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A Congressman is urging Elon Musk to give SpaceX Starshield access to US forces in Taiwan. AdvertisementElon Musk is facing pressure to provide SpaceX's Starshield satellite network to US defense personnel in Taiwan, according to Forbes. However, the outlet described a "group of US lawmakers" were involved in the calls for Musk to provide satellite access to US defense forces in Taiwan. The letter then called on Musk to brief the select panel regarding Starshield's capabilities in Taiwan by March 8, Forbes reported. The request could present challenges for Musk, who has considerable business ties in China, where Tesla has a significant manufacturing presence.
Persons: Elon Musk, Forbes, , Elon, Mike Gallagher, Musk, Gallagher, Taiwan's, Lai Ching, Tesla, hasn't, Joseph Wu Organizations: SpaceX, Service, Forbes ., Forbes . Wisconsin GOP, US Defense Department, Forbes, Street, Chinese Communist Party, New York Times, United States Congress, Times, Business Locations: Taiwan, China, Forbes, Forbes . Wisconsin, Russian, Starshield, Hong Kong
Hong Kong CNN —At least 15 people were killed in a fire thought to have been started by an electric bicycle parked at a high-rise residential building in eastern China early Friday morning, state media have reported. Forty-four people were also injured during the blaze that engulfed the 34-floor building in the eastern city of Nanjing, the media outlet CCTV said. Footage on Chinese social media showed a ball of fire spreading to the exterior of the building. The blaze was a trending topic on the Chinese social media platform Weibo on Saturday, being viewed more than 470 million times by the afternoon. A fire breaks out at a residential building in Nanjing on February 23, 2024. liangyishengmagua/WeiboFaulty electric bicycles have been reportedly linked to several blazes in the country in recent years.
Persons: Chen Zhichang, , , Hu Xijin, It’s, Hu Organizations: Hong Kong CNN, Investigations, Authorities, Nanjing, Nanjing government’s, Weibo, liangyishengmagua, Global Times Locations: Hong Kong, China, Nanjing, Weibo
Hong Kong CNN —With Hong Kong’s sky-high cost of living, residents like Andy Tsui have been looking for alternative ways to have more fun and spend less. Rather than spending his cash in his hometown of Hong Kong, he’s been crossing the border into mainland China to splurge instead. Such trips are noteworthy because, for much of Hong Kong’s modern history, the traffic has been largely — conspicuously, even — in the other direction. Hong Kong used to be the place where Chinese would escape to, not from. In 2023, just 26 million mainlanders — about half of the 2018 crowd — visited Hong Kong.
Persons: Andy Tsui, he’s, boba, ” Tsui, Justin Robertson, Noemi Cassanelli, CNN Hong Kong’s, Hong Kong —, misbehaving, , , Steve Tsang, Hong, Shenzhen’s, Hongkongers, Gilles Sabrie, Hongkonger Eddy Lam, Lam, Cherrie Leung, Qilai Shen, Hugo Sin, , Gary Ng, John Lee, Tsang Organizations: Hong Kong CNN, CNN, Shoppers, Yuen, Britain, Newspapers, Hong, Hong Kong Immigration Department, China Institute, SOAS University, Huawei, Tencent, Bloomberg, Getty, Sam’s Club, Costco, Sam’s, Walmart, Hong Kong, Shenzhen hasn’t, Xinhua, RTHK, SOAS University of London Locations: Hong Kong, China, splurge, Peking, Shenzhen, East, Hong, People’s Republic of China, British, Beijing, London, Bay Area, San Francisco , New York, Tokyo, Kowloon, Coco, Shanghai, , Inner Mongolia, Taiwan, Japan, Mainland China, Hong Kong’s, Britain, Canada, Australia, Bay,
I visited the Chase Sapphire Lounge at LaGuardia Airport, which offers meals, drinks, and a spa. The lounge is free for $550-per-year Chase Sapphire Reserve cardholders. But travelers without the card can enter for free once a year with a Priority Pass membership. AdvertisementI recently went to LaGuardia Airport's Terminal B and stepped into a 21,850-square-foot space that felt like a luxury hotel lobby. It was the new Chase Sapphire Lounge , which opened in NYC's LGA and John F. Kennedy International Airports in January.
