according to state media. No cases have been traced to people leaving Ruili for elsewhere in China.

Even so, officials insist that there is little room for adjustment.

“If Ruili’s epidemic does not reach zero, there will be risk of outward transmission,” Ruili’s deputy mayor, Yang Mou, said at a news conference on Oct. 29.

Shanghai’s Disneyland spent hours waiting to be tested on Sunday night before they could leave the park. Parts of Beijing are locked down, and many incoming trains and flights have been canceled.

announced that all traffic lights would be turned red, to prevent unnecessary travel. (It later backtracked.)

Ruili is uniquely vulnerable to both the virus and the burdens of lockdown.

Nestled in the corner of Yunnan Province, it shares more than 100 miles of borders with Myanmar, attracting tourists and traders. In 2019, people passed through its border checkpoint nearly 17 million times, according to official statistics.

When China sealed up the country, trade and tourism all but collapsed. Yet Ruili’s borders remained porous, raising fears of imported cases. And the military coup in Myanmar this year has led some to seek refuge in Ruili, legally or illegally. Some residents have had to dodge stray bullets from the conflict across the border, according to Chinese media reports.

banned residents from livestreaming about the local jade industry to limit gem orders and the movement of delivery people.

told state media that “at the moment, we do not need” additional help. The day before, he had warned against “criminals” who he said would use “public opinion and false information to disrupt social order.”

have admonished people for protesting lockdown conditions.)

Earlier this year, Mr. Li and a group of fellow investors pooled together about $3 million for a jade market in Ruili, which they had hoped to open in May. Instead, the premises have sat empty, though they have continued to pay rent. He has heard nothing about government assistance.

Originally, his company employed about 50 people. Now? “We only dare to keep one person, to guard the door,” he said. “What can you do? We can’t pay them.”

The cost of daily living has shot up. A kilogram of bok choy used to cost less than 6 renminbi, or under $1, Mr. Li said; now the price has jumped to 8 or 10 renminbi.

“The ordinary people,” he sighed, “have no way to live.”

Liu Yi contributed research.

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Why China Is the World’s Last ‘Zero Covid’ Holdout

The trip began in Shanghai, where the couple, both former professors, joined a tour group of other retirees. They traveled through Gansu Province and Inner Mongolia, staying at a bed-and-breakfast and eating three times at the same lamb chop restaurant. Flying south to Xi’an, they dropped into a 1,300-year-old temple. Their fellow tour group members checked out an art museum, strolled through parks and visited friends.

Then, on Oct. 16, the day they had planned to visit the Terracotta Warriors, the couple tested positive for the coronavirus.

Since then, China has locked down a city of 4 million, as well as several smaller cities and parts of Beijing, to contain a fresh outbreak that has infected more than 240 people in at least 11 provinces and regions. The authorities have shuttered schools and tourist sites. Government websites have detailed every movement of the unlucky couple and their sprawling web of contacts, including what time they checked into hotels and on which floors of restaurants they sat.

The no-holds-barred response is emblematic of China’s “zero Covid” policy, which has served the country remarkably well: China has reported fewer than 5,000 deaths since the pandemic began. The scale of the new outbreak, while tiny compared to many other countries, is large for China.

Lynette Ong, a political scientist at the University of Toronto. “At a huge cost, though.”

at-times strident nationalism.

Other countries that adopted “zero Covid” policies were hailed as models of competent governance that prioritized saving lives over convenience and economic growth.

As the virus has dragged into its second year, and with the onset of the far more contagious Delta variant, countries are again reconsidering their strategies. Australia, which was home to the world’s longest lockdown, is scrapping quarantine requirements for vaccinated residents returning from overseas. New Zealand formally abandoned its quest for zero this month. Singapore is offering quarantine-free travel to vaccinated tourists from Germany, the United States, France and several other countries.

attacked viciously online as a lackey of foreigners. A former Chinese health minister called such a mindset reckless.

Zhang Jun, an urban studies scholar at the City University of Hong Kong.

In addition, though China has achieved a relatively high full inoculation rate, at 75 percent of its population, questions have emerged about the efficacy of its homegrown vaccines.

And, at least for now, the elimination strategy appears to enjoy public support. While residents in locked-down areas have complained about seemingly arbitrary or overly harsh restrictions on social media, travel is relatively unconstrained in areas without cases. Wealthy consumers have poured money into luxury goods and fancy cars since they’re not spending on trips abroad.

reinstated them in September amid a spike in infections. (Still, the government is moving forward with travel lanes.)

But experts agree that the costs of expecting zero cases will hit eventually. China’s economic growth is slowing, and domestic travel during a weeklong holiday earlier this month fell below last year’s levels, as a cluster of new cases spooked tourists. Retail sales have proven fitful, recovering and ebbing with waves of the virus.

The country may also suffer diplomatically. Mr. Xi has not left China or received foreign visitors since early 2020, even as other world leaders prepare to gather in Rome for a Group of 20 summit and Glasgow for climate talks.

China’s hard-nosed approach is also trickling down to Hong Kong, the semi-autonomous territory and global financial hub. In trying to align their own Covid prevention policies with the mainland’s, Hong Kong’s leaders have introduced the world’s longest quarantine, ignoring escalating warnings from business leaders about an exodus of foreign firms.

said in a recent interview with Chinese media that once the country reached an 85 percent vaccination rate, “why shouldn’t we open up?”

