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☆ Why paying off your student loans won't get easier anytime soon
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +14 min

Student-loan borrowers are entering uncharted territoryThe Education Department has never had to reenter 28 million people into payments at the same time. Plus, federal servicers' technology may not be up to the task. In contrast, federal student-loan servicing has been contracted out to five companies, and the government doesn't have the resources to fully keep tabs on the industry. "So there really were deep-rooted structural problems in the loan programs on the policy design but also on the execution side," Kvaal said. As the years went on, the GAO continued to identify flaws in student-loan programs that were hurting borrowers.

Persons: Greg Ogden, Ogden, I've, servicer, he's, he'd, We're, Sen, Elizabeth Warren, James Kvaal, —, Kvaal, Barack Obama's, Obamacare, servicers, Scott Buchanan, servicers —, servicer MOHELA, MOHELA, Biden, Virginia Foxx, she's, Cardona, it's, Foxx, Carolyn Fast, Joe Biden's, Buchanan, Warren, Pamela Herd, Herd, Melissa Emrey, that's, Miguel Cardona, we're Organizations: Public, Education Department, Department, Student Loan, —, GOP, The Century Foundation, Federal Student Aid, Georgetown University, Medicare, Student Aid, Office, Biden, Social, Education, Consumer Financial, Emrey, Federal, Aid Locations: servicers, Arras

☆ China new home prices tick up in Sept, ending four-month decline - survey
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

Prices rose 0.05% on average from the previous month after falling since May, according to a survey by China Index Academy, a real estate research firm. Confidence in the property sector, which accounts for one-fourth of economic activity, has been hit since 2021 when Beijing cracked down on debt accumulation by developers, fuelling a debt crisis. Deepening problems in the sector this year have dragged on the world's second-biggest economy and rattled global financial markets. These policies have given major cities like Beijing a tiny boost in new home sales, but some worry the improvement might be short-lived and could potentially dry up demand in smaller cities. If such policies continue to be optimised, the report said, the market in first-tier cities are likely to stabilise this quarter while recovery in smaller cities might take longer.

Persons: Brenda Goh, Liangping Gao, William Mallard Organizations: China Index Academy, China Evergrande, HK, Thomson Locations: SHANGHAI, Beijing, China

☆ China's factory activity recovery slows in September - Caixin PMI
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 1 (Reuters) - China's factory activity expanded at a slower pace in September, a private-sector survey showed on Sunday, with sluggish external demand weighing on the outlook even as output increased. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 50.6 in September from 51.0 in the previous month, missing analysts' forecasts of 51.2. According to the Caixin PMI, factory output and new orders remained in expansionary territory in September, however, external demand remained weak with export orders index contracting for the third month. Producers of consumer, investment and intermediate goods all cut staff, the survey showed. A separate PMI released by Caixin/S&P Global on Sunday showed China's services activity expanded at the slowest pace this year in September.

Persons: Wang Zhe, Wang, Liangping Gao, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight Group . Factory, Producers, Global, Thomson Locations: BEIJING, China

☆ US, China talks gather momentum, paving way for Xi-Biden Summit- WSJ
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

Chinese President Xi Jinping attends a reception dinner at the Great Hall of the People ahead of China's National Day in Beijing, China on September 28, 2023. Jade Gao/Pool via REUTERS Acquire Licensing RightsSept 28 (Reuters) - Beijing and Washington are paving the way for Chinese President Xi Jinping to visit the U.S., the Wall Street Journal reported on Thursday. Both sides are discussing a trip to Washington by Xi’s top economic-policy aide, Chinese Vice Premier He Lifeng, the report said citing people briefed on the matter. Lifeng would be the most senior official to travel to the U.S. since President Biden took office, WSJ said, adding that planning is also under-way for China's top diplomat and foreign minister Wang Yi to visit Washington in October to prepare for a Xi summit with Biden. Reporting by Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Jade Gao, Lifeng, Biden, Wang Yi, Mrinmay Dey Organizations: of, REUTERS Acquire, Wall Street, Biden, Thomson Locations: Beijing, China, Washington, U.S, Bengaluru

