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☆ Hu's dramatic China congress exit fuels speculation, official silence
▼ + stars: | 2022-10-24 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +4 min

During the once-in-five-years congress, Xi solidified his grip on power by appointing a Standing Committee made up entirely of loyalists - and excluding the three most senior members of Hu's once-powerful Communist Youth League faction. State TV's Saturday night news broadcasts included images of Hu at the congress, before his exit. Chinese politics, always opaque, have become even more secretive under Xi's decade-long tenure. "Despite the plausibility of a mundane explanation of ill-health, the CCP's secretiveness vis-à-vis senior Chinese leaders and elite Chinese politics lends itself to many more salacious explanations," he said. On China's Twitter-like Weibo, a few social media users alluded to the incident by commenting on old posts featuring Hu.

Oct 24 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverChinese politics, Japanese policy. This was offered up for public consumption on Saturday when former President Hu Jintao was unexpectedly escorted out of the Party Congress's closing ceremony. Xi's cabinet reshuffle may also see central bank chief Yi Gang stepping down and being replaced by former deputy governor Yin Yong, according to sources. Meanwhile, Japan intervened in the FX market on Friday after the yen slumped to a new 32-year low close to 152.00 per dollar. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Hu Jintao’s Exit From China’s Communist Party Congress Causes a Stir
▼ + stars: | 2022-10-23 | by ( James T. Areddy | ) www.wsj.com time to read: 1 min

Choreography of the congress that extended Xi Jinping ’s rule of China was briefly disrupted over the weekend by a highly unusual and unceremonious exit from the proceedings by Mr. Xi’s predecessor, 79-year-old Hu Jintao . The midmeeting departure of Mr. Hu on Saturday highlighted 69-year-old Mr. Xi’s supremacy and served as a reminder of a generational shift in power at the top of the Chinese Communist Party.

HONG KONG — Xi Jinping secured a historic third term as leader of China on Sunday, cementing his status as the country’s most powerful figure in decades and extending his authoritarian rule over the world’s second-largest economy. The Chinese leader Deng Xiaoping introduced the limit in 1982 to prevent a return to a Mao-style cult of personality. The Chinese leader reiterated the goal of peaceful “reunification,” without renouncing the possible use of force. “Xi still promises no specific timeline on unification.”But the Chinese leader did put greater emphasis on warning “external forces” to stay out of the Taiwan issue. A telecast of Chinese President Xi Jinping plays on a screen in Hong Kong on Monday.

☆ Watch: A Timeline of Liz Truss’s 45 Days as U.K. Prime Minister
▼ + stars: | 2022-10-23 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: China’s Ex-Leader Hu Jintao Escorted Out of Party Congress Footage shows former Chinese leader Hu Jintao being accompanied off stage at the Communist Party congress, where he was sitting next to President Xi Jinping. Beijing didn’t immediately return questions on what happened. Photo: Mark R Cristino/Shutterstock

☆ Xi Jinping wins third term as China's president
▼ + stars: | 2022-10-23 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +2 min

Xi ended two-term presidential limits in 2018. 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 PolicyXi Jinping will continue as China's President for a historic third term. Xi became President in 2013 and ended two-term presidential limits in 2018. The enormity of the task is what makes it great and infinitely glorious," Xi, a member of the Chinese Communist Party, said, according to The Washington Post. According to the Wall Street Journal, "Mr. Xi dominates Chinese politics in ways that no leader has since Mao Zedong.

Three of the four new Standing Committee members owe their political rise to Xi, and the fourth is believed to be closely aligned with him. All but Guangdong party chief Li Xi worked under Xi in the 2000s, either in affluent Zhejiang province or in Shanghai. By excluding Li Keqiang and Wang Yang, both 67, from the party Central Committee and Standing Committee, Xi broke with the "seven-up/eight-down" rule that those aged 67 or under would remain for another five years. No woman has ever made it onto the Standing Committee. NOT TROUBLE-FREEThe run-up to the party congress was hardly smooth, with China facing sharp economic slowdown, frustration over zero-COVID and worsening relations with the West.

