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☆ Xi Jinping's high-rank purges show a 'systemic rot' in China's military that could threaten its readiness for war: senior US official
▼ + stars: | 2024-02-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

China's latest military purge shows that it's suffering from more than just graft, a senior US official said. It's likely the PLA's corruption had a material effect on its war capabilities, said Ely Ratner. But, according to Ratner, Xi's latest military purge indicated a more serious problem. Xi's anti-corruption sweep last year extended as high as China's defense minister, Li Shangfu, who was replaced in October. Several top commanders were also fired from China's Rocket Force, a branch that Xi has emphasized as key to Beijing's strength.

Persons: It's, Ely Ratner, Ratner, —, Ryan Evans, Xi Jinping, ", Xi's, Li Shangfu, Xi, hotpot Organizations: Service, Pacific Security Affairs, People's Liberation Army, Communist Party, China's, Force, Bloomberg, PLA, Radio Free, Defense, China Task Force, International Institute for Strategic Studies Locations: Beijing, China, Switzerland

☆ Lunar New Year traditions through the lens of three photographers
▼ + stars: | 2024-02-13 | by ( Momo Takahashi | ) www.businessinsider.com time to read: +7 min

Xia documented their Lunar New Year's dinner that they hosted with their sibling and a few close friends. Ramona Jingru WangWang said Lunar New Year is important to her because it allows her to connect with family and friends through a shared cultural experience. "It's a television performance program that every Chinese family watches at the same time," she said. AdvertisementLee documented her time at the home of her uncle, Szuning Lee, in Chinatown for the Lunar New Year. Sam Lee"We didn't celebrate Christmas, so this was our Christmas," Szuning said, recalling his childhood memories of Lunar New Year.

Persons: —, Caroline Xia Xia, Xia, Leslie, Caroline Xia, Caroline Xia Ramona Jingru Wang Wang, Wang, Ramona Jingru Wang Wang, Meiting, Ramona Jingru Wang, Ramona Jingru Wang Sam Lee Lee, Lee, Szuning Lee, we've, Sam Lee, Szuning Organizations: Service, Business, East Asian, TV Locations: East, China, South Korea, Vietnam, Queens , New York, New York City, Hainan, Chinese American, Chinatown, Mulberry, New York

☆ I moved from San Francisco to Singapore. It's so much cleaner and safer, and I can't imagine returning home.
▼ + stars: | 2024-02-08 | by ( Elle Hardy | ) www.businessinsider.com time to read: +6 min

I fell in love with Singapore the first time I visited. Right after my contract with the Navy ended in 2017, I moved to San Francisco to work at Tesla, and then I took a job at my current company, KLA. I took the job knowing it was based in San Francisco, but I kept telling my boss that I would be interested in moving to Singapore if the opportunity arose. Singapore is so safe that it's difficult to explain to AmericansI lived in the Tenderloin in San Francisco. I'll happily return to America to visit but not to liveSingapore is one of the most expensive cities in the world, but when I lived in San Francisco, the rent was even more expensive.

Persons: —, Nick Burns, There's, 大, it's, It's Organizations: Service, Navy, Business, KLA, Bay, Rapid Transit, hawker Locations: Singapore, Connecticut, South Carolina , New York, Hawaii, San Francisco, Malaysia, India, China, Vietnam, Thailand, Bali, Asia, America, California, Bay

☆ The 'crown jewel' of the Chinese military appears to have a serious corruption problem, but the US can't afford to bet on its missiles all being defective
▼ + stars: | 2024-01-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +11 min

Recent reports point to corruption and readiness problems in the Chinese military, the rocket force in particular. In the aftermath of the report, an ex-PLA official told Radio Free Asia problems like this have long been rampant in the Chinese military. The rocket force shakeups suggest that there are questions over who can be trusted. Xinhua/Cha Chunming via Getty ImagesConcerns about corruption and readiness stand in contrast with the modernization and strengthening of the Chinese military. Is the PLA, particularly the rocket force, the increasingly formidable force the Pentagon described in a military power report last October?

