From a rocky perch a larger-than-life rendition of a female protester, clad in a hard hat and a gas mask, gazes over a city in turmoil. Known as Lady Liberty Hong Kong, the statue was hauled to the top of Lion Rock during the 2019 pro-democracy protests. It was meant to be her final resting place. But now all that remains of that intention is photographs. The statue was destroyed by unknown assailants the day after it was hauled up the peak, a landmark said to represent the resilient spirit…
Day: March 17, 2024
China’s economy rebounds at start of 2024, but property drag continues
China’s economic data for the first two months of the year rebounded on the back of the Lunar New Year holiday, although there were little signs that the property market downturn was coming to an end. Retail sales rose by 5.5 per cent year on year, according to National Bureau of Statistics on Monday, compared to a prediction by Chinese data provider Wind for an increase of 5.4 per cent. Retail sales growth had stood at 7.4 per cent in December. Industrial output continued to improve in the first two…
Vietnam parliament’s Thursday meeting fuels leadership speculation
Vietnam’s parliament will hold an extraordinary session on Thursday to discuss ‘personnel issues,’ according to a letter sent to legislators and seen by Reuters. The news agency quoted Vietnamese officials and diplomats as saying the resignation of President Vo Van Thuong may be on the agenda. Radio Free Asia’s call to Vietnam’s foreign affairs ministry to confirm details of the meeting went unanswered. The session comes after Vietnam canceled a state visit by the Dutch King and Queen planned for March 19-22, due to unspecified “internal circumstances,” according to a…
Trust in AI to fix Japan’s worker shortage, says top recruiter
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. The head of Japan’s biggest recruitment agency says artificial intelligence will resolve the country’s labour shortages, but has warned its usefulness will be limited until people gain more trust in the technology. Hisayuki Idekoba, chief executive of Recruit Holdings, said Japan “needs to go all in on AI”, in a Financial Times interview, pointing to successes achieved by employers using its AI tools to attract more job candidates. But the adoption…
Investment bank CICC wants to be ‘bridge’ for Chinese companies in south-east Asia
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China International Capital Corporation says south-east Asia has only seen the “tip of the iceberg” of Chinese companies wanting to explore opportunities in the region, as the state-backed investment bank grows its own overseas presence to offer services to those looking to expand. CICC, which has about $90bn in assets and shareholders that include Tencent and Alibaba, said it was targeting Indonesia, Vietnam, Malaysia and Thailand for its third phase…
CATL, the little-known Chinese battery maker that has the US worried
The world’s two superpowers are so intricately linked that it’s hard to think of a pillar of the economy that hasn’t been strained by tensions between the US and China. And the next frontline in the economic conflict may be the most fundamental yet: a fight for power itself. A Chinese company that most people have never heard of is at the heart of the global race to store the clean energy needed to power the green transition in the US and the rest of the world. China’s Contemporary Amperex…
Tutoring the Elderly Is Growing Fast in China
Hong Kong/Beijing — China’s rapidly aging population is fueling a promising and fast-growing market for companies providing recreational classes and activities for the elderly middle class, from yoga to African drumming and smartphone photography. The growth potential of the industry contrasts sharply with the decline of the after-school private tutoring sector following a government crackdown in 2021 aimed at boosting record low birth rates by lowering education costs. “Education industries are transitioning to the silver economy,” said Qiu Peilin, the Beijing head of Mama Sunset, an elderly learning business which…
North Korea Fires Ballistic Missile as South Hosts Democracy Conference
Seoul, South Korea — North Korea fired a ballistic missile into the sea on Monday for the first time in two months, at a time when U.S. Secretary of State Antony Blinken was visiting Seoul to attend a conference hosted by President Yoon Suk Yeol on advancing democracy. South Korea’s military said the missile was fired to the east of the Korean peninsula. Japan’s coast guard also reported the launch of what it said appeared to be a ballistic missile by North Korea and specified that it has already fallen.…
‘All ethnic groups matter’: new Chinese textbook cites splits in the West to justify Beijing’s integration policies
They also say it signals that affirmative action for ethnic minority groups will be further rolled back as Beijing backs down from emphasising the distinctive qualities of those groups. The book argues that after the 1970s, under the influence of neoliberalism in the West, “antagonisms between various groups based on subnational and subcultural identities have continued to grow, with racial and ethnic tensions being particularly intense”. 03:28 State-backed tourism booms in Xinjiang cities ringed by camps State-backed tourism booms in Xinjiang cities ringed by camps It cited “political divides” and…
Vietnam Faces $3B Annual Crop Losses From Rising Saltwater Levels
Hanoi, Vietnam — Vietnam faces nearly $3 billion a year in crop losses as more saltwater seeps into arable land, state media reported Sunday, citing new research. The damage would likely center on the Mekong Delta region, known as “Vietnam’s rice bowl,” because it provides food and livelihoods for tens of millions of people, research from the country’s environment ministry showed. Saltwater levels are often higher in the dry season, but they are intensifying due to rising sea levels, droughts, tidal fluctuations, and a lack of upstream freshwater. The resulting…