Promoted despite facing difficulties in leading China's capital, Cai is much like another Xi ally elevated to the Standing Committee, Shanghai Party Secretary Li Qiang. Cai and Li on Sunday joined a long list of Shanghai and Beijing Party bosses that have been promoted to the Standing Committee. Cai was promoted in 2014 to general office deputy director at the Beijing-based National Security Commission, a body founded and chaired by Xi. In 2017, just weeks after the 19th Party Congress, Cai faced loud public criticism over the forced eviction of migrant workers on Beijing's outskirts. A decade later, during a Beijing Party committee meeting on cyberspace and ideology hosted by Cai, no mention was made of citizens using social media to hold officials accountable.

BEIJING, Oct 23 (Reuters) - Li Qiang, who oversaw Shanghai's grinding two-month COVID-19 lockdown this year as party boss of China's commercial hub, is on track to become China's next premier after President Xi Jinping unveiled a new governing body packed with loyalists. Current Premier Li Keqiang, a more reform-minded voice, will step down in March after the maximum two terms. "We have not seen Li Qiang introduce any market-oriented reforms," said Lam. In 2015, Li accompanied Xi on a visit to the United States to meet then-President Barack Obama. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms.

☆ Watch: China’s Ex-Leader Hu Jintao Escorted Out of Party Congress
▼ + stars: | 2022-10-22 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: A Timeline of Liz Truss’s 45 Days as U.K. Prime Minister Liz Truss became the shortest-serving U.K. prime minister and the first since Winston Churchill to serve two monarchs when she resigned after just 45 days in power. WSJ’s David Luhnow explains how her premiership came crashing down. Photo illustration: Adele Morgan

☆ Hu Jintao’s Exit from China’s Party Congress Causes a Stir
▼ + stars: | 2022-10-22 | by ( James T. Areddy | ) www.wsj.com time to read: 1 min

Retired Chinese leader Hu Jintao , the 79-year-old predecessor to Xi Jinping , was the focus of a highly unusual stir at Saturday’s closing session of the Communist Party’s twice-a-decade congress, making an unceremonious exit mid-proceedings. The departure of Mr. Hu appeared to illustrate how Mr. Xi’s supremacy has been aided by a generational shift in power. Jiang Zemin , the 96-year-old who led the Communist Party from 1989 to 2002, didn’t appear at all among the almost 2,300 delegates in the Great Hall of the People, during neither the Oct. 16 opening nor the Oct. 22 closing sessions of the party congress.

☆ Mystery as former Chinese leader is escorted out of Communist Party Congress in front of world media
▼ + stars: | 2022-10-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Janis.Jpg | Janis Mackey Frayer | ) www.nbcnews.com time to read: +4 min

BEIJING — Former Chinese President Hu Jintao was led out of the country's Communist Party Congress Saturday in a moment of unexpected drama during an otherwise highly choreographed event. The “Two Safeguards” assure Xi’s “core” status within the party and the party’s centralised authority over China. It is widely expected that Xi Jinping will hold onto his status as general secretary and head of China’s armed forces. “With Xi Jinping being so prominent, and the party so omnipresent, whenever something goes wrong in China the party will be blamed, and Xi Jinping will be blamed,” he said. In his closing remarks, president Xi said that the Chinese Communist Party, now in its 100th year, was still in its prime.

☆ China’s Premier Li Keqiang dropped in leadership shuffle
▼ + stars: | 2022-10-22 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Only Central Committee members can serve on the Standing Committee. The party congress also approved an amendment of the party constitution Saturday that could further enhance Xi Jinping’s stature as China’s leader. Xi is expected to retain the top spot when the new Standing Committee is unveiled Sunday. The roughly 2,000 delegates to the party congress — wearing blue surgical masks under China’s strict zero-Covid policy — met in the Great Hall of the People in central Beijing. President Xi Jinping, right, looks on as former Chinese President Hu Jintao, is assisted to leave the hall.

