Month: November 2024

JPMorgan Chase and Wells Fargo both reported better-than-expected net interest income, signaling a positive outlook for the upcoming third-quarter earnings season. Encouraged by these positive results from major banks, the U.S. stock market reached unprecedented heights on Friday, creating optimism as the third-quarter earnings reports begin to roll in. With a busy schedule of corporate earnings next week, including TSMC’s conference that will provide insights into the semiconductor industry’s latest outlook, there’s clearly more room for growth in U.S. equities.

The S&P 500 index rose 0.6% on Friday, closing at 5,815.03, marking its first close above 5,800 points. The Dow Jones Industrial Average surged by 409 points, also closing at a record high of 42,863.86 points, while the Nasdaq composite increased by 0.3%. All three major U.S. indices posted gains of over 1% for the week, continuing a streak of five consecutive weeks in the green.

Leading the charge, TSMC’s ADR surged by 2.7%, helping the Philadelphia semiconductor index rise 0.8% on Friday, with weekly gains of 2.5% and 5.3%, respectively. Nvidia also contributed to the momentum, climbing 7.9% over the week and nearing its historical high set in late June.

Despite initial concerns that a potential interest rate cut by the Federal Reserve might weaken bank profits, the better-than-expected net interest income from JPMorgan and Wells Fargo further propelled bank stocks to their highest levels since April 2022.

Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, remarked, “We are anticipating a robust earnings season. Even among the large banks, credit card delinquency rates remain low, and a healthy economy should support banking performance.”

Next week, bank earnings will take center stage, allowing investors to gain further insights into the capital markets and consumer conditions. Bank of America, Goldman Sachs, and Morgan Stanley are next in line to announce their earnings.

In addition to the major banks, reports from American Express, Netflix, United Airlines, and P&G will help illuminate consumer conditions, which comprise two-thirds of the U.S. economy. Additionally, retail sales data for September will be released on Thursday. Last week’s strong employment report for September somewhat alleviated concerns over consumer spending, though lingering worries remain.

An Oppenheimer report noted that the S&P 500 typically sees a median increase of 2% during the first four weeks of the earnings reporting season.

Furthermore, ASML will report its results on Wednesday, and TSMC’s conference on Thursday will provide further insights into the semiconductor industry’s trends.

Art Hogan, Chief Market Strategist at B. Riley Wealth, stated, “Overall, most economic data has been positive, and we hope to see this confirmed in next week’s consumer earnings reports.”

On October 25, 2024, the Cross-Strait Tea Culture Exchange Conference was held in Chibi, Hubei, just before the opening of the 18th Hubei-Wuhan Taiwan Week. The event gathered over 100 participants, including experts, scholars, tea industry representatives, tea enthusiasts, and representatives from Taiwanese enterprises and youth across the strait.

The theme of this year’s gathering, “Tea Harmony in a Global Context, Uniting the Two Sides,” focused on leveraging tea as a medium to foster closer ties among tea businesses from both sides of the Taiwan Strait. The goal was to create new opportunities for collaboration and exchange within the tea industry.

Chibi’s Yanglou Cave is renowned as the birthplace of Chinese green brick tea, often celebrated as the source of the ancient Tea Road. As green brick tea evolves from a simple beverage into a variety of artisanal products, the conference featured an impressive tea dyeing demonstration by the tea culture creative team from Chibi City Vocational Education Group, captivating attendees and encouraging them to engage with the craft.

Throughout the two-hour event, various thematic activities unfolded, including “Tea’s Elegance,” “Tea Affinities,” “Tea Joys,” and “Tea Appointments.” Participants engaged in theme-based salons, tea art performances, and tea appreciation sessions, deepening the cultural exchange between the two regions.

A representative from Hubei Province’s Taiwan Affairs Office remarked that Hubei is a significant tea-producing area with a rich history of tea culture. In recent years, the province has made significant strides in developing its tea industry, transitioning from a major producer to a powerhouse in the sector. Despite the distinct characteristics of their respective tea cultures, tea serves as a common thread that unites tea enthusiasts across the Taiwan Strait and strengthens emotional connections between the people. Hubei will continue to uphold the philosophy of “Two Sides Are One Family,” respecting and supporting Taiwanese compatriots, and working diligently to help them thrive in the province, creating a better life for themselves.