Persons: , Chase, John F Organizations: LaGuardia Airport, Chase, Service, LaGuardia Airport's, John, Kennedy International Airports, Business Locations: LaGuardia, NYC's LGA, Boston, Hong Kong
Hong Kong, a British colony from the 1840s to 1997, grew into an international finance center just off the coast of mainland China. Asia-Pacific markets were set for a mixed session Friday, with investors awaiting data on China's property prices to assess any signs of improvement in the debt-laden real estate sector. Japan markets led gains in the previous session, with the Nikkei 225 closing at a new all-time high of 39,098.68, surpassing the previous record of 38,915.87 set in 1989. Investors will monitor China house prices data for January. At the end of last year, the country's troubled property market clocked its worst declines in new home prices in nearly nine years.
Organizations: Nikkei Locations: Hong Kong, British, China, Asia, Pacific, Japan
CNBC Daily Open: The U.S. economy seems to be holding up
  + stars: | 2024-02-23 | by ( Sumathi Bala | )   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. Overnight, the S&P 500 soared to new highs fueled by Nvidia's blockbuster earnings, notching its best day since January 2023. We are seeing a very strong demand in the mobility space," Grab CFO Peter Oey told CNBC, adding that tourism is "growing very much." Cyberattacks cost the global economy an estimated $8 trillion in 2023 — that is set to rise to $10.5 trillion by 2025, said research firm Cybersecurity Ventures.
Persons: Dow, Peter Oey, Reddit, Sundar Pichai, Goldman Sachs Organizations: CNBC, Nasdaq, Social, Securities and Exchange Commission, New York Stock Exchange, Cybersecurity Ventures Locations: Asia, China, Japan
The World(MSCI All Country World Index weighting)Entire U.S. stock market: 63%Japan, UK, Canada, France, Hong Kong/China combined: 17.5%Magnificent 7: 17%Source: Dimensional FundsThat seems crazy, no? For example, in the mid-1960s the concentration of the top 10 was over 40% of the S&P 500. Investors who own the S&P 500 don't have to pick those winners; they just go along for the ride. Second, U.S. stocks are global market leaders, and when a small group becomes market leaders it almost always means the U.S. stock market outperforms the world. The U.S. stock market, which was roughly 40% of the global market capitalization a short while ago, is now roughly 50% of global market capitalization.
Persons: Gregory Rowe, Berkshire Hathaway, Lilly, It's, Organizations: New York Stock Exchange, Berkshire, Broadcom, Nvidia, Eck Semiconductor, Dimensional Fund Advisors, FS Investments, IBM, American Express, General Electric, Polaroid, Xerox, U.S, Baidu, SAP, Siemens, United, Shell, AstraZeneca, HSBC Locations: New York City, Miami Beach, Japan, UK, Canada, France, Hong Kong, China, U.S, Germany, United Kingdom
Hong Kong CNN —Nvidia has named Huawei a top competitor in a number of areas, including in the crucial production of processors that power artificial intelligence (AI) systems. Other companies also listed as its rivals in some areas include AMD, Amazon (AMZN), Microsoft (MSFT) and Broadcom (AVGO). In October 2022, the Biden administration imposed sweeping curbs designed to curtail China’s access to advanced computing chips. In July, it imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Data centers, which includes the graphics cards that are widely use in generative AI, are Nvidia’s biggest source of revenue.
Persons: Jensen Huang, Biden, ” Colette Kress, CNN’s Rob McLean, David Goldman Organizations: Hong Kong CNN, Nvidia, Huawei, AMD, Microsoft, Broadcom, CNN, Micron, Locations: China, Hong Kong, Santa Clara, Singapore, Shenzhen, Beijing, Washington, Japan, Netherlands, ,
European stocks looked set to open mixed Friday, shaking some positive momentum after the pan-European benchmark closed at a record high in the previous session. The Stoxx 600 index ended the session 0.82% higher at 495.1 Thursday, surpassing its previous record close of 494.35 on Jan. 5, 2022, LSEG data showed. Investors will digest earnings from Allianz, BASF and Standard Chartered on Friday, while fourth-quarter gross domestic product data is due from Germany. In Asia-Pacific, markets were mostly higher Friday, with China stocks rising for the ninth straight session as investors digested property prices data. The CSI 300 index was flat by midday trading after rising about 0.4% at the open, while Hong Kong's Hang Seng index dipped 0.2%.
Persons: Hong Organizations: Allianz, BASF, Standard Chartered, Nasdaq Locations: Germany, GfK, Asia, Pacific, China
South Korea digital nomad visa: what to know
  + stars: | 2024-02-22 | by ( Lilit Marcus | )   time to read: +6 min
According to a report in the Korea Herald, South Korea’s Justice Ministry says the digital nomad visa will make remote work and vacations smoother for visitors. The site ranks South Korea highly for nightlife and youth culture, but gives lower marks for LGBT acceptance and English-language accessibility. Meanwhile, South Korea places 49 out of 113 countries on the English Proficiency Index, which puts it in the “moderate” category. Still, Humphries is undeterred in his quest for the South Korea “workation” visa and plans to base himself in Seoul if approved. “The South Korean digital nomad visa is a great step forward for allowing foreigners to reside in the country,” he says.
