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Stock Markets in Asia Signal Lingering Unease: Live Updates Stock Markets in Asia Signal Lingering Unease: Live Updates
(about 1 hour later)
Markets in the Asia-Pacific region opened broadly lower on Monday, as investors remained nervous about global economic prospects despite stabilization efforts from governments around the world.Markets in the Asia-Pacific region opened broadly lower on Monday, as investors remained nervous about global economic prospects despite stabilization efforts from governments around the world.
Stocks in Japan led the decline, falling more than 3 percent by midday, after the Japanese government unveiled measures on Saturday to support the world’s third-largest economy. Prime Minister Shinzo Abe of Japan pledged to use tax cuts, cash handouts, interest-free loans and other measures to spur growth in a country where the economy was already shrinking at the end of last year.Stocks in Japan led the decline, falling more than 3 percent by midday, after the Japanese government unveiled measures on Saturday to support the world’s third-largest economy. Prime Minister Shinzo Abe of Japan pledged to use tax cuts, cash handouts, interest-free loans and other measures to spur growth in a country where the economy was already shrinking at the end of last year.
Other markets signaled continuing investor unease. Futures markets suggested Wall Street would open lower on Monday. Rising prices for U.S. government bonds and falling prices for oil also signaled remaining unease.Other markets signaled continuing investor unease. Futures markets suggested Wall Street would open lower on Monday. Rising prices for U.S. government bonds and falling prices for oil also signaled remaining unease.
Japan’s Nikkei 225 index was down 3.2 percent. The Kospi index in South Korea was down 1.5 percent. Hong Kong’s Hang Seng index was down 1.4 percent. In mainland China, the Shanghai Composite index was down 1.6 percent.Japan’s Nikkei 225 index was down 3.2 percent. The Kospi index in South Korea was down 1.5 percent. Hong Kong’s Hang Seng index was down 1.4 percent. In mainland China, the Shanghai Composite index was down 1.6 percent.
Bucking the regional trend, stocks in Australia and New Zealand were higher.Bucking the regional trend, stocks in Australia and New Zealand were higher.
Public health officials have known for years the United States lacked enough ventilators, making the nation vulnerable to a pandemic. The government sought to address the issue 13 years ago by building a fleet of inexpensive, portable devices that could be used in a health crisis.
It failed.
Despite a budget and federal contracts, the marketplace ultimately killed the effort. The small, California company hired to design the ventilator was acquired by a multibillion-dollar conglomerate in 2012 as the medical device industry was undergoing rapid consolidation.
But government officials suspected that the acquiring company, Covidien, bought the device maker to prevent the introduction of a cheaper machine that would undercut its existing ventilator business. After the takeover, executives complained the project was insufficiently profitable and wanted to terminate the contract. The government acceded and in 2014 awarded the business to a Dutch company.
According to a spokeswoman at the department of Health and Human Services, the new ventilators are on their way. “We are expecting them soon,” she said.
China’s vast manufacturing machine has moved into overdrive to supply the country and the world with masks, respirators and other equipment to fight the global coronavirus pandemic. Chinese-made masks have been part of aid packages sent to Europe, developing countries and the United States, as China has tried to improve its public image following a disastrous attempt to play down its virus-related crisis in January.China’s vast manufacturing machine has moved into overdrive to supply the country and the world with masks, respirators and other equipment to fight the global coronavirus pandemic. Chinese-made masks have been part of aid packages sent to Europe, developing countries and the United States, as China has tried to improve its public image following a disastrous attempt to play down its virus-related crisis in January.
But even as it encourages production, the Chinese government has also had to step up enforcement efforts to stop defective and uncertified products. That presents a challenge to officials who have to ensure that quality standards are met even as they push factories to make what the world needs.But even as it encourages production, the Chinese government has also had to step up enforcement efforts to stop defective and uncertified products. That presents a challenge to officials who have to ensure that quality standards are met even as they push factories to make what the world needs.
One man made fake Honeywell N95 respirators at a makeshift factory on a farm. Pharmacies sold ineffective knockoffs of a Chinese version of Clorox. In one Chinese province, the authorities seized more than seven million masks that were substandard, mislabeled or counterfeited.One man made fake Honeywell N95 respirators at a makeshift factory on a farm. Pharmacies sold ineffective knockoffs of a Chinese version of Clorox. In one Chinese province, the authorities seized more than seven million masks that were substandard, mislabeled or counterfeited.
“Every time when something major happens in society like this virus outbreak, there is a lot of demand and different kinds of companies try to get in,” said Cody Zhang, the chief executive of a start-up seeking certification for its own products, including a disinfecting robot. “It becomes hard at the beginning to figure out which ones are good and which ones are bad.”“Every time when something major happens in society like this virus outbreak, there is a lot of demand and different kinds of companies try to get in,” said Cody Zhang, the chief executive of a start-up seeking certification for its own products, including a disinfecting robot. “It becomes hard at the beginning to figure out which ones are good and which ones are bad.”
American Media Inc., the publisher of The National Enquirer, Men’s Journal, Us Weekly and other titles, is cutting the pay of its employees by more than 20 percent. It’s the latest instance of a media company trying to slim down. Last week, BuzzFeed announced temporary payroll cuts.American Media Inc., the publisher of The National Enquirer, Men’s Journal, Us Weekly and other titles, is cutting the pay of its employees by more than 20 percent. It’s the latest instance of a media company trying to slim down. Last week, BuzzFeed announced temporary payroll cuts.
Americans are stress-buying all of the baby chickens.Americans are stress-buying all of the baby chickens.
Reporting was contributed by Alexandra Stevenson, Tiffany May, Edmund Lee, Marc Tracy, Daniel Victor and Carlos Tejada. Reporting was contributed by Alexandra Stevenson, Tiffany May, Edmund Lee, Marc Tracy, Nicholas Kulish, Sarah Kliff, Jessica Silver-Greenberg, Daniel Victor and Carlos Tejada.