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☆ China's first homegrown large passenger jet took its maiden flight after 16 years in the making — check it out
▼ + stars: | 2023-05-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

China's first domestically-made large passenger jet completed its maiden commercial flight Sunday. China's first domestically-made large passenger jet has completed its maiden commercial flight. VCG/VCG via Getty ImagesNearly 130 passengers were on board for the maiden flight, which took around two hours, Comac said. Crowds gather to watch the C919 land at Beijing Capital International Airport during its maiden commercial flight. Passengers sit on board the C919's maiden commercial flight.

☆ Sexual harassment debate breathes new life into China’s #MeToo movement
▼ + stars: | 2023-05-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Shi has strongly denied the accusations of sexual harassment in two separate statements and claimed the encounters were consensual. The falloutThe allegations have since sparked furious debate on Chinese social media, with related hashtags trending for days and racking up hundreds of millions of views on Weibo. China did not specify sexual harassment as a legal offense until 2021, when it enacted a civil code defining sexual harassment for the first time in the country’s law. But still, the failure of sexual harassment lawsuits – like Zhou’s – in recent years has made it “increasingly clear that seeking legal remedies for sexual harassment is not realistic,” said the Chinese feminist in New Jersey. “Even if I reported it, and he was summoned to the police station, how many days can he be detained for sexual harassment?” she wrote.

☆ Thanks for the memories (and money) index-rebalance strategies
▼ + stars: | 2023-05-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Index-rebalance strategies, the talk of the town just a few short years ago, are seemingly on their last legs these days. What doomed the index-rebalance strategy is a tale as old as time on Wall Street. Times are tough now, but as Alex notes in his story, not everyone is completely giving up on the strategy. And while we're talking Man Group, here's a rundown on a program meant to help non-tech workers learn data-science skills to help streamline their jobs.

☆ One in 5 young people in Chinese cities are out of work. Beijing wants them to work in the fields
▼ + stars: | 2023-04-30 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and young entrepreneurs to find work in villages. Guangdong’s plan, which was widely panned on social media, coincided with the rate of urban unemployment among 16- to 24-year-olds surging to 19.6%, the second highest level on record. Kong Yiji, a famous literary figure from the early 20th century, has been one of the hottest memes on China’s social media since February. A tourist shop named 'Kong Yiji' in China's Zhejiang province. Other popular buzzwords have included “lying flat” and “letting it rot.”Authorities, uneasy about dissatisfaction expressed through memes, have banned the hashtag of Kong Yiji.

☆ Watch CNBC's full interview with G42 CEO and Mercedes-AMG Petronas F1 Team CEO
▼ + stars: | 2023-04-28 | 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 EmailWatch CNBC's full interview with G42 CEO and Mercedes-AMG Petronas F1 Team CEOAbu Dhabi royal backed artificial intelligence company G42 and the Mercedes F1 team are partnering to explore ways to deploy AI software and solutions into the team's operations to deliver critical insights. CNBC's Dan Murphy sits with G42 CEO Peng Xiao and Mercedes F1 Team Principal and CEO Toto Wolff to speak about the partnership, incorporating AI technology in sports and AI regulation.

☆ Opinion | Could Peer Influence Be a Cause of the Global Baby Bust?
▼ + stars: | 2023-04-21 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

I read several papers on peer effects on fertility with Angrist’s caveats in mind. Those factors made the classmates more likely to become pregnant, which in turn influenced the fertility outcomes of the girls being studied. Less-educated women were less likely to have a baby when a colleague of the same education level had one. The negative peer effect for less-educated women “could come from a desire to distinguish oneself from one’s peers,” among other factors, they speculated. The research “provides support for the role of social norms in the fertility choices of reproductive-aged Chinese women,” they wrote.

☆ Retail traders are dumping tech stocks, but loading up on this one big bank
▼ + stars: | 2023-04-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Retail traders may be selling tech stocks en masse, but they're spying opportunity in one major financial institution — Bank of America. Beneath the hood, however, retail traders are increasingly pivoting away from big tech names in favor of financials – suggesting a rotation between the biggest gainers and laggards in markets this year. Given this, here are 10 of the biggest stocks retail traders bought into this past week: Retail traders snapped up Bank of America shares, resulting in $82 million in net inflows, according to JPMorgan. American Airlines Group saw a big surge in retail trader interest, which saw a net $68 million in inflows. On the other hand, retail traders dumped some notable tech names such as Apple , with saw net selling of $190 million this past week.

