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☆ BreakingViews: Xi’s contract with China needs more signatures
▼ + stars: | 2022-10-23 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 23 (Reuters Breakingviews) - Xi Jinping has effectively secured a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will. The focus on weaning China from foreign software and semiconductors entails a vast duplication of effort. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSChina’s Communist Party has elected President Xi Jinping as general secretary on Oct. 23, his third five-year term, according to Chinese state media.

☆ The Great People Shortage is coming — and it's going to cause global economic chaos
▼ + stars: | 2022-10-20 | by ( Sebastian Dettmers | ) www.businessinsider.com time to read: +11 min

The great labor shortage caused by the declining population will cripple our global economy unless we find innovative ways to keep things running. The German working population will have declined by a third, based on the average scenario from the researchers, and in Italy, Spain, and Greece it will have declined by more than half. We are already experiencing the beginning of this great labor shortage in industries ranging from airlines to day cares. In the US, the increase in the number of retirees compared with the working population is already straining the system. To combat the coming population bust, the world will need nothing less than a revolution of our minds.

She mostly uses one room in her old house, which saves on heating. But many people in villages like Vasilati and non-affluent city neighbourhoods have little room to cut back. Eurostat data showed Romanians had the lowest power consumption per capita in the EU at less than half the average in 2020. Other villagers whose power consumption was driven higher by pumps and boilers said their bill doubled to roughly 3,000 lei ($597.73). Ichim's power consumption is low enough to fit into a government scheme that caps power and gas bills for households and other users up to certain monthly consumption levels.

☆ Analysis: Renewables shift lays bare Africa's energy dilemma
▼ + stars: | 2022-10-19 | by ( Bate Felix | ) www.reuters.com time to read: +7 min

Besides the 678-km West Africa gas pipeline completed in 2008, linking Nigeria, Benin, Togo and Ghana, few regional oil and gas projects exist to take products where they are needed. U.S. climate envoy John Kerry has cautioned against long-term oil and gas infrastructure investment in Africa, urging countries to turn to renewables instead. "Africa's track record for gas projects in this regard is not encouraging," the IEA said, citing delays in TotalEnergies' Mozambique project and in the Senegal-Mauritania gas project. "Funding requirements for the oil and gas industry in Africa far exceeds the capacity of any one individual country in Africa. Previous plans for major regional projects such as large-scale refineries have been thwarted by rivalries, ending in countries constructing small refineries that eventually failed, the expert added.

☆ The US economy is still running on a post-COVID sugar high that's about to run out and make 2023 feel miserable
▼ + stars: | 2022-10-19 | by ( Ben Winck | Madison Hoff | ) www.businessinsider.com time to read: +7 min

The Federal Reserve started raising interest rates this March, making all forms of borrowing more expensive and hitting the brakes on economic growth. Experts see 2023 featuring even higher interest rates, still-elevated inflation, rising unemployment, and a tougher job market for workers. American companies are trimming their hiring plans amid soaring interest rates and fears of a near-term recession. The Fed's benchmark rate now sits between 3% and 3.25%, well above the threshold at which rates constrain, not boost, economic growth. Inflation is still running at a 8.2% year-over-year pace, leaving lawmakers incredibly wary of pumping more cash into the economy.

☆ Recession or not, investments in this sector have shown resilience in tough times
▼ + stars: | 2022-10-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +13 min

Boston Beer has an average analyst rating of hold and 8% downside to the average price target, according to FactSet. "In a recession, beer tends to gain about one percentage point of share from spirits. How to play the space With that mindset, you shouldn't alter your long-term investments because of a potential recession, Sarwat said. Its average price target is buy. Duckhorn also has an average rating of buy, with 30% upside to the average price target.

