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☆ Chinese climbers stuck on cliff for more than an hour due to overcrowding
▼ + stars: | 2024-05-07 | by ( Lilit Marcus | Wayne Chang | ) edition.cnn.com time to read: +2 min

Earlier this week, groups of travelers climbing Yandang Mountain in eastern China were stuck partway up a cliff, clinging to a rope along a fixed climbing route, for more than an hour. Someone like me afraid of heights might just wet myself up there!” wrote one Chinese online commenter. Wenzhou Dingcheng Sports Development Co., Ltd, which manages the via ferrata, said it had underestimated the number of people interested in climbing the mountain. Yandang Mountain is about 410 km (255 miles) south of Shanghai, in Zhejiang province, and is 1150 meters (3,773 feet) high. A popular site for holidaymakers in China, Yandang Mountain was submitted for UNESCO World Heritage site designation in 2001 and remains on the tentative list.

Persons: Everest, rungs, ”, I’m Organizations: CNN, Sports Development Co, Labor, UNESCO Locations: China, Wenzhou, Shanghai, Zhejiang province

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Strained Chinese cities struggle to pay home buying subsidies
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers. The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses. Weifang, with a population of more than 9 million and an economy larger than Croatia's, and dozens of other Chinese cities, have promised subsidies and other incentives to homebuyers to prop up the ailing property sector. But the real estate downturn also affects the ability of cities to lease land to developers, a key revenue source. This meant some local governments were unable to raise funds to pay the promised subsidies, frustrating buyers and casting doubts over future support measures.

Persons: Amy Wang, Wang, Christopher Beddor, Gavekal Organizations: People's, Communist Party Locations: Hangzhou city, Zhejiang province, China, Weifang, Shangqiu

☆ China sees foreign threats ‘everywhere’ as powerful spy agency takes center stage
▼ + stars: | 2024-04-21 | by ( Nectar Gan | ) edition.cnn.com time to read: +16 min

But among the crowds you and I together are protecting national security,” the narrator concludes. Chinese soldiers look at a poster promoting national security in the southwestern city of Beihai on National Security Education Day on April 15, 2024. CFOTO/Future Publishing/Getty ImagesAccording to the MSS, foreign spies are omnipresent and infiltrating everything – from mapping apps to weather stations. But China’s spy agency has gradually stepped out of the shadows as Xi makes national security a key priority. “Shenyin Special Investigation Squad” is a comic series based on real-life counterespionage operations, according to China's spy agency.

Persons: –, “, ”, Xi, Xuezhi Guo, Sheena Chestnut Greitens, Xi Jinping, Greg Baker, Mao Zedong, Greitens, Chen Yixin, Chen, “ Chen, ” Greitens, Xi –, denigrate, Bain, Alex Plavevski, Guo, influencers, China’s, can’t, James Zimmerman, Perkins Coie, Zimmerman, ” Zimmerman Organizations: Hong Kong CNN, National Security Education, “, Ministry of State Security, National Security, Publishing, CIA, National, Education, Capitol, Guilford College, Asia, University of Texas, Getty, Communist Party, FBI, National Security Propaganda, CCTV, Ministry of State, China’s National Security Commission, Group, China Development Forum, Perkins Coie LLP, ”, MSS Locations: China, Hong Kong, Beihai, British, American, Beijing, Austin, AFP, Zhejiang province, Shanghai, New York, overreaching

☆ In AI rivalry with the U.S., China is behind on a key asset: Its own OpenAI
▼ + stars: | 2024-03-31 | by ( Rebecca Fannin | ) www.cnbc.com time to read: +4 min

In China, which is angling to produce its own chips or get more from Nvidia, no dominant gen AI contender to OpenAI has emerged yet among dozens of Chinese tech titans and startups. Last year, funding of gen AI upstarts accounted for nearly half of $42.5 billion invested globally in artificial intelligence companies, according to CB Insights. "China is at a big disadvantage in building the foundation models for Gen AI," said Rui Ma, an AI investor and co-founder of investment syndicate and podcast TechBuzz China. China does have the tech talent to make a difference in the AI rivalry in the years ahead. Additionally, among top-tier AI researchers working at U.S. institutions, 38% have China as their country of origin, compared with 37% from the U.S.New Chinese gen AI market entries can also reach mass adoption quickly.

