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☆ Xi Jinping estimates China’s 2022 GDP grew at least 4.4%. But Covid misery looms
▼ + stars: | 2023-01-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s economy grew at least 4.4% in 2022, according to leader Xi Jinping, a figure much stronger than many economists had expected. China’s annual GDP is expected to have exceeded 120 trillion yuan ($17.4 trillion) last year, Xi said in a televised New Year’s Eve speech on Saturday. Economists had generally expected growth to slump to a rate between 2.7% and 3.3% for 2022. But an explosion of Covid infections, triggered by the abrupt easing of pandemic restrictions in early December, is clouding the outlook. However, some forecast the economy will rebound after March, as people learn to live with Covid.

☆ What retail investors are investing in and what to expect for 2023
▼ + stars: | 2022-12-25 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

It's been a tough year for retail investors — and it's not necessarily expected to get any easier in 2023. "Post-Covid overall net inflow of retail investors has tripled, and almost quadrupled, and stayed there." When it comes to individual stocks, retail investors are buying companies such as Tesla , Apple and Nvidia , according to Vanda Research. Retail investors will likely stick with their game plan into 2023, said Vanda Research's Iachini. "We struggle to see retail investors going back to speculation or doubling down on risky bets to try to make up their losses," he said.

☆ Southeast Asian venture capital firms expect to be pickier in 2023 than in 2022
▼ + stars: | 2022-12-20 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

Venture capital-backed companies only raised $369 billion for the first three quarters of 2022, according to Crunchbase data. Malte Mueller | Fstop | Getty ImagesVenture capital firms in Southeast Asia will probably be pickier next year, with valuations plunging and economic headwinds slowing growth in 2022. Sequoia Southeast Asia raised a $850 million fund in June, East Ventures raised $550 million in July, and Insignia Ventures Partners raised $516 million in August. Indonesia-based e-grocery company HappyFresh ceased operations in Malaysia after seven years, while Grab discontinued its quick commerce service GrabMart Kilat in Indonesia. "The 15-minute model of quick commerce in Southeast Asia is very difficult because the unit economics are very negative.

☆ Retail investors turn to ETFs as recession fears knock down meme stocks
▼ + stars: | 2022-12-16 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

Dec 16 (Reuters) - Retail investors are doubling down on Exchange Traded Funds (ETFs) as rising interest rates and volatile markets curb their appetite for risky assets such as meme stocks, SPACs and cryptocurrencies. On average, retail investors' portfolios are down about 39% in 2022 after recording gains of 18% in 2021, JPMorgan analysts Peng Cheng and Emma Wu said. The investment trend, however, is leaning more toward ETFs tracking broader markets and away from the meme stock frenzy of 2021 that saw retail investors banding together on social media forums to fuel eye-popping gains in GameStop (GME.N), AMC (AMC.N) and others. Retail investors' average daily trading volume in U.S. stocks has amounted to $13.8 billion so far in 2022, compared with $14.2 billion a year earlier, which was the peak of meme stock trading frenzy, according to the report. Meanwhile, the U.S. Securities and Exchange Commission on Wednesday voted to propose some of the biggest changes to American equity market structure in nearly two decades, aimed at boosting transparency and fairness while increasing competition for individual investors' stock orders.

☆ Vatican says China violated pact on bishops, wants explanation
▼ + stars: | 2022-11-26 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

REUTERS/Aly SongVATICAN CITY, Nov 26 (Reuters) - The Vatican on Saturday accused Chinese authorities of violating a bilateral pact on the appointment of bishops by installing one in a diocese not recognised by the Holy See. A statement said the Vatican learned with "surprise and regret" that the bishop of another district had been installed as auxiliary, or assistant, bishop in Jiangxi. The unauthorized installation appeared to be one of the most serious violations of a 2018 agreement between the Vatican and Beijing on the appointment of bishops. The Vatican was expecting an explanation from Chinese authorities and was hoping that the "similar episodes are not repeated," the statement said. The Vatican statement came a day after a Hong Kong court found Zen and five others guilty of failing to register a now-disbanded fund for pro-democracy protesters.

