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☆ Lanvin Group to open stores, hunt buys after U.S. SPAC listing
▼ + stars: | 2022-12-15 | by ( Casey Hall | ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 15 (Reuters) - Chinese luxury fashion conglomerate Lanvin Group, owner of the eponymous French fashion brand, said it is scouting for buys and will open new stores, after a New York SPAC listing on Thursday that raised $150 million and valued it at $1.31 billion. U.S.-listed shares of Lanvin opened about 4% higher at $10.25, and more than doubled to $20.25 in early trade. However, we still feel quite happy about what we have achieved in such a challenging environment," Lanvin Group Chairman and Chief Executive Joann Cheng told Reuters in an interview. Group revenue for the company, which was originally known as Fosun Fashion Group before it rebranded as Lanvin Group in October last year, grew 73% year-on-year to 202 million euros ($215 million) in the first half of 2022. Lanvin Group's listing will test investor appetite in less-established luxury groups.

☆ In China's Wuhan, a shadow of reserve and resentment even as COVID lockdowns ease
▼ + stars: | 2022-12-09 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

"We know the country is reopening but we ourselves haven't let down our guard," said one Wuhan cornershop owner. "This has never happened before, not even at the start of the outbreak in 2020," said one Wuhan pharmacist surnamed Liu. Health authorities in Wuhan reported 229 new COVID cases on Thursday, while health authorities in Beijing reported more than 16,000 cases nationwide on the same day. REUTERS/Martin Pollard 1 2 3 4By November, as frustration towards the zero-COVID policies mounted, some Wuhan residents like Sam Yuen, a teacher, joined protests demanding an end to the lockdowns, alongside thousands of others in cities across China. City authorities put the official death toll at 3,869 in April 2020.

Overseas-based Chinese and their supporters rallied in Sydney, Tokyo, Hong Kong, New York and Toronto, with more protests planned in coming days. Outside the Chinese consulate in New York, hundreds gathered, some waving blank white placards, which have become a protest symbol in China. About 50 mainland Chinese students attended the rally, which was the biggest protest by mainland Chinese in Australia, said Chen Yonglin, a democracy activist who promoted the vigil on social media. "They will try to find out who are the organisers," said Chen, a former Chinese consulate official who defected in 2005. The Chinese embassy in Australia and the education office of the Chinese consulate in Sydney did not immediately respond to a request for comment.

"Things reached a tipping point, we had to come out," Yang, 32, who declined to be identified by her full name given fear of reprisals, told Reuters. Authorities have denied the deaths in the fire were linked to lockdown measures that blocked the victims' escape. "I'm very proud that I can stand up with the best young people in China and speak out for everyone," said Cheng. She and other young protesters are tech savvy, with many communicating over Telegram in amorphous, anonymous and decentralised acts of defiance, with echoes of Hong Kong's leaderless pro-democracy protests in 2019. But it's better than facing the reality day by day and then not being able to do anything, and then you feel sorry for yourself."

REUTERS/Thomas PeterBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ Analysis: China protests highlight Xi's COVID policy dilemma - to walk it back or not
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Thomas Peter/File PhotoBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ 3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end
▼ + stars: | 2022-11-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"It's always exciting to reap the rewards of hard work by getting a year-end bonus," said Lisa Greene-Lewis, a CPA and tax expert with TurboTax. However, by receiving the money in January, you may reduce 2022 income without waiting too long for the funds, assuming your company allows it, she said. Prepay future medical expenses for a deductionIt's not easy to claim the medical expense deduction. For 2022, there's a tax break for unreimbursed medical expenses that exceed 7.5% of your adjusted gross income. Of course, you'll need to project your adjusted gross income, total itemized deductions and tally your previous 2022 medical expenses first.

☆ January 6 committee staff are angry at Liz Cheney for focusing too much on Trump and think she's doing it for political gain, report says
▼ + stars: | 2022-11-23 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Staffers told The Washington Post they are concerned the final report could focus too much on Trump. The Post spoke to 15 former and current staffers who said Cheney, the committee's vice chair, has exerted high levels of control over the investigation and the final report. Some staffers said they felt that Cheney's focus on Trump was for her own political gain. Cheney's work on the committee, and staunch defiance of Trump, has raised her national profile and earned the praise of some Democrats. It's unclear when the committee's final report would be released, but Thompson has said it would come out by early December.

☆ Beijing marathoners prep for historic race while keeping COVID at bay
▼ + stars: | 2022-11-04 | by ( Josh Arslan | ) www.reuters.com time to read: +2 min

[1/5] Oscar Wu (R), founder of Oscar Running Club (ORC) and Beijing Marathon participant, leads members of his club run beside road during a training session for the Beijing Marathon 2022, in Beijing, China October 29, 2022. Over 26,000 runners have registered to run the 42.195-km (26.2-mile) route on Nov. 6, in what would be the first Beijing marathon in two years after being cancelled in 2020 and 2021 because of COVID-19. The Beijing Marathon is celebrating its 40th year this month since its inception in 1981, a year late because of last year's cancellation. Fitness training was not the only preparation club members undertook. "Secondly, even if this race is cancelled, we can't just stop our running because we are still doing it for ourselves.

☆ China's Xi deals knockout blow to once-powerful Youth League faction
▼ + stars: | 2022-10-26 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

BEIJING, Oct 26 (Reuters) - The three most glaring omissions from China's new Communist Party leadership share one common trait: all rose through its Youth League and were considered members of a once-powerful faction whose influence Xi Jinping has now effectively crushed. "On Hu Chunhua, I think this has been Xi Jinping's main tactic of shutting down the youth league faction," said Victor Shih, an expert on elite politics in China and a professor at the University of California, San Diego. "They are completely defeated," said Cheng Li, a specialist on the transformation of political leaders in China, referring to the sidelining of the Youth League faction. The Youth League has been active in attacking foreign brands accused of misbehaviour in China, such as false advertising. The Youth League did not immediately respond to a request for comment on Wednesday.