☆ China's Xi, not premier, delivers National Day speech in break with convention
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

[1/5] Chinese President Xi Jinping toasts to guests during a reception dinner at the Great Hall of the People ahead of China's National Day in Beijing, China on September 28, 2023. Since assuming the office of president in March 2013, Xi has previously delivered a speech twice at the annual reception, usually held on the eve of National Day on Oct. 1. The first time Xi delivered it was in 2014 during a reception with over 3,000 guests, far more than the 1,200 normal at that time. In 2019, Xi again delivered a speech at the reception, which that year marked the 70th anniversary of the founding of the People's Republic of China. At Thursday's reception, Xi told his guests that China must continue to climb over "obstacles" as his current premier, Li Qiang, listened intently at his banquet table, according to footage aired by China's national broadcaster.

Persons: Xi Jinping toasts, Jade Gao, Xi Jinping, Xi, Li Shangfu, Li Qiang, intently, Ryan Woo, Hugh Lawson Organizations: of, REUTERS Acquire, Rights, China's, Thomson Locations: Beijing, China, Rights BEIJING, People's Republic of China

☆ US military barracks are so neglected that troops in one facility are left to clean up 'biological waste that may remain in a barracks room after a suicide,' government report says
▼ + stars: | 2023-09-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

At one facility, service members are responsible for "cleaning biological waste that may remain in a barracks room after a suicide," said the Tuesday report filed by the Government Accountability Office, citing officials at the barracks. "Thousands of service members live in barracks below standards, according to officials," the report said. Military personnel in all 12 discussion groups said their barracks conditions affected their mental health, the report said. AdvertisementAdvertisementThe report said service members in at least six of 12 discussion groups spoke of bedbugs, rodents, cockroaches, and wasps in their barracks. Ventilation, heating, and air conditioning systems were broken at all 10 facilities visited by investigators, the report said.

Persons: GAO Organizations: Service, Government, GAO, Defense Department, US Army, Military, Pentagon, Department of Defense, The Defense Department, DOD Locations: Wall, Silicon

☆ China's 1.4 billion population isn't enough to fill the country's empty homes, former official says
▼ + stars: | 2023-09-24 | by ( Marta Biino | ) www.businessinsider.com time to read: +3 min

A former Chinese official said the country's entire population couldn't fill its empty homes. He Keng said China's 1.4 billion population was likely insufficient to fill all its vacant houses. AdvertisementAdvertisementChina has long relied on real-estate development as a safe investment to bolster economic growth. Today, farmers have taken over the ghost town, plowing the land and letting cattle roam free around the empty mansions. But by 2016, its population was only around 100,000, and it has been described as "the largest ghost town in the world."

Persons: Keng, Evergrande, that's, Li Gan, Shenyang . Jade Gao Organizations: Service, Reuters, China News Service, Texas, M University, Greenland Group, Getty, Nikkei Locations: China, Wall, Silicon, France, City's, Shenyang, Shenyang ., AFP, Mongolia, Inner Mongolia, Ordos, Nikkei Asia

“Russia’s thinly veiled threats to use nuclear weapons remind the world that escalation of the conflict – by accident, intention, or miscalculation – is a terrible risk. New Construction at Russia's Novaya Zemlya nuclear test site, June 22, 2023. Lop Nur nuclear test site. “The Chinese test site is different than the Russian test site,” Lewis said. Both countries keep their strategic nuclear arsenals on “hair-trigger” alert, meaning that nuclear weapons can be launched on short notice.