Persons: Ernie Bot, OpenAI, Paul Triolo, Jenny Xiao, Rui Ma, Triolo, Sora, Ma, Marco Polo, Baidu's, Ernie, Leong Organizations: Global, Trade, Hangzhou International, Nvidia, tech titans, titans Microsoft, Google, Amazon, U.S, Dentons Global Advisors, Leonis Capital, OpenAI, Paulson Institute, U.S ., Samsung, Apple, Baidu Locations: Hangzhou, Zhejiang Province, China, Washington ,, Silicon, San Francisco, The U.S, U.S, OpenAI

☆ China's richest man is under fire over conspiracy theories that say he's secretly promoting Japan
▼ + stars: | 2024-03-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

China's richest man is being targeted by nationalists who say he's not patriotic enough. AdvertisementZhong Shanshan, the richest man in China, has been beset this month by accusations from an online nationalist crowd that he isn't loyal enough to his country. Some think Nongfu Spring loves JapanThe hostility escalated this week into claims that Nongfu Spring was intentionally planting elements of Japanese culture into its product marketing. CFOTO/Future Publishing via Getty Images and Jinhee Lee/NurPhoto via Getty ImagesAnother complaint accused Nongfu Spring of using a red bottle cap that resembles the Japanese flag. China's nationalist groups have been notorious for turning on typically celebrated figures and businessmen.

Persons: Zhong Shanshan, Zong Qinghou, —, Zhong, he's, Zong, Zhong Shuzi, Jinhee Lee, NurPhoto, Mr Zong, Hu Xijin, shouldn't, Hu, Li Guoqing, Li, Zong Fuli, Mo Yan Organizations: Service, Nongfu, Hong, Hangzhou Wahaha, Hangzhou Wahaha Group, Getty Images, Weibo, Mount, Publishing, Getty, Global Times, The Global Times, Rongsheng Petrochemical, China Newsweek, China News Service, Business Locations: Japan, China, Hong Kong, Hangzhou, Zhejiang Province, American, Tokyo, Mount Fuji

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ 3 surprises from Nvidia earnings help justify a one-day $250 billion boost to its market value
▼ + stars: | 2024-02-22 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

If that return isn't there, will they keep ordering the latest and greatest Nvidia chips? Despite the overall improvements in availability, Nvidia on Wednesday indicated it will face supply-and-demand imbalances with its upcoming AI chips. The U.S. government has said its export controls are designed to keep high-powered AI chips out of the hands of the Chinese military. In the November-through-January quarter, China accounted for a mid-single-digit percentage of Nvidia's $18.4 billion in data center revenue, according to the company. The fact Nvidia still booked China revenue in the hundreds of millions of dollars means it could take a further hit in the region.

Persons: —, Jensen Huang, Raymond James, Nvidia's, Colette Kress, Huang, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nvidia, Meta, Apple, Microsoft, Melius Research, Devices, Big Tech, Wall, U.S, Truist Securities, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: China, Hangzhou, Hangzhou Apsara Conference, Zhejiang province

☆ Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
▼ + stars: | 2024-02-19 | by ( Laura He | Marc Stewart | ) edition.cnn.com time to read: +6 min

But according to CNN calculations based on official data, the average tourism-related spending per trip was below pre-pandemic levels, as consumer confidence remains weak amid deflationary pressure. However, the most recent holiday season took place over eight days from February 10 to February 18, which was one day more than previous periods. On average, 59.25 million domestic trips per day were made during this holiday period, slightly lower than the 59.29 million trips per day taken in 2019. Movie ticket sales reached a record 8 billion yuan ($1.11 billion) during the eight-day holiday season, according to data released on Sunday by China Film Administration. “The headwinds to growth remain severe and it will take more than a bump in holiday travel for market sentiment to recover,” said Neumann.

