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Haley Defends U.S. Decision to Quit UN’s Human Rights Council

Ambassador Nikki Haley defended the U.S. decision to quit the United Nations Human Rights Council last month as a stand against “political corruption and moral bankruptcy” and the organization’s “anti-Israel bias.” “The United States provided the last shred of credibility that the council had, but that was precisely why we withdrew,” Haley said Wednesday at the Heritage Foundation in Washington. In June, Secretary of State Michael Pompeo and Haley announced the U.S. decision after the council passed a resolution denouncing Israeli settlements as a “flagrant violation” of human rights. In…

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The Goldman Lunch That Set the Scene for 1MDB’s Money Probe

In a private dining room at Singapore’s Taste Paradise restaurant, over a meal of abalone and suckling pig, two 1Malaysia Development Bhd., known as 1MDB, which had hired the New York bank to underwrite the bond sale. Now, people familiar with the matter say, investigators from Singapore to the U.S. are looking more closely at the roles of Ng and Leissner, who’ve both left Goldman. And they’re asking what happened in that private dining room named after the first emperor of a unified China, Qin Shi Huang. In particular, they’re…

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China Just Handed the World a 111-Million-Ton Trash Problem

Few people consider used plastic to be a valuable global commodity. Yet China has imported 106 million tons of old bags, bottles, wrappers and containers worth $57.6 billion since 1992, the first year it disclosed data. So when the country announced last year that it finally had enough of everybody else's junk, governments the world over knew they had a problem. They just didn’t know exactly how large it was.  Now they know. By 2030, an estimated 111 million metric tons of used plastic will need to be buried or recycled somewhere else—or not manufactured at…

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The Hedge Fund Summer Reading List

It’s that time of year again: summer reading season. While for many that means books for the beach, some emerging-market fund managers are yearning for titles that shed light on buying opportunities in Asia as well as the human psychology behind investing decisions. Asha Mehta, who oversees emerging markets at Acadian Asset Management in Boston, said she’s eager to crack Evan Osnos’s "Easternization: Asia’s Rise and America’s Decline From Obama to Trump and Beyond," which looks at how the rising wealth of Asian nations is shifting the balance of power…

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This Stock’s 9,500% Rally Created a Town of Millionaires

At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with PhDs. But at China’s Bloomberg. The previously unreported value of their holdings has ballooned as Sunny Optical’s shares surged more than 9,500 percent since June 2008, trouncing even Netflix Inc.’s 7,500 percent gain. Founded more than three decades ago by a former appliance-factory worker with a high school education and less than $10,000 of borrowed cash, Sunny Optical is now a $22 billion behemoth that supplies lenses to the likes of Samsung and…

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Valentine’s Day pranksters book odd-numbered cinema seats in China

Couples will be forced to sit apart after group of singles work together to buy up tickets to romantic movie at Shanghai cinema Romantics in Shanghai will have to forget dinner and a movie for Valentine’s Day. Chinese pranksters have reserved all of the odd-numbered seats at a cinema’s primetime screening, forcing couples to sit apart. The seating plan at Xintiandi cinema. Photograph: Shanghai Morning Post A group of embittered singles worked together to buy up the tickets to a 7.30pm screening of Beijing Love Story, a sappy big-budget romance,…

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Why Trump Suddenly Wants to Save Jobs in China

President Donald Trump has long promised to get tough on China. So why is he so worried about saving jobs there? Last week the Chinese telecommunications giant ZTE said it had halted its major operations after the US government moved to ban US companies from selling software or components to ZTE. On Sunday, Trump tweeted that he and Chinese President Xi Jinping were working together to save ZTE. "Too many jobs in China lost," Trump tweeted. "Commerce Department has been instructed to get it done!" ZTE's plan to shut down…

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Someone Challenged This Chinese Blogger To Transform Herself Into Mona Lisa They Werent Expecting This

Ms. He, 26, posts her work on her Miaopai video channel, and recent uploads of her transforming her face into masterpieces by Leonardo De Vinci, Mona Lisa in particular, have proved a massive hit. She has gone massively viral on Chinese social media, with her video being viewed more than 20 million times! “I love oil paintings myself,” Ms. He told the Daily Mail. “So, when I saw the great response on the Mona Lisa video, I went on to create ‘Lady with an Ermine’ to continue the Da Vinci…

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Everything Is for Sale in Cyprus, and Chinas Buying

increasingly assertive global powerhouse of 1.4 billion people, the other an island nation of 1.2 million that boasts a strategic location and a reputation for a no-questions-asked approach to financial affairs. That makes for a compelling match as China seeks to expand its footprint inside the European Union. “We have investments right across all sectors of the economy,” Christodoulos Angastiniotis, president of the Cyprus Chamber of Commerce and Industry, said before joining the other guests to hear speeches extolling the excellent state of China-Cyprus relations. He said there were “some very…

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China Is Studying Yuan Devaluation as a Tool in Trade Spat

Chinese leaders are weighing options as trade tensions rise Trump bashed China’s currency policy on the campaign trail Other markets have been far more turbulent as both the U.S. and China proposed tariffs on $50 billion of goods and Trump instructed his administration to consider levies on an additional $100 billion of Chinese products. currency manipulator, make it more difficult for Chinese companies to service their mountain of offshore debt, and undermine recent efforts by the government to move toward a more market-oriented exchange rate system. It would also expose…

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China Now Has the Most Valuable AI Startup in the World

SenseTime Group Ltd. has raised $600 million from Alibaba Group Holding Ltd. and other investors at a valuation of more than $3 billion, becoming the world’s most valuable artificial intelligence startup. The company, which specializes in systems that analyze faces and images on an enormous scale, said it closed a Series C round in recent months in which Singaporean state investment firm Temasek Holdings Pte and retailer Suning.com Co. also participated. SenseTime didn’t outline individual investments, but Alibaba was the leader in AI by 2030. And it’s a contributor to…

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Why Americas Two Top Fighter Jets Cant Talk to Each Other

ended the program. And that’s where the problem begins. Had the Air Force gotten all the F-22s it wanted—more than double the 183 or so it has—integration of its systems with another fleet of “fifth generation” fighters wouldn’t have been as critical. The F-22’s Intra-Flight Data Link (IFDL) is much older than the system used on the newer F-35. While the F-22’s IFDL protocol can receive data from the F-35 and other allied aircraft, such as the F-16 and Eurofighter Typhoon, it can’t transmit the vast array of situational data it…

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China and the Children Will Save the Electric Car From Scott Pruitt’s EPA

Efforts to put cleaner cars on American roads are being threatened. In a few days, The New York Times reports, the Environmental Protection Agency will move to weaken the regulations that demand automakers producer cleaner and more efficient vehicles. The existing standards, which Barack Obama pushed for in 2012, demand each automaker nearly double the average fuel efficiency of its cars, to deliver 36 miles per gallon. But before President Donald Trump, EPA head Scott Pruitt, or anyone else can knock that number down, they must tangle with California. The…

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Uber Agrees on Southeast Asian Sale to Grab

Uber Technologies Inc. has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab and could announce the deal as early as Monday morning in Singapore, people familiar with the matter said. The agreement — which includes all of Uber’s operations in Southeast Asia as well as Uber Eats in the region — gives the U.S. company a stake of between 25 percent and 30 percent in the new combined business, the people said, asking not to be identified ahead of an official announcement. The deal, which…

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