to support the new securities law, with jail terms of up to 25 years for offenders
Shanghai pilot scheme for short-term corporate bonds
Companies applying for public issues of short-term corporate bonds which are listed on the SSE should have good short-term solvency
China urged to loosen shackles on SME bond market
Regulator says funding for businesses that account for 60% of GDP needs to be opened up to enable growth among small business
China launches its first 'blue bond' 
Funds from the Pearl River Delta Water Resources Allocation Project Special Bond will be used to increase drinking water in southern China

Analysis

G20 finance projects give $77 bn a year to fossil fuels
China, Japan, Canada and Korea among countries still giving three times as much each year to oil and gas projects as they do to clean energy; IEA urges Asian states to avoid coal projects
Positioning for the great thaw 
Reorganisation of global supply chains after the pandemic may not harm China - it could work in its favour
Why ‘Made in Vietnam’ won’t replace ‘Made in China’
As US seeks to decouple from China, it's a reach to think Vietnam will easily become the world's next factory floor
Trump's pension fund ban could split global markets
Order to federal retirement fund to drop investment in an index that includes Chinese companies under US sanctions and export bans could have sweeping ramifications

Technology vs. Coronavirus

WeChat data breach casts doubt on personal credit system  
Company says hackers created false data reports that were spread amongst users, but parent company Tencent is now a giant in China and has faced similar challenges before
Apple, Google launch contact tracing platform
The two firms said 22 countries had so far asked to use their platform and they expect more to come on board in coming weeks
Renewable energy should be at the heart of virus recovery plans: IEA
Agency says renewable projects are still of vital importance despite temporary drop in emissions and energy demand
Facebook chief wants EU not China to lead on tech rules
Zuckerberg says Chinese model of control is 'dangerous' if it spreads to other countries, urges EU to set global standards for tech regulation

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