In recent years, many Chinese immigrants from the Bay Area have been considering a move to Southern California, drawn by the promise of improved quality of life, vibrant cultural atmosphere, and diverse social circles. We spoke with several individuals who have either already relocated or are contemplating the move, exploring their motivations and thought processes.

K, who earned her MBA from UCLA a few years ago, initially lived in the San Gabriel Valley before moving to the Bay Area for work with her boyfriend. She made many close friends at UCLA, and their camaraderie is a significant reason for her desire to return to Los Angeles. K finds the diverse professional landscape of Los Angeles refreshing, as she enjoys meeting people from various backgrounds and industries while out walking her dog. In contrast, she feels that the Bay Area’s tech-centric social circles, often focused on real estate and investment discussions, can be limiting and exhausting.

Zhou made the switch to Southern California during the pandemic when his company transitioned to remote work. He now resides in Irvine and appreciates the more open lifestyle that Southern California offers. While weekends in the Bay Area often meant hiking, he has discovered a wealth of exhibitions, artistic events, and a multicultural environment in Southern California that he found lacking in the Bay. Following his marriage, Zhou has also started thinking about providing a better upbringing for his future children, noting that Irvine not only offers a high quality of life but also has excellent educational resources.

Ms. Bai highlighted the rich culinary diversity of Los Angeles as a major factor in her decision to relocate. She mentioned that the food scene in the Bay Area tends to be somewhat limited, primarily featuring Chinese, Indian, and American cuisine, whereas Los Angeles showcases a vast array of global cuisines. Having lived in Toronto for a long time, she believes that, despite its reputation as a multicultural hub, Toronto’s offerings in Japanese, Korean, and Thai food don’t quite measure up to what Los Angeles has to offer.

While the Bay Area remains a global center for technology and economic development, the pandemic has opened people’s eyes to the benefits of remote work and the various lifestyle options available. An increasing number of Chinese immigrants are beginning to reassess their living situations. Interestingly, none of the interviewees mentioned weather as a deciding factor, perhaps indicating that it is no longer a primary concern for the younger generation. Instead, the diverse culture, rich entertainment options, and elevated quality of life in Southern California have become the key attractions for those contemplating a move.

On October 25, the website of the Ministry of Commerce reported insights from the head of the department’s Circulation Development Division regarding the development of the wholesale and retail sector from January to September 2024.

This year, the overall performance of China’s wholesale and retail industries has been positive, with the construction of a modern commercial circulation system advancing rapidly. This development plays a crucial role in facilitating national economic circulation and establishing a new growth framework. According to the National Bureau of Statistics, from January to September, the value added from wholesale and retail reached 9.4 trillion yuan, marking a year-on-year growth of 5.4%, which accounts for 9.87% of GDP.

The retail and wholesale markets have shown stable operations, with most sectors experiencing growth. In the wholesale sector, the transaction volume for key monitored goods increased by 6.8% year-on-year. Notably, the transaction values of production materials and industrial consumer goods grew by 12.5% and 7.5%, respectively. In terms of retail, the National Bureau of Statistics reported that retail sales reached 31.4 trillion yuan, a 3.0% increase year-on-year. Among larger retail units, convenience stores, specialty shops, and supermarkets all saw positive growth rates of 4.7%, 4.0%, and 2.4%, respectively.

Both urban and rural markets have demonstrated strong vitality, with consumer traffic experiencing a steady increase. Urban shopping districts are showing consistent growth in foot traffic, with a reported 14.5% increase in customer visits across 50 key pedestrian streets and commercial areas monitored by the Ministry of Commerce. The construction of convenience living circles continues to progress, expanding the pilot areas for 15-minute living circles to 210 nationwide. Rural consumption has maintained a stable growth rate, with retail sales of consumer goods in rural areas hitting 4.8 trillion yuan, up by 4.4% year-on-year, exceeding urban growth by 1.2 percentage points. E-commerce in rural areas is thriving, with national data showing an 8.3% increase in rural online retail sales and an impressive 18.3% growth in agricultural product sales online from January to September.

