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☆ China: A spate of stabbings has sparked online debate about country’s economic woes
▼ + stars: | 2024-07-17 | by ( Jessie Yeung | ) edition.cnn.com time to read: +8 min

But China has been rocked by a number of high-profile stabbing cases in recent decades, including multiple such attacks at schools. These worries were clear on Chinese social media after the latest attacks, with several commentators connecting China’s dire economic circumstances to the violence, even as the attackers’ motives remained unclear. Rare violent crimeTwo of the most high-profile recent attacks came in June – and both targeted foreign nationals. Video Ad Feedback Four Americans are stabbed in a shock attack in China 04:20 - Source: CNNUltra-nationalism has risen across China and Chinese social media in recent years, as has anti-American and anti-Japanese sentiment. On social media, the belief that economic insecurity is making the country less safe remains palpable.

Persons: “, haven’t, China –, Michelle Miao, ”, Mao Ning, Adam Zabner, David Zabner, Adam, Stabbings, Miao, CUHK Organizations: Hong Kong CNN, Chinese University of Hong, Stanford University’s Center, Behavioral Sciences, CNN, Ministry of Public Security, World Bank, United Nations Office, Drugs, Americas, Xinhua, Youth Locations: Hong Kong, China, Guangxi, Weibo, ”, Chinese University of Hong Kong, –, Iowa, Beishan Park, Jilin, Asia

☆ Giant armadillo fossil reveals humans were in South America a surprisingly long time ago
▼ + stars: | 2024-07-17 | by ( Katie Hunt | ) edition.cnn.com time to read: +5 min

Instead, the team determined that the shape of the cut marks was consistent with those made by stone tools. “The cut marks were not randomly distributed but focused on those skeletal elements that harbored large muscle packs like the pelvis and the tail,” he said. A detailed examination of cut marks on the fossils revealed they were made by stone tools in a deliberate sequence. Along with three perforated giant sloth bones found in Brazil that archaeologists believe humans used as pendants 25,000 to 27,000 years ago, the butchered armadillo bones suggest that humans were in South America a surprisingly long time ago. “Until recently, the traditional model indicated that humans entered the continent 16,000 calendar years ago,” he said.

Persons: CNN —, —, ”, Miguel Delgado, ” Delgado, Delgado, Miguel Eduardo Delgado et, “, paleoanthropologist Briana, Pobiner, wasn’t Organizations: CNN, National University of La, Smithsonian National Museum of, North Locations: what’s, Argentina, Americas, National University of La Plata, Buenos Aires, Merlo, Washington ,, North, South America, Africa, New Mexico, North America, New York City, Cincinnati, Des Moines , Iowa, Asia, Alaska, Brazil

☆ MH17 passengers’ relatives mark 10 years since plane was shot down over Ukraine, killing 298
▼ + stars: | 2024-07-17 | by ( Story Associated Press | ) edition.cnn.com time to read: +5 min

AP —Relatives of passengers killed when Malaysia Airlines Flight 17 was shot down over Ukraine gathered with officials at Australia’s Parliament House on Wednesday to mark the 10th anniversary of the tragedy that claimed 298 lives. So in that sense, I’m heartbroken that the conflict continues,” Paul Guard told Australian Broadcasting Corp (ABC). Relatives of MH17 passengers join officials at Australia's Parliament House in Canberra. The investigation concluded the missile was driven into Ukraine from a Russian military base near the city of Kursk and returned there after the plane was shot down. Putin said through an interpreter that Ukrainians were all fascists, had brought down MH17 themselves and that Ukraine had no right to exist, Abbott said.

