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☆ Olympic swimming: Four takeaways from a thrilling night
▼ + stars: | 2024-07-31 | by ( Kyle Feldscher | ) edition.cnn.com time to read: +6 min

Ledecky broke her own Olympic record set three years ago in Tokyo by more than five seconds and finished 10 seconds ahead of France’s Anastasiia Kirpichnikova, whose finish had the home nation fans in full voice. Marchand set an Olympic record in the 200m breaststroke. Maddie Meyer/Getty ImagesHe never looked bothered in the 200-meter breaststroke, setting yet another Olympic record as he cruised to victory. First world record set in the Paris poolThe pool at La Défense Arena has been described as slow by some of the swimmers in Paris. Pan of China reacts after setting a new world record - first swimming world mark of the Paris Games.

Persons: Katie Ledecky, Ledecky, Kirpichnikova, Quinn Rooney, “, I’m, ” Ledecky, Marchand, Léon Marchand, Kristóf Milák, Maddie Meyer, ”, Ueslei Marcelino, Pan Zhanle, Pan, Huske, Sarah Sjöström, Sjöström, Hong Kong’s Siobhan Bernadette Haughey, Sarah Stier, ” Sjöström Organizations: France CNN —, Games, Défense, La Défense, Paris Games, Reuters, La Locations: Nanterres, France, French, Tokyo, France’s, exultation, American, Montreal, Paris, China, Doha, Qatar, Lane, Huske

☆ The chip industry uses as much water as the city of Hong Kong. Now factories are working to be more sustainable.
▼ + stars: | 2024-07-31 | by ( Helen Li | ) www.businessinsider.com time to read: +7 min

According to an S&P Global analysis, the global semiconductor industry consumed as much water in 2021 as the city of Hong Kong. Water consumption for chip fabs and data centers will rise as the demand for chips grows. The chip fabs stored the TCE underground, but tanks sometimes ruptured, leaking the chemical into the local groundwater and soil. Now, chip fabs must work with local governments to meet water management and waste disposal requirements. Several researchers are investigating ways to reduce and recycle water in chip manufacturing.

Persons: —, Prakash Govindan, Steve Proehl, Packard, Govindan, he's, fabs, Paul Westerhoff, TSMC, Jensen Huang, Huang, Anuradha Murthy Agarwal, Agarwal Organizations: Service, Business, Intel, AMD, Philips, Hewlett, Environmental, Agency, Arizona State University, Micron, Nvidia, MIT's Materials Research Laboratory Locations: Hong Kong, Taiwan, American, Santa Clara , California, Valley's Santa Clara County, . Arizona, Colorado, Phoenix, Denver

The information for the following product(s) has been collected independently by Business Insider: Alaska Airlines Visa Signature® credit card, Alaska Airlines Business Credit Card, Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card, Marriott Bonvoy Bountiful™ Card. How to earn Alaska Airlines milesThere are two types of Alaska miles: Elite-qualifying miles and redeemable miles. Earn Alaska miles for car rentalsYou can opt-in to earn Alaska miles when you rent cars through Alamo, Avis, Budget, Dollar, Hertz, National, or Thrifty. Alaska Airlines Mileage Plan is a highly lucrative frequent flyer program even if you never actually fly on Alaska Airlines. Redeem Alaska miles for flights on partner airlinesUsing Alaska Airlines miles for award flights on partner airlines is perhaps the best way to use your Alaska miles.

