Luxury brands bank on a raring China market as pandemic lays waste to global demand

BEIJING/MILAN (Reuters) – On the southern Chinese island of Hainan, a duty-free shopping paradise, mainland tourists keen to splurge will often patiently line up for an hour or more to enter a Gucci, Tiffany or other luxury brand store.

“I’m mentally working on a shopping list,” says Zeng Rong, 34, a Beijing-based auditor who is looking forward to her upcoming Hainan trip. “I’d like to buy a Bottega Veneta bag as well as a coat and a down jacket from Moncler before the weather gets cold.”

With the coronavirus pandemic having sent most of the world’s luxury spending into a tailspin and China the only major economy expected to show growth this year, high-end brands now depend more than ever on Chinese consumers like Zeng for sales.

Their spending largesse, which extends across China’s biggest cities, is spurring luxury brands to double down on the

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Raising capital during the coronavirus pandemic?

We are living in times of great uncertainty. All businesses, big and small, are trying to preserve cash through budget cuts and layoffs. Tech start-ups that are dependent on venture capital (VC) and are running low on cash are stretching their runway while trying to raise additional capital to help pull through the pandemic and maybe allow for some growth. With a third of the major investors in Israeli tech ($2.7 billion in the past year) coming from outside Israel, and with harsh travel restrictions globally and in Israel specifically, raising capital seems like mission impossible.COVID-19 has greatly impacted VC investment activities. In Israel there has been a 50% decline in early-stage VC investments since the pandemic hit. Both serial and first-time entrepreneurs have to understand the recent changes that have taken place within the VC industry globally and in Israel if they are to successfully raise capital. Here are
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Wilkins Says Pandemic Reveals Limits to Bank of Canada Policy

(Bloomberg) — The Bank of Canada’s No. 2 official said one of the lessons of the current pandemic has been to highlight the limits of monetary policy “solving all problems” in a world of low interest rates, as the central bank studies potential changes to its 2% inflation target.

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Speaking at a workshop organized by the Bank of Canada on its mandate renewal next year, Senior Deputy Governor Carolyn Wilkins said the future challenges for central banking have become “crystal clear” in recent months as the world economy navigates the crisis — low interest rates diminish the central bank’s ability to combat future downturns, while also encouraging households to take excessive risks.

That means fiscal policy will need to play a significant role stimulating growth, Wilkins said. It also means regulatory policies need to step up to counter any buildup in financial vulnerabilities as the central bank keeps

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American teachers are facing ‘a perfect storm’ of crises amid the coronavirus pandemic

The compounding stresses of the coronavirus pandemic, the sudden transition to remote learning, and the politicization of schools reopening are burning out teachers.

“I was on the verge of leaving,” an art teacher from Connecticut, who teaches kindergarten through fifth grade but did not want to be identified out of fear of professional retaliation, told Yahoo Finance. “The reason why I stayed truthfully was because of my loan payments.”

According to a survey by Horace Mann of 2,490 educators in the U.S. in June, 34% of them are considering leaving the profession due to the financial stress they’re feeling. 

“It’s like a perfect storm happening right now because the federal government hasn’t passed any legislation to give states any money,” Tish Jennings, an associate professor at the University of Virginia who studies how stress affects teachers, told Yahoo Finance. “ And so when they don’t have enough money in the

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3 New York City businesses on what it’s been like reopening in the first U.S. epicenter of the pandemic

Subscribe to How To Reopen, our weekly newsletter on what it takes to reboot business in the midst of a pandemic.

New York City quickly became the epicenter of the COVID-19 pandemic in the United States this past spring. As the novel coronavirus has spread rapidly elsewhere nationwide, New York has been able to bring cases down and began to reopen businesses this summer, making it a possible blueprint for other American cities once they have the virus under control.

Anyone who has ventured out to a store or small business that is not a grocery store or a pharmacy (which are also quite different than they used to be but remained open during the shutdown) knows that retail experiences and services are not like what they once were. There are a lot of new rules put in place to keep customers and employees safe, which might look very different

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5 emergency documents that can protect you during the pandemic

As the U.S. continues struggling with how to stop the spread of COVID-19, it’s critical to consider whether you have the right emergency documents.

