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He made Singapore even more prosperous by largely following the semi-authoritarian and free-market model pioneered by his father, Lee Kuan Yew, the country’s first leader. On Wednesday, Singapore gets a new leader for the first time in nearly 20 years. But there are concerns that the vaunted “Singapore model” is failing more and more people. Singapore is one of the most expensive cities in the world, but it does not have a minimum wage. The strains are exacerbated by the need for overseas workers; about 40 percent of Singapore’s nearly six million people are not citizens.
Persons: Taylor Swift, Lee Hsien Loong, Lee Kuan Yew, Lee, Lawrence Wong Locations: Singapore, United States
CNN —Venezuela continues to build up military infrastructure and hardware close to the border with Guyana as President Nicolas Maduro and his supporters scale up their threats to annex an oil-rich piece of Guyanese land. Guyana had called the move a step towards annexation and an “existential” threat as the specter of armed conflict loomed over the region. Using satellite imagery and social media, CSIS found that the expansion of Anacoco Island’s military base has continued. Maduro could ‘fall victim to own rhetoric’The threats to Guyana have concerned its partners. “Thus, one of the most concerning possibilities is that Maduro will fall victim to his own rhetoric.
Persons: Nicolas Maduro, , ” Ryan Berg Organizations: CNN, Strategic, International Studies, Venezuelan, US Navy, Americas, CSIS Locations: Venezuela, Guyana, Washington, Venezuelan, Essequibo, Punta Barima, arm’s, Essequibo ”, Guyanese, Georgetown, Idaho
New York City has an image problem. The nightly news typically has a Big Apple spot about unprovoked street violence, subway attacks, drive-by shootings, shoplifting gangs and homeless encampments. The upcoming 400th anniversary of New York City in 2025 offers a great opportunity to change the prevailing narrative. A world-class party could attract more tourists to the world’s greatest city. And Gotham has thousands of citizens who care deeply about the past and who would eagerly embrace the opportunity to show their love for the city.
Persons: Eric Adams, we’ve Organizations: Apple, New Locations: York City, Gotham, United States, New York City
Mumbai, India CNN —As Indians head to the polls in a massive ongoing nationwide election, much attention has focused on the country’s explosive growth under Prime Minister Narendra Modi’s leadership. There is expected to be 740 million active smartphone users in India by 2030, according to EY India. “I wanted to make similar shoes that were printed with ‘Made in India,’” Shah says. After four years of trial and error, Shah Shoes was born. Some 17 years on, Shah Shoes has helped support his family back in Bihar, including six siblings.
Persons: Narendra Modi’s, — Modi, Javed Khatri, Noemi Cassanelli, he’d, Khatri, , , , , Apoorva Mukhija, , Instagram, Mukhija, ” Mukhija, That’s, she’s, she’d, Jameel Shah, CNN Jameel Shah, Shah, wasn’t, CNN Shah, Kylie Minogue, ” Shah, , ’ ” Shah, Shah Shoes, Priyanka Chopra, Katrina Kaif, He’s, Modi’s Organizations: India CNN, Bharatiya Janata Party, BJP, CNN, EY, World Bank, Facebook Locations: Mumbai, India, , Bangalore, Silicon, , EY India, Dubai, London, California, , Delhi, Bihar, India’s, Dharavi, Australian
CNBC's Inside India newsletter: A disconnected stock market
  + stars: | 2024-05-10 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +5 min
CNBCThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. For local investors, Indian stocks would have underperformed the U.S. benchmark by more than 45 percentage points since Buffett's 2008 bet. It appears that India's near 8% GDP growth isn't transforming into stock market returns. But that has also meant significant competition for the incumbents, many of which are listed on the stock market. This year has also been particularly unlucky for Indian stock market investors thanks to the uncertainty added by politics.