☆ Xi’s Contradictory Vision for China
▼ + stars: | 2022-10-17 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

Chinese leader Xi Jinping ’s big moment is finally here. But as he prepares to begin a third term at the pinnacle of Chinese power, he risks squandering China’s chance to become the world’s top economy in pursuit of an ill-advised bid for self-reliance. Mr. Xi can point to some major achievements. Few would argue that China isn’t now a “moderately prosperous society,” a longtime aspiration enshrined in decades of Party documents. China’s environmental problems remain daunting, but the country has made steady progress.

At 27, Pierson has defied the odds that many entrepreneurs, especially Latinas, face. Latina founders run nearly 2 million businesses across the country, but receive less than 2% of venture capital funds. Pierson was one of several Latina entrepreneurs speaking in New York City on Friday at a breakfast for investors and members of the media (disclosure: This reporter was one of the moderators). Focused on funding opportunities for women of color, Pierson and others discussed their trajectories on raising capital, scaling up their businesses and achieving significant revenues. One of the other Latina entrepreneurs who discussed her experience starting a business was Karla Gallardo, the founder of Cuyana, a highly successful lifestyle brand known for its sustainably sourced and premium leather accessories and apparel.

☆ China is no longer just any emerging market — it has become its own beast
▼ + stars: | 2022-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. Kevin Frayer | Getty Images News | Getty ImagesBEIJING — China is no longer just another emerging market play. Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. So far, she said, the number of clients excluding China isn't "overwhelming," and by metrics such as per capita GDP the country remains an emerging market. An internal party committee, or office, gathers together a company's employees who are members of the Communist Party of China.

☆ Strikes, possible blackouts and a plunging currency: Brits are being hit by a wave of bad news
▼ + stars: | 2022-10-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

'The recession has begun' The U.K. is the only G-7 economy not to have re-attained its pre-pandemic GDP level by the second quarter of 2022, Citibank Chief U.K. The ONS said GDP was only just returning to its pre-pandemic level, highlighting the challenge facing Prime Minister Liz Truss' "growth, growth, growth" agenda. "We now believe the recession in the U.K. has begun in the third quarter of 2022 and will likely last for three quarters. "The cost of living crisis is having a detrimental effect on individuals, not only financially, but physically and mentally too." Members of the CWU (Communication Workers Union) also continue to strike, including 115,000 postal employees of former state monopoly Royal Mail.

☆ Disney's U.S. theme park ticket hikes point to continued strong demand and pricing power
▼ + stars: | 2022-10-12 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

The hikes are also happening when there have been questions about how well demand at Disney's theme parks will hold up in the face of persistent inflation and worries of an economic slowdown. The popularity of Genie+ has exceeded management's expectations and helped to boost per capita spending at the theme parks. We think the market is getting this all wrong based on the strength of the company's underlying businesses, especially the highly profitable division that includes theme parks. In the near term, these latest price hikes at the theme parks may point to continued theme park-strength, based on Chapek's August comments to CNBC: "If consumer demand keeps up, we act accordingly." We'll get a more detailed look at how Disney's theme parks did in its fiscal fourth quarter when the company's official quarterly results hit the tape after the Nov. 8 closing bell.

☆ Lebanon to resume sending refugees back to war-damaged Syria
▼ + stars: | 2022-10-12 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

Lebanon hosts the highest number of refugees per capita in the world. The plan would not involve the United Nations, which maintains that conditions in Syria do not allow for the large-scale return of refugees. The Lebanon office of the U.N. refugee agency, UNHCR, said it was "not facilitating or promoting the large-scale voluntary repatriation of refugees to Syria." New York-based advocacy group Human Rights Watch (HRW) said in July that "Syria is anything but safe for returnees". In its September report, the United Nations' Syria commission said the country was still not safe for returnees.

☆ Sri Lanka to keep 'middle-income' status but seek concessional loans
▼ + stars: | 2022-10-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com Register"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The local World Bank office in Colombo had no immediate comment on the Sri Lankan request. It said it would continue its discussions with Sri Lanka and that the "key priority" was to move ahead with debt restructuring and economic reforms to put the country's growth back on track. Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout in September but has to put its debt on a sustainable path before the funds can be disbursed.