☆ Hu Jintao’s Exit From China’s Party Congress Causes a Stir
▼ + stars: | 2022-10-22 | by ( James T. Areddy | ) www.wsj.com time to read: 1 min

☆ Live broadcast shows former Chinese president being abruptly escorted out of the Communist Party Congress closing ceremony
▼ + stars: | 2022-10-22 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

Former Chinese President Hu Jintao was abruptly escorted out of China's Party Congress's closing ceremony. Hu was sitting next to President Xi Jinping on Saturday before he was removed. Footage shows ushers trying to lift Hu out of his seat before leading him out of the Great Hall of the People. It is unclear why he was involuntarily removed from the Party Congress closing ceremony, which takes place in Beijing every five years. Most of the closing ceremony took place behind closed doors, but cameras and reporters were allowed in for the final portion.

☆ China shuffles leadership committee and retains many Xi allies
▼ + stars: | 2022-10-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China announced Saturday its new central committee would include many known allies of Chinese President Xi Jinping, while several officials with more market-leaning tendencies were not on the list. That central committee then goes on to determine the core leadership — the Politburo and its standing committee. Four of the current seven members of the Politburo standing committee were not on the list. Li Qiang, Shanghai's party secretary, and his Beijing counterpart Cai Qi remained on the central committee list. Other Xi loyalists the Asia Society had identified were included in the list of new central committee members.

☆ Factbox: Who's in, who's out of China's new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years. Among the newly elected members of the Central Committee, the largest of the party's top decision-making bodies, was Xi Jinping, 69, who is widely expected to be named general secretary on Sunday, securing a precedent-breaking third term as its leader. Also on Sunday, the Central Committee will vote on its next Political Bureau, or Politburo, usually comprising 25 people, and its Politburo Standing Committee (PSC), the pinnacle of power in China, helmed by Xi. Under an unofficial "seven-up, eight-down rule," PSC members who are 68 or older retire during the party congress. However, Premier Li Keqiang, although 67, was also left out.

REUTERS/Tingshu WangBEIJING, Oct 22 (Reuters) - China's Communist Party wrapped up its twice-a-decade congress on Saturday, approving amendments to its charter aimed at cementing Xi Jinping's core status and revealing a new Central Committee missing two key officials lacking close ties to Xi. The new Central Committee on Sunday will choose the elite Politburo Standing Committee, with Xi, 69, widely expected to secure a third leadership term. Among the amendments to the party constitution, the "Two Establishes" define Xi as the "core" leader of the party and cement his ideas as the guiding principles of China's future development. Voting was conducted by show of hands in the vast Great Hall of the People, where much of the week's party congress proceedings have taken place behind closed doors. At its first plenum on Sunday, the party's new central committee will choose the next Politburo, which is typically 25 people, and its new Standing Committee.

☆ Former Chinese president Hu Jintao escorted out of party congress
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 22 (Reuters) - Former Chinese President Hu Jintao, Xi Jinping's immediate predecessor, was unexpectedly escorted out of the closing ceremony of a congress of the ruling Communist Party on Saturday. According to videos taken by some journalists at the venue and shared on social media, Hu appeared confused as the stewards escorted him out. Register now for FREE unlimited access to Reuters.com RegisterOn his way out, Hu exchanged words with Xi and patted Premier Li Keqiang, seated to the right of Xi, on the shoulder. Hu had appeared slightly unsteady last Sunday when he was assisted onto the same stage for the opening ceremony of the congress. Register now for FREE unlimited access to Reuters.com RegisterReporting by Eduardo Baptista and Ryan Woo; Editing by Robert Birsel and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

The tech IPO market globally is in the middle of its worst drought in nearly two decades. Register now for FREE unlimited access to Reuters.com RegisterInstacart declined to comment on its IPO plans when contacted by Reuters. In May, Instacart said it had confidentially filed with the U.S. securities regulator to go public. Sources had earlier told Reuters that Instacart was considering going public through either a direct listing or a traditional IPO. It also allows insiders to sell their shares immediately rather than be restricted for months, as is the case with IPOs.

