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☆ China's economy looks like a mess — but some sectors are quietly doing well in its '2-speed economy'
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves. Real estate — which was a huge part of China's economy — has been hit badly, he said. AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up. AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet. Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.

Persons: —, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo Organizations: Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford Locations: China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea

☆ 2024 is already straining the seams of China and Russia's 'no limits' partnership
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's finance ministry has been discussing yuan loans with its China counterparts — but a delayed decision suggests the two countries' "no limits" partnership may be under strain. Russian Finance Minister Anton Siluanov told RIA state news agency in an interview published on Monday that Russia is discussing the issue with Chinese authorities. Russia's finance ministry did not immediately respond to a request for comment from Business Insider. However, two years after Russia started its ongoing war in Ukraine, Russia and China appear to be continuing to conduct business as usual. Three of China's Big Four state banks have halted payments from sanctioned Russian financial institutions, Russia's Izvestia news outlet reported on February 21.

Persons: Anton Siluanov, Siluanov, Vladimir Putin, Dong Jinyue, SCMP Organizations: China, Russian, Business, Beijing, Street, China Morning Post, BBVA Research, Russia Locations: Russia, China, Moscow, Ukraine, Madrid, Russian

☆ Goldman Sachs CEO David Solomon isn't so sure the US is on track to avoid a recession
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The US economy appears really robust — GDP grew 3.3% in the fourth quarter, the job market is strong, and stock markets are on fire. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ Shein is considering moving its massive IPO from New York to London amid scrutiny over its supply chains and ties to China
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Fast-fashion giant Shein is considering moving its IPO from New York to London. US lawmakers have cited concerns over Shein's supply chain and its ties to the Chinese Communist Party. AdvertisementFast-fashion brand Shein may move its initial public offering, or IPO, from New York to London, Bloomberg reported on Tuesday. It was seeking a valuation of $80 billion to $90 billion, Bloomberg reported at the time. This would put it just behind Porsche's $9.1 billion IPO in 2021, per Bloomberg records.

Persons: —, confidentially, It's, Shein, Marc Rubio Organizations: SEC, Chinese Communist Party, Service, Bloomberg, US Securities and Exchange Commission, Business Locations: New York, London, China, Singapore, Hong Kong, Xinjiang

☆ Putin needs to keep Russia in a 'permanent' state of war to stay in power, expert says
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Russian President Vladimir Putin needs to ensure his country stays in a permanent state of war to consolidate his power, according to a new book from Marie Mendras, a professor at Sciences Po University's Paris School of International Affairs. "He has the logic of a paranoid leader," Mendras told France 24 on Monday. It's unlikely Russia will be witnessing a major revolution or rebellion because it's a "dangerous dictatorship," said Mendras. Russia's war against Ukraine triggered sweeping Western sanctions against Moscow, isolating its economy and weakening Russia diplomatically.

Persons: —, Vladimir Putin, Marie Mendras, Mendras, Putin, Boris Yeltsin —, Alexey Navalny, Navalny Organizations: Service, Sciences Po University's Paris School of International Affairs, France, Guerre permanente, Moscow, EU Locations: Russia, Guerre, Chechnya , Georgia, Donbas, Syria, Ukraine, It's

☆ China's latest market crackdown shows it hasn't learned any lessons
▼ + stars: | 2024-02-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China has curbed short selling and quant trading activities to support its flailing stock markets. AdvertisementBeijing is now trying to support the flailing Chinese stock markets by pulling a familiar move — cracking down on private sector activities. Remember — China's recent private sector enterprise crackdown wiped out over a trillion dollars from its tech sector alone and spooked entrepreneurs. China isn't the first to curb stock market activities — the US also cracked down on short-selling during the 2008 financial crisis. China's securities regulator said on Thursday it wasn't trying to interfere with trading activities, but will crackdown on "illegal activities" that disrupt market order.

Persons: —, They're, George Boubouras, isn't, Eswar Prasad Organizations: Service, Bloomberg, Asset Management, China isn't, Cornell University, International Monetary Fund, Nikkei Locations: China, Beijing, Hong, Melbourne

☆ Putin appears unstoppable, but even he 'doesn't know where the tolerance of the Russian people lies,' an economic historian said
▼ + stars: | 2024-02-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's economy appears resilient amid its war with Ukraine which has entered its third year. Military spending has reached 40% of Russia's budget, overshadowing social spending. AdvertisementDespite sweeping Western sanctions over the invasion of Ukraine, Russia posted a GDP growth of 3.6% in 2023 after contracting 1.2% in 2022. Experts say Russia's growth is driven primarily by war spending and subsidies. An International Monetary Fund official told CNBC earlier this month that Russia's economy is starting to look like the Soviet Union's.

