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☆ China's Covid lockdowns are having a lessening impact on its economy
▼ + stars: | 2022-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Covid lockdowns are having a lessening impact on the economy for the first time since early October, according to Nomura. Evelyn's lead: The negative impact of China's Covid controls on GDP has dropped for the first time since early October, according to a Nomura model. As of Monday, the negative impact of China's Covid controls on its economy fell to 19.3% of China's total GDP — down from 25.1% a week ago, Nomura's Chief China Economist Ting Lu and a team said in a report. Last week's 25.1% figure was higher than that seen during the two-month Shanghai lockdown in the spring, according to Nomura's model. In the last several days, local governments have relaxed some virus testing requirements, allowing people in cities such as Beijing and Zhengzhou to take public transportation without having to show proof of a negative test result.

☆ How Reuters measured the impact of French police fines
▼ + stars: | 2022-12-06 | by ( Layli Foroudi | ) www.reuters.com time to read: +3 min

For its national analysis, Reuters used department-level immigrant population figures from France’s official statistics agency. This data counts as an immigrant any person born abroad with foreign nationality even if they have since been naturalized. Reuters compared this data with the interior ministry’s counts of pandemic-related fines issued in each department between mid-March and mid-May 2020. There were notable anomalies: Paris’ 8th district, home to the famous Champs Elysees shopping avenue, had the highest rate of fines despite having a relatively small minority population. He said the higher concentration of COVID-related fines in areas with larger populations of immigrant origins could be explained by various factors.

REUTERS/Thomas PeterDec 6 (Reuters) - China's capital Beijing dropped the need for people to show negative COVID tests to enter supermarkets and offices on Tuesday, the latest in an easing of curbs across the country following last month's historic protests. "Beijing readies itself for life again" read a headline in the government-owned China Daily newspaper, adding that people were "gradually embracing" the slow return to normality. That has sparked optimism among investors for a broader reopening of the world's second biggest economy that could boost global growth. This marks the first decline in Nomura's closely-watched China COVID lockdown index since the start of October, nearly two months ago. Reporting by Ryan Woo and Bernard Orr in Beijing; Writing by John Geddie; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank validates the Club case on holding Estee Lauder
▼ + stars: | 2022-12-06 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Deutsche Bank Tuesday upgraded Club holding Estee Lauder (EL) on the back of an expected reopening of China's economy, in line with the Club strategy of buying up the cosmetics giant's stock as Beijing loosens harsh Covid-19 restrictions. Buy Estee Lauder," Jim Cramer said during the Investing Club's "Morning Meeting " on Tuesday. Analysts at Deutsche Bank predicted margins in makeup, which are a "key driver of outsized profit growth long term," will recover once revenues return to pre-pandemic levels. Estee Lauder is an iconic brand that's one of the best ways to play Asia's return to travel — and we believe we'll be rewarded for our patience. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ This 28-year-old built a side hustle that brings in $30,000 a month: 'I only have to work 6 hours a week'
▼ + stars: | 2022-12-06 | by ( Quinn Miller | ) www.cnbc.com time to read: +4 min

Quinn Miller started his vending machine business as a side hustle in 2020. That spring, I read on Twitter about someone making passive income by placing vending machines in office buildings. I only have to work six hours a week on vending machine operations. One vending machine business owner, for example, has 21 locations but only pays one venue 15% of his monthly profits. Vending machines are heavy and dangerous to move, so it's hard to fit them into tight spaces.

Many investors say that stocks of drugmakers and medical equipment companies, however, will likely get a more lasting lift from China's bumpy journey towards an eventual economic opening. Investors have snapped up Chinese tourism (.CSI930633), leisure (.CSI930654), retailing (.CSI930674) and food and beverage stocks (.CSI930653) over the past week. "After curbs are relaxed, China could experience the impact from surging virus cases, along with rising deaths, potentially hitting the economy," the brokerage said. "I think it's reasonable to think that as infections rise, they're going to have shortages in some areas of workers," he said. Grow Investment Group chief economist Hong Hao, warning of confusion and chaotic expectations ahead, recommended internet platform companies and food delivery firms in the short term.

