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☆ Jacinda Ardern: Former New Zealand leader is heading to Harvard
▼ + stars: | 2023-04-25 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

CNN —After stepping down as leader of New Zealand earlier this year, Jacinda Ardern has revealed that she is swapping the rough and tumble of politics for a stint of quiet reflection within academia overseas, heading to Harvard University this fall under two fellowships. She was appointed to dual fellowships at the Harvard Kennedy School, the university’s school of public policy and government, according to a news release by Harvard. Jacinda Ardern leaving New Zealand's Parliament for the last time as Prime Minister on January 25, 2023 in Wellington, New Zealand. “Jacinda Ardern showed the world strong and empathetic political leadership,” said Kennedy School Dean Douglas Elmendorf in the news release. Within a year, she had become only the second world leader to give birth in office.

☆ How a Tech Star Lost His Way
▼ + stars: | 2023-04-25 | by ( Ellen Barry | ) www.nytimes.com time to read: +1 min

WONDER BOY: Tony Hsieh, Zappos and the Myth of Happiness in Silicon Valley, by Angel Au-Yeung and David JeansA few chapters into “Wonder Boy,” Tony Hsieh sells his first company to Microsoft for $265 million. At 24, he is fabulously rich and one of the rising stars in the tech firmament. So he sits down to write a list of the happiest periods in his life. “Connecting with a friend and talking through the entire night until the sun rose made me happy,” he writes. Lying on the freezing ground on a filthy blanket, he suffered smoke inhalation that would kill him.

☆ Ima Keithel: The world’s largest women-run market
▼ + stars: | 2023-04-24 | by ( ) edition.cnn.com time to read: +7 min

CNN —At first glance, Ima Keithel is much like any other market. Priya Kharaibam, for example, is the third generation of her family’s pottery traders at Ima Keithel, following on from her grandmother. The creation of Ima Keithel dates back to the 16th century Kangleipak Kingdom, when it began as a makeshift, open-air market for bartering crops. An overhead shot of a busy afternoon at Ima Keithel. We want to be responsible mothers.”These days Ima Keithel is a microcosm of Manipur’s egalitarian society.

CNN —A panel in Japan’s health ministry has approved the country’s first abortion pill, in a major step for reproductive rights decades after other countries made abortion medication widely available. The ministry’s pharmaceutical board granted approval on Friday to the MeFeego Pack, an abortion pill manufactured by British pharmaceutical Linepharma, according to a spokesperson from the Ministry of Health, Labor and Welfare. The medication consists of two types of pill, and can be used within nine weeks of pregnancy, according to Japanese public broadcaster NHK. In a clinical trial in Japan, 93% of participants had a complete abortion within 24 hours, NHK reported. Kanako Inaba, an obstetrician and gynaecologist, wrote on Twitter that the approval of abortion pills was an opportunity to spread greater sex education and awareness about contraceptive methods.

☆ China has an inflation problem. It’s way too low
▼ + stars: | 2023-04-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

That’s raising the specter of a tailspin of falling prices and wages from which the economy may struggle to recover. “Our core view is that China’s economy is deflationary,” wrote Raymond Yeung, chief economist for Greater China at ANZ Research, last week, soon after China released its first-quarter GDP growth figures. Instead of spending money, people are hoarding cash at a record rate. “Even with a conservative estimate, 500 billion yuan in consumption vouchers will drive one trillion yuan in overall consumption, ” Li said in a video posted on his Weibo social media account on Tuesday. In return, the government could receive at least 300 billion yuan through taxes generated by the increase in spending, he said“So it only takes 200 billion yuan in spending for the central government to drive one trillion yuan in consumption,” he said.

☆ Late Zappos CEO Tony Hsieh devised a '10X' scheme to spend his wealth in the last weeks of his life. Here's how those close to him took advantage of it.
▼ + stars: | 2023-04-24 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +3 min

Former Zappos CEO Tony Hsieh died in 2020 following injuries he sustained in a house fire. Hsieh devised a scheme called "10X" that demanded achievement in multiples of ten, Forbes reported. In the last weeks of his life, the former Zappos CEO Tony Hsieh spent much of his wealth in a scheme he devised called 10X. The LLC had $10 million to fund documentary film projects, which entitled Grande to a $1 million commission. The 10X scheme sometimes caused disputes.