BuzzFeed wasn't the only digital media company to announce layoffs Thursday. Miller added that going public is probably not the best strategy for digital media companies like Buzzfeed. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. BuzzFeed will lay off 15% of staff and shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday. The digital media company scaled back its news operation in an attempt to make BuzzFeed News profitable, resulting in the departure of several editors.

"The EU requested to the Chinese authorities their immediate and unconditional release," the spokesperson said. "China's ongoing crackdown on human rights activists and lawyers is a well-known EU concern, which we raise at all levels." Yu Wensheng, 55, is a human rights lawyer who last year completed a four-year prison sentence for "subversion of state power". He was among more than 300 rights lawyers and activists arrested in a 2015 crackdown. The EU delegation in Beijing said on Friday three other human rights lawyers, Wang Quanzhang, Wang Yu and Bao Longjun, had been placed under house arrest.

☆ Keothavong hopes Peng safe but says WTA's China return good for the game's finances
▼ + stars: | 2023-04-14 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +2 min

April 14 (Reuters) - The WTA's decision to end its China boycott over concerns about Peng Shuai will generate much-needed revenue for the women's tennis tour and provide more financial opportunities for players, Britain's Anne Keothavong said. Former player Keothavong, now captain of Britain's Billie Jean King Cup team, said she hoped Peng was safe but that ultimately "tennis is a business". The WTA's decision to suspend tournaments in the country is expected to have cost it hundreds of millions of dollars in broadcasting and sponsorship revenue. "One is that we hope Peng is OK and secondly it's just an excitement to have tournaments on the calendar. Yaqiu Wang, a senior China researcher at Human Rights Watch, said the WTA's decision was a "huge disappointment" and called for Peng's case to be kept in the public eye.

☆ Women’s Tennis to Return to China Despite Unresolved Concerns About Peng Shuai
▼ + stars: | 2023-04-13 | by ( Rachel Bachman | ) www.wsj.com time to read: 1 min

Peng Shuai has been seen in public only in carefully orchestrated settings, including at the 2022 Olympics in Beijing. The Women’s Tennis Association tour will return to China this year, despite the fact that Chinese officials haven’t met the WTA’s demands for a transparent investigation into a 2021 assault allegation of Chinese player Peng Shuai. The move ends a boycott, started in late 2021, when Peng disappeared from public view after a post to her social-media account alleged that she had been sexually assaulted by a senior Communist Party official. The WTA halted its events in China and said it would stay out of the country until the allegation was investigated and it could speak directly with Peng.

Retail traders are beginning to buy the dip in some financial stocks that were hit hard during the banking crisis, according to JPMorgan. Strategist Peng Cheng said in a note to clients Wednesday evening that, while retail traders are pulling back from individual stocks in general, two financial names are surprisingly popular: Charles Schwab and Truist . "At the single stock level, retail traders net sold -$1.8B this past week. However, half of Wall Street analysts who cover Truist have a hold rating on the stock, according to Refinitiv. The majority of analysts who cover Schwab have a buy or strong buy rating on the stock, according to Refinitiv.

☆ China's March crude oil imports surge 22.5% from year earlier
▼ + stars: | 2023-04-13 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. Analysts pointed to a sharp increase in refined fuel product exports as a key reason behind the jump in crude imports. Total crude imports for the first quarter stood at 136.6 million tonnes, a 6.7% increase over 127.9 million tonnes in the same period last year. China imported 8.9 million tonnes of natural gas in March, up 11.2% from 8.0 million tonnes a year ago. Total natural gas imports for the first quarter stood at 26.7 million tonnes, down 3.6% on last year.

