Category: NEWS

In an exclusive interview, Rami Alazzeh, a key researcher at the United Nations Conference on Trade and Development (UNCTAD), shed light on the devastating impact of the ongoing conflict between Israel and Hamas on the Gaza Strip. He notes that despite the war being one of the deadliest military operations since World War II, the road to recovery is painfully long. Alazzeh explains that even if the fighting were to cease tomorrow, the time required for reconstruction could extend beyond a century.

He states, “If we look at the current state of devastation, returning to a pre-war economy—specifically that of October 7, 2023—might take at least 350 years.” This grim forecast is grounded in the economic toll measured over the first seven months of the conflict, which has caused approximately $18.5 billion in damages, nearly equal to the combined economic output of the West Bank and Gaza in 2022.

The report also reveals that one in four buildings in Gaza has either been destroyed or severely damaged, while two-thirds of all structures have suffered at least some form of damage, including over 227,000 housing units. Alazzeh highlights the sheer scale of the destruction, emphasizing that before any reconstruction can begin, the mountains of debris—infused with the tragic remnants of lives lost and unexploded munitions—must first be cleared.

When asked about the implications of these findings, Alazzeh stressed, “The speed of Gaza’s recovery hinges on the conditions under which it recovers. While our analysis indicates a possible timeline of 350 years, this does not mean the region is fated to remain in despair forever.”

The Norwegian Refugee Council, along with the international alliance known as Shelter Cluster, has estimated that under the Gaza Reconstruction Mechanism—established in 2014 and designed for rebuilding under tight Israeli supervision—Gaza would require a staggering 40 years to rebuild all damaged homes.

As the conflict drags on, the humanitarian crisis only deepens. Alazzeh’s insights serve as a sobering reminder of the long road ahead for a region yearning for peace and recovery. The future of Gaza hangs in a delicate balance, influenced heavily by the outcomes of not only military engagements but also the international community’s willingness to aid in reconstruction efforts.

On the morning of October 25th, the Shanghai taxi industry gathered for the “United in Support for the Trade Fair: Striving Together to Write a New Chapter” event at the P15 parking lot of the China International Import Expo (CIIE). This event kicked off the initiative to improve service quality for the upcoming seventh edition of the CIIE.

The primary focus of this year’s expo is on achieving “precise support, orderly operations, and controllable safety.” The industry is fully mobilizing, strategizing, and meticulously planning as we enter the final countdown to the event. The transportation support efforts are now in a critical stage, and initiatives are being ramped up to enhance user convenience and optimize the utilization efficiency of facilities. There’s a strong emphasis on technological empowerment in transportation services, aiming for a more convenient, intelligent, and environmentally friendly urban service experience.

During the event, exemplary taxi drivers from the Shanghai taxi industry, including Changsheng Taxi’s model worker Xu Guangmei, joined ten representatives from operational support units such as Changsheng, Volkswagen, Jinjiang, Haibo, Yinjiang, Blue Alliance, and Falan Hong. They made a resolute commitment to ensure efficient taxi services for the seventh CIIE.

Since the inaugural CIIE in 2018, the taxi services have provided over 82,000 rides, transporting nearly 200,000 participants. Over the past six years, the taxi support system has been continually refined, with the creation of a dedicated fleet of new energy vehicles achieving goals of “precise dispatch” and “zero complaints” on-site.

This year, CIIE taxi services are enhancing passenger convenience by introducing mobile POS terminals and comprehensive coverage for digital wallet payments, offering diverse payment options to international guests attending the expo.

In April, Volkswagen Taxi and the Bank of China launched a new POS taxi system, “Zhongyin Smart Pay,” which supports various payment methods, including foreign card payments, NFC contactless payments, and mobile payments. With smart technology integration, the aim is to create a comfortable, safe, and convenient travel experience. Around 2,000 vehicles equipped with these features will be on duty during this year’s CIIE.

To accommodate guests with large luggage or special needs, Changsheng Taxi has introduced an innovative fleet of 50 new models dubbed the “Comfort Classic.”

The “Comfort Classic” offers a spacious interior, human-friendly wheelchair access systems, an innovative driver-passenger separation cabin, and smart voice interaction systems, significantly enhancing passenger comfort.

