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☆ Meet a 30-year-old with $110,000 in student debt who chose her job in hopes of public-service loan forgiveness — but her balance just keeps growing
▼ + stars: | 2022-10-30 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Kjerstin Laine, 30, owes over $110,000 in student debt from undergraduate and graduate programs. But interest means she's barely paid it off, and Biden's forgiveness is just a drop in the bucket. For Laine, a 30-year-old who has over $110,000 in student debt, the $20,000 in forgiveness she's set to get from President Joe Biden's plan is just a drop in the bucket. Her situation points to the larger structural issues underpinning the student debt crisis, where first-generation and lower-income students take on huge debt burdens to get ahead and up their earnings but still find themselves buried under ever-growing balances. The company that manages the entire Public Service Loan Forgiveness portfolio — MOHELA — isn't making matters any easier.

☆ China's alarming decline could tank the stock market, take down the global economy, and spark a dangerous showdown with the US
▼ + stars: | 2022-10-30 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

In the Western capitals and boardrooms, it appears the horror of Beijing's transformation has finally settled in, and the lure of China's economic future is fading. Economic dangerIf you want a clue to just how far China's economy has fallen, look no further than Beijing's attempts to hide information about the country's growth. Beyond the short-term signs of trouble, there are more enduring signs pointing to China's economic distress. That's a big if, and even if Beijing is successful, the slow-moving blob of debt will choke off economic growth for years to come. Xi has tightened his grip on China's economy and government from education to public health.

☆ South Africa's new Zulu king officially recognised by government
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +2 min

[1/5] Supporters of new AmaZulu King Misuzulu kaZwelithini arrive ahead of the final ceremony of his coronation in Durban, South Africa, October 29, 2022. REUTERS/Rogan WardDURBAN, Oct 29 (Reuters) - Misuzulu, who has promised to unite his nation and protect tradition, was officially recognised as the AmaZulu King by the South African government on Saturday in the first Zulu coronation since 1971. Misuzulu kaZwelithini, 48, was crowned the king of South Africa's largest ethnic group in a customary celebration in August but required recognition from Ramaphosa to fully access government resources and support. Misuzulu's father, King Zwelithini, passed away in March 2021 after reining since 1971. King Misuzulu reigns over a divided royal family, with another faction, that includes some of his late father's wives and some of his siblings from the other palaces, recognising King Zwelithini's first-born son Prince Simakade as king.

Here are some of the ways that China has changed under Xi. The taming of once-unruly borderlandsThe regions of Tibet, Xinjiang and Hong Kong, all far from Beijing, have long created headaches for China's ruling Communist Party. Average particulate matter, a common measure of air pollution, has gradually declined in China since 2017, when Xi Jinping began his second term in office. Extreme poverty eliminated, inequality persistsXi describes elimination of extreme poverty in China as one of the key Communist Party achievements of the past decade. Reuters GraphicsIn 2021, Xi Jinping declared victory over extreme poverty, currently measured as people living on less than $1.25 a day.

☆ Xi Jinping just became unassailable. Here’s why investors are running scared
▼ + stars: | 2022-10-26 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Xi’s preference for personal loyalty over technocratic competence bodes ill for China’s already bleak economic outlook, analysts said. “In effect, Xi Jinping establishes an echo chamber around his own ideas,” she said. People watch the opening session of the 20th Chinese Communist Party Congress in Huaibei, in China's eastern Anhui province. Li Qiang, the party boss of Shanghai who presided over the city’s chaotic two-month lockdown, is now the second-highest ranking party official after Xi. The NDRC is China’s top economic planner, responsible for drafting the country’s economic plans and overseeing major state investment projects.

☆ Beyond Catastrophe: A New Climate Reality Is Coming Into View
▼ + stars: | 2022-10-26 | by ( David Wallace-Wells | Photographs Devin Oktar Yalkin | ) www.nytimes.com time to read: +53 min

Beyond Catastrophe A New Climate Reality Is Coming Into View By David Wallace-WellsYou can never really see the future, only imagine it, then try to make sense of the new world when it arrives. (A United Nations report released this week ahead of the COP27 climate conference in Sharm el Sheikh, Egypt, confirmed that range.) A little lower is possible, with much more concerted action; a little higher, too, with slower action and bad climate luck. There were climate-change skeptics in some very conspicuous positions of global power. New emissions peaks are expected both this year and next, which means that more damage is being done to the future climate of the planet right now than at any previous point in history.

☆ Massive global energy imbalance is not going anywhere, says Strive's Vivek Ramaswamy
▼ + stars: | 2022-10-25 | 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 EmailMassive global energy imbalance is not going anywhere, says Strive's Vivek RamaswamyVivek Ramaswamy, co-founder and executive chairman of Strive , joins 'Squawk Box' to discuss energy stock prosperity in times of high commodity prices, predictions for a rotation of capital from the tech sector to the energy sector, and complications with ESG informed consensus about oil markets.