Persons: Ashley Humphries, he’s, Humphries, Jungho Suh, , Suh, ” Jeong Hyun Cho, Jeong, Ed Jones, Gawon Bae, Veronica Lin Organizations: CNN, South Korean, Korea Herald, Korea’s, Ministry, Korean Management Institute, George Washington University, Korea –, Statistics Korea, Human Rights Commission, South Korean Society, Digital Nomads Korea WhatsApp, Getty, Foreigners, South Locations: South Korea, Asia, Dubai, Cayman Islands, Korea, Hong Kong, Thailand, Indonesian, Bali, South, Seoul, AFP, Korean, expats, Turkey, Norway, Kuwait, North America, Singapore, Japan
Asia-Pacific markets appeared set to trade mixed Thursday, with a slew of economic data from the region on tap, while investors also assess the U.S. Federal Reserve possibly delaying interest rate cuts. In Australia, the S&P/ASX 200 opened marginally higher, up 0.03%, as the nation's Judo Bank composite purchasing managers' index for February showed a return to growth, at 51.8. The monthly index is a leading indicator for business activity in Australia's manufacturing sector. Futures for Hong Kong's Hang Seng index stood at 16,447, pointing to a weaker start compared with the HSI's close of 16,503.1Japan's Nikkei 225 was set to rise as investors awaited the release of Japan's Jibun Bank flash purchasing managers' index. Nikkei futures contract in Chicago was at 38,745 and its counterpart in Osaka was at 38,410 against the index's last close of 38,262.16The Bank of Korea is slated to announce its interest rate decision later, with economists polled by Reuters expecting the bank to hold rates at 3.50%.
Organizations: U.S . Federal, nation's Judo Bank, Futures, Nikkei, Japan's, of, Reuters Locations: Asia, Pacific, Australia, Chicago, Osaka, of Korea
My boyfriend Anders and I are based in Hong Kong, and last year we spent around $40,000 to take our dog on vacation in Japan. It was magical to watch Siu Tim experience his first snowfall and frolic through Japan's breathtaking landscapes. AdvertisementTo make traveling around with Siu Tim easier, we spent $1,160 to rent a car. In Japan, Siu Tim stood out and quickly became a local favorite, perhaps due to the nation's affinity for small dogs. The trip was expensive but we've already gone on our second vacation togetherThe couple already returned to Japan in 2024 with Siu Tim for their second trip.
Persons: Tiffany Chan, Anders, Siu Tim, Siu Tim's, Siu, we've Organizations: Business, Bulldog, Japan Locations: Hong Kong, Japan, Mong Kok, Narita, Kyoto, Asakusa, Tokyo
My husband and I took four days away from our kids and traveled to Mexico. When we came back, we had a better appreciation for each other and for our children. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBefore having kids, my husband and I used to travel, both for work and for fun. Since then, I've yelled less, am taking better care of myself, and am putting more priority on our relationship.
Persons: , pang, I've Organizations: Service Locations: Mexico, Thailand, Hong Kong, Paris, Cancún
Hong Kong CNN —At least two people were killed and a crew member was injured on Thursday when a cargo ship rammed into a bridge in southern China, cutting the structure in half, according to Chinese authorities. Dramatic photographs of the aftermath circulating on Chinese social media showed the bridge split in two with the large stricken ship stationary under the structure. Police vessels were also seen at the scene. As of 10 a.m, two people were pulled to safety and three others remain missing, Chinese state news outlet the People’s Daily reported. A rescue operation is ongoing, it said.
Organizations: Hong Kong CNN, Police Locations: Hong Kong, China, Guangzhou, Guangzhou Nansha District
CNN —US officials have been scouring a trove of newly leaked documents from a Chinese tech firm for clues on how the government in Beijing allegedly uses the company in extensive hacking campaigns, multiple US cybersecurity officials familiar with the matter told CNN. The documents, posted anonymously online last weekend for anyone to access, include screenshots of chat logs, as well as records of employees and Chinese government clients of the tech firm I-Soon. “This is some of the best visibility we’ve had into Chinese hacking operations outside of a government SCIF,” said Adam Kozy, who used to track Chinese hackers for the FBI, using an acronym for classified facilities. In a leaked marketing presentation, I-Soon touted its participation in an unspecified hacking project for China’s Ministry of Public Security in 2018. The project “achieved significant results” and received “recognition and praise” from Chinese officials, according to a presentation slide.
