3 BEIJING (AP) — Financial markets can cope with the impact of a Chinese real estate developer that is struggling to avoid defaulting on $310 billion in debt, the central bank governor said Thursday, in a new effort to assure the public the economy can be shielded from fallout. Yi Gang’s comments by video to a seminar in Hong Kong added to indications Beijing has no plans to bail out Evergrande Group. Fears of a default have rattled financial markets, but economists say the ruling Communist Party wants to avoid sending the wrong signal at a time when it is trying to force companies to cut high debt burdens. “The short-term risks of individual real estate companies will not affect the normal financing function of the medium- and long-term market,” Yi said, according to Chinese news outlets. “Evergrande’s hazard is a market event that will be properly handled in accordance with market principles and law,” Yi said. Investors' interests "will be … [Read more...] about Chinese central banker says market can handle developer debt
HONG KONG — In what must be a sign of the times, the debut fashion exhibition by the celebrity editor Carine Roitfeld was curated in France, is to open with an online gala and to be displayed at a luxury shopping mall and cultural center on Hong Kong’s neon-lit harborfront. On Friday, Ms. Roitfeld’s celebration at the Hôtel de Crillon in Paris is to be connected by live feed to the party at the K11 Musea mall that its owner, Adrian Cheng, has planned. Their collaboration, “Savoir-Faire: The Mastery of Craft in Fashion,” scheduled to open Monday, is to showcase about 30 examples of contemporary fashion design, depending on the arrival of shipments; 12 Chinese artifacts; and a multimedia display of craftsmanship techniques. (Through Feb. 14; tickets starting at 60 Hong Kong dollars, or $7.70.) “This exhibition is not a history lesson, but a showcase of savoir-faire in its many forms,” Ms. Roitfeld, founder of CR Fashion Book and former editor in chief of Vogue Paris, said … [Read more...] about Carine Roitfeld Curates Her First Fashion Exhibition
BEIJING (AP) — China on Thursday dismissed the decision by Canada and the United Kingdom to join Washington’s diplomatic boycott of the 2022 Beijing Winter Olympic Games as a “farce.” China is also unconcerned the officials' absence would spark a chain reaction, while numerous heads of state, government leaders and members of royal families have registered to attend, Foreign Ministry spokesperson Wang Wenbin told reporters at a daily briefing. The three countries have said they won’t send government dignitaries to the Games that run Feb. 4-20 to protest human rights abuses in China, while New Zealand said it informed Beijing earlier that it wouldn’t be sending any officials due to pandemic travel restrictions but had also communicated its human rights concerns. Under the diplomatic boycott, the countries will still send their athletes to compete. Wang said China had not extended invitations to the U.S., Canada or the U.K. and that it “doesn’t matter if their officials come … [Read more...] about China dismisses UK, Canada Olympic boycott as ‘farce’
Bob Costas took a shot at the National Basketball Association on Wednesday over its ties with China when asked about the U.S. diplomatic boycott of the 2022 Beijing Olympics. “The NBA is up to its neck in China,” the legendary sportscaster explained during his appearance on CNN with Michael Smerconish. ( RELATED: Enes Kanter Says LeBron James’ Former Teammates Told Him The Basketball Star Only Cares About His ‘PR’) “China is a huge sports market,” he added. “Basketball is especially popular there. But they will put up with not even the slightest criticism. They reject it out of hand. And when they can, some of it might be just saber-rattling, like saying today that the U.S. will pay the price for its wrongdoings. But to the extent that they can, they exact a price.” It comes at the 1:10 minute mark. WATCH: Props to Bob Costas — and @cnn ! — for going after the NBA, the IOC, LeBron and Kaepernick for their hypocritical silence on Chinese genocide. … [Read more...] about Bob Costas Dunks On The NBA Over Its China Ties
The decision by President Biden to have his administration steer clear of the Beijing Winter Olympics is not enough. With the Games two months away and the host country’s ugly record on human rights well in view once again, more needs to be done to send China a message that it operates outside the bounds of acceptable behavior. Yes, the diplomatic boycott announced this week by the Biden administration was a wise move, a public rebuke to China’s growing list of human rights atrocities and a guarantee that the United States’ emissaries would not lend tacit approval of these Games with their attendance. Human rights organizations joined the American government and lawmakers from several nations in describing China’s treatment of its ethnic Muslim minorities as genocide and denouncing crackdowns on pro-democracy protests in Hong Kong . Pressure to hold China to task has only grown in the weeks since Peng Shuai , a Chinese tennis star, disappeared from public view in November … [Read more...] about A Diplomatic Boycott Is a Start. Sponsors Should Act Next.