(RTTNews) - The China stock market bounced higher again, one session after ending the eight-day winning streak in which it had accelerated more than 390 points or 12 percent. The Shanghai Composite Index now sits just beneath the 3,445-point plateau although it's likely to see renewed selling pressure on Tuesday. The global forecast for the Asian markets is mixed to lower, with technology stocks expected to weigh heavily - while growing coronavirus concerns add to the negative sentiment. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead. The SCI finished sharply higher on Monday following gains from the oil companies and mixed performances from the financials, properties and insurance stocks. For the day, the index advanced 59.96 points or 1.77 percent to finish at 3,443.29 after trading between 3,369.04 and 3,458.79. The Shenzhen Composite Index surged 78.39 points or 3.48 percent to end at 2,329.40. Among the actives, Industrial and Commercial Bank of China eased 0.19 percent, while Bank of China collected 0.54 percent, China Construction Bank sank 0.76 percent, China Merchants Bank rose 0.13 percent, China Life Insurance skidded 1.52 percent, Ping An Insurance was up 0.02
WASHINGTON - The United States formally rejected most of China's contested claims to the South China Sea on Monday (July 13), issuing a statement that backed an international arbitral tribunal's ruling in 2016 that Beijing's claims are illegal. "Beijing's claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them," said Secretary of State Mike Pompeo. A spokesman for the Chinese embassy in the US said it firmly opposed the statement, which it said deliberately distorted the facts and international law, exaggerated the situation in the region, and attempted to sow discord between China and other coastal states in the South China Sea. "The US is not a country directly involved in the disputes. However, it has kept interfering in the issue," said the spokesman in a statement. "We advise the US side to earnestly honour its commitment of not taking sides on the issue of territorial sovereignty, respect regional countries' efforts for a peaceful and stable South China Sea and stop its attempts to disrupt and sabotage regional peace and stability," the spokesman added. In his statement, Mr Pompeo said the US was aligning its position with the tribunal's decision in 2016, which rejected China's maritime claims as having no basis in international law. China claims swathes of the South China Sea within its "nine dash line", including waters and maritime entitlements within the exclusive economic zones of other coastal states like Malaysia, Indonesia, Vietnam and the Philippines. Those claims were rejected in 2016, almost exactly four years ago, by an international arbitral tribunal constituted under the United Nations Convention on the Law of the Sea (Unclos), in a case brought by the Philippines. While Washington has objected to China's claims before, sending navy ships to the contested waters for freedom of navigation operations, analysts said that Monday's statement is the first time the US has definitively rejected the claims. "The statements themselves represent an evolution, rather than a sharp break from, prior US policy towards the South China Sea. It makes certain positions which the US has implicitly held for many years more open and explicit," said Mr Patrick Chovanec, an adjunct professor at Columbia University's School of International and Public Affairs, on Twitter. He added: "It potentially lays the legal foundation for the US to take more assertive action contesting China's efforts to control, and interfere with other countries activities, in the South China Sea...if it wishes and is prepared to do so." In the statement, Mr Pompeo explicitly sided with South-east Asian nations, saying: "The world will not allow Beijing to treat the South China Sea as its maritime empire. America stands with our South-east Asian allies and partners in protecting their sovereign rights to offshore resources, consistent with their rights and obligations under international law." "We stand with the international community in defence of freedom of the seas and respect for sovereignty and reject any push to impose "might makes right" in the South China Sea or the wider region," he added. The Chinese embassy spokesman, however, said that China and other littoral countries have maintained dialogue and communication through consultation mechanisms on maritime affairs, and worked to promote cooperation over the South China Sea. "Within the framework of fully and effectively implementing the Declaration on the Conduct of Parties in the South China Sea, China and Asean countries are advancing the consultation on a Code of Conduct in the South China Sea and are making visible progress," said China's statement. It also criticised the US for citing Unclos, pointing out that Washington has refused to ratify that international convention.