Persons: Jeffrey Lewis, James Martin, ”, Cedric Leighton, “, Vladimir Putin, ” Lewis, Lewis ’, António Guterres, ” Guterres, Dmitry Medvedev, Putin, Alexander Lukashenko, Sergei Shoigu, Lewis, we’ve, Leighton, they’d, ” Leighton, Nur, Hans Kristensen, Kristensen, Israel –, Dyess, Frederic J . Brown, Fiona Cunningham, Yang Kun, ” Daryl Kimball, Kimball, Michael Frankel, James Scouras, George Ullrich, Soviet Union –, Russia –, We’re Organizations: CNN, James, James Martin Center, Nonproliferation Studies, Middlebury Institute of International Studies, US, US Air Force, Atomic Scientists, Soviet Union, United Nations, Russia’s Security, Russian Defense Ministry, Planet Labs PBC, Middlebury, Science and Global Security, Novaya, Middlebury Institute, China Observer, China’s Foreign Ministry, Planet Labs, Nevada National Security, National Security Administration, US Department of Energy, Office, National Security Council, International Monitoring, Federation of American Scientists, Stockholm International Peace Research Institute, Missile Defense, Center for Strategic, International Studies, Columbia, Northrop Grumman's Air Force, Getty, Control Association, ACA, NGO, PLA, Nuclear, Carnegie Endowment, International, Arms Control Association, Johns Hopkins Applied Physics Laboratory, Soviet Locations: Russia, United States, China, Xinjiang, Nevada, . China, Moscow, Washington, Ukraine, Soviet, Belarus, Minsk, Novaya Zemlya, Zemlya, Soviet Union, Lop Nur, Japan, Lop, Beijing, Stockholm, United Kingdom, France, India, Pakistan, North Korea, Israel, Ellsworth, Palmdale , California, AFP, Yuli County, Mongol Autonomous Prefecture, Xinjiang Uygur Autonomous Region, Baltimore, Russian, Hiroshima

☆ F-35 stealth fighter jets are only capable of flying missions a little over half the time, watchdog finds
▼ + stars: | 2023-09-21 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

A new government watchdog report reveals that the F-35 program is plagued by maintenance issues. "Maintenance challenges negatively affect F-35 aircraft readiness," the GAO report said. AdvertisementAdvertisementAn F-35 taxis from the runway onto the flightline after successfully completing a sortie, Dec. 14, 2015, at Luke Air Force Base. A US Air Force F-35 Lightning II flies over the US Central Command area of responsibility, July 17, 2020. US Air Force photo by Airman 1st Class Duncan C. BevanThere are three variants of the Lockheed Martin F-35.

Persons: —, Duncan C, Bevan, Lockheed Martin Organizations: Service, Government, Office, Fighter, US Marines Corps, GAO, Luke Air Force Base, US Air Force, Pentagon, US Central Command, Lockheed, Air Force, Navy, Marine Corps, Marines Locations: Wall, Silicon, South Carolina

☆ There's no proof that student-loan companies are prepared to bring millions of borrowers back into repayment in under 2 weeks, 2 top Republican lawmakers say
▼ + stars: | 2023-09-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Virginia Foxx and Sen. Bill Cassidy asked the GAO to investigate the student-loan payment resumption. They said they're concerned loan servicers are not adequately prepared to facilitate repayment. The student-loan payment pause officially ended on September 1 when interest began accruing again on federal borrowers' balances, and bills will start becoming due next month. Additionally, Cassidy and Foxx said that it is "unclear whether borrowers will begin repayments when billing statements resume. In other cases, there will be borrowers who will take some time to work student loans back into their household budgets."

Persons: Virginia Foxx, Sen, Bill Cassidy, they're, Bill Cassidy —, —, Foxx, Cassidy, servicers, Education James Kvaal, Kvaal Organizations: Service, Office, Education, Education Department, GAO, Public Locations: Wall, Silicon

☆ US military asks the public for help finding its missing F-35 fighter jet after its pilot had to eject while training over South Carolina
▼ + stars: | 2023-09-18 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

A F-35 jet has been lost in South Carolina after a training "mishap," officials said Sunday. The US military is now appealing to the public to help find the missing jet. The pilot of the jet was able to parachute away safely and is in a stable condition, officials said. The pilot, who was not named, was able to parachute safely into North Charleston. How is there not a tracking device and we're asking the public to what, find a jet and turn it in?"

