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☆ Japan’s population crisis was years in the making – and relief may be decades away
▼ + stars: | 2024-03-01 | by ( Jessie Yeung | ) edition.cnn.com time to read: +10 min

The demographic crisis has become one of Japan’s most pressing issues, with multiple governments failing to reverse the double blow of a falling fertility rate and swelling elderly population. But Japan’s crisis is unique in that it’s been decades in the making, experts say – meaning its impact is particularly evident now, with relief unlikely to come anytime soon. ‘Not reversible’The first thing to understand about Japan’s population crisis is that it’s only partly behavioral, said James Raymo, professor of sociology and demography at Princeton University. As of last year, Japan’s fertility rate sat at 1.3. The real problem is that the fertility rate has been consistently low for so long.

Persons: handwringing, It’s “, –, it’s, James Raymo, ” Raymo, ‘, aren’t, Raymo, Tomohiro Ohsumi, – “, Stanislav Kogiku, “, ” Organizations: CNN, Princeton University, government’s Institute of Population, Social Security Research, Getty Locations: Japan, China, Hong Kong, Taiwan, South Korea, Spain, Italy, United States, India, Yonomori, Fukushima, singlehood, Vietnam, Shinjuku, Tokyo, Toyko

☆ Why this artist photographed herself at dizzying heights
▼ + stars: | 2024-03-01 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +5 min

CNN —Twenty-four floors up a Manhattan high rise, the photographer Ahn Jun sat on her windowsill one crisp day in 2008, dangling her leg precariously outside over the city. In the self-portrait series, Ahn sat on roof corners and building ledges, sometimes showing her whole body perched on the edge; in others, just her legs and feet are visible above the straight vertical drop below. It wasn’t a sudden interest in thrill-seeking behavior, but a more conceptual idea that Ahn was chasing: the sense of the void. The first time she looked out over her apartment’s edge in Manhattan seemed to her to crystallize that feeling. Soon, she was flooded with emails, Ahn explained, some with positive feedback, but others critical of her work, or sexually harassing her.

Persons: CNN —, Ahn Jun, Ahn, “, ”, she’d, who’d Organizations: CNN, South, Pratt Institute, British, of, Guardian, Paris, Museum of Photography, Hongik University Locations: Manhattan, South Korean, Brooklyn, New York, Seoul, Korea, Hong Kong, Daegu, South Korea, she’ll, Nara, Japan

☆ Boeing fined $51 million for violating Arms Export Control Act
▼ + stars: | 2024-03-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing has agreed to pay $51 million for violating exports controls of military technology, including employees in China downloading sensitive data from numerous defense aircraft and missiles. The State Department found a total of 199 violations of the Arms Export Control Act by Boeing. It faces multiple investigations for a door plug blowing out on a 737 Max flight in January, leaving a gaping hole in the side of the Alaska Airlines flight. The NTSB has yet to determine blame or fault for the door plug incident on the Alaska Air flight. But Boeing CEO Dave Calhoun told investors in January, “We caused the problem, and we understand that.

Persons: ” “, ”, Boeing’s, Max, Dave Calhoun, “ Organizations: New, New York CNN, Boeing, State Department, Alaska Airlines, National Safety Transportation Board, Federal Aviation Administration, Justice Department, FAA, NTSB, Alaska Air Locations: New York, China, Australia, Canada, France, Germany, Hong Kong, India, Italy, Japan, Kenya, Morocco, Russia, Singapore, South Korea, Spain, Thailand, Taiwan, Ukraine, United Kingdom

☆ Asia markets set to bounce ahead of China manufacturing data
▼ + stars: | 2024-03-01 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

(Photo by Vernon Yuen/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesAsia-Pacific markets were set to bounce Friday after a subdued session as investors awaited manufacturing data from China. While most Asia stock markets were lower on Thursday, China's CSI 300 closed almost 2% higher at 3,516.08 ahead of its purchasing managers' index reading for February. Official data is expected to show manufacturing PMI at 49.1, according to a Reuters Poll forecast. The private Caixin manufacturing final PMI is expected to come in at 50.6. A PMI reading above 50 indicates expansion, while below that denotes a contraction.