Moreover, the “Comfort Classic” will feature specialized services such as “Safe Travel Companion” and “Comfort Airport Transfer,” providing passengers with more travel options and addressing diverse societal needs, effectively supporting the operations of the CIIE.

Honda Issues Recall for 720,000 Vehicles Due to Fuel Pump Leak Concerns

The National Highway Traffic Safety Administration (NHTSA) has announced that Honda will recall over 720,000 vehicles in the U.S. due to concerns that high-pressure fuel pumps may rupture and leak fuel. This fuel leak, particularly when the ignition switch is activated, could pose an increased fire risk. The recall affects certain models of the Accord, CR-V Hybrid, and Civic from the years 2023 to 2025. Honda dealers will be inspecting and replacing the high-pressure fuel pumps at no cost to customers.

Raytheon Technologies Raises Annual Profit Forecast for the Third Time

Raytheon Technologies has adjusted its annual profit outlook upwards for the third time this year, citing robust demand for aftermarket services as airlines rely on older aircraft to compensate for a shortage of new planes. The company now expects adjusted earnings per share (EPS) to be between $4.20 and $4.35, up from a previous forecast of $3.95 to $4.20. Profits from its commercial engine and services segment surged 16%, reaching $1.8 billion, while revenue rose 8% to $7 billion compared to the same period last year. For the third quarter, adjusted earnings were $1.15 per share, compared to $0.92 in the prior year, with total revenue increasing 6% to $9.84 billion.

3M Raises Lower End of Annual Profit Forecast Amid Growing Demand

3M Co has increased the lower end of its adjusted annual profit forecast, anticipating a boost in consumer spending following the Federal Reserve’s decision to lower borrowing costs in September. The Post-it note manufacturer noted that cost-cutting measures helped mitigate the impact of slower sales in its consumer products division, resulting in about an 18% profit growth last quarter. Adjusted EPS was reported at $1.98, compared to $1.68 in the same period last year. The company now expects adjusted earnings for the year to fall between $7.20 and $7.30 per share, up from its previous range of $7.00 to $7.30.

RTX Ups Annual Profit and Revenue Outlook on Strong Aircraft Maintenance Demand

RTX has raised its 2024 adjusted profit and sales forecast for the second time this year, driven by robust demand for aircraft maintenance and defense systems. The aerospace and defense giant anticipates adjusted earnings per share to range between $5.50 and $5.58, compared to an earlier estimate of $5.35 to $5.45. Additionally, it has increased its revenue forecast from $78.75 billion to a range of $79.25 billion to $79.75 billion. Last quarter, the company reported EPS of $1.45, up from $1.25 in the same quarter last year, with adjusted sales growing 6% to reach $20.1 billion.

Verizon Exceeds Expectations with New Wireless Subscribers

Verizon’s third-quarter results exceeded expectations with a higher-than-anticipated increase in wireless subscribers. The telecom giant’s promotional offers and bundling of 5G services with streaming platforms like Netflix have effectively attracted new customers. According to FactSet data, the company added 239,000 postpaid wireless phone subscribers in the September quarter, surpassing the forecast of 218,100. In the previous quarter, the company gained 148,000 new customers. Verizon’s postpaid phone churn rate, representing the percentage of customers canceling service, was 0.89% in the third quarter, slightly higher than the 0.85% reported in the second quarter.

LeBron James and his son Bronny made history as the first father-son duo to play together in an NBA game during the Los Angeles Lakers’ season opener on Tuesday night. With just four minutes left in the second quarter, the two checked into the game, much to the delight of the home crowd that recognized the significance of the moment. LeBron, who had already been on the court for 13 minutes, stepped aside briefly before teaming up with his 20-year-old son.

LeBron, the NBA’s all-time leading scorer at 39 years old, shared the court with Bronny, a second-round pick by the Lakers in this year’s draft. The duo’s achievement is particularly remarkable as they are the first father and son to compete in the world’s premier basketball league simultaneously, let alone on the same team.