Now, a Japanese city is turning to the AI chatbot for something else: helping to run the government. Yokosuka City, in Japan’s central Kanagawa prefecture, announced this week that it will begin using ChatGPT to help with administrative tasks. In the face of these population problems, the city turned to ChatGPT to enhance efficiency and establish a better workflow within government operations, said the spokesperson. The scramble by rival tech companies to develop their own AI tools has also highlighted the ways AI can spit out racist, sexist and harmful content. At the bottom of the document, a single line read: “This release was drafted by ChatGPT and proofread by our staff.”

☆ Sudan's paramilitary announces 72-hour ceasefire ahead of Eid al-Fitr
▼ + stars: | 2023-04-21 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

The paramilitary Rapid Support Forces (RSF) announced the ceasefire in a statement on Twitter early Friday morning local time. The ceasefire is due to begin at 6 a.m., the statement added. The ceasefire comes just ahead of the Muslim holiday of Eid al-Fitr, which marks the end of the Islamic holy month of Ramadan. “The truce coincides with the blessed Eid al-Fitr … to open humanitarian corridors to evacuate citizens and give them the opportunity to greet their families,” the RSF said. The rival Sudan Armed Forces (SAF) have yet to comment on the announcement.

“According to the information we have in Khartoum, 50% of hospitals have been out of action in the first 72 hours,” said Abdalla Hussein, the Médecins Sans Frontière operational manager for Sudan. On Wednesday, Japan said it was preparing to send its military to evacuate nationals from Sudan. Smoke rises during clashes between the Sudanese Armed Forces and the paramilitary Rapid Support Forces (RSF) in Khartoum, Sudan, on Wednesday. The RSF denied the claims, blaming Sudan’s armed forces for committing the crimes while wearing RSF uniforms. The armed forces have denied involvement in the violations, and reiterated accusations that the RSF has committed crimes against humanity.

☆ Premarket stocks: Apple is giving banks a run for their money
▼ + stars: | 2023-04-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Apple’s savings account is managed through Apple products and users must have Apple’s credit card, simply called Apple Card, to qualify for one. “It’s very much a loyalty play because it’s a multi-level process: To get the Apple credit card you need the phone, and to get the savings account you need the credit card. The Apple savings account through Goldman is also insured by the Federal Deposit Insurance Corporation. And Apple’s savings account is hardly the best out there, either. UFB Direct offers a savings account with more than a 5% annual percentage yield.

Stringer/ReutersThe RSF denied those reports, telling CNN in a statement that it “will never assault any UN staff or employees. Meanwhile, tense efforts to establish a ceasefire have ramped up, with the UN calling for rival factions to end their hostilities. Satellite imagery of the smoke plume at Khartoum International Airport on Sunday. The Sudanese Armed Forces later issued conflicting statements on a proposed 24-hour ceasefire, intended to go into effect later on Tuesday. Both sides had previously agreed to a three-hour ceasefire on Sunday, and again on Monday, with fighting resuming afterward, Perthes said.

☆ China GDP: Economy shakes off Covid legacy to grow 4.5% in Q1
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +5 min

But private investment barely budged and youth unemployment surged to the second highest level on record, indicating the country’s private sector employers are still wary about longer term prospects. Retail sales jumped 10.6% in March from a year earlier, the highest level of growth since June 2021. The country’s GDP will grow 5.2% this year and 5.1% in 2024, it predicted. If adjustments are made to account for the impact of delayed economic activity, GDP growth in the first quarter could have been just 2.6%, he said. For example, private investment was extremely weak.

☆ BlackRock Profit Falls 19%
▼ + stars: | 2023-04-14 | by ( Angel Au-Yeung | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/blackrock-blk-q1-earnings-report-2023-de1c1eba

That makes up about 338,000 people across the country, with 40% beginning their isolation in adolescence, according to the ministry. Various factors are thought to be at play, including financial hardship, mental illness, family problems or health challenges. The report also detailed future plans for further action, such as distributing guidelines to local governments, boosting youth social safety nets and early detection systems, and working more closely with youth welfare facilities like shelters or rehabilitation centers. Japan has a similar problem, with nearly 1.5 million reclusive lonely young people, who are known as hikikomori, according to a recent government survey. Of those surveyed, more than a fifth cited the pandemic as a significant factor in their reclusive lifestyle.

Two videos emerged on social media this past week that appear to show beheadings of Ukrainian soldiers. The first video was posted to a pro-Russian social media channel on April 8. In the video, a voice can be heard, behind the camera, the sound seemingly distorted to prevent the speaker’s identification. Apparently referring to the bodies on the ground, the voice, laughing, continues, “They killed them. Some pro-Russian social media accounts have suggested Ukrainian forces were responsible for the beheadings in an effort to conceal identification.

