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☆ Japan and the UK are in recessions. Is the US next?
▼ + stars: | 2024-02-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —And just like that, two of the world’s largest economies are in technical recessions. On Thursday, Japan and the UK both reported their second consecutive negative quarters of gross domestic product, fitting the widely agreed-upon definition of a recession. In 2022, the nation’s population declined by 800,000, marking the 14th consecutive year of contraction. In the UK, however, population and wage growth weren’t sufficient to stave off a drop in consumer spending, one of the main drivers of that economy. In the past two quarters, the nation’s economy experienced much higher than expected GDP growth, due in large part to robust consumer spending.

Persons: Paul Donovan, ” Donovan, Kazuhiro Nogi, ”, didn’t, Jerome Powell, “, it’s, there’s, Powell, Philipp Carlsson, doesn’t, “ it’s, Carlsson Organizations: New, New York CNN, UBS Global Wealth Management, Getty, National Bureau of Economic Research, don’t, US Federal Reserve, Boston Consulting Locations: New York, Japan, Germany, AFP, Ukraine

☆ Despite Japan’s economic recession, Asian stocks rise
▼ + stars: | 2024-02-16 | by ( Diksha Madhok | Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong/New Delhi CNN —Japan’s stock market defied gloomy economic data to rally Friday, lifting broader Asian shares and ending the week on a buoyant note. Japan’s benchmark Nikkei 225 index closed above 38,000 points for the second day in a row, just a whisker off its historic peak reached in December 1989. “If anything, the window of opportunity created by the weak yen is encouraging international investors, as they suspect it will close soon,” he added. The MSCI’s broadest index of Asian shares excluding Japan closed more than 1% higher. On Wall Street, the S&P 500 closed at a record high of 5,029.73 Thursday as US stocks bounced back from steep losses earlier this week.

Persons: ”, Neil Newman, Stephen Innes, Austan Goolsbee, Innes, Korea’s Organizations: Hong Kong / New Delhi CNN, Analysts, Japan, Dow, Nasdaq, Federal Reserve, Fed, Chicago Fed Locations: Hong Kong / New Delhi, Tokyo, United Kingdom, Asia, Pacific, New York, China

☆ Ross Gelbspan, Who Exposed Roots of Climate Change Deniers, Dies at 84
▼ + stars: | 2024-02-16 | by ( Trip Gabriel | ) www.nytimes.com time to read: +1 min

The cause was chronic obstructive pulmonary disease, his wife, Anne Gelbspan, said. Mr. Gelbspan’s career included reporting on dissidents in the Soviet Union and on F.B.I. harassment of domestic critics, and his interest in the climate crisis, like those other subjects, came from a sense of outrage that powerful interests were suppressing information needed for democracy. “I didn’t get into the climate issue because I love the trees — I tolerate the trees,” he said on YouTube last year. “I got into the issue because I learned the coal industry was paying a handful of scientists under the table to say nothing was happening to the climate.”

Persons: Ross Gelbspan, —, Anne Gelbspan, Gelbspan’s, ”, “ Organizations: Republican, YouTube Locations: Boston, Soviet Union

TOKYO (AP) — A new Japanese flagship H3 rocket lifted off from a space station in southwestern Japan on Saturday in a key second test flight a year after its failed debut launch. The H3 rocket blasted off from a launch pad at the Tanegashima Space Center two days after its originally scheduled liftoff which was delayed due to bad weather. The rocket's initial flight has been smooth as planned, the Japan Aerospace Exploration Agency, or JAXA, said in its livestreaming. The launch is closely watched as a test for Japan’s space development after H3 failed in its debut flight last March. JAXA and its main contractor Mitsubishi Heavy Industries have been developing H3 as a successor to its current mainstay, H-2A, which is set to retire after two more flights.

Organizations: TOKYO, Space, Japan Aerospace Exploration Agency, JAXA, Mitsubishi Heavy Industries, Associated Press Locations: Japan

☆ Japan’s Economy Slips Into Recession and to No. 4 in Global Ranking
▼ + stars: | 2024-02-15 | by ( Hisako Ueno | Daisuke Wakabayashi | ) www.nytimes.com time to read: 1 min

The Japanese economy contracted at the end of last year, defying expectations for modest growth and pushing the country into a recession. Japan’s unexpectedly weak economy in the fourth quarter was the result of a slowdown in spending by businesses and consumers who are grappling with inflation at four-decade highs, a weak yen and climbing food prices. The end of the year also marked a moment that had been expected: Japan’s economy, now slightly smaller than Germany’s, fell one notch to become the world’s fourth-largest economy. On an annualized basis, gross domestic product fell 0.4 percent in October through December after a revised 3.3 percent decline in the previous three-month period. Economists had been forecasting fourth-quarter growth of around 1 percent.

