Asian Infrastructure Investment Bank President Jin Liqun attends a news conference at the AIIB headquarters in Beijing, China, August 31, 2016.BEIJING WEIGHS FINANCIAL SOFT-POWER PRIORITIES. The China-led Asian Infrastructure Investment Bank will lend $5 billion to members to help them fight Covid-19, AIIB President Jin Liqun told the Financial Times on Friday.
HIGH STREET HOPE. H&M on Friday offered an early glimpse into just how bad coronavirus lockdowns will be for retail sales. In the $18 billion Swedish clothing company’s first-quarter update, CEO Helena Helmersson revealed that Chinese sales collapsed by 84% in February. This looks like a gloomy harbinger of what’s to come in Europe and the United States, where H&M makes the bulk of its revenue. In-store sales seem likely to plunge given 3,778 of the group’s 5,065 stores are closed.
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