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Chinese students and young workers look to Hong Kong for a better future

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Chinese students and young workers look to Hong Kong for a better future

When Kivi’s plans to get a US masters diploma didn’t work out final 12 months, the coed from China’s jap metropolis of Nanjing switched to an establishment nearer to house: the Chinese language College of Hong Kong.

Kivi is a part of what college officers and immigration specialists say is a rising development of mainland Chinese language college students and younger employees transferring to the previous British colony.

Teachers and college students mentioned the development was pushed by pessimism in regards to the prospects supplied by a mainland within the grip of robust zero-Covid insurance policies and by doubts in regards to the welcome Chinese language can anticipate within the US amid growing diplomatic tensions between Beijing and Washington.

“Mainland China is in a state of chaos now. Everyone seems to be suffocated,” mentioned Kivi, 23, who blamed Beijing’s crackdown on non-public enterprise for worsening younger folks’s job prospects and who requested to be recognized by a nickname. “The zero-Covid coverage is the final straw,” he mentioned.

Rising discontent on the zero-Covid strategy has been demonstrated throughout the nation in latest days by a unprecedented spate of protests in opposition to the coverage, a few of them joined or led by college students.

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The rise in mainland Chinese language college students in Hong Kong has greater than made up for a fall within the variety of worldwide college students within the metropolis throughout the coronavirus pandemic, official knowledge reveals.

The town’s immigration division issued a complete of 37,087 scholar visas for mainland college students in 2021, up from 30,707 in 2019. In distinction, 6,645 college students from abroad and Taiwan had been granted research visas final 12 months, down from 11,188 two years earlier than.

Joshua Mok, vice-president of Hong Kong’s Lingnan College, mentioned mainland Chinese language accounted for a lot of the 13,000 non-local purposes the institute had obtained by June for this 12 months’s taught postgraduate programmes, excess of the 5,000 purposes made in 2021.

Hong Kong’s higher job prospects for younger folks would assist drive an additional enhance in purposes from the mainland over the following 12 months, Mok mentioned, including that the college had already employed dozens extra tutorial employees in preparation.

Mainland China’s youth unemployment price was practically 18 per cent in September, in contrast with lower than 8 per cent in Hong Kong.

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Teachers and college students mentioned the concentrating on of mainlanders by demonstrators throughout Hong Kong’s pro-democracy protests in 2019 had beforehand put some off town, however the introduction of a sweeping nationwide safety regulation in 2020 meant this was now not a giant concern.

Mok mentioned diplomatic tensions had been additionally pushing mainland college students towards Hong Kong, with some now being denied research visas by the US.

The US granted solely 49,959 F1 scholar visas to Chinese language mainland college students within the six months to the tip of September, down 45 per cent in contrast with the identical interval in 2019.

Extra younger mainland employees are additionally seeking to Hong Kong, in accordance with immigration specialists, regardless that town’s economic system contracted by 4.5 per cent within the third quarter. Mainland China’s gross home product grew 3.9 per cent throughout the identical interval.

“The principle driver is the political and financial uncertainty brought on by zero-Covid . . . Many indicators confirmed that mainland China is transferring backwards,” mentioned JY, a Shanghai-based medical tech agency supervisor in her mid-30s.

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JY, who requested to be recognized solely by her initials as a result of of sensitivities about emigration in China, mentioned she and a “bunch of mates” had turn out to be interested by transferring to Hong Kong after town’s chief, John Lee, unveiled new visa schemes in October.

The schemes included a two-year “high expertise” move permitting these with an annual wage of HK$2.5mn (US$320,000) or extra or who graduated from high universities to remain in Hong Kong with out first acquiring a job supply.

Immigration consultancies that assist mainland Chinese language transfer to Hong Kong have reported an increase of curiosity following announcement of the brand new schemes. Inquiries from the mainland rose 20-30 per cent, in accordance with a employees member on the Hong Kong workplace of company Globevisa.

The variety of mainland Chinese language employees granted visas in Hong Kong declined to 9,065 in 2021, down 35 per cent in contrast with 2019. However visas for abroad employees fell an much more precipitous 67 per cent to 13,821.

And the variety of long-term work visas granted to mainland Chinese language really grew 15 per cent between 2019 and 2021 to six,930, in contrast with a fall for abroad employees of a 3rd.

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Attracting expertise from mainland China is especially essential for Hong Kong after many residents fled town’s robust coronavirus restrictions and the political crackdown that adopted the 2019 protests. Hong Kong’s workforce has fallen by not less than 140,000 folks since 2020 to round 3.7mn folks.

Zhang, a 30-year-old Nanjing-based advisor with levels from the US, mentioned he was contemplating utilizing one in all Hong Kong’s new expertise schemes as a route out of mainland China. The town might “be a stepping stone for me to to migrate to a different nation”, mentioned Zhang, who requested to be recognized solely by his surname.

Yoyo, 22, a scholar on the Chinese language College of Hong Kong, is one in all many friends from the mainland who yearn to remain within the metropolis after commencement.

Mainland China supplied solely “dim prospects” due to poor working circumstances, a scarcity {of professional} ethics and a dearth of girls in management positions, mentioned Yoyo, who requested to be recognized by her nickname.

“In Hong Kong, not less than, I can dwell like a human being,” she mentioned.