Before entering the game, LeBron offered supportive advice to Bronny while sitting on the bench: “Y’all ready? You see the intensity, right? Just play carefree, though. Don’t worry about mistakes. Just go out and play hard.”

The pair logged just under three minutes on the floor together. LeBron missed a couple of perimeter shots but capped off their time with a dunk. Bronny had an early rebound and attempted his first NBA jump shot—a three-pointer that fell short—before leaving the game with 1:19 left in the second quarter to another round of applause.

Notably, Ken Griffey Sr. and Jr., who made history in Major League Baseball as the first father-son duo to play together in the late 1980s, were courtside to witness the historic moment for basketball. The two families connected during pregame warmups, sharing photos and stories.

LeBron had envisioned sharing the court with Bronny for years, a dream that began when his son was still in high school. This dream came to fruition after Bronny declared for the draft, following a year at the University of Southern California, and the Lakers selected him with the 55th overall pick.

Throughout sports history, few fathers and sons have had the opportunity to compete together professionally. While the Griffeys made their mark in the early ’90s, other notable pairings include Tim Raines and his son with the Baltimore Orioles in 2001, and Gordie Howe who played alongside his sons in the WHA and NHL during his lengthy career.

What sets the Jameses apart is that LeBron, still playing at an elite level, shows no signs of slowing down as he enters his record-tying 22nd season. Last season, he averaged more than 25 points per game, solidifying his status as a key player for the Lakers as they strive to reclaim their championship form.

Bronny faced significant health challenges in 2023, including cardiac arrest and open-heart surgery, but he bounced back to participate in the summer league, showcasing his resilience. Despite stiff competition in the Lakers’ point guard lineup, both LeBron and head coach JJ Redick have emphasized the importance of player development and are committed to integrating Bronny into their plans for the season.

As for LeBron’s experience, he reflected on their time together during the morning shootaround prior to the game, stating, “It’s been a treat… bringing him up to speed on what this professional life is all about.”

Despite the challenges and expectations ahead, this historic father-son moment is a testament to both their dedication to the sport and the unprecedented family legacy being created on the court. Kevin Love, who has known the James family for years, described witnessing the duo as “an unbelievable moment,” illustrating the emotional significance of family ties in sports, especially when marked by an exceptional legacy.

On October 23, the city of San José announced that San José Clean Energy (SJCE) has ranked sixth in the nation on the 2023 list of community choice aggregation (CCA) green power customers, released by the National Renewable Energy Laboratory (NREL). With nearly 350,000 customers, SJCE provides clean, renewable energy services. This improved national ranking marks a significant milestone in its efforts to promote sustainable energy.

The ranking recognizes organizations across the country that excel in green energy initiatives. In its standard service, SJCE delivers 60% of its power from renewable sources, surpassing California’s minimum requirement of 44% for 2024. Additionally, SJCE offers upgrade options that allow customers to access 100% clean energy services for a small additional monthly fee.

The inclusion of SJCE on the 2023 list highlights its success in meeting the growing demand for green energy from San José residents and businesses. Mayor Matt Mahan remarked, “We are grateful to the passionate community members who have helped us accelerate the development of clean energy. San José now operates the largest single-jurisdiction CCA in the nation and boasts one of the cleanest power portfolios. We are the first major city in the U.S. to set a carbon neutrality goal by 2030. SJCE’s achievements demonstrate our commitment to ensuring a sustainable future for generations to come.”

This year also marks the fifth anniversary of SJCE’s service to nearly one million residents and businesses in San José. Since its establishment in 2019, SJCE has signed renewable energy contracts totaling over 10 gigawatts, enough to power nearly 600,000 average-sized homes.

City Manager Jennifer Maguire stated, “This is an incredible achievement for San José Clean Energy. Over the past five years, SJCE’s unwavering commitment to providing renewable energy has led to significant progress in reducing carbon emissions, and we should take pride in that.”

With the ongoing expansion of San José Clean Energy, the city takes another significant step toward its goal of carbon neutrality by 2030.

Aston Villa’s manager Unai Emery is eager for his team to continue breaking barriers as they prepare to host Bologna in the Champions League on Tuesday. Defender Matty Cash has expressed confidence in the club’s potential, stating, “Aston Villa has not got a ceiling” since Emery’s appointment nearly two years ago.