Persons: Warren Buffett, it's, Jonathan Pines, Federated Hermes, Rajeev Agrawal, Agrawal, Narendra Modi's, Kevin Carter, Buffett, Carter, Modi, Narendra Modi, Amit Shah, Virat Kohli, Rajat Patidar Organizations: Berkshire, CNBC, BSE, Federated, DoorDarshi Advisors, Narendra Modi's BJP, India, Ecommerce, One97 Communications, Ujjivan Financial, BJP, Russia, Indian, Ukraine, India's Central Bureau of Investigation, Indian Premier League, Wednesday, Royal Challengers Bengaluru Locations: Omaha , Nebraska, Omaha, BSE India, India, United States, Gandhinagar Lok Sabha, Russia, Mumbai, Punjab Kings
Calling AI profound, Buffet said that the technology is like a "genie" — once it gets let out of the bottle, it could have disastrous effects. It's a question, he said, that has riddled the best economists for a century. Warren Buffett is the first to admit he doesn't know much about artificial intelligence. This rebound has led to questions from corporate executives about factors that could be at play, from AI to return-to-office mandates. "Every company is looking at AI and deciding where it will help them," he said during a recent interview on CNBC's "Money Movers."
Persons: Buffett, Buffet, Warren Buffett, it's, couldn't, John Maynard Keynes, Keynes, Gary Cohn, Cohn, Dev Ittycheria, Elon Musk, Mark Zuckerberg, Sam Altman, Robert Solow, Berkshire Hathaway Organizations: Apple, Berkshire Hathaway, Berkshire, IBM, National Economic, CNBC, Nvidia, McKinsey, Harvard Business Locations: Omaha, Berkshire
Has the time arrived for the stock to break free from a range heading into earnings next week? There has been much hype around this emerging Swiss company that grew revenues by 68% in 2022, 46% in 2023, and are expected to grow revenues by more than 25% in 2024 and 2025. Technically speaking ,that range of overhead resistance for On Holding (ONON) is easy to see on the weekly chart below. There was weekly downtrend line resistance originating from the 2022 high that was broken in Q1 '24. On earnings ahead Heading into earnings, I think it's wise to refer back to Q4 of 2023 earnings announced on March 12.
Persons: Shoemaker, I've, CROX, Todd Gordon, Gordon, ONON Organizations: Nike, Air, swiss, Inside Edge, Edge Capita Locations: Swiss, U.S, SKX
Opinion | The Peculiar Persistence of Trump-stalgia
  + stars: | 2024-05-02 | by ( Paul Krugman | ) www.nytimes.com   time to read: +2 min
Real incomes per capita, although lower than they were when the government was handing out stimulus checks, are higher than before the pandemic. But, you say, people feel that they’re worse off — I agree that narrative is floating out there — except overall, they really don’t. I’ve written before about swing-state polls in which solid majorities of voters say that the economy is doing badly, but at the same time comparable majorities say that they themselves are doing well. The widely cited Michigan survey asks respondents whether their financial situation is better or worse than it was five (not four) years ago: 52 percent say better, 38 percent say worse. And again, when voters are asked about their personal well-being as opposed to the state of the economy, they’re relatively positive — although even there, partisanship shades responses.
Persons: I’ve, Biden, Organizations: Trump Locations: Michigan
Municipal governments across the United States are looking to rein in spending as pandemic-era stimulus dries up and inflation lingers for longer than expected. The group issued a AA investment grade general obligation bond rating for New York City in March 2024. The financial challenges within cities appear to be mounting despite high municipal credit ratings and robust demand for urban commodities like housing. "I think we can all agree that we're broke," said Houston Mayor John Whitmire in a March 2024 City Council budget hearing. Meanwhile, in the case of New York City, leaders remain optimistic about future returns.
Persons: Michael Rinaldi, Brad Lander, Sheila Weinberg, we're, Houston Mayor John Whitmire, Weinberg, We've, Lander, Eric Adams, Rinaldi, Adams Organizations: Fitch, AA, New, Truth, University of Denver, New York, Apple, Houston Mayor, Accounting, CNBC, Lander Locations: United States, U.S, New York City, Chicago, Houston, Portland , Oregon, New York
I spent a day in Wisconsin Dells, also known as the "water park capital of the world." For $60, I visited Kalahari water park, which had a surprising number of rides for kids and adults. I loved Kalahari, and it's nice that the indoor water park makes it possible to enjoy it all year. AdvertisementThe Midwest isn't known for tropical temperatures or stunning beaches, but it is home to the "water park capital of the world": Wisconsin Dells, Wisconsin. In March, I jumped at the chance to visit Kalahari, one of the hundreds of water parks in the area.