Persons: Biden, , Adam Kozy, I’m, ” Liu Pengyu, Wu Haibo, Beijing’s, Christopher Wray, Dakota Cary, ” GitHub, , Wu, Obama, Xi Jinping, Adam Meyers, CrowdStrike, Meyers Organizations: CNN, FBI, Embassy, Telecom, China’s Ministry of Public Security, US Justice Department, US Locations: Beijing, Taiwan, India, Hong, Sichuan, China, Washington ,, Shanghai, Dakota, Asia, South Korea, Kazakhstan, Afghanistan
Last year, China was surpassed by India as the world’s most populous country. And while some women stop working entirely while raising their children, it makes returning to the workforce incredibly difficult. Women who have children may see a 12% to 17% drop in their wages, the report said, citing research from multiple papers. “Because the current social environment in China is not conducive to women’s childbirth, the time cost and opportunity cost for women to have children are too high,” the report said. The report warned that the falling birthrate could deeply impact economic growth, people’s overall happiness and China’s global standing.
Persons: Organizations: Hong Kong CNN, Research Institute, Communist, Beijing Locations: Hong Kong, China, South Korea, Australia, France, United States, Japan, Communist China, India
The files also revealed a campaign to monitor closely the activities of ethnic minorities in China and online gambling companies. The files included records of apparent correspondence between employees as well as lists of targets and materials that showed off cyberattack tools. The documents came from I-Soon, a Shanghai company with offices in Chengdu. Three cybersecurity experts interviewed by The Times said the documents appeared to be authentic. Taken together, the leaked files offered a look inside the secretive world of China’s state-backed hackers for hire.
Organizations: The Times, Ministry of State Security, United Locations: Asia, South Korea, Taiwan, Hong Kong, Malaysia, India, China, Shanghai, Chengdu
CNN —In the land of Hello Kitty, kawaii (“cute”) culture and the Neo-Pop art of 1990s Japan, Tetsuya Ishida was an outlier. An untitled 2004 acrylic and oil painting by late Japanese artist Tetsuya Ishida from the Gagosian retrospective "My Anxious Self." Ishida, who had gone to art school, worked part-time at a print shop and as a night security guard. Many of the 200 or so paintings Ishida completed in his lifetime portray the gloom of becoming a cog in the economic machine. Another painting entitled "Gripe," painted by Ishidia in 1996, portrays a Japanese salaryman with lobster claws for hands.
Persons: kawaii, Tetsuya Ishida, wasn’t, Japan’s “, Gripe, , Gulliver, Tetsuya Ishida's, Gagosian, ” Nick Simunovic, , ” Gagosian, Simunovic, Ishida, ” Simunovic, Gagosian Ishida, Jacky Ho, , Martin Wong, Ishidia, Cecilia Alemani, ” Ishida, Robert McKeever, Tamaki Saito, didn’t, Sharp, Japan's, claustrophobia, Takashi Murakami, Yoshimoto Nara, ” Alemani, Alemani Organizations: CNN, Asia, Art, San Francisco Asian Art Museum, Venice Biennale, Hong Kong, Christie’s Asia, Japan Inc, dehumanization, Gagosian's, Sony Locations: Japan, Japanese, Japan’s, Gagosian, New York, Venice, Sotheby’s, Christie’s, Tokyo, , York
HSBC reported on Wednesday its full year 2023 pre-tax profit climbed about 78% to $30.3 billion from a year ago, missing median estimates of $34.06 billion from analysts tracked by LSEG. Its Hong Kong shares reversed gains to dip more than 2%, compared against the 3% gains for the Hang Seng Index. The bank's shares have gained about 0.5% so far this year after jumping 23% in 2023 as the Hang Seng Index shed 14%. It was last trading down 2.55%. —Clement Tan, Lee Ying Shan
Persons: — Clement Tan, Lee Ying Shan Organizations: HSBC, LSEG, Hong Kong
Of the total, $3 billion was related to BoCom, one of China’s biggest banks, while $2 billion was from selling its retail banking business in France. Separately, HSBC made $3.4 billion in provisions to cover expected credit losses and other charges related to its exposure to the commercial real estate sector in mainland China. The property market has since entered a prolonged slump, marked by an ongoing decline in real estate investment and sales of property. The charges reported by HSBC cast a shadow over its record annual profit, which came in at $30.3 billion, up 78% from 2022. In October, rival Standard Chartered reported a $186 million credit impairment charge related to commercial real estate in the country.