Emery is set to commemorate this milestone on Thursday, a period during which he has dramatically altered Villa’s fortunes. When he took over in November 2022, the club was barely above the Premier League relegation zone but secured an impressive 3-1 win against Manchester United in his first match.

As Villa gears up for their Champions League clash, they aim to maintain their perfect record following a historic victory against Bayern Munich in their last outing. Cash reflected on the remarkable growth of the club since he joined from Nottingham Forest in September 2020: “In the last four years, the club has just gone through the roof. The quality in every single department has increased, and I believe we can aim for the top.”

Looking ahead, Emery hopes that this season, the club’s first in Europe’s premier competition since 1982-83, will serve as a launchpad for future success. “We are there at this moment, but I want to stay there for a long time,” he emphasized. “It’s difficult, and we might face challenges, but we need to be resilient. Our aim is to cultivate a strong mentality and constantly push ourselves to break new barriers.”

When asked about the most significant advancement during his tenure, Emery, who recently extended his contract until 2029, highlighted a core message he shared with his players from day one: “I told them, ‘I don’t want to waste my time here, and I don’t want you to waste your time here. We want to maintain our current level in the Champions League and strive to become contenders for trophies.’”

In Tuesday’s match, Villa could face one of their own in Samuel Iling-Junior, who joined Bologna on loan this summer after signing with Juventus. The England Under-21 winger, having made five substitute appearances for the Serie A side, is eligible to play against his parent club.

In a recent update from the Ministry of Transport’s official WeChat account, data compiled by the State Council’s Logistics Guarantee and Smooth Flow Working Group indicates that from October 14 to October 20, the national freight and logistics operations have been running smoothly.

During this period, the national railway transported a total of 79.12 million tons of goods, reflecting a 0.55% increase compared to the previous week. Meanwhile, the number of trucks on the country’s highways reached 56.04 million, marking a 1.15% rise week-over-week.

However, monitored ports experienced a slight decline, with a total cargo throughput of 252.90 million tons, a decrease of 1.4%. The container throughput also saw a drop, totaling 5.89 million TEUs, down 1.83% from the week prior.

Moreover, civil aviation secured a total of 119,000 flights, including 5,006 cargo flights—3,277 of which were international and 1,729 domestic. This represented a 2.08% decline in flights from the previous week.

On a more positive note, postal and express services reported approximately 3.66 billion parcels collected, an increase of 0.22%, and around 3.68 billion parcels delivered, which is a 1.77% rise from last week.

On October 19, 2024, the first round of the China Shaanxi Street Dance Open Competition kicked off at Qinglong Temple, attracting 407 young street dance enthusiasts from Shaanxi. The event showcased the vibrant appeal of street dance, blending athleticism with artistic expression.

With the growing popularity of street dance among youth, spurred by its explosive energy and creativity, this year’s Paris Olympic Games brought further excitement when Chinese athlete Liu Qingyi secured a bronze medal in the women’s breaking competition. This accomplishment has ignited a surge of passion and aspirations among young dancers across the country.

As the inaugural qualifying round, the Qinglong Temple segment primarily featured competitors aged 9 and under, highlighting emerging talents and new dance forces. The competition included both group and individual categories, with 407 participants in total. In the individual events, 166 dancers competed in various styles: Breaking1v1 saw 55 participants, Hiphop1v1 had 34, Popping1v1 included 33 dancers, and Locking1v1 featured 44 competitors. Additionally, 27 teams from across Shaanxi, totaling 241 members, participated in the group dance category.

The atmosphere on site was electric, with a bustling crowd. Young competitors arrived early to prepare and warm up, their every move reflecting their aspirations for victory and their love for street dance. As the judges signaled the start, the venue erupted with youthful energy and excitement, the cheers and applause from the audience providing a powerful boost to the performers.

The competition is structured in two phases: the preliminary rounds and the final. Following the Qinglong Temple segment, the Group B competition will take place on October 26-27 at the historic Datang West Market Square, while the highest-level Group A competition is scheduled for November 2-3. The grand final is set for mid-November at the Shichuanhe Extreme Sports Center in the Yanliang District of Xi’an.

