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The Latest Breaking News from Shanghai

Uniqlo Owner Sees Big Profit Drop in China Due to COVID Restrictions

Clothing brand Uniqlo's Japanese owner said on Thursday its China operation would report a large profit decline in the current fiscal year owing to the country's COVID-19 restrictions. Fast Retailing is a bellwether for how major global retailers are being impacted by COVID-related shutdowns in China, one of the biggest…

Asharq Al-Awsat

Shanghai Composite Index Rose 1.22% on Thursday

Shenzhen Component Index closed up 1.27%

Caixin Global

Shanghai cases hit record as Xi reiterates urgency of COVID curbs

China's financial hub Shanghai reported over 27,000 coronavirus cases on Thursday, a new high, a day after President Xi Jinping said that the country must continue with its strict "dynamic COVID clearance" policy and pandemic control measures.

Reuters

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Xi Jinping: China must stick to 'Covid Zero' even as costs mount

BEIJING: Chinese President Xi Jinping says his government will stick to its zero-tolerance approach to Covid even as public anger simmers in Shanghai and economic costs mount.

The Times of India

Xi says China must stick to COVID zero tolerance policy even as costs mount

Chinese President Xi Jinping says his government will stick to its zero tolerance approach to COVID-19 even as public anger simmers in Shanghai and economic costs mount.

Tribune News Service

Shanghai's messy COVID-19 lockdown forcing foreign workers to rethink life in China's financial hub

Shanghai authorities may be loosening one of the world's strictest lockdowns, but after weeks of uncertainty and food shortages, many foreign workers are considering leaving.

ABC News

Elon Musk, Tesla Silent On Well-Being Of Locked Down Shanghai Workers

As the Shanghai region of China enters its third week of restrictive shutdown in the wake of a COVID-19 resurgence, Tesla Inc (NASDAQ: TSLA) has offered no update on the resumption of manufacturing from its Shanghai facility, nor has it provided any word on what it is doing to assist…

Benzinga

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How China's Zero-COVID Policy Is Taking A Toll On Its Economy

The more contagious omicron strain of COVID-19 is testing China’s zero-tolerance COVID-19 policy and while many signs underscore the strategy’s adverse impact on the country’s economic recovery, Beijing continues to stick to it, dismissing suggestions that China should learn to live with the virus as other nations do.

Benzinga

Shanghai TV channel postpones Covid spin show after backlash

Residents express dismay online about tribute to city’s handling of outbreak after extended lockdown

The Guardian - UK

Why Cathie Wood Is Still Bullish On Tesla Amid Recession Fears, Shanghai Production Hit

Cathie Wood continues to remain bullish on its top holding, Tesla Inc (NASDAQ: TSLA), despite fears of a U.S.

Benzinga

Neighboring City of Shanghai Vows to Avoid Full Lockdown Amid Rising Covid Cases

Suzhou authorities say the city will impose restrictions based on varying risk levels, as more than 400 local infections have emerged since March 10

Caixin Global

China trying out reduced quarantine for some groups in eight cities - media

China is trying out reduced quarantine times for overseas arrivals and close contacts of positive cases in eight cities, in a potential easing of some of the world's most stringent pandemic entry controls, financial media outlet Caixin reported.

Reuters

Shanghai releases more from virus observation amid lockdown

Shanghai says it has released 6,000 more people from medical observation facilities, though the lockdown of most of China’s largest city was being maintained in its third week

The Independent UK

Shanghai Composite Index Fell 0.82% on Wednesday

Shenzhen Component Index closed down 1.6%

Caixin Global

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The Independent UK

China's March exports grow despite virus; imports flat

China’s exports rose 15.7% in March over a year earlier while imports were flat due to disruptions from coronavirus outbreaks

Benzinga

Taiwan Suffers Fallout From China COVID-19 Lockdowns As 11 Firms Said To Suspend Production

As the COVID-19 lockdown continues in China's financial center Shanghai, more and more companies have been forced to halt production.

Reuters

Shanghai vows punishment for COVID lockdown violators as cases hit 25,000

China's commercial capital, Shanghai, warned on Wednesday that anyone who violates COVID-19 lockdown rules will be dealt with strictly, while also rallying citizens to defend their city as its tally of new cases rebounded to more than 25,000.

Al Jazeera

As Shanghai lockdown drags on, fears grow for global trade

China’s strict pandemic policies have shuttered factories and prevented ships from unloading and picking up cargo.

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Caixin Global

CNOOC Kicks Off Subscription for $5.1 Billion Shanghai IPO

State oil giant selling more than 5% of its equity plans to use proceeds for global project development including fields in Guangdong and Guyana

The Independent UK

Sealed doors and tensions boiling over: American expat reveals reality of Shanghai’s citywide lockdown

The coastal city of 25 million people is at the heart of China’s recent Covid surge

ABC News

Why more than 200,000 COVID-positive results in Shanghai aren't 'confirmed cases'

Since the start of March, Shanghai has recorded more than 229,000 positive COVID-19 results. But authorities say fewer than 10,000 are actually "confirmed cases".

Daily Mirror

Chinese residents scream out windows as they run out of food during strict lockdown

Videos shared on social media showed desperate people calling out into the night's sky in Shanghai amid a strict two-week

Benzinga

Morning Brief: Top Stories Dominating Financial Media on Tuesday, April 12

CNBC Entrepreneur Behind Microsoft’s Wunderlist Raised $11M - Read Why

Benzinga

US Asks All Non-Emergency Government Staff In Shanghai To Leave As COVID Surges: CNBC

The U.S. State Department has ordered all non-emergency government staff and their family members in Shanghai to leave following a surge in COVID-19 cases, CNBC reported. "Reconsider travel to the People's Republic of China (PRC) due to arbitrary enforcement of local laws and COVID-19-related restrictions," the report quoted the State Department.…

Benzinga

Bosch Halts Production At Two China Plants: Reuters

German auto parts supplier Bosch has halted production in the Chinese cities of Shanghai and Changchun following COVID-19 curbs, Reuters reported. Bosch has closed shutters at a Thermotechnology factory in Shanghai and an automotive components site in Changchun in northeastern Jilin province. The report noted two other plants in Shanghai and Taicang city…

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