DIRS.INFO The most relevant business & tech news

☆ One of China’s richest women takes over for her father at real estate developer Country Garden
▼ + stars: | 2023-03-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Yang Guoqiang, founder of Country Garden, attends a signing ceremony in November 2017 in Guangdong province. VCG/Getty ImagesThe elder Yang was a farmer and construction worker before he founded Country Garden in 1992. In little more than a decade, he grew the firm into one of the largest real estate developers in the country. Last year, Country Garden was China’s No 1 developer by sales, which reached $67 billion. An aerial view of a residential project developed by Country Garden in Zhenjiang city in eastern China's Jiangsu province in October 2021.

☆ China approved equivalent of two new coal plants a week in 2022, report finds
▼ + stars: | 2023-02-27 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

“China continues to be the glaring exception to the ongoing global decline in coal plant development,” said Flora Champenois, a research analyst at GEM. Throughout 2022, China granted permits for 106 gigawatts of capacity across 82 sites, quadruple the capacity approved in 2021 and equal to starting two large coal power plants each week, said the report. To ease the power crunch, coal plants boosted their output, with daily thermal coal consumption hitting a record high in August. It added that for China to truly cut down on carbon emissions, it needs to start phasing out its “vast coal power plant fleet” rather than continue growing it. Besides the plants’ environmental impact, their “politically influential owners … have an interest in protecting their assets,” said the report.

☆ Conservatives Have a New Rallying Cry: Down With ESG
▼ + stars: | 2023-02-26 | by ( Julie Bykowicz | Angel Au-Yeung | ) www.wsj.com time to read: 1 min

WASHINGTON—Conservative activists are coordinating a multimillion-dollar national campaign to make ESG the next CRT. Their goal: Transform the acronym for environmental, social and corporate-governance investing into a rallying cry against “woke capitalism,” much the way critical race theory became shorthand for broader criticisms about how race is taught in schools. The same conservative money is behind both efforts, documents and interviews show.

Hong Kong CNN —Several popular Chinese apps have removed access to ChatGPT, the artificial intelligence chatbot that has taken the world by storm even as major Chinese tech companies race to develop their own equivalent. Two other apps, ChatgptAiAi and Chat AI Conversation, said their ChatGPT services went offline due to “relevant business changes” and policy changes. Meanwhile, Hanwang Technology and Beijing Deep Glint Technology, both developers of AI products and services, closed 10% and 5.5% lower respectively. Despite these concerns, the success of ChatGPT has spurred a global AI race. In the absence of foreign competition within the domestic market, Chinese tech companies have since grown into major international players — many of which are now revving their gears with an eye toward AI.

The company sold 10 million American depository receipts (ADRs) at $19 apiece, according to its regulatory filings, and shares closed at $21.05. The deal is the biggest from a Chinese company selling shares in New York since LianBio (LIAN.O) raised $334 million in October 2021, according to Refinitiv data. Chinese company listings in the United States ground to a halt in 2021 after the debut of ride hailing giant Didi Global Inc (92Sy.MU) in June of that year. As a result, Chinese listings in the United States dwindled and mainland regulators also moved to draw up new guidelines governing companies selling shares overseas. Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

Forty-seven pro-democracy figures in Hong Kong have been accused of a conspiracy to commit subversion in a landmark political case. Benny Tai, 58, was a professor of law at the University of Hong Kong. Pro-democracy primary Pro-democracy candidates held a primary vote ahead of the upcoming Legislative Council election. The 47 defendants helped organize or participated in this event. New election rules announced China announced new rules for Hong Kong elections, limiting candidates to only those deemed loyal to Beijing.

☆ Hong Kong is criminalizing CBD as a ‘dangerous drug’ alongside heroin
▼ + stars: | 2023-01-31 | by ( Jessie Yeung | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Two years ago, cannabidiol was booming in Hong Kong. CBD cookies at the Found cafe in Hong Kong on August 11, 2022. And while CBD products could avoid this trace amount by using a pure form of CBD, most manufacturers mix other compounds for higher potency. From 2019 to early 2022, Hong Kong authorities launched nearly 120 “operations” seizing and testing CBD products from restaurants and shops to warehouses, Secretary for Security Tang Ping-keung said last year. Now “there’s less choice for consumers in Hong Kong.

☆ We agree with Wells Fargo that Wynn is set for a comeback as gamblers return to Macao
▼ + stars: | 2023-01-26 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Wells Fargo on Thursday raised its earnings estimates for Club holding Wynn Resorts ' (WYNN) operations in Macao, China, while increasing its price target on the casino operator. Wells Fargo increased its price target on Wynn to $125 per-share from $101 and reiterated an overweight, or buy, rating on the stock. "Looking ahead, LVS management envisions a premium mass led recovery, which should support rapid recovery at Wynn," the Wells Fargo analysts wrote. The Club take We agree with Wells Fargo that the recovery of China's gambling market is a major catalyst for Wynn Resorts, a core pillar of our investment thesis. Moreover, upbeat commentary from Las Vegas Sands' CEO represents a positive read-through into Wynn's operations in Macao.