During the opening ceremony, a collaboration agreement was signed between the Xi’an Yanta District Street Dance Association and ten local schools, including Dayan Ta Primary School and the Third Middle School of Yanta District, to promote street dance in schools.

This event is organized by the Shaanxi Provincial Sports Bureau and Shaanxi Tourism Group, with the Shaanxi Provincial Social Sports Development Center, Shaanxi Street Dance Association, and the Xi’an Sports Bureau serving as co-organizers.

Core Reading

As part of its efforts to create a conducive monetary environment for economic recovery, China’s monetary policy this year has emphasized key areas. It has included lowering interest rates, optimizing the credit structure, and improving housing credit policies to ease repayment pressure for homebuyers. Data released by the People’s Bank of China on October 14 shows that in the first three quarters of this year, the country’s monetary policy has effectively supported economic growth.

According to the financial data, RMB loans increased by 16.02 trillion yuan in the first three quarters, while the total social financing increased by 25.66 trillion yuan. Specifically, RMB loans to the real economy accounted for an increase of 15.39 trillion yuan. By the end of September, the total social financing stock reached 402.19 trillion yuan, reflecting an 8.0% year-on-year growth, aligning closely with the expected economic growth and price level targets. Overall, China’s financial growth maintained a steady trajectory, providing robust support for high-quality development in the real economy.

Declining financing costs for enterprises and a resurgence in business confidence have been noteworthy trends this year. As part of its macroeconomic adjustments, China’s central bank has been employing a flexible and targeted monetary policy to support the economy, strengthen counter-cyclical adjustments, and improve the monetary policy framework. The bank has leveraged a combination of tools—including interest rates, reserve requirements, and bond transactions—to effectively serve the real economy and mitigate financial risks. In response to ongoing economic recovery, the People’s Bank made significant adjustments to its monetary policy in February, May, and July.

On September 27, the central bank announced it would lower the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points, excluding those already at a 5% reserve ratio. Following this cut, the weighted average reserve requirement ratio is approximately 6.6%. The same day, the bank adjusted the seven-day reverse repo operation rate from 1.70% to 1.50%, signaling increased efforts to stabilize economic growth.

Dong Ximiao, Chief Researcher at Zhongan Research Institute, highlighted that the People’s Bank’s policies focus on both supply and price. This recent RRR reduction is the second of the year and is expected to release about 1 trillion yuan in long-term liquidity. Moreover, policy interest rates were lowered by 20 basis points, marking the largest decrease in nearly four years.

As a result of these monetary policies, loan growth has remained stable. By the end of September, the total balance of foreign and domestic currency loans reached 257.71 trillion yuan, representing a 7.6% year-on-year increase, with RMB loans alone at 253.61 trillion yuan and an 8.1% growth rate. Notably, loan interest rates have been maintained at historically low levels, with the average weighted interest rate for new corporate loans at 3.63%, down about 21 basis points from the previous year. Similarly, interest rates for new personal housing loans decreased to 3.32%.

The favorable financial policies have resulted in declining financing costs for businesses, restored operational confidence, and improved investment activities. A representative from a petrochemical company in Huizhou noted that there has already been a cumulative effect from various policies throughout the year, which has driven down the company’s loan interest rate from 3.2% at the beginning of the year to 2.85%. Following the recent policy adjustments, the company plans to invest more in product development, market expansion, and talent acquisition.

With the rollout of several new policies, businesses optimistic about China’s economy are beginning to increase their investments. Recently, a clothing company in Dongguan received an influx of 39 million HKD from a Hong Kong investor who cited confidence in China’s economic development and favorable market conditions. Another major petrochemical project by a foreign firm in Guangdong is nearing completion, with plans for an additional 10 billion yuan investment this year.

Optimizing the credit structure has also been a key focus, enhancing financial support for the real economy. At a recent World Manufacturing Conference, Wuhu United Aircraft Technology showcased its innovative drone projects, which were made possible by strong financial backing. The project has achieved 30% completion, leading to active usage of new facilities.