☆ The US economy is booming — but Japan and the UK just slipped into recession. Here's why.
▼ + stars: | 2024-02-15 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Two of the world's biggest economies are officially in recession, per new figures published Thursday. Meanwhile, UK growth shrank for the second straight quarter — just months ahead of a key election. Japan and the UK are both officially in recession, according to figures published Thursday, after Gross Domestic Product (GDP) fell for two consecutive quarters to close out 2023. UK: Cost-of-living crisis, weak spendingBritain also got some bad economic news Thursday, as official data showed its economy shrank by 0.3% between October and December — its second straight quarterly contraction. That officially put the UK into recession.

Persons: —, Dow Jones, It's, juicier, Goldman Sachs, Rishi Sunak Organizations: Service, Gross, Dow, Bank of, Britain, Bank of England’s, European Union, Conservatives, Labour Party, Politico Locations: Japan, Germany, China, European

☆ A Japanese bakery is using AI to produce ‘romance bread’ targeted at love-averse youth
▼ + stars: | 2024-02-14 | by ( Saki Toi | ) edition.cnn.com time to read: +4 min

Through this analysis, they identified five key feelings of romance: first encounter, first date, jealousy, heartbreak and mutual love. The bakery then reportedly worked its magic to transform these feelings into various flavors of fluffy steamed bread. Next, AI extracted the lyrics of approximately 35,000 songs related to love and food from a Japanese database. “The selection of ingredients was done by AI, but our role was to make them into bread,” said Yuki Kitazawa, a developer at Kimuraya bakery. “We paid attention to the colors used to express romantic emotions visually and aimed for a vibrant and pop appearance for Love Bread.”

Persons: “ Ren, Pan, Kimuraya, ”, Yuki Kitazawa Organizations: Tokyo CNN, NEC Corp, NEC, “ Locations: Japan, Kanto

☆ Japan’s economy slips into recession due to weak consumer spending
▼ + stars: | 2024-02-14 | by ( Hanako Montgomery | ) edition.cnn.com time to read: 1 min

Tokyo CNN —Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany. Gross domestic product shrank at an annualized pace of 0.4% in the last three months of 2023, the Cabinet Office said on Thursday. It was the second consecutive quarter of negative growth. Private consumption — which accounts for half of the economy — declined by 0.2%, as Japanese consumers battled higher prices for food, fuel and other goods. This is a developing story and will be updated.

Organizations: Tokyo CNN, Gross Locations: Germany

☆ Will Japan's bull run continue? Here's what the pros say — and how to invest
▼ + stars: | 2024-02-14 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

The enthusiasm for Japan's stocks was reflected on Tuesday when its benchmark index Nikkei 225 climbed to a 34-year high. Will its bull run continue though, and how should investors play this Asian market? Here’s what Wall Street and other pros say, and how to invest — including the stocks to buy. Jeremy Schwartz, global chief investment officer at WisdomTree, told CNBC’s “Squawk Box Asia” on Friday that Japanese stocks are a “catalyst-rich” asset class. How – and what – to invest Global investors may find it more accessible to invest in Japan markets via exchange-traded funds.

Persons: Morgan Stanley, Jesper Koll, Monex, Jeremy Schwartz, CNBC’s, ”, buybacks, ” Schwartz, Eastspring, Oliver Lee, Morgan Stanley’s, Morningstar, Kao, industrials, CNBC's Ganesh Rao Organizations: Nikkei, Eastspring Investments, —, Tokyo Stock Exchange, Ivailo Locations: Japan, China, Tokyo

☆ ‘Cute’ exhibition examines the complex power of all things adorable
▼ + stars: | 2024-02-14 | by ( Zara Khan | ) edition.cnn.com time to read: +8 min

How cuteness has taken over our world — and why — is a subject being explored in “Cute,” a new (and the first ever) exhibition devoted to the movement at London’s Somerset House. The Industrial Revolution and the rise of mass production allowed cuteness to be unleashed on the world — toys, books and illustrations could, increasingly, be made easily and cheaply. The exhibition — a world first — examines the enduring appeal of the cute aesthetic amongst adults and asks deeper questions about its allure. For Simon May, a professor of philosophy at King’s College London and author of “The Power of Cute,” kawaii is just part of a story which involves the country of Japan more broadly. The Edwardian artist is credited with increasing the cute appeal of our feline friends by giving them human hobbies and pastimes.