☆ Hong Kong to resume hamster imports a year after mass cull over Covid
▼ + stars: | 2023-01-06 | by ( Marie Brockling | Dorothy Kam | ) www.nbcnews.com time to read: +3 min

HONG KONG — Hong Kong is lifting a ban on the importing of hamsters for sale, a year after it ordered more than 2,000 hamsters and other small mammals to be culled in an effort to prevent pets from spreading Covid-19 to people. The Hong Kong government ordered the culling last January after a small virus outbreak was traced to a pet shop called Little Boss that had imported hamsters from the Netherlands. Hong Kong residents who had recently purchased hamsters were advised to surrender their pets, shops selling hamsters were temporarily shut down and an import ban was enacted. But at the time of the Hong Kong government’s decision last year, the Chinese territory was following a strict “zero-Covid” approach in line with mainland China, leading officials to act aggressively. In recent weeks both Hong Kong and mainland China have relaxed anti-Covid restrictions that minimized cases and deaths but also caused widespread public frustration.

☆ Pickleball popularity explodes, with more than 36 million playing
▼ + stars: | 2023-01-05 | by ( Jessica Golden | ) www.cnbc.com time to read: +6 min

The latest numbers unveiled in the 2023 APP Pickleball Participation report, via a study conducted by YouGov, shows that 14% of Americans played pickleball at least once in that 12-month period. The real dillAcross the country, tennis courts and being replaced, and pickleball courts are moving in as other investors are shoring up big money. Since 2022, Life Time has constructed indoor and outdoor pickleball courts at a rate of five new permanent courts each week. "Pickleball participation [at Life Time] in a given month has risen from about 16,000 people to like 160,000. Major League Pickleball and the Professional Pickleball Association took notice and they have partnered with Life Time to host multiple tournaments across the country this year.

Tokyo CNN —Japan is offering to pay families to move out of its overcrowded capital, in an effort to revitalize countryside towns and boost the falling birth rate. But this migration pattern, combined with Japan’s rapidly aging population, has left rural towns with fewer and fewer residents, as well as millions of unoccupied homes. Tokyo is consistently one of the world’s most expensive cities to live in, ranking fifth globally in 2022. For example, Tokyo has the lowest fertility rate of all 47 prefectures in Japan. Some rural towns have even begun paying couples who live there to have children.

Now, as the country rapidly relaxes restrictions, millions of people have been told to keep going to work — even if they’re infected. For three years, its stringent approach has kept Covid cases and deaths relatively low in the country. Covid control workers walk by a closed shop near a community with residents under health monitoring for Covid on December 4 in Beijing. Top leaders at the Central Economic Work Conference, a key annual meeting that ended Friday, said in a statement that stabilizing economic growth was the top priority for 2023. Officials nationwide had worked frantically to contain Covid cases ahead of the highly sensitive twice-a-decade leadership reshuffle, which saw Chinese leader Xi Jinping emerge more powerful than ever into his third term.

Instead, authorities will shift the focus of work from preventing infection to health protection and preventing severe disease, it said. The abrupt U-turn is especially stunning in Chongqing, one of China’s largest cities, with 32 million residents and annual GDP of $400 billion. Jerry Cheng, who works at a state-owned construction company in the city and is currently Covid positive, voiced concerns about the announcement. Cheng’s anxiety was reflected on Weibo, China’s version of Twitter, on Monday as Chongqing residents reacted to the announcement. More than a million residents were told not to leave the city unless absolutely necessary, and several rounds of daily mass testing were rolled out.

According to a complaint, Wu allegedly sent threatening messages to a person who posted a flier on or near the college campus supporting Chinese democracy. Charging documents allege Wu reported the person to the Chinese government and told them its representatives would “greet” their family members. A photo of Xiaolei Wu posted to his Instagram. @aldimeowu/InstagramWu has been suspended from Berklee College of Music, according to a statement from the school Wednesday night. However, the rising nationalist sentiment is by no means representative of all Chinese students overseas.

☆ India-China border clash video shows troops fighting with sticks and bricks
▼ + stars: | 2022-12-14 | by ( Jessie Yeung | ) edition.cnn.com time to read: +7 min

Though they’re separated by barbed wire, the footage appears to show Indian troops beating the Chinese soldiers with makeshift weapons, including what look like wooden sticks and metal pipes. In several instances, Indian soldiers can be seen throwing bricks or stones. Many of the Chinese soldiers, gathered on the other side of the wire, also appear to be holding long sticks or batons. Speaking to lawmakers on Tuesday, India’s defense minister accused Chinese troops of trying to cross the LAC, saying they were trying to “unilaterally” change the status quo. Later that evening in a statement posted online, the Chinese military’s Western Theater Command accused Indian troops of “illegally” crossing into the Chinese side of the border.