☆ How AMD became a chip giant and leapfrogged Intel after years of playing catch-up
▼ + stars: | 2022-11-22 | by ( Katie Tarasov | ) www.cnbc.com time to read: +6 min

After AMD and Intel parted ways, AMD reverse engineered Intel’s chips to make its own products that were compatible with Intel’s groundbreaking x86 software. Intel sued AMD, but a settlement in 1995 gave AMD the right to continue designing x86 chips, making personal computer pricing more competitive for end consumers. For those, AMD turned to Taiwan Semiconductor Manufacturing Co., which now makes all of AMD’s most advanced chips. AMD’s data center customers include Amazon Web Services, Google Cloud, Oracle, IBM and Microsoft Azure. And so now it suddenly makes sense to do more customized solutions.”Former Xilinx CEO Victor Peng and AMD CEO Lisa Su on stage in Munich, Germany, at the AMD

☆ APEC summit host Thailand urges leaders to put aside differences
▼ + stars: | 2022-11-18 | by ( Juarawee Kittisilpa | ) www.reuters.com time to read: +4 min

[1/3] Thailand's Prime Minister Prayuth Chan-ocha, wife Naraporn Chao-ocha, China's President Xi Jinping and wife Peng Liyuan attend the Gala dinner of the APEC Summit 2022, in Bangkok, Thailand, November 17, 2022. Thailand Government House/Handout via REUTERSBANGKOK, Nov 18 (Reuters) - Thailand, the host of the APEC summit, urged leaders of the group meeting in Bangkok on Friday and Saturday to "rise above differences" and focus on resolving pressing global economic issues in areas such as trade and inflation. China's President Xi Jinping is attending the summit, while the United States is being represented by U.S. Vice President Kamala Harris. Security was tight at the APEC summit with around 100 anti-government protesters gathered and planning to march on the meeting venue on Friday morning. First Deputy Prime Minister Andrei Belousov will represent him at APEC.

☆ Qatar 2022: World Cup fans acclimatise to desert accommodation -- in tents and portacabins
▼ + stars: | 2022-11-18 | by ( Ben Church | ) edition.cnn.com time to read: +6 min

Doha, Qatar CNN —As fans trickle into Qatar, they’re understandably in holiday mode as they look forward to the prospect of a desert World Cup. But where best to stay in a country that is geographically on a peninsula smaller than Connecticut and is the smallest World Cup host in history? Container living in the desert ... World Cup style. Some World Cup visitors, however, were less impressed with what was on offer. With just two days to go until the first match, the nation is putting the final touches to its preparations as it braces itself for a World Cup like no other.

☆ Retail traders have been selling into the rally, but they are buying two tech names
▼ + stars: | 2022-11-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Retail traders have dumped select big-name tech stocks in the past week, making it the biggest selling week since March 2020, according to JPMorgan. The sell-off followed last month's dismal earnings week for Big Tech as companies floundered due to slides in advertising revenue. On a net basis, retail investors sold $657 million in Amazon shares and $612 million in Apple, JPMorgan found. On a net basis, retail investors sold $408 million of the chipmaker's shares in the past week, according to JPMorgan. Meanwhile, retail investors were net buyers of Alibaba , snapping up $92 million in shares in the past week.

Patrick Pleul/Getty Images; Vicky Leta/InsiderLate Thursday, Elon Musk began his much-anticipated mass layoffs at Twitter. The layoffs are part of a new culture that Musk has unleashed at the company. But now, this person said, the company's new workaholic culture is "psychologically unsafe" and has "Elon's stamp all over it." How Gen Z is shaping the workplace. They're happier, they have a lot more confidence, and they feel like they're able to conquer a lot more than before."

