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☆ Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.

Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing

☆ Some South Koreans Just Became Younger Overnight
▼ + stars: | 2023-06-28 | by ( Amanda Holpuch | ) www.nytimes.com time to read: +2 min

The three systems for counting age have confused and inconvenienced South Koreans in all kinds of situations including health recommendations, labor disputes and social hierarchy. Background: The other counting methods are a deeply rooted custom. The new official age-counting method has been used for most legal and official purposes in South Korea since the 1960s. Suh Chan S., a sociology professor at Chung-Ang University in Seoul, told The New York Times last year that while China and Taiwan used similar age-counting methods, South Korea stood alone in officially recognizing them. It remains to be seen whether the other age-counting methods will be abandoned altogether.

Persons: ”, Suh Chan Organizations: Chung, Ang University, New York Times Locations: South Korea, Seoul, China, Taiwan

☆ Meet the new CEO of Alibaba
▼ + stars: | 2023-06-20 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday. The move comes three months after Alibaba announced it would split into six groups. Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. After Zhang steps down from his role, he will lead Alibaba's Cloud Intelligence Group as chairman and CEO, the company announced. History at Alibaba: He's one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per Crunchbase.

Persons: Eddie Wu, Daniel Zhang, Alibaba, Zhang, Joseph C . Tsai, who's, Wu Organizations: Morning, Tmall, Alibaba, Cloud Intelligence Group, Zhejiang University of Technology Locations: China

☆ The Arctic may be sea ice-free in summer by the 2030s, new study warns
▼ + stars: | 2023-06-06 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +5 min

A new study published Tuesday in the journal Nature Communications found Arctic sea ice could disappear completely during the month of September as early as the 2030s. The researchers analyzed changes from 1979 to 2019, comparing different satellite data and climate models to assess how Arctic sea ice was changing. They found that declining sea ice was largely the result of human-caused, planet-heating pollution, and previous models had underestimated Arctic sea ice melting trends. Arctic sea ice close the coast of Svalbard, Norway, April 5, 2023. There has already been a rapid loss of sea ice in the region, with September sea ice shrinking at a rate of 12.6% per decade, according to NASA.

Persons: –, ” Seung, Min, Lisi Niesner, ” Min, Mika Rantanen, ”, Rantanen, “ Organizations: CNN, Nature Communications, Pohang University of Science, Technology, UN, NASA, National Oceanic, Atmospheric Administration, Finnish Meteorological Institute Locations: South Korea, Svalbard, Norway

☆ China launches Shenzhou-16 mission to Chinese space station - state media
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

China Daily via REUTERSBEIJING, May 30 (Reuters) - China sent three astronauts to its now fully operational space station as part of crew rotation on Tuesday in the fifth manned mission to the Chinese space outpost since 2021, state media reported. The astronauts on Shenzhou-16 will replace the three-member crew of the Shenzhou-15, who arrived at the space station late in November. China has already announced plans to expand its permanently inhabited space outpost, with the next module slated to dock with the current T-shaped space station to create a cross-shaped structure. Leading the Shenzhou-16 mission was Jing Haipeng, 56, a senior spacecraft pilot from China's first batch of astronaut trainees in the late 1990s. Also by the end of 2023, China is due to a launch space telescope the size of a large bus.

☆ Shenzhou-16 launch: China sends first civilian astronaut to space
▼ + stars: | 2023-05-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +5 min

CNN —China sent its first civilian astronaut into orbit on Tuesday, as it launched the Shenzhou-16 mission to its space station for its second in-orbit crew rotation, marking another step forward for the country’s ambitious space program. It is China’s fifth manned mission to the space station since 2021. Several media outlets on Monday responded to the online discussion over how a person without perfect vision could be physically cleared for a space mission. This could make it the sole in-orbit outpost for scientific research after the expected end of operations for the International Space Station in 2030. Tiangong’s core module first entered orbit in 2021, marking the first major step in a space station dream envisioned by the government since 1992.

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

Last year the former leader of Yoon’s party hit out at what he said was the “evil influence” YouTube channels. “After President Yoon Suk Yeol came to power, there have been many cases where the presidential office filed complaints to the media,” Jung said. It has since consistently ranked top in terms of real-time daily viewership on YouTube in South Korea. To Professor Jung, it’s a success that demonstrates “voices cannot be silenced.”Kim, meanwhile, hopes to build a show with as much recognition as any on traditional media. “I will create a type of press that has not yet existed on YouTube,” Kim said.

☆ Fried food is linked to increased risk of anxiety and depression
▼ + stars: | 2023-04-24 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +6 min

A research team in Hangzhou, China, found that frequent consumption of fried foods, especially fried potatoes, was linked with a 12% higher risk of anxiety and 7% higher risk of depression than in people who didn’t eat fried foods. These results “open an avenue in the significance of reducing fried food consumption for mental health,” according to the paper published Monday in the journal PNAS. Frequent consumption of fried foods was linked to higher risk of anxiety and depression. Dr. Walter Willett said the results “should be regarded as very preliminary, especially the connection with fried food and acrylamide.”“The health effects of fried food will depend greatly on what food is fried and what type of fat is used for frying,” said Willett, professor of epidemiology and nutrition at Harvard T.H. It's also possible that some people with mental health issues reach for fried food.

☆ As South Korean government proposes flexible overtime rules, some fear workers may suffer
▼ + stars: | 2023-01-19 | by ( Hyunsu Yim | ) www.reuters.com time to read: +5 min

It would supersede a 2018 law that limited the work week to 52 hours - 40 hours of regular work plus 12 hours of overtime. For counting periods of a month or longer, up to 29 hours a week of overtime would be allowed, for a total of 69 work hours in one week. In a statement, the Korean Women's Associations United said "only regulations like the 52-hour workweek and pressure from labour unions can protect workers from long working hours". Extending working hours, even temporarily, affects women more than men, said Lee Min-Ah, Professor of Sociology at Chung-Ang University. Other workers say the new plan ignores a lot of the cultural and social nuances of work in South Korea.

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