CNN —Three people were killed and many others injured after gunmen attacked a hotel in Kabul, the Afghan capital, on Monday. The attack ended with all three gunmen killed and hotel guests safely evacuated, according to a tweet from Taliban spokesman Zabiullah Mojahid on Monday. Mojahid added that no foreign nationals were killed, but two foreign nationals were wounded after jumping from the rooftop. Chinese Foreign Ministry spokesperson Zhao Lijian told reporters at a briefing on Tuesday that five Chinese nationals were among the injured. China’s state-run Xinhua news agency said the attack happened near a Chinese guesthouse and its embassy in Kabul was closely monitoring the situation.

CNN —China will abolish its Covid-19 trace tracking service, the “Mobile Itinerary card,” on Tuesday, officials say. Since the beginning of the Covid-19 pandemic, China has used the itinerary card system to track individuals’ travel histories over 14 days. The system is tied to people’s phone numbers and aims to identify individuals who have visited cities with any area designated a “high-risk zone” by authorities. This system, together with a health QR code that tracks individuals’ health statuses regarding Covid-19, determined people’s movements into public spaces across China. Even after much of the world relaxed pandemic restrictions, China continued to lock down entire cities and send all Covid-19 patients to central quarantine facilities, while restricting others from visiting areas where positive cases were detected.

CNN —The death of prominent journalist Grant Wahl at the World Cup in Qatar has led to an outpouring of shock and grief across the sports world, with NBA star LeBron James and tennis great Billie Jean King leading the tributes to the American. King said Wahl’s death was “heartbreaking.”“A talented journalist, Grant was an advocate for the LGBTQ community & a prominent voice for women’s soccer,” King tweeted Saturday. “I am so thankful for the support of my husband Grant Wahl’s soccer family and of so many friends who’ve reached out tonight. He added that he sought help at the medical clinic at the World Cup media center, believing he had bronchitis. Afterward, Wahl told CNN he “probably will” wear the shirt again.

Hong Kong CNN —A Hong Kong court on Saturday sentenced jailed media mogul Jimmy Lai to five years and nine months in prison for fraud, in the latest legal challenge against the pro-democracy tycoon. Along with the jail sentence, Lai was also fined 2 million Hong Kong dollars ($257,000) and disqualified as a company director for eight years. Lai, who has been remanded in custody for almost two years, is also facing a trial under Hong Kong’s sweeping national security law. However, cases under the national security law are handled by a dedicated branch of the Hong Kong police and designated national security judges, raising concern about Beijing’s potential influence on proceedings. In November, Hong Kong’s highest court upheld a verdict to allow a British barrister to represent the tycoon in his national security case.

Kirby said the US was imposing new sanctions on three Russian entities involved in acquiring and using Russian drones. The US also authorized an additional $275 million in military aid for Ukraine on Friday. He said the several hundred drones Iran is providing to Russia are being used to kill innocent Ukrainians and destroy civilian infrastructure. He said Iran was providing Russia with an "unprecedented level" of military and technical support, including the potential sale of ballistic missiles and a new joint production line. He called the Tehran-Moscow pipeline a "full-fledged defense partnership" that the US expects to grow in the coming months.

Seoul, South Korea CNN —South Koreans are about to get a year or two younger, thanks to a new law passed on Thursday that aims to standardize how age is calculated in the country. In South Korea, a person’s “international age” refers to the number of years since they were born, and starts at zero – the same system used in most other countries. Born on December 31, 1977, he is considered 44 by international age; 45 by calendar year age; and 46 by Korean age. The law passed Thursday will standardize the use of international age across all “judicial and administrative areas,” according to the parliament website and documents related to the bill. “The state and local governments shall encourage citizens to use their ‘international age’ and conduct necessary promotion for that,” it says.

☆ American journalist Grant Wahl dies at Qatar World Cup
▼ + stars: | 2022-12-09 | by ( Jessie Yeung | ) edition.cnn.com time to read: +3 min

CNN —Prominent American journalist Grant Wahl has died in Qatar while covering the World Cup, sparking an outpouring of shock and grief across the sports world. “The entire US Soccer family is heartbroken to learn that we have lost Grant Wahl,” US Soccer said in a statement on its official Twitter account. In an episode of the podcast Futbol with Grant Wahl, published just days before his death on December 6, he had complained of feeling unwell. He added that he sought help at the medical clinic at the World Cup media center, believing he had bronchitis. Afterward, Wahl told CNN he “probably will” wear the shirt again.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

CNN —Prominent American journalist Grant Wahl has died in Qatar after collapsing while covering the World Cup, sparking an outpouring of shock and grief across the sports world. Grant Wahl, pictured on October 10, 2014. “I am so thankful for the support of my husband Grant Wahl’s soccer family and of so many friends who’ve reached out tonight. Feeling pretty hairy, bad,” Wahl told co-host Chris Wittyngham in the episode. He added that he sought help at the medical clinic at the World Cup media center, believing he had bronchitis.

Search resuls for: "Yeung"

25 mentions found