Persons: , Matt Britzman, Hargreaves Lansdown, Mark Tucker, — Hanna Ziady Organizations: Hong Kong CNN — HSBC, China’s Bank of Communications, HSBC, HSBC isn’t, Chartered Locations: China, Hong Kong, Asia, France, BoCom, Mainland China
Hong Kong CNN —Chinese companies are doing something rarely seen since the 1970s: setting up their own volunteer armies. According to China’s Military Service Law, male militia members should be 18 to 35 years old. It was latest in a slew of militias established by major Chinese companies in the past year. After 1949, when the party took control of mainland China, the units were eventually embedded into governments, schools and companies. This can, in the long run, save the PLA resources by delegating some duties to militia forces to care for,” Heath said.
Persons: Xi, , Neil Thomas, Nuo Nuo, Huang Zhiqiang, Qilai Shen, Liu Jie, Mao Zedong, Mao, Timothy Heath, homebuyers, Heath, ” Heath, Willy Lam, Sam Yeh, ” Lam, China’s Organizations: Hong Kong CNN, CNN, People’s Armed Forces Departments, America’s National Guard, Communist, Asia Society, Center for, Communist Party, China Labour Bulletin, Foxconn, Yili, Armed Forces Department, China’s Military Service Law, People’s Liberation Army, PLA, government’s Communist Party, Inner Mongolia Autonomous, Bloomberg, Getty, Shanghai Municipal Investment Group, Construction Investment, Development, Defense Ministry, People’s Armed Police, Armed, Rand Corporation, Jamestown Foundation, Party, Taiwan Locations: China, Hong Kong, Center for China, Beijing, Zhengzhou, Henan, Hohhot, Inner Mongolia, Yili, Shanghai, Mengniu, Nantong city, Jiangsu, Huizhou city, Guangdong, Wuhan, Hubei province, People’s Republic, United States, Taiwan, Fangchenggang City, Guangxi, , PLA, Taiwan's, AFP
Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019. HSBC 's full-year 2023 pre-tax profit missed analysts' estimates, hit by impairment costs linked to the London-based lender's stake in a Chinese bank — sinking its shares by as much as 3%. With three share buy-backs in 2023 totaling $7 billion, Quinn said the bank returned $19 billion to shareholders last year. The bank suffered a "valuation adjustment" of $3 billion on its stake in Bank of Communications, Quinn said. HSBC's Hong Kong shares reversed gains of about 1% after trading resumed, falling as much as 3.2% in early afternoon trade.
Persons: LSEG, Noel Quinn, Quinn Organizations: HSBC Holdings Plc, HSBC, Bank of Communications Locations: Hong Kong, China, London, Europe's, Bank
Starbucks has launched a pork-flavored coffee in China. The Seattle-based coffee giant recently rolled out a pork-flavored latte in China for the Chinese New Year season that started on February 10. The pork-flavored coffee has gone viral on Chinese social media — mostly because people were wondering if it's for real. The Starbucks beverage is far more expensive than rival Luckin Coffee, which can cost as little as $1.40 thanks to aggressive discounts. Sales of Luckin Coffee overtook Starbucks in China in the second quarter of last year.
Persons: , Savory Latte, Lucky Savory Latte, Instagram, Luckin Organizations: Starbucks, Service, Business Locations: China, Seattle, Shanghai, Starbucks China, Hong Kong
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. Hong Kong ralliesHong Kong stocks rallied on Wednesday, while the wider region traded mixed. U.S. stocks tumbled overnight, dragged lower by a 4.4% drop in Nvidia shares ahead of the chipmaker's earnings report. Pros say that exposure can come from real estate investment trusts and picked 5 REITS that are in play.
Persons: Pina, Dow, Noel Quinn, Nikesh Arora, Andrew Amoils Organizations: CNBC, CSI, Nvidia, Nasdaq, HSBC, Palo, Palo Alto Networks, New Locations: Brooklyn, New York, Hong Kong, U.S, Vietnam
Asia-Pacific markets are set to fall Wednesday, tracking Wall Street losses. Japan's Nikkei 225 is set to fall as investors assess the country's trade data and souring business sentiment among large Japanese manufacturers. The Nikkei futures contract in Chicago was at 38,260 and its counterpart in Osaka was at 38,280 against the index's last close of 38,363.61. Japanese manufacturers' business confidence soured in February, tumbling to -1 compared to the previous month's reading of 6, according to the Reuters Tankan poll. The Reuters monthly poll is considered to be a leading indicator of the Bank of Japan's official survey.
Organizations: Nikkei, Reuters, Bank of Japan's Locations: Asia, Pacific, Australia, Chicago, Osaka, Japan, Germany
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