Persons: Paul, Roger, Jill Guard, ” Paul, fatefully, MH17, Mick Tsikas, Penny Wong, ”, “, ” Wong, recommit, Mark Dreyfus, we’ve, ” Dreyfus, Pierre Crom, Tony Abbott, Abbott, Vladimir Putin, Putin, ” Abbott, Russia Organizations: Malaysia Airlines, Paul Guard, ” Paul Guard, Australian Broadcasting Corp, Boeing, European, of Human, International Civil Aviation Organization Council, House, Australian, “, Australian Attorney, Australia, . Security, Aircraft Missile Brigade, Economic Cooperation, ABC Locations: Ukraine, Australia’s, Toowoomba, Russia, Soviet, Russian, Moscow, Ukrainian, Netherlands, Australia, Australia's, Canberra, Schiphol, Malaysian, Kuala Lumpur, Grabovo, Malaysia, Indonesia, United Kingdom, Belgium, Germany, Philippines, Canada, New Zealand, Vietnam, Israel, Italy, Romania, United States, South Africa, Kursk, Asia, Beijing, Australian

☆ Anchovies Have Flavored Our Food for Over 2 Thousand Years - The New York Times
▼ + stars: | 2024-07-17 | by ( Christopher Beckman | ) www.nytimes.com time to read: +2 min

To understand anchovies, you need to understand umami. For most of history, just four tastes were recognized: sweet, sour, bitter and salty. He named the taste umami, after the Japanese word “umai,” which translates — very roughly — as savory taste. Preserved anchovies — whether salted, packed in oil or transformed into fish sauce — have extraordinarily high levels of umami. We know we need to be eating more whole foods, more plants, more good fats, more grains and pulses.

Persons: Democritus, Kikunae Ikeda, Ikeda, it’s Locations: Japanese, Asia, Rome, haute, York

CNN —A prominent North Korea expert and former CIA analyst has been indicted by a New York grand jury on charges of secretly working for the South Korean government in exchange for designer goods, Michelin star meals and $37,000 for a fund that she controlled. The indictment alleges Terry acted as a “valuable source” of information for the South Korean government. She has authored reports for both American and South Korean news outlets. South Korea is a key US ally in the Asia-Pacific, though Terry’s indictment is not the first case of alleged collusion to test the two countries’ friendship. Internal Pentagon documents leaked last year described, in remarkable detail, private conversations between two senior South Korean national security officials, whom the US had allegedly wiretapped.

Persons: Sue Mi Terry, ”, “, Terry, Louis Vuitton, Iva Zorić, ” Zorić, Antony Blinken, Lee Wolosky, ” Wolosky, emptively, George W, Bush, Barack Obama Organizations: CNN, CIA, New, South Korean, Michelin, US National Security Council, ROK, South, Council, Foreign Relations, South Korea’s National Intelligence Service, Foreign, Seoul’s Ministry of Foreign Affairs, East, FBI, Oceanic, National Security Council, Pentagon Locations: North Korea, New York, Republic of Korea, ROK, Korean, Korea, South Korea, United States, Seoul, Japan, Asia

Asia-Pacific markets traded mixed on Wednesday with Australia's S&P/ASX 200 reaching an all-time high, while an increase in business optimism among large Japanese manufacturers lifted Japanese stocks. Japan's Nikkei 225 declined 0.43% to close at 41,097.69, while the Topix rose 0.37% to end at 2,915.21. The Taiwan Weighted Index fell 0.77% after a report cited U.S. Republican presidential candidate Donald Trump saying that Taiwan should pay the U.S. for defense. I think, Taiwan should pay us for defense," Trump said in interview with Bloomberg Businessweek in June that was published on Tuesday. On a month-on-month basis, Singapore's non-oil domestic unexpectedly dropped 0.4%, compared with a expectations of a 4.1% growth.

Persons: Australia's, Donald Trump, Trump, Cho Jung, TSMC, Georges Elhedery, Elhedery, Noel Quinn Organizations: Reuters, U.S ., Nikkei, Northern Star Resources, Bellevue, Mining, Newmont Corporation, CSI, Republican, Bloomberg Businessweek, Taiwan, HSBC Holdings, Hong Locations: Asia, Pacific, Gold, Taiwan, Hong Kong

☆ For These Nearly Extinct Crocodiles, Life Found a Way
▼ + stars: | 2024-07-17 | by ( Austyn Gaffney | ) www.nytimes.com time to read: +1 min

Eggs the size of oranges cracking alongside hatchlings mewling and chirping like a choir of baby birds. The birth of 60 Siamese crocodiles in the wild last month was all very Jurassic Park. The hatchlings were the largest population born this century, representing two decades of conservation efforts. While the babies slipped and waddled through their trio of nests, their marble-like eyes blinked upon a bright new world for a species once nearly as extinct as the dinosaurs. “The fact that we’ve been able to help these crocodiles recover and see this landmark breeding event, it’s very significant.”

