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In yet another incident, crowds of angry drivers gather outside an apartment complex, demanding justice for a fellow delivery driver said to be bullied by security guards there. They’re among the many episodes of explosive confrontations across China involving delivery workers widely circulated on Chinese social media, showing people stretched to the breaking point. As China’s economy grapples with a raft of setbacks, from a protracted property crisis to a lack of consumer spending, delivery workers are taking a beating. That eats into delivery workers’ income as their pay is usually tied to a commission based on the price of the order. In 2019, a delivery driver died after he was hit by a tree knocked over by strong winds in Beijing, according to state media Global Times.

Persons: “, ”, Jenny Chan, Chan, they’ve, Greg Baker, Morningstar, Alibaba, ’, Lu Sihang, Lu, China’s, Gary Ng, ” Ng, Pedro Pardo, Workers.cn, Yang, Justin Robertson Organizations: Hong Kong CNN, Polytechnic University of Hong, Getty, iiMedia Research, CNN, China New Employment Research Center, Research, China Labour Bulletin, Polytechnic University, Global Times, Chongqing Broadcasting Group Locations: Beijing, Hong Kong, China, Polytechnic University of Hong Kong, AFP, Chinese, Hunan

☆ Universal's Epic Universe theme park set to open in May 2025
▼ + stars: | 2024-10-17 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Universal 's Epic Universe theme park will open its gates on May 22, 2025, in Orlando, Florida. First announced in 2019, Epic Universe represents the single-largest investment Comcast's NBCUniversal has ever made in its theme parks business and in Florida overall, CEO Brian Roberts said at the time. Epic Universe will be anchored around the Loews Hotels' Universal Helios Grand Hotel, a 500-room property that will have a dedicated entrance to the park for hotel guests. This first phase of tickets will allow guests to purchase three-, four- or five-day admission to Universal's Orlando Resort, with one-day admission to Epic Universe. Additionally, annual passholders will have the chance to buy single-day tickets to Epic Universe on Oct. 24 before they go on sale to the general public.

Persons: Harry Potter –, NBCUniversal, Brian Roberts, we're, Karen Irwin Organizations: Magic, Nintendo, Orlando, Universal Studios, Universal Orlando Resort, Loews Hotels, Universal, Comcast, CNBC Locations: Orlando , Florida, Berk, Florida, NBCUniversal

☆ I'm a millennial making $120,000 a year. I rent because buying a home in Florida is so costly and would be too much work.
▼ + stars: | 2024-10-16 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Jorge Argota, 35, runs his own digital marketing agency in Miami and made about $120,000 last year. For me, renting an apartment in Miami is more affordable than buying a nice house with a $3,000 or $4,000 mortgage. Argota and his brother pay $2,300 a month for a two-bedroom in this Miami apartment complex. I've also had many friends who have had to move further north in Florida because it's impossible for them to pay rent or buy a home in Miami. So, if I can't buy a house in Miami, I might consider moving to another state.

Persons: Jorge Argota, Argota, —, Zillow, We've, Jorge Argota Little, dominos, I've Organizations: Service, Miami Locations: Miami, Florida, COVID, New York , California, Texas, Little Havana, Jorge Argota Little Havana, Cuban

☆ Prada and Axiom Space unveil spacesuit designs for NASA’s Artemis III moon mission
▼ + stars: | 2024-10-16 | by ( Marianna Cerini | Leah Dolan | ) edition.cnn.com time to read: +2 min

Milan CNN —Luxury fashion house Prada and commercial space company Axiom Space have unveiled the designs for a spacesuit that will be worn for NASA’s Artemis III moon mission. “This is a groundbreaking partnership,” said Russel Ralston, executive vice president of Axiom Space, during the press conference. “We’re blending engineering, science and art.”The spacesuit will be used for NASA’s Artemis III mission, planned for 2026. Prada & Axiom SpaceThe slick looking suits include a range of innovative features. Prada & Axiom SpaceCurrently scheduled for the second half of 2026, NASA’s Artemis III mission plans to be the first astronaut moon landing since Apollo 17 in 1972.

