Business

China says its economy grew 3.2% in the second quarter

China reported that the country's GDP grew by 3.2% in the second quarter of this year, compared to a year ago — beating analysts' expectations and rebounding from the first quarter's contraction. It comes as lockdowns to contain the coronavirus outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy. Economists polled by Reuters expected gross domestic product to have grown modestly at 2.5% in the April to June quarter. China's first quarter GDP contracted by 6.8% in 2020 from a year ago as the world's second largest economy took a huge hit from the coronavirus outbreak. This was the country's first GDP decline since at least 1992, when official quarterly records started. China's official GDP figures are tracked as an indicator of the health of th...

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Israel’s leader is starting to pay a ‘political price’ as virus cases surge, protests erupt

A protester waves an Israeli flag as police use water cannons during clashes at a demonstration against the Israeli prime minister outside his official residence in Jerusalem, on July 14, 2020. Menahem Kahana | AFP | Getty ImagesThe Israeli government made "very serious mistakes" after initially containing the coronavirus outbreak, and "tremendous damage" is being done to the economy, a political analyst told CNBC as cases in the country continue to climb rapidly. Just weeks after restrictions were mostly lifted in late May, new infections have led authorities to reimpose measures including closing gyms, clubs and event halls. Certain parts of the country were also designated as "restricted areas," where business activity will be limited. "It is hard not to conclude that (Prime Minis...

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Australia wants to attract ‘seriously talented’ people leaving Hong Kong, minister says

Australia is "specifically targeting" students and highly talented individuals from Hong Kong who will be able to contribute to its economy, a minister told CNBC this week. Canberra announced last week that it would be offering help to people wanting to move out of Hong Kong after the implementation of the new national security law on June 30. Australia's decision followed that of Taiwan and the United Kingdom, which also offered help to Hong Kongers looking to resettle elsewhere. "Australia is an immigrant nation and we're constantly chasing talent from around the world," Australian minister for population, cities and urban infrastructure, Alan Tudge, told CNBC's "Capital Connection" on Tuesday. The country announced last week that "skilled and graduate visa-holders" would have the...

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U.K. economy grew less than expected in May as coronavirus lockdowns began easing

Shoppers wearing protective face masks walk through the rain on Oxford Street in London on June 18, 2020, as some non-essential retailers reopen from their coronavirus shutdown. Tolga Akmen/AFP/Getty ImagesThe U.K. economy grew by less than expected in May, as the country began to gradually ease lockdown measures. Official figures revealed Tuesday that GDP expanded by 1.8% in May on the month. Economists polled by Reuters had expected a monthly rebound of 5.5%. "Despite this, the level of output did not recover from the record falls seen in March and April 2020 and has reduced by 24.5% compared with February 2020, before the full impact of the coronavirus," the Office for National Statistics said in its release.  The reading comes after a 20.4% monthly contraction in April, the coun...

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China says its dollar-denominated exports, imports jumped in June, beating expectations of a decline

Aerial view of shipping containers sitting stacked at Lianyungang Port on June 3, 2019 in Lianyungang, Jiangsu Province of China. Wang Jianmin | Visual China Group | Getty ImagesChina's dollar-denominated exports and imports rose in June, as restrictions eased and countries started to reopen their economies. The June customs data beat expectations of a decline, with exports posting a rise of 0.5% as compared with a year ago, and imports jumping 2.7% in the same period. A Reuters poll had estimated that June exports contracted 1.5% from a year earlier, bouncing from a 3.3% decline in May. Imports were expected to fall 10.0% from last year, as compared with a drop of 16.7% in May, according to the poll. That could be attributed to higher purchases of crude oil and commodities. Earlier...

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Pandemic must lead to real change to avoid risk of conflicts and revolutions, WEF founder says

Participants in a demonstration against racism hold a sign with a clenched fist, the so-called "Black Power" symbol, at Neumarkt. The rally of the "Black Lives Matter Dresden" group wants to draw attention to structural racism after the violent death of George Floyd. Sebastian Kahnert | picture alliance via Getty ImagesThe founder of the World Economic Forum has warned that a failure to tackle the deep-rooted ills of our society in the wake of the coronavirus pandemic could exacerbate the risk of "violent shocks," such as conflicts and revolutions. Professor Klaus Schwab and French author Thierry Malleret's book, "Covid-19: The Great Reset," looks ahead to what the post-coronavirus world could look like barely four months after the outbreak was first declared a pandemic. They argue t...

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China vows to retaliate against US sanctions over Xinjiang

President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019. Kevin Lemarque | ReutersChina said Friday it will retaliate against U.S. officials and institutions following Washington's imposition of sanctions on three local officials of the ruling Communist Party over human rights abuses in the northwestern region of Xinjiang. China will "definitely fight back" against actions it considers interference in its internal affairs and that which threaten its sovereignty, security and development interests, foreign ministry spokesperson Zhao Lijian told reporters at a daily briefing. Zhao said China "strongly opposes and condemns" the Trump administration's decision to bar the three officials...

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Canada suspends its extradition treaty with Hong Kong, eyes immigration boost

Justin Trudeau, Canada's prime minister, speaks during a news conference in Ottawa, Canada, on Oct. 23, 2019. David Kawai | Bloomberg | Getty ImagesCanada is suspending its extradition treaty with Hong Kong in the wake of new Chinese national security legislation and could boost immigration from the former British colony, top officials said on Friday. China imposed the legislation this week despite protests from Hong Kongers and Western nations, setting what is a major financial hub on a more authoritarian track. Prime Minister Justin Trudeau said Canada would continue to stand up for Hong Kong, which is home to 300,000 Canadians. Canada will not permit the export of sensitive military items to Hong Kong, he told reporters. "We are also suspending the Canada-Hon...

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European markets fall as virus concerns quell optimism over upbeat data

European stocks retreated on Friday as concern over a spike in U.S. coronavirus infections tempered the optimism arising from upbeat economic data out of the U.S., China and the euro zone.The pan-European Stoxx 600 fell 0.6% by late morning, with banks dropping 1.9% to lead losses, while tech stocks bucked the trend to add 0.5%. European markets are struggling to capture the overnight momentum from Asia Pacific, where stocks advanced after a survey showed that China's services sector grew at its fastest pace in over a decade in June, according to Reuters. This followed a broad rally late on Thursday after U.S. nonfarm payrolls grew by a record 4.8 million in June, outstripping expectations of a 3 million rise. The U.S. Labor Department also revealed Thursday that initial jobless claim...

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