Persons: It's, —, Tom Shugart, Xi Jinping, that's, hotpot, hadn't, bigwig, Xi, Liu Dawei, Shugart, weren't, Lintao Zhang, Li Shangfu, Li Gang, ISW, there's, Andy Wong Organizations: Service, People's Liberation Army, US, Center, New, New American Security, Liberation Army, Getty Images, Bloomberg, PLA, Rocket Force, Radio Free, 14th China International Aviation, Aerospace Exhibition, Getty, Liberation Army Rocket, Business, United, Naval, Army, Air Force, Communist, of, Defense, Chinese Communist Party, Liberation Army's Army Infantry College, Li, Pentagon, U.S . Nimitz, US Army Locations: New American, Taiwan, Hefei, Anhui province, Radio Free Asia, Zhuhai, Guangdong Province, Xinhua, United States, Beijing, China, PLA, Gutian, Jiangxi Province, U.S, Tiananmen, Pamir, Kashgar, China's Xinjiang, Pacific

☆ A Chinese waitress who pretends to be a humanoid robot is dividing the internet
▼ + stars: | 2023-11-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The internet appears divided over a video showing a Chinese waitress serving food to customers. Some people think it's a humanoid robot, but others say it's a woman acting. The South China Morning Post reported that it's actually the restaurant's owner, who is a dancer. Some think it's a humanoid robot, but others say it's a human who is acting. AdvertisementThere were some 5,000 robots serving customers in Korean restaurants in 2022, the Financial Times reported, citing industry data .

Persons: it's, —, Topia Organizations: China Morning Post, Service, China Morning, Ministry of Industry, Information Technology, CBS News, Financial Times Locations: China, Texas

☆ Fukuoka: The Japanese city that dominates street food
▼ + stars: | 2023-10-23 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

CNN —Fukuoka, Japan’s sixth largest city by population, has more open-air food stalls than the rest of the country combined. These stalls are called yatais, and they’re an indelible part of what makes Fukuoka’s food scene so special. A vendor prepares local Hakata-style pork broth ramen at a Fukuoka yatai. Hemis/Alamy Stock Photo“Yatai is the best place to make friends,” says Nick Szasz, a Canadian-born longtime resident of Japan who runs the English-language website Fukuoka Now. Though the city has always been dotted with these food carts, Takashima’s administration set up a committee to regulate them and make sure they’d remain a vital part of the city.

Persons: Yatais, oden, ”, Nick Szasz, Szasz, it’s, Sōichirō Takashima, –, Fukuoka’s, Kensuke Kubota –, London’s Zuma, Japan –, Yatai Keiji, yatais Organizations: CNN, Fukuoka Locations: Japan’s, Fukuoka, Sapporo, Hakata, Canadian, Japan, Kyushu, AsiaDreamPhoto

☆ Bubble tea will test limits of China’s consumers
▼ + stars: | 2023-08-08 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, Aug 8 (Reuters Breakingviews) - Bubble tea may be the new bellwether for the Chinese consumer. At least half a dozen boba-drink makers, including China’s largest chain by store count, Mixue Bingcheng, are planning initial public offerings in Hong Kong or the United States, Bloomberg reports. Shares in Hong Kong-listed Nayuki (2150.HK), the country’s only publicly traded bubble tea chain, have dropped 70% since their debut in 2021. Follow @t__shum on TwitterCONTEXT NEWSAt least six bubble tea companies are looking to go public in either Hong Kong or the United States, Bloomberg reported on July 24 citing people familiar with the matter. In 2022, China’s biggest bubble tea chain by store count, Mixue Bingcheng, filed for a $918 million initial public offering in Shenzhen.

Persons: Mixue, Gen, Mixue Bingcheng, Robyn Mak, Katrina Hamlin, Pranav Kiran Organizations: Reuters, Bloomberg, HK, KFC, Haidilao, Refinitiv, Thomson Locations: HONG KONG, Hong Kong, United States, Beijing, China, Shenzhen

☆ These global and U.S. stocks are set to soar further after a strong first half, analysts say
▼ + stars: | 2023-07-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Among global stocks, Japan was the top performer, with shares up over 16% year-to-date at the mid-year, according to data compiled by Julius Baer, while European stocks gained 7.47%. All of the stocks have a buy rating from at least 60% of analysts covering them. They are also well-loved by analysts, with a more-than 70% buy rating and over 30% potential upside. Baidu also appears on CNBC Pro's screen, with 32% potential upside and a 74% buy rating. Super Hi, the international operator of the wildly popular Chinese hotpot chain Haidilao, also has among the highest potential upside at 51%.

