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☆ Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles
▼ + stars: | 2023-06-13 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles. China will see a net loss of 13,500 in 2023, up from 10,800 in 2022, the Henley Private Wealth Migration Report said. Meanwhile, the US will see a net gain of 2,100 millionaires, up from 1,500 last year. China will see a net loss of 13,500 high-net-worth individuals in 2023, up from 10,800 in 2022, according to the Henley Private Wealth Migration Report. After China's economy expanded strongly from 2000 to 2017, the growth of millionaires since then has been negligible, he added.

Persons: —, Andrew Amoils, Amoils, Henley, gainers, Juerg Steffen Organizations: Millionaires, Henley, Wealth, Service, Huawei, United, United Arab Emirates, Partners Locations: China, fizzles, Henley, Taiwan, Hong Kong, India, Australia, United Arab, Singapore

☆ Kakhovka dam collapse has made Black Sea a ‘garbage dump and animal cemetery,’ Ukraine warns
▼ + stars: | 2023-06-11 | by ( Mariya Knight | ) edition.cnn.com time to read: +5 min

CNN —Floodwaters are receding following the collapse of the Kakhovka dam, but debris washed along the Dnipro river is turning Odesa’s Black Sea coastline into “a garbage dump and animal cemetery,” according to Ukrainian authorities. “The Dnipro river flows into the Black Sea, bearing many signs of the devastation caused by Russians,” the ministry said. The collapse of the dam in southern Ukraine on June 6 is one of the biggest industrial and ecological disasters in Europe for decades. Several Western officials have blamed the collapse of the Russian-occupied dam on Moscow. Call for international supportThe developments came as Ukrainian President Volodymyr Zelensky called for international support to help rescue victims of the dam collapse in Russian-occupied areas of Ukraine.

Persons: ”, it’s, Oleksandr Prokudin, Prokudin, ” Prokudin, Volodymyr Zelensky, Zelensky, ” Zelensky, “, Justin Trudeau Organizations: CNN, Ukraine’s Ministry, Internal Affairs, “, Russian Foreign, Armed Forces of, State Emergency Service, Ukraine Saturday, Canadian Locations: Dnipro, ”, Ukraine, Europe, Russian, Moscow, Kherson, Ukrainian, Kherson region, “ Russia, Mykolaiv, Armed Forces of Ukraine, Dnipropetrovsk, Nikopol, Afanasivka, Canada

☆ Russia is shifting to a total war economy as its progress in Ukraine stalls
▼ + stars: | 2023-06-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is shifting to a total war economy as its invasion of Ukraine drags on and progress stalls. International relations expert Christoph Bluth pointed to toll of military spending on Russia's economy. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRussia is shifting to a total war economy as its invasion of Ukraine takes a toll on its economy. But a longer, more intense conflict, requiring a shift to a total war economy, could be a different matter altogether," he later added. Experts have flagged pressures mounting on Moscow's financial state since Russia first began its "special military operation" in Ukraine last year.

Persons: Christoph Bluth, —, Bluth, Romir, haven't, – Organizations: Service, University of Bradford, German, Foreign Relations, Yale Locations: Russia, Ukraine

☆ Indonesia's delayed China-funded rail project beset by fresh problems
▼ + stars: | 2023-06-07 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +5 min

[1/2] An electric Multiple Unit high-speed train is seen during Hot Sliding Test in Tegalluar, Bandung, West Java province, Indonesia, May 19, 2023, in this photo taken by Antara Foto. China-backed consortium PT KCIC, Mott MacDonald, Umbra, CDB and China's embassy in Jakarta did not respond immediately to requests for comment. PT KCIC was awarded the project in 2015 after lodging a cheaper proposal than a Japanese rival, with completion expected in 2019. The planned 45-minute train ride between Jakarta and Bandung compares with a car journey of two to three hours or the current three-hour rail trip. Locating the stations in central Jakarta and Bandung would have been too costly, ministry official Seto said.