Persons: Vernon Yuen Organizations: Getty, Nurphoto, China's CSI, PMI, Nikkei Locations: Hong Kong, China, Asia, Pacific, China's, Chicago, Osaka, Australia, Korea

☆ Evergrande chairman's second seized Hong Kong mansion put up for sale
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

China Evergrande Center sign seen on the front of their building. A second mansion in Hong Kong that once belonged to China Evergrande Group's chairman has been put up for sale by its receivers, according to property agent Savills. A second mansion in Hong Kong that once belonged to China Evergrande Group's chairman has been put up for sale by its receivers, according to property agent Savills. Evergrande, the world's most indebted property developer which defaulted its offshore debt in late 2021, was liquidated by a Hong Kong court in January. Hui owned three mansions in the same residential development on the Peak in Hong Kong.

Persons: China Evergrande, Savills, Hui Ka Yan, Hui Locations: China, Hong Kong

☆ Deutsche Bank to file liquidation suit against Chinese developer Shimao, Reuters reports
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: +2 min

Deutsche Bank is preparing a liquidation lawsuit in Hong Kong against Chinese developer Shimao Group, two sources said, in a rare move by a foreign firm that comes amid rising credit defaults and China's deepening property sector crisis. Deutsche Bank is preparing a liquidation lawsuit in Hong Kong against Chinese developer Shimao Group, two sources said, in a rare move by a foreign firm that comes amid rising credit defaults and China's deepening property sector crisis. After that missed payment, its entire $11.7 billion worth of offshore debt is deemed to be in default. Deutsche Bank declined to comment. Reuters could not determine the amount of exposure Deutsche Bank had to the developer.

Persons: Shimao Organizations: Deutsche Bank, Shimao, China Evergrande Group Locations: Hong Kong, Shanghai, China

☆ CNBC Daily Open: Wall Street unfazed by hot inflation data
▼ + stars: | 2024-03-01 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 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. Nikkei nears record levelJapan's Nikkei 225 closed just shy of the 40,000 level, hitting a fresh record high of 39,910.82, up 1.9%. Overnight, Wall Street ended on a high note as the Nasdaq Composite hit its first closing record since November 2021, rising 0.9%. [PRO] Europe's 'Super 7'Citi picked "Super 7" European stocks that it said are similar to the "Magnificent 7" U.S. technology stocks but have cheaper valuations leaving more room for them to rise.

Persons: Bob Parker Organizations: CNBC, Nikkei, CSI, Nasdaq, Dow, Ministry of Commerce, Capital Markets Association, Citi Locations: China, U.S, Europe

☆ Thousands of Hong Kongers are flocking to a Costco store in mainland China. Here's why.
▼ + stars: | 2024-03-01 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +1 min

Costco opened a new store in Shenzhen, China, in January. Thousands of Hong Kong residents have since flocked to the store in search of discounts. More than 15,000 Hong Kong members have signed up for the store, Costco's CFO said, per Bloomberg. Among the droves of discount shoppers were many Hong Kongers, enticed across the boundary with mainland China by the store's discount prices. More than 15,000 Hong Kong members have signed up for the Shenzhen store since it opened its doors, Richard Galanti, Costco's chief financial officer, told Bloomberg.

Persons: —, Kongers, Richard Galanti Organizations: Costco, Hong Kong, Bloomberg, Service, Business Locations: Shenzhen, China, Hong Kong

☆ Qatar’s Lusail Towers: Norman Foster on how to ‘reinvent the tall building’
▼ + stars: | 2024-02-29 | by ( Rochelle Beighton | ) edition.cnn.com time to read: +4 min

CNN —Lord Norman Foster, renowned as one of the world’s foremost architects, has dedicated decades to redefining the concept of tall buildings. Currently nearing completion and set to reach a height of 301 meters (988 feet), Foster’s Lusail Towers are poised to claim the title of Qatar’s tallest buildings, surpassing the current record holder, The Torch Doha. Breaking ground in January 2020, the Lusail Towers stand amidst a plethora of new developments in the area, including Lusail Stadium, also designed by Foster + Partners for the 2022 FIFA World Cup. Building from the ground upWhile the towers are poised to become a recognizable landmark for Lusail, Foster believes that a city’s skyline reflects what lies beneath the surface. The Lusail Towers are set to be completed in phases over the next 12 months.

