Latest Shanghai News

China cuts interest rate to shore up sagging economy

Aug. 15, 2022 01:37 AM EDT

BEIJING (AP) — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power. The decision suggested Beijing is temporarily setting aside worries over...

River torrent kills 7 in China amid widespread heavy rains

Aug. 14, 2022 01:55 AM EDT

BEIJING (AP) — Seven people were killed by a torrent of water that came rushing down a river in a popular recreational spot following mountain rains in southwestern China, authorities said Sunday. Workers and volunteers mobilized to urge people to leave the area after receiving an...

Asian shares mixed after new signs of cooling inflation

Aug. 12, 2022 00:47 AM EDT

BANGKOK (AP) — Shares were mixed Friday in Asia after a muddled day on Wall Street, where benchmarks meandered following another encouraging report about inflation. Tokyo’s Nikkei 225 surged 2.5%, catching up on gains after being closed Thursday for a holiday. Hong Kong and...

Asian shares track Wall Street gains on cooling inflation

Aug. 11, 2022 00:18 AM EDT

BANGKOK (AP) — Shares advanced Thursday in Asia after benchmarks closed at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. Hong Kong, Shanghai and Seoul saw gains of more than 1%. Tokyo was closed for a holiday....

China's youth face bleak job market as COVID slows economy

Aug. 10, 2022 10:56 AM EDT

BEIJING (AP) — Liu Qian, job-hunting with a new master's degree, said two employers interviewed her and then said the positions had been eliminated. Others asked her to take lower pay. She is one of 11 million new graduates desperate for work in a bleak job market as anti-virus...

Asian stocks fall ahead of US inflation

Aug. 10, 2022 00:25 AM EDT

BEIJING (AP) — Asian stocks followed Wall Street lower Wednesday ahead of U.S. inflation data that traders worry will show upward pressure on prices still is too strong for the Federal Reserve to ease off interest rate hikes. Shanghai, Tokyo, Hong Kong and Seoul declined. Oil...

Asian stocks mixed after US job gain paves way for rate hike

Aug. 08, 2022 00:06 AM EDT

BEIJING (AP) — Asian stocks were mixed on Monday after strong U.S. jobs data cleared the way for more interest rate hikes and China reported its exports rose by double digits. Shanghai and Tokyo advanced while Hong Kong and Seoul retreated. Oil prices edged higher. ...

China July exports rise, with trade surplus at record-high

Aug. 07, 2022 09:36 AM EDT

BEIJING (AP) — China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data. China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s...

Thousands stranded in China resort city amid COVID lockdown

Aug. 06, 2022 09:36 AM EDT

BEIJING (AP) — Some 80,000 tourists are stranded in the southern Chinese beach resort of Sanya, after authorities declared it a COVID-19 hot spot and imposed a lockdown. The restrictions came into force on Saturday morning, as authorities sought to stem the spread of COVID-19 in...

Alibaba revenue beats expectations despite contraction

Aug. 04, 2022 23:41 PM EDT

HONG KONG (AP) — Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and its net income plunged 50%. The company has been grappling with increased regulatory scrutiny and fines...