No matter if you live in a coronavirus hot spot or don’t know anyone with COVID-19, there’s never been a better time to understand how different legal documents can protect you.

Here are five types of emergency documents that will help you and your family make essential health care decisions and manage your finances during an unexpected illness or accident.

1. Last will

Your last will is a document that communicates your final wishes after your death. Every adult should have a will. Otherwise, the courts decide what happens to your possessions and who will take care of any minor children who survive you.

You don’t need a lawyer to create a will, but if you have a high net worth or many different types of

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‘This pandemic has completely stripped away my freedom as a deaf person’

This feature is part of the ADA 30th Anniversary series, which marks the 30th anniversary of the Americans with Disabilities Act, civil rights legislation which prohibits discrimination based on disability, provides accommodations for employees with disabilities, and requires public spaces to be accessible.

The coronavirus pandemic has disrupted lives around the globe. But for people with disabilities, making adjustments like wearing a face mask, avoiding public transportation or ride-sharing apps, pivoting to teleconferencing and isolating at home aren’t mere inconveniences; they’re huge obstacles.

Stacey Valle, a deaf social education coordinator and Deafinitely Wanderlust travel writer based in Los Angeles, tells Yahoo Life that she struggles to communicate with people wearing masks.

“And of course, I want them to and they have to,” the 30-year-old clarifies — but adds that, unless a mask is clear, it makes lip-reading impossible and obscures many of the facial expressions she relies on during

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Big data may help BOJ guide economy through pandemic pain

By Leika Kihara

TOKYO (Reuters) – Big data is providing some surprising results for the Bank of Japan and helping ease concerns about pressure on the economy during the coronavirus pandemic, which could influence the way the BOJ manages the world’s most radical monetary stimulus.

By tapping data provided by Google showing people’s movement via mobile phones, the BOJ found that households’ discretionary spending rebounded faster and more vividly in Japan than in other countries after lockdown steps were lifted in May.

Other big data also showed a marked rebound in durable goods sales such as personal computers, which offset some of the weakness in spending on services including leisure, eating-out and travel.

The revelation helped convince BOJ policymakers to conclude the economy has past the worst and did not need immediate, additional monetary support.

“We expect the economy to recover gradually and steadily,” BOJ Governor Haruhiko Kuroda said after

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How the Miami school district has been uniquely prepared for the COVID pandemic

School reopenings have become a hotly debated issue across the U.S. as the Trump administration is threatening to withhold funds from schools that do not open in-person as scheduled. A number of public school systems such as New York have begun to plan for the new year. Many plans call for an extension of online-only learning through the fall.

One school system that may be better prepared for a reopening despite its state’s rising COVID-19 cases is that of the Miami-Dade County Public Schools (M-DCPS) school district.

Operating under extremely challenging environmental conditions isn’t new for the district, Alberto M. Carvalho, the district’s superintendent, told Yahoo Finance.

“The reason why we had the seamless transition from traditional schooling to distance learning is because we had been somewhat influenced by the fact that we are coastal towns subject to periodic hurricane threats,” he said. “So we do have experience in shutting

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As Shoppers Go Digital Amid the Pandemic, Here’s How Neiman Marcus Is Adapting Its Services

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Neiman Marcus is expanding its roster of online services as the coronavirus pandemic continues to change the way shoppers engage with retailers.

The luxury department store announced today the launch of a digital hub dubbed Your Neiman’s, where customers can secure personal appointments in stores, set up curbside pickup, learn about trends and designers during virtual events or engage via video with the chain’s stylists.

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“The world is changing, and we’re all adjusting our habits to accommodate the new normal,” president and chief customer officer David Goubert said in a statement. “The comfort and safety of our customers and associates are our utmost priority. We’ve introduced innovative ways to be here for them, now in more ways than ever.”

As state and local governments loosen lockdown restrictions on nonessential businesses, Neiman Marcus is gradually reopening its locations across the

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