Persons: Milan, Artemis, ”, Russel Ralston, Lorenzo Bertelli, ” Bertelli, “, it’ll Organizations: Milan CNN, International Astronautical, Linea, Prada, Mobility, Prada Group Locations: Milan, Houston

☆ Long-awaited Grand Egyptian Museum opens for trial run
▼ + stars: | 2024-10-16 | by ( Associated Press | ) edition.cnn.com time to read: +3 min

Cairo AP —The Grand Egyptian Museum will open 12 halls with exhibits about ancient Egypt in its main galleries starting this week in a trial run ahead of the still-unannounced official opening, officials have said. More than 100,000 artifacts of Egypt’s ancient treasures will be displayed in the world’s largest archaeological museum, according to the Egyptian state information website. The entrance to the Grand Egyptian Museum. ‘A gift to the world’The trial opening is aimed at figuring out which areas of the museum might become overcrowded. Other parts of the museum, including the King Tutankhamun treasure collection, are set to open at later dates.

Persons: Al, Tayeb Abbas, Gehad, AP Abbas, ”, Jorge Licano, Eissa Zidan, ” Zidan Organizations: Cairo AP, Egyptian, Grand Egyptian, AP Locations: Cairo, Egypt, New Kingdom, Middle Kingdom, Kingdom, Aude, Canadian, Costa Rican

☆ The US fined Lufthansa a record $4 million for discrimination after it stopped 128 Jewish passengers from boarding a connecting flight
▼ + stars: | 2024-10-16 | by ( Pete Syme | Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +3 min

Lufthansa was fined $4 million for discrimination over a 2022 incident involving over 100 Jewish passengers. 128 were denied boarding to a connecting flight after some were said to have misbehaved. AdvertisementLufthansa has been fined $4 million by the Department of Transportation after it was found to have discriminated against 128 Jewish passengers. After some people were said to have misbehaved on the first flight to Frankfurt, Lufthansa prevented 128 Jewish passengers — most of whom wore garments typically worn by Orthodox Jewish men — from boarding their connecting flight to Budapest, the DoT said. AdvertisementThe airline agreed to pay the $4 million fine, half of which consists of compensation it has already paid to the affected passengers.

Persons: —, Yitzy Schmidt, Pete Buttigieg Organizations: Lufthansa, Service, Department of Transportation, Transportation Department, BI, American Jewish Committee Locations: New York, Budapest, Frankfurt

☆ This senior living stock is a buy with more than 30% upside, Jefferies says
▼ + stars: | 2024-10-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

The senior housing industry is approaching its "golden age" and Bookdale Senior Living should benefit, according to Jefferies. Analyst Brian Tanquilut initiated coverage of Brookdale Senior Living with a buy rating, saying that the sector should benefit from better occupancy as baby boomers "age into the sweet spot." "The combination of positive demographic trends, improved operations, and financial engineering ... should all translate to improved earnings performance that's not yet baked into the stock," he wrote. A slowdown in new construction due to Covid-19 delays and higher costs should also benefit shares. Of those, two have buy ratings, and the others assigned it an underperform rating, LSEG data shows.

Persons: Brian Tanquilut, Tanquilut, Brookdale Organizations: Jefferies

☆ Hong Kong leader announces measures to address housing crisis in annual policy address
▼ + stars: | 2024-10-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +3 min

Hong Kong Chief Executive John Lee Ka-chiu delivers his annual policy address at the Legislative Council on Oct. 16, 2024, in Hong Kong. Hong Kong chief executive John Lee announced moves aimed at addressing the city's housing affordability crisis, calling it "an issue of great public concern" in an annual policy address on Wednesday. Under the plan, the Hong Kong Housing Authority will allocate an extra ballot number to applicants aged below 40 — a move that will increase their chances of being selected for the city's subsidized Home Ownership Scheme flats. He also said the government expects to complete about 9,500 new public housing units next year, moving toward a goal of completing about 30,000 units by 2027-2028. The current wait time for a public housing unit in Hong Kong is 5.5 years.