Persons: cuteness, Hattie Stewart, David Parry, ”, Somerset, Cliff Lauson, Tim Berners, Lee, Claire Catterall, Andy Holden's, Louis Wain —, Andy Holden’s, Joshua Dale, “, Isabelle Galleymore, Yumeji Takehisa, Simon May, kawaii, Louis Wain's, Kitty, Japan ”, Setsuko Tamura, Rachel Maclean’s, Maclean, ” May Organizations: CNN, London’s Somerset House, Somerset House, Somerset, Cats, King’s College London, Bethlem, panini, Somerset House Scottish, “ Locations: London’s, London, Somerset, Tokyo, Japan, ” Japan

TOKYO (AP) — Japan has slipped to the world’s fourth-largest economy as government data released Thursday showed it fell behind the size of Germany's in 2023. Japan fell from the second-ranked economy behind the U.S. to the third-largest in 2010 as China's economy grew. The comparisons among nations’ economies look at nominal GDP, which doesn’t reflect some different national conditions, and is in dollar terms. Japan’s nominal GDP totaled $4.2 trillion last year, or about 591 trillion yen. The gap between developed countries and emerging nations is shrinking, with India certain to overtake Japan in nominal GDP in a few years, Okazaki said.

Persons: Germany’s, Japan’s, Tetsuji Okazaki, ”, Okazaki, Konosuke Matsushita, ___ Yuri Kageyama Organizations: TOKYO, —, Monetary Fund, Japan, University of Tokyo, Honda, Honda Motor Co, Panasonic Corp, Japan Inc Locations: — Japan, Japan, Germany, India, U.S

☆ Japan’s Nikkei hits 34-year high
▼ + stars: | 2024-02-13 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s Nikkei share average closed at a fresh 34-year high on Tuesday as trading resumed after a long holiday weekend, with tech-related shares and strong corporate earnings supporting the benchmark stock index. The Nikkei climbed 2.89% to 37,963.97 to its highest since January 1990, after briefly breaching 38,000 points. The broader Topix rose 2.12%. Among other top gainers, Tokio Marine Holdings Inc and MS&AD Insurance Group Holdings Inc gained 11% and 10.82%, respectively. As the Nikkei climbs toward its all-time high, the US consumer price index (CPI) report out later on Tuesday will be in focus.

Persons: SoftBank, “, ” JP Morgan, ”, Charu Chanana Organizations: Tokyo Reuters, Japan’s Nikkei, Nikkei, Tokyo, SoftBank, ARM Holding, Tokio Marine Holdings Inc, Insurance, Holdings, CPI, Saxo Markets, Otsuka Holdings Locations: Tokyo

That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.

Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States

☆ Japan's 'Big Whale' submarines add another weapon to bottle up China's navy
▼ + stars: | 2024-02-10 | by ( Ben Brimelow | ) www.businessinsider.com time to read: +9 min

Named, JS Raigei (“Thunder Whale” in Japanese), the diesel-electric attack sub is the fourth boat of the Taigei-class , which translates to “big whale.”Its launch comes almost exactly one year after the launch of the third Taigei-class sub, JS Jingei (or “Swift Whale”). With a building time of about two years each, Japan has launched a new Taigei-class sub every year since 2020. China’s current sub fleet, numbering some 59 boats, includes approximately 10 improved Kilo-class , 12 Type 039-class , and 21 Type 039A-class diesel-electric attack subs. Japan is building a larger submarine fleet but it is still only about a third the size of China's. AdvertisementJapan has so far launched four Taigei-class submarines since 2018; JS Taigei, JS Hakugei, JS Jingei, and JS Raigei.