☆ 'Goblin mode' is Oxford University Press' 2022 word of the year
▼ + stars: | 2022-12-05 | by ( Christian Edwards | ) edition.cnn.com time to read: +3 min

If so, you might already be in “goblin mode” – chosen by the public as the 2022 Oxford word of the year. In its place is goblin mode – the opposite of trying to better yourself. The OUP word of the year – also known as the Oxford word of the year – was chosen by the public for the first time. A group of lexicographers at OUP gave people a choice of: “Goblin mode,” “metaverse,” and “#IStandWith.”“Goblin mode” triumphed, racking up 318,956 votes – 93% of the total. Hello goblin mode.

☆ 'Metaverse' lost the word of the year contest to 'goblin mode'
▼ + stars: | 2022-12-05 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

"Goblin mode" is Oxford English Dictionary's word of the year after going viral in February. Regarding "goblin mode," it wrote that it's "a type of behaviour which is unapologetically self-indulgent, lazy, slovenly, or greedy, typically in a way that rejects social norms or expectations." The headline, falsely attributed to Bollywood news site Pinkvilla, incorrectly quoted actress and model Julia Fox as saying that her ex Kanye West "didn't like when I went goblin mode," something she never said. "The term then rose in popularity over the months following as Covid lockdown restrictions eased in many countries and people ventured out of their homes more regularly," Oxford wrote about "goblin mode." But while "metaverse" couldn't top "goblin mode," maybe Zuckerberg can take solace that it gained enough traction to be in the running this year.

HONG KONG, Dec 5 (Reuters) - China may announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters, supplementing 20 unveiled in November that set off a wave of COVID easing steps nationwide. Management of the disease may be downgraded as soon as January, to the less strict Category B from the current top-level Category A of infectious disease, the sources said on Monday, speaking on condition of anonymity. China will allow home quarantine for some of those testing positive, among the supplementary measures set to be announced, two sources told Reuters last week. COVID-19 could be downgraded to Category B management or even Category C, the expert told Yicai. read moreWriting by Ryan Woo; Editing by Alison Williams and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

[1/5] Pandemic prevention workers in protective suits walk in a street as coronavirus disease (COVID-19) outbreaks continue in Beijing, December 4, 2022. Daily tallies of new COVID infections have also dropped in some regions as authorities row back on testing. CHANGING MESSAGEAlongside the easing of local curbs, Vice Premier Sun Chunlan, who oversees COVID efforts, said last week the ability of the virus to cause disease was weakening. That change in messaging aligns with the position adopted by many health authorities around the world for more than a year. The eastern province of Zhejiang said it planned to largely end mass testing, while the metropolis of Nanjing dropped COVID tests for use of public transport.

☆ Markets respond positively to China's evolving Covid approach
▼ + stars: | 2022-12-05 | by ( Seema Mody | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets respond positively to China's evolving Covid approachCNBC's Seema Mody joins 'Power Lunch' to discuss how ongoing protests in China have provoked officials to adapt the country's lockdown measures and the positive market response that has followed.

☆ There are very few Western companies coming to China, but they've been replaced, says MSA's Harburg
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are very few Western companies coming to China, but they've been replaced, says MSA's HarburgBen Harburg, MSA Capital managing partner, joins 'Squawk on the Street' to discuss whether protests in China have helped ease Covid lockdown measures and more.