I don't think his lawyers will want him to show up because he has to testify under oath," Pelosi said in an interview with MSNBC. Nevertheless, Trump has maintained he did nothing illegal in pressing that case, including on the day of the Capitol riot. Trump and Pelosi have had a long, stormy relationship. Outside the White House following the meeting that Democrats stormed out of, Pelosi told reporters Trump had suffered a "meltdown." Cheney did not say what the panel would do if Trump refuses to cooperate with the subpoena.

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.

☆ Li Xi gets graft-busting role on China's new Standing Committee
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Oct 23 (Reuters) - Li Xi, the Communist Party chief of the economic powerhouse Guangdong province, assumed two new titles on Sunday when he was elevated to the elite Politburo Standing Committee and put in charge of the party's influential graft-busting body. Li's ties to Xi stem in part from his indirect links to Xi's late father, the Communist Party revolutionary Xi Zhongxun. His career took off in 2015 when he was appointed party secretary of Liaoning province in China's northeast. In 2017, he was named Guangdong party boss, a coveted role that propelled him onto the 25-member Politburo. All but one of the last five party chiefs in Guangdong, which borders Hong Kong, have subsequently joined the Standing Committee.

"There is more asset allocation towards baskets that combine the top five or 10 crypto assets by market cap. TICK BY TICKMost active crypto ETP products are registered outside the United States, though, with Switzerland, Canada, Australia and Brazil racing ahead with spot crypto offerings. One reason is that U.S. regulators have turned down several applications for spot bitcoin funds, which mirror the cryptocurrency's price movements tick-by-tick, citing multiple reasons including a lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets. The world's largest bitcoin fund, Grayscale Bitcoin Trust (GBTC.PK), is down 34% in the same time. At Grayscale's Bitcoin Trust, the AUM have tumbled to $12.2 billion from over $30 billion at the end of 2021, data from the firm showed.

REUTERS/Thomas Peter/File PhotoHONG KONG, Oct 18 (Reuters) - As Xi Jinping consolidates power at China's 20th Communist Party Congress this week, Chinese women are not holding their breath for progress in gender equality. Mao Zedong, the founding father of the People's Republic, famously said "women hold up half the sky" and gender equality is enshrined in the country's constitution. "The trend (now) is usually women serve as a deputy or more symbolic position," he said. The sole current female member, Sun Chunlan, who has spearheaded China's zero-COVID policy, is 72 and expected to retire. The Chinese government body in charge of women's rights, the Women's Federation, did not respond to a Reuters request for comment.

As the top official in China's commercial hub and its most populous city, Li's position as Shanghai party chief has traditionally been a stepping stone towards a top-two role in China's power structure - including for Xi Jinping himself. "It's near impossible for Li, who owes his political career largely to Xi, to even consider doing anything to undermine Xi. KEY CONFIDANTA native of Zhejiang province, Li, 63, was Xi's chief of staff - a role for the most trusted confidants - from 2004 to 2007 when Xi was party chief of Zhejiang. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms. Making his rounds, he reiterated the COVID party line: "We must resolutely implement the spirit of the important instructions by Party Secretary Xi Jinping and steadfastly persist in the dynamic-zero approach".

☆ Just 9 House Republicans broke ranks to vote for a bill from Liz Cheney and House Democrats that aims to prevent another January 6. All of them are retiring.
▼ + stars: | 2022-09-21 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

The bill amends the Electoral Count Act and clarifies the vote-counting role of the vice president. Senators introduced their own bipartisan bill two months ago, and some say this is just a messaging bill. "The ambiguity around the Electoral Count Act was the overwhelming rationale behind objections" on January 6, he said, indicating his support. The Senate introduced its own separate bill to reform the Electoral Count Act in July, and it now has ten co-sponsors from each party, a good indication of potential success. Here are the 9 House Republicans who voted for the bill:

☆ Liz Cheney supporters say they are the 'silent majority' in Wyoming as Trump tries to oust her from Congress
▼ + stars: | 2022-06-07 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +13 min

Rep. Liz Cheney of Wyoming is in an intense political battle to hold on to her seat in Congress. "The people who hate Liz Cheney will gladly stand at their pulpit and scream it to the ends of the world," Landon Brown, a state lawmaker who supports Cheney, told Insider. And I do believe when it comes to Liz Cheney and the rest of the Republican Party, there's gonna be some pretty damning upsets." Anytime that we needed her, her help, she was there," Pete Obermueller, president of the Petroleum Association of Wyoming, told Insider. The Wyoming Republican Party also censured her, and later voted to no longer recognize her as a Republican.

☆ There's a shortage of truckers, but TuSimple thinks it has a solution: no driver needed
▼ + stars: | 2021-07-14 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +12 min

One solution to the problem is autonomous trucks, and several companies are in a race to be the first to launch one. The journey was completed in 14 hours versus the usual 24 with a human driver, mostly because a truck doesn't need to sleep. Its plans are dependent on state legislation, however, because currently some states do not allow for testing of autonomous trucks on public roads. According to Lu, that's still cheaper than paying for a human driver. But you're saving the cost of a human driver, which based on average US wages is about $80,000 to $120,000 per year -- or 80 cents to $1.20 per mile.

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