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China Inc unconvinced Xi Jinping’s regulatory storm is over

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Eighteen months after Beijing began dealing physique blows to China’s enterprise elite and their traders, President Xi Jinping’s financial tsar has lastly referred to as a truce. China Inc, nevertheless, wants convincing the ache is over.

In a uncommon intervention on Wednesday, vice-premier Liu He reassured traders that Beijing would assist the financial system and monetary markets. The feedback have been made after Liu, Xi’s closest financial adviser, convened a particular assembly of the Monetary Stability and Growth Committee, a important monetary oversight physique.

Liu’s pledges had a direct impact in stemming a market rout. Shares in China’s web firms Alibaba and Tencent notched a few of their greatest one-day beneficial properties in historical past and Hong Kong’s Grasp Seng index loved its finest day since 2008 after closing at a six-year low the day past.

But analysts and insiders have warned that Liu’s feedback may not imply the tip of Beijing’s punishing regulatory overhaul and unpredictable policymaking. Many are ready to see whether or not actions will observe, and whether or not they’ll resolve the thorniest points weighing on sentiment in a market deemed “uninvestable” by some.

“The federal government should ship a number of examples to persuade the market it’s doing what it mentioned would,” mentioned an govt at a big Chinese language web firm.

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“The impression of Liu He’s remarks can be shortlived with out concrete actions,” added Dan Wang, chief economist at Grasp Seng Financial institution China.

Alibaba has been buffeted by investigations since 2020 © Greg Baker/AFP/Getty Pictures

Liu’s assertion follows a tumultuous chapter within the relationship between the Chinese language Communist get together management and the entrepreneur class that has underpinned development on the earth’s greatest shopper market.

For the reason that autumn of 2020, Alibaba, Jack Ma’s flagship ecommerce platform, and his web finance group, Ant, have been rocked by monopoly and different investigations. The speedy development of Didi Chuxing, the ride-hailing firm, got here to an abrupt halt after China’s cyber-space regulator, state safety ministry and different companies launched an investigation into its knowledge safety practices.

Analysts at the moment are carefully monitoring how Beijing’s know-how and market regulators reply to Liu’s orders.

Regulatory companies have been instructed to remain inside their remits and roll out plans helpful to the financial system whereas pondering onerous about endeavor insurance policies that detracted from development. “For any coverage that may have an effect on monetary markets, it ought to first be co-ordinated with monetary regulators,” the committee mentioned.

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That uncertainty was a specific downside final yr as a crackdown on China’s tech sector deepened and one regulatory company after one other piled into the assault on the nation’s huge web firms.

The Our on-line world Administration of China (CAC), a novel physique that solutions to the get together’s management, has expanded its purview from overseeing on-line content material to sweeping web regulation, together with knowledge safety and regulation of algorithms. The State Administration for Market Regulation has in the meantime been empowered to deal with anti-competitive behaviour.

CAC’s rise has meant officers aiming to make sure the ideological purity of the web have at occasions had the higher hand over the forms liable for financial development. CAC officers wish to make sure the nation’s tycoons, specifically, are delivered to heel.

“Jack Ma is nothing, even when there have been a thousand Jack Mas, we may crush all of them like little ants,” mentioned a senior official at CAC final yr at a closed-door seminar, based on an individual in attendance.

The companies’ subsequent steps will assist reveal who has the ascendancy in an intensifying battle between China’s financial planners, below Liu He, and the ideological-focused regulators on the CAC.

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“The large query is does the CAC really hearken to him? That has been on the coronary heart of the query that we’ve had over the previous yr,” mentioned Kendra Schaefer, a tech analyst at Beijing-based consultancy Trivium China. “How a lot energy does the CAC have now? How a lot are they working on their very own, with tacit approval, how a lot are they taking direct orders?”

The web govt mentioned tech firms have been “scared” of the CAC, which seems to wield extra energy than the highest market watchdog, China Securities Regulatory Fee and the Individuals’s Financial institution of China, the central financial institution.

Nonetheless, the sign of a possible change in course coincides with Xi’s authorities chasing an bold development goal of 5.5 per cent whereas additionally coping with a debt-fuelled actual property disaster, the fallout from Russia’s invasion of Ukraine and outbreaks of the Omicron variant, which have compelled tens of tens of millions into lockdown.

Weijian Shan, chair of PAG, one in all Hong Kong’s largest funding teams, believes regulators had sought to “tackle some points which wanted to be addressed”, together with antitrust practices and the nation’s property bubble.