Persons: Organizations: Wisconsin Dells, Service, Business Locations: Wisconsin, Wisconsin Dells , Wisconsin
It was remarkable, given that inflation was elevated and interest rates were at their highest in two decades. “With the job market and economy holding strong, consumers could continue spending on these tours – and there’s certainly still demand,” Liz Anderson, a content strategist at jobs site Appcast, said in a statement to CNN. Beyoncé released “Cowboy Carter” on March 29, her eighth studio album featuring 27 tracks rooted in country music. Swift released her eleventh studio album, “The Tortured Poets Department,” Friday, and it soared past Beyoncé’s streaming record in just a few hours, becoming Spotify’s most streamed album in a single day of 2024. Swift’s latest set of music was released a “double album,” consisting of 15 extra tracks.
Persons: Washington CNN — Taylor Swift, Swift, Olivia Rodrigo, Bad, there’s, Liz Anderson, , Taylor Swift, Beyoncé, , Bruce Springsteen, Coldplay, Carter ”, hasn’t, Pawan Joshi, “ We’re, , Jeanelle Johnson Organizations: Washington CNN, Coachella Valley Music and Arts, Billboard, Federal, CNN, Poets Department, International Monetary Fund, PricewaterhouseCoopers Locations: Coachella, States
This is because climate politics looks different in the developing world; it will shape Indian elections in definitive but under-the-radar ways. Similarly, stump speeches throughout this campaign season have not featured climate change as a central issue. The headwinds of climate change are absorbed by the electoral machine and emerge as end-of-tailpipe policies rather than grand climate strategy. This pattern of climate politics is reinforced by seemingly low recognition in India of climate change as a problem. The climate impacts buffeting the most populous nation on earth aren’t just a domestic issue — they’re an international one.
Persons: Aditya Valiathan Pillai Nadeem Z, Aditya Valiathan Pillai, Read, New Delhi CNN —, Amarjeet Kumar Singh, Kabir Jhangiani, Narendra Modi, Stump, Pawan Sharma, Tamanna Dalal Organizations: New, New Delhi CNN, Anadolu Agency, Getty, Bharatiya Janata Party, BJP Locations: New Delhi, India, Bangalore, Silicon, Karnataka, Mumbai, Delhi, sunburnt, Uttar Pradesh, China, Australia, Agra, Maharashtra, North Bengal, Bengal
New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.
Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, , National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP
Set up in 2005, San Quentin’s running club meets regularly and is run entirely by volunteer coaches from Marin County’s Tamalpa Running Club, who come from outside the facility to share their expertize and time with aspiring runners in the prison. For the most part, it’s poverty mixed with a lack of opportunity,” Thomas tells CNN Sport. “It hurt me inside because he was more like a mentor to me,” Taylor tells CNN Sport. That helped me in my recovery and transformation in my life,” Taylor, known as “Markelle the Gazelle” because of his athletic prowess, explains. “But there’s two million people in prison,” Thomas adds.
Persons: Rahsaan Thomas wasn’t, Thomas, , , , Johnny Cash, Marin County’s, ” Thomas, you’re, Thomas ’, Christine Yoo, Diana Fitzpatrick, ” Fitzpatrick, Jim Maloney, Maloney, Markelle Taylor, Kevin Rumon, we’re, ” Taylor, Taylor, Gavin Newsom, podcaster Organizations: CNN, San, Prison, CNN Sport, ESPN, Initiative, Black, Federal Bureau of Prisons ., San Quentin Marathon, Boston Marathon, New York City Marathon Locations: San Quentin, Quentin’s, White
CNN —The tiny, remote Italian island of Alicudi is home to only around 100 residents and, ideally, about 100 wild goats. According to the Sicilian regional government, the goats were introduced to the island around 20 years ago by a farmer who then set them free. For years, the animals—which are not owned by anyone—grazed autonomously on the sides of Alicudi’s cliffs and are featured in almost any postcard from the volcanic island. “We have heard from dozens of people since we first announced this,” Gullo said, including a farmer from the nearby island of Vulcano, who produces goat cheese. Once the goats have been apportioned, the goat-taker has 15 days to catch and remove them from the island.