Persons: Antara, Al Farisi, Joko Widodo, Teuku Rezasyah, Mott MacDonald, Mahendra Vijaya, Hario, PwC, Sutanto Soehodho, Seto, Stefanno Sulaiman, Devjyot Ghoshal, Jamie Freed Organizations: REUTERS, Initiative, Padjadjaran University, Reuters, PT, China Development Bank, CDB, PT KCIC, KCIC, University of Indonesia, Thomson Locations: Tegalluar, Bandung, West Java, Indonesia, REUTERS JAKARTA, China, Jakarta, Indonesian, Southeast Asia's, Independence, PwC, CDB, China's

HONG KONG, June 5 (Reuters Breakingviews) - Shein is threading the world’s trickiest geopolitical needle. But rising American pressure is forcing it to tweak its business model right as it tries to list there. Last year, its top line surged 46% to $23 billion, per the Wall Street Journal, surpassing $22 billion at H&M and outpacing the 18% growth at Inditex. A Boston Consulting Group report notes that this model allows Shein to keep inventory turnover at just 40 days. That will be expensive; the company's net profit margin was a razor-thin 3.5% last year, according to the Wall Street Journal, far below bricks and mortar rival Inditex's 13%.

Persons: Shein, Bernstein, Chris Xu, Xu, Mubadala, Pete Sweeney, Katrina Hamlin Organizations: Reuters, U.S ., Rivals, Street, Financial Times, Boston Consulting, Morningstar, Securities and Exchange Commission, Wall Street, ’, Singapore, Sequoia Capital, General Atlantic, Thomson Locations: HONG KONG, Zara, China, Inditex, Guangdong, U.S, Xinjiang, Nanjing, Singapore, Mexico, Brazil, India

☆ For Turkey, Erdogan Victory Brings More Risky Economic Policy
▼ + stars: | 2023-06-02 | by ( Patricia Cohen | ) www.nytimes.com time to read: +1 min

Critics of the president’s economic approach were somewhat heartened by reports that Mr. Erdogan is expected this weekend to appoint Mehmet Simsek, a former finance minister and deputy prime minister, to the cabinet. Mr. Simsek is well thought of in financial circles and has previously supported a tighter monetary policy. Mr. Barkey argues that Mr. Erdogan will have no choice but to make a U-turn on policy by winter, when energy import costs rise and some debt payments are due. Others are more skeptical that Mr. Erdogan will back down from his insistence that high interest rates fuel inflation. To deal with the large external deficit and depleted central bank reserves, Mr. Erdogan has been relying on allies like Russia, Qatar and Saudi Arabia to help bolster its reserves by depositing dollars with the central bank or extending payment deadlines and discounts for imported goods like natural gas.

Persons: Mr, Erdogan, Mehmet Simsek, Simsek, ”, Henri Barkey, Simsek’s, Barkey, Kadri Tastan, didn’t, “ Organizations: Lehigh University ., German Marshall Fund, Capital Economics Locations: Turkey, Brussels, Russia, Qatar, Saudi Arabia

STOCKHOLM, June 1 (Reuters) - IKEA stores owner Ingka group has announced the official start of work on its delayed first store in New Zealand, which it predicts will be followed by other outlets as the Asia-Pacific region recovers from the COVID-19 pandemic and macro-economic shocks. Head of Retail at Ingka group Tolga Oncu told Reuters preliminary opening dates were often subject to change. Asked about possible stores in other parts of New Zealand, Oncu said he did not expect the one in Auckland to be enough. "So one can expect that IKEA in the long term is going to continue to look for opportunities to expand in New Zealand," he said. Globally, there are more than 450 IKEA stores, most of which are owned by the Ingka group.

Persons: Oncu, Ingka, Marie, Lucy Craymer, Barbara Lewis Organizations: IKEA, Reuters, Marie Mannes, Thomson Locations: STOCKHOLM, New Zealand, Asia, Pacific, Auckland , New, Auckland, Europe, Australia, Stockholm, Wellington

☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

☆ Russia doesn't know what to do with the $1 billion in rupees it is amassing in India each month
▼ + stars: | 2023-06-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's amassing $1 billion worth of Indian rupees each month that it's struggling to use. India has been buying Russian oil using rupees as Moscow has been shut out of the USD-denominated global payments system. And it's not like Russia can send the rupees back home either because India has restrictions over capital flows by foreign investors — the country is looking at $2 to $3 billion worth of rupees stuck in India every quarter. India and Russia are now trying to work out how Russia can use its mounting rupee stash. Another option under discussion is having Russia channel the rupees into Indian infrastructure projects in exchange for equity stakes, per the media outlet.