Persons: —, JS, Japan’s, ”, Li Organizations: Service, Kawasaki Heavy Industries, JS Raigei, Jingei, Self, Defense Force, AIP, JS Ōryū, JS Tōryū, JS Taigei, US Navy, Center for Strategic, International Studies, JS Hakugei, JS Jingei Locations: Japan, Kobe, Soviet Union, Russia, China, Beijing, Taiwan, East, South China, Miyako Strait, Philippines, Australia, South

As one of the first countries to the west of the international dateline, Tokyo is a full 17 hours ahead of Las Vegas. The two friends who secured tickets to Saturday’s last show said they started out as NFL fans and became “Swifties” after Kelce and Swift’s romance began. Roke Hiro (left) say they are originally NFL fans and became Swifties after Kelce and Swift began dating. Prior to her win of the coveted award, Swift was tied with Frank Sinatra, Stevie Wonder and Paul Simon, who along with her all previously won album of the year three times. Speaking at the Tokyo concert on Wednesday, she said she had planned to announce the new album at the Grammys if she won anything – and announce it in Tokyo if she didn’t win.

Persons: Taylor Swift, Swift, Travis Kelce, that’s, Kelce, Hiro, Swifties, Roke Hiro, Saki Toi, Ari Novianti, “, ”, Levi Myers, Seiko Inoue, Tricia Mears, ” “ Travis Kelce, He’s, ” Tricia Mears, CNN Swift, Welch, Patrick Smith, Frank Sinatra, Stevie Wonder, Paul Simon, she’s, – Organizations: Tokyo CNN —, Bowl, Kansas City Chiefs, dateline, Chicago Bears, NFL, CNN, Chiefs, AFC, Baltimore Ravens, T, “, Department Locations: Tokyo, United States, Japan, Las Vegas, Saitama, Indonesia, Kansas, Baltimore , Maryland

☆ How empty office space became the new bogeyman on Wall Street
▼ + stars: | 2024-02-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet Wall Street is suddenly freaking out about bad real estate loans and empty office buildings. One regional lender — New York Community Bancorp — has seen its stock price implode and its credit rating slashed to junk in part because of its exposure to bad office loans. Japan’s Aozora Bank startled investors by blaming bad loans linked to US offices for a projected loss. That’s a major problem for an industry like real estate known for piling on debt. Importantly, Zandi said these bank failures will be limited to smaller lenders — the ones sitting on suddenly shaky office loans.

Persons: —, ” they’re, It’s, ”, Ed Mills, Raymond James, gameplan, Paul Volcker, That’s, Spencer Platt, ” Alessandro DiNello, NYCB, Powell, Janet Yellen, Jerome Powell, “, ” Mills, Mark Zandi, ” Zandi, Zandi, ” Banks Organizations: New, New York CNN, —, York Community Bancorp, Japan’s, Bank, Federal Reserve, Fed, Regulators, New York Community Bancorp, York Community Bank, Getty, Moody’s, CNN Locations: New York, sweatpants, Washington, Brooklyn, New York City

☆ Messi’s ‘miracle’ return stirs Chinese anger and conspiracy theories
▼ + stars: | 2024-02-08 | by ( Simone Mccarthy | Chris Lau | ) edition.cnn.com time to read: +10 min

“(He) played in five of the six preseason games and only missed the game in Hong Kong, China! Don’t come to China, China doesn’t welcome you,” another user wrote in a post liked by 20,000 others. “Why didn’t Messi play in Hong Kong or participate in the handshake with HK (the Hong Kong) chief executive? Messi's no-show sparks an outcry in Hong Kong on February 4, 2024. One social media user noted that it was not only Messi who played in Tokyo, but not Hong Kong.

Persons: Lionel Messi, Messi didn’t, Messi, “ Messi, Hong Kong, Kenneth Fok, Hu Xijin, didn’t Messi, ” Hu, ”, Louise Delmotte, “ Don’t, Hong, David Beckham, Beckham, Gerardo “ Tata ” Martino, Luis Suárez couldn’t, Philip Fong, “, nimbly, Regina Ip, ” “ Messi, Kenneth Chan, Taylor Swift, ’ Organizations: Hong Kong CNN, Sunday, Major League Soccer, Inter Miami, Vissel, Hong, CNN, Weibo, HK, Global Times, Inter, National Basketball Association, Houston Rockets, Soccer, Ardent, Messi, Argentina national, Australia, Inter Miami's, Getty, The Inter Miami, Hong Kong Baptist University Locations: China, Hong Kong, Argentine, Japan, Vissel Kobe, Tokyo, Beijing, State, China’s Sichuan, Argentina, AFP, Asia

“What we’ve seen with the Taylor Swift tour is something that we’ve not really seen before,” said Richard Clarke, an analyst at investment firm Bernstein. Taylor Swift performs at the Staples Center in Los Angeles in 2015. From Taylor Swift On her birthday in 2019, Swift shared this photo of herself as a child. From Taylor Swift A 13-year-old Swift sings the National Anthem before an NBA game in Philadelphia in 2002. John Mabangalo/Pool/Getty Images Swift performs during a sold-out show at New York's Madison Square Garden in 2009.