Persons: Norman Foster, St Mary Axe, he’s, Foster, ” Foster, “ We’ve, “ It’s, Luke Fox, ” Fox Organizations: CNN, St, HSBC, Foster + Partners, Lusail, Foster, Partners, AFC Asian Locations: Hong Kong, Qatar, Doha, Lusail

☆ Bud Light boycott likely cost Anheuser-Busch InBev over $1 billion in lost sales
▼ + stars: | 2024-02-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The world’s largest brewer may have lost as much as $1.4 billion in sales because of the backlash to its brief partnership with a transgender influencer to promote Bud Light beer. Anheuser-Busch InBev (BUD) reported record revenues for 2023 Thursday but said its “full growth potential was constrained” by its US business, where sales were hurt by a boycott of Bud Light over a sponsored Instagram post with Dylan Mulvaney. In North America, organic revenue, seen as the best measure of operating performance, plunged $1.4 billion last year as beer sales by volume tumbled in the region, primarily due to a decline in Bud Light sales in the United States. Bud Light sales tanked after the company’s partnership with Mulvaney sparked an anti-trans backlash and calls for a boycott. The firestorm saw Mexican lager Modelo Especial dethrone Bud Light last May as America’s top-selling beer, a title the brand had held for more than two decades.

Persons: BUD, Bud Light, Dylan Mulvaney, Beer, Mulvaney, Bud, Aarin, Hargreaves, ” Organizations: London CNN, Bud, Anheuser, Busch InBev, Bud Light, Modelo, “, Teamsters, InBev, InBev’s, Budweiser Brewing Company Locations: North America, United States, InBev’s Asia, Hong Kong, South Korea, China

☆ Airport Authority Hong Kong is building a 'sky city,' says chief operating officer
▼ + stars: | 2024-02-29 | 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 EmailAirport Authority Hong Kong is building a 'sky city,' says chief operating officerVivian Cheung, chief operating officer at the Airport Authority Hong Kong, discusses the progress it has made in its "airport city" project.

Persons: Vivian Cheung Organizations: Email Airport Authority, Airport Authority, Airport Authority Hong Kong Locations: Email Airport Authority Hong Kong, Airport Authority Hong

☆ Boeing agrees to $51 million settlement for U.S. export violations, including in China
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +2 min

Boeing said on Thursday it had reached a $51 million settlement with the U.S. State Department for numerous export violations including Chinese employees in China improperly downloading documents related to U.S. Defense Department programs. The administrative settlement covers unauthorized exports of technical data and resolves 199 violations of the Arms Export Control Act and International Traffic in Arms Regulations, the State Department said. Boeing said it was "committed to our trade controls obligations, and we look forward to working with the State Department under the agreement." Boeing voluntarily disclosed the violations, which mostly occurred before 2020, and the government documents did not allege disclosure of classified material. The settlement includes a three-year consent agreement and $51 million civil penalty, of which $24 million will be suspended by the State Department so Boeing can use the funds for remedial compliance measures to strengthen its compliance program.

Organizations: Boeing, New York Stock Exchange, U.S . State Department, U.S . Defense Department, The State Department, Control, State Department Locations: New York, U.S, China, Australia, Canada, France, Germany, Hong Kong, India, Italy, Japan, Kenya, Morocco, Russia, Singapore, South Korea, Spain, Thailand, Taiwan, Ukraine, United Kingdom, Israel, Turkey, Lebanon

☆ How much wealth do you need to join the 1% club in your country?
▼ + stars: | 2024-02-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

The entry barriers to the 1% rich club have been getting tougher across the world. Here's how much you need to join the ranks of the wealthiest people in your country. Second in line is Luxembourg, which has an entry requirement of $10.8 million, followed by Switzerland at $8.5 million. At $5.2 million, Singapore is fifth globally and leads the Asia-Pacific region in terms of the wealth needed to break into the elite club. The two are offering tax incentives and business-friendly regulations to attract 1,100 family offices that manage over $4 trillion in assets.

Persons: Monaco, Knight Frank Organizations: Empire, Hudson Locations: Manhattan, New York City, U.S, Luxembourg, Switzerland, Singapore, Asia, Pacific, Hong Kong

☆ CNBC Daily Open: Markets brace for Fed's key inflation gauge
▼ + stars: | 2024-02-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. 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. Overnight, Wall Street ended lower as the 30-stock Dow slipped 0.06% and fell for a third consecutive session. Water scarcity threatens chip makersWater shortages could threaten semiconductor firms such as Taiwan Semiconductor Manufacturing Company, S&P Global Ratings said in a report.

