Business — 1,812 insights
From Mao to now: why China’s Communist Party is intent on control over the military
Business

From Mao to now: why China’s Communist Party is intent on control over the military

Beijing’s anti-corruption clean-up of the military reflects a historic commitment to party control, ensuring the armed forces strictly serve party goals In December 1929, then Communist revolutionary Mao Zedong led a pivotal meeting in Gutian, Fujian province. The next two decades witnessed some of the defining moments leading up to the Communist victory of 1949, including the Long March, the consolidation of Mao’s leadership and the renaming of the armed forces as the People’s Liberation Army (PLA). In 1938, as the party faced a turning point following the departure of co-founder and Mao’s revolutionary rival Zhang Guotao, Mao wrote: “Our principle is that the party commands the gun, and the gun must never be allowed to command the party.” Nearly a century on, those principles still serve as the political bedrock of the party’s control over the military.

China’s next export is the world’s factory itself
Business

China’s next export is the world’s factory itself

China’s export boom is reaching its limits. The country’s next phase of growth will come not from shipping more goods abroad, but from exporting its factories, technologies and brands. China is running up against the limits of its old model. It is obvious as the economy looks increasingly K-shaped. Weak consumer confidence and a prolonged property slump continue to sap domestic demand, forcing manufacturers to rely ever more heavily on overseas markets. Exports have become the Chinese economy’s...

Tourist plane crashes in Peru, killing 13 people on sightseeing flight
Business

Tourist plane crashes in Peru, killing 13 people on sightseeing flight

Local media ‌said ‌the plane ⁠was carrying 11 ⁠passengers and 2 pilots when it crashed near the Nazca Lines archaeological site on Saturday At least 13 people died when a small plane carrying tourists to view Peru’s famed Nazca Lines archaeological site crashed, police said on Saturday. “We have information that 11 passengers and two crew members have died,” Police Major Jorge Andrade told reporters from the crash site in the country’s south. The incident happened just after 1pm local time after the plane took off from the airport in Pisco, located about 240km (150 miles) south of the capital Lima. “Given the severity of the accident, there are no survivors. We have recovered four bodies so far,” Andrade said, without identifying the victims. He also did not give any immediate indication of what may have caused the crash. Peru’s civil aviation authority will investigate the incident. Firefighters and police were working at the scene amid the twisted, smouldering wreckage of the aircraft, images posted on Facebook by local news outlets revealed.

Trump disputes his own Justice Department’s findings on Reflecting Pool
Business

Trump disputes his own Justice Department’s findings on Reflecting Pool

The Justice Department had said flawed installation caused the lining of the pool to peel but Trump insists it is a ‘pure case of vandalism’ US President ⁠Donald Trump posted on Saturday ⁠that he disagrees with his ⁠own Justice Department’s findings that a flawed installation, not vandalism, caused the lining of the newly renovated Lincoln Memorial Reflecting Pool in Washington to peel. “I disagree 100% with Jeanine Pirro, the U.S. Attorney for the District of ‌Columbia, on the Reflecting Pool,” Trump wrote in a post on his Truth Social platform. “I don’t know what she was thinking? To me, it was a pure case of VANDALISM.” In a court filing on Friday, Pirro and Assistant US Attorney Michael Spence asked a judge to drop the Trump administration’s case against David Hearn, 67, a ⁠former Olympian it had accused of vandalising the pool, which has become a flashpoint over Trump’s ‌efforts to remake Washington. The renovated pool had quickly developed blooms of algae that tinted the water green, while pieces of the blue lining ‌had peeled off. Trump, facing criticism over the US$14.7 million renovation, had repeatedly blamed the problems ⁠on vandals he ⁠alleged had intentionally sabotaged the project.