Until then, those stranded by the lockdowns have been trying to make the best of their situations. State news outlets have reported that roughly 10,000 tourists are trapped in Ejin Banner, a region of Inner Mongolia, after the emergence of cases led to a lockdown. As consolation, the local tourism association has promised them free entry to three popular tourist attractions, redeemable within the next three years.

Liu Yi and Joy Dong contributed research.

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Japan’s Communists Are Hardly Radical, but Make a Handy Election Target

TOKYO — The Japan Communist Party is the oldest political party in the country. It’s the largest nonruling Communist party in the world. It’s harshly critical of China. And the Japanese authorities list it, along with ISIS and North Korea, as a threat to national security.

To many in Japan, that comparison seems exaggerated. The party, which long ago abandoned Marx and Lenin and never really had time for Stalin or Mao, is about as radical as a beige cardigan: antiwar, pro-democracy, pro-economic equality.

But that hasn’t stopped it from becoming a primary target of Japan’s dominant political force, the Liberal Democratic Party, ahead of parliamentary elections on Sunday that will help set the country’s path out of the pandemic.

Though clocking in at only 3 percent support in the polls, the Communists have become a handy boogeyman after teaming up with Japan’s leading opposition parties for the first time in an effort to dethrone the L.D.P. The Communists agreed to withdraw their candidates from several districts to avoid splitting the liberal vote.

C.I.A. — carried out heavy-handed crackdowns on the group, which briefly flirted with political violence and became a rallying point for anti-American student protests.

Despite its name, the J.C.P. has largely abandoned its roots in favor of its own homegrown ideology. It broke with the Soviet Union and China in the 1960s and has recently become one of Beijing’s most vocal Japanese critics, denouncing its neighbor for following the path of “hegemony” and violating human rights in Hong Kong and Xinjiang. When the Chinese Communist Party celebrated its 100th anniversary this year, the J.C.P. was the only major Japanese party not to send congratulations.

Still, Japan’s National Police Agency has continued to treat the group as a menace. In its annual report on threats to the nation, it lumps the J.C.P. in with the Islamic State, North Korea and Aum Shinrikyo, the Japanese cult that killed 13 and injured thousands during a 1995 nerve-gas attack on the Tokyo subway.

The Japan Communists, the police note, are rapidly aging, losing their financial resources — mostly generated by subscriptions to their newspaper, Akahata, or Red Flag — and are having difficulty attracting new members.

The agency is not clear about what actual threat the group poses. It does note that the Communists were planning to join other opposition parties to challenge the L.D.P., and that they had “added ‘gender equality’ and ‘a nuclear-power-free Japan’” to their platform. (The J.C.P. runs more female candidates than nearly any other Japanese party.)

Both of those initiatives are opposed to some extent by the Liberal Democrats — who, for example, have rejected legislation to allow women to keep their last names after marriage — even though they are popular with the general public.

But those are not among the top issues for voters in the coming election. Their priorities are clear: keeping the coronavirus in check and putting the pandemic-ravaged economy back on track. Neither of these are necessarily winning issues for the L.D.P., which, though unlikely to lose, faces a strong risk of emerging from the election seriously weakened.

Japan is reporting just a few hundred Covid-19 cases each day, and vaccination numbers have surpassed those of most other countries, despite a slow start. Nevertheless, there is a sense that the governing party mismanaged the crisis, fumbling the national vaccine rollout and delaying the country’s recovery. Stories of coronavirus patients dying at home despite ample supplies of hospital beds have further hardened public opinion.

Current economic policies, which have failed to lift the country out of stagnation, are also unpopular — so much so that Fumio Kishida, who became prime minister this month after winning an L.D.P. leadership election, ran against them. Mr. Kishida promised that he would confront growing inequality through a (very socialist-sounding) program of wealth redistribution.

He has since walked back those promises and looks set to continue his predecessors’ policies largely unchanged.

The threat that the Japan Communist Party poses to the L.D.P. may come not from its size — the Communists have never gained more than 13 percent of the vote in a lower house election — but from its members’ dedication. The J.C.P., which has a highly organized base, could play a big role in drawing votes to the opposition, said Tomoaki Iwai, a professor of political science at Nihon University.

“It’s an organization that has the power to gather ballots” he said.

In focusing attention on the Japan Communists, the L.D.P. and its governing partner, Komeito, are betting that voters’ distaste for big “C” communism and fear of a rising China will drive them away from the opposition coalition, said Taku Sugawara, an independent political scientist.

“Until recently, as far as the L.D.P. was concerned, the Communists were just a group that got in the way of the other opposition parties,” he said. “But now that they’re clearly a threat, they’ve become a prominent target of criticism.”

Although there is widespread consensus in Japan that Beijing’s growing power poses a threat to regional stability, the L.D.P. and J.C.P. are split over how to deal with it.

The Liberal Democrats have called for doubling military spending, increasing defense cooperation with the United States, and changing Japan’s pacifist constitution to give it, among other things, the ability to carry out first strikes against adversaries that threaten national security.

The Japan Communists, however, prefer a diplomatic approach and are strongly opposed to the substantial American military presence in Japan, a position that makes it an outlier among Japanese political parties.