WASHINGTON — The coronavirus pandemic stripped an estimated 5.4 million American workers of their health insurance between February and May, a stretch in which more adults became uninsured because of job losses than have ever lost coverage in a single year, according to a new analysis.The study, to be announced Tuesday by the nonpartisan consumer advocacy group Families USA, found that the estimated increase in uninsured workers from February to May was nearly 40 percent higher than the highest previous increase, which occurred during the recession of 2008 and 2009, when 3.9 million adults lost insurance.“We knew these numbers would be big,” said Stan Dorn, who directs the group’s National Center for Coverage Innovation and wrote the study. “This is the worst economic downturn since World War II. It dwarfs the Great Recession. So it’s not surprising that we would also see the worst increase in the uninsured.”Families USA is one of a number of groups trying to estimate the number of people who have lost insurance during the pandemic; definitive data will not become available until mid- to late 2021, when the federal government publishes health insurance estimates for 2020. The analyses vary, but all reach the same grim conclusion: More people lack insurance than ever before.The nonpartisan Kaiser Family Foundation has estimated that 27 million Americans have lost coverage in the pandemic; that study took into account family members of the insured. Another analysis, published Monday by the Urban Institute and the Robert Wood Johnson Foundation, projected that by the end of 2020, 10.1 million people will no longer have employer-sponsored health insurance or coverage that was tied to a job they lost because of the pandemic.And those losing coverage could face staggering costs if they are struck by Covid-19, which has sent the seriously ill to hospital intensive care units for weeks, sometimes months.The studies come in the thick of the campaign season, when health care — and in particular the future of the Affordable Care Act, popularly known as Obamacare — will be a major issue. Democrats and their presumptive presidential nominee, Joseph R. Biden Jr., want to expand the law. President Trump has asked the Supreme Court to overturn it.
New York, July 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Children’s Wear Industry" - https://www.reportlinker.com/p04951650/?utm_source=GNW9 Billion by 2027, growing at a CAGR of 3.7% over the analysis period 2020-2027.Girls Wear, one of the segments analyzed in the report, is projected to grow at a 3.8% CAGR to reach US$132.3 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Boys Wear segment is readjusted to a revised 2.8% CAGR for the next 7-year period. This segment currently accounts for a 32.5% share of the global Children’s Wear market.The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 6.7% CAGR for the Period of 2020-2027The Children’s Wear market in the U.S. is estimated at US$68 Billion in the year 2020. The country currently accounts for a 26.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$68.8 Billion in the year 2027 trailing a CAGR of 6.7% through 2027. Among the other noteworthy geographic markets are Japan and
LONDON (BLOOMBERG) - Britain is poised to ban Huawei Technologies from its next generation mobile networks under a two-step plan designed to protect critical communication systems from potential security threats, a person familiar with the matter said. Under the blueprint, British phone companies will not be able to add any new Huawei components to their 5G networks by the end of the year. After that, all existing equipment made by the Shenzhen-based company would need to be removed from 5G networks by 2027, the person said. Prime Minister Boris Johnson, his senior ministers and top security chiefs are due to be presented with the proposal at a meeting of the National Security Council on Tuesday (July 14), with an announcement expected later in the House of Commons. If the plan is agreed at that meeting, it would mark a major reversal by Johnson, and risk escalating tensions between Britain and China at a highly sensitive time. Johnson gave the green light to Huawei's involvement in emerging mobile networks in January, subject to limits, but he came under pressure from US President Donald Trump to change course. Recent additional US sanctions on the company have changed the calculus in London. In May, the US banned Huawei from sourcing microchips which use American technology, a move that forced British officials to reassess their view of the security and sustainability of using the company's equipment in 5G networks. The prevalence of chips that are made with or incorporate US technology caused New Street Research analyst Pierre Ferragu to declare in May that "Huawei has 12 months left to live". At the same time, Johnson has faced demands from within his own Conservative Party to take a tougher line with Beijing. Senior Tories demanded the premier should give firm deadlines for when Huawei will be blocked from Britain, amid concerns its equipment could be used by Chinese spies - a charge the company denies.