Persons: ” Nomura, ”, Frederic Neumann, Neumann, “ Organizations: Beijing CNN, CNN, Ministry of Culture, Tourism, Hangzhou East Railway, National Immigration Administration, China Film Administration, HSBC, China Index Holdings, Shenzhen Component Locations: China, Hong Kong, Beijing, Hangzhou, China's Zhejiang province, Macao, Asia, Shanghai, Shenzhen

☆ U.S. and China are working to make the business environment less volatile, Beijing says
▼ + stars: | 2024-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.

Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France

☆ China property stocks jump as Beijing takes steps to boost liquidity in the beleaguered sector
▼ + stars: | 2024-01-25 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. China's property stocks jumped after the country's central bank announced measures that would help boost the liquidity available to property developers. The CSI property index jumped 5.2%, while the mainland's broader CSI 300 added 1.8%. Shares of Hong Kong-listed Country Garden jumped 2.94%, Logan Group gained 5.17% and Longfor Group added 4.61%. The People's Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024.

Organizations: Hong, Logan Group, People's Bank of China, Ministry of Finance Locations: Hangzhou city, Zhejiang province, China, Hong Kong, Hang

☆ Air freight volumes soar as Red Sea delays, risks make more big retailers, auto companies nervous
▼ + stars: | 2024-01-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

HANGZHOU, CHINA - APRIL 6, 2023 - A Cargo plane of Maersk AIR Cargo is seen at Hangzhou Xiaoshan International Airport in Hangzhou, Zhejiang province, China, April 6, 2023. The current spike in use of air freight is primarily in cargo volumes bound for Europe, as more companies avoid the longer Red Sea diversions around Africa's Cape of Good Hope, according to Xeneta, a leading ocean and air freight rate benchmarking platforms. Air freight tends to be "quieter" in the last week of December and the first week of January, according to Niall van de Wouw, chief air freight officer for Xeneta. "If the Rea Sea crisis continues, you'll have more and more companies getting nervous," van de Wouw said. Xeneta data shows that air cargo volumes on the major apparel route from Vietnam to Europe spiked 62% in the week ending January 14 — 6% higher than 2023's peak week in October.

Persons: Maersk, Good Hope, Niall van de Wouw, van de Wouw, Van de Wouw Organizations: Maersk AIR Cargo, Hangzhou Xiaoshan International, Getty Locations: HANGZHOU, CHINA, Maersk, Hangzhou, Zhejiang province, China, Europe, Africa's, Good, Vietnam

☆ Shadow bank Zhongzhi files for bankruptcy as China's debt and property crisis deepens
▼ + stars: | 2024-01-08 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Shadow banks in China operate by pooling household and corporate savings to offer loans to invest in real estate, stocks, bonds, and commodities. Companies such as Zhongzhi have often financed many large Chinese property developers. Hong Kong listed shares of property firms including Logan Group, China Vanke, Sunac and Longfor Group dropped between 2% and 3.6%. More pain for shadow banks? China's government has in the last few years tried to limit the rapid growth of non-bank debt issued by shadow banks.

Persons: Zhongzhi, Commerzbank, Zerlina Zeng, CNBC's Organizations: Zhongzhi Enterprise, Reuters, Beijing, CSI, Logan Group, Longfor, CreditSights Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, Hong Kong

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

☆ Piper Sandler champions Nvidia's opportunity beyond AI chips — underscoring our post-earnings analysis
▼ + stars: | 2023-12-04 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Piper Sandler reiterated its buy-equivalent rating on Nvidia's stock and $620 per-share price target, which implies nearly 33% upside from its Friday close. After Nvidia's more-than-200% stock-price gain this year, investors are wondering what's "new" about Nvidia, Jim Cramer said Monday. The answer to that question is software, Jim said, which could eventually help offset the historically boom-and-bust nature of semiconductor sales. Over time, though, Piper Sandler believes software can become a "significant portion" of Nvidia's total revenue. Despite our alignment with Piper Sandler on Nvidia's long-term software opportunity, Jim on Monday cautioned that its stock could be due for a breather.