☆ Retail investors are dumping most of Big Tech except one stock
▼ + stars: | 2022-11-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Retail investors have been shunning most of Big Tech this past week, according to JPMorgan. Strategists at the bank led by Peng Cheng said retail investors dumped $130 million worth of Meta stock, sold $122 million of Amazon and $112 million of Apple. Cheng, JPMorgan's head of big data and artificial intelligence strategies, said the Google parent's stock saw a $137 million boost from retail investors. He also said Alphabet was "the most popular name" this past week. Overall, retail traders bought $2.2 billion in stocks and funds this past week, the second consecutive week of positive inflow, Cheng said.

☆ Bullish on Estee Lauder, Starbucks, even as China set to hold back earnings
▼ + stars: | 2022-11-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Wall Street's worried China's draconian Covid-19 restrictions — which have weighed heavily on the world's second largest economy for nearly three years — could drag down earnings at Estee Lauder (EL) and Starbucks (SBUX) when the two U.S. companies report this week. Estee Lauder reports its 2023 fiscal first-quarter results Wednesday before the opening bell. Coffee chain Starbucks, which relies on China for roughly 13% of sales, is another U.S. retailer facing "mounting China concerns," according to Baird. Similarly with Estee Lauder, we're convinced that once Covid restrictions are lifted, Chinese demand for its beauty products will improve. Beyond the China headwind, we maintain our thesis that Estee Lauder is a leader is its industry that can withstand short-term pressures.

☆ He Lifeng: China's expected new economic tsar has big shoes to fill
▼ + stars: | 2022-10-30 | by ( Kevin Yao | ) www.reuters.com time to read: +3 min

BEIJING, Oct 30 (Reuters) - He Lifeng, head of China's state planning agency, is likely to succeed the country's economic tsar Vice Premier Liu He in March, but may struggle to maintain his predecessor's policy clout. That paves the way for He's expected promotion as the 70-year-old Liu is due to step down in March. The departing Liu, Xi's top economic adviser and a childhood friend, holds an unusually powerful portfolio: it covers economic policy, the financial sector and trade ties with Washington, overshadowing the role of outgoing Premier Li Keqiang. Some analysts say part of the expanded role that Liu built up during his time as economic tsar could be taken over by other top officials. "If He Lifeng does indeed get the job, his portfolio will overlap with that of the new Premier, Li Qiang," Julian Evans-Pritchard at Capital Economics said in a note.

Then, two men led Mr. Hu — who appeared reluctant to go — out of Beijing’s Great Hall of the People. Was Mr. Hu, 79, suffering from poor health, as Chinese state media would later report? When the aide finally succeeds in coaxing Mr. Hu from his chair, Mr. Li, the No. As the two aides begin guiding Mr. Hu away from his seat, the older leader stops to say something to Mr. Xi. The state broadcaster’s news program that night showed footage of Mr. Hu voting, and then his empty seat later in the ceremony, without explanation.

☆ Beijing Protester’s Battle Cry Sends Ripples Worldwide
▼ + stars: | 2022-10-22 | by ( Wenxin Fan | Shen Lu | ) www.wsj.com time to read: 1 min

On the morning of Oct. 13, an email landed in the inboxes of more than two dozen recipients including Chinese media outlets, popular bloggers and rights activists. Sent under the name Peng Lifa, it called on the recipients to launch protests against Xi Jinping taking a norm-breaking third term in power, according to a Wall Street Journal review of the email.

☆ 7 Chinese nationals charged in alleged plot to repatriate U.S. resident
▼ + stars: | 2022-10-21 | by ( Leila Sackur | ) www.nbcnews.com time to read: +5 min

Federal authorities have charged seven Chinese nationals over an alleged long-running harassment campaign to try and intimidate a U.S. resident into returning to China. “The United States will firmly counter such outrageous violations of national sovereignty and prosecute individuals who act as illegal agents of foreign states,” he added. Surveillance footage showed Guanyang An, left, and Weidong Yuan visited the victim's residence and took photographs of it, according to the indictment. “That same government sent agents to the United States to harass, threaten, and forcibly return them to the People’s Republic of China,” he added. In 2020, federal prosecutors arrested five people accused of trying to coerce Chinese citizens to go home.

