Day: February 29, 2020

China Manufacturing Plunges, U.S. Cases Emerge: Virus Update

(Bloomberg) — China’s factory activity fell to a record low after weeks of closures caused by the coronavirus, while the number of cases in South Korea soared.

Infections in California and Oregon indicated the virus is already in the community on the U.S. West Coast. The U.S. raised its travel advisory for outbreak-hit Italy. Federal Reserve Chairman Jerome Powell said the central bank is prepared to cut interest rates.

After U.S. equities suffered their worst week since the financial crisis, President Donald Trump said his administration is prepared for “the worst.” Acting White House Chief of Staff Mick Mulvaney said …

India has to choose between US, China tech systems: Uday Kotak

Kotak Mahindra Bank chief Uday Kotak said on Friday that India will have to choose between Western tech systems and Chinese ones in the next two years. The veteran banker said a lot would be riding on 5G technology. The decision would depend on how the rest of the world deals with the two systems, Kotak said in response to a query on emergence of technology in the financial sector at an event in Pune.

India has a tough choice to make, keeping in mind economic and political alignments which could change in the future, he added. The proposition that