During a recent rally in front of the bustling Shinjuku station in central Tokyo, candidates for Komeito warned a small group of potential voters that the differing views of the J.C.P. and its political partners on national defense would make it impossible for them to govern competently.

(The hawkish L.D.P. and its dovish coalition partner have themselves long been at odds over whether to increase military spending or alter Japan’s constitution to remove its prohibition against waging war. And Komeito is notorious for its reluctance to criticize Beijing.)

The Japan Communists have said that their differences with other opposition parties would have no bearing on a new government. The Communists say they won’t seek any role if the opposition topples the L.D.P.

But it’s hard to say what would actually happen if the opposition somehow won power, Mr. Iwai, the political science professor, said.

None of the coalition members “actually think they’re going to win,” he said. So when it comes to discussions of what’s next, “No one’s thought that far.”

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CyberCube: Hidden Cyber Risk in US Property Market Could Lead to $12.5bn Losses, Says Report

SAN FRANCISCO–(BUSINESS WIRE)–Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and could cause certain carriers’ capital adequacy ratios to deteriorate.

According to a new study conducted by CyberCube, AM Best and Aon, sufficient cyber risk is accumulating in the US property market to trigger a one-in-100-year loss of $12.5bn. A loss of this magnitude would be enough to cause a downward transition of the Best’s Capital Adequacy Ratio (BCAR) for 18 US property carriers.

For the study, “Spotlight on Cyber: A study of aggregation risk in the US property insurance market”, leading cyber risk analytics expert CyberCube created a sample portfolio based on the US small business property industry and subjected it to modeled cyber loss scenarios, quantifying non-physical damage losses. The results of this analysis were then used by financial ratings agency AM Best to assess the impact on the balance sheets of 579 US property insurers. Aon assisted with quantifying the risks and exposures written back into property policies and highlighting some best practices for managing these risks.

The analysis revealed that of the 579 property insurers analysed, 12 carriers fell one level in the BCAR, four dropped two levels, and two insurers each fell three levels and four levels respectively. It is important to note that BCAR assessments are not the sole determinant of a company’s financial strength rating. Other factors such as reinsurance, diversification, and liquidity are considered to evaluate balance sheet strength. However, a significant deterioration in the BCAR assessment may lead to a downgrade of an insurer’s financial strength rating.

The report concludes that, while current levels of cyber exposure within US commercial property are manageable by the property industry as a whole, the exposure could have ratings impacts for a section of the property market. The large growth in cyber exposures anticipated over the next few years will challenge the industry’s ability to cope with rapidly increasing risks.

The research notes a mixture of regulatory pressure and good portfolio management practice is driving carriers to explicitly exclude (or affirm) cyber coverage from non-standalone policies, where “silent” cyber exposure may exist. However, it is becoming apparent that insurance carriers, while starting to offer explicit cyber coverage in US commercial property policies, may not typically be underwriting or pricing the risk accordingly. The report warns that cyber exposures in the US property market may be unaccounted for in carriers’ enterprise risk management strategies.

Rebecca Bole, CyberCube’s Head of Industry Engagement, said: “CyberCube’s modeled loss figure of $12.5bn suggests that the US property market is exposed to $9.5bn of attritional losses and $3bn of catastrophic losses in the return period. It is apparent that the property market is already paying attritional losses for non-affirmative cyber coverage.”

Sridhar Manyem, AM Best’s Director, Industry Research, said: “While losses of $12.5bn are relatively low when placed in the context of natural catastrophes, considering these exposures are often unpriced or unaccounted for in enterprise risk management, the impact on carriers can be significant and more importantly, unexpected.”

Jon Laux, Aon’s Head of Cyber Analytics, added: “As this research shows, quantification of the aggregation potential from cyber-related losses in property policies is very real. With property insurers affirming elements of cyber cover in their policies, insurers are exposed to significant losses, which are not necessarily priced accordingly. Through better information, industry participants will be able to make better decisions about placing cyber risk.”

Cyber scenarios used by CyberCube to analyse the impact on the US property industry were large-scale data losses, large-scale ransomware attacks and a targeted ransomware attack on a medical devices manufacturer.

This report aims to quantify the cyber exposures accumulating in the US property market and calls for further clarification of cyber cover in commercial property policies, explicit underwriting and adequate pricing of the risks associated with cyber events in property policies.

Check out the report here: Spotlight on Cyber: A study of aggregation risk in the US property insurance market.

AM Best is hosting a webinar highlighting the findings of the report. Register here.

ENDS

About CyberCube

CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.

The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital. For more information, please visit www.cybcube.com or email info@cybcube.com.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Their colleagues provide their clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

About AM Best

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Evergrande’s Struggles Offer a Glimpse of China’s New Financial Future

HONG KONG — Xu Jiayin was China’s richest man, a symbol of the country’s economic rise who helped transform poverty-stricken villages into urbanized metropolises for the fledgling middle class. As his company, China Evergrande Group, became one of the country’s largest property developers, he amassed the trappings of the elite, with trips to Paris to taste rare French wines, a million-dollar yacht, private jets and access to some of the most powerful people in Beijing.

“All I have and all that Evergrande Group has achieved were endowed by the party, the state and the whole society,” Mr. Xu said in a 2018 speech thanking the Chinese Communist Party for his success.