Persons: John Lee Ka, chiu, John Lee, Hong Kongers, Lee Organizations: Legislative, Hong, Hong Kong Housing Authority Locations: Hong Kong, Hong Kong . Hong Kong

☆ Stifel’s Barry Bannister sticks to his bearish market stance
▼ + stars: | 2024-10-16 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Over the past month, the S & P 500 has climbed 3.2% to break above 5,800 for the first time. "Despite all the soft-landing and Fed rate cut optimism, the S & P 500 up almost 40% y/y has simply over-shot," he wrote in a note to clients. "S & P 500 over-valuation has been supported by (and fully reflects) the Fed likely cutting the real funds rate," he added. This summer, he said he expected the S & P 500 to fall to 5,000 by the fourth quarter. While not included in CNBC Pro's Market Strategist Survey , that forecast would mark Stifel as the second lowest among those surveyed.

Persons: Barry Bannister, Stifel, manias, Bannister Organizations: Federal Reserve, CNBC Pro's, Survey, Citi, Cisco Systems

☆ It looks like the glory days of luxury are over for LVMH, at least for now
▼ + stars: | 2024-10-16 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

LVMH reported a 3% decline in sales in its most recent quarter. The drop is driven by decreased demand from Chinese consumers, affecting luxury sales. AdvertisementFrench luxury conglomerate LVMH, the world's largest luxury company, reported a 3% year-on-year decline in sales in its most recent quarter. On Wednesday, LVMH shares fell by nearly 7% in early trading, driven by waning demand from Chinese consumers, who were once key spenders of European luxury goods. Some Chinese luxury consumers have been flocking to Japan to take advantage of lower prices caused by the country's currency downturn.

Persons: LVMH, —, Louis Vuitton, Christian Dior —, lockdowns, Jean, Jacques Guiony Organizations: Service, Louis, National Development, Reform Commission Locations: Beijing, China, Covid, Asia, Japan, United States, Europe

☆ Harris attacks Trump for allegedly giving Putin Covid tests 'when Black people were dying every day by the hundreds'
▼ + stars: | 2024-10-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +6 min

As she steps up her appeals to Black voters, Vice President Kamala Harris appeared on a popular Black radio program Tuesday, saying she is still open to slavery reparations and slamming former President Donald Trump for allegedly sending Covid tests to Russia “when Black people were dying” back home. Drawing on a new book by famed journalist Bob Woodward, Harris slammed Trump for reportedly sending Covid-19 testing devices to Putin when the machines were in short supply back home. Harris also stood by her early support for studying the idea of slavery reparations, which she embraced during her first presidential run in 2019. But when she was asked directly Tuesday, Harris responded: “On the point of reparations, it has to be studied. Trump's campaign responded to the attacks in the interview by pointing to polls that find a majority of Black voters think the country is on the wrong track.

Persons: Kamala Harris, Donald Trump, Russia “, Harris, ” Harris, Vladimir Putin, Bob Woodward, Trump, Putin, ”, “, belittle, It’s, I’m, Black, Janiyah Thomas, Trump's, Charlamagne, Lenard McKelvey, Kamala, ’, Howard Stern Organizations: Black, Howard University, NBC News, “, belittle Trump, Trump, American Civil Liberties Union Locations: Russia, Detroit, Oakland , California, Trump, United States, America, Ukraine

“I noticed that my family had already created a very welcoming environment for the Latino community, the Mexican community, the immigrant community,” said Café Ollín co-owner Jonathan Perez, whose parents opened the restaurant. NBC NewsThe restaurant has hosted queer singles’ nights, LGBTQ+ paint and sips and drag shows, providing a safe community space for all who enter. “I think it was still very much taboo and especially, in the Hispanic community, the Mexican community,” he said. Mole chicken served with rice, beans and tortillas at the Ollín restaurant. Perez said it’s all about having your family of chance, and your family of choice.

