SHANGHAI — The death toll from the coronavirus epidemic in mainland China soared past 1,000 on Tuesday with a record daily rise in fatalities, while the prolonged disruption to factories and businesses played havoc with the world’s second-largest economy.
Hundreds of Chinese firms say they will need billions of dollars in loans to stay afloat and layoffs have begun, despite assurances by President Xi Jinping that widespread sackings would be avoided.
Another 108 new coronavirus deaths were reported on Tuesday, a daily record, bringing the total number of people killed in the country to 1,016, the National Health Commission said.
There were 2,478 new confirmed cases on the mainland on Feb. 10, down from 3,062 on the previous day, bringing the total to 42,638.
It was the second time in the past two weeks that authorities recorded a daily drop in new cases, but the World Health Organization (WHO) has cautioned the spread of cases outside of China could be “the spark that becomes a bigger fire.”
So far only 319 cases have been confirmed in 24 other countries and territories, according to WHO and Chinese health officials, with two deaths outside mainland China in Hong Kong and the Philippines.
More than 300 Chinese companies are seeking bank loans totalling at least 57.4 billion yuan ($8.2 billion) to help cope with the disruption caused by locked down cities, closed factories and crippled supply lines, two banking sources said.
Among the prospective borrowers are food delivery giant Meituan Dianping, smartphone maker Xiaomi Corp and ride-hailing provider Didi Chuxing Technology Co, the sources said.
Chinese firm Xinchao Media said on Monday it had laid off 500 people, or just over 10% of its workforce, and restaurant chain Xibei said it was worried about how to pay the wages of its roughly 20,000 workers.
Authorities said on Tuesday they will roll out measures to stabilize jobs, in addition to previously announced cuts to interest rates and fiscal stimulus designed to keep any economic downturn to a minimum.
Asian share markets followed Wall Street higher on Tuesday as China’s factories struggled to re-open after an extended break for Lunar New Year, though analysts warned investors might be underestimating how economically damaging the challenge was likely to be.
One Chinese government think-tank forecast the virus would wipe one percentage point off annual economic growth in China and analysts fear a prolonged disruption could have negative consequences for global growth. .
“The coronavirus outbreak completely changed the dynamics of the Chinese economy,” JPMorgan analysts said in a note to clients as they again downgraded forecasts for Chinese growth this quarter.
HUBEI HEALTH CHIEF SACKED
China’s Hubei province, the epicenter of the outbreak, reported 2,097 new cases and 103 new deaths on Feb. 10, the local health authority said.
More people died from the disease on Monday than any other day since the flu-like virus emerged from a wildlife market in the Hubei provincial capital Wuhan in December.
The number of reported cases however fell almost 20% compared to the previous day.
Hubei’s government dismissed the provincial health commission’s Communist Party boss, Zhang Jin, and director Liu Yingzi, state media CCTV reported, amid public anger over local authorities’ handling of the outbreak.
Hubei remains in virtual lockdown, with its train stations and airports shut and roads blocked.
One Beijing government official, Zhang Gewho, said it would be harder to curb the spread of the virus as people return to work. “The capacity of communities and flow of people will greatly increase the difficulty,” he said.
About 160 million people are expected to return to their homes across China over the next week following the end of their holidays, a transport ministry official said.
MORE CASES ON CRUISE SHIP
The Diamond Princess cruise ship with 3,700 passengers and crew remained quarantined in the Japanese port of Yokohama, with 65 more cases detected, taking the number of confirmed cases from the Carnival Corp-owned vessel to 135.
Thailand said it had barred passengers from disembarking another Carnival Corp ship, Holland America Line’s MS Westerdam, the latest country to turn the vessel away due to coronavirus fears although no confirmed infections have been found aboard.
The company had said passengers would disembark in Bangkok on Feb. 13 and that there was no reason to believe anybody aboard had the virus. It has already been turned away from countries including Japan, the Philippines and Thailand.
British Airways canceled all its flights to mainland China until the end of March, while Philippine airlines canceled flights to Taiwan after the government expanded a travel ban to include all foreigners from the island.
An advance team of international WHO experts arrived in China to investigate the outbreak. Its death toll has now surpassed that of Severe Acute Respiratory Syndrome (SARS), which killed hundreds worldwide in 2002/2003.
(Additional reporting by Yilei Sun; Writing by Michael Perry; Editing by Stephen Coates)
Statistics Are Mixed But On Balance Say The Economy Is Weak – Forbes
If you listen to the White House, you hear that the economy is strong. Others will tell you that it has already sunk into recession. Such “analytical” differences are common at almost all times and almost always reflect the speaker’s political agenda more than any straightforward reading of the statistical evidence. These days things look more ambiguous than usual. Statistics offer ammunition for both views. The president can point, and he does, to the robust growth in payrolls. Those with a less sanguine view of things can point to among other things two consecutive quarterly declines in the nation’s real gross domestic product (GDP). Although the balance of the evidence points clearly toward a weakening economy, it is also fair to admit that the statistics paint a strangely mixed picture.
The Labor Department’s monthly employment report illustrates. On the positive side, the July survey of employers showed a striking expansion in payrolls, a gain of 528,000 positions. Private payrolls expanded by 471,000 positions. Though these are not record increases, they are nonetheless beyond most historical experience and far beyond where consensus expectations were. But in the same report, the survey of households showed July jobs up only 179,000. This tells quite a different story from the employers’ tally. The jobs gain was not only much smaller but was insufficient to overcome the June decline in jobs so that over the two months June and July the nation by this measure shed some 136,000 jobs.