Nepal’s famed climber and 9 others die in avalanche in Pakistan
Business

Nepal’s famed climber and 9 others die in avalanche in Pakistan

Nirmal Purja, who set a record for the fastest ascent of the world’s 14 highest mountains, died in an avalanche Celebrated Nepali climber Nirmal Purja, who set a record for the fastest ascent of the world’s 14 highest mountains, died in an ‌avalanche during an expedition in Pakistan, his company said on Saturday. “Today it is with profound sadness and immense heartbreak that we confirm that Nirmal ‘Nimsdai’ Purja tragically lost his life following the avalanche on Broad ⁠Peak,” his expedition organising company Elite Exped said on social media. “We have also received confirmation that other members of the expedition sadly did not ‌survive,” it added, without giving details. Purja, 43, and ⁠nine others ⁠had been missing since Thursday after being struck by an avalanche ‌on the 8,051-metre (26,414-foot) Broad Peak, the world’s 12th highest mountain, a technically difficult ‌climb ‌in Pakistan’s Gilgit-Baltistan region. Officials said the bodies of Purja and other climbers were located in a difficult site and had yet to be retrieved. Purja, who served with British special ‌forces as a Gurkha, completed the record-breaking feat in ⁠six months in 2019.

Hong Kong gauges public views on 50:50 split for public flats, subsidised sale homes
Business

Hong Kong gauges public views on 50:50 split for public flats, subsidised sale homes

Total supply of public housing will reach 196,000 flats over the next five years, government minister says Hong Kong authorities are gauging public feedback on a possible shift in the supply ratio of public rental flats to subsidised sale homes to an even 50:50 split, the housing minister has said. Secretary for Housing Winnie Ho Wing-yin told a planning forum on Saturday that the total supply of public housing would reach 196,000 flats over the next five years. Under measures outlined in Chief Executive John Lee Ka-chiu’s 2024 policy address, the Housing Authority – Hong Kong’s biggest public housing provider – aims to transition its production target from a 70:30 ratio of public rental-to-subsidised sale flats to a 60:40 split. However, Ho said authorities were collecting public feedback to explore whether there was a basis to adjust the ratio further to 50:50. “We previously adopted a 70:30 ratio – 70 per cent public rental housing and 30 per cent subsidised sale flats – as the ratio was used to clear the long waiting queue for public rental housing as quickly as possible,” she said.

Pain or gain? US moves to decouple its defence industry from China’s rare earths
Business

Pain or gain? US moves to decouple its defence industry from China’s rare earths

Directive seen as a long-overdue enforcement crackdown meant to inflict short-term contractor pain for long-term national security gain Far from a radical policy shift, industry observers view the directive as a long-overdue enforcement crackdown designed to inflict short-term contractor pain for long-term national security gain. While contractors face immediate hurdles to requalify suppliers and find non-Chinese alternatives, US analysts said the market adjustments were manageable, though delivery timetables for future military hardware could slightly stretch. They also warned that true strategic independence needed sustained, long-term capital investment in non-Chinese midstream processing. Signed on July 20 by US President Donald Trump, the executive order significantly tightens the conditions under which the Department of Defence can issue waivers for defence-critical imports from China, Russia, Iran and North Korea. US defence procurement rules strictly prohibit sourcing from adversary states certain “covered materials” – ranging from rare earth magnets to newly added inputs like gallium and germanium – with exemptions available under waiver conditions.

Germany storm leaves 1 dead, 3 seriously injured
Business

Germany storm leaves 1 dead, 3 seriously injured

The man died when a falling tree struck him at eastern Germany’s Amselgrund, a scenic valley popular with hikers A man has been killed and three people seriously injured after a severe storm struck the Saxon Switzerland region in the eastern German state of Saxony, police said on Friday. There were no reports of missing people, said a spokesman for the Dresden Emergency Services Control Centre. According to the control centre, a 38-year-old man lost his life near the Felsenbühne open-air theatre in Rathen when a falling tree struck him. Ten other people were injured, according to the centre, and 40 people were evacuated. The search will continue on Saturday, the spokesman said. The Amselgrund – a scenic valley popular with hikers – and Lake Amsel remain closed. “The situation on the ground is very unclear,” said a police spokesman. The darkness was hampering the work of the emergency services. A clear picture of the situation would probably only emerge once it was light again, said the police spokesman. A police helicopter was in the air equipped with a thermal imaging camera. The health resort of Rathen lies directly on the Elbe river, close to the well-known Bastei rock formation.