Persons: “, ”, Café Ollín, Jonathan Perez, ” Perez, He’s, Perez, it’s, It’s, Perez’s, Juan, Jonathan Perez Café Ollín, Trevor, Ollín, Leticia Organizations: NBC, East Harlem New Locations: New York, East Harlem, Ollín, East, East Harlem New York, New York City, Mexico, Israel

☆ Global government borrowing is set to top $100 trillion — and shows no signs of slowing down
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said. In a report, it warned mushrooming public debt raises the chances of a "broader financial crisis." AdvertisementGlobal public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned. The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty." The debt looks set to grow further with both presidential candidates, Kamala Harris and Donald Trump, pledging to spend big if they enter the White House.

Persons: —, Kamala Harris, Donald Trump, Harris, Trump Organizations: International Monetary Fund, Service, IMF, Treasury, Social Security Locations: China, United States, Israel, Ukraine

☆ Netflix and more: Jefferies names stocks set to benefit from a $60 billion anime boom
▼ + stars: | 2024-10-15 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Given this potential, the investment bank identified three of its buy-rated global stocks that are "well-positioned in the anime market." Netflix has also invested in its own anime content and turned "classic" anime series into live action productions. "We expect Netflix's anime strategy of licensing top performing Japanese anime series, as well as funding its own animated and live action anime series to continue into the foreseeable future," the bank's analysts wrote. The entertainment giant already operates anime planning and production company Aniplex in its music segment, and anime streaming platform Crunchyroll in its picture segment. Looking ahead, it wants to provide even more support to the anime industry, Jefferies' analysts wrote.

Persons: Jefferies, Sanrio, Bandai Namco Jefferies, — CNBC's Michael Bloom Organizations: Grand View Research, Bandai Namco, Marvel, Netflix, Sony, Sony Group Locations: Japan —, U.S, Europe

☆ We moved from NYC to Raleigh. I didn't think I'd be happy in a smaller Southern city, but it's exceeded my expectations.
▼ + stars: | 2024-10-15 | by ( Elliott Harrell | ) www.businessinsider.com time to read: +5 min

After years of living in highly populated cities, my husband and I moved to Raleigh, North Carolina. AdvertisementI grew up in a small city in South Carolina and went to college in rural Virginia. Here are a few of my favorite things about life in the Southern city. The best part is that we pay less a month for our mortgage than we did for our small NYC rental. Restaurants and chefs from Raleigh are routinely nominated for James Beard awards, and I'd pit some of our favorite eateries against NYC hot spots.

Persons: —, Elliott Harrell, I've, it's, There's, William B, we've, James Beard Organizations: Raleigh, Service, NYC Locations: Raleigh , North Carolina, South Carolina, Virginia, Washington, DC, Sydney, San Francisco, New York City, North Carolina, Raleigh, New York, Southern, Raleigh There's, greenways, There's, Brooklyn

☆ Why a 'no landing' scenario may take place after all
▼ + stars: | 2024-10-15 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

A soft landing occurs when economic growth slows just enough to bring down inflation below the Federal Reserve's 2% target without tipping the economy into a recession. She thinks the economy is experiencing a no-landing scenario as it continues to expand without slowing down. "So far, clearly bank earnings are coming in better than expected, both top line and bottom line. "The other thing that that's showing [is] that our call for the 'no landing' is actually playing out." It's not just bank earnings that point to solid economic growth.

Persons: BNY Wealth's Alicia Levine, Levine, It's, Peter Perkins Organizations: JPMorgan Chase, Bank of America, U.S, MRB Partners Locations: U.S, Wells Fargo

☆ I have 6 short-term rental properties. People think real estate is passive income, but I disagree.
▼ + stars: | 2024-10-15 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +8 min

Alongside her partner Philippe, she now has six short-term rental properties. AdvertisementThis as-told-to essay is based on a transcribed conversation with Kerri Gibson, 48, based in Orford, Quebec, about her short-term rental business, Chalets Hygge. Some people consider getting into real estate as a source of passive income, but I wouldn't say it's passive at all. We funded the downpayment through an equity release in the form of a mortgage on our personal home turned short-term rental. Real estate has historically been thought of as passive income, running short-term rentals is not passive.

