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Poundstretcher takes Yorkshire warehouse

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Asia’s big economies are already feeling the coronavirus impact

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first_imgKorea Trade Data Show Virus Disruption to China Supply ChainWhile early South Korea trade figures for February showed a pick up, an increased number of working days from a year earlier glossed over the impact the virus is already having.Exports during the first 20 days of the month rose 12 percent from a year earlier. Shipments to China, South Korea’s biggest trade partner, fell 3.7 percent during the first 20 days. The early reading is typically held up as a bellwether for global trade given South Korea’s central role as a manufacturer and exporter of electronics, ships and automobiles.Just startingEconomists warn the virus fallout is only just beginning.“The global economy and financial markets have not seen the full impact of the coronavirus outbreak yet,” Citigroup economists led by Catherine Mann wrote in a note titled “Waiting for the Global Impact” that warned of a “dramatic” first quarter slowdown in China.Slumping activity will add to pressure on governments and central banks to respond with more support for their economies, while also raising doubts about their capacity to respond.Central banks in Asia have already stepped up action, with Indonesia, Philippines, and Thailand cutting rates recently, and others like Singapore planning significant fiscal stimulus. China has lowered a range of policy rates this month. Speculation is rising that the Bank of Korea could also deliver a cut next week.Still, global debt is at record levels and interest rates in the world’s biggest economies are already at historic lows.“If growth continues to slide, a key question for the G-20 will be whether its members can coordinate a response,” according to Bloomberg Economics Tom Orlik.“Against a backdrop of resurgent nationalism, fractious trade disputes, and limited policy space, common purpose might be difficult to achieve, that’s another reason to be pessimistic on the outlook,” he wrote. Japanese manufacturing activity plunged amid recession risks in the world’s third largest economy. The Jibun Bank Japan Manufacturing Purchasing Managers Index registered 47.6 for the sharpest deterioration in conditions in more than seven years.The epidemic has prompted economists to forecast recession in the world’s third-largest economy already reeling from an October sales tax hike and a typhoon.In Australia a gauge of manufacturing activity fell further into negative territory amid mounting evidence of the virus fallout, along with a hit from massive bushfires.The CBA Flash Composite PMI fell to 48.3 in February from 50.2, the steepest rate of reduction since the series began in May 2016. Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand. Data from China showed car sales sank 92 percent in the first half of February while its Commerce Ministry said trade and inbound investment would take an increasing hit from the epidemic.The warning signals come as finance chiefs from the world’s 20 biggest economies meet this weekend in Riyadh, Saudi Arabia for the first time since the virus outbreak.How to cope with the economic fallout from the disease will dominate those discussions, Bank of Japan Governor Haruhiko Kuroda said in Tokyo ahead of his departure for the talks.center_img Topics :last_img read more

Gasquet, Flipkens among 7 on stricter protocols at US Open

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first_img COMMENT Three players who competed at the U.S. Open on Tuesday — Richard Gasquet, Grégoire Barrère and Ysaline Bonaventure — and one scheduled to play Wednesday — Kirsten Flipkens — are among the seven entrants placed under stricter COVID-19 protocols after contact with the only athlete to test positive for the coronavirus at the tournament , The Associated Press has learned.After Benoit Paire, a Frenchman seeded 17th, was taken out of the draw Sunday because of his test result, contact tracing determined there were seven players who potentially could have been exposed to COVID-19.On Monday, three players from France acknowledged their involvement: Kristina Mladenovic, who is seeded 30th in women’s singles; Adrian Mannarino, seeded 32nd in men’s singles; and Edouard Roger-Vasselin, who is entered in men’s doubles.The AP obtained the full list, and the others are:— Gasquet, a 34-year-old from France who is a three-time Grand Slam semifinalist and was playing Ivo Karlovic of Croatia in the first round Tuesday night;— Barrère, a 26-year-old from France who beat Taro Daniel of Japan in four sets Tuesday to advance to a meeting against No. 10 Andrey Rublev on Thursday;— Bonaventure, a 26-year-old from Belgium who beat No. 25 Zhang Shuai of China in three sets on Tuesday;— Flipkens, a 34-year-old from Belgium who beat No. 32 Rebecca Peterson of Sweden on Monday and is scheduled to face Jessica Pegula of the U.S. in the second round on Wednesday. Flipkens was a Wimbledon semifinalist in 2013.The USTA released the details of the restrictions placed on players who possibly were exposed, including daily testing by 1 p.m. and access only to a match court or assigned practice court while at the Billie Jean King National Tennis Center.They can’t use locker rooms or dining areas, and their entourages must wear masks at all times, including during practice and matches.When the players are at their hotel, they must stay in their rooms and can’t have visitors.Image credits: AP SUBSCRIBE TO US Written By First Published: 2nd September, 2020 06:52 IST Last Updated: 2nd September, 2020 06:52 IST Gasquet, Flipkens Among 7 On Stricter Protocols At US Open Three players who competed at the U.S. Open on Tuesday — Richard Gasquet, Grégoire Barrère and Ysaline Bonaventure — and one scheduled to play Wednesday — Kirsten Flipkens — are among the seven entrants placed under stricter COVID-19 protocols after contact with the only athlete to test positive for the coronavirus at the tournament , The Associated Press has learnedcenter_img WATCH US LIVE Associated Press Television News FOLLOW US LIVE TVlast_img read more