Hong Kong garrison holds reception marking 99th anniversary of PLA’s founding
Business

Hong Kong garrison holds reception marking 99th anniversary of PLA’s founding

Rear Admiral Lai Ruxin says troops will bolster defence capacity to safeguard Hong Kong’s stability, while carrying out its duties according to law The Hong Kong garrison of the People’s Liberation Army (PLA) celebrated the 99th anniversary of the military’s founding on Saturday with a reception at the barracks on Stonecutters Island, with a top officer pledging to expand its role in promoting patriotic and defence education across the city. Speaking at the reception at the Ngong Shuen Chau Barracks, garrison political commissar Rear Admiral Lai Ruxin said troops would resolutely obey the command of the Communist Party of China, while bolstering its defence capacity to safeguard Hong Kong’s stability and prosperity. “Particularly in patriotic and defence education, [the garrison] will continue to leverage its unique advantages and endeavour to make more contributions,” Lai said. The commissar said the garrison resolutely acted in accordance with the “one country, two systems” governing principle and carried out its duties in strict accordance with the Basic Law, the city’s mini-constitution, and the laws of the People’s Republic of China on the garrison’s role.

Sweden doubles prison terms for gang-related crimes
Business

Sweden doubles prison terms for gang-related crimes

Sweden has struggled to contain gang violence, with criminal networks often recruiting teenagers to carry out contract killings Sweden has introduced tougher penalties for gang-related offences, allowing courts to impose prison sentences up to twice as long as before, as the country cracks down on organised crime. Under the new law, which took effect on Saturday, gang members convicted of certain offences can face sentences up to double the previous maximum. For example, a gang member caught carrying a firearm previously faced a maximum prison term of four years but can now receive up to eight years, according to Swedish news agency TT. The tougher sentencing rules also apply to juvenile offenders, although the legislation retains provisions allowing reduced sentences for minors. Sweden has struggled for years to contain gang violence, with criminal networks increasingly recruiting teenagers to carry out contract killings.

Chinese test pilot who landed plane safely after cabin leak given first-class merit award
Business

Chinese test pilot who landed plane safely after cabin leak given first-class merit award

PLA Navy flier Yang Yong tells state broadcaster he was forced to stay at altitude for several minutes despite the extreme danger he faced Chinese President Xi Jinping has honoured a veteran naval test pilot with a first-class merit award for defence science and technology. Yang featured in a documentary that aired this week on state broadcaster CCTV and described a life-threatening incident in which his plane lost pressure at an altitude of 10,000 metres (33,000 feet) following a leak in the cabin. “If the aircraft does not descend, the cabin pressure will completely dissipate. If the pilot becomes incapacitated, the aircraft will lose control and [the situation will] become uncontrollable,” Yang said. But he was not able to make an immediate descent because a civilian flight path lay directly below him, forcing him to maintain his course for 13 minutes before he could land. “My physical sensations were getting worse, but unless instructed otherwise, we had to maintain our current altitude,” he said. “As I descended, my physical sensations gradually returned, including my hearing.”

Boy, 14, among 57 arrested in crackdown on triad-linked debt collection ring
Business

Boy, 14, among 57 arrested in crackdown on triad-linked debt collection ring

Hong Kong police also dismantle prostitution venue, drug den and three illegal gambling parlours in operation Police said on Saturday that the operation, launched last month, had dismantled an illegal debt collection syndicate, along with a prostitution venue, a drug den and three illegal gambling parlours. Fifty-seven people, aged 14 to 70, were arrested and some of them had triad backgrounds, police said. Inspector To Hing-lui said officers identified a triad-controlled illegal debt collection syndicate following an investigation, intelligence analysis and a review of surveillance footage. The investigation found that the syndicate specifically recruited young people eager to make “quick cash” to take part in illegal debt collection through messaging apps and everyday social settings. After securing debt collection orders via online groups or referrals from criminals, core members would use messaging groups under their management to subcontract the work to the young recruits for a fee ranging from HK$500 to HK$800. Common collection tactics included splashing red paint, and making harassing phone calls or threats via WhatsApp.