Persons: ”, Pablo Sinovas, we’ve Organizations: Fauna Locations: Southeast Asia, Cambodia

☆ Elhedery named as third HSBC CEO in less than eight years
▼ + stars: | 2024-07-17 | by ( ) edition.cnn.com time to read: +3 min

HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within. Elhedery’s appointment comes as HSBC (HSBC) tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer. Elhedery began his career in banking as a trader before joining HSBC in 2005. Quinn, who led HSBC for five years, will remain CEO until Elhedery starts in the role.

Persons: Georges Elhedery, Elhedery, Noel Quinn, ”, Matt Britzman, Hargreaves Lansdown, Iain Pyle, Ping, Quinn, Stanley Tsai, might’ve, it’s Organizations: HSBC, abrdn, Greater, China’s Bank of Communications Locations: Lebanon, Hong Kong, Asia, Greater China, China, East, Africa

☆ Morgan Stanley hikes price targets for Asian stocks it says will benefit from greater iPhone demand
▼ + stars: | 2024-07-17 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Increased shipments of Apple's iPhones will be a key "volume driver" for the supply chain, according to Morgan Stanley. But the situation is set to change, with Apple Intelligence predicted to be a "key iPhone replacement driver." It raised its price targets for several stocks in the Apple supply chain. Largan reported first-quarter revenue that was below expectations but Morgan Stanley believes that was the trough. Morgan Stanley said Genius has a "good chance" of making a breakthrough in the periscope high-end lens segment in the second half of this year.

Persons: Morgan Stanley, Hon Hai, Hai, Luxshare's, Max, Morgan, Largan, Genius, CNBC's Michael Bloom Organizations: Apple Intelligence, Apple, Max, AAC Locations: Asia, Taiwan, India, Zhengzhou, China

☆ Beloved in the US, Trader Joe’s Everything But the Bagel seasoning is illegal in South Korea
▼ + stars: | 2024-07-16 | by ( Lilit Marcus | ) edition.cnn.com time to read: +4 min

CNN —One of America’s most popular exports is illegal in South Korea – Trader Joe’s Everything But the Bagel seasoning mix. Recently, a blogger on Korean website Naver posted about their experience bringing Trader Joe’s products back from the US to South Korea. Experts say it would be all but impossible to eat enough poppy seeds to get high. “Poppy seeds don’t have nearly enough opiates to intoxicate you,” according to an article published by the University of Florida’s College of Medicine. In a 2023 poll, customers of Trader Joe’s listed Everything But the Bagel seasoning as one of their favorite products.

Persons: Naver, ”, “, Hong Kong, Joe’s Organizations: CNN, Travelers, Seoul’s Incheon, Twitter, Central Narcotics Bureau, country’s Health Sciences Authority, Pentagon, University of Florida’s College of Medicine, Hong Locations: South Korea, Korea, Singapore, East Asia, cannabidoil, California, United States

☆ Tiger testicles and mythical banquets: What China’s emperors inside Beijing’s secretive Forbidden City really ate
▼ + stars: | 2024-07-16 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +21 min

CNN —The Forbidden City was once one of the most powerful places on the planet. It was called the ‘Forbidden City’ because few Chinese subjects were allowed to enter. Ancient tableware from the Forbidden City is on display at the Hong Kong Palace Museum. “The majority of (the emperors) grew up in a highly disciplined environment,” says Wang of the Hong Kong Palace Museum. Now popular worldwide, Peking duck was regularly served at Empress Dowager Cixi's Forbidden City banquets.

