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However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

☆ From Apple to Boeing, India is being put to the test as China manufacturing alternative
▼ + stars: | 2023-03-12 | by ( Vikram Barhat | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesThe ties between American companies and India as a manufacturing and supply chain partner are getting deeper. The Boeing deal is indicative of the wider trend among global manufacturers including Apple, Samsung and Nokia, to accelerate manufacturing in India. As far back as 2014 it launched the "Make in India" campaign to raise the profile of India as a global manufacturing hub and encourage multinational companies to produce in India. Boeing, Air India issues The partners have their internal issues to work through. That's on top of the hurdles foreign companies can expect to face in India's accleration as a manufacturing and supply chain partner.

☆ Factbox: What is China's new government restructuring plan?
▼ + stars: | 2023-03-08 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

The restructured ministry will be overseen by a newly created Communist Party body, the Central Science and Technology Commission, strengthening party oversight of science and technology policy. A new national data bureau will be responsible for coordinating the sharing and development of data resources, as well as planning the digital economy and promoting initiatives. Since taking power in 2012, Xi has established several new central party committees overseeing multiple ministries, which report directly to him. Analysts expect the party reforms to be revealed soon after the NPC concludes its meetings on Monday. A top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters.

☆ China's Xi urges private firms to 'be rich and loving' in pursuit of prosperity for all
▼ + stars: | 2023-03-06 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

Private Chinese and foreign firms have been waiting for Beijing to flesh out details on how it intends to pursue "common prosperity", Xi's signature initiative to narrow China's wealth gap, and how it expects private firms to contribute. Xi also said that private firms should share the fruits of their growth with employees more equitably, in what he called a "community of shared interests". "Be rich and responsible, be rich and benefit others, be rich and loving," state radio cited Xi as saying. He said it is unfair to expect private firms to share the social responsibility for "common prosperity" with state-owned firms, which enjoy privileged access to markets and preferential loans not always available to private firms. "Led by the United States, the West has implemented all-round containment to suppress China, bringing unprecedented challenges to China's development," state radio quoted Xi as saying.

☆ Xi's planned revival of Chinese financial watchdog exerts more party control
▼ + stars: | 2023-03-01 | by ( Joe Cash | ) www.reuters.com time to read: +4 min

BEIJING, March 1 (Reuters) - Plans by China's Communist Party to revive a high-level economic watchdog after two decades signal President Xi Jinping push to increase oversight of the financial sector, analysts say, part of a wider tightening of control by Xi and the party. "Through the CFWC, Xi and his allies could more rapidly roll out a reshuffle to replace the remaining legacy technocrats with people more loyal to them," he said. China's financial sector is overseen by the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, with the cabinet's Financial Stability and Development Committee at the top. Under the new proposed structure, the party would take on a direction-setting role for the economy and regulatory bodies. "But this could also lead to policies replacing some market forces, which may not be ideal for financial liberalisation", she said.

[1/4] A worker walks across a construction site in the Central Business District, ahead of the opening of the National People's Congress (NPC) in Beijing, China, February 28, 2023. Nearly 3,000 delegates will gather in the Great Hall of the People west of Tiananmen Square for the first National People's Congress (NPC) of the post-zero-COVID era, although some precautions remain including testing and quarantine for journalists. It will also discuss Xi's plans for an "intensive" and "wide-ranging" re-organisation of state and Communist Party entities, state media reported on Tuesday, after a three-day meeting of the party's central committee. China's economy grew just 3% last year, one of its worst showings in nearly half a century. "We will strive to spur growth and have policy tools to do that, mainly by channelling money into big projects," Xu Hongcai, deputy director of the economic policy commission at the state-backed China Association of Policy Science, told Reuters.