Persons: Dow, Sundar Pichai, Pichai, Ziyu Shen, Eli Lilly, Freddie Lait, Lait Organizations: New York Stock Exchange, Wall, CNBC, CSI, Nikkei, Nasdaq, Google, Taiwan Semiconductor Manufacturing, Nvidia Geely, Nvidia, Novo Nordisk, McKesson Locations: New York City, Asia, U.S

☆ Asia markets poised to fall as investors await key U.S., China economic data
▼ + stars: | 2024-02-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

An investor watching share prices at the securities trading floor of Asia Commercial Bank in Hanoi, Vietnam. Asia-Pacific stocks were set to decline Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve's interest rate cut path. The U.S. personal consumption expenditures price index — the Federal Reserve's preferred inflation gauge — is due later in the day, while China's manufacturing purchasing managers' index reading is scheduled to be released Friday. Futures for Hong Kong's Hang Seng index stood at 16,564, pointing to a marginally higher open compared to the HSI's close of 16,536.85 . The combined entity was valued at roughly $8.5 billion on a post-money basis, excluding synergies.

Persons: Walt Disney Organizations: Asia Commercial Bank, Reliance Locations: Asia, Hanoi , Vietnam, Pacific, Hong Kong

☆ Hong Kong GDP to grow 2.5%-3.5% in 2024, scraps property tightening measures
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: +1 min

People cross an intersection in the Central business district of Hong Kong on Feb. 27, 2024. Hong Kong's economy is expected to grow 2.5%-3.5% this year, Financial Secretary Paul Chan said on Wednesday as he announced measures to bolster a flagging property market and support the economy. The special administrative region, which expanded 3.2% in 2023, will cancel all buy-side property tightening measures for residential properties and waive stamp duties payable on the transfer of REIT units, Chan said. "We decided to cancel all demand-side management measures for residential properties with immediate effect. We consider that the relevant measures are no longer necessary amidst the current economic and market conditions," Chan said, adding that there was room to further adjust measures for the property market.

Persons: Paul Chan, Chan Organizations: Financial, HK Locations: Central, Hong Kong, Hong

☆ Hong Kong budget: Real estate expert discusses the scrapping of property curbs
▼ + stars: | 2024-02-28 | 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 EmailHong Kong budget: Real estate expert discusses the scrapping of property curbsPeter Churchouse, managing director of Portwood Capital, discusses Hong Kong's budget for 2024-25 and explains why he's rethinking his forecast on property prices.

Persons: Churchouse Organizations: Hong, Portwood Locations: Hong Kong

☆ Country Garden: Troubled Chinese property developer faces liquidation petition
▼ + stars: | 2024-02-28 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Chinese property developer Country Garden, which defaulted on its debt last year, says it has received a liquidation petition from a creditor after not repaying a loan. The winding-up petition was filed by Ever Credit Limited, which had lent Country Garden a term loan facility worth 1.6 billion Hong Kong dollars ($204.5 million), the developer said in a Wednesday stock exchange filing. The news, which sent shares in the developer falling by more than 12%, comes just a month after rival property firm Evergrande was ordered to liquidate by a Hong Kong court in a landmark ruling. As for Country Garden, it said in the filing it would “vigorously” oppose the liquidation petition, which was filed at Hong Kong’s High Court on Tuesday. Formerly China’s largest homebuilder, Country Garden missed the payment on a $500 million bond as it battled a liquidity crisis.

Persons: Evergrande, “ Organizations: Hong Kong CNN, Ever Credit, Hong Kong, Hong, Garden Locations: China, Hong Kong, Evergrande

☆ This Big Tech stock has an 'absolutely compelling' valuation, top fund manager says
▼ + stars: | 2024-02-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

However, the company's revenues and profits have surged since then, and one outperforming fund manager sees the current valuation as a buying opportunity. Alibaba shares are traded in the U.S., Hong Kong and Germany. BABA 1Y line The slump in the company's share price came amid concerns of an economic slowdown in China and increased regulation of the internet sector by authorities in Beijing. Alibaba's cheap share buyback Lapping also pointed to the impact of Alibaba's share buyback program as distinct compared to many richly valued U.S. tech darlings. However, with its share price now 65% off its peak, Alibaba's compensation costs have dwindled dramatically.