Persons: Russia's, it's, —, Sergei Lavrov, Lavrov, Moscow doesn't, Alexander Isakov, Ian Hall Organizations: Service, Bloomberg, Bank of, Reuters, Treasury, Russian, Bloomberg Economics, Australian Institute of International Affairs, Griffith Asia, Griffith University, Kremlin, Affairs Locations: India, Moscow, Russia, Ukraine, —, Bank of Russia, Australia, Russian

☆ South Africa mulls options on ICC arrest warrant for potential visitor Putin
▼ + stars: | 2023-05-31 | by ( Carien Du Plessis | ) www.reuters.com time to read: +3 min

However, South Africa had on Jan. 25 already invited Putin to the Aug. 22-24 meeting in Johannesburg of BRICS leaders of emerging economies, comprising Brazil, Russia, India, China and South Africa. "Because of our legal obligations, we have to arrest President Putin, but we can't do that," Mbeki said. South Africa on Monday issued diplomatic immunity to all leaders attending the meeting and a gathering of BRICS foreign ministers in Cape Town this week. The international relations department said this was standard procedure, however, for all international conferences in South Africa. The governing African National Congress decided in December that South Africa should abandon the process and try to effect changes to the ICC from within.

Persons: Vladimir Putin, Putin, Zane Dangor, Thabo Mbeki, Mbeki, Obed Bapela, Britain's, Bapela, Clayson Monyela, Omar al, Bashir, Carien du Plessis, Olivia Kumwenda, Alexandra Zavis, Grant McCool Organizations: Criminal Court, ICC, South, Kremlin, Britain's BBC, African National Congress, Thomson Locations: JOHANNESBURG, South Africa, Ukraine, Moscow, Johannesburg, Brazil, Russia, India, China, Africa, Pretoria, Cape Town, African

☆ Gen Zers are skipping New York and LA and flocking to smaller cities with cheaper homes, great jobs, and lots to do
▼ + stars: | 2023-05-30 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +8 min

Alex Akmal and her partner, Alex, along Memorial Union Terrace on Lake Mendota. In the case of Gen Z, one move often begets another, according to one demographer. Gen Z bonds have been cemented even more because many young people are delaying marriage and having children, the center found. After her studies, she said she might move to Washington, D.C., an even larger Gen Z hangout with those offerings and more. Cities must evolve for the futureFor whatever reason they are coming to these cities, these Gen Zers are here to stay.

[1/3] Kemal Kilicdaroglu, presidential candidate of Turkey's main opposition alliance, gestures after speaking following early exit poll results for the second round of the presidential election in Ankara, Turkey May 28, 2023. According to some party members, analysts and voters, Kilicdaroglu, the opposition presidential candidate in Sunday's runoff vote, will need to immediately re-focus on maintaining control of Turkey's big cities in the municipal elections. Instead Erdogan, modern Turkey's longest-serving leader, will extend his increasingly authoritarian rule into a third decade, backed by a majority for his alliance in parliament. Meanwhile the Republican People's Party (CHP), which Kilicdaroglu leads, holds internal discussions this week in Ankara to pick up the pieces. The broader six-party opposition alliance convened after Sunday's election results came in.

☆ South Africa to investigate US allegation of arms shipment to Russia
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

The U.S. ambassador to South Africa Reuben Brigety said on May 11 that he was confident that a Russian ship, which docked at a naval base in Simonstown in the Western Cape in December last year, took aboard weapons from South Africa. An allegation South Africa has since denied. The allegations have caused a diplomatic row between the U.S., South Africa and Russia and called into question South Africa's non-aligned position on the Ukraine conflict. South Africa says it is impartial and has abstained from voting on U.N. resolutions on the war. "The President decided to establish the enquiry because of the seriousness of the allegations, the extent of public interest and the impact of this matter on South Africa's international relations," said the statement.

