COVID-19 International Developments: Daily Scan, June 10, 2020

Economic

Chinese companies put U.S. listing plans on ice as tensions mount

Chinese companies are putting off plans for U.S. listings as tensions between the world’s top two economies rise, lawyers, bankers, accountants, and regulators involved in what has been a major capital-raising route told Reuters.Enquiries about U.S. listings have halved this year at one of the big four accounting firms in China versus 2019 levels, a senior auditor from the firm said. Click here to read.... [2]

COVID-19 magnifies challenges to business in China -European business group

The COVID-19 epidemic has exacerbated already worrisome trends to doing business in China amid slowing revenue growth, regulatory obstacles and the clout of the state-owned sector, a European business group said on Wednesday. Only half of European companies surveyed said that their mainland China revenues last year increased by 5% or more, the lowest proportion in a decade, according to a survey of members of the European Union Chamber of Commerce in China conducted in February that involved 626 respondents in all. Click here to read.... [3]

Hong Kong Security Law: Wealthy Chinese Fret About City’s Status as Safe Haven for Investment

Wealthy mainlanders have long invested in Hong Kong, taking advantage of the city’s unique privileges within China to buy real estate, shares, and insurance. But Beijing’s plan to impose a national security law on Hong Kong has left some fretting about the future of the financial hub and their investments there. Click here to read.... [4]

Fastest-Rising Food Prices since 1970s Drive US Consumers to Hunt for Value

Food makers are designing value packs, and supermarkets are restoring promotions, aiming to offset disruptions wrought by the coronavirus pandemic that have led to the fastest rise in food prices in more than four decades. While food companies and supermarkets say they have reopened plants and resolved supply constraints that contributed to higher prices, they also expect prices to remain elevated because of increased costs for labour and transportation. Companies are buying equipment and reconfiguring factories and stores to keep people safe from the new coronavirus. Some of those changes are adding costs that are trickling down to shoppers. Click here to read.... [5]

Japan, Britain begin trade negotiations with eye on deal this year/h5>

Japan and Britain formally began negotiations Tuesday on a free trade agreement, aiming to clinch a deal by the end of the year when the transition period for the United Kingdom's exit from the European Union concludes. The countries will build on an existing Japan-European Union deal, with Tokyo looking to scrap auto tariffs while London has said it wants benefits for its financial services and textile industries. Click here to read.... [6]

Budget airlines face business model challenge in post-pandemic world

The coronavirus pandemic is posing a serious challenge to the business models of low-cost airlines which have relied on high seat occupancy and aircraft operating rates. As they restart more flights grounded since February, some are using their aircraft for cargo transportation and others are trying to balance infection prevention with profitability until social distancing rules can be safely eased and air traffic demand returns to normal. But some aviation industry experts say that low-cost carriers will likely need to start devising new business strategies instead of just weathering the storm by hoping that demand will eventually come back to levels before the pandemic. Click here to read.... [7]

Argentina stirs up giant soy market with state takeover

Argentina’s state takeover of embattled soy crusher Vicentin is stirring up the country’s giant export market of processed soy, the largest in the world, handing the government a strategic toehold in the important sector.The government is sending a bill to Congress to pave the way for a formal state takeover, whereby Vicentin would be overseen by the agricultural arm of state energy firm YPF. Click here to read.... [8]

Strategic

Trump orders polar ICEBREAKER FLEET build-up for ‘strong Arctic security presence’

President Donald Trump has instructed his agencies to begin the build up of a “fleet of polar security icebreakers” that would be fully operational by 2029, citing the need to protect US interests in the Arctic and the Antarctic.In a memo issued to the State Department, Pentagon, Commerce, Energy and Homeland Security on Tuesday, Trump said the US needs to “develop and execute a polar security icebreaking fleet acquisition program.” Click here to read.... [9]

Israel’s Shin Bet halts cell phone tracking of coronavirus carriers – report

Israel’s internal security service Shin Bet has halted its coronavirus cell phone surveillance, an official said on Tuesday, citing the success of alternatives to the controversial method of containing contagions. Circumventing parliament in March, the Israeli cabinet approved emergency regulations that enabled the use of the Shin Bet technology, usually deployed for anti-terrorism. Privacy watchdog groups have challenged the practice in court as lawmakers considered ratifying it. An Israeli official said the tracking was stopped following a ministerial meeting on coronavirus on Monday, at which Shin Bet director Nadav Argaman argued that the method was not required as infections taper off under other countermeasures. Click here to read.... [10]