☆ WTA to resume tournaments in China this year, end boycott over Peng allegations
▼ + stars: | 2023-04-13 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +4 min

[1/2] Tennis - China Open Women's Singles First Round - Beijing, China - 03/10/16. Peng then briefly disappeared from public view and later denied making the accusation, sparking fears for her safety. "For these reasons, the WTA is lifting its suspension of the operation of tournaments in the People's Republic of China and will resume tournaments in China this September." PENG SAFE IN BEIJING"The WTA's decision is a huge disappointment to the Chinese human rights community," Yaqiu Wang, senior China researcher at Human Rights Watch, told Reuters. "We also have received assurances that WTA players and staff operating in China will be safe and protected while in the country.

☆ WTA set to return to China in September despite uncertainty over Peng Shuai’s situation
▼ + stars: | 2023-04-13 | by ( Wayne Sterling | ) edition.cnn.com time to read: +3 min

CNN —The Women’s Tennis Association (WTA) announced Thursday that it will return to hosting tournaments in China in the fall after suspending all events in the country in 2021 due to the uncertainty over tennis player Peng Shuai’s safety. Human Rights Watch called the WTA’s decision to return to China a “huge disappointment,” but “not surprising.”“International businesses need to work together to do the right thing,” said Yaqiu Wang, senior China Researcher at Human Rights Watch. “It’s hard to challenge the Chinese government alone, but if businesses band together to address China’s flouting of human rights, the power balance can shift. “After all, sports organizations and companies all want to operate in an environment where the human rights of their players, employees, and consumers are protected and there is rule of law. “The road to expose the Chinese government’s human rights abuses and hold it accountable is difficult and often incurs a cost, and it’s not a straight road.”

[1/2] Sophie Luo Shengchun, the wife of jailed Chinese human rights lawyer, Ding Jiaxi, poses with a photo of him at her home in Alfred, New York, U.S., July 28, 2022. REUTERS/Brendan McDermidBEIJING, April 10 (Reuters) - A Chinese court sentenced two prominent human rights lawyers on Monday to jail terms of more than a decade each, a relative and rights groups told Reuters, the latest move in a years-long crackdown on civil society by President Xi Jinping. "I will not let them put Ding Jiaxi and Xu Zhiyong in jail so easily." Hundreds of rights lawyers were detained and dozens jailed in a series of arrests commonly known as "709" cases, referring to a crackdown on July 9, 2015. China rejects criticism of its human rights record, saying it is a country with rule of law and that jailed rights lawyers and activists are criminals who have broken the law.

☆ ITF says World Tennis Tour events will return to China this year
▼ + stars: | 2023-04-03 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +2 min

BENGALURU, April 3 (Reuters) - The International Tennis Federation (ITF) will conduct its World Tennis Tour tournaments in China this year, marking a return to the Asian nation after a gap of three years due to the COVID-19 pandemic, the sport's global governing body said on Monday. "We think it's important that the World Tennis Tour and international events take place in all the nations around the world," ITF President David Haggerty told Reuters in a video interview in February. In the last full season in 2019 before the pandemic, China had hosted 25 ITF women's and 15 men's events. World Tennis Tour events are professional tournaments below the elite level. The tour will also stage the first ever World Tennis Tour event in Ethiopia and the first in Burundi and Cyprus since 2013 and 2016, respectively.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ China capital Beijing experiences first population decline since 2003
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

Beijing's population decline was in line with national trends, with China's population falling last year for the first time in six decades, weighed down by rising living costs especially in big, sprawling cities like Beijing, weak economic growth, and changing attitudes towards raising a family. "These figures are expected, especially for Beijing," said Xiujian Peng, senior research fellow at the Centre of Policy Studies at Victoria University in Australia. The birth rates in Beijing and other cities and provinces are calculated based on the permanent residents not including migrant population, she said. Beijing's natural population growth was minus 0.05 per 1,000 people last year. China's birth rate last year was 6.77 births per 1,000 people, the lowest on record, while the country's death rate, the highest since 1974, was 7.37 deaths per 1,000 people.

