Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

23 Sept 2021

U.S Business Optimism in China Rebounds a Three-Year High

The Index Today

According to an annual survey, U.S business optimism for China’s recovering economy has reached a three year high despite some concern over Beijing’s covid policy.

In recent events, Beijing has issued a widespread crackdown on companies which has shaken investor confidence in other countries including the U.S. The survey conducted by the American Chamber of Commerce in Shanghai revealed that most of the optimism was directly linked to increased business revenues and diminishing Covid infections.

In 2019, China and U.S trade relations began to deteriorate as more sanctions were implemented on leading Chinese tech firms by the Trump Administration. Ker Gibbs, president of the American Chamber of Commerce in Shanghai said, “Business in China recovered quickly from last year’s lockdown. However, we are still feeling the pandemics effects, with members continuing to be negatively impacted by China’s travel restrictions. Overall business performance is good but there are signs of nervousness.”

From the survey, out of 338 respondents, 78% said they were optimistic about their business outlook. This percentage is 20 points higher as compared to a previous survey. On the other hand, the remaining respondents said they were still skeptical and pessimistic about future business activity.

China has kept its borders closed for most part of the year, aiming to curb covid infections effectively. This has led to fewer number of visitors for work related purposes which in return had a negative impact on labor availability and business outlook.

©Photo: Reuters

Clay pottery with table linens