Stores encouraged to resume operation

China has encouraged dealers of daily necessities to resume operations to meet increasing demand in cities amidst the novel coronavirus outbreak, according to the Ministry of Commerce (MOC). The country will take measures to support the earliest resumption of wholesale markets, supermarkets, convenience stores and community groceries meeting epidemic prevention and control standards, a circular issued by the MOC said. The ministry urged commerce authorities at all levels to guide enterprises in sourcing, transport, distribution and replenishment, and solving problems in the resumption of business. Large store chains should play a key role in ensuring market supply with numerous branches and rich varieties of goods while small-and medium-sized firms can provide convenience to communities.

Bonds issued for battle against 2019-nCoV

The China Development Bank, one of the country's major policy banks, issued bonds worth 13.5 billion yuan ($1.93 billion) on Thursday, raising funds to fight the novel coronavirus outbreak. With a one-year maturity and a fixed interest rate at 1.65 percent, the bonds were issued through multiple market channels to provide emergency financing for epidemic prevention and control. Bonds worth 8 billion yuan were issued through the domestic interbank bond market and the Bond Connect program, a market access scheme allowing overseas investors to invest in the Chinese mainland's interbank bond market.

Tech giant Foxconn to make masks

Tech giant Foxconn Industrial Internet (Fii) has succeeded in its trial production of masks and is currently applying for product certification amid the coronavirus outbreak. Fii made an announcement on Friday that the masks will be first used to protect some 1 million Foxconn employees from infection before being provided to others outside the company. The company has built production lines to make masks in Shenzhen's Hualong plant and expects to reach a daily capacity of 2 million by the end of February.

Uber reports growth in earnings, revenue in Q4

Leading US ride-hailing company Uber Technologies Inc has reported growth in both net earnings and revenue in the fourth quarter of 2019, with losses shrinking from the year-earlier quarter. Uber said its revenue jumped 37 percent to $4.07 billion in the fourth quarter which ended on Dec 31, 2019, compared with $2.97 billion in the same period in the previous year. Net income increased 41 percent to $3.73 billion in the quarter, up from $2.6 billion in the same quarter in 2018, Uber said. The San Francisco-based ride-sharing company attributed the growth to its core business of ride-hailing service as its gross bookings for rides went up 28 percent to $18.13 billion year-over-year.

Nokia says its 5G deal momentum continues

Finland-based telecommunications equipment company Nokia has issued its financial report for the last quarter and the full year of 2019, saying it is continuing its 5G momentum, with 66 commercial deals and 19 live networks. In the report, Nokia published estimates of its market share for the first time, saying it had a 27-percent market share in fourth and fifth generation mobile networks in the fourth quarter. Jonas Forslund, an analyst at Evli Bank, a Finnish bank specializing in investment, told Hufvudstadsbladet newspaper that he did not expect a fast increase in Nokia's numbers, and one reason was that the 5G market is now taking a breather after the first wave of investments.

Japan's household spending drops 4.8%

Japan's household spending fell for the third consecutive month in December following a consumption tax hike, the government said on Friday. According to the Ministry of Internal Affairs and Communications, average spending by households with two or more people fell 4.8 percent in real terms from a year earlier to 321,380 yen ($2,900). Household spending is a key indicator of private consumption and accounts for more than half of Japan's gross domestic product. The ministry said the mild winter had a negative impact on sales of many items such as coats and air conditioners, while spending on dining out and entertainment declined.