In China’s auto market, worries grow that cashback deals and gifts presage damaging price war

HANGZHOU, China/SHANGHAI (Reuters) – Cashback offers, up to 10 free oil changes, generous prepaid gasoline cards – these are just some of the giveaways China’s auto dealerships are using to woo customers out and about after spending much of February and March in lockdown.

For the most part, they are getting the job done.

Cui Peng, a Geely sales manager in the eastern city of Hangzhou, says unit sales at his dealership jumped 30% in April from March and they are hoping for 25% growth in May. READ MORE

‘The 1918 Spanish flu’s second wave was even more devastating’: Americans brace for another coronavirus outbreak in the fall

America is staring down a widespread COVID-19 testing shortage with no vaccine in sight. So what happens when coronavirus makes its unceremonious return?

Robert Redfield, director of the Centers for Disease Control and Prevention, told the Financial Times that he “can’t guarantee” more stay-at-home requirements in the winter or the fall. “We are committed to using the time that we have now to get this nation as over-prepared as possible.” READ MORE

PSEI WILL CONTINUE TO BE RANGE-BOUND

KEY TAKEAWAYS

  • Property market remains cautious – From P30B to P13.4B: Gotianun slashes new condo projects by more than half as COVID decimates residential sales – READ MORE
  • Airline Industries are struggling – we got to watch the debt & defaults anytime soon – Hard times for Boeing, long a symbol of American might – READ MORE
  • PAL losing P1.5B every month: We won’t be here anymore without Lucio Tan’s P15B emergency cash infusion – Sta. Maria – Read More
  • Stay cautious for now and buy companies that have clear re-structuring programs and good corporate governance
  • Tourism is over for now & that alone is enough to bring the revenue down for many businesses.

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