Persons: Insider's, Merrill, You'll, you'll, Bilt, Marriott, Regis, Chase, we've, Alaska Miles, Finance Insider's, Read, it's, Miles, —, Harlan Vaughn Harlan Vaughn, he’s, Harlan, Joseph Hostetler, Joseph, Guy Organizations: Business Insider, Alaska Airlines, Alaska Airlines Business Credit, Marriott, Oneworld, American Airlines, Alaska, of America, Bank of America, Bank of America Alaska Airlines, Alaska Airlines Visa, Bank of America Alaska Airlines Visa Business, Card Alaska Airlines Business, Alaska Airlines Business, Alaska Airlines Lounge, Alaska Airlines You'll, British Airways, Cathay, Qantas, Aer Lingus, Singapore Airlines, Aer Lingus Air Tahiti Nui, Airlines * British Airways, Condor, Al Fiji Airways, Japan Airlines, Air LATAM Airlines Malaysia Airlines, Mokulele, Southern Airways Express Qantas, Alaska Royal Air Maroc, Singapore Airlines Sri, Oneworld Connect, Marriott Bonvoy, Ritz, Carlton, TSA, Global, TSA PreCheck, American Express, Cell, New Hampshire Insurance Company, AIG Company, American, Navy, Hertz, Wine, Alaska Miles Worth ? Alaska Airlines, Finance, Fiji Airways, Emirates, Cathay Pacific, Nonprofit, Dream, Foundation, Nature Conservancy Locations: Alaska, Hawaii, Cathay Pacific, Emirates, Hainan, Iberia, Qatar, Royal Jordanian, Singapore, Marriott Bonvoy, IHG, Marriott, Alamo, Avis, Thrifty, Alaska Miles Worth ?, U.S, Australia, Fiji, East, Africa, Hong Kong, Dubai, Doha, Canada, Europe, Cathay, Asia, Dallas , Texas

☆ It's a great time to buy a Hong Kong mansion from the cash-strapped elite
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Some distressed, wealthy homeowners in Hong Kong are selling their exorbitant homes at a discount. Hong Kong's property market has been under pressure due to high interest rates. The removal of property curbs in Hong Kong has boosted luxury home sales. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: — Organizations: Service, Business Locations: Hong Kong, Asia

☆ Here's how much athletes at the Paris Olympics earn for winning medals
▼ + stars: | 2024-07-31 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Olympic and Paralympic medals are shown during the unveiling of the Paris 2024 Olympic and Paralympic Games Medals on February 1, 2024 in Paris, France. Pascal Le Segretain | Getty Images Sport | Getty ImagesThe Paris 2024 Olympics is well underway, with dozens of medals already handed out. Vivian Kong won Hong Kong's first medal at the Paris Games, topping the podium in the women's epee individual event. Vaughn Ridley | Getty Images Sport | Getty ImagesOther governments dangling six-figure cash rewards for their gold medalists include Israel, Malaysia, Kazakhstan and Indonesia. Gold medalists receive 20,000 euros ($22,000).

Persons: Pascal Le Segretain, Hong, Administration Chan Kwok, ki, Vivian Kong, Hong Kong's, Cheung Ka, Siobhan Bernadette Haughey, Joseph, Michael Phelps, Vaughn Ridley, Man Wai Vivian Kong Organizations: Paris, Paralympic, Getty, International Olympic, CNBC, Olympic, Hong Kong, Tokyo, Administration, HK, Paris Games, Singapore, United, Rio, Tokyo Games, Germany's Sports Aid Foundation, Indian Olympic Association, Team Hong Kong, Olympic Games, Grand Palais Locations: Paris, France, Hong Kong, Singapore, United States, Israel, Malaysia, Kazakhstan, Indonesia, Grand

☆ London's hedge fund rich are looking to avoid new taxes by relocating to Milan and Dubai. People who have made the move tell us what it's like.
▼ + stars: | 2024-07-31 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

AdvertisementSeveral cities have been trying to take advantage of the new policy, including Dubai, Milan, and more. A recently relocated hedge fund manager in Milan is planning to visit London or New York six or seven times a year going forward. "The best type of knowledge comes from people, from frequent interaction with people," said a Milan-based hedge fund manager. Several people — based in spots such as Dubai, Milan, and Zurich — mentioned that people early in their careers should still prioritize working in the biggest cities though. Moving to the Middle East just to interact with fellow UK ex-pats doesn't add much diversification to a portfolio manager's life.