☆ China's COVID policy is top of mind for investors as unrest rattled markets this week. Here are 5 things they're watching as Beijing signals willingness to loosen some restrictions.
▼ + stars: | 2022-12-03 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

Chinese cities this week loosened COVID restrictions in the wake of mass protests, lifting Chinese stocks. China's top pandemic official this week appeared to signal a softening in the zero-COVID policy but the government has yet to pledge a comprehensive step-down. Retail investors should be prepared to move defensively should Beijing's decisions on zero-COVID policy go against their respective positions, Martin said. Here's what some market experts are looking at as global investors watch for developments surrounding the Chinese government's zero-COVID stance. "You have to understand that nobody has an edge as to predicting China policy anymore.

☆ Factbox: How many people might die, and why, if China loosens COVID restrictions
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas PeterSHANGHAI, Dec 3 (Reuters) - China has started taking steps to ease its zero-COVID policy, fuelling a mix of relief and worry as the public waits to see the health consequences, and impact on the medical system, of a full-blown exit. Researchers have analysed how many deaths the country could see if it pivots to a full reopening, with most pointing to the country's relatively low vaccination rates and lack of herd immunity as some of its most vulnerable spots. As of Friday, China reported 5,233 COVID-related deaths and 331,952 cases with symptoms. They forecasted that peak demand on intensive care would be more than 15 times capacity, causing roughly 1.5 million deaths, based on worldwide data gathered about the variant's severity. The company said it modelled its data on Hong Kong's BA.1 wave in February, which occurred after the city eased restrictions after two years.

☆ Elizabeth Holmes, Donald Trump, and childcare are all contributing to a loss of trust in women leaders
▼ + stars: | 2022-12-03 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Trust in women leaders is decreasing across the globe, a new study found. Experts say that the normalization of sexism, as well as perceived failures of some female leaders, may be why. That's on top of reduced childcare options during the pandemic locking many women out of the workforce. The survey, which was taken by over 30,000 people across the G20 countries, found that trust in women as leaders has fallen significantly over the past year. In particular, she pointed out that when Hillary Clinton lost the presidential election to Trump, many media outlets speculated whether America was really ready for a female president.

☆ Beijing, Shenzhen loosen more COVID curbs as China fine-tunes policy
▼ + stars: | 2022-12-03 | by ( Brenda Goh | ) www.reuters.com time to read: +5 min

The southern city of Shenzhen announced it would no longer require people to show a negative COVID test result to use public transport or enter parks, following similar moves by Chengdu and Tianjin. A video showing workers in Beijing removing a testing booth by crane on to a truck went viral on Chinese social media on Friday. CHINA OUTLIERThree years into the pandemic, China has been a global outlier with its zero-tolerance approach towards COVID that has seen it enforce lockdowns and frequent virus testing. China reported 32,827 new local COVID-19 infections for Dec. 2, down from 34,772 a day earlier. As of Friday, China reported 5,233 COVID-related deaths and 331,952 cases with symptoms.

☆ The death of an American soldier fighting in Ukraine exposes chaos and dysfunction in the foreign legion
▼ + stars: | 2022-12-03 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +12 min

The widow, alongside other soldiers, told Insider about mismanagement and dysfunction in the legion. A Foreign Legion fighter looks on at wreckage in Ukraine following a Russian attack. "When we were told to go out again, in my mind I knew someone was going to die," AJ told Insider. "How everything was handled, especially after his death, was scandalous," Lipka told Insider. Mavericks told Insider he suffers from post-traumatic stress disorder and still mourns the deaths of his comrades.

☆ Apple is accelerating plans to move production out of China as protests and riots intensify in response to zero-Covid policies, report says
▼ + stars: | 2022-12-03 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Apple is increasing its efforts to shift production outside of China, according to the Wall Street Journal. Production at factories like Foxconn has taken a massive hit amid riots over zero-Covid policies. Shifting production will likely be difficult in the current global economic climate, sources told WSJ. In November, the area known as "iPhone City" erupted into violent protests among employees over withheld pay and strict zero-Covid policies that prompted a lockdown in Zhengzhou. The protests, which coincided with the start of the holiday shopping season in the US, have led to significant supply chain issues and shortages of Apple iPhone products.