☆ Covid leads to long Covid, in governments as well as people
▼ + stars: | 2022-10-11 | by ( Brian Michael Jenkins | Brian Michael Jenkins Is An Army Combat Veteran Who Currently Serves As Senior Adviser To The President Of The Nonprofit | Nonpartisan Rand Corporation. His Latest Book Is | ) www.nbcnews.com time to read: +9 min

Unlike previous pandemics, however, Covid didn’t see the same offsets in unifying sentiment. There were many explanations for this, including underreporting of Covid deaths in many countries, but the optics were not good. Democratic governments imposed controls that intruded into ordinarily personal space, while authoritarian governments exploited the pandemic to tighten their control. The decline in Covid numbers, if it holds, will not reverse these developments after the November elections. Just as we may talk about societal comorbidity, societies may suffer from long Covid — an impaired functioning of democracy that may persist long after the contagion survives.

☆ Sri Lanka cabinet approves downgrade to 'low income country'
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

COLOMBO, Oct 11 (Reuters) - Sri Lanka's cabinet has approved a proposal to downgrade the island nation's economic status to "low income country", in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka's economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in one of the steepest quarterly declines. Register now for FREE unlimited access to Reuters.com RegisterThe cabinet had decided to downgrade the island to "low income" on the World Bank list, said cabinet spokesman Bandula Gunawardane. "Given the serious financial crisis Sri Lanka is facing representatives of international organizations had informed us that if Sri Lanka was categorised as a low income country access to funding would be easier," Gunawardane said. The Central Bank of Sri Lanka, which held policy rates steady last week, is predicting an 8.7% gross domestic product contraction for 2022.

HONG KONG, Oct 10 (Reuters Breakingviews) - China’s lackluster Golden Week holiday this year casts a dark cloud over the economy. Domestic tourism sales during the country’s annual spend-and-travel blitz fell to $40 billion, less than half of pre-pandemic levels. Before the pandemic, domestic tourists splurged some 650 billion yuan ($91 billion) during the 2019 Golden Week – over a quarter more than during the Chinese New Year festival. Overall, domestic trips were just 422 million during Golden Week, down 18% from last year. China’s Golden Week has lost its shine.

☆ Putin’s War in Ukraine May Destroy Russia
▼ + stars: | 2022-10-08 | by ( Michael Khodarkovsky | ) www.wsj.com time to read: 1 min

The Western media for decades has hailed Vladimir Putin as a great strategist. But if the past eight months have proved one thing, it’s that this strategic wizard often achieves the opposite of his intentions. Mr. Putin has promised many things, including to make Russia an attractive place to live by 2020. Russia’s economy remains largely dependent on oil and gas—and gross domestic product per capita income has fallen nearly 60% since 2013. Government efforts to slow demographic decline have failed, and the Kremlin’s military mobilization for its war in Ukraine has pushed more than 300,000 Russians to flee the country.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

☆ IMF urges caution as oil-rich Guyana's economic growth nears 60%
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Guyana's economic growth could reach close to 60% this year, the International Monetary Fund said in a statement on Tuesday, urging cautious policies even as the tiny South American nation benefits from surging oil production. Earlier in September, Guyana's government had predicted 2022 growth at 56% overall and a non-oil growth of 9.6%. Its directors "highlighted the need for continued prudent policies and structural reforms, assisted by Fund technical assistance." IMF directors called for Guyana to continue "moderately ramping up public investment," by ensuring its annual non-oil overall fiscal balance does not exceed its expected oil transfers. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sarah Morland; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Cops on Brazil's campaign trail call for backup as violence spikes
▼ + stars: | 2022-09-27 | by ( Gabriel Stargardter | ) www.reuters.com time to read: +10 min

They asked the top Federal Police officers in each state to reinforce Lula campaign events with bulletproof cars, tactical teams, drones and intelligence reports. Some of them have responded by stockpiling guns and lashing out at leftists during a tense campaign marred by high-profile cases of violence. Ten years of troubles have resulted in stark political polarization - embodied by Lula and Bolsonaro - that has become increasingly menacing on the campaign trail. BOLSONARO STRONGHOLDSThe Federal Police have also sought to open two other criminal probes over threats to Lula, according to the source. Lula has just 27% support in Santa Catarina, against 49% for Bolsonaro, according to the latest survey by pollster Ipec.