“However the lack of co-ordination, course of, warning, steerage or clarification led to unintended penalties, shocked the market and spooked traders, all of which induced the sharp slowdown in financial development,” he mentioned. “I believe the policymakers didn’t realise how fragile the market is.”

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Analysts additionally famous that financial stability was paramount this yr as Xi, China’s strongest chief since Mao Zedong, cements an unprecedented third time period in energy.

Andrew Gilholm, head of China evaluation at Management Dangers, mentioned the decision to “faucet the brakes” on regulation mirrored warning over the financial outlook somewhat than a sudden course change.

“It’s not ‘crackdown or no crackdown’. Enforcement will proceed alongside the identical strains, and in the identical sectors. There can be occasions when it’s extra robust and dramatic and occasions once they ease off,” he mentioned.

In Beijing a preferred interpretation of Liu’s message is circulating amongst China’s monetary elite: “Overseas traders don’t run away, regardless that we’ve attacked you numerous occasions, please keep.”

 Extra reporting by Hudson Lockett

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Fast-moving French Fire in Mariposa County triggers mandatory evacuations

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Fast-moving French Fire in Mariposa County triggers mandatory evacuations

PIX Now Evening Edition 7-4-24

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PIX Now Evening Edition 7-4-24

03:35

Authorities in Mariposa County have issued mandatory evacuation orders on a number of streets and a shelter-in-place order at a hospital after a wildfire broke out early Thursday evening.

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French Fire in Mariposa County
French Fire in Mariposa County

PG&E Wildfire Camera


The Mariposa County Sheriff first posted on social media about the so-called French Fire at around 6:30 p.m. Residents who live on the following roads have been order to evacuate as of 8:15 p.m.  

  • Hospital Rd. — From Silver Creek to the end (up the mountain)
  • Grosjean Rd.
  • Alta Vista Rd.
  • Avoca Vale
  • Old Hwy North from 140 to Wild Peach including Wild Peach both sides of the roadway
  • Slaughterhouse Rd.
  • Williams Rd.
  • Campbell Rd.
  • Pine St.
  • Dexter View

Deputies are in the areas making door-to-door notifications. People at the John C. Fremont Hospital at 5189 Hospital Rd. in the town of Mariposa have been ordered to shelter-in-place because of the fire. An evacuation map showing the zones affected can be found online.

“If you live in the area and do not feel safe, please leave do not wait to be told to evacuate,” the most recent post read.

At 8:45 p.m., Cal Fire’s Madera-Mariposa-Merced unit confirmed that the French Fire was 400 acres and 0% contained. So far there is no word on what the response from Cal Fire and local fire crews has been.

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Additionally, Highway 140 is closed between Smith Rd. to West Whitlock. There are multiple other road closures.

Authorities have set up a temporary evacuation point at the New Life Christian Church located at 5089 Cole Rd. in Mariposa.

Residents are advised to stay out of the fire area. Multiple Road Closures in and around the fire area.

There have been evacuation warnings issued for the following roads:

  • Hospital Rd. — From Silver Creek to the End (up the mountain)
  • Grosjean Rd.
  • Alta Vista Rd.
  • Avoca Vale
  • Old Hwy North from Hwy 140 to Wild Peach including Wild Peach both sides of the roadway
  • Slaughterhouse Rd.
  • Williams Rd.
  • Campbell Rd.
  • Pine St.
  • Dexter View

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Tories have been punished for their failings in office

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Tories have been punished for their failings in office

Unlock the Editor’s Digest for free

Don’t allow the predictability to underwhelm you. Sir Keir Starmer has led Labour to a monumental victory, upending the UK’s political landscape as voters delivered a punishment beating to the Conservatives. British politics is about to change utterly.

It is a measure of how far the Conservative party has fallen that the predicted 131 seats will almost have felt like a relief. After six excruciating weeks, the worst defeat in its history came in at the higher end of expectations.

The inquests will be brutal but the explanation is devastatingly simple and has little to do with Rishi Sunak’s hopeless campaign. The public responded with disgust and contempt towards a government they associated with incompetence and chaos. Whether the issue was tax, public services or immigration, the party was judged to have failed them.

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Starmer will now be the nation’s dominant political figure. Furthermore, if the exit polls are right, Labour’s landslide will also have shored up the Union by reducing the Scottish National party to a rump in Westminster.