☆ Factbox: Global banks take axe to jobs as cost pressures mount
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

LONDON, Dec 2 (Reuters) - Banks typically trim jobs towards the end of the year, but 2022 has seen a bigger wave of redundancies and layoffs. Rising cost pressures as a result of inflation and shrinking revenues in many core business lines amid volatile markets are making bank bosses nervous about profitability in 2023. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov.8. CREDIT SUISSECredit Suisse (CSGN.S) is accelerating cost cuts announced just weeks ago, Chairman Axel Lehmann said on Dec. 2, confirming a Reuters report, as the bank races to slash its cost base by around 2.5 billion Swiss francs ($2.68 billion). DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers.

☆ Western firms’ Chinese red lines are not their own
▼ + stars: | 2022-12-02 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Yet companies’ red lines on China are out of their hands. Undeterred by growing geopolitical tensions and slowing Chinese growth, several Western companies have this year intensified the rate at which they bet on the People’s Republic. If Western states decide to impose sanctions, boards would have their red lines decided for them. Western companies will keep betting on the Middle Kingdom, until their governments stop them. The report predicts China will become the largest global market for luxury goods by 2025.

China is set to announce an easing of its COVID quarantine rules in coming days and a reduction in mass testing, sources told Reuters, even as cases nationwide remain near record highs. Some cities lifted some district lockdowns this week, as Vice Premier Sun Chunlan, who oversees COVID efforts, said the ability of the virus to cause disease was weakening. The policy shift comes after anger over the world's toughest curbs fuelled protests unprecedented in mainland China since President Xi Jinping took power in 2012. All those cities have been reporting hundreds or even thousands of cases a day - high numbers by China's standards. Some places in Shanghai this week in fact tightened testing requirements to every 48 hours from 72.

☆ Inside China's fight over the future of zero-COVID
▼ + stars: | 2022-12-02 | by ( David Stanway | ) www.reuters.com time to read: +10 min

After nearly three years, a significant loosening of zero-COVID measures has been signalled by senior government officials and public health experts. Vice Premier Sun Chunlan said on Thursday that China's health system had "withstood the test" of COVID, allowing further adjustments to state policies. "You can have zero-COVID, but you can't have a healthy economy, and you can have a healthy economy, but you can't have zero-COVID." Laura Yasaitis, a public health expert at the Eurasia Group think-tank who follows China's zero-COVID policies, said fear of the virus likely varied widely across the country, as well as within cities or provinces. Officials have repeatedly said that China's health system would be unable to cope with a surge in cases, with medical resources unevenly distributed across the country.

CNN —Formula One has canceled next year’s Chinese Grand Prix in light of Covid-19 difficulties, according to a statement released by F1 on Friday. The race was scheduled to take place in Shanghai on April 16, marking F1’s first race in China since 2019. But the country’s strict Covid-19 protocols have left F1 “assessing alternative options” for the fourth race of the 2023 season. The 2023 F1 season is scheduled to get underway in Bahrain on March 5. That kicks off a campaign featuring 24 races, assuming an alternative location is named in place of the Chinese Grand Prix.

☆ Debt woes and zero-Covid: China's cities are running out of cash to pay huge bills
▼ + stars: | 2022-12-02 | by ( Laura He | ) edition.cnn.com time to read: +9 min

They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.

☆ 'Don't yell that': fears compete with calls for 'freedom' at China protests
▼ + stars: | 2022-12-02 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

"Don't get people too riled up ... we didn't say anybody should step down," one lead protester told the crowd through a megaphone. Many people in the Sunday night crowd in Beijing shouted: "Return freedom to the people, end the lockdowns." But that worried some in the crowd, according to a Reuters witness. 'BRIDGE MAN'Public criticism of Xi or the Communist Party is exceedingly rare. "The average Chinese person knows it's extremely dangerous to question the rule of the Communist Party or Xi Jinping by name in any public context," said Delury.

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