Persons: —, Putin, Mark Harrison, Harrison, Alexandra Prokopenko Organizations: Guardian, Military, Service, Warwick University, Monetary Fund, Foreign Affairs, Carnegie Russia Eurasia Center, Center of Eastern European, International, International Monetary Fund, CNBC Locations: Ukraine, Moscow, Russia, Russian, Soviet Union, Soviet

☆ The markets are on fire — but Larry Summers says investors may not be fully pricing in political and social risks
▼ + stars: | 2024-02-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: 1 min

AdvertisementThe markets are on fire, with a Big Tech rally extending into 2024 thanks to monster gains in Nvidia's stock. However, the markets may not be fully pricing in political and social risks, former Treasury Secretary Larry Summers said at the FII Priority summit in Miami on Thursday. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?

Persons: Larry Summers, Summers, Eric Schmidt Organizations: Big Tech, Business Locations: Nvidia's, Miami

☆ Jensen Huang, the CEO of Nvidia, is on the cusp of becoming one of the richest 20 people in the world
▼ + stars: | 2024-02-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Nvidia's stock surge has boosted cofounder and CEO Jensen Huang's net worth. Huang, now worth nearly $70 billion, is close to entering the ranks of the world's top 20 billionaires. Nvidia's share price surge is thanks to a boom in artificial intelligence and impressive company earnings. Since the start of 2022, Nvidia's stock price has increased five times, sending the fortune of cofounder and CEO Jensen Huang skyrocketing. Now worth nearly $70 billion, the 61-year-old Huang — who owns 3.5% of Nvidia — is on the cusp of breaking into the ranks of the world's top 20 billionaires on the Bloomberg Billionaires Index.

Persons: Jensen, Huang, —, Jensen Huang skyrocketing, Huang — Organizations: Service, Nvidia, Bloomberg, Business Locations: Santa Clara

☆ Demand for Nvidia's chips is so high that Jensen Huang had to assure analysts the company is allocating them 'fairly'
▼ + stars: | 2024-02-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

CEO Jensen Huang assured analysts that the company is distributing chips "fairly." Nvidia's fourth-quarter revenue surpassed Wall Street expectations, reaching $22.1 billion. AdvertisementHot chip stock Nvidia has a problem — a good one. The company is seeing so much demand for its AI chips that cofounder and CEO Jensen Huang had to give assurance that the company is allocating them "fairly." Nothing is more difficult than to have anything sit around," said Huang, saying Nvidia wants to avoid "allocating unnecessarily."

Persons: Jensen Huang, —, Huang, OpenAI's ChatGPT, Cathie Wood Organizations: Nvidia, Service, Street

☆ Russia has managed to skirt many of the West's sanctions, but they still come at a cost to Putin: economist
▼ + stars: | 2024-02-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Sanctions against Russia work as they limit access to funding, technology, and oil revenues, an economist told The Conversation. Without Western sanctions, Ukraine would be having a harder time in the war with Russia. While Russia has managed to circumvent some sanctions, they come at a price. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: —, Sergei Guriev Organizations: Service, Sciences Po Paris, Business Locations: Russia, Ukraine, Russian

☆ Starbucks launched a pork-flavored coffee in China. It costs $10 and is dividing people.
▼ + stars: | 2024-02-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Starbucks has launched a pork-flavored coffee in China. The Seattle-based coffee giant recently rolled out a pork-flavored latte in China for the Chinese New Year season that started on February 10. The pork-flavored coffee has gone viral on Chinese social media — mostly because people were wondering if it's for real. The Starbucks beverage is far more expensive than rival Luckin Coffee, which can cost as little as $1.40 thanks to aggressive discounts. Sales of Luckin Coffee overtook Starbucks in China in the second quarter of last year.

Persons: —, Savory Latte, Lucky Savory Latte, Instagram, Luckin Organizations: Starbucks, Service, Business Locations: China, Seattle, Shanghai, Starbucks China, Hong Kong

☆ Finland, which shares a border with Russia, plans to build 300 new shooting ranges as interest in national defense surge
▼ + stars: | 2024-02-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Finland plans to open new shooting ranges due to a surge in interest following Russia's invasion of Ukraine. The Finnish government aims to increase the number of civilian shooting ranges from 670 to about 1,000 by 2030. Since existing shooting ranges also cater to other users like hunters and the police, more facilities are required due to heavy usage. AdvertisementThere are about 670 shooting ranges for civilians in Finland — down from over 2,000 before the year 2000. Meanwhile, the Finnish defense ministry plans to "safeguard the activities of Finland's shooting ranges and promote the establishment of new shooting ranges," a spokesperson told the Guardian.