Persons: Sean Peche, BABA, It's, Andrew Organizations: Ranmore Fund Management, Wall Street, Tech, Ranmore Global Equity Fund Locations: China, U.S, Hong Kong, Germany, Beijing

☆ China's Country Garden gets liquidation petition from creditor
▼ + stars: | 2024-02-28 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

China's Country Garden Holdings said Wednesday it received a liquidation petition filed by one of its creditors, deepening worries about the country's beleaguered property sector. Country Garden said it will oppose the petition "vigorously" and seek legal measures to do so. Country Garden said it intends to "proactively communicate" and work with its offshore creditors on its restructuring plan. China's property sector has historically been the bedrock of the country's economy, accounting for a large share of gross domestic product. Companies like Country Garden and Evergrande have struggled to repay their debt obligations and are now embroiled in drawn-out debt restructuring processes.

Persons: China Evergrande Organizations: Garden Holdings, Hong Kong, Monetary Fund, Companies Locations: Hong Kong, China

☆ Hong Kong property stocks jump after city scraps cooling measures
▼ + stars: | 2024-02-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

An urban view of high-rise buildings at dusk as seen from Hong Kong's Victoria Peak. Stocks of Hong Kong developers rose after Financial Secretary Paul Chan scrapped property cooling measures in a bid to bolster the sector, which has been weighed down by high borrowing costs and weak economic sentiment. Churchouse added that this could "be a bit of a positive flip" for the wider Hong Kong stock market as it is highly correlated with the residential property market. Hong Kong's stock markets have plunged around 40% from its highs a couple of years ago. Hong Kong's government is also rolling out over 1 billion Hong Kong dollars ($127 million) to support its tourism industry.

Persons: Chan, Paul Chan, Peter Churchouse, Churchouse, Hong Organizations: Hong, Portwood, Kong's Monetary, Hong Kong Locations: Hong, Victoria, Hong Kong

☆ Hong Kong scraps decade-old property restrictions to boost flagging economy
▼ + stars: | 2024-02-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

These taxes had been introduced as early as 2010 to cool the city’s once red-hot property market, a pillar of the economy. Real estate and related industries play a key role in Hong Kong’s economy, accounting for as much as a fifth of the city’s gross domestic product (GDP). Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. Hong Kong’s stock market, where many of China’s largest and most important companies are listed, has become less popular with international investors. Late last year, the city’s stock exchange was overtaken by the National Stock Exchange of India (NSE) as the world’s seven largest bourse.

Persons: Paul Chan, “, ” Chan, Chan Organizations: Hong Kong CNN, Hong Kong, National Stock Exchange of India, bourse Locations: China, Hong Kong, Hong Kong’s, Victoria Harbour, Hong, Beijing, Washington, Asia

☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ European markets head for higher open, shrugging off negative sentiment elsewhere
▼ + stars: | 2024-02-28 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Wednesday, rallying after a shaky start to the trading week. Elsewhere, U.S. stock futures ticked lower on Tuesday evening as investors looked ahead to a key inflation report — the personal consumption expenditures reading for January — on Thursday. It is the Federal Reserve's preferred measure of inflation. Asia-Pacific stock markets were mostly lower overnight as New Zealand's central bank kept its interest rate steady, while Hong Kong's property index rallied after the city's budget announcement.

Persons: — Locations: Asia, Pacific

☆ Another Chinese Property Giant Faces a Creditor Who Wants It Dismantled
▼ + stars: | 2024-02-28 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated. Ever Credit Ltd., a Hong Kong lender, is petitioning the city’s High Court to shut down Country Garden. Ever Credit’s petition, known as a winding up petition, is meant to force Country Garden to close its doors and sell its assets to make money it can use to pay back its creditors. Country Garden dethroned Evergrande as China’s largest developer in 2021 when Evergrande endured a financial collapse. Country Garden said it would fight the court petition “vigorously,” and that the first hearing on the petition had been scheduled for May 17.

Persons: Evergrande, “ Organizations: Hong Locations: Hong Kong, China

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