Initiatives to encourage replacing old appliances with new ones have gained momentum, and domestic branded products have become increasingly popular. Sales from the old-for-new appliance program are on the rise, with the Ministry guiding local efforts to promote this initiative. As of now, over 20 million applications and 10 million purchases have been recorded on the national data platform for this program. Furthermore, retail sales of household appliances and audio-visual equipment from major retail units rose by 4.4% year-on-year, an acceleration of 5.0 percentage points compared to the previous year; September alone witnessed a substantial year-on-year increase of 20.5%. The market has also shown a preference for time-honored brands. The ongoing “Time-Honored Brand Carnival 2024” has featured 301 special events, driving online and offline sales to reach 16.73 billion yuan. From January to September, the number of stores selling Chinese time-honored brands on major e-commerce platforms exceeded 57,000, generating sales of 63.05 billion yuan, surpassing the total for the entire year of 2023.

In a recent interview, North Carolina’s Republican gubernatorial candidate Mark Robinson faced intense scrutiny following a CNN report that revealed a series of controversial and derogatory social media posts attributed to him from 2014 to 2019. These posts have sparked discussions about his views on parenting within Black families, with Robinson suggesting that individuals unable to care for their children should be sterilized. This troubling rhetoric predates his tenure as lieutenant governor but emerged prominently after he became a well-known figure in conservative circles.

One particularly alarming Facebook post from 2014 stated, “I have more respect for loyal DOGS than I do for PEOPLE who don’t take care of their children,” accompanied by the hashtag “#haveyourdeadbeatsspayedandneutered.”

In recent weeks, Robinson has been working to mitigate the fallout from these revelations. CNN’s report brought attention to old comments linked to a profile he allegedly used on adult websites, where he referred to himself as a “Black NAZI” and expressed a desire for the return of slavery. Robinson has vehemently denied these allegations, labeling them as attempts at character assassination, while simultaneously taking legal action against CNN for defamation.

His campaign has not shied away from controversy. In posts from 2016, he suggested, “If you need a court order to tell you to take care of your children, then you probably need an operation to make sure you don’t have any more.” Such comments prompted widespread criticism as Robinson’s social media activity often perpetuates negative stereotypes concerning Black culture and family life.

In 2017, Robinson also made inflammatory comments that seemed to generalize about Black men and women, saying, “Deadbeat men, the whorish women they breed with, and the undisciplined children they produce are the top three issues that cause African American culture to be a dismal failure.”

Even in a video from 2019, he stated, “Abortion in this country is not about protecting the lives of mothers. It’s about killing the child because you weren’t responsible enough to keep your skirt down.”

A detailed examination of Robinson’s social media presence reveals a consistent pattern of conservative rhetoric intertwined with disparaging views on race and culture, suggesting a growing extremity through the years of Donald Trump’s presidency.

The CNN article also connected a profile under the name “minisoldr” found on the Nude Africa forum, where Robinson made numerous derogatory comments about Black people, further complicating his public persona.

As Robinson’s campaign continues, his team has refrained from commenting on the specifics of the CNN report. Instead, they have focused on a recent lawsuit filed against both CNN and an individual who operates a local adult video business, asserting that these publications represent a “digital lynching” aimed at sabotaging his campaign. The suit claims these narratives have caused significant harm to Robinson’s reputation and family, framing the controversy as part of a coordinated attack against his political aspirations.

During a recent breakfast meeting with prominent media figures, Lagos State Governor Babajide Olusola Sanwo-Olu provided insights into the current state of the region. Representatives from THISDAY were notably present at the gathering.

Governor Sanwo-Olu remarked on the challenges faced by governors during their second terms, noting that often fewer than 10% successfully navigate this phase after initially starting strong. He pointed out that many leaders fall victim to what is commonly known as the “second term syndrome,” ultimately failing to meet the needs of the citizens who elected them.

However, Lagos State presents a unique case within Nigeria. It has earned its reputation as a microcosm of the nation not by coincidence, but through years of progress and challenges overcome. Though it has experienced less effective leadership in the past, the demand for capable, forward-thinking leaders has never been greater, aligning with the state’s growth trajectory.