☆ U.S. charges 7 in alleged plot to repatriate U.S. resident to China
▼ + stars: | 2022-10-20 | by ( Sarah N. Lynch | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 20 (Reuters) - The United States unsealed criminal charges on Thursday against seven Chinese nationals accused of waging a surveillance and harassment campaign against a U.S. resident and his family, in a bid by the Chinese government to repatriate one of them back to China. Register now for FREE unlimited access to Reuters.com RegisterThe lead defendant, Quanzhong An, and his daughter were arrested on Thursday morning. The United States does not have an extradition treaty with China. The man and his son are identified only as "John Doe-1 and John Doe-2." As part of the plot, the defendants allegedly coerced a relative of the family to travel from China to the United States in a bid to convince John Doe-1 to return to the country.

☆ Burned-out young people in Hong Kong are escaping to a peaceful island
▼ + stars: | 2022-10-19 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Craftsman Jesse Yu, 32, crosses on a ferry to Victoria Harbour, with the financial district seen in the background, in Hong Kong, China September 23, 2022. Newcomers drawn by an idyllic lifestyle and low rents in one of the world's priciest property...moreCraftsman Jesse Yu, 32, crosses on a ferry to Victoria Harbour, with the financial district seen in the background, in Hong Kong, China September 23, 2022. Newcomers drawn by an idyllic lifestyle and low rents in one of the world's priciest property markets are rejuvenating Peng Chau, reversing an exodus in the 1970s as fortunes waned in the area, once home to Hong Kong's biggest matchstick factory. REUTERS/Tyrone SiuClose

But the theme of the event is continuity — of President Xi Jinping as leader, and with that the likelihood of friction with the U.S.-led West. Xi, China’s most powerful leader in decades, is poised to secure an unprecedented third term at this week’s twice-a-decade National Congress of the Chinese Communist Party in Beijing. “Those achievements have certainly strengthened the president’s leadership.”Under Xi, China’s gross domestic product has more than doubled to $17.7 trillion. Born in Beijing in 1953, Xi enjoyed a privileged youth as the second son of Xi Zhongxun, a Chinese communist revolutionary. “The long-term goals of President Xi, as well as general attitudes in the West, will make it very difficult for us to have more cooperation during his third term,” she said.

"People need space, but there's so much noise in the city," added the 36-year-old devotee of Buddhism and Zen. "These social events are important catalysts," said Ng Mee-kam, a professor of urban studies at the Chinese University of Hong Kong. "He was quite amazed and asked me whether we young people can really survive on dreams," added Yu, whose workshop, tucked behind a bed in his studio flat, is about 100 sq. "My dream is just a wall away from me," added Yu, who works freelance in corporate communications and sometimes goes kayaking with Chan, a good friend. "After moving to Peng Chau, I realised I don't need to emigrate anymore," Chan said.

☆ China ex-official Zhang makes first appearance since sexual assault claim
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 16 (Reuters) - Chinese former Vice Premier Zhang Gaoli made his first public appearance on Sunday since Chinese tennis star Peng Shuai accused him of sexual assault last year, attending the 20th Communist Party Congress. Her post led the Women's Tennis Association to suspend tournaments in China and caused an international outcry over her safety. Hu, 79, slightly unsteady but appearing healthy, followed immediately behind Xi onto the stage and sat next to Xi. Other retired leaders on the rostrum included other former members of the party's elite Standing Committee, which rules China, including Jia Qinglin and Zeng Qinghong. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yew Lun Tian; Writing by Ben Blanchard and William MallardOur Standards: The Thomson Reuters Trust Principles.

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