Persons: —, Julian Robertson, Muyshondt, Elena Partners, Steve Cohen's Point72, Sebastian Dickgiesser, Girish Chouhan, aren't, COVID, I'm, Alfonso Peccatiello, he's, Darren Wolf, abrdn, It's, Wolf, Zoom Organizations: Service, Tyrian Investments, Business, Labour, Henley & Partners, United Arab, Eisler Capital, Capstone Investment Advisors, Getty, London, Investors, —, pats Locations: New York, Cascais, Portugal, Lisbon, London, Florida, Hong Kong, Dubai, Milan, China, United Arab Emirates, Italy, Point72, Girish Chouhan Dubai, Abu Dhabi, India, East, Europe, Madrid, Zurich, Amsterdam, Netherlands, Brera, —, Milan's Brera, UAE

☆ China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned
▼ + stars: | 2024-07-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the Kommersant business daily reported on Monday. AdvertisementThe troubles started in December when the US authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. This prompted global banks from China to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs. Related storiesTo force Russia to halt its war, West blocked some Russian banks from the widely used SWIFT messaging system for payments early in the conflict. The continued business activity between the two countries sent trade between Russia and China to a record $240 billion last year.

Persons: —, China's, Moscow's, Andrei Kostin, Russia's Organizations: Kommersant, Service, Business, Bloomberg, US Treasury, Russia, VTB Bank Locations: Russia, China, UAE, Turkey, Austria, Moscow, Ukraine, Beijing, Russian, Hong Kong

☆ China’s LGBTQ+ community celebrates rare scenes from Paris Olympics but internet is divided
▼ + stars: | 2024-07-30 | by ( Chris Lau | ) edition.cnn.com time to read: +7 min

These are among the images that France, the organizer of the Paris 2024 Olympics, presented to the world during the opening ceremony last week. The clampdown has made it all the more striking when scenes of gay men and drag queens from the Paris Olympics opening ceremony made it onto Chinese state broadcaster CCTV. On social media site Weibo, the “#Paris opening ceremony is really cool# hashtag has generated more than 600 million views over the past four days. “Those who didn’t stay up late to watch the Olympic opening ceremony tonight missed out big time. #Paris opening ceremony is really cool#The ceremony remained the top trending topic on Weibo for more than 15 hours starting Saturday.

Persons: Xi Jinping, Ken Huang, ”, Jeremy Goupille, Natacha, Leonardo da Vinci’s, Christian, French, Suen, Aritists, Athena de Martel, ” Suen, Netizens Organizations: Hong Kong CNN, Paris, Weibo, Pride House, Paris Olympics, Communist Party, Chinese University of Hong, House, ” Locations: China, Hong Kong, France, Paris, Beijing, Shanghai, Chinese University of Hong Kong, Weibo

☆ StanChart unveils $1.5 billion share buyback, boosts income guidance
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered (StanChart) on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs. StanChart's statutory pre-tax profit for the first half climbed 5% to $3.49 billion, just ahead of a consensus estimate compiled by the bank. Asia-focused global banks including StanChart and rival HSBC have benefited in recent years from higher interest rates and relatively stronger economic growth and wealth generation in the region. But in China, slowing economic growth and the country's property sector crisis have been a concern for Western banks. StanChart has made provisions totaling $1.2 billion for potential bad loans in China's commercial real estate sector so far this year.

Persons: Bill Winters, StanChart, Sadia Ricke Organizations: Chartered, Tuesday, HSBC Locations: Hong Kong, London, Asia, Africa, China

☆ Where are China's ultra-rich parking their wealth amid a slowing economy?
▼ + stars: | 2024-07-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth? However, the country's high-end property market remains a favored asset. Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government. That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li. Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.