☆ A federal judge just ruled $6 billion in student-debt cancellation can move forward for 200,000 defrauded borrowers, saying the decision will 'allow them to not only to move on, but also to move up, e
▼ + stars: | 2023-02-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A federal judge ruled that $6 billion in student-debt relief for 200,000 borrowers can move forward. Since the lawsuit wasn't resolved under Trump, President Joe Biden took it on and agreed to a settlement to give borrowers relief. And it gives plaintiffs, who have languished in borrower-defense application limbo, their long-awaited relief," Alsup wrote in his decision. "They have already waited years for the resolution of their borrower defense ('BD') applications, some of which have been pending since 2015," the filing said. Along with automatic relief for 200,000 borrowers, the settlement also allows for a streamlined review of another 64,000 borrower defense applications.

☆ Analysis: China's role as Ukraine peacemaker raises doubt as it 'deepens' Russia ties
▼ + stars: | 2023-02-23 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

A year after Russia invaded its southwestern neighbour, its "no limits" partner China is offering to broker peace. It says it will issue a "position paper" on Ukraine and President Xi Jinping is expected to give a "peace speech" this week, Italy's foreign minister said. "At the moment China’s peace effort will stay at the rhetorical level," said Li Mingjiang, associate professor of international relations at Singapore's S. Rajaratnam School of International Studies. Still, China is unlikely to provide Russia with military aid any time soon, at least not overtly, experts and diplomats said. "China still sees Russia as a central element of its overarching strategy to weaken U.S. power and influence and build a multipolar world," he said.

☆ Scientists unlock secrets of Earth's wickedly hot innermost realm
▼ + stars: | 2023-02-21 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

The planet's internal structure comprises four layers: a rocky crust on the outside, then a rocky mantle, an outer core made of magma and a solid inner core. This metallic inner core, about 1,500 miles (2,440) wide, was discovered in the 1930s, also based on seismic waves traveling through Earth. Scientists in 2002 proposed that lurking within this inner core was an innermost section separate from the rest, akin to a Russian Matryoshka nesting doll. The researchers were able to differentiate the two regions because the seismic waves acted differently between them. "The latent heat released from solidifying the Earth's inner core drives the convection in the liquid outer core, generating Earth's geomagnetic field," Pham said.

☆ China has to figure out how to care for 400 million people over the age of 60 by 2040 — and it's off to a rocky start
▼ + stars: | 2023-02-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +11 min

By 2040, it's expected to have 400 million people above the age of 60 — more people than in the entire US. "It's obvious that relying on contributions from medical insurance schemes to fund age care services is not likely to be viable in the longer term," she said. Alzheimer's is quickly rising as a concern in China, Luk said. "Is China aging rapidly? Beijing has been pressuring the private sector into building daycare centers, wards, and other age care infrastructure to shore up gaps in local government finances, Gu said.

☆ Pence will fight subpoena in special counsel probe of Trump's attempt to overturn 2020 election
▼ + stars: | 2023-02-14 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Former Vice President Mike Pence is planning to challenge a subpoena issued to him by the special counsel investigating ex-President Donald Trump's efforts to overturn his 2020 election loss, a person familiar with the matter told CNBC on Tuesday. Under the U.S. Constitution, the vice president is also the president of the Senate. A spokesman for the special counsel declined to comment. Smith was appointed special counsel in November to head a criminal investigation into whether Trump unlawfully interfered with the transfer of power after losing to President Joe Biden in the 2020 election. After Pence refused, a mob of Trump's supporters stormed the U.S. Capitol, forcing the vice president and members of Congress to flee their chambers.

☆ Ukraine ready to repel possible Russian offensive this month, defence minister says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows a building of the National University of Urban Economy heavily damaged by a Russian missile strike, amid Russia's attack on Ukraine, in central Kharkiv, Ukraine February 5, 2023. REUTERS/Vitalii HnidyiKYIV, Feb 5 (Reuters) - Ukraine expects a possible major Russian offensive this month, but Kyiv has the reserves to hold back Moscow's forces even though the latest Western military supplies will not all arrive in time, Ukraine's defence minister said on Sunday. "Despite everything, we expect a possible Russian offensive in February. This is only from the point of view of symbolism; it's not logical from a military view. Because not all of their resources are ready.