Persons: Nancy Mace Organizations: Service, Marine Fighter Attack Training, 2nd Marine Aircraft, Twitter, Office, Officials, CBS News, Lockheed, Joint Base Charleston Locations: South Carolina, Wall, Silicon, North Charleston, Lake Moultrie, Lake Marion

☆ A pilot training in one of America's most expensive weapons systems ejected over South Carolina. Officials can't find the F-35 he was flying.
▼ + stars: | 2023-09-17 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

A pilot ejected from his F-35B Lightning II jet following a "mishap" during a Sunday training flight. While the pilot was unharmed, the jet was lost and has not yet been recovered by officials. The F-35 Lightning II Joint Strike Fighter program is the DOD's most expensive at $1.7 trillion. The F-35 Lightning II Joint Strike Fighter program is the Department of Defense's most expensive weapon system program, according to the US Government Accountability Office. The US Air Force deployed F-35s to NATO's front line to patrol for Russian missiles following the invasion of Ukraine.

Organizations: Service, Marine Corps, Joint, Marine Fighter Attack Training, 2nd Marine Aircraft, United States Marine Corps, Corps, Joint Base Charleston, Marine Corps Air, Beaufort, Lockheed, US Air Force, Russian, AIM Locations: Wall, Silicon, South Carolina, South Kenwood, North Charleston, Ukraine

☆ J.P.Morgan, ANZ raise 2023 China GDP forecast
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

People stand at a shopping mall near the CCTV headquarters and China Zun skyscraper, in Beijing's central business district (CBD), China September 7, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Sept 15 (Reuters) - J.P.Morgan and ANZ on Friday raised their 2023 economic growth forecast for China, after August economic numbers offered some signs of stabilization in the world's second-largest economy. Both raised their GDP forecast by 20 basis points each to 5% and 5.1% respectively, with JPM saying notable recovery in retail sales and rise in service activity were the biggest surprises. Zhu said additional fiscal and housing policy relaxation like subsidy for product-specific consumption support, relaxation of home buying restrictions, sales restrictions and price controls in tier-1 and 2 cities may follow in the near term. Goldman Sachs kept its third-quarter GDP growth forecast unchanged at 4.9% but said China's economy is still in a tug of war between persistent growth headwinds and increasing policy support.

Persons: Tingshu Wang, Zhu, JPM, Goldman Sachs, Aniruddha Ghosh, Liz Lee, Gao Liangping, Kim Coghill, Varun Organizations: REUTERS, Rights, ANZ, Thomson Locations: China, Beijing's, Rights BEIJING, Bengaluru, Beijing

[1/6] Home buyers stand inside an unfinished residential building of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023. "I almost never drink water, wash my face or brush my teeth," said Shi, 39, who moved into the Gaotie Wellness City complex in May. I have no money now, I've lost my family property and all that's left is this unfinished building." Tongchuan city government and China's housing ministry did not immediately respond to a request for comment. To enter the complex, residents pick their way through an overgrown field, past abandoned construction machinery to a hole in the wall.

Persons: Tingshu Wang, Shi Tieniu, Shi, I've, I'm, Gao, Qi Xiaoxia, we've, Laurie Chen, Xiaoyu Yin, Lincoln Organizations: Gaotie Wellness, REUTERS, UBS, Tongchuan, Reuters, Buyers, Country, Thomson Locations: Tongchuan, Shaanxi, China, China's Shaanxi

Retail sales, a gauge of consumption, also increased at a faster 4.6% pace in August aided by the summer travel season, and was the quickest growth since May. The upbeat data suggest that a flurry of recent measures including property support policies to shore up a faltering economic recovery are starting to bear fruit. "Despite signs of stabilisation in manufacturing and related investment, the deteriorating property investment will continue to pressure economic growth," said Gary Ng, Natixis Asia Pacific senior economist. Ng said confidence remains the root of most problems requiring larger "constructive policy and regulatory changes" to boost growth momentum. For August, property investment extended its fall, down 19.1% year-on-year from a 17.8% slump the previous month, according to Reuters calculations based on NBS data.