Persons: Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness Organizations: CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin Locations: China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau

☆ Hong Kong Taunts Italy With Pineapple Pizza After Olympics Fencing Win
▼ + stars: | 2024-07-30 | by ( John Yoon | More About John Yoon | ) www.nytimes.com time to read: 1 min

Losing an Olympic fencing title bout to the champion from Hong Kong was difficult enough for the Italian. Then came the pizza slander. Cheung Ka Long’s triumph over Filippo Macchi of Italy in the gold medal bout in men’s foil on Monday has led to a sour fallout that has spilled off the fencing strip: Pizza Hut’s Hong Kong and Macao branch has offered free pineapple toppings on its pies as fans on social media praised the combination widely shunned by the losing side. “All Hong Kong people are very happy and excited today!” the branch said in a Facebook post on Tuesday announcing the offer, adding it was also celebrating a bronze medal the Chinese territory had won on Monday, in the women’s 200-meter freestyle.

Persons: Cheung Ka, Filippo Macchi Locations: Hong Kong, Italy, Macao

☆ Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space
▼ + stars: | 2024-07-29 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong. With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. In June, Hermès also unveiled its expanded retail space in the neighborhood. It has simultaneously sought to grow its footprint in Hong Kong — not only with its newly unveiled Maison, but also a nearby 36,000-square-foot regional headquarters, due to open later this year.

Persons: Maison, Hong Kong, Art Basel’s, Isaac Lawrence, Louis Vuitton, Hermès, Sotheby’s, Patrick Drahi, Hong Kong —, Christie’s, Zaha Hadid’s, Phillips, Bonhams, Nathan Drahi Organizations: CNN, Hong Kong, UBS, Art, Art Basel, Getty, PricewaterhouseCoopers, Louis, Sotheby’s Locations: Hong Kong, Central, Asia, China, Hong, Hong Kong's Central, AFP, London, Singapore, Shanghai, Sotheby’s, Sotheby’s Asia, Paris, New York

☆ ‘I don’t have a budget’: Why people are going into debt to travel
▼ + stars: | 2024-07-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

The majority of those going into debt do so by charging travel expenses on a credit card, with 20% of respondents saying they would rather skip a credit card payment and put the money toward a vacation. The mindset is “‘I can’t buy a house, I’m not sure I can afford college or grad school, so I might as well go to Spain and backpack. ”They think (credit card debt) is not as risky as it is. They don’t care so much about not getting into debt.”King adds that social media has changed the way many people think about travel. “Eventually, if I’m going to get a house, I’ll get a house.

Persons: CNN — “, ”, Lisa Fraser, “, Elizabeth Currid, Halkett, Tim Gurner, something’s, I’m, ’ ” Alex King, they’re, Fraser, FOMO, King, It’s, I’ll Organizations: CNN, University of Southern, United Locations: Taipei, Budapest, New York, University of Southern California, Spain, Hong Kong

☆ Meet the 29-year-old son of a casino billionaire who just took his influencer and esports company public
▼ + stars: | 2024-07-29 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Last Friday, Ho took his company, NIP Group, public on the Nasdaq stock exchange. NIP Group makes money from live streams — both of esports and from third-party influencers — and event production and its esports arm. NIP Group plans to explore esports real estate, digital collectibles, and esports training camps, among other strategies, the company said in a filing. Before the duo cofounded NIP Group, Ho was the chief marketing officer of iDreamsky Games, one of the largest game publishers in China. Though billed as an esports company, NIP Group made the bulk of its revenue last year primarily from managing 36,000 online entertainers — with money coming largely from fees on their live streams.

Persons: —, Mario Ho, Stanley Ho, Ho, NIP Organizations: Service, NIP Group, Nasdaq, SEC, Business, Group, iDreamsky, MIT Sloan School, Macau Esports Federation, MSI Finance Management Company, Bloomberg Locations: Sweden, China, Oslo, Hong Kong, Asia, Macau

☆ Meet the typical social-media influencer: They make less than $100,000 a year and juggle other jobs
▼ + stars: | 2024-07-29 | by ( Shriya Bhattacharya | Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

A survey of over 2,000 content creators conducted by the influencer marketing agency NeoReach last year found that 48% of creators earned less than $15,000 a year. Since the money that influencers make sometimes isn't enough to sustain their lifestyles, they balance content creation with other jobs. AdvertisementThe typical US-based influencer is likely to be making less than six figures and creating content part-time, according to research, surveys, and influencer interviews. Most of these creators have smaller audiences, according to former influencer marketer Emmy Petit, who is now a full-time influencer. "The idea of full-time content creation is often more glamorous than reality," Mitchie Nguyen, a content creator based in New York, previously told BI .

