China backs away from growth goal, sticks to virus controls

BEIJING (AP) — China’s leaders effectively acknowledged the struggling economy won’t hit its official 5.5% growth target this year and said Thursday they will try to prop up sagging consumer demand but will stick to strict anti-COVID-19 tactics that disrupted manufacturing and trade. The announcement after a Communist Party planning meeting reflected the high cost…

Read More
China's 'common Prosperity' Drive Slashes Pay And Perks For Investment Bankers

China’s ‘common Prosperity’ Drive Slashes Pay And Perks For Investment Bankers

By Selena Li HONG KONG – China’s well-heeled financial dealmakers are getting a crash course in austerity with pay cuts and perks reined in, as their state-owned employers respond to Beijing’s “common prosperity” drive, eight people with knowledge of the matter said. State-owned investment banks including China International Capital Corp (CICC) and Citic Securities have…

Read More
Analysis: South Korea's Sudden Property Slump Tests World's Most Indebted Consumers

Analysis: South Korea’s Sudden Property Slump Tests World’s Most Indebted Consumers

By Cynthia Kim SEOUL (Reuters) – South Korea’s property market has abruptly gone from sizzling hot to floundering, piling pressure on some of the world’s most debt-saddled consumers as the sector experiences the fastest interest rate hikes on record. Prices of Seoul apartments last week reported their sharpest decline in 26 months, while transaction volumes…

Read More