☆ 200,000 student-loan borrowers will be 'severely harmed' if a judge rules in favor of 3 companies who want to block them from getting $6 billion in debt relief, a new legal filing says
▼ + stars: | 2023-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A federal judge signed off on a settlement giving 200,000 student-loan borrowers $6 billion in debt relief last year. In January, three companies requested a stay on the relief, citing reputational harm the settlement brought them. Borrowers in the case recently filed a motion opposing the stay due to the harm postponing the relief would bring. Some of the borrowers who were set to see debt forgiveness attended colleges run by those companies, which were among many named in the November settlement. One hundred and forty-four borrowers have submitted declarations attesting to the harm a stay would cause them."

☆ China's cities are struggling to pay their bills from three years of Covid and a real estate crash
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Rolling lockdowns seriously dented household incomes, leading many to reduce spending, which in turn resulted in less tax revenue for local governments. “China’s runaway local debt poses a serious threat to the country’s overall economic health and will weigh heavily on China’s still-nascent recovery,” said Singleton. Debt that is backed by local governments but which doesn’t show up on their balance sheets could be much bigger. That’s more than 20% higher than the estimate of 53 trillion yuan made by Goldman Sachs in 2021. Their debt squeeze could pose a serious threat to China’s financial system, particularly to small regional banks.

☆ Is the bubble bursting for tech workers?
▼ + stars: | 2023-01-30 | by ( Emaad Akhtar | ) www.cnbc.com time to read: +1 min

This increasing dependency has led to massive growth in the tech sector and, with it, a proliferation of high paying jobs. "The Big Tech companies will continue to pay what they used to pay – they always pay a lot," he added. "I suspect the growth in the median pay will either stagnate or may even drop a little bit." So, is the bubble bursting for tech workers? Watch the video above to find out more.

☆ Former VP Mike Pence says he takes 'full responsibility' for classified documents found at his Indiana residence: 'Mistakes were made'
▼ + stars: | 2023-01-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Mike Pence on Friday said he took "full responsibility" for classified documents found at his home. Classified files were also discovered in the ex-DC office and Wilmington home of President Biden. CNN first reported on Tuesday that an attorney for Pence discovered roughly a dozen classified files at the former vice president's residence in Carmel, Indiana. On Friday, Pence said a "small number of documents marked classified or sensitive interspersed in my personal papers" were found, and that he and his attorney "immediately" secured the files. "And while I was not aware that those classified documents were in our personal residence, let me be clear: Those classified documents should not have been in my personal residence.

☆ Mike Pence says he takes responsibility for documents found at home
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Former Vice President Mike Pence said on Friday he had not been aware that classified documents were at his Indiana home and said he takes "full responsibility" for the security breach. Pence, speaking at Florida International University in Miami, said a review was conducted of his personal records after classified documents were found at President Joe Biden’s home in Delaware. "Let me be clear: those classified document should not have been in my personal residence," Pence said. Classified documents have also been found at the Florida home of Pence's former boss, former President Donald Trump. During a presidential transition period, the records from each administration are supposed to be turned over to the legal custody of the National Archives.

☆ Former U.S. VP Pence says he takes responsibility for documents found at home
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

☆ In Peru, protesters pour from remote Andean regions, demand president resign
▼ + stars: | 2023-01-19 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

LIMA, Peru — People poured into Peru’s coastal capital, many from remote Andean regions, for a protest Thursday against President Dina Boluarte and in support of her predecessor, whose ouster last month launched deadly unrest and cast the nation into political chaos. The concentration of protesters in Lima also reflects how the capital has started to see more antigovernment demonstrations in recent days. Many protesters say that no dialogue is possible with a government that they say has unleashed so much violence against its citizens. “I think this will only keep growing.”Analysts warn that a failure to listen to demands from protesters could have tragic consequences. “We have to start to think what we want to do with Peru, otherwise this could all blow up,” Cardenas said.