Foxconn's turnaround efforts initially paid off: by 2018, Sharp was back in the black. Moreover, analysts estimate assembling iPhones and other Apple (AAPL.O) gadgets still brings in more than half of Foxconn’s annual sales. The troubled unit was once a joint venture between Sharp, Foxconn and an entity tied to Gou. The company attributed the slump to a non-operating loss of T$19.7 billion related to its 34% stake in Japanese electronics maker Sharp. Sharp reported a 220-billion-yen ($1.6 billion) impairment loss in the quarter, mostly from buildings, machinery and goodwill relating to display businesses.

☆ Assad banks on new 'global order' to help revive his status
▼ + stars: | 2023-05-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +7 min

During his address, Assad presented himself as an elder statesman, lecturing his neighbors about the need to take advantage of changes in global politics. “Today we are faced with an opportunity of change in the global order, which has become multipolar due to the hegemony of the West, which is devoid of principles, morals, friends or partners,” Assad told the summit, held in the Saudi port city of Jeddah. But observers have differed as to whether real economic cooperation with Syria is possible without access to the Western financial system, which has been blocked by Western sanctions on the country. “They can also try working with or through Russia, and possibly with and through Iran – although that carries its own obvious risks,” he said, referring to Arab states that want to do business in Syia. There are plenty of ways of doing this.”Assad’s ultimate goal however, said Landis, is to get sanctions lifted with the help of Arab states.

☆ US and Papua New Guinea poised to sign defense pact as Washington, Beijing vie for influence in the Pacific
▼ + stars: | 2023-05-22 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

CNN —The United States and Papua New Guinea are poised to sign a new bilateral defense cooperation agreement – a move that has sparked controversy in the Pacific Island nation and comes as Washington and China jostle for influence in the region. Those concerns were heightened last year after Beijing signed a security pact with the Solomon Islands – and tried, but failed, to win support for a sweeping, regional trade and security communique with Pacific Island nations. “Papua New Guinea does not have enemies but it pays to be prepared. Blinken is expected to meet with leaders of the Pacific Island Forum regional body in Port Moresby on Monday, the forum has said, taking Biden’s place at the gathering. That bid has included opening embassies in the Solomon Islands and Tonga this year, while Biden hosted Pacific Island leaders in Washington for a summit in September and released the first-ever national strategy on engaging the Pacific Islands.

☆ Strongmen are riskier the more they stay in power
▼ + stars: | 2023-05-22 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The longer authoritarian leaders stay in power, the greater the risk they will make decisions that damage their economies. For example, the Turkish stock market rose nine-fold in dollar terms during Erdogan’s first decade in charge. Similarly, the Russian stock market rose five-fold in dollar terms during Putin's first 14 years in the Kremlin. Xi’s zero-Covid policy meant the Chinese economy had a bad year in 2022 when the rest of the world was rebounding. In the last nine years, the stock market has lost nearly 20% of its value in dollar terms.

☆ Australian PM backs G7 on 'de-risking' trade with China
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 21 (Reuters) - Australian Prime Minister Anthony Albanese said on Sunday that he backed a Group of Seven (G7) joint statement out of Japan stressing the need to ease reliance on trade with China. Albanese said Australia had "for some time" expressed concern about China's activity, pointing to the "chafing" of an Australian aircraft. In May 2022, a Chinese fighter aircraft dangerously intercepted an Australian military plane in the South China Sea region, according to Australia's defence department. China, firmly opposing the G7 statement, has complained to summit organiser Japan, the Chinese foreign ministry has said. "That clarity should be there before the Prime Minister entertains a formal state visit to Beijing," Shadow Foreign Minister Simon Birmingham told ABC television.

Walking away, President Joe Biden wrapped his arm around Zelensky’s shoulders. None of the G7 leaders are particularly popular at home, even as they produce results abroad. After all, it was Trump who had argued over dinner at the 2019 G7 summit in Biarritz, France, that Russia should be allowed back into the group. That level of chaos was nowhere to be found in Hiroshima this past week, when leaders appeared to generally like each other. Even before Biden left for the G7 summit, the stalemate over raising the federal borrowing limit prompted a scramble to rearrange the president’s engagements so he could return to Washington early.