Persons: Zhao Rongguang, Bin Xiao Zhao, Deng Xiaoping, Beijing . Zhao, wasn’t, Zhao, Kangxi Emperor, VCG Wilson, Kangxi, ”, Qianlong Emperor, Giuseppe Castiglione, –, Qianlong, Daisy Yiyou Wang, Maggie Wong, Nicole Chiang, ” Chiang, Chiang, Emperor Qianlong, it’s, “, ” Zhao, It's, didn’t, Wang, Dowager Cixi, Empress Dowager Cixi –, Cixi, China’s, Han Quan Xi, ’ ”, Dowager, Tian, Yan ”, suckling, Tian An Yan, Leah Abucayan Organizations: CNN, Historical, of China, Beijing's, Hong Kong Palace Museum, Hong, Forbidden, Hong Kong, Museum, Everett, Communists, China Import, Fair, Communist Locations: Europe, Beijing, China, Chinese, Heilongjiang, Paris, Beijing ., Prosperity, Netherlands, Italian, City, Hong Kong, It’s, Beijing’s, Forbidden City, Jiangnan, Hangzhou, Shanghai, Mongolia, Qianlong, Guangzhou, Japan, East Asia, Peking, Imperial

☆ Rich Chinese tourists are flocking to Japan in search of luxury bargains
▼ + stars: | 2024-07-16 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +1 min

Luxury sales in Japan are growing, despite a downturn across Asia. Japan's currency downturn has attracted tourists to the country to take advantage of lower prices. Many of these tourists are coming from China, buying their luxury items in Japan instead of back home. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But it isn't wealthy Japanese locals that are bucking the trend; it's tourists from China and the rest of Asia.

Persons: — Organizations: Service, Burberry Locations: Japan, Asia, China

☆ Asia’s 50 best bars for 2024 revealed
▼ + stars: | 2024-07-16 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Bar Leone – an Italian cocktail spot in central Hong Kong – has been crowned the best bar in Asia. Bar LeoneBefore Bar Leone’s triumph, the top spot was held by another Hong Kong bar, mezcal-forward Coa, which spent a record three years atop the list. The list, which was first put together in 2017, added a new category this year recognizing best bar design. “Sustainability is also how we promote and preserve Korean bar culture.”Emma Sleight, head of content for 50 Best Bars and 50 Best Hotels, told CNN that Asia’s bar scene “is one of the best in the world, it’s incredibly young and dynamic and ever-changing. “Free drinks at Bar Leone for everyone tonight!” he shouted triumphantly, before leaning over to his colleagues and whispering, “The bar is closed tonight, right?”Asia’s 50 Best Bars for 20241.

Persons: Hong Kong CNN — Bar Leone –, Hong Kong –, “, ”, Lorenzo Antinori, Antinori, ” Lorenzo Antinori, Bar, Jay Khan, Hong Kong’s, –, Khan, ” Khan, Craftroom, Changsha’s, Demie Kim, Kim, Emma, Aubrey, Regis Organizations: Hong Kong CNN — Bar, CNN, Rosewood, Bar, Bar Leone, “, BKK Social, Hope, Sesame, Sago, Regis Bar, SG, Analogue Initiative, Employees, House, Chamber, Co Locations: Hong Kong, Hong Kong CNN — Bar Leone, Italian, Asia, Rome, Hong, Kowloon, Bar Leone, Singapore, Busan, Seoul, Tokyo, Bangkok, Penrose, Kuala Lumpur, Jakarta, Vesper, Guangzhou, Bar Cham, St, Macao, Offtrack, Pantja, Osaka, Sri Lanka, Vender, Taichung, Taiwan, Manila, Taipei, Barc, Kathmandu, ZLB23, Bengaluru, India, Fura, CMYK, Changsha, China, Hanoi

Protests in Spain will spread if European officials fail to address mass tourism's negative effect on the lives of residents, UNESCO's Peter Debrine told "Squawk Box Asia" on Monday. He cited the banning of large cruise ships in Venice, Italy, in 2021 as an example. "Cruise ships are no longer going through the Grand Canal." Cruise ships now dock farther from Venice, which helps the structural and environmental integrity of the city. But travelers also play a role in curbing mass tourism, said Debrine.