☆ 2 for-profit companies want to stop $6 billion in student-loan forgiveness from reaching 200,000 borrowers in an already-approved settlement
▼ + stars: | 2023-01-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A judge signed off on a settlement last year giving 200,000 defrauded borrowers $6 billion in student-debt relief. A group of companies last week filed an appeals notice to stop the relief from going through. They argued their reputations will be harmed, and they were not given "due process" after being included in the settlement. In November, federal Judge William Alsup granted final approval of a lawsuit — Sweet v. Cardona — that would give over $6 billion in student-debt relief to 200,000 borrowers who were defrauded by a school they attended. Prior to his final ruling, Alsup gave schools the chance to intervene, but he ultimately rejected their arguments.

☆ I'm a 24-year-old virtual assistant making $8,000 a month. Here's how I built my business and find clients.
▼ + stars: | 2023-01-10 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

She shared her experience building a virtual-assistant business and finding clients. There, she came across a video posted by Jessica Hawks, a virtual assistant and business coach, explaining the virtual-assistant business model and how she'd made six figures doing what she loved. "I can't even express how far I've come into my business and how much it's grown," Carrasquillo said. "I would've never imagined it, knowing that it all came from a single TikTok that I saw." I think finding a business coach was a huge stepping stone in building my business.

☆ 411 is going out of service for millions of Americans
▼ + stars: | 2023-01-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

Starting in January, AT&T customers with digital landlines won’t be able to dial 411 or 0 to reach an operator or get directory assistance. The human telephone operator, a job that came to be dominated by White women during the nineteenth and early twentieth centuries. In 2021, there were fewer than 4,000 telephone operators, down from a peak of around 420,000 in the 1970s, according to Bureau of Labor Statistics data. “0” became universal for operator assistance and “411” was the number for directory assistance. By 2004, at the dawn of the smartphone age, 56,000 people were employed as telephone operators.

☆ Ukraine's cities begin 2023 under attack from more Russian missiles and drones
▼ + stars: | 2023-01-02 | by ( ) www.cnbc.com time to read: +6 min

We already know the sound of rockets, we know the moment they fly, we know the sound of drones. Ukrainian forces reclaimed the city in November after Russia's forces withdrew across the Dnieper River, which bisects the Kherson region. The Ukrainian forces have had the momentum for several months but we also know that Russia has mobilized many more forces. "We already know the sound of rockets, we know the moment they fly, we know the sound of drones. Couples participate in a traditional dance gathering in an underground mall on New Year's Day, 2023, in Kyiv, Ukraine.

"More fundamental, and more subtle and more important is the social contract and social trust in China. COVID CZAROver the past three years, Vice Premier Sun, 72, has been the face of China's COVID fight, a mother-like figure who has executed Xi's zero-COVID policy with a firm hand. In April this year, Sun rushed to Shanghai as the city went under lockdown, according to state media reports. During the Shanghai lockdown, while also on an inspection tour, Sun was bombarded by pleas from residents shouting from their windows: "No more rice! How the current infections are tackled remain a key near-term challenge to COVID czars.

JAKARTA, Dec 20 (Reuters) - Indonesia's new criminal code has grabbed headlines for making sex outside marriage illegal but Islamic parties wanted even harsher punishment for moral crimes in the world's largest Muslim-majority nation, accounts of behind-the-scenes negotiations reveal. "We found a middle ground, not only between nationalists and religious parties but also between progressive liberals and conservatives," he said. In forming the laws, a team of legal professors had turned to Indonesia's official dictionary, which defines adultery as any sex outside marriage, not just extramarital sex. The compromise reached in the final version carries a maximum one-year sentence for sex outside marriage and six months for cohabitation. "The Islamic parties benefit from the morality agenda ... while the other parties will benefit from strengthening of authoritarianism," he said.

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