Persons: Julius Baer, Buffett, Morgan Stanley, bullish Organizations: CNBC Pro, Chrysler, Baidu, CNBC, Warner Bros Discovery, MGM Resorts, Caesars Entertainment Locations: Japan, China, Swiss

☆ Man with axe attacks Chinese restaurants in New Zealand, injuring four
▼ + stars: | 2023-06-19 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, June 20 (Reuters) - A man wielding an axe entered three Chinese restaurants on Monday night in New Zealand’s largest city Auckland, sending four people to hospital, authorities and local media reported. One victim was discharged and three remain in stable condition, North Shore and Auckland hospital spokespeople said on Tuesday. Local media reported that the man went into three Chinese restaurants — Zhangliang Malatang, Yues Dumpling Kitchen and Maya Hotpot — and started randomly attacking people with an axe around 9 p.m. on Monday night. A witness told local news organisation Radio New Zealand that she was eating at Maya Hotpot with a friend when a man came at her friend with the axe. New Zealand Police said they had arrested a 24-year-old man and he was due to appear in court on Tuesday on a charge of wounding with intent to cause grievous bodily harm.

Persons: spokespeople, Hotpot —, Hotpot, Lucy Craymer, Lisa Shumaker Organizations: Local, Radio New Zealand, New Zealand Police, Police, Thomson Locations: New Zealand’s, Auckland, North Shore

☆ Nishiyama Onsen Keiunkan: What it’s like to stay at the world’s oldest hotel
▼ + stars: | 2023-06-09 | by ( Mayumi Maruyama | ) edition.cnn.com time to read: +8 min

Minobu, Japan CNN —Tucked deep in the mountains of Japan’s Yamanashi prefecture, the Nishiyama Onsen Keiunkan has tatami floors, kimono-sporting staff and signs in handwritten calligraphy. But its popularity received a huge boost in 2011 when the Guinness Book of World Records designated Nishiyama Onsen Keiunkan as the oldest hotel in the world. The front entrance of Nishiyama Onsen Keiunkan. Courtesy Nishiyama Onsen KeiunkanLearning to let goStandard rooms at Nishiyama Onsen Keiunkan have three sections: two sitting areas and one living space. To solve this, he took over the original shares of the business and created the Nishiyama Onsen Keiunkan Limited company.

Persons: Japan CNN —, that’s, Fujiwara, Naruhito, ”, Michiyo Hattori, Mayumi Maruyama, they’re, Kenjiro Kawano, CNN Kawano, Kawano, “, Kawano couldn’t, ” Kawano Organizations: Japan CNN, World Records, Mount, ”, Staff, CNN, Keiunkan Limited Locations: Minobu, Japan, Yamanashi, Tokyo, Shizuoka, Mount Fuji, It’s

☆ Consumers in China are dining at nicer restaurants — even if it costs $500 a person
▼ + stars: | 2023-05-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Despite the Covid-19 pandemic, a brand called Lu Style opened four new restaurants in the last three years in Beijing and Shanghai. Since Lu Style launched in 2016, more people no longer focus on just being able to eat, said Tian Junfeng, director of operations. Tian said Lu Style will be focused on improving customer service in the coming months. The 2023 rankings selected 304 restaurants — most of which were in China, including Lu Style. Two Lu Style locations have one Michelin star each, and the France-based guide includes more than 400 restaurants in mainland China.

☆ China's latest addition to its disputed South China Sea outpost: a hot pot restaurant
▼ + stars: | 2023-05-03 | by ( Laura Zhou | South China Morning Post | ) www.businessinsider.com time to read: +4 min

The restaurant opened in late April and can seat 120 at once, the local government says. Woody Island, known as Yongxing in China, is the largest outcrop in the group of about 30 islands making up the Paracels. The government, headquartered on Woody Island, administers both the Paracels and the also hotly contested Spratly island chain, which China calls the Nansha Islands. A satellite photo of Woody Island in March 2018. The centre is also seen as a way to demonstrate Beijing's sovereignty in the region by linking underwater artefacts from the South China Sea — "an important section of the Maritime Silk Road" — to Chinese cultural heritage.