Persons: Gary Ng, Ng, Albee Zhang, Liangping Gao, Kevin Yao, Shri Navaratnam Organizations: REUTERS, National Bureau of Statistics, Natixis Asia Pacific, Thomson Locations: Wuhan, Hubei province, China, BEIJING, U.S

☆ China cuts banks' reserve ratio for second time in 2023 to aid recovery
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept. 15. The central bank said the weighted average reserve requirement ratio (RRR) for financial institutions stood at around 7.4% after the cut. Dan Wang, chief economist at Hang Seng Bank China, cautioned to watch for a cut in Medium-term Lending Facility (MLF) on Friday off the back of the RRR cut. "That would be more significant than the RRR cut and suggest central bank is up to something," said Wang.

Persons: Jason Lee, Wen Bin, Xu Tianchen, Dan Wang, Wang, Liangping Gao, Joe Cash, Ellen Zhang, Kevin Yao, Kevin Liffey, Alison Williams, Christina Fincher Organizations: People's Bank of China, REUTERS, Rights, Minsheng Bank, Xinhua, Economist Intelligence Unit, Hang Seng Bank China, Thomson Locations: Beijing, China, Rights BEIJING

☆ China's central bank vows to support demand, price rebound
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People's Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official. The central bank "will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality," the official said. New bank loans beat expectations by nearly quadrupling in August from July, as the central bank sought to shore up economic growth amid soft demand at home and abroad. The central bank last cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - in March.

Persons: Jason Lee, Zhou Maohua, Kevin Yao, Liangping Gao, Tom Hogue, Sam Holmes, Miral Organizations: People's Bank of China, REUTERS, Rights, Financial, China Everbright Bank, Officials, Beijing Newsroom, Thomson Locations: Beijing, China, Rights BEIJING

BEIJING, Sept 12 (Reuters) - China unveiled on Tuesday its 886-strong team and its sporting and political goals for the Hangzhou Asian Games which start this month, a year later than planned due to China's COVID situation and restrictions. The Chinese team, who have topped the medals table at every Asian Games since 1982, should repeat that feat in Hangzhou, the director of the national sports bureau, Gao Zhidan, said at the team's launch in Beijing on Tuesday, state media reported. The Asian Games, also known as the Asiad, are like an Olympics for Asian countries and usually take place every four years. There will be 40 different sports, including athletics, swimming, cricket, dragon boat racing and esports (computer games) which for the first time will be a medal-winning event. Reporting by Martin Quin Pollard, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Gao Zhidan, Gao, Martin Quin Pollard, Ed Osmond Organizations: Hangzhou Asian Games, Games, Xinhua, Asian, Thomson Locations: BEIJING, China, Hangzhou, Beijing, Asia

☆ US Jobless Aid Programs Bilked of up to $135 Billion During COVID, Watchdog Says
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

(Reuters) - Up to $135 billion of jobless benefits paid out by U.S. states during the coronavirus pandemic may have arisen from fraudulent claims, Washington's top government watchdog said on Tuesday in a report suggesting the problem is much bigger than previously estimated. But a new General Accountability Office report estimates the problem is much bigger: Between $100 billion and $135 billion of the roughly $900 billion in jobless benefits payouts from April 2020 through May 2023 may have been fraudulent. At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: Reuters, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department Locations: U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ US jobless aid programs bilked of up to $135 bln during COVID, watchdog says
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. After several extensions, the PUA - which provided benefits to jobless individuals who would not typically have been eligible for them - expired in September 2021. Fraudulent claims activity has periodically distorted the data reported weekly by the Labor Department, befuddling economists who count on the data for gauging the wherewithal of the job market. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: REUTERS, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department, Thomson Locations: Manhattan, New York City , New York, U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

The figures suggest that China's latest steps to revive a crisis-hit property market, including lower mortgage rates and down payments, could unlock some pockets of housing demand in the most sought-after areas, but may struggle to halt the broader property market downturn. "These measures may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market," Goldman Sachs analysts said in a note. But Yu Fei, a property sales agent at HomeLink, said the initial spike in interest he noticed in the first few days is already petering out. "Many homebuyers remain in a wait-and-see approach, some hoping for more radical policies to stimulate the property market," Yu said. Goldman analysts said if property sales kept sliding policymakers could release more liquidity into the market by cutting banks' reserve requirement ratios, lowering rates, easing home purchasing rules further.