Persons: —, Russia —, People shouldn't, Jukka Kopra Organizations: Nordic, NATO, Service, Yle, Finns, People, National Coalition, Guardian, Helsinki, US, Kremlin Locations: Finland, Ukraine, Russia, Moscow, Finnish

☆ China's biggest banks are finally getting scared by the West's sanctions against Russia
▼ + stars: | 2024-02-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have stopped the transactions since the start of 2024, Alexey Poroshin, the general director of investment and consulting firm First Group, told Izvestia. In December, the US also authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. Chinese banks are tightening compliance checks with Russian businesses because they fear getting caught up in the West's increasingly restrictive sanctions regime against Russia over its invasion of Ukraine. Industrial and Commercial Bank of China, China Construction Bank, and Bank of China did not immediately respond to a request for comment from Business Insider. In particular, Russian firms trading internationally have become more dependent on Chinese institutions and the Chinese yuan since some Russian banks withdrew from the SWIFT global financial-messaging system .

Persons: —, Alexey Poroshin, Poroshin, Dmitry Peskov Organizations: Russia, Service, Commercial Bank of, China Construction Bank, Bank of, First Group, Union, Industrial, Bank of China, Business, SWIFT Locations: Russia, Commercial Bank of China, China, Bank of China, —, Ukraine, India, West, Beijing

☆ Burned-out South Korean trainee doctors walked off their jobs over a plan to boost med school enrolment
▼ + stars: | 2024-02-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Over 1,600 trainee doctors in South Korea walked off their jobs on Tuesday over a government plan to increase med school enrolment quotas, according to media reports. They comprise nearly half of all 13,000 trainee doctors in South Korea. Trainee doctors in South Korea regularly work shifts that stretch over 24 hours, according to a survey from a major medical trade union. AdvertisementDoctors also say an increase in medical school enrolment could compromise the quality of education and services, per Yonhap. AdvertisementIt's not the first time doctors in South Korea have walked off the jobs against a planned expansion of enrolment in the country's medical school quota.

Persons: — Organizations: Service, South Korea —, Organisation for Economic Co, Korean, Gallup, Associated Press, South Locations: South Korea

☆ Capital One to acquire Discover for $35 billion, merging 2 of the US' largest credit-card companies
▼ + stars: | 2024-02-19 | by ( Nora Naughton | Huileng Tan | ) www.businessinsider.com time to read: +1 min

Capital One is set to acquire Discover Financial Services in a $35.3 billion all-stock deal. The deal would merge two of the largest credit-card issuers in the US. Capital One Financial is set to acquire Discover Financial Services in an all-stock deal valued at $35.3 billion, the two companies announced on Monday. The deal — first reported by the The Wall Street Journal — would merge two of the largest credit-card issuers in the US. "Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies," Richard Fairbank, Capital One's founder, chairman and CEO said in the statement.

Persons: —, Richard Fairbank Organizations: Discover Financial Services, Discover, Capital, Capital One's, Business

☆ Salaries in Russia rose by over 7% last year, further showing how the war is boosting the country's economy
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Real wages in Russia increased by 7.6% in the first 11 months of 2023, beating inflation. Russia's economy remains resilient due to wartime spending and government subsidies. AdvertisementRussia's wartime labor crunch is boosting salaries so much that wage gains are beating inflation. Real wages have risen 33.2% over six years, he added. As the war Ukraine heads into its third year, Russia's economy appears resilient.

Persons: —, Anton Kotyakov, Vladimir Putin's, Putin, Elvira Nabiullina, Nabiullina Organizations: Service, Russia's, Labor, Social Protection, TASS, Bloomberg Locations: Russia, Ukraine

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ China is heading for a 'lost decade' if it doesn't reform and grow, an analyst says
▼ + stars: | 2024-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China risks a "lost decade" of slow growth if it doesn't reform its economy, warns an economist. AdvertisementChina faces a "lost decade" of sluggish economic growth much like Japan if it doesn't reform its economy, according to an economist. "China could certainly have a lost decade of growth," Rory Green, the chief China economist at GlobalData.TS Lombard, wrote in a note on Thursday. Leaders are attempting to create a new political-economic model, one less reliant on debt-fueled property-led growth," wrote Green. Meanwhile, technocrats in China generally believe China needs to reform and grow — or risk a Japan-style lost decade, Green added.