Persons: Riccardo Gullo, Gullo, you’ve, they’re, , ” Gullo, Organizations: CNN Locations: Alicudi, Vulcano, Sicily, McKinney , Texas, Llandudno, Wales
It would be great if Treasury Secretary Janet Yellen had a copy of “The Portable Karl Marx” with her on her trip to China this week. China was “among the most unequal countries in the world” in 2018, another I.M.F. working paper released that year said. While Xi Jinping name-checks Marx, it’s clear from his behavior that what he really pursues is national greatness under the direction of the Chinese Communist Party. That’s more in line with Lenin, who believed that a “vanguard” party would lead the proletariat, than with Marx or Engels.
Persons: Janet Yellen, Karl Marx ”, Mao Zedong, Deng Xiaoping, ” Marx, Xi, Marx, it’s, Lenin, Engels Organizations: International Monetary Fund, Chinese Communist Party Locations: China, Brazil
Amir Yaron, governor of the Bank of Israel, speaks during an interest rates news conference in Jerusalem, Israel, on Monday, Feb. 26, 2024. Israel's central bank chief on Sunday called on the government to enact responsible fiscal policy by reining in non-defence spending to offset any further expansion in the military budget. Israel intends to add some 20 billion shekels ($5.4 billion) of spending towards defence a year going forward. Israel's economy grew 2% in 2023, with zero per capita GDP. The governor said Israel's economy entered the war with good economic fundamentals and has in the past rebounded rapidly from crises.
Persons: Amir Yaron, Israel, Yaron Organizations: Bank of Israel, Hamas, Jewish Locations: Jerusalem, Israel, Israel's, Gaza
But Japan's economy — the long-unconscious patient — recently started to wiggle its toe. The country's stock market is ripping; the Nikkei recently exceeded the all-time highs it set 34 years ago. Now, Koo says, Chinese academics and policymakers are flocking to Japan to glean some kind of wisdom from the country's experience. Advertisement"This has made Japan attractive for foreign investors, and the stock market has done well," Koo said. Even without a currency war with Beijing, the world is building defenses against another wave of Chinese goods.
Persons: , Goldman Sachs, there's, Nomura, Richard Koo, Koo, Shinzo Abe, Japan's, What's, it's, we're, haven't, Xi Jinping, doesn't, Xi, we've, Brasília Organizations: Nikkei, Goldman, Bank of Japan, Corporations, International Monetary Fund, Japan, Peterson Institute, European Union, China Locations: East Asia, China, Japan, Real, Tokyo, Beijing, Brussels, Brasília, American, Washington, Brazil, Turkey
Opinion | The Great Struggle for Liberalism
  + stars: | 2024-03-28 | by ( David Brooks | ) www.nytimes.com   time to read: +1 min
In 1978, the Russian dissident Aleksandr Solzhenitsyn gave a commencement address at Harvard, warning us about the loss of American self-confidence and will. “A decline in courage may be the most striking feature that an outside observer notices in the West today,” he declared. The enemies of liberal democracy seem to be full of passionate intensity — Vladimir Putin, Xi Jinping, Donald Trump, campus radicals. He shows how it was created by real people in real communities who wanted richer, fuller and more dynamic lives. The Dutch merchant fleet was capable of carrying more tonnage than the fleets of France, England, Scotland, the Holy Roman Empire, Spain and Portugal combined.
Persons: Aleksandr Solzhenitsyn, , Vladimir Putin, Xi Jinping, Donald Trump, Fareed Zakaria’s, Zakaria doesn’t Organizations: Harvard, Republicans, Trump Locations: Russian, West, Dutch Republic, Dutch, France, England, Scotland, Empire, Spain, Portugal, Paris
Blue zones are places that have 10 times more centenarians compared to the U.S. on a per capita basis. While the original blue zones came about by natural circumstances, blue zones 2.0 are man-made. "The old blue zones are disappearing because they're becoming Americanized," Buettner said. Keep loved ones closeResearch shows that people in blue zones tend to prioritize their loved ones and keep them nearby. Accessible health careSingaporeans enjoy universal health care which means residents have access to quality medical care, including health services such as prevention, treatment, rehabilitation and palliative care.