Russia: From OPEC+ offender to enforcer

Joining Saudi Arabia in calling for better compliance was Russia, which has itself struggled to comply with its pledged targets in the past. Russia, the world's second-largest crude oil exporter, complied with OPEC+ targets only for three months last year and that too largely owing to a months long contamination crisis surrounding its Druzhba pipeline. According to estimates by Moscow-based Vygon Consulting, the average compliance by Russia was above 80% from January 2017, when the OPEC+ cuts kicked in, to September 2019. Russia seems to be leading by example, at least for now. Click here to read.... [11]

Russian Negotiator Doubts China Will Join 3-Way Arms Accord Sought by Trump

Moscow won’t pressure China to join the coming arms-control talks with U.S. and Russian negotiators, Russian Deputy Foreign Minister Sergei Ryabkov said Tuesday.The absence of Chinese participation would present a significant obstacle for the Trump administration in reaching a new nuclear arms accord in talks that are scheduled to begin in Vienna on June 22. Click here to read.... [12]

Pandemic Upends Putin’s Plans to Raise Russia’s Dwindling Birth rate

The Kremlin has been trying for years to encourage Russians to have more children. President Vladimir Putin sees replenishing its population as the key to expanding Russia’s economic and political power. But with falling incomes and worsening public services having deterred many Russians from becoming parents in recent years, and with the double blow of a looming recession from coronavirus and lower oil prices—Russia’s economic lifeblood—the outlook is deteriorating for growing the country’s population. Click here to read.... [13]

UN experts urge Japan not to rush discharge of radioactive water

Four United Nations human rights experts on Tuesday urged the Japanese government against rushing to discharge radioactive water from the Fukushima nuclear plant into the sea until consultations are made with affected communities and neighbouring countries. The concern was raised as public consultations on the release of the plant's wastewater have been accelerated, and opinions will be solicited by next Monday. Such consultations were initially scheduled until after the now-postponed Tokyo Olympic and Paralympics Games. Japan is considering ways to safely dispose of the water contaminated with radioactive materials, including releasing it into the Pacific Ocean and evaporating it. Tanks used to store the water are expected to be filled by summer 2022. Click here to read.... [14]

Boko Haram kills dozens, destroys village in northern Nigeria

Boko Haram gunman killed at least 69 people and razed a village to the ground in northern Nigeria's Borno state on Tuesday afternoon, three sources told Reuters. The men attacked the village of Faduma Koloram, in Gubio local government area of Borno state, starting about noon.They arrived in vehicles and on motorcycles, shooting with AK-47s, razing the village and stealing 1,200 cattle and camels. A resident, a Civilian Joint Task Force (CJTF) member and a soldier each confirmed the same account.They said the men attacked because they suspected residents of sharing information on Boko Haram's movements with security authorities. Click here to read.... [15]

Medical

China pushes back against Harvard coronavirus study

Beijing has dismissed as "ridiculous" a Harvard Medical School study of hospital traffic and search engine data that suggested the new coronavirus may already have been spreading in China last August, and scientists said it offered no convincing evidence of when the outbreak began. Chinese Foreign Ministry spokeswoman Hua Chunying, asked about the research at a news briefing on Tuesday, said: "I think it is ridiculous, incredibly ridiculous, to come up with this conclusion based on superficial observations such as traffic volume." Click here to read.... [16]

Flu shot makers gear up—and get creative—for a critical vaccination season

With the novel coronavirus continuing its global spread and a second wave threatening the United States later this year, experts worry an influx of influenza patients and COVID-19 patients will hit U.S. hospitals at the same time. Thus, there is all the more reason to push flu shots and pharma's working to ramp up not only for the increased demand but also for the logistical challenges of vaccinating millions of people during a pandemic. Manufacturers distributed about 170 million flu vaccine doses to the U.S. last year. This year, they're aiming to increase that by about 20 million, Elaine O’Hara, Sanofi Pasteur’s North America head of commercial operations, told Fierce Pharma. Vaccine makers are already producing their doses, with plans to start shipping later this summer. Click here to read.... [17]