In the campaign, the Labour leader painted his agenda as long-term, talking often of a “decade of renewal”. But the nature of his victory should serve as a warning that he may not enjoy the stability that prime ministers can usually expect after a landslide win and that he may not have that long to show real progress.

This is not to take away from his achievement in returning Labour to electability. The party’s turnaround has been remarkable. But Labour’s share of the vote would not normally deliver a landslide. The scale of his win owes much to a huge split on the right and, most of all, to the desire to be rid of the outgoing Conservative government.

Yet what will — or should — worry Labour is Nigel Farage’s Reform UK party, which looks set to get a toehold in parliament. More significant is the large number of seats where Reform is likely to be in second place and where, next time, it will be the main challenger to sitting Labour MPs.

This could materially change the nature of the Labour government because there will suddenly be many Labour MPs looking at the threat from the nationalist right in an era where voters are consistently more volatile. This may well check some progressive instincts — a more liberal approach to prisoner releases for example — but it also means Starmer cannot take his decade for granted. He will feel the pressure to move faster to deliver the change, especially on the NHS and public services, that he has loudly but unspecifically promised.

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But while the threat to Labour is long-term, Reform’s vote share poses an immediate existential crisis for the Tories. And Farage will be emboldened to replace, rather than seek a pact with, the Tories.

The Conservatives must decide whether to try to move to reunify the right vote, marginalising Reform by stealing their policies, or whether they have simply been punished for their failings in office and can reclaim support by staying in the centre-right and rebuilding trust as Labour loses popularity. The unfortunate truth for whoever emerges as the next Tory leader is that they need to do both.

But that is for the future. For the first time in more than a decade, the UK has a stable, centre-left government led by an understated but patently serious premier. After the chaos of recent years, it may take some time for everyone to adjust.

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Hunt for the nation's oldest monuments, and prepare to get muddy

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Hunt for the nation's oldest monuments, and prepare to get muddy

D.C.’s east cornerstone, located at the city’s easternmost point, is hidden in a small patch of woods in a residential neighborhood.

Jacob Fenston/For NPR


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Jacob Fenston/For NPR

If you’ve been to Washington, D.C., chances are you paid a visit to some of the city’s many monuments.

You probably didn’t see D.C.’s oldest monuments — even though they are thought to be the first federal monuments anywhere in the country, dating back to the 1790s. But they aren’t on any tourist map, and many are at risk of being destroyed.

The monuments in question are D.C.’s boundary stones. Placed by surveyors more than 200 years ago, they delineated the borders of what would become the young nation’s new capital city. Today, 36 of the original 40 sandstone markers remain, but they’re far outside the downtown areas most visitors see.

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One face of each stone is carved with the year it was set in the ground, either 1791 or 1792.

One face of each stone is carved with the year it was set in the ground, either 1791 or 1792.

Jacob Fenston for NPR


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I recently toured all of D.C.’s boundary stones in one day. It took more than 9 hours, crammed in the back of a minivan traversing the wilds of Washington, from the tony mansions along the Potomac River, to a mucky swamp behind the city’s car impound lot.

“It is a long day, and you’ve really got to be into it,” says Stephen Powers, who leads the small tour.

Powers may be the foremost expert on D.C.’s boundary stones and he’s largely responsible for a resurgence of interest in them in recent years. He’s been making these treks each year since 2005. He checks on each stone, and he brings along as many people as he can fit in his vehicle.

A capitol carved out of field and forest

The U.S. Constitution itself authorized the creation of the new nation’s capital — a 10-mile by 10-mile square — and President George Washington selected the exact location. Before any construction could start, surveyors set out through old-growth forests and farmland, manually measuring and marking the official borders. Every mile along the way, they set a boundary stone.

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Now, more than 200 years later, many are unmarked and tough to get to. For example, one is hidden in a bit of overgrown woods wedged between the eight-lane I-295 freeway and the Potomac River.

I’m riding next to Sharon Pitts, a local who lives nearby in Alexandria, Va. She’s having fun on this unusual tour, but it’s a little outside her comfort zone. She says she doesn’t usually spend her Sundays wearing khaki cargo pants and muddy boots.

“Oh, no, no! Church,” she says, laughing. “I’m all dressed up and all that.”

Sharon Pitts on the hunt for the southeast #9 boundary stone, located in a small forest between the Potomac River and I-295.

Sharon Pitts on the hunt for the southeast #9 boundary stone, located in a small forest between the Potomac River and I-295.

