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Total confirmed cases: More than 40,000
Total deaths: At least 910
More than 300 Chinese companies including smartphone-maker Xiaomi and China’s ride-hailing giant Didi Chuxing are seeking bank loans totaling at least $8.2 billion to soften the impact of the coronavirus, two banking sources told Reuters. The firms were either involved in the control of the epidemic or had been hardest hit, the sources said. Xiaomi, the world’s fourth-biggest smartphone maker, is seeking $716.24 million in loans to produce and sell medical equipment including masks and thermometers, according to documents sent to banks in Beijing by the city government’s finance bureau that the sources have reviewed.Â â Feuer
Inflation in China hit its highest level in more than eight years last month as the outbreak drove up demand for some consumer goods and shuttered business activity in parts of the country. China’s consumer price index rose 5.4% in January, after rising 4.5% in December, according to CEIC. The rise in consumer prices continues a recent acceleration for inflation in China, according to the country’s National Bureau of Statistics. Inflation hit 3% in September and then broke above 4% in November. The bureau said in a statement that the increased inflation in January was due to the Lunar New Year holiday, the coronavirus outbreak and a lower price base from last year, according to Reuters.Â â Pound
Office-sharing startup WeWork has temporarily closed 100 buildings in China due to the outbreak, WeWork Executive Chairman Marcelo Claure told CNBC’s Andrew Ross Sorkin on “Squawk Box” on Monday. Claure said no members and employees are infected. “That’s a great win,” he said. “We’re monitoring and working with the Chinese government to make sure we’re following the proper guidelines.” He also said that “it’s an issue” having 100 buildings close with members not having access to them and “just working with emergency personnel.” â Feuer, Bursztynsky
Chinese President Xi Jinping insisted the country will win the fight against the coronavirus outbreak, saying he will adopt more decisive measures to contain the spread. Speaking on state television Monday, Xi said the country would speed up the development of drugs that have relatively good clinical effects against the deadly pneumonia-like virus. Xi’s comments come shortly after China’s National Health Commission said it had confirmed more than 3,000 new cases and almost 100 deaths as of Sunday night. The world’s second-largest economy now has a total of 40,141 confirmed cases of the coronavirus in the country, with 908 deaths.