China is threatening to take it all away.

The debt that powered the country’s breakneck growth for decades is now jeopardizing the economy — and the government is changing the rules. Beijing has signaled that it will no longer tolerate the strategy of borrowing to fuel business expansion that turned Mr. Xu and his company into a real estate powerhouse, pushing Evergrande to the precipice.

Last week, the company, which has unpaid bills totaling more than $300 billion, missed a key payment to foreign investors. That sent the world into a panic over whether China was facing its own so-called Lehman moment, a reference to the 2008 collapse of the Lehman Brothers investment bank that led to the global financial crisis.

struggles have exposed the flaws of the Chinese financial system — unrestrained borrowing, expansion and corruption. The company’s crisis is testing the resolve of Chinese leaders’ efforts to reform as they chart a new course for the country’s economy.

If they save Evergrande, they risk sending a message that some companies are still too big to fail. If they don’t, as many as 1.6 million home buyers waiting for unfinished apartments and hundreds of small businesses, creditors and banks may lose their money.

“This is the beginning of the end of China’s growth model as we know it,” said Leland Miller, the chief executive officer of the consulting firm China Beige Book. “The term ‘paradigm shift’ is always overused, so people tend to ignore it. But that’s a good way of describing what’s happening right now.”

speech accepting an award for his charitable donations.

He went to college and then spent a decade working at a steel mill. He started Evergrande in 1996 in Shenzhen, a special economic zone where the Chinese leader Deng Xiaoping launched the country’s experiment with capitalism. As China urbanized, Evergrande expanded beyond Shenzhen, across the country.

Evergrande lured new home buyers by selling them on more than just the tiny apartment they would get in a huge complex with dozens of identical towers. New Evergrande customers were buying into the lifestyle associated with names like Cloud Lake Royal Garden and Riverside Mansion.

annual report was Wen Jiahong, the brother of China’s vice premier, Wen Jiabao, who oversaw the country’s banks as head of the Central Financial Work Commission.

elite group of political advisers known as the Chinese People’s Political Consultative Conference.

“He could not have gotten so big without the collaboration of the country’s biggest banks,” Victor Shih, a professor of political science at the University of California, San Diego, said of Mr. Xu. “That suggests the potential help of senior officials with a lot of influence.”

Mr. Xu was also a power broker who socialized with the Communist Party’s elite families, according to a memoir by Desmond Shum, a well-connected businessman. In his book, “Red Roulette,” published this month, Mr. Shum recounts a 2011 European wine-tasting and shopping spree in which Mr. Xu took part, along with the daughter of the Communist Party’s fourth-ranking official at the time, Jia Qinglin, and her investor husband.

The party flew to Europe on a private jet, with the men playing a popular Chinese card game called “fight the landlord.” At Pavillon Ledoyen, a Paris restaurant, the party spent more than $100,000 on a wine spree, downing magnums of Château Lafite wines, starting with a vintage 1900 and ending with a 1990. On a trip to the French Riviera, Mr. Xu considered buying a $100 million yacht owned by a Hong Kong mogul, Mr. Shum wrote.

To supercharge Evergrande’s growth, Mr. Xu often borrowed twice on each piece of land that he developed — first from the bank and then from home buyers who were sometimes willing to pay 100 percent of the value of their future home before it was built.

property grew to account for as much as one-third of China’s economic growth. Evergrande built more than a thousand developments in hundreds of cities and created more than 3.3 million jobs a year.

cool down, the damage caused by Evergrande’s voracious appetite for debt became impossible to ignore. There are nearly 800 unfinished Evergrande projects in more than 200 cities across China. Employees, contractors and home buyers have held protests to demand their money. Many fear they will become unwitting victims in China’s debt-reform campaign.

Yong Jushang, a contractor from Changsha in central China, still hasn’t been paid for the $460,000 of materials and work he provided for an Evergrande project that was completed in May. Desperate not to lose his workers and business partners, he threatened to block the roads around the development this month until the money was paid.

“It’s not a small amount for us,” Mr. Yong said. “This could bankrupt us.”

Mr. Yong and others like him are at the heart of regulators’ biggest challenge in dealing with Evergrande. If Beijing tries to make an example out of Evergrande by letting it collapse, the wealth of millions of people could vanish along with Mr. Xu’s empire.

protested on the streets and complained online about delays in construction. The central bank has put Evergrande on notice.

And China’s increasingly nationalistic commentators are calling for the company’s demise. Debt-saddled corporate giants like Evergrande were given the freedom to “open their bloody mouths and devour the wealth of our country and our people until they are too big to fall,” Li Guangman, a retired newspaper editor whose recent views have been given a platform by official state media, wrote in an essay.

Without proper intervention, Mr. Li argued, “China’s economy and society will be set on the crater of the volcano where all may be ignited any time.”

Michael Forsythe reported from New York. Matt Phillips contributed reporting from New York.

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Prominent Chinese #MeToo Figure Vows to Appeal After Losing Case

A former television intern who became a prominent voice in China’s #MeToo movement against sexual assault and harassment has vowed to fight on after a court in Beijing ruled that she had not produced sufficient evidence in her harassment case against a star presenter.

The former intern, Zhou Xiaoxuan, told supporters and journalists outside the Haidian District court in Beijing that she would appeal after judges ruled against her claim late Tuesday night.