Jacob Fenston for NPR


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Powers pulls his minivan over on the shoulder of I-295 , then guides the group over the guardrail as cars whiz by.

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A short way into the vine-draped trees, we clamber over a broken section of chain-link fence, and then bushwhack through brambles.

Then, we find it: a little, pyramid-shaped stone, about 2 feet tall. It’s pitted, and dotted with lichen, but you can clearly make out the carved numbers: 1792.

The stone is engraved with the word “Maryland” on one side, and “Jurisdiction of the United States” on the other.

“This is one of the earliest representations of the words ‘United States’ carved into stone,” Powers says.

He waves his arms to show where the border runs, dividing Maryland and the District of Columbia.

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For Powers, the boundary stones are a hobby. By day he’s a civil engineer at Metro, D.C.’s public transit agency. In 2005, he got interested in the stones when his second-grade daughter did a school project on them. At the time, before ubiquitous smartphones and GPS-powered maps, he had to spend countless hours tracking down the people who knew how to find each stone. Now, he runs a website with an interactive map and directions to each stone.

Over the centuries, Washington’s boundary stones have been threatened by the elements, in particular water, erosion, and falling trees. A few may have been damaged or gone missing during the Civil War. But in more recent years, there’s been an even bigger threat: the automobile.

On the tour, we pull into a gas station parking lot, and dash across a major intersection. At the spot where a boundary stone should be, there is instead wreckage from a car crash — twisted pieces of metal and yellow caution tape fluttering in the breeze.

Powers was one of the first people on the scene after the crash happened a few days earlier. He found the boundary stone intact, but covered with smashed car parts, including the Maryland license plate from the vehicle involved — a detail that may help police track down the culprit.

District officials later retrieved the stone. They’re still figuring out how to reinstall it to prevent further damage.

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Powers heard about the crash from Janet McFarland with the D.C. chapter of the Daughters of the American Revolution. The group has been helping look after the boundary stones for more than a century, and McFarland was on her way to a cleanup of one of the boundary stones when she spotted the one that had been hit and alerted Powers.

“Cars right now are our biggest enemy,” says McFarland.

The boundary stones used to be in the middle of nowhere. In the 1700s, Washington, D.C. was just an idea — an imagined street grid of grand avenues and squares to be built over what was then a rural landscape at the confluence of two rivers.

As Washington’s population grew, the stones were swallowed up by the city. Now, one is on the unnaturally verdant lawn of a self-storage business, one is next to a strip mall parking lot, one is in a cemetery. Many are along busy roads.

On the tour, we see at least three that have been hit by cars over the years.

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A bit of history in a suburban yard

Many boundary stones are in people’s yards. Rosa García has one in front of her bungalow. Her house is in Mt. Rainier, Md., but the sidewalk and street are in D.C.

When I call out to her, she’s not surprised to have a stranger at her front gate.

“Plenty of people come by,” she tells me in Spanish. They stop, takes pictures.

She doesn’t mind all the attention to the unusual lawn ornament. “Pues, es historia,” she says. It’s history.

Over the years there have been surges of interest in the boundary stones. They were almost completely forgotten for the first century of their existence, before being surveyed again in 1894.

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Powers says there have been many people before him who’ve been fascinated by, even obsessed with, the boundary stones.

“I like to call them stoners,” Powers says. “I walk in their footprints.”

There have been efforts to elevate the status of the stones, and better preserve them. In the 1980s there was an unsuccessful push to turn all of them into National Historic Landmarks, a move that would open the door to federal funding.

There has been some government investment: in 2015, D.C. led a project to restore the stones, digging up, repairing, and resetting them. For the four stones that were missing, concrete replicas were made.

A few of the stones have informational signs, but most don’t. Powers says that’s not necessarily a bad thing.

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“I have mixed emotions about that. There are some that I really feel should be more accessible,” he says.

Others, he says, are probably better off hidden — protected by their obscurity, and more fun to visit.

We finally come to the end of the tour, at the western corner stone. We’ve gone 57.8 miles, circumnavigating the city and getting a 360-degree view of life in modern-day Washington. We drove through neighborhoods that are home to Supreme Court justices and cabinet secretaries; we stopped for coffee in a vibrant community of Ethiopian immigrants; we wolfed down a packed lunch behind a dusty concrete plant.

“You get the diversity of it all,” Powers says.

As the minivan pulls to a stop, Sharon Pitts records the time — it’s 9 hours, 33 minutes after we started.

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“This has been such a wonderful day,” Pitts says.

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