Persons: Tokyo CNN —, Taylor, Travis Kelce, Taylor Swift, we’ve, ”, Richard Clarke, Bernstein, “ It’s, TikTok she’d, curating, Kane Ishiyone, Swift, –, Ishiyone, Richard A, Brooks, Clarke, “, that’s, Christopher Polk, Scott, Andrea Swift, Jesse D, Tim McGraw, Kevin Winter, John Mabangalo, Chad Batka, Bryan Bedder, Larry Busacca, Miley Cyrus, Lucas Till, Hannah Montana, Sam Emerson, Everett, Jonas, Frank Masi, I'm, West, Beyoncé, Jeff Kravitz, Lucy Nicholson, Christopher Morris, Josh Haner, Kevin Mazur, James Taylor, Charles Sykes, Matt Sayles, Mark J, Terrill, Invision, Jimmy Fallon, Douglas Gorenstein, Nicholas Harvey, Kanye West, Kim Kardashian, Laraine Newman, Bill Hader, Taran Killam, Kristen Wiig, Keenan Thompson, Fred Armisen, Kerry Washington, Betty White, Bradley Cooper, Dana Edelson, Andrea, Ethan Miller, Tim Boyles, Selena Gomez, Jordan Strauss, Mike Coppola, John Shearer, Andrew Lloyd Webber, Brandon Urie, Katy Perry, Republic Records Jack Antonoff, Aaron Dessner, Will Heath, Seth Wenig, Terence Rushin, David Eulitt, Mitsumasa Etou, Akazawa, haven’t, It’s, Michele Bullock Organizations: Tokyo CNN, People, Kansas City Chiefs, Taylor, Getty, Super Bowl, Chicago Bears, dateline, Vegas, Staples Center, NBA, of Country, Garden, New York Times, New York's Rockefeller Center, Walt Disney Co, Kanye, Madison, MTV, NBC, ACM, Academy of Country, New York's Metropolitan Museum of Art, Universal Pictures, Coachella, Republic Records, New York University, Arrowhead, Chiefs, NET, Tokyo City University, Fuji, Tokyo, Reserve Bank of Australia, Reuters Locations: Tokyo, Las Vegas, Philippines, Fukuoka, Japan, Germany, Austria, Netherlands, Shibuya, AFP, Asia, Washington, Las Vagas, Los Angeles, West Reading , Pennsylvania, Philadelphia, New York, Auburn Hills , Michigan, Newark , New Jersey, Pennsylvania, Frankfurt, London, Arlington , Texas, Tampa, Chicago, Atlanta, Kansas City , Missouri, Asia Pacific, Singapore, Australia, East Coast

☆ China vows to help its EV champions succeed overseas despite threats of sanctions
▼ + stars: | 2024-02-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

On Wednesday, China’s Commerce Ministry posted a document signed late last year by nine government agencies, including the Foreign Ministry and the central bank, vowing to support Chinese EV makers with their globalization push. It also encouraged Chinese EV companies to cooperate with foreign manufacturers in technology and build supply chains that can benefit everyone. Chinese EV makers are taking the world by storm, even if they are largely locked out of key markets like the United States. Chinese EV makers are seeking alternative growth engines overseas because the picture is gloomy at home. The flood of cheaper Chinese vehicles has triggered trade tensions with some countries.

Persons: “, Biden Organizations: Hong Kong CNN, China’s Commerce, Foreign Ministry, Chinese EV, Getty, EV, China Association of Auto Manufacturers, European Commission, Wall Street Locations: China, Hong Kong, Europe, United States, Chinese, China's Shandong, Australia, Southeast Asia, Japan, Shenzhen, Hungary

☆ Opinion: Why we can’t let go of the mystery of Amelia Earhart
▼ + stars: | 2024-02-06 | by ( Opinion Dorothy Cochrane | ) edition.cnn.com time to read: +8 min

A marine robotics company recently captured an object on the ocean floor, about 15,000 feet below the surface of the Pacific Ocean. Earhart’s flight plan was well known. According to Earhart biographer Doris Rich, the US government had obtained permits for the countries she would stop in along the way. And it fit her need of a refueling stop in the western Pacific Ocean. In 1997, pilot Elgen Long and his wife Marie Long published the book, “Amelia Earhart: The Mystery Solved.” The Longs laid out facts and solid suppositions for others to follow.