Persons: Piper Sandler, Nvidia's, Jim Cramer, Jim, Jim Cramer's Organizations: Nvidia, Devices, AMD, Software, Enterprise, Club, Apple, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: Hangzhou, Hangzhou Apsara Conference, Zhejiang province, China

☆ China's respiratory illness rise due to known pathogens - official
▼ + stars: | 2023-12-02 | by ( ) www.cnbc.com time to read: +1 min

A child gets an intravenous drip at a hospital in Hangzhou in east China's Zhejiang province. China's surge in respiratory illness is caused by known pathogens and there is no sign of new infectious diseases, a health official said on Saturday as the country faces its first full winter since lifting strict COVID-19 restrictions. The spike in illness in the country where COVID emerged in late 2019 attracted the spotlight when the World Health Organization sought information last week, citing a report on clusters of undiagnosed pneumonia in children. Chinese authorities will open more paediatric outpatient clinics, seek to ensure more elderly people and children receive flu vaccines and encourage people to wear masks and wash their hands, Mi Feng, an official with China's National Health Commission, told a press conference. Doctors in China and experts abroad have not expressed alarm about China's outbreaks, given that many other countries saw similar increases in respiratory diseases after easing pandemic measures, which China did at the end of last year.

Persons: Mi Feng Organizations: World Health Organization, China's National Health Commission Locations: Hangzhou, Zhejiang province, China

☆ World Building of the Year: Chinese boarding school receives 2023 architectural honor
▼ + stars: | 2023-12-01 | by ( Oscar Holland | ) edition.cnn.com time to read: +4 min

Singapore CNN —A Chinese boarding school designed to let students unwind and “waste time mindfully” has been named 2023’s World Building of the Year. Designed by Approach Design Studio and the Zhejiang University of Technology Engineering Design Group, the serene campus’ communal areas are intended to blur the distinction between inside and out. Courtesy Approach Design Studio/Zhejiang University of Technology Engineering Design GroupApproach Design Studio said that while teaching prioritizes efficiency, a school’s campus itself should inspire free thinking. The coveted World Building of the Year title is considered one of the architecture profession’s top accolades and is decided at the annual festival by a 140-strong expert panel. This year’s winning design was commended by judges for breaking with the conventions of school design.

Persons: ”, Di Ma, Paul Finch, —, ” Finch, WAF Organizations: Singapore CNN, Huizhen, School, Zhejiang University of Technology Engineering, Group, Newark Liberty International, Surat Diamond Bourse, Pentagon, Australia’s Locations: Singapore, Ningbo, Zhejiang, China, Melbourne, Cambodia, Senegal, Surat Diamond, Sylt, Germany, Europe, Winnipeg, Canada, Bangkok, Thailand

☆ Asia factory activity weakens, uncertainty on China clouds outlook
▼ + stars: | 2023-12-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. The data shows that factories are producing less and hiring fewer people," Dan Wang, chief economist at Hang Seng Bank China, said of China's PMI readings, which have different samples. Export-reliant Japan, South Korea and Taiwan bore the brunt of sluggish global demand with their manufacturing activity remaining stagnant in November, surveys showed. Japan's final au Jibun Bank manufacturing PMI fell to 48.3 in November from 48.7 in October, shrinking at the fastest pace in nine months. Manufacturing activity also shrank in Taiwan, Vietnam and Malaysia, but expanded in Indonesia and the Philippines, the surveys showed.

Persons: Dan Wang, Toru Nishihama, Leika Kihara, Jamie Freed Organizations: REUTERS, PMI, Korea Soft, P Global, Hang Seng Bank, Dai, Research, Jibun Bank, Research Institute, Thomson Locations: Huzhou, Zhejiang province, China, Japan, S, TOKYO, Europe, United States, Hang Seng Bank China, South Korea, Taiwan, Asia, Vietnam, Malaysia, Indonesia, Philippines

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Nov 29 (Reuters) - China's manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad. A flurry of policy support measures has had only a modest effect, raising pressure on authorities to roll out more stimulus. The private Caixin factory survey will be issued on Friday, and analysts expect its reading to edge up to 49.8 from 49.5 in October. Reporting by Joe Cash; Polling by Susobhan Sarkar and Devayani Sathyan in Bangalore; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Cash, Susobhan Sarkar, Devayani, Kim Coghill Organizations: REUTERS, Rights, PMI, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, Japan, Bangalore

☆ China's Meituan launches $1 bln share buyback program
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Wang Xing, CEO of Meituan-Dianping attends at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback of up to $1 billion but it would depend on the company's cash position due to plans to invest in new initiatives and explore overseas investments. "The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing on Wednesday. The share repurchase will start from Dec. 1. Meituan, China's largest food delivery provider ahead of Alibaba's Ele.me, on Tuesday flagged expectations around fourth-quarter revenue growth for its core food delivery business to slow versus the preceding quarter.