Ms. Zhou asserted in 2018 that Zhu Jun had assaulted her in a dressing room four years earlier. Mr. Zhu denied that accusation and sued Ms. Zhou, and she countersued him. Their legal battles became a focal case in China’s expanding movement against the sexual coercion of women.

The court in Beijing rejected Ms. Zhou’s case in a terse online statement that did not go into the substance of her claims. She had “tendered insufficient evidence to prove her assertion that a certain Zhu had engaged in sexual harassment,” the court stated.

crack their heads and spill blood” if they tried to stop its rise.

  • Behind the Takeover of Hong Kong: One year ago, the city’s freedoms were curtailed with breathtaking speed. But the clampdown was years in the making, and many signals were missed.
  • One Year Later in Hong Kong: Neighbors are urged to report on one another. Children are taught to look for traitors. The Communist Party is remaking the city.
  • Mapping Out China’s Post-Covid Path: Xi Jinping, China’s leader, is seeking to balance confidence and caution as his country strides ahead while other places continue to grapple with the pandemic.
  • A Challenge to U.S. Global Leadership: As President Biden predicts a struggle between democracies and their opponents, Beijing is eager to champion the other side.
  • ‘Red Tourism’ Flourishes: New and improved attractions dedicated to the Communist Party’s history, or a sanitized version of it, are drawing crowds ahead of the party’s centennial.
  • Since then, the Chinese Communist Party has moved to rein in public protest and contention over women’s rights, and fewer such cases have burst onto the internet.

    An exception was in July, when the police detained Kris Wu, a popular Canadian Chinese singer, after an 18-year-old university student in Beijing accused him of offering young women like her help with their careers, and then pressing them to have sex. He has denied the accusations.

    Mr. Wu was formally arrested last month on suspicion of rape. His case became one in a number of scandals that have prompted the Chinese government to crack down on youth celebrity culture and warn actors and performers to stick to official rules for propriety.

    Ms. Zhou has been barred from Weibo, the popular Chinese social media service where her claims against Mr. Zhu first spread. (His lawsuit against her has still not gone to trial.)

    Traditional state-run media outlets were ordered not to cover Ms. Zhou’s claims and lawsuit, according to three journalists who received the instructions and asked for anonymity because of the risk of repercussions. But word of Ms. Zhou’s loss in court rippled across Chinese social media on Wednesday. Many reactions that remained on Weibo were critical of her, some accusing her of making up her claims and acting as a pawn for forces hostile to China. Her supporters said that, despite the setback, she had set a lasting example.

    “I was very disappointed, but it didn’t surprise me,” said Zheng Xi, 34, a feminist in Hangzhou, in eastern China. “Her persistence in the last three years has educated and enlightened many people.”

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    Techtronic Industries présente une exceptionnelle croissance des ventes au premier semestre

    HONG KONG–(BUSINESS WIRE)–Basée à Hong Kong, le spécialiste international des équipements électriques et des solutions d’entretien des sols Techtronic Industries Co. Ltd. (“TTI” ou le “Groupe”) (code mnémonique: 669, symbole ADR: TTNDY) a annoncé ses résultats pour les six mois clos au 30 juin 2021. Le Groupe a généré des résultats extraordinaires pour le premier semestre de 2021, avec des ventes en hausse de 52,0% à 6,4 milliards USD. La marge brute s’est améliorée pour le 13e premier semestre consécutif à 38,6%, et les croissances de l’EBIT, du bénéfice net, et du bénéfice par action ont toutes dépassé la croissance des ventes. L’EBIT a augmenté de 57,4% à 572 millions USD, le bénéfice net a augmenté de 57,9% à 524 millions USD, et le bénéfice par action a augmenté de 57,8% à environ 28,62 centimes USD par action.

    Faits saillants de la performance financière pour le S1 2021

     

     

     

     

    2021*

    USD en

    millions

    2020

    USD en

    millions

     

     

    Variation

    Chiffre d’affaires

    6 394

    4 206

    +52,0%

    Marge bénéficiaire brute

    38,6%

    38,0%

    +58 pts de base

    EBIT

    572

    363

    +57,4%

    Bénéfice attribuable aux propriétaires de la Société

    524

    332

    +57,9%

    Bénéfice de base par action (centimes USD)

    28,62

    18,14

    +57,8%

    Dividende intermédiaire par action (centimes USD approx.)

    10,94

    6,82

    +60,4%

    *Pour la période de six mois clos au 30 juin 2021

    Le fonds de roulement en pourcentage des ventes s’élève à 18,3%, en-dessous de l’objectif de 20,0% ou moins. Le Groupe continue de construire stratégiquement un inventaire pour soutenir son exceptionnelle croissance supérieure au marché, afin de répondre aux attentes de sa clientèle avec des niveaux de service élevés, et de protéger la société contre d’éventuels pannes de composants critiques.

    Le segment TTI Équipements électriques a généré une croissance des ventes de 55,3% à 5,8 milliards USD. Toutes les géographies et unités commerciales ont contribué à cette performance spectaculaire au premier semestre 2021. L’activité phare Milwaukee a fourni une croissance globale phénoménale de 64,1%. RYOBI a présenté une performance exceptionnelle sur l’ensemble des marques avec une solide croissance à deux chiffres dans toutes les catégories et géographies. En outre, l’activité Entretien et nettoyage des sols a représenté 9,0% des ventes totales de TTI, avec une augmentation des ventes de 25,3%, à 574 millions USD.