Persons: Kerri Gibson, Philippe, Gibson, —, I'd, Votre Histoire.co Philippe, We've, COVID, there'll Organizations: Service, Business Locations: Orford , Quebec, Airbnb, CA75,000, CA188,000, Vancouver, Quebec, Montreal, Orford, OTAs

☆ UnitedHealth forecasts 2025 profit below Street estimates, shares fall
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

UnitedHealth Group provided a 2025 profit forecast below Wall Street estimates on Tuesday, saying it expects pressure across its government-supported health insurance businesses, and its shares fell 9%. The largest U.S. health insurer forecast a profit of as much as $30 per share. UnitedHealth's third-quarter medical costs also exceeded Wall Street estimates as the insurer paid out more due to persistently high demand for healthcare services while receiving lower reimbursements on government-backed plans. The company also trimmed the higher end of its 2024 adjusted profit forecast by 25 cents to $27.75 per share. Despite the rise in medical costs, UnitedHealth beat Wall Street estimates for adjusted profit by 15 cents due to increased memberships across its businesses.

Persons: Andrew, UnitedHealth Organizations: UnitedHealth, Medicare, CVS Health, Wall Locations: United States

☆ Bob Woodward issues a stark warning on Trump weeks from Election Day
▼ + stars: | 2024-10-15 | by ( Peter Bergen | ) edition.cnn.com time to read: +17 min

As has been the case for previous Woodward books, those who don’t come out well from his reporting publicly dismiss it. Woodward notes that neither Biden nor Trump spoke to him for this book, but he still got great access. It’s clear from a close reading of “War” that almost every top national security official in the Biden administration spoke with him. The Biden administration has halted the shipment of massive 2,000-pound bombs to Israel, but otherwise, the large flow of American weapons to the Jewish state continues. Coats told Woodward, “It’s still a mystery to me how he deals with Putin and what he says to Putin.

Persons: Bob Woodward, Woodward, ”, Donald Trump, Vladimir Putin, Trump, Putin, Joe Biden, Barack Obama, “, Barack, ” Putin, Biden, CNN’s Jim Sciutto, it’s, Bush, ” Woodward, Robert Woodward, Nixon, Richard Nixon, … Trump, ” Biden, Bill Burns, Burns, Eric Green, Green “, ” Green, Here’s, Vadim Ghirda, Russia ”, Benjamin Netanyahu, Brendan Smialowski, Yahya Sinwar, Netanyahu, ” —, ” Netanyahu, Antony Blinken’s, Blinken, hasn’t, Kamala Harris, Defense Lloyd Austin, Jake Sullivan, Harris, “ Tell Bibi, Anna Moneymaker, Joe, “ Bibi, Dan Coats, Coats, “ It’s, …, ” Trump Organizations: CNN, Washington Post, New York Times, Trump, White, Biden, United Nations, Pentagon, CIA, National Security, NATO, Ukraine, Turks, Russia, West Bank, Gaza Health Ministry, Israel, UN, Getty, Hamas, US, Brown University, Defense, ”, Prince George’s Community College, Intelligence Locations: Russian, Ukraine, Crimea, Afghanistan, Gaza, Russia, Woodward, Kyiv, Sweden, Finland, Kursk, Israel, Lebanon, Syria, Yemen, Tel Aviv, AFP, Iran, Rafah, Largo , Maryland, Scranton, Delaware

☆ Trump's coin sale misses early targets as crypto project's website crashes
▼ + stars: | 2024-10-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

Donald Trump's new crypto project is off to a rough start. But WLF's website suffered regular and lengthy outages for much of the morning and early afternoon, contributing to a limited number of sales. That's less than 3% of the 20 billion tokens made available for public sale. Over the course of the day, the website frequently showed a page saying, "We are under maintenance." The glitchy launch is a potential setback to the Republican presidential nominee with just three weeks until the election.

Persons: Donald Trump, Donald Trump's, Zachary Folkman, WLF didn't, Trump Organizations: White, Washington , D.C, Liberty, Etherscan, Republican Locations: Washington ,

☆ United Airlines plans $1.5 billion share buyback, forecasts fourth-quarter earnings above estimates
▼ + stars: | 2024-10-15 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

United Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year. Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:Earnings per share: $3.33 adjusted vs. $3.17 expected$3.33 adjusted vs. $3.17 expected Revenue: $14.84 billion vs. $14.78 billion expectedThe share buyback would be United's first since before the Covid-19 pandemic. Southwest Airlines announced a $2.5 billion share repurchase program last month. "Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program," United CEO Scott Kirby said in a note to staff on Tuesday. "Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program."