Persons: —, NeoReach, Colin Rocker, IZEA, influencers, Jessica Ufuoma, Johnson, Jasmine Enberg, Emarketer, Anushka, Petit, Nadya Okamoto, MrBeast, Mitchie Nguyen, Enberg, TikTok Organizations: Service, YouTube, Business, Deloitte, Johnson, Influencer League Locations: Hong Kong, New York

☆ Paris Olympics: Who Leads the Medal Count?
▼ + stars: | 2024-07-29 | by ( Josh Katz | ) www.nytimes.com time to read: +2 min

U.S. France Japan China Britain Australia S. Korea Italy Canada Kazakhstan S. Africa Brazil Sweden Germany Belgium Hong Kong Moldova Azerbaijan Romania Uzbekistan Fiji Kosovo Mongolia Poland Tunisia Croatia Egypt Spain Hungary India Ireland Mexico Switzerland Slovakia Turkey Ukraine Possible rank in Olympic medal count 1st 25th or lowerParis Olympics: Who Leads the Medal Count? As of Monday at 4:07 p.m. Eastern time, Japan stood atop the official Olympic medal table, which sorts nations based on their number of gold medals. That approach is common in much of the world, with silver and bronze used only to break ties. By another measure, the United States leads because it has the most medals overall (20, at last count). (Bronze medals are always worth one point.)

Organizations: Brazil Sweden Germany Belgium Hong Kong Moldova Azerbaijan Romania Uzbekistan Fiji Kosovo Mongolia Poland Tunisia Croatia, Mexico Switzerland Slovakia Turkey Ukraine, Paris, The New York Times, Japan Locations: France Japan China Britain Australia, Korea Italy Canada Kazakhstan, Brazil Sweden Germany Belgium Hong Kong Moldova Azerbaijan Romania Uzbekistan Fiji Kosovo Mongolia Poland Tunisia, Brazil Sweden Germany Belgium Hong Kong Moldova Azerbaijan Romania Uzbekistan Fiji Kosovo Mongolia Poland Tunisia Croatia Egypt Spain Hungary India, Mexico Switzerland Slovakia Turkey, Japan, United States, U.S, France, China, Britain, Australia, Korea, Italy, Canada, Kazakhstan, Germany, That’s

☆ Asia's governments seem to think declining birth rates have to do just with dating and sex. That's not the full story.
▼ + stars: | 2024-07-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +9 min

AdvertisementDeclining birth rates have been a huge bugbear for Asian countries like Japan and South Korea. Vanessa LeeLee, who owns two dogs and a cat, said that governments may be overestimating the effectiveness of one-off interventions in bolstering birth rates. AdvertisementShe added that a shift in societal mindsets toward work and family needs to occur for her peers to consider having children. But it also doesn't guarantee that having sex brings children and that not having sex is the only reason why people are not having children," Gietel-Basten said. Low birth rates, according to HKUST's Gietel-Basten, are a "barometer of the challenges in society" and should thus be seen as "symptoms of problems in a society."

Persons: —, Vanessa Lee, Lee, Elon Musk, Paulin Straughan, Poh Lin Tan, Tan, Jonas Hue, Vanessa Lee Lee, It's, Emily Huang, Stuart Gietel, Basten, SMU's Straughan, Straughan, HKUST's, we're Organizations: Service, Business, Internal, Ministry, Asahi Shimbun, South, Singapore Management University, Singapore's Institute of Policy, Nordic, Hong Kong University of Science, Technology Locations: Singapore, Japan, South Korea, Korea, Tokyo, Seoul, Sweden, Finland, Hong Kong, Basten

☆ Blinken meets China’s top diplomat in Laos as global giants keep communication lines open
▼ + stars: | 2024-07-27 | by ( Nectar Gan | Kylie Atwood | ) edition.cnn.com time to read: +6 min