Governor Sanwo-Olu has faced significant obstacles since taking office on May 29, 2019, entering into a series of crises right from the start. Yet, he has navigated these challenges with a remarkable degree of resilience and dedication. His commitment to his duties during his first term secured his re-election in 2023, a campaign he approached with the urgency of someone for whom the stakes were incredibly high.

Understanding the importance of his legacy, Sanwo-Olu is determined to build on the continuity established in Lagos since 1999. Recognizing that his successor will inevitably be judged against his record, he has maintained an industrious pace, treating each day as an opportunity to make a lasting impact.

In the past year, his administration has actively addressed pressing governance issues and improved service delivery. Sanwo-Olu has also embarked on several international trips aimed at elevating Lagos’s status as a global megacity and advancing its developmental master plan. To share his experiences and the achievements of his administration, he hosted a breakfast meeting with top media executives, reflecting on the trajectory of his governorship.

On the topic of Lagos’s vibrant nightlife, the governor emphasized the city’s responsibility to remain active, stating, “The city must function nearly 24/7, allowing residents to commute and engage in business while achieving a healthy work-life balance.” He believes it is essential for people to navigate the city freely and safely, participating fully in both daytime and nighttime activities.

Sanwo-Olu elaborated on the need for a 24-hour economy in a major city, stressing that nightlife is integral to the city’s resilience and livability. He envisions a Lagos where safety is paramount, not just during the day but throughout the night, enabling residents and visitors to feel secure in all areas of the city.

He also expressed a desire for Lagos to become a state where travel times can be anticipated, facilitating a more predictable experience for both residents and tourists. By improving infrastructure and encouraging creativity, Sanwo-Olu aims to harness the potential of Lagos’s people and enhance the city’s cultural identity.

Addressing the notorious traffic congestion in Lagos, the governor compared it to similar challenges faced in other large cities worldwide, like New York and Bombay. He outlined the efforts his administration has made to develop a comprehensive urban mass transportation system, incorporating rail, bus rapid transit (BRT), and waterways. The introduction of the Red and Blue rail lines aims to alleviate traffic issues and provide residents with efficient transportation options.

While acknowledging the need for equitable infrastructure distribution, Sanwo-Olu expressed a commitment to enhancing accessibility for lower-income populations. He stated that the cost of public transportation remains competitive when compared to other major cities globally, reassuring that the fares are structured with the citizens’ earning capacities in mind.

Looking ahead, the governor mentioned plans to increase the minimum wage in Lagos, which currently stands at 85,000 naira, to 100,000 naira by January, ensuring that residents can maintain a decent living standard while enjoying the benefits of improved infrastructure.

Additionally, Sanwo-Olu outlined ambitious projects, including the Fourth Mainland Bridge and a planned alternative airport, emphasizing that these developments are not only feasible but essential for Lagos’s growth. He noted that discussions with federal authorities are underway, focusing on garnering necessary investments and regulatory approvals.

Despite concerns about the state’s debt profile, the governor defended his administration’s financial strategy, distinguishing between what he termed “affordable debt” and “huge debt.” He emphasized the need to seize opportunities for development, asserting that timely investments in infrastructure are crucial for the state’s future.

As for recent tuition increases in boarding schools, the governor explained that these changes affect a small percentage of students in model schools, highlighting that the increased fees are necessary to maintain standards and enhance the facilities for those students.

Through these discussions, Governor Sanwo-Olu illustrated his vision for a thriving Lagos that is equipped to handle its growing population while providing a safe and nurturing environment for all its residents.

On October 22, the third joint meeting of the Beijing-Tianjin-Hebei Free Trade Zone took place in Beijing. During the meeting, participants signed the “Action Plan for Deepening Collaborative Development of the Beijing-Tianjin-Hebei Free Trade Zone (2025),” which highlights five key areas of focus: promoting high-level institutional openness, facilitating trade and investment, enhancing industrial development capabilities, improving integrated development levels, and maximizing the comprehensive effects of reforms. These efforts aim to enhance the performance of the free trade zones in these three regions and position Beijing-Tianjin-Hebei as a leading and exemplary region in China’s modernization efforts.