    M. Horst Pudwill, président du conseil de TTI, a déclaré: “Chez TTI, nous avons mis sur pied une équipe de premier plan et félicitons l’ensemble de l’organisation pour avoir fourni de solides résultats. Nous sommes fiers des décisions stratégiques audacieuses qui ont été prises durant ces 18 derniers moins afin de nous positionner favorablement pour un solide second semestre 2021”.

    M. Joseph Galli, PDG de TTI, a déclaré: “Les résultats du premier semestre de TTI témoignent clairement de notre position de leader, de notre dynamisme et de notre potentiel futur. Notre nouvelle machine de production à haut rendement nous permet de gagner des parts de marché, tout en continuant à améliorer la marge brute pour atteindre de nouveaux sommets.”

    À propos de TTI

    Fondé en 1985 et coté à la Stock Exchange of Hong Kong Limited depuis 1990, TTI est un chef de file mondial de la technologie sans fil pour les outils électriques, les équipements électriques d’extérieur, les produits et solutions de nettoyage des sols pour un usage ménager, professionnel et industriel dans les secteurs de la maison, de la construction, de l’entretien, de l’industrie et de l’infrastructure. La Société repose sur quatre piliers stratégiques – les marques phares, les produits innovants, les talents d’exception et l’excellence opérationnelle – reflétant une vision expansive et durable de la technologie sans fil. Notre stratégie de croissance mondiale, reflet d’une quête indéfectible de l’innovation, a porté TTI à l’avant-garde de son secteur. Le solide portefeuille de marque de TTI comprend les outils électriques, accessoires et outils à main MILWAUKEE, AEG et RYOBI, les produits d’extérieur RYOBI et HOMELITE, les produits d’aménagement et de mesure EMPIRE, et les produits et solutions de nettoyage des sols HOOVER, ORECK, VAX et DIRT DEVIL.

    TTI est coté aux Hang Seng Index, FTSE RAFI™ All-World 3000 Index, FTSE4Good Developed Index et MSCI ACWI Index. Pour de plus amples renseignements, veuillez visiter www.ttigroup.com.

    Toutes les marques commerciales mentionnées autres qu’AEG et RYOBI sont détenues par le Groupe. AEG est une marque déposée d’AB Electrolux (publ.), et utilisée sous licence. RYOBI est une marque déposée de Ryobi Limited, utilisée sous licence.

    Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

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    For China’s Business Elites, Staying Out of Politics Is No Longer an Option

    Internet infrastructure operators like Didi must now prove their political and legal legitimacy to the government, Ma Changbo, an online media start-up founder, wrote on his WeChat social media account.

    “This is the second half of the U.S.-China decoupling,” he wrote. “In the capital market, the model of playing both sides of the fence is coming to an end.”

    Didi, Ms. Liu and Mr. Liu didn’t immediately respond to requests for comment.

    China’s internet companies have benefited from the best of two worlds since the 1990s. Many received foreign venture funding — Alibaba, the e-commerce giant, was funded by Yahoo and SoftBank, while Tencent, another internet titan, was backed by South Africa’s Naspers. They also copied their business models from Silicon Valley companies.

    The Chinese companies gained further advantages when Beijing blocked almost all big American internet companies from its domestic market, giving its home players plenty of room to grow. Many Chinese internet firms later went public in New York, where investors have a bigger appetite for innovative and risky start-ups than in Shanghai or Hong Kong. So far this year, more than 35 Chinese companies have gone public in the United States.

    Now the Didi crackdown is changing the calculations for many in China’s tech industry. One entrepreneur who has set her sights on a listing in New York for her enterprise software start-up said it would be harder to go public in Hong Kong with a high valuation because what her company did — software as a service — was a relatively new idea in China.

    A venture capitalist in Beijing added that because of China’s data security requirements, it was now unlikely that start-ups in artificial intelligence and software as a service would consider going public in New York. Few people were willing to speak on the record for fear of retaliation by Beijing.

    At the same time, the United States has become more hostile to Chinese tech companies and investors. As Washington has ramped up its scrutiny of deals that involve sensitive technologies, it has become almost impossible for Chinese venture firms to invest in Silicon Valley start-ups, several investors said.

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    As China’s Communist Party Turns 100, Xi Warns It Will Not Be Bullied

    China’s rise is unstoppable, Xi Jinping declared. The country will not be lectured. And those who try to block its ascent will hit a “Great Wall of steel.”

    Mr. Xi, the most powerful Chinese leader in generations, delivered the defiant message in a speech in Beijing on Thursday that celebrated 100 years of the Chinese Communist Party.

    The speech was laden with symbols intended to show that China and its ruling party would not tolerate foreign obstruction on the country’s path to becoming a superpower. The event’s pageantry symbolized a powerful nation firmly, yet comfortably, in control: A crowd of 70,000 people waved flags, sang and cheered in unison. Troops marched and jets flew overhead in perfect formations. And each time Mr. Xi made a pugnacious comment, the crowd applauded and roared approval.