Russia’s invasion of Ukraine, as well as China’s increasingly assertive moves in the South China Sea and threats toward Taiwan, have in recent years soured the Washington-Beijing relationship. In contrast, both Putin and Russia’s top diplomat Sergei Lavrov have been greeted in Beijing multiple times since the invasion. against a backdrop of increasingly violent clashes between Manila and Beijing in the South China Sea. “We are pleased to take note of the successful resupply today of the Second Thomas Shoal, which is the product of an agreement reached between the Philippines and China,” Blinken said. His running mate JD Vance has advocated halting military aid to Ukraine in favor of focusing on Taiwan’s defense.

Persons: Antony Blinken, Blinken, Wang Yi, Joe Biden’s, China’s, Xi Jinping’s, Russia’s Vladimir Putin, Wang, Dmytro Kuleba, Beijing “, ”, Putin, Sergei Lavrov, Kuleba, Lavrov, Russia …, “, ” Lavrov, Ferdinand Marcos Jnr, Beijing’s, Shoal, Thomas, ” Blinken, Biden, Donald Trump, JD Vance, Kamala Harris Organizations: Hong Kong CNN, United, Foreign, ASEAN, Laos –, North American Aerospace Defense Command, NATO, Ukraine, European Union, Ukrainian Foreign, South China, Republican, Democratic Locations: Hong Kong, China, Laos, Asia, Vietnam, Japan, Philippines, Singapore, Mongolia, Ukraine, South, Taiwan, Washington, Beijing, Alaska, Russia, Moscow, Russia’s, Southeast Asia, South Korea, Manila, South China

☆ Don’t help Russia evade sanctions, Ukraine tells Hong Kong
▼ + stars: | 2024-07-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Ukraine’s Foreign Minister Dmytro Kuleba urged Hong Kong to prevent Russia from using the Asian financial hub to bypass Western sanctions during a visit to the city on Thursday. Kuleba “called on the Hong Kong administration to take measures to prevent Russia and Russian companies from using Hong Kong to circumvent the restrictive measures imposed for Russia’s aggression against Ukraine,” according to a statement from Ukraine’s Foreign Affairs Ministry issued after the minister met with Hong Kong leader John Lee. “These restrictive measures are necessary to weaken Russia’s capacity to wage war and kill people in Ukraine,” it added. In a statement, a spokesperson for the Hong Kong government told CNN on Friday that it “implements and strictly enforces” United Nations Security Council (UNSC) sanctions. However, international companies based in Hong Kong, including Chinese banks, have generally adhered to US sanctions to avoid any risk of being frozen out of the dollar dominated global financial system.

Persons: Hong Kong CNN —, Dmytro Kuleba, “, Hong, John Lee, Hong Kong, Wang Yi, ” Kuleba, Wang Organizations: Hong Kong CNN, Hong Kong CNN — Ukraine’s, European Union, Hong, Ukraine’s Foreign Affairs, CNN, ” United Nations Security Council, UN, Assembly, UNSC, EU, Ukrainian Foreign Ministry, Kyiv, Beijing Locations: China, Hong Kong, Russia, United States, Ukraine, Russian, United Kingdom, Hong, Beijing, Moscow, Western, Guangzhou, Ukrainian

☆ LMVH and other global luxury brands are hurting as Chinese shoppers rein in spending
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday. “For now, the (luxury) market remains volatile as investors reassess the once-held belief that luxury brands are a safe-haven investment, shielded from broader economic downturns,” Jochen Stanzl, chief market analyst at CMC Markets, told CNN. “The Chinese market contracted slightly; the market situation in the premium and luxury segment in China remained weak,” the company said. China’s economy grew 4.7% year-on-year in the second quarter of the year, according to official data released last week, missing economists’ expectations and marking the weakest growth since the first quarter of 2023.