Persons: Jason Lee, Goldman Sachs, Zhang Guoqiang, I'm, Zhang, Zhao Jie, Yu Fei, Yu, Goldman, Wan, Emelia Sithole Organizations: REUTERS, China Index, Haitong Securities, Longfor, HK, Thomson Locations: Beijing, China, BEIJING, HONG KONG, China's

"I used to love buying branded clothes," said teacher Zhang as she sifted through a pile of garments priced between 15 and 50 yuan ($2-$7). With wages and pensions hardly budging and the job market highly uncertain as more than one in five young Chinese remain unemployed, households' confidence and spending power are low in the barely growing economy. The real estate sector, one of the pillars of the economy, is struggling with massive debt. "One of my customers is a rich woman who used to go to Japan for shopping, but now she comes to my store," said Wang. ($1 = 7.3179 Chinese yuan renminbi)Additional reporting by Winni Zhou in Shanghai; editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Amy Zhang, Zhang, Becky Liu, Gucci, Kering, Lu, Yunshan, I've, Wang, Winni Zhou, Marius Zaharia Organizations: Standard Chartered, Thomson Locations: BEIJING, HONG KONG, China, LVMH, Japan, Shanghai

☆ Meet the warrior interns: College students hell-bent on winning the CV arms race, who'll stack all the jobs they can to make their resumes shine
▼ + stars: | 2023-09-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +11 min

This is becoming a rite of passage for those who want good jobs, one career counselor told Insider. Advertisement Advertisement Watch:Singaporean undergraduate Amelia Yamato Leow told Insider that she started interning right after secondary school. Ong told Insider she's done an internship every summer break, and has worked during the college semester, too. You see from the inside how things work, and how people work, and most importantly, you can build rapport," Chin told Insider. This is especially so for complex industries like banking, Ted Teo, an adjunct assistant professor at the National University of Singapore, told Insider.

Persons: Amelia Yamato Leow, hasn't, who's, Leow, she's, Nicole Ong, Ong, you've, Justin Chin, Chin, Eddie Phua, Phua, Gao, Xinrui Gao Xinrui Gao, it's, Adrian Teh, Teh, they'll, Megan Wong, Wong, Sim Cher Young, Sim, Adrian Choo, Ted Teo, Teo, Goldman Sachs, Shaw, Singapore Management University's Sim, International's Choo Organizations: Service, National University of Singapore, PayPal, NUS, National University of Singapore Business, NUS Business School, Nanyang Technological University, Singapore Management University, LinkedIn, Citadel, Harvard, Singapore Management Locations: Singapore, Wall, Silicon, fintech

☆ Dozens of civilians among 64 killed in attacks in Mali
▼ + stars: | 2023-09-08 | by ( Teele Rebane | ) edition.cnn.com time to read: +1 min

CNN —Two separate attacks by suspected al-Qaeda-linked militants in restive northeastern Mali Thursday killed 64 people including dozens of civilians, the country’s transitional government said. The attacks targeted a passenger boat on the Niger River near Timbuktu and an army base in Bamba, in the northern Gao region, killing 49 civilians and 15 soldiers, according to the interim government’s statement. The attacks were claimed by Support Group for Islam and Muslims (GSIM), a militant group associated with al Qaeda, the government said. The Sahara-Sahel region, of which Mali is a part, has seen an escalation of violence in recent years as an Islamic insurgency brews near the borders of Mali, Burkina Faso, and Niger. The United Nations in June said “endless” violence was being unleashed on civilians in northeastern Mali by the Islamic State (ISIS) militant group and its affiliates.

Persons: ” Organizations: CNN, Mali Thursday, Malian Army, Support Group, Islam, The United Nations, Islamic, UN Locations: restive, Mali, Niger, Timbuktu, Bamba, Gao, Rharous Cercle, al Qaeda, Burkina Faso

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

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