☆ The city without TikTok offers a window to America's potential future As Americans face a future without TikTok, Hong Kong offers a glimpse into that reality
▼ + stars: | 2023-04-08 | by ( Jessie Yeung | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Across the United States, more than 150 million people are being faced with the possibility of a new reality: life without TikTok. In Hong Kong, there’s no need to imagine that reality: TikTok discontinued its services there in 2020. Lost opportunitiesTikTok announced its exit from Hong Kong in July 2020, a week after China imposed a controversial national security law in the city. At the time, Instagram Reels and YouTube Shorts had yet to arrive in Hong Kong. And while they occasionally wonder what’s happening on TikTok outside Hong Kong, the allure of it is lost when nobody else around them uses it either.

The flow may be signalling a shift in sentiment among foreign investors who have been notably absent while China's markets and economy roared back to life after Beijing abruptly lifted its stringent zero-COVID policy in December. Alibaba's shares (9988.HK) are up more than 14% in the five days since the company's announcement and some 11.7 billion yuan ($1.7 billion) in foreign cash has flowed into China's markets. That's already more than the net 9.2 billion yuan in inflows in February and drove March flows to 35.4 billion yuan and the quarter's inflow to a record of 186 billion yuan. Premier Li Qiang assured foreign investors that China would unswervingly adhere to reform and opening up, expanding market access and optimising the business environment. Ernest Yeung, a portfolio manager at U.S. asset manager T. Rowe Price, anticipated "a gradual process of stabilisation" of private enterprises and the internet sector.

☆ HSBC spinoff: Bank's top execs face tense shareholders in Hong Kong calling for a breakup
▼ + stars: | 2023-04-03 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Quinn addressed those complaints head-on Monday, saying “our profits in Hong Kong and the UK are no longer being dragged down by underperformance elsewhere. Mark Tucker, chairman of HSBC, left, and Peter Wong, chairman of the Hong Kong and Shanghai Banking Corporation, departing following the bank's shareholders meeting in Hong Kong on Monday. They argue that if the lender cordoned off its activities in Asia, it would no longer have to expose Hong Kong shareholders to requests in other jurisdictions. Christine Fong, a district council member in Hong Kong, said she represented about 500 small shareholders who had been affected by the dividend cancellation. An HSBC bank branch in Hong Kong last July.

☆ Belt and Road Initiative: China spending billions to bail out megaproject's debtors
▼ + stars: | 2023-03-28 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

For one, China’s loans are far more secretive, with most of its operations and transactions concealed from public view. The PBOC requires an interest rate of 5%, compared to 2% for IMF rescue loans, the study said. There is also public concern in some countries over issues like excess debt and China’s influence. Accusations that Belt and Road is a broad “debt trap” designed to take control of local infrastructure, while largely dismissed by economists, have sullied the initiative’s reputation. In January, Chinese Foreign Minister Qin Gang rejected the accusations of China creating a “debt trap” in Africa, a major recipient of Belt and Road investments.

Both are owned by Beijing-based parent company ByteDance, but Douyin launched before TikTok and became a viral sensation in China. Like TikTok, it’s a short-form video app. Then in 2017, the privately-owned tech company bought a US-based video startup and released TikTok as the overseas version of Douyin. The download page for the TikTok app displayed on an Apple iPhone. Besides TikTok, there’s also shopping app Temu, fast fashion retailer Shein and video editing app CapCut, which is also owned by ByteDance.

☆ It'll be difficult to find a bank as 'startup-friendly' as Silicon Valley Bank, says VC firm
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll be difficult to find a bank as 'startup-friendly' as Silicon Valley Bank, says VC firmEdith Yeung of Race Capital says Silicon Valley Bank was the "bedrock" for Silicon Valley.

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Casetify turned custom phone cases into $300 million a year in salesCasetify's personalized phone cases are endorsed by celebrities like Kylie Jenner, and the Hong Kong-based company partners with global brands like Disney and NASA, but success wasn't always easy. Here's how millennials Wesley Ng and Ronald Yeung turned Instagram photos into a company bringing in $300 million a year.

People were sharing photos online from their phones. Since then, Casetify has sold more than 15 million phone cases, topping $300 million in annual revenue last year, according to the company. Early on, Ng sent messages to anyone he saw with lots of Instagram followers, asking if they wanted to turn their photos into customized phone cases. Casetify has also expanded its product offerings — which now include a variety of accessories beyond phone cases — and shifted away from only selling online. In 2018, Nordstrom started selling Casetify products before the startup opened its own retail store in Hong Kong in 2020.

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