Persons: Bernard Arnault’s, Louis Vuitton, Christian Dior, ” Jochen Stanzl, Richemont, Cartier, ”, Gucci, Kering, Hermes, Birkin, Olesya Dmitracova Organizations: London CNN, Prada, CMC Markets, CNN, Europe’s, Reuters, Porsche, Benz, Bain & Company Locations: Asia, Japan, China, Paris, Hong Kong, China , Hong Kong, Macao, North America, Europe, United States

☆ Gold firms ahead of U.S. inflation data, but set for weekly loss
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates. "Last week, prices scaled record highs on bets of a September U.S. rate cut. The U.S. personal consumption expenditure data for June — the Federal Reserve's favored measure of inflation — is due at 1230 GMT. Meanwhile, India's demand for gold is likely to rise while moving into the fourth quarter, which is traditionally a robust seasonal period for gold demand," ANZ's Kumari said.

Persons: Gold, Soni Kumari, Sugandha Sachdeva, ANZ's Kumari Organizations: Aurum, Federal Reserve, ANZ, SS, U.S ., Hong Kong Locations: U.S, New Delhi, China, Hong

☆ Here's how much it can cost a family of four to live across 10 major Asian cities
▼ + stars: | 2024-07-26 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +1 min

Living in a major city can come with a hefty price tag, so it's best to be informed before you make that big move. In Asia, Hong Kong and Singapore top the list for cost of living. A family of four can expect to spend an estimated $9,000 a month to live in one of these cities, according to Numbeo, an online database of user-contributed information. Singapore also saw a "rocketing increase" in its housing rentals from 2022, however, prices have begun to stabilize in recent months, said Ma. Here's a broader look at how much it costs for a family of four to live across 10 major cities in Asia, according to data by Numbeo:

Persons: Tracey Ma, APAC, Hong Kong, Ma Organizations: Mercer, CNBC, Singapore's Urban Redevelopment Authority Locations: Asia, Hong Kong, Singapore, Mercer, Hong, Ma, Singapore's

Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."

Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia

☆ Japanese restaurants say they’re not charging tourists more – they’re just charging locals less
▼ + stars: | 2024-07-25 | by ( Chris Lau | ) edition.cnn.com time to read: +5 min

Tokyo CNN —Kudos to you if you can speak perfect Japanese and order food at a neighborhood sushi bar in Tokyo. But overtourism – fueled by a combination of pent-up post-Covid demands (aka “revenge travel”) and the weak local currency – has recently prompted restaurants in the country to consider the merits of differential pricing. This year, spurred by a weak yen that has fallen to its lowest level against the dollar in decades, the tourists are back - in big numbers. “Some people say, ‘We don’t do this in our country.’ But think about how bad Japanese people’s English skills are. As the less-expensive resident prices are often written in the local language, foreign tourists may not even know they paid more.

Persons: –, ”, Shogo Yonemitsu, ” Yonemitsu, Elisa Chan, Tamatebako, Rinka Tonsho, CNN Yonemitsu, isn’t, That’s, CNN Shuji Miyake, Phoebe Lee Organizations: Tokyo CNN, Mount Fuji, UNESCO, Chinese University of Hong, CNN Locations: Tokyo, Japan, Shibuya, Mount, Hokkaido, Himeji, In Venice, Tokyo’s Tsukiji

☆ The Illicit Flow of Technology to Russia Goes Through This Hong Kong Address
▼ + stars: | 2024-07-25 | by ( Aaron Krolik | Paul Mozur | ) www.nytimes.com time to read: 1 min

From a nondescript seventh-floor office at 135 Bonham Strand near Hong Kong’s financial district, at least four companies are operating with a shadowy mission: facilitating the illicit trade of Western technology to Russia. Shell companies at that address have acquired millions of restricted chips and sensors for military technology companies in Russia, many of which have been placed under sanctions by the U.S. government, according to an examination by The New York Times. The companies have names like Olax Finance and Rikkon Holding. Their office, with a faded 704 number on the door, appears unoccupied. An ad for air-conditioning hung in the crack of the door.

Organizations: Shell, U.S ., New York Times, Olax Finance, Rikkon Locations: Hong, Russia

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