    At times, Mr. Xi’s strident words seemed aimed as much at Washington as at the hundreds of millions of Chinese who watched on their televisions. The biggest applause from the handpicked, Covid-screened audience on Tiananmen Square came when he declared that China would not be pushed around.

    transformative leader guiding China into a new era of global strength and rejuvenated one-party rule. And the stagecraft was focused on conveying a modern, powerful nation largely at ease while much of the world still struggles with the pandemic.

    He trumpeted the party’s success in tamping down Covid-19, reducing poverty and firmly quashing dissent in Hong Kong, the former British colony. With splashes of bellicose rhetoric, he dismissed challenges from abroad, asserting that Beijing had little appetite for what it saw as sanctimonious preaching.

    China’s tensions with the United States and other rivals. But his effort to portray unity carried an unmistakable meaning as Beijing faces new challenges abroad.

    The Biden administration has cast the United States as leading a global struggle to defend democratic ideals against the spread of China’s model of authoritarianism. President Biden has worked quickly to rally Western allies to press China over human rights and tensions in the South China Sea. Beijing has been especially incensed by Western sanctions over Hong Kong and the western region of Xinjiang, two places where Mr. Xi has tightened the party’s control with draconian measures.

    “His speech clearly hinted at the United States, the audience in China won’t miss that,” Deng Yuwen, a former editor of a Communist Party newspaper who now lives in the United States, said by telephone. “His other message that stood out was that the party is the representative of the people’s and the whole country’s interests — nobody can try to split the party from the nation; they’re a unified whole.”

    The theme of a party and nation united behind Mr. Xi will remain prominent in the lead-up to a Communist Party congress late next year, at which he is expected to gain a third five-year term as the party’s leader. That step would break with the expectation, set by his predecessor, Hu Jintao, that Chinese leaders stay in power for two terms. Mr. Xi’s speech will now be studied and acclaimed by party officials as part of the rituals that ensure they stay obedient.

    historic sites to pay homage to the party’s revolutionary leaders. It has tightened security around the country, confining dissidents and stationing police officers and neighborhood volunteers to keep watch across the capital for weeks.

    Alleys and overpasses in Beijing have been decked in red party banners. Chinese state television is scheduled to show more than a hundred television dramas celebrating the party, many of them depictions of revolutionary heroes. A light show on the riverfront in Shanghai has flashed the slogan, “There would be no new China without the Communist Party.” Another light display shone the Communist hammer and sickle onto clouds over Shenzhen, a flashily commercial city in the south.

    Beijing’s intensive preparations for this anniversary pointed to how crucial controlling public memory is to China’s leaders, perhaps above all Mr. Xi, a leader who has cited his family roots in the party’s revolutionary heritage and his disdain for liberal values. Predictably, he made no mention in his speech of China’s setbacks over the decades of Communist Party rule, such as Mao’s Cultural Revolution and the deadly crackdown on the Tiananmen Square protests in 1989.

    many signals were missed.

  • One Year Later in Hong Kong: Neighbors are urged to report on one another. Children are taught to look for traitors. The Communist Party is remaking the city.
  • Mapping Out China’s Post-Covid Path: Xi Jinping, China’s leader, is seeking to balance confidence and caution as his country strides ahead while other places continue to grapple with the pandemic.
  • A Challenge to U.S. Global Leadership: As President Biden predicts a struggle between democracies and their opponents, Beijing is eager to champion the other side.
  • ‘Red Tourism’ Flourishes: New and improved attractions dedicated to the Communist Party’s history, or a sanitized version of it, are drawing crowds ahead of the party’s centennial.
  • Mr. Xi paid respects to Mao, Deng and other past leaders, but the real focus of his speech was clear. He highlighted the country’s achievements since he took office in 2012: eradicating poverty, achieving greater economic prosperity and building a strong military. He used his longtime catchphrase, “the great rejuvenation of the Chinese nation,” 21 times.

    95 million members of the Communist Party of China are found in every corner of society, from one of the country’s richest men, Jack Ma, to virtually every village. And Mr. Xi swiped at critics who have said that the party and the Chinese people should not be treated as a united whole.

    senior officer had said earlier that military personnel would stay at their posts to “safeguard the peace and security of the motherland.” Still, squadrons of helicopters flew over Tiananmen Square, carrying red banners and forming the figure 100, followed by fighter jets in a perfect array. Mr. Xi repeatedly stressed his determination to build up China’s military.

    China suppressed the coronavirus relatively quickly last year while the United States, Britain and other democracies suffered waves of deaths. But the country must tackle challenges, such as an aging population that could slow growth. Mr. Xi suggested that the solution to any problem demanded staying with the party.

    “Long live the Chinese Communist Party, great, glorious and correct,” he said at the end of his speech. “Long live the Chinese people, great, glorious and heroic.”

    Steven Lee Myers contributed reporting. Liu Yi, You Li, Claire Fu, Albee Zhang and Joy Dong contributed research.

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    Hong Kong’s Security Law: One Year Later, a City Remade

    HONG KONG — With each passing day, the boundary between Hong Kong and the rest of China fades faster.

    The Chinese Communist Party is remaking this city, permeating its once vibrant, irreverent character with ever more overt signs of its authoritarian will. The very texture of daily life is under assault as Beijing molds Hong Kong into something more familiar, more docile.