Persons: UNESCO's Peter Debrine, Debrine, it's Organizations: Adriatic, Port Authority, Council, CNBC, Barcelona Locations: Spain, Venice, Italy, Barcelona, Debrine, Amsterdam

☆ IMF upgrades UK growth forecast in another boost to new Labour government
▼ + stars: | 2024-07-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — The International Monetary Fund on Tuesday lifted its 2024 growth outlook for the U.K. to 0.7% from 0.5%, providing a further boost to the country's new government. Looking ahead, the Washington, D.C.-based IMF reiterated its forecast for 1.5% U.K. growth in 2025 in the July update of its World Economic Outlook. Investment bank Goldman Sachs earlier this month nudged its 2025 forecast for the U.K. economy 0.1 percentage point higher, to 1.6%. Other economies given a 2024 growth upgrade by the IMF on Tuesday included the euro zone, which it lifted by 0.1 percentage point to 0.9%, Spain, up 0.5 percentage point to 2.4%, and China, up 0.4 percentage point to 5%. It lowered its forecast for the U.S. economy by 0.1 percentage point to 2.6%.

Persons: Taylor, Goldman Sachs, Keir Starmer, Goldman, — CNBC's Sophie Kiderlin, Vicky McKeever Organizations: Nine, Monetary Fund, D.C, Investment, Labour, European Union . Deutsche Bank, Friday, Deutsche Bank, Jefferies, Bank of England, Reuters, IMF Locations: Ruskin Park, London, England, Washington, brightening, Spain, China, U.S, Asia

☆ Trump 2.0 could be bad news for global inflation, analysts say
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +3 min

Brendan Smialowski | Afp | Getty ImagesA second presidential term for former President Donald Trump could reignite global inflation as his America-first policies drive up costs across the world, analysts warned. "The level of inflation is higher, inflation expectations are higher, and we're still in this inflation mindset." A recent poll of economists suggested, however, that the majority see inflation ticking higher under Trump due to his hard-line protectionist stance. watch nowThat higher inflation could spill over into Asia, too, Nomura's Gareth Nicholson said in a note to CNBC. In Europe, Goldman Sachs predicted in a Friday note that a Trump presidency could add a 0.1 percentage point increase to inflation as higher tariffs weigh on global trade.

Persons: Donald Trump, Brendan Smialowski, Michael Metcalfe, CNBC's, we're, Joe Biden, Trump, Nomura's Gareth Nicholson, Goldman Sachs, Manulife's Marc Franklin Organizations: Republican, Convention, Afp, Getty, Street Global Markets, Trump, Biden, CNBC, Republican National Convention Locations: Milwaukee , Wisconsin, America, U.S, Asia, Europe, China, Milwaukee, Pennsylvania

☆ JD Vance: Why Europe looks at Trump’s VP pick with anxiety
▼ + stars: | 2024-07-16 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +8 min

CNN —Many of America’s closest allies were already dreading the prospect of Donald Trump’s return to the White House. Now that the former president has picked JD Vance as his running mate, they potentially have a lot more to worry about. By choosing Vance, Trump has sent a clear signal that, if elected, his America-first foreign policy will be back in force. “JD Vance does not appear to be interested in being a good ally to Europe,” Berzina said. I think Russia has incentive to come to the table right now.

Persons: America’s, Donald Trump’s, JD Vance, Vance, Trump, ”, Kristine Berzina, “ JD Vance, ” Berzina, Putin, Vance’s, “, Sergey Lavrov, Lavrov, Volodymyr Zelensky, CNN’s Kaitlin Collins, Zelensky, Jose Luis Magana, China Vance, we’re, ” Vance, Trevor McCrisken, you’ve, Ukraine that’s, ” McCrisken, ” Sam Greene, Biden, Greene, Joe Biden, ” Greene, –, Nikki Haley Organizations: CNN, Trump, NATO, Labour, Marshall Fund of, United, Munich, Conference, United Nations, Conservative Political, East, Fox News, New York Times, Patriot, University of Warwick, Republicans, Democratic, Center for, King’s College London, Republican, Republican Party Locations: America, Ohio, Ukraine, Russia, United Kingdom, United States, Washington, Europe, Russian, Munich, Oxon Hill, China, East Asia, Beijing, Taiwan, Asia, Czech, UN

☆ Taiwan’s Blunt-Talking Leader Faces China’s Backlash
▼ + stars: | 2024-07-16 | by ( Chris Buckley | Amy Chang Chien | ) www.nytimes.com time to read: +1 min