Persons: Dorothy Cochrane, Read, Dorothy Cochrane Carolyn Russo, Amelia Earhart, Fred Noonan, Howland, Earhart, —, “, Tony Romeo, Romeo, Noonan, Doris Rich, Roosevelt, Earhart’s, George Putnam, Rich, Itasca, Elgen Long, Marie Long, “ Amelia Earhart, reengineered, Lockheed Electra NR16020, Electra Organizations: General Aviation, Aeronautics Department, National Air and Space Museum, Smithsonian Institution, CNN, Lockheed, US Coast Guard, DSV, Coast Guard personnel, Nauticos Inc Locations: Howland Island, Lae , New Guinea, United States, Howland, Itasca, Honolulu , Hawaii

NEW YORK (AP) — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. According to Monday's letter, Neumann and his affiliates have been attempting to obtain information from WeWork necessary for a purchase offer since December but have been met with a “lack of engagement” from the company. Neumann founded WeWork with Miguel McKelvey back in 2010. That debacle led to the ousting of Neumann, whose erratic behavior and exorbitant spending spooked early investors. Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company.

Persons: — Adam Neumann, Dan Loeb’s, WeWork, Neumann, “, Miguel McKelvey, Japan’s SoftBank Organizations: The Associated Press, Flow Global Holdings, Associated Press, WeWork, Street Journal Locations: —, New York

☆ Japanese trading giant Itochu to cut ties with Israeli defense firm over Gaza war
▼ + stars: | 2024-02-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong/Tokyo CNN —One of Japan’s biggest trading firms, Itochu, has decided to end its partnership with a major Israeli defense company due to the war in Gaza. The sprawling conglomerate, best known outside Japan for its Family Mart chain of convenience stores, said its aviation unit will cut ties with Elbit Systems, which bills itself as Israel’s largest defense contractor, by the end of February. Itochu Aviation, Elbit Systems and Nippon Aircraft Supply signed a cooperation agreement in March 2023, months before war broke out between Israel and Gaza. Itochu, which reported revenues of $104 billion in 2023, has faced small-scale, student-led protests in Tokyo against its partnership with Elbit since January. Its Family Mart chain has also been the target of calls for boycotts in Muslim-majority Malaysia over the agreement.

Persons: ”, Itochu, Israel, Tsuyoshi Hachimura, Hachimura, Bezhalel Machlis, Hanako Montgomery, Heather Chen Organizations: Tokyo CNN, Elbit Systems, International Court of Justice, United Nations, Japan’s Foreign Ministry, CNN, ICJ, Israel, Itochu Aviation, Nippon Aircraft Supply, Elbit, Japan’s Defense Ministry, Self - Defense Force, Israel Defense Forces Locations: Hong Kong, Tokyo, Gaza, Japan, Israel, South Africa, Itochu, Malaysia

☆ Pod of at least 10 killer whales appears trapped by sea ice in Japan
▼ + stars: | 2024-02-06 | by ( Mayumi Maruyama | Jerome Taylor | ) edition.cnn.com time to read: +1 min

CNN —A pod of at least 10 killer whales appears to be trapped by sea ice off Japan’s northern island of Hokkaido, public broadcaster NHK reported on Tuesday. Drone footage shared Tuesday by a local wildlife organization, Wildlife Pro LLC, shows the whales struggling in a small gap between ice flows. “I saw about 13 killer whales with their heads sticking out of a hole in the ice,” a Wildlife Pro LLC employee, who filmed the video, told NHK. Sea ice hugs the coast of Hokkaido every winter, and is the lowest latitude sea ice in the world, but over recent years levels have been declining as global warming accelerates. In 2005, a group of killer whales were also trapped in drift ice off the coast of the town and later died, according to NHK, citing Rausu town officials.

Persons: Rausu, “ Organizations: CNN, NHK, Rausu Coast Guard Station, Wildlife Pro, Facebook, Pro, “ Locations: Hokkaido

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

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