☆ G7 leaders gather on China's doorstep to seek unified response to Beijing
▼ + stars: | 2023-05-19 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

‘Economic coercion’Another important theme of the summit will be economic security, including how to counter China’s economic pressure tactics. As the G7 summit gets underway, Chinese officials will be closely watching from Beijing and will not hide their displeasure, experts say. In the lead-up to the summit, Beijing has already berated a statement by G7 foreign ministers. Similarly, Beijing also lashed out at accusations of its “economic coercion,” claiming it is the “victim of US economic coercion” rather than a perpetrator. And while China is not invited to Hiroshima, it is hosting its own summit with Central Asia countries, experts noted.

☆ How the U.S. and South Africa ended up in a dispute over Russian gunrunning allegations
▼ + stars: | 2023-05-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

WASHINGTON, D.C - Sep. 16, 2022: U.S. President Joe Biden meets with South African President Cyril Ramaphosa (L) in the Oval Office of the White House. SAUL LOEB/AFP via Getty ImagesRelations between the U.S. and South Africa frayed last week, when U.S. South Africa's Department of International Relations and Cooperation (DIRCO), released a rather different interpretation of the conversation in its readout. RICHARDS BAY, South Africa - Feb. 22, 2023: Russian military frigate "Admiral Gorshkov" docked at the port in Richards Bay on February 22, 2023. South Africa drew criticism from the U.S. and Europe for holding 10 days of joint naval exercises with Russia and China.

☆ A secretive annual meeting attended by the world's elite has A.I. top of the agenda
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, is one among a number of business and political leaders set to join the annual Bilderberg Meeting in Lisbon, Portugal. OpenAI CEO Sam Altman will join forces with key leadership from firms like Microsoft and Google this week as a secretive meeting of the business and political elite kickstarts in Lisbon, Portugal. Artificial intelligence will top the agenda as the ChatGPT chief meets with Microsoft CEO Satya Nadella, DeepMind head Demis Hassabis, and former Google CEO Eric Schmidt at the annual Bilderberg meeting. All in, around 130 participants from 23 countries are set to attend the private meeting — a similar number to previous years. However, the event's organizers say that the discrete nature of the event is to allow for greater freedom of discussion.

☆ China-Central Asia Summit: Ukraine war weakens Russian influence
▼ + stars: | 2023-05-18 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Xi will present visiting Central Asian leaders with “a series of proposals” on the long-term development of ties and sign agreements, Chinese officials said this week. It is “of great interest to Central Asia nowadays to cooperate with China as one of its important alternative markets,” he added. However, Khitakhunov said, Central Asian leaders would be just as keen to have discussions about trade, investment and joint projects with Western players like the European Union. Central Asian countries have also seen and cracked down on popular protests and unrest in recent years. Like China, Central Asia leaders have typically avoided condemning Russia in forums like the UN, for example abstaining on major General Assembly resolutions calling for the withdrawal of Russian troops.

☆ Opinion: It’s no accident world leaders are revisiting this site of nuclear devastation
▼ + stars: | 2023-05-17 | by ( Opinion Paul Sracic | ) edition.cnn.com time to read: +6 min

CNN —It’s no accident that Japanese Prime Minister Fumio Kishida selected Hiroshima as the site for the 2023 G7 meeting. Paul Sracic Arne HoelSince World War II, Hiroshima has served as a powerful symbol of the catastrophic consequences of nuclear weapons. Not surprisingly, 78 years later, many Japanese are still haunted by the horrors of nuclear war. The threat of nuclear weapons is one Kishida has both written and spoken about before. The proliferation of nuclear weapons to North Korea, not to mention the ongoing nuclear program in Iran, alongside the ongoing concern that Russia might use nuclear weapons in Ukraine serve as a reminder of the urgent need for global cooperation to mitigate the risk of nuclear war.

HONG KONG, May 16 (Reuters Breakingviews) - Investing in China need not be too stressful, provided you avoid investing in Chinese companies. A spending pop in the transport, food and beverage and hospitality sectors helped lift first-quarter GDP to 4.5%. But that data was flattered by comparison to a grim 2022, and April data on imports, inflation and bank loans all disappointed. While Beijing’s crackdowns on domestic technology companies and property developers have eased, other risks are rising. Separately, quarterly revenue at Alibaba is expected to rise 3% year-on-year to 211 billion yuan ($30.5 billion) in the three months to March, according to the average analyst forecast on Refinitiv.

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