The EU and China are two of the biggest traders in the world. China is now the EU's second biggest trading partner behind the United States. The EU is China's biggest trading partner. The two sides should rethink the international order since the pandemic revealed the inadequacy of public authorities to deal effectively with the crisis. A resurgence of the role of the state to reduce effects from shocks to the economy necessitated massive public interventions to prevent economic and social meltdown. … [Read more...] about EU-China relations in a new world order
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Providing loans for micro, small and medium-sized enterprises based on their credit information is a measure that the central bank promoted last year, which facilitated production resumption since the novel coronavirus outbreak, said Tian Di, deputy head of the PBOC's Credit Information System Bureau. … [Read more...] about New system to improve SME lending
Before her confirmation hearing in the Finance Committee last week, Yellen said that America faced the risk of a "longer, more painful recession" unless prompt action is taken. Particularly, she urged quick action on a coronavirus relief package that would provide additional $1,400 in payments to individuals making below $75,000 annually, as well as expanding unemployment benefits and aide for small businesses. … [Read more...] about Who is Janet Yellen, New US Treasury Secretary?
As Kushner wired the city, he was also advancing his family’s business interests. In 2006, Jared negotiated the purchase of 666 Fifth Avenue for $1.8 billion, a record sum for a Manhattan office building at the time. The transaction was financed by an onerous amount of debt. The following year, the Kushner Companies liquidated its apartment portfolio for $1.9 billion. The shift was akin to trading a fleet of taxicabs for a single Formula 1 race car. “It wasn’t my idea to buy a New York building,” says Hammer, who was chairman of the company during Charlie’s absence. “That was really the idea of a very aggressive, ambitious young man.” The Fifth Avenue purchase quickly ran into problems. Kushner’s loans were premised on the assumption that office rents would rise; instead, the economy crashed. Vulture investors bought the debt, threatening foreclosure. Kushner felt besieged, with few friends and no leverage. But he fought his way out, … [Read more...] about Jared Kushner’s Rise to Unimaginable Power
NEW DELHI: India is likely to double health spending in the next fiscal year with the aim of raising expenditure in the sector to 4% of gross domestic output in the coming four years, two officials said, as the country looks to fix its health system after the coronavirus pandemic.India will likely raise its health spending to Rs 1.2-1.3 lakh crore ($16.46-$17.83 billion) in the fiscal year starting April 1, from the current year's projected spending of Rs 62,600 crore, the officials told Reuters.The new healthcare plan is likely to be unveiled on Feb. 1 when Finance Minister Nirmala Sitharaman presents the country's budget for 2020/21. The officials did not want to be named as the plan is not yet public.Even after decades of high growth, the country's spending on healthcare has been a meagre 1.3% of GDP, way below BRICS peers and developed countries.The strain of India's underfunded healthcare system was put in stark relief during the pandemic, with states forced to set-up makeshift … [Read more...] about India likely to double health spending next fiscal year – Sources