Chinese Coast Guard ships have sailed near Taiwan’s outer islands. When Lai Ching-te became Taiwan’s president in May, he vowed to stick with the China policies of his predecessor, Tsai Ing-wen. Ms. Tsai sought to avoid confrontation even as she defended Taiwan’s right to self-rule and rejected Beijing’s assertion of sovereignty. Yet Mr. Lai, while keeping Taiwan’s basic policy toward China unchanged, has been blunter in rebuffing its demands. Mr. Lai, who rose as a more plain-spoken politician, sees a need to more sharply lay out Taiwan’s separate status.

Persons: Lai Ching, Tsai Ing, Tsai, Lai, Ms . Tsai, “, ”, David Sacks Organizations: Coast Guard, Council, Foreign Relations Locations: China, Taiwan, Beijing, Taiwan’s, rebuffing, Asia

☆ The next front in U.S.-China tech battle? Underwater cables that power the global internet
▼ + stars: | 2024-07-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Subsea cables are the backbone of the internet, carrying 99% of the world's data traffic. What are subsea cables? Subsea cables are the backbone of the global internet, carrying 99% of the world's intercontinental data traffic. More recently, U.S. tech giants including Meta, Google, Microsoft, and Amazon have invested significant sums to lay down their own cables. Many international subsea cable projects are reportedly circumventing China today due to concerns over data security and Beijing's expanding geopolitical influence.

Persons: TeleGeometry, Andy Champagne, Joe Vaccaro, Vaccaro Organizations: Photodisc, Getty, Yemen's, U.S, Asia America Gateway, Akamai Labs, CNBC, Cisco, Meta, Google, Microsoft, Amazon, U.S ., Echo, State Department, Wall Street, Submarine Systems, Team Telecom Locations: Yemen's Iran, China, Ireland, Asia, U.S, U.S . West Coast, Singapore, Indonesia, Africa, Europe, Pacific, Estonia, Hong Kong

☆ Forget the Magnificent 7: UBS just refreshed its 'Super 8' list of global stock picks
▼ + stars: | 2024-07-16 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

But for those looking for alternatives, UBS has refreshed its list of "highest conviction and most investable" tech stocks in Asia. So far, UBS' Asian Super 8 has gained 8.3% since its inception in February, beating the 6.7% returned by the benchmark MSCI Asia-Pacific index. "We believe the valuation discount across the value chain in Asia's technology sector offers a defensive catch-up play for investors," UBS' analysts wrote. Tencent has been making headlines recently, with several analysts bullish, including Goldman Sachs , which included the stock in its conviction list. The company, which also goes by the name Foxconn, is expecting over 40% year-on-year growth in its AI server sub-segment this year, UBS' analysts noted.

Persons: Tencent, Goldman Sachs, Hon Hai Taiwan's, Hai, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, UBS, Hong Kong Stock Exchange, U.S, Hai Precision Industry, Taiwan Stock Exchange, Lenovo Lenovo, Lenovo, Hong Kong Exchange Locations: Asia, China, U.S

☆ CNBC Daily Open: Trump attends RNC, Dow record close, bitcoin 'digital gold
▼ + stars: | 2024-07-16 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow record highThe Dow Jones Industrial Average closed at an all-time high after former President Donald Trump survived an assassination attempt. Trump lauded at RNCFormer President Donald Trump was cheered and celebrated at the Republican National Convention in Milwaukee, his first appearance since an assassination attempt at a Pennsylvania rally. [PRO] 'Super 8'UBS has updated its "Super 8" list of top Asian tech stocks, seen as alternatives to the US "Magnificent Seven."