Persons: Wang Xing, Dianping, Aly, Meituan, Alibaba's, Rishav Chatterjee, Maju Samuel Organizations: World Internet Conference, REUTERS, HK, Thomson Locations: Wuzhen, Zhejiang province, China, Bengaluru

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Brent climbs ahead of OPEC+ oil production decision
▼ + stars: | 2023-11-24 | by ( Colleen Howe | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent, Colleen Howe, Sonali Paul Organizations: REUTERS, Rights, Brent, . West Texas, of Petroleum, IG, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Rights BEIJING, WTI, U.S, Saudi Arabia, OPEC, Sydney

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

"Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend," Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices. The oil market has dropped almost 20% since late September as crude output in the U.S., the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday. A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday. On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

Persons: Brent, Tsuyoshi Ueno, Ueno, Goldman Sachs, Yuka Obayashi, Stephen Coates Organizations: cnsphoto, REUTERS, Walmart Inc, OPEC, West Texas, Reuters, Organization of, Petroleum, NLI Research, Traders, Walmart, American Petroleum Institute, Energy, Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Russia, U.S, OPEC, timespreads

☆ UN shares its world’s ‘best tourism villages’
▼ + stars: | 2023-11-17 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

For travelers who want to visit a smaller, more authentic local destination, the United Nations World Tourism Organization (UNWTO) has released this year’s list of the best tourism villages. For 2023, 55 villages were recognized by the international organization, which focuses on sustainable tourism, up from 32 last year. The list includes small towns and villages from places as diverse as Mexico, China, Ethiopia, and Italy. There’s no ranking of the villages, and they are all listed in alphabetical order in English. Highlights in EuropeEurope’s selections to the UNWTO list represent a mix of cultural and environmental differences.

Persons: Dhordo, Les Falles, Sant, Al Sela, Jordan • Barrancas, Spain •, Peru •, Egypt •, India •, Korea •, Portugal •, Colombia •, Japan •, Italy • Manteigas, Ecuador •, Pisco, Austria •, Uzbekistan •, • Siwa, Portugal • Anton, Arlberg, Tân, Viet Nam, Hungary •, Moldova • Vila, China • Organizations: CNN, United Nations World Tourism Organization, Asia Dongbaek, UNWTO, UNESCO, Reserve, Spain • Ordino, Andorra • Oyacachi, Schladming, Moldova • Locations: Tokyo, London, Mexico, China, Ethiopia, Italy, Asia, South, Jeju, Shirakawa, Japan, Gifu prefecture, Nagoya, Zhejiang, Dhordo, Rann, Kutch, India, Europe, Spain, Sigüenza, Madrid, Slunj, Croatia, Andorra, Ordino, Sant Pere, Peru, Machu Picchu, Lima, Peruvian, Chacas, Chile, La Carolina, Argentina, Biei, Tortel, Cantavieja, Spain • Chacas, Huantar, Peru • Dahshour, Egypt, Egypt • Dhordo, Republic, Korea, Korea • Douma, Lebanon, Ericeira, Portugal, Portugal • Filandia, Colombia, Huangling, Cánovas, Kandovan, Iran, Lerici, Switzerland, Mosan, Juárez, Oñati, Ecuador, Ecuador • Paucartambo, Peru • Penglipuran, Indonesia, Pisco Elqui, Pozuzo, Saint, Saty, Kazakhstan, Austria, Austria • Sehwa, Korea • Sentob, Uzbekistan, Uzbekistan • Shirakawa, Egypt • Slunj, Sortelha, Viet, Peru • Tokaj, Hungary, Hungary • Văleni, Moldova, Madalena, Portugal • Xiajiang, China • Zapatoca, Colombia • Zhagana

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