Persons: Beijing's, —, Rory Green, GlobalData.TS Lombard, Xi Jinping, Green Organizations: Service, cri sis Locations: China, Japan, GlobalData.TS, Beijing, technocrats

☆ Putin is once again telling Russians to have more babies, and this time he's saying ethnic survival is at stake
▼ + stars: | 2024-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian President Vladimir Putin is telling the country's citizens to have more kids for ethnic survival. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . He's calling on Russians to have more babies to preserve their ethnicity, Reuters reported on Thursday. "If we want to survive as an ethnic group — well, or as ethnic groups inhabiting Russia — there must be at least two children," Putin said at a tank factory, according to the news agency. Advertisement"In order to expand and develop, you need at least three children," said Putin, per Reuters.

Persons: Vladimir Putin, —, Putin, It's, Xi Jinping Organizations: Service, Reuters, UK's Ministry of Defence, Russian People's Council Locations: Russia, Ukraine, Moscow, China

☆ Send Sam Altman random ideas for AI videos — he might make them with OpenAI's new 'Sora' tool
▼ + stars: | 2024-02-16 | by ( Lauren Steussy | Huileng Tan | ) www.businessinsider.com time to read: +2 min

OpenAI's Sam Altman unveiled a new video-generating tool called Sora. Sora creates realistic videos based on user prompts, including images and longer videos. The AI company behind ChatGPT announced the new tool, Sora, on Thursday. It's designed to create realistic videos based on user prompts. In response, Sora delivered a bunch of sea creatures, some with human-like legs, biking on water.

Persons: OpenAI's Sam Altman, —, Sam Altman, ChatGPT, It's, Altman, sora, Sora Organizations: Service

☆ Putin is now going after people's money and property if they criticize the war in Ukraine
▼ + stars: | 2024-02-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewVladimir Putin is doubling down on critics of Russia's war in Ukraine. The punishment applies only to assets gained via criminal means or "used for activities aimed against Russia's national security," per TASS. Multiple people in Russia have already been jailed for criticizing the war in Ukraine, the Associated Press reported in July 2022. Russia's new law comes as the war in Ukraine approaches its third year, and a month before Putin seeks a fifth presidential term in a presidential election slated for March.

Persons: —, Vladimir Putin, Vyacheslav Volodin, Putin Organizations: Service, TASS, Business, Associated Press Locations: Ukraine, Russian, Russia

☆ Chinese consumers are about to return from the holidays. That doesn't mean the economy will pick up.
▼ + stars: | 2024-02-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

AdvertisementChina's economy and markets were weak coming into 2024, but investor sentiment could worsen after the ongoing Chinese New Year break. "Service consumption growth will likely slow sharply after the Chinese New Year holiday on fading pent-up demand and weakening consumer confidence," the economists wrote. Authorities have pulled more than a dozen moves since January to try to stabilize the stock market rout and support downbeat property market demand amid its real-estate crisis. After all, there were suggestions earlier that authorities are considering a stabilization fund to rescue the flailing stock market. AdvertisementMainland stock markets are closed this week for public holidays.

Persons: —, Rich Lesser, Lesser, Hang, Xi Jinping Organizations: Beijing, Service, Chinese Ministry of Commerce, Nomura, Boston Consulting, Hang Seng China Enterprises, Authorities Locations: China, Beijing, Hong Kong

☆ Don't count on mortgage rates falling just yet. A Fed official says interest rate cuts may only come in the summer.
▼ + stars: | 2024-02-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Atlanta Fed President Raphael Bostic told CNN he expects the first interest rate cuts in the summer. He said he expects the US inflation rate to fall to "the lower twos" only by end-2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On Monday, Raphael Bostic, the president of the Atlanta Fed, told CNN he's expecting the US inflation rate to fall to "the lower twos" by the end of this year — down from 3.4% in December.

Persons: Raphael Bostic, —, CNN he's Organizations: Atlanta Fed, CNN, Service, Business

☆ The US wants to auction off an oligarch's seized $300 million yacht that's been racking up $600,000 a month in maintenance
▼ + stars: | 2024-02-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The US wants to auction a $300 million superyacht seized from a Russian oligarch due to high maintenance costs. Another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants it back. AdvertisementThe US wants to sell a $300 million superyacht seized from a Russian oligarch because it's getting too expensive to maintain it, a court filing from Friday shows. The problem is that another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants the vessel back. They told Bloomberg in a statement that the seizure was "unlawful" and that their client would pay the US back for the maintenance of the Amadea yacht.

Persons: Suleiman Kerimov, Eduard Khudainatov, —, it's, Amadea, Khudainatov hasn't Organizations: Service, US Department of Justice, US, Khudainatov, Bloomberg, Court, Southern District of Locations: Fiji, Russian, Southern District, Southern District of New York

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