Despite this contrast – still unexplained by the Labor Department – what tips the balance to the negative side is the flow of information from elsewhere and from the rest of the department’s monthly report. True, the unemployment rate dipped slightly from 3.6% of the workforce in June to 3.5% in July, but department also reported that some 538,000 people dropped out of the workforce in July. Since they are neither working nor seeking work, this movement more than accounts for the fall in the unemployment rate. What is more, the average weekly hours worked remained unchanged in July at 34.6, still down from April’s measure.
Outside the Labor Department’s accounting, there are of course the first and second quarter declines in real GDP, precipitous declines in consumer confidence, and reporting by the Institute of Supply Management (ISM) of slowing overall and an outright decline in the new orders part of the measure. This list of negatives is of course far from complete, but it is nonetheless indicative.
Apart from the current statistics that point to economic decline, two other considerations weigh heavily on the economy’s prospects. One is the ongoing inflation. At last measure, for June, the consumer price index (CPI) rose 9.1% from year-ago levels. This kind of price pressure seems likely to last. Even if it abates some — say to 8% or 7% — it will remain sufficient to impair economic growth prospects by eroding business and consumer confidence and discouraging the saving and investment on which economic growth ultimately depends. These effects could bring on recession all on their own. It certainly would not be the first time in history that inflation did so.
A still more potent recessionary threat emerges from the Federal Reserve’s (Fed’s) fight against inflation. The Fed began this effort last March. Before then, it had pursued a pro-inflationary monetary policy. It had kept short-term interest rates near zero and poured new money into financial markets buying bonds directly – mostly treasuries and mortgages – a practice the Fed refers to as “quantitative easing.” But since the March policy shift, the Fed has drained money from financial markets by selling from the hoard of bonds it had previously acquired and by pushing up short-term interest rates some 1.75 percentage points. While these are standard anti-inflation moves, they also restrain economic activity. What is more, the Fed seems determined to take further steps along these lines in coming weeks and months – a pattern that will make recession still more likely.
If this assessment is correct – and it does seem likely – then the statistics on which the optimists rely – including the White House – will turn negative in coming months. The evidence of economic weakness, if not outright recession, will become overwhelming. Whether this resolution of the economic picture takes place in the next month or two remains uncertain, but it is hardly likely that the ambiguities will remain in place very much longer.
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How to Improve your Credit Score in Canada
Improving your credit score is important for many reasons. First, it could help you get a lower interest rate on your loans or mortgages. Second, it could help you qualify for better rates on car loans, cell phone plans, and other types of loans. Third, having a good credit score could increase your chances of being approved for a job or apartment. Finally, keeping your credit score high can help you avoid becoming financially stressed in the future. Here are some of the ways you can improve your credit score in Canada:
Monitor your payment history
Your payment history is the most important factor for your credit score.
To improve your payment history:
- always make your payments on time
- make at least the minimum payment if you can’t pay the full amount that you owe
- contact the lender right away if you think you’ll have trouble paying a bill
- don’t skip a payment even if a bill is in dispute
Use credit wisely
Don’t go over your credit limit. If you have a credit card with a $5,000 limit, try not to go over that limit. Borrowing more than the authorized limit on a credit card can lower your credit score.
Try to use less than 35% of your available credit. It’s better to have a higher credit limit and use less of it each month.
- a credit card with a $5,000 limit and an average borrowing amount of $1,000 equals a credit usage rate of 20%
- a credit card with a $1,000 limit and an average borrowing amount of $500 equals a credit usage rate of 50%
If you use a lot of your available credit, lenders see you as a greater risk. This is true even if you pay your balance in full by the due date.
To figure out the best way to use your available credit, calculate your credit usage rate. You can do this by adding up the credit limits for all your credit products.
- credit cards
- lines of credit
For example, if you have a credit card with a $5,000 limit and a line of credit with a $10,000 limit, your available credit is $15,000.
Once you know how much credit you have available, calculate how much you are using. Try to use less than 35% of your available credit.
For example, if your available credit is $15,000, try not to borrow more than $5,250 at a time, which is 35% of $15,000.
Increase the length of your credit history
The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have credit accounts that are relatively new.
If you transfer an older account to a new account, the new account is considered new credit.
For example, some credit card offers come with a low introductory interest rate for balance transfers. This means you can transfer your current balance to this new product. The new product is considered new credit.
Consider keeping an older account open even if you don’t need it. Use it from time to time to keep it active. Make sure there is no fee if the account is open but you don’t use it. Check your credit agreement to find out if there is a fee.
Limit your number of credit applications or credit checks
It’s normal and expected that you’ll apply for credit from time to time. When lenders and others ask a credit bureau for your credit report, it’s recorded as an inquiry. Inquiries are also known as credit checks.
If there are too many credit checks in your credit report, lenders may think that you’re:
- urgently seeking credit
- trying to live beyond your means
How to control the number of credit checks
To control the number of credit checks in your report:
- limit the number of times you apply for credit
- get your quotes from different lenders within a two-week period when shopping around for a car or a mortgage. Your inquiries will be combined and treated as a single inquiry for your credit score.
- apply for credit only when you really need it
“Hard hits” versus “soft hits”
“Hard hits” are credit checks that appear in your credit report and count toward your credit score. Anyone who views your credit report will see these inquiries.
Examples of hard hits include:
- an application for a credit card
- some rental applications
- some employment applications
“Soft hits” are credit checks that appear in your credit report but only you can see them. These credit checks don’t affect your credit score in any way.
Examples of soft hits include:
- requesting your own credit report
- businesses asking for your credit report to update their records about an existing account you have with them
Use different types of credit
Your score may be lower if you only have one type of credit product, such as a credit card.
It’s better to have a mix of different types of credit, such as:
- a credit card
- a car loan
- a line of credit
A mix of credit products may improve your credit score. Make sure you can pay back any money you borrow. Otherwise, you could end up hurting your score by taking on too much debt.
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