Throughout the year, the People’s Bank has targeted essential sectors for high-quality development, establishing re-loans for technological innovation and upgrades to ensure that credit flows to critical areas and weaknesses in the economy.

A medical device company in Zhuhai, leveraging government support for technological upgrades, quickly enhanced its facilities and introduced new equipment, addressing capacity constraints and laying a solid foundation for market expansion.

As of the end of September, long-term loans in the manufacturing sector have reached 13.88 trillion yuan with a year-on-year growth of 14.8%, while loans to the high-tech manufacturing sector have also seen considerable growth. Dong Ximiao noted that credit structures are continually being optimized, with significant improvements in loans for small-to-medium enterprises and innovative firms.

The People’s Bank’s commitment to addressing housing finance challenges recently led to a directive aimed at easing borrower repayment burdens. In light of recent political discussions, policies around housing purchasing limits and existing loan rates have been revised to support a new development model in real estate.

On September 26, the central bank announced a series of measures to lower existing mortgage rates for commercial housing loans, with banks now preparing to implement these changes uniformly by the end of October.

Following these announcements, six major state-owned banks will adjust existing mortgage rates on October 25, which will affect all existing loans across various regions. Overall, the weighted average rate for existing mortgages stands at around 4.06%, and with the adjustments, borrowers are expected to benefit from substantial savings.

As estimates indicate potential annual savings of around 1,500 billion yuan for 50 million families through adjusted mortgage rates, this policy aims to significantly reduce borrower pressures and improve consumer capacity. Dong Ximiao affirmed the importance of collective agreement among multiple sectors to facilitate the success of these adjustments, reinforcing positive trends in the real estate market.

This report was covered by Wu Qiuyu for the People’s Daily on October 15, 2024.

On August 22, in Taiyuan, China, the Shanxi Provincial Publicity Department and the Provincial Government’s News Office hosted a press conference under the theme “Promoting High-Quality Development and Deepening Comprehensive Transformation.” During the event, Zeng Qingyong, the Deputy Director of the Shanxi Provincial Civil Affairs Department, shared the province’s new initiatives and achievements in strengthening dynamic monitoring of low-income populations and enhancing tiered and classified social assistance.

To reform the social assistance system, Shanxi Province has collaborated with 14 different departments and units to develop a comprehensive implementation plan titled “Strengthening Dynamic Monitoring of Low-Income Populations and Enhancing Tiered and Classified Social Assistance.” The goal is to refine the social assistance framework to ensure that those in need receive timely and effective support.

The plan aims to strengthen and enhance the social assistance system in three significant ways. First, it seeks to bolster dynamic monitoring by integrating both application-based and proactive identification methods. This approach will ensure low-income individuals are included in the monitoring system, facilitating open channels for reporting, and leveraging big data alongside on-the-ground investigations to swiftly identify and assist those in need.

Secondly, the plan clarifies the principle of tiered and classified assistance, categorizing low-income populations based on the severity of their difficulties. This includes identifying recipients of basic living allowances and those with extreme hardships, while also categorizing assistance policies into three main types: basic living support, special assistance, and emergency aid, thereby providing tailored support.

Moreover, it emphasizes maximizing assistance efforts through the coordinated functions of various departments to establish a comprehensive support network that ensures timely help for the vulnerable. Once individuals are identified as low-income by the civil affairs department, a closed-loop mechanism will be implemented, creating a rescue chain to prevent any oversight or duplication in aid efforts, assuring efficient resource allocation.

In terms of specific support measures, Shanxi’s initiatives encompass six major areas: basic living assistance, special social assistance, emergency social aid, service-oriented social assistance, charitable support, and other forms of assistance. The process has been streamlined into a “single application and classified review and identification” model, ensuring that assistance is both precise and efficient. Currently, around 1.32 million people in the province are included in the dynamic monitoring of low-income populations.

Zeng Qingyong stated that moving forward, Shanxi will intensify its efforts to promote social assistance policies and ensure effective implementation. By harnessing the combined advantages of “big data comparison and field assessments,” the province will promptly identify needs, accurately determine those eligible for assistance, and strive to leave no one behind in providing essential support for basic livelihoods.