☆ Investor fears about Xi's new leadership team 'may be misguided'
▼ + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese stocks' plunge on Monday over fears about China's new leadership team "may be misguided," consulting firm Teneo said. Xi's leadership teamThe Politburo standing committee is the highest circle of power in China. Li Xi has led the export-heavy province of Guangdong as party secretary, while Cai Qi held the role for the capital city of Beijing. Mr Li [Qiang] has been widely regarded as a capable pro-market and pro-growth politician.

☆ China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term
▼ + stars: | 2022-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 13 richest people in China lost $12.7 billion on Monday alone, per Bloomberg. Their losses were due to a massive market sell-off over President Xi Jinping's third term in office. Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, per Bloomberg. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong.

☆ Premarket stocks: The Fed may have changed markets forever
▼ + stars: | 2022-10-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Federal Reserve officials have clearly stated that they have no plans to pivot away from their policy of aggressive rate hikes to fight persistent inflation. It’s become pointless to try to apply economic rationale to stock markets, Prins told me in a recent interview. Another mandate: The Federal Reserve is mandated to keep unemployment and prices in check, but the third unofficial mandate of the Fed is to boost markets, said Prins. They understand, says Prins, that eventually the Fed will return to its long-term policy of aiding markets. The Federal Reserve has stepped up its efforts to tamp down high prices via a series of blockbuster interest rate hikes.

We now have our third Tory prime minister in seven weeks — Rishi Sunak, a former finance minister. But perhaps one of the most head-scratching moments of this whole ordeal was how Boris Johnson’s supporters were pushing for him to make a comeback following Liz Truss’ disastrous 44 days as prime minister. He won by default without the vote being decided online by all Conservative Party members, as planned. Of course, limiting the decision of a new prime minister to the members of one party alone is undemocratic. That just scratches the surface of the damage he did as prime minister.

☆ China ADRs tumble as Xi's new team sparks worries over economy's path
▼ + stars: | 2022-10-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping votes during the closing ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 22, 2022. REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of Chinese companies slumped on Monday after President Xi Jinping's new leadership team sparked investor concerns that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) tanked 10%, tracking its steepest one-day drop ever. "By consolidating power, Xi is likely to face little opposition to this form of nationalization of corporate interests." Xi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists.

☆ China ADRs slump on fears Xi's new team to favor state over growth
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of China firms slumped in premarket trading after Xi Jinping's newly unveiled leadership team sparked investor fears that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) skid 8.6%, tracking a sharp fall in Hong Kong shares (.HSI), led by losses in technology and property sector. Register now for FREE unlimited access to Reuters.com RegisterXi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists. read moreMusic streaming co Tencent Music , e-commerce platform Pinduoduo (PDD.O) and mobile game publisher Bilibili shed between 10% and 15%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Medha Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares top 1-month highs in special Diwali session, led by ICICI Bank
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 24 (Reuters) - Indian shares scaled one-month highs in a special one-hour "muhurat" trading session to mark the festival of Diwali on Monday, lifted by sharp gains in private lender ICICI Bank following a solid earnings report. The blue-chip Nifty 50 index (.NSEI) closed 0.88% higher at 17,730.75, while the S&P BSE Sensex (.BSESN) advanced with a similar gain to 59,831.66. All sub-indexes except the Nifty FMCG index (.NIFTYFMCG) ended higher on Monday, led by a 1.28% rise in the Nifty Bank index (.NSEBANK). read moreReliance Industries (RELI.NS), India's most valuable company, ended 0.3% higher after posting flat quarterly profit, weighed down by export taxes on refined fuels and weak refining margins. read moreMeanwhile, Wall Street opened higher as Treasury yields eased on hopes of a less aggressive Federal Reserve.

☆ The US is home to only 7 offshore wind turbines. But one startup is betting on autonomous underwater vehicles to map the seafloor up to 10 times as fast as current methods.
▼ + stars: | 2022-10-24 | by ( Lily Katzman | ) www.businessinsider.com time to read: +7 min

Bedrock's seafloor-mapping technologies have the potential to spur offshore wind developments. In spring 2021, the Biden administration set a lofty goal of producing 30 gigawatts of offshore wind energy by 2030. Baldwin said Ørsted had a dedicated team of more than 100 people to interpret marine data for the company's offshore wind developments. Bedrock's goal is to make the seafloor process up to 10 times as fast as current methods, DiMare told Emerging Tech Brew. "I'm hoping that we get that seafloor map so that we can make wise decisions about where to put our resilience infrastructure, our wind farms," she said.

☆ 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.