Persons: Donald Trump, Russell, Jerome Powell, Trump, JD Vance, Ohio, Elon Musk, Powell, you've, Larry Fink, Fink, bitcoin, CNBC's, Donald Trump's Organizations: CNBC, Dow, Dow Jones, Nasdaq, Treasury, Federal, RNC, Republican National Convention, Sporting, Trump, BlackRock, CSI, Nikkei, UBS Locations: U.S, Milwaukee, Pennsylvania, Asia, Pacific, China, Hong

☆ When a cruise liner-size asteroid zips by Earth, two spacecraft may follow it
▼ + stars: | 2024-07-16 | by ( Ashley Strickland | ) edition.cnn.com time to read: +8 min

CNN —When a cruise liner-size asteroid comes within 19,883 miles (32,000 kilometers) of Earth on April 13, 2029, it won’t be alone. The European Space Agency has announced that its new Ramses spacecraft may accompany the asteroid Apophis before and after its safe, albeit rather close, pass of Earth. Astronomers think that an asteroid this large comes within such proximity to Earth only once every 5,000 to 10,000 years. In September 2022, NASA’s DART mission intentionally slammed a spacecraft into Dimorphos, a moonlet asteroid that orbits a larger parent asteroid known as Didymos. “The Ramses mission concept reuses much of the technology, expertise and industrial and science communities developed for the Hera mission,” said Paolo Martino, spacecraft manager for Hera who will also work on the Ramses mission, in a statement.

Persons: won’t, Ramses, Apophis, Apophis doesn’t, ”, Patrick Michel, ” Michel, Richard Moissl, NASA’s, OSIRIS, REx, “ Apophis, Hera, Paolo Martino, “ Hera Organizations: CNN, European Space Agency, NASA’s Center, Studies, ESA, NASA, System, National Centre for Scientific Research, NSF, JPL, Caltech, ESA’s Planetary Defence Office, APEX Locations: Europe, Africa, Asia, Apophis, France

☆ 'Luxury shame': China's rich shy away from flaunting their wealth amid economic jitters
▼ + stars: | 2024-07-16 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +1 min

China's rich are turning their backs on flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure. China's rich are growing more cautious about flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure. "Wealthy customers are afraid of being seen as too ostentatious or too showy," Claudia D'Arpizio, partner partner and global head of fashion and luxury at Bain & Company, told CNBC in a separate interview. "We call it luxury shame similarly [to] what happened in the U.S. in 2008-2009," D'Arpizio said. "Even people that can afford to buy these products have less willingness to do so, [in order] not to be seen as really buying or wearing very expensive products."

Persons: Derek Deng, Claudia D'Arpizio, D'Arpizio Organizations: Bain and Company, Bain &, Bain & Company, CNBC Locations: China, U.S

☆ 'Best idea...ever': Fund manager predicts 10-fold rise in this e-commerce stock
▼ + stars: | 2024-07-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Jumia Technologies , a pan-African e-commerce company listed on the New York Stock Exchange, could see its value increase tenfold or more in the coming years, according to hedge fund manager Josh Koren. The company's stock has surged over 270% year-to-date, but Koren, a portfolio manager and chief investment officer of Musketeer Capital , believes it still has significant room to run. Jumia's stock has experienced significant volatility since its initial public offering in 2019. "This company right now is only a $1.2 billion company. "The U.S. has a trillion [dollar e-commerce market cap company].

Persons: Josh Koren, Jumia, Koren, They're, Elon Musk's Starlink, Fawne Jiang Organizations: Technologies, New York Stock Exchange, Musketeer, CNBC Pro, Jumia, Benchmark Locations: Africa, China, Asia, tailwinds

☆ Asia-Pacific markets open mixed on the back of Fed chair's rate cut comments
▼ + stars: | 2024-07-16 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

China's biggest policy meeting in six years kicks will kick off this week. Asia-Pacific markets open mixed on Tuesday as traders in Asia react to Federal Reserve Chair Jerome Powell's comments that the central bank will not wait until inflation hits 2% to cut interest rates. Powell indicated that central bank is looking for "greater confidence" that inflation will drop to the 2% level, citing "long and variable lags" in policy effects. The blue-chip Dow also reached a new intraday high, advancing 0.53% to close at 40,211.72. Similarly, The S&P 500 added 0.28% to 5,631.22, while the Nasdaq Composite gained 0.4% to end at 18,472.57.

Persons: Jerome Powell's, Powell, Donald Trump's, Dow Organizations: Republican, Dow Jones, Nasdaq Locations: Asia, Pacific

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