☆ These 7 states have the least air pollution in the U.S.
▼ + stars: | 2022-09-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

That's good news for residents of several states, according to a new U.S. News and World Report analysis, which ranked all 50 states according to how polluted they are and the risk that pollution poses to their population's health. That ranking is consistent with other 2022 analyses: The American Lung Association (ALA) says Vermont's cities are among the cleanest by air quality in the country, and have low levels of the most harmful and widespread types of air pollution. The state's Burlington-South metro area in particular is one of only two U.S. cities that rank as the cleanest for the worst types of air pollution, which include particle pollution and ozone air pollution. In 2022, the ALA said the state's air quality got "mixed grades." Several pieces of research point to the state's poor air quality.

☆ CVS, Walmart reach $147.5M opioid settlement with West Virginia
▼ + stars: | 2022-09-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

Morrisey recently announced a settlement with Rite Aid for up to $30 million to resolve similar litigation. Morrisey said the deal with CVS includes a provision that means West Virginia can still receive money from any future national settlements that arise. The money from all opioid settlements will be distributed throughout the state to abate the opioid crisis. In August, West Virginia cities and counties reached a $400 million tentative settlement with three major U.S. drug distributors: AmerisourceBergen, Cardinal Health and McKesson. In April, Morrisey announced the state would receive $99 million in a settlement finalized with Johnson & Johnson’s subsidiary Janssen Pharmaceuticals Inc.

☆ CVS, Walmart reach $147.5 mln opioid settlement with West Virginia -attorney general
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

People walk by a CVS pharmacy store in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.com RegisterSept 20 (Reuters) - CVS Health Corp (CVS.N) and Walmart Inc (WMT.N) have agreed to pay $147.5 million to settle West Virginia's claims over their alleged roles in the state's opioid crisis, state attorney general Patrick Morrisey said Tuesday. West Virginia had been prepared to proceed to trial on Sept. 26 against those two companies and Walgreens Boots Alliance (WBA.O). Register now for FREE unlimited access to Reuters.com RegisterWalgreens has not settled, and a trial has been rescheduled for June 2023. Register now for FREE unlimited access to Reuters.com RegisterReporting by Dietrich Knauth; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Biden's comments about pandemic widen public health split over how US should respond to Covid-19
▼ + stars: | 2022-09-19 | by ( Brenda Goodman | ) edition.cnn.com time to read: +6 min

Some public health experts worry that political motives are driving the President's desire to declare the pandemic over, rather than protection of the public's health. It's a 9/11, week after week after week," said Gregg Gonsalves, an epidemiologist at the Yale School of Public Health. The World Health Organization recognizes a global health threat as something different: a public health emergency of international concern, or PHEIC. The US also recognizes a public health emergency. Covid-19 is still considered to be a public health emergency both domestically and around the world.

☆ These 7 states have the worst air pollution in the U.S.
▼ + stars: | 2022-09-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Air pollution takes a toll on your lungs and can be bad for your brain, increasing psychological stress and cognitive decline in adults. At least 85 cancer cases per year in the state are due to exposure to high levels of air pollution, according to a January 2022 study from Tulane University. Nevada's status as the second-most polluted state is also seemingly well deserved: In 2021, the American Lung Association also ranked the state's air quality among "the unhealthiest for the most harmful and widespread types of air pollution." Oregon's website notes that cars and trucks are the state's largest source of air pollution, and frequent wildfires only worsen the state's poor air quality. Vermont's cities are among the cleanest by air quality in the country, and have particularly low levels of the most harmful types of air pollution, the ALA says.

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