☆ Reaction to China's 20th Communist Party Congress
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. I can imagine that zero-COVID policy is likely more entrenched and there’s going to be further push on this issue of common prosperity and the like.”CHRIS MILLER, PROFESSOR AT TUFTS UNIVERSITY, MASSACHUSETTS“The party congress has reaffirmed Xi's decisive role in ruling the Communist Party, marking a continued shift away from collective leadership of party elites toward a personalized dictatorship. It also appears to have confirmed the downgrading of economic growth as a key party goal, relative to other agenda items such as zero-COVID and the party's political and ideological control. On tech, the key theme was self-sufficiency in science and technology, which is to be expected given the increasing decoupling of the U.S. and Chinese tech sectors.”GARY NG, SENIOR ECONOMIST, ASIA PACIFIC, NATIXIS, HONG KONG“The new inner circle will extend and heighten the current policy stance, and generally it seems that most of the newly appointed officials seem to be Xi’s key allies. So I guess this is also a move of the further consolidation of power, or maybe in the future, of course, performance is important, but also loyalty is increasingly a key concern when picking officials.”Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee in Singapore and Xie Yu in Hong Kong; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Kim Jong Un congratulates Xi for reelection, hopes for 'more beautiful' ties
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 23 (Reuters) - North Korea's leader Kim Jong Un sent a congratulatory letter to Xi Jinping on his reelection as China's leader, saying he hoped to further develop their ties, state news agency KCNA reported on Sunday. "I, together with you, will shape more a beautiful future of the DPRK-China relations meeting the demand of the times and lead the endeavours for its realisation so as to continue to powerfully propel the socialist cause in the two countries." DPRK stands for the Democratic People's Republic of Korea, North Korea's official name. China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new top governing body stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jihoon Lee; Editing by William Mallard and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi clinches third term, packs leadership team with loyalists
▼ + stars: | 2022-10-23 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangBEIJING, Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. Shanghai Communist Party chief Li Qiang followed Xi onto the stage at the Great Hall of the People as the new leadership team was introduced, meaning he is likely to succeed Li Keqiang as premier when he retires in March. The other members of the seven-man Standing Committee, China's top governing body, are Zhao Leji and Wang Huning, who return from the previous committee, and newcomers Cai Qi, Ding Xuexiang and Li Xi. Li Qiang is also new to the Standing Committee. Xi Jinping also has total control over the larger Politburo and Central Committee," he said.

☆ Lesotho election body says it made a mistake over parliament seats
▼ + stars: | 2022-10-22 | by ( Marafaele Mohloboli | ) www.reuters.com time to read: +3 min

In Lesotho's national assembly, 80 seats are won through first-past-the-post voting, with the rest allocated using proportional representation, under which parties get seats based on their total national vote. On Saturday, court papers showed the IEC asked the Constitutional Court for an order "reviewing, correcting and setting aside" the allocation of compensatory seats, or those allocated using proportional representation. It said the Democratic Congress party, the main opposition party, had erroneously been awarded 11 compensatory seats instead of eight, while the Alliance of Democrats (AD) was wrongly allocated three compensatory seats instead of two. AD is the only affected party in the RFP-led coalition, holding five of the alliance's 65 seats. Should the court uphold the election authorities' findings, AD would lose one seat.

☆ China says it's running on a new version of democracy that doesn't rely on elections. Experts say it's just another mind game.
▼ + stars: | 2022-10-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

He first introduced the term "whole-process democracy" to China in a 2019 speech. However, by November that year, "whole-process democracy" was mentioned in 128 People's Daily articles, per CMP. "China's whole-process people's democracy integrates process-oriented democracy with results-oriented democracy, procedural democracy with substantive democracy, direct democracy with indirect democracy and people's democracy with the will of the state," says China's white paper on the subject, per CGTN. Semantics aside, a key point to note is that "whole-process democracy" plays down the need for elections. Even so, Chong said, whole-process democracy might still help the CCP give the impression that it cares about the average citizen.

☆ Factbox: China's Communist Party amends its charter, strengthens Xi power
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - China's ruling Communist Party amended its constitution on Saturday, further cementing President Xi Jinping's power ahead of what is expected to be his precedent-breaking third term as party general secretary. The party constitution, or charter, is a document of ultimate authority by which all 96 million party members must abide, and amendments remain effective indefinitely. Register now for FREE unlimited access to Reuters.com RegisterXi, 69, is widely expected to be confirmed on Sunday to a third five-year leadership term as party general secretary. Saturday's revisions incorporate priorities and policy directions that Xi had outlined in the past, including:-"Two Establishes", which defines Xi as the "core" leader of the party and cements his ideas as the guiding principles of China's future development. -"Two Safeguards", which assures Xi's "core" status within the party and the party's centralised authority over China.

LONDON — Her tenure as Britain’s prime minister began in the early days of fall, but it didn’t even last until winter. The plan was criticized not only by the opposing Labour Party, but also President Joe Biden and the International Monetary Fund. Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2. Truss told Parliament on Wednesday, “I am a fighter, not a quitter,” after repeatedly being told she was unfit for office by opposition lawmakers. Under an expedited process, leadership challengers must win the support of 100 fellow Conservative Party lawmakers (out of a total of 357) by Monday afternoon.

☆ 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.

☆ The Stock Market Had a Terrible Year. These Americans Aren’t Bothered.
▼ + stars: | 2022-10-19 | by ( Joe Pinsker | ) www.wsj.com time to read: 1 min

As stocks plunged this year, many retirement savers had to fight the urge to check their 401(k) balances, reminding themselves that investing is still a steady, gradual path to prosperity. Many Americans didn’t have to resist that compulsion: They aren’t in the market for the long term. They aren’t in it at all.

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