HONG KONG, April 17 (Reuters Breakingviews) - Hong Kong could use a shot of something. Yet compared to the $313 billion Shanghai-listed behemoth Kweichow Moutai (600519.SS), debutante ZJLD is a drop in the near-$100 billion baijiu industry: it logs less than 1% market share. At the top of the marketed price range, ZJLD could be worth $5.4 billion, or almost 24 times this year's forecast earnings, IFR reports. Revenue at the company, which will be the first baijiu distiller to list in Hong Kong, was up a healthy 15% last year, while its adjusted net profit margin topped 20%. For Hong Kong, consumer stocks will put the focus back onto classic risks.

☆ From hotpot to bubble tea, BOFA says China may be seeing signs of consumption recovery
▼ + stars: | 2023-04-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Signs of recovery may be emerging in China's luxury and consumer discretionary goods sectors, said an analyst from Bank of America, even as China released data showing consumer inflation at an 18-month low. "In terms of luxury high-end [consumption] — we're seeing quite strong recovery," said the bank's chief China equity strategist Winnie Wu. "On the lower end, the bubble tea, the Shabu Shabu, those hotpots — we're seeing good recovery." China's luxury market fell 10% in 2022, declining for the first time in five years, according to Bain & Company. Wu, however, maintained that a good overall recovery across China's consumer sector has yet to be seen.

☆ Retail sales in China aren't good enough, strategist says
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail sales in China aren't good enough, strategist saysWinnie Wu of BofA Securities, however, says China's luxury market and hotpot restaurants have had good recovery.

☆ Chinese top hotpot chain's overseas unit sees profit this year
▼ + stars: | 2023-03-31 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

SINGAPORE, March 31 (Reuters) - The overseas unit of China's biggest hotpot chain Haidilao expects to return to profit this year, after posting almost 80% year-on-year growth in revenue for 2022 late on Thursday. Haidilao International Holding's (6862.HK) overseas unit, Super Hi International Holding (9658.HK), posted revenue of $558.2 million and a net loss of $41.3 million for 2022, compared with a loss of $150.8 million in 2021. Overall, we are satisfied with our performance in 2022, and optimistic with this year," Zhou Zhaocheng, 50, CEO of Haidilao's overseas unit told Reuters in an interview. The pace of opening new stores overseas this year would be similar to last year, when 17 new stores were added, Zhou said. Haidilao International Holding carved out its overseas units to form Super Hi International Holding and listed it in Hong Kong in December.

SINGAPORE, Jan 31, (Reuters) - Like many rich Chinese, graduate student Zayn Zhang thinks Singapore could be ideal to park his family's wealth. His family might establish a Singapore family office to manage its wealth in the future, he added. Well-known Singapore family offices include those set up by James Dyson of vacuum cleaner fame, hedge fund manager Ray Dalio and Zhang Yong, founder of China's Haidilao hotpot restaurant chain. Though fresher statistics are not available, those involved in the industry said interest in family offices picked up in 2022 and is expected to continue unabated this year. While some are setting up family offices, others are setting up business headquarters in Singapore or investing in funds domiciled in Singapore, she said.

☆ Five Chinese startups that survived a tough year of Covid lockdowns
▼ + stars: | 2023-01-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — In a year of Covid lockdowns and travel restrictions, some Chinese startups that survived found growth online and overseas. The startup avoided significant impact from China's Covid lockdowns since it could deliver its products virtually, Jiang said. The company aggressively pushed overseas in 2022 – launching subsidiaries in Tokyo, Seoul, Germany, Dubai, Los Angeles and Hong Kong, Wan said. Previously, Wan said that Keenon had seen revenue at least double or more every year from a lower base, when the China market was growing. The company has a staff of 100 people in the southern Chinese province of Guangdong and Los Angeles, Lin said.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

In sparse comments on workplace conditions, however, national health officials have urged that high-risk areas should be much more narrowly defined, while production or business operations continue elsewhere. As he stockpiles medicines against such an eventuality, he has told staff to follow new guidelines to stay home if they got infected, in which case he plans to pay them half their wages. To avoid disruption from any infections, Yang initially considered shutting the factory early ahead of the Lunar New Year, but ultimately set aside that option. In Beijing, some state firms and banks are grouping staff into teams to ensure work continues despite any outbreak, sources told Reuters. "I am confident it will be a mess for about 3 months," saidthe firm's executive vice president, Renaud Anjoran.

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