Additionally, a new batch of collaborative innovation achievements was announced, including guidelines for foreign investment in the Beijing-Tianjin-Hebei Free Trade Zone and the 2024 Collaborative Development Report, along with 15 case studies on reform and innovation practices from the three regions. Following the meeting, attendees visited various locales, including the “Two Zones” exhibition hall, the Beijing Green Exchange, the Beijing City Library, and several representative enterprises to explore new developments in the “Two Zones” initiative and the progress of Beijing’s sub-center construction.

The joint meeting mechanism for the three regions was officially established after the first meeting in Tianjin on September 27, 2021. This year marks the first time the meeting has been held in Beijing. It also coincides with the tenth anniversary of the collaborative development strategy between Beijing, Tianjin, and Hebei, and the fourth year since the establishment of the Beijing Free Trade Zone, highlighting their significant achievements.

The three regions are working together to deepen institutional innovation. They have introduced a policy-sharing list titled “One Region Innovates, All Three Recognize,” which enhances collaborative innovation among the areas. They have developed a series of institutional innovations in customs supervision, intellectual property protection, and tax cooperation.

Furthermore, the three regions are promoting investment and trade facilitation. They launched the nation’s first “single window + blockchain” model, facilitating customs clearance and data sharing across borders. New shipping initiatives have significantly reduced the time for import and export container clearance, with times for importing goods dropping to as little as 1.5 hours, compared to 1-2 days previously.

In terms of open platform development, the Daxing International Airport is now home to the country’s first cross-province air economy zone, free trade zone, and comprehensive bonded area, combining policies and spatial development. Additionally, the nation’s first cross-regional offshore trade public service platform, “Jingmao Xing,” has been established, verifying trade settlements amounting to $3.2 billion.

Lastly, the regions are jointly enhancing the business environment. They introduced 203 initiatives across five batches which standardize administrative services in the Beijing-Tianjin-Hebei Free Trade Zone, ensuring equitable processing and efficiency. They also published a list of 165 qualifications for mutual recognition across the regions, facilitating easier access for foreign talent and streamlining the processes for high-demand professions.

Secretary of State Antony Blinken arrived in Israel today in an effort to push for a ceasefire in the Gaza Strip, with plans to meet Prime Minister Benjamin Netanyahu. A U.S. official confirmed that Blinken will also visit Jordan on the 23rd.

According to a report by AFP, this marks Blinken’s 11th trip to the Middle East since the outbreak of the Gaza war triggered by Hamas’ attack on Israel over a year ago. It is also his first visit since tensions escalated between Israel and Hezbollah, the Shiite militant group in Lebanon, at the end of last month.

Blinken is expected to hold discussions with Netanyahu and other Israeli officials, particularly regarding how Israel will respond to Iran’s missile attack on October 1st.

Before arriving in Israel, a U.S. official on Blinken’s flight indicated that he plans to be in the Middle East until the 25th, where he will address ways to bridge differences and work towards achieving a ceasefire in the ongoing Gaza conflict.

The official, who spoke on the condition of anonymity, also mentioned that Blinken would discuss preliminary plans for governance in post-conflict Gaza.

Additionally, Blinken intends to talk with Israeli officials about potential military actions against Iran and aims to discourage any moves that could escalate regional conflict. He will also engage with Jordanian officials on providing humanitarian assistance to the Gaza Strip.

Recently, Israel killed Hamas leader Yahya Sinwar, whom U.S. officials described as having made non-negotiable demands. With just two weeks to go before the presidential election, the Biden administration is hoping to see progress on what seems to be an elusive ceasefire agreement.

The 7th China Youth Marxism Conference was recently held in Beijing, coinciding with the 4th 21st Century Marxism Research Summit and the 7th Wenda Yuyuantan Academic Forum.

The conference featured the theme “Historical Memory and the Contemporary Narrative of Marxism,” with a main forum for high-level discussions alongside three parallel sessions dedicated to specific topics. Over 400 experts and young scholars from across the country gathered to engage in in-depth discussions related to the theme.

Zhang Ji, Deputy Minister of the Beijing Municipal Commission of Propaganda, emphasized in his opening remarks the importance of young scholars and faculty members in the social sciences, particularly in higher education, actively participating in the dissemination of Marxist theory. He called for efforts to promote the research of innovative theories from the Party and to contribute significantly to the innovative development of Marxism.