Investors know the event risk so they tighten controls, and are generally more cautious. Calendar event risk, or 'known unknowns,' may unleash market volatility, but investors can hedge or sit on the sidelines. chartNominal trading volumes in these contracts often spikes up on 'event days' like U.S. jobs and inflation data days. However, as a share of overall options turnover - which Cheng says is a better indication of potential market risk - many of the recent peaks have been on random 'non-event' days. chartHe and his colleagues estimate that the daily notional value of trading in '0DTE' options has grown to about $1 trillion.

☆ Time and money for love: China brainstorms ways to boost birth rate
▼ + stars: | 2023-03-15 | by ( Farah Master | ) www.reuters.com time to read: +3 min

China dug itself into a demographic hole largely through its one-child policy imposed between 1980 and 2015. Young people cite high childcare and education costs, low incomes, a feeble social safety net and gender inequalities, as discouraging factors. "But without any fertility encouragement policy then fertility will decline even further." China's birth rate last year fell to 6.77 births per 1,000 people, from 7.52 births in 2021, the lowest on record. Demographer Yi Fuxian remains sceptical whether any measures would have a significant impact by themselves, saying China needed a "paradigm revolution of its entire economy, society, politics and diplomacy to boost fertility."

☆ 0DTE options could turn 5% intraday market decline into 25% rout -JPMorgan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

March 6 (Reuters) - Trading in new near-dated U.S. options contracts can supercharge volatility in U.S. stocks, potentially leading to tremendous intraday declines, analysts at JPMorgan said. The U.S. equity options market has seen a rise in the trading of options contracts set to expire at the end of the trading day - dubbed 0DTE (zero day to expiry) options - with their daily notional value rising to about $1 trillion, according to JPMorgan data. Their recent growth has been eyed as one cause of intraday volatility, with JPMorgan's Marko Kolanovic last month warning they could spark a massive volatility event under certain circumstances. Such a scenario could occur if the S&P 500 fell 5% in five minutes, triggering $30.5 billion in 0DTE option-related trading that would tack another 20 percentage points onto the index's decline, the bank’s analysts said. Furthermore, JPM noted that retail traders were not the main driver of volume growth in 0DTE options, with individual investors accounting for about 20% of the SPDR S&P 500 ETF Trust (SPY.P) options volume and only around 5% of the S&P 500 same-day options.

BATU PAHAT, Malaysia, March 4 (Reuters) - Flooding resulting from days of torrential rain has forced almost 40,000 people to flee their homes in Malaysia's southern Johor state, bordering Singapore, and at least four people have died during the past week, officials said on Saturday. Authorities have set up more than 200 relief shelters for people displaced by the floods, the national disaster management agency said. Floods in Malaysia are common during the annual monsoon season between October and March, but the downpour this week left many Johor residents scrambling to find shelter. While Johor was worst-hit, there was flooding in other states too that displaced hundreds of people. The meteorological department warned of more rain in coming days, mostly in the southern states.

☆ Kenyan traders protest against Chinese competitor's cheap prices
▼ + stars: | 2023-02-28 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

NAIROBI, Feb 28 (Reuters) - More than a thousand Kenyan traders protested in the capital Nairobi on Tuesday against a new Chinese-owned retail shop they accuse of undercutting them with ultra-low prices. Traders in Kenya and other rapidly growing economies in Africa have protested periodically against their Chinese competitors. China is Africa's top trading partner and more than 1 million Chinese are estimated to reside on the continent. Kenya's relationship with China was in focus during last year's presidential election, won by William Ruto. The Kenyan traders have been angered by a newly opened China Square retail shop on the outskirts of Nairobi, whose prices for everyday goods like curtains imported from China are on average 50% cheaper than those brought in by local traders.

[1/7] Farmer Wang Zhanling sits next to his wife in their house in Quansheng village, Heilongjiang Province, China, February 8, 2023. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. "If the pension system does not change, this is unsustainable," said Xiujian Peng, senior research fellow in the Centre of Policy Studies at Victoria University in Australia. The province has the lowest birth rate in China, with just over 100,000 births in 2021 and 460,000 deaths. Many experts, including Macquarie's chief China economist Larry Hu, suggest implementing a unified national pension system, backstopped by the more resourceful central government rather than cash-strapped local administrations.

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