    Residents now swarm police hotlines with reports about disloyal neighbors or colleagues. Teachers have been told to imbue students with patriotic fervor through 48-volume book sets called “My Home Is in China.” Public libraries have removed dozens of books from circulation, including one about the Rev. Dr. Martin Luther King Jr. and Nelson Mandela.

    when antigovernment protests erupted.

    Now, armed with the expansive national security law it imposed on the city one year ago, Beijing is pushing to turn Hong Kong into another of its mainland megacities: economic engines where dissent is immediately smothered.

    goose-step in the Chinese military fashion, replacing decades of British-style marching. City leaders regularly denounce “external elements” bent on undermining the country’s stability.

    Senior officials in Hong Kong have assembled, right hands raised, to pledge fealty to the country, just as mainland bureaucrats are regularly called on to “biao tai,” Mandarin for “declaring your stance.”

    also warn of termination or other vague consequences if violated. Mr. Li had heard some supervisors nagging his colleagues to fill out the form right away, he said, and employees competing to say how quickly they had complied.

    “The rules that were to protect everyone — as employees and also as citizens — are being weakened,” Mr. Li said.

    purge candidates it deemed disloyal, Beijing called the change “perfecting Hong Kong’s electoral system.” When Apple Daily, a major pro-democracy newspaper, was forced to close after the police arrested its top executives, the party said the publication had abused “so-called freedom of the press.” When dozens of opposition politicians organized an informal election primary, Chinese officials accused them of subversion and arrested them.

    helped lead an operation that smuggled students and academics out of the mainland.

    But Beijing is more sophisticated now than in 1989, Mr. Chan said. It had cowed Hong Kong even without sending in troops; that demanded respect.

    end of an era.

    The rush of mainland money has brought some new conditions.

    declaring that those who do not go risk missing opportunities.

    Growing up in Hong Kong, Toby Wong, 23, had never considered working on the mainland. Her mother came from the mainland decades earlier for work. Salaries there were considerably lower.

    promising to subsidize nearly $1,300 of a $2,300 monthly wage — higher than that of many entry-level positions at home. A high-speed rail between the two cities meant she could return on weekends to see her mother, whom Ms. Wong must financially support.

    Ms. Wong applied to two Chinese technology companies.

    “This isn’t a political question,” she said. “It’s a practical question.”

    many signals were missed.

  • Mapping Out China’s Post-Covid Path: Xi Jinping, China’s leader, is seeking to balance confidence and caution as his country strides ahead while other places continue to grapple with the pandemic.
  • A Challenge to U.S. Global Leadership: As President Biden predicts a struggle between democracies and their opponents, Beijing is eager to champion the other side.
  • ‘Red Tourism’ Flourishes: New and improved attractions dedicated to the Communist Party’s history, or a sanitized version of it, are drawing crowds ahead of the party’s centennial.
  • The Hong Kong government has issued hundreds of pages of new curriculum guidelines designed to instill “affection for the Chinese people.” Geography classes must affirm China’s control over disputed areas of the South China Sea. Students as young as 6 will learn the offenses under the security law.

    Lo Kit Ling, who teaches a high school civics course, is now careful to say only positive things about China in class. While she had always tried to offer multiple perspectives on any topic, she said, she worries that a critical view could be quoted out of context by a student or parent.

    accused it of poisoning Hong Kong’s youth. The course had encouraged students to analyze China critically, teaching the country’s economic successes alongside topics such as the Tiananmen Square crackdown.

    Officials have ordered the subject replaced with a truncated version that emphasizes the positive.

    “It’s not teaching,” Ms. Lo said. “It’s just like a kind of brainwashing.” She will teach an elective on hospitality studies instead.

    Schoolchildren are not the only ones being asked to watch for dissent. In November, the Hong Kong police opened a hotline for reporting suspected violations of the security law. An official recently applauded residents for leaving more than 100,000 messages in six months. This week, the police arrested a 37-year-old man and accused him of sedition, after receiving reports that stickers pasted on the gate of an apartment unit potentially violated the security law.

    most effective tools of social control on the mainland. It is designed to deter people like Johnny Yui Siu Lau, a radio host in Hong Kong, from being quite so free in his criticisms of China.

    Mr. Lau said a producer recently told him that a listener had reported him to the broadcast authority.

    “It will be a competition or a struggle, how the Hong Kong people can protect the freedom of speech,” Mr. Lau said.

    censor films deemed a danger to national security. Some officials have demanded that artwork by dissidents like Ai Weiwei be barred from museums.

    Still, Hong Kong is not yet just another mainland metropolis. Residents have proved fiercely unwilling to relinquish freedom, and some have rushed to preserve totems of a discrete Hong Kong identity.

    font of hope and pride amid a resurgence in interest in Canto-pop.

    Last summer, Herbert Chow, who owns Chickeeduck, a children’s clothing chain, installed a seven-foot figurine of a protester — a woman wearing a gas mask and thrusting a protest flag — and other protest art in his stores.

    But Mr. Chow, 57, has come under pressure from his landlords, several of whom have refused to renew his leases. There were 13 Chickeeduck stores in Hong Kong last year; now there are five. He said he was uncertain how long his city could keep resisting Beijing’s inroads.

    “Fear — it can make you stronger, because you don’t want to live under fear,” he said. Or “it can kill your desire to fight.”

    Joy Dong contributed research.

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