Wei Yiheng, a secondary inspector of the Department of Social Sciences of the Ministry of Education, highlighted the responsibility of social science scholars in universities to embrace the mission of adapting Marxism to contemporary Chinese society. He urged them to incorporate the great transformations of the new era into ideological and political courses, leveraging red resources and effectively utilizing practical courses. Additionally, he advocated for the successful implementation of the Youth Marxism Cultivation Project to strengthen the teaching staff in these disciplines.

The conference was organized by the Institute of Party History and Party Building Research at Beijing Normal University and the 21st Century Marxism Research Association. It was collaboratively hosted by the Marxism Schools of several universities, including Northeastern University, Shandong Normal University, Soochow University, Inner Mongolia University, North China Electric Power University, East China University of Science and Technology, Jiangxi University of Science and Technology, and Yangtze River Daily. Academic journals like “Theoretical Horizons,” “School Party Building and Ideological Education,” and “Academic Exchange” also supported the event.

The conference adopted a written submission format, garnering a strong response from the academic community. A total of 1,116 papers were submitted from various prestigious institutions, including Peking University, Tsinghua University, Renmin University of China, and Wuhan University. After a rigorous review process, 175 papers were selected and awarded.

In a recent interview, the Education Department shared significant updates to accountability measures for schools in England that aim to broaden the horizon for students after they leave school. The newly revised metrics will no longer focus on the number of students who enroll in prestigious institutions such as Russell Group or Oxbridge universities. Instead, the goal is to encourage graduates to consider a more diverse array of universities and vocational options.

According to the Department for Education, the updated accountability measures for students aged 16 to 18 will exclude the percentage of school leavers advancing to Russell Group universities or Oxford and Cambridge from the student destinations data reported for each school. This change has been met with enthusiasm by university leaders, who have expressed concerns that the previous focus on Russell Group universities pushed students toward these institutions while neglecting other viable options.

Nick Hillman, the director of the Higher Education Policy Institute, remarked, “I welcome the change because government metrics should not be based on self-selecting clubs. There are excellent universities in the Russell Group and equally exemplary institutions outside of it. We shouldn’t steer students towards one group just to enhance a school’s ranking.”

The school performance tables will still reflect the proportion of students who proceed to “high tariff” universities, which are defined as those within the top third based on entry requirements, including those in the Russell Group and Oxbridge. The tables will also include statistics on students heading to universities, colleges, or apprenticeships.

The Russell Group, which originated from informal vice-chancellor meetings in London’s Russell Square, includes research-intensive universities like Warwick, Cardiff, and Glasgow. However, it does not encompass other institutions of similar prestige, such as St Andrews, Bath, and East Anglia. Data from the Department for Education indicates that the Russell Group has been gradually increasing its share of students in recent years.

According to the DfE, this change seeks to eliminate redundancy, as Russell Group institutions are already included in the progression figures for the top third of selective universities, which fluctuate each year based on entry grades.

Lee Elliot Major, a professor of social mobility at the University of Exeter, expressed concern that eliminating these measures might lessen the pressure on leading universities to enhance access for disadvantaged students. “Social mobility is about more than just catapulting a fortunate few into elite positions,” he stated. “It’s essential to keep the focus on our most prestigious institutions to ensure they are tapping into talent from all backgrounds, especially now when student demographics are becoming more privileged.”

He continued, “The goal of education should be that no one’s background determines their future—whether they choose a vocational, creative, or academic path. Success shouldn’t hinge solely on someone’s ability to ‘leave to achieve.’ Failing to diversify the student body at highly selective universities risks creating future elites that are increasingly unrepresentative of society.”

A spokesperson from the Department for Education added, “We are committed to widening access to higher education so that everyone who wishes to attend university and meets the criteria can do so. Our world-class universities are vital engines of growth and opportunity, and we are working to ensure they can serve students, local communities, and the economy effectively. We are also focused on creating a sustainable higher education funding system to dismantle barriers to opportunity. Beyond universities, we will continue to promote a variety of pathways to rewarding careers, including apprenticeships, vocational qualifications, and degree apprenticeships.”