Persons: Scott Kirby Organizations: Airlines, LSEG, Southwest Airlines Locations: U.S

!”The happy couple’s news comes after they spent the summer supporting each other at the 2024 Paris Olympics. Finally, in 2018, Lyles and Bromfield went on a first date — but “it didn’t click,” Lyles said. Bromfield is a fellow medalist and has a law degreeBoth Lyles and Bromfield have medals. After the 2024 Paris Olympics, Lyles gushed about Bromfield in an interview on TODAY in August. After qualifying for the Paris Olympics in July, she told outlet The Inside Lane that advancing took a weight off her shoulders.

Persons: Noah Lyles, Junelle Bromfield, USA's Lyles, Jamaica's Bromfield, Bromfield, “ Will, ” Bromfield, Lyles, “, ”, Lily Collins, ” Taylor Lautner, emoji, Coco Gauff, I’m, ‘, ’, ” Lyles, couldn’t, “ I’m, It’s, they’ve, Lyles gushed, TODAY’s Craig Melvin, She’s, she’ll, They’ve, Instagram, clapped, it’s, I’ve Organizations: GO, Team USA, DMs, Jamaica, University of Technology, Sprint, Netflix, Paris, Paris Olympics Locations: Jamaica, Lyles, Bromfield, Kingston , Jamaica

☆ Trump’s extreme vision for America hikes pressure on Harris
▼ + stars: | 2024-10-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

CNN —Donald Trump is invoking a vision of an extreme new White House term that would transform America and rock the world. And Vice President Kamala Harris has only three weeks to avert it, as she struggles to restore momentum in a neck-and-neck race to Election Day. Supporters of Vice President Kamala Harris listen to her speak during a rally at Ripon College, in Wisconsin, on October 3. With the nation in such a sour mood, Harris’ incumbency as vice president is a liability. His post underscored what Harris represents for those who fear the very real prospect of Trump’s return.

Persons: Donald Trump, Kamala Harris, Trump baselessly, Harris, “, ”, heckler, Trump, Joe Biden, Sen, JD, genuflection, Vladimir Putin, Bill Clinton, Barack Obama —, “ He’s, Jim Vondruska, Dread, Hillary Clinton, Biden, he’s, ABC’s, it’s, Trump’s, Will Harris, Brendan Smialowski, Doug Sosnik, Harris plateaued, David Chalian, Sosnik, ” Harris, Obama, ” Obama, “ Donald Trump, Chris Murphy, ” Murphy Organizations: CNN, Republican, Sunday, Fox News, Democratic, CBS, Kremlin, Trump, Ripon College, Democrats, ABC, NBC, Electoral College, White, NBC News, Air Force, Joint Base Andrews, Getty Images, Connecticut Democrat Locations: ”, Ohio, Arizona, Colorado, United States, illegals, California, Covid, Russian, North Carolina, Wisconsin, Afghanistan, Pennsylvania, Michigan, Georgia, Maryland, America, Connecticut

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ Macao's next leader wants to wean economy off gambling
▼ + stars: | 2024-10-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Slated to become the next leader of Macao, Sam Hou Fai wants to steer China's special administrative region further away from its heavy reliance on gaming and gambling. Formerly Macao's top judge, Sam was elected Macao's next leader in an uncontested vote on Sunday. In the lead-up to his selection, the 62-year-old identified the diversification of Macao as an urgent issue to address. He added he would consider creating public funds to promote the development of emerging industries outside gaming and gambling. However, that reliance backfired during the Covid-19 pandemic when the gambling and gaming industries took major hits from border closures and social distancing policies.

Persons: Sam Hou Fai, Sam, Macao's, Ho Iat Seng, wouldn't, Seng Organizations: Trade, Beijing Locations: China, Macao, Greater China, Beijing

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