Persons: Koh Sze Kiat, Dan Buettner, Loma, Buettner, That's, Grant, Lee Kuan Yew Organizations: Getty Images Singapore, CNBC, Loma Linda, National Geographic, National Institute of Aging, Toyota Camry, Research, Pew Research Center, Pew, Health Locations: Singapore, Greece, Okinawa, Japan, Costa Rica, Sardinia, Italy, United States, walkability, U.S, America
CNN —The UN World Happiness Report released last week ranked Denmark the world’s second happiest country for a sixth consecutive year. But that would mean you probably don’t understand the Danish way of thinking. The Happiness Report then takes an average of the numbers given by those surveyed in each nation across the last three years. An 80-year old Danish relative of mine thinks it’s why the older generation came out on top in this year’s happiness report. Join us on Twitter and FacebookWhich brings me back to the World Happiness Report and consistently being runner up to Finland.
Persons: Emma Firth, Emma Firth Galyna Baz, Jessica Joelle Alexander, Iben Dissing Sandahl, , Danes, , Denmark, Finland’s, Catarina Lachmund, Santa Claus, Lachmund, “ I’m, lexicographers, they’ll Organizations: CNN, Gallup, Happiness Research, Twitter, Facebook Locations: Denmark, Finland, United States, ” Finland, Lapland, “ Denmark, Danish, Scandinavia
Read previewA Chinese state media report about rural men struggling to afford exorbitant dowries has triggered backlash online from people who say the bachelors are missing the point. State-run outlet Legal Daily published an article on Monday covering the dating lives of three rural men in their early 30s, who said they can no longer keep up with rising "betrothal prices." Many accounts, who listed themselves as female on their profiles, say men are using the unattainable dowries as an excuse for their undesirability as partners. It's not about the dowries, people sayRising dowries have unsettled Chinese officials already fretting about plummeting national birth and marriage rates. AdvertisementMeanwhile, it's become increasingly clear that officials are concerned by the growing prevalence of singlehood among rural men, with state media often discussing such bachelors leading loveless lives.
Persons: , Cheng Wei, Mu Zheng, Mu, It's, shouldn't, it's, loveless Organizations: Service, Business, National University of Singapore, Monday, BI, dowries Locations: Jiangxi, Weibo, China, Beijing
Opinion: Why a booming economy isn’t helping Biden
  + stars: | 2024-03-24 | by ( Fareed Zakaria | ) edition.cnn.com   time to read: +9 min
It used to be that the public’s view of the president depended mostly on its view of the economy. Democrats who had previously thought the economy was in terrible shape now thought it was booming, and Republicans did the opposite. I argue in the book that it is identity — which encompasses culture, class and tribalism. And when people see their world in flux, they often move not left on economics but right on culture. The left needs to play more effectively on the new crossroads of politics, where culture and class have replaced economics.
Persons: Fareed Zakaria, Fareed, Read, Joe Biden’s, haywire, It’s, Nate Cohn, Barack Obama’s, Donald Trump, , Trump, Ronald Inglehart, , Inglehart, John Burn, Organizations: CNN, Fareed’s, The New York Times, Immigration, Trump Locations: America, Sweden, Denmark, France, Austria, Germany, Japan, United States, Nigeria
Lithuania is the happiest country for Gen Z and millennials, according to the 2024 World Happiness Report. The final rankings of happiest countries for those under the age of 30 and those 60 and above are quite different. Lithuania took the top spot in this ranking but the country ranked No. 19 happiest country in the world, overall. "Convergence between the two halves of Europe has been driven mainly by the rising happiness of the young," the report states.
Persons: Gen, Z Organizations: Research, University of Oxford, Pew Research Center Locations: Lithuania, Europe
Opinion | The Roots of Rural Rage
  + stars: | 2024-03-23 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:Re “The Mystery of White Rural Rage,” by Paul Krugman (column, Feb. 27):In 2006 I rode my bicycle across the country. From San Diego to Georgia I traveled over long stretches of empty road that connected small rural communities. Christian values, love of God and country, are supposed to be an inoculation against bad things. Yet almost every per capita statistic — teen pregnancy, gun deaths, infant mortality, spousal abuse, drug use, alcoholism, poverty — shows an inherent, not extrinsic, problem in rural America. Rural residents, as Mr. Krugman points out, live on the “destruction side of the equation,” but technology alone is not to blame.
Persons: Paul Krugman, Krugman Organizations: White Locations: San Diego, Georgia, , America, Rural
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