☆ A renowned musician says he was kicked off a flight because he brought his cello on board — even though he'd bought an extra ticket for it
▼ + stars: | 2022-10-21 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

A renowned cellist says he was kicked off a flight because he brought his instrument on board. Santiago Cañón-Valencia said he bought a business-class seat and an extra seat for the cello. Cañón-Valencia told The Strad that he had bought a business-class seat along with an extra seat for the cello. "I sat there for about five minutes until someone from Copa Airlines came up to talk to me. Like Cañón-Valencia, the musician, Jingjing Hu, had also purchased an extra seat for the instrument.

☆ The big reveal: Xi set to introduce China's next standing committee
▼ + stars: | 2022-10-21 | by ( Tony Munroe | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File PhotoBEIJING, Oct 21 (Reuters) - Xi Jinping, poised to clinch a third five-year term as China's leader, will on Sunday preside over the most dramatic moment of the Communist Party's twice-a-decade congress and reveal the members of its elite Politburo Standing Committee. Xi's break with precedent to rule beyond a decade was set in motion when he abandoned presidential term limits in 2018. His norm-busting as China's most powerful ruler since Mao Zedong has made it even harder to predict who will join him on the standing committee. At least two of the seven current Standing Committee members are expected to retire due to age norms. Reports this week in the Wall Street Journal and South China Morning Post suggest there could be as many as four openings, with Premier Li, 67, possibly among those stepping down.

☆ Factbox: FACTBOX How China's Communist Party Congress works
▼ + stars: | 2022-10-21 | by ( Yew Lun Tian | ) www.reuters.com time to read: +5 min

A day after the congress, the newly elected Central Committee will convene behind closed doors at its first plenum. The 200 Central Committee members with voting rights will then vote "yes" or "no" on each of the proposed candidates for the two committees. The Central Committee will then elect one person from the Politburo Standing Committee (PSC) to be the general secretary. The general secretary will then introduce his new team and speak about the work ahead. The Central Committee also approves the make-up of a new secretariat and the Central Commission for Discipline Inspection.

☆ JPMorgan launches fundraising platform to lure startups
▼ + stars: | 2022-10-19 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - JPMorgan Chase & Co (JPM.N) is launching a platform that aims to connect startup founders with venture capital investors to simplify the fundraising process, the bank told Reuters. The new platform, Capital Connect, focuses on serving the financing needs of startups from their early stages, marking the ambition of the biggest U.S. bank by assets to further expand into the private market and build a founder-friendly brand in Silicon Valley. "We’ve seen a secular trend over the last decade is in the growth in private capital, and the private market is here to stay. Banks from Goldman Sachs (GS.N) to Silicon Valley Bank , to fintech players such as Carta, have expanded services into the private market with a focus on VC-backed startups. “We believe we can differentiate ourselves in the venture market by building a scalable digital platform, paired with the expertise, data, and relationships of our investment and private bank," said Elanjian.

☆ Baristas in San Francisco went on strike. Their robot co-workers went right on serving
▼ + stars: | 2022-10-18 | by ( Adam Rogers | ) www.businessinsider.com time to read: +12 min

For three days last month, 1,000 food-service workers at SFO went on strike over wages and working conditions. For decades, robots have been replacing, or at least nudging aside, human labor. But at SFO, robot baristas didn't simply replace humans — they crossed a picket line. Cafe X robot baristas stayed on the job when food-service workers went on strike at San Francisco International Airport last month. The short version is: Every new robot per thousand human workers reduces employment by 0.2 percentage points and decreases wages by 0.42%.

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