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Meta shares fall as it predicts higher expenditure on AI

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Meta shares fall as it predicts higher expenditure on AI

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Meta’s revenues jumped by more than a quarter in the first three months of the year, beating expectations, but its forecasts left Wall Street underwhelmed and the shares fell 10 per cent in after-hours trading on Wednesday.

Revenues at the social media group rose 27 per cent to $36.5bn, just above analyst expectations of a rise to $36.2bn.

Meta said it had raised the high end of its full-year capital expenditure guidance from $37bn to $40bn in order to “continue to accelerate our infrastructure investments to support our artificial intelligence (AI) roadmap”. It added that it expected capital expenditures to “continue to increase next year”.

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It said it anticipated current quarter revenues in the range of $36.5bn-$39bn, versus consensus estimates of $38.3bn.

Prior to the announcement, Meta’s stock had risen more than 40 per cent this year, having been in record territory since a bumper fourth-quarter earnings announcement in February during which it announced its first dividend and signalled a strong recovery from a recent advertising slump. 

Chief executive Mark Zuckerberg has been attempting to keep investors happy and cut costs while investing in the artificial intelligence race, its longer-term metaverse ambitions and the costly technology and infrastructure required to support both.

This month Meta released a new version of its AI model, Llama 3, which it said had vastly improved capabilities, including the ability to reason. The company also unveiled a new generation of its AI custom-made chips.  

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With federal fraud trial looming, George Santos drops out of New York House race

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With federal fraud trial looming, George Santos drops out of New York House race

Former Republican Rep. George Santos of New York has dropped his bid to return to the U.S. House.

Alex Brandon/AP


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Alex Brandon/AP


Former Republican Rep. George Santos of New York has dropped his bid to return to the U.S. House.

Alex Brandon/AP

Another chapter in the scandal-plagued career of New York Republican George Santos sputtered to an end this week as he abandoned his independent bid for a U.S. House seat on Long Island.

“I don’t want to split the ticket and be responsible for handing the house to Dems,” Santos wrote in a social media post. “Staying in this race all but guarantees a victory for the Dems.”

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Santos won his election in New York’s 3rd Congressional District in the 2022 midterms. He was part of a red wave in New York that helped give Republicans a razor-thin majority.

But his personal and professional narratives quickly unraveled.

It turned out Santos, who was initially supported by many of New York’s most prominent GOP leaders, lied about his family’s religion, his education and his business experience.

Santos even claimed falsely to have been a competitive college volleyball player.

In May 2023, while facing a House ethics probe, Santos was arrested on federal fraud charges that accuse him of bilking political donors. Santos has pleaded not guilty. The Justice Department eventually expanded the criminal counts against Santos to 23 charges.

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“Santos is charged with stealing people’s identities and making charges on his own donors’ credit cards without their authorization,” U.S. Attorney Breon Peace said in an October 2023 statement.

Santos’s trial on Long Island is expected to get underway in September. His former campaign treasurer has already pleaded guilty in the case.

Ousted from Congress, Santos tried for a comeback

In December 2023, with his scandals and legal troubles deepening and political allies abandoning him, Santos was expelled from Congress in a 311-114 vote. Many Republicans joined the effort to purge him from office.

In the months since, Santos has emerged as a far-right gadfly and influencer, firing political salvos at Democrats and at moderate Republicans.

Santos initially said he would run in the Republican primary in New York’s 1st Congressional District but later shifted to run as an independent.

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In his social media post announcing that he’s abandoned his campaign, Santos again blasted the “abysmal” voting record of Rep. Nick LaLota, the Republican who currently holds the seat.

LaLota played a key role in the bipartisan effort to force Santos from office.

John Avlon, who is running in the 1st Congressional District’s Democratic primary, expressed his disappointment at the end of the three-way race: “Gotta say: I was really looking forward to the debates.”

Since Santos’s numerous lies were revealed, he has become a political pariah in New York City. But Santos’ post suggested that even now his political career may not yet be over:

“It’s only goodbye for now, I’ll be back.”

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Boeing burns through $4bn in first quarter after door plug blowout

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Boeing burns through $4bn in first quarter after door plug blowout

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Boeing burnt through almost $4bn of cash in the first quarter, reflecting slower 737 Max production and compensation to customers as the US plane maker grappled with the aftermath of the mid-air accident in January.

The $3.9bn of free cash outflow is slightly lower than the $4bn-4.5bn the company had warned in March, but compares with an outflow of $786mn for the same period last year. Boeing reported a $355mn net loss in the first quarter.

The company’s financial results “reflect the immediate actions we’ve taken to slow down 737 production to drive improvements in quality”, said chief executive Dave Calhoun.

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There has been a 500 per cent increase in reports to Boeing’s internal safety hotline compared with last year.

The company is working to improve processes including training, inspection and how “travelled work” where jets that move through the production line with problems addressed later in the assembly process, is handled in the 737 factory in Renton, Washington. Boeing also is attempting to stabilise its supply chain.

“Near term, yes, we are in a tough moment,” said Calhoun in a letter to staff on Wednesday. “Lower deliveries can be difficult for our customers and our financials. But safety and quality must and will come above all else.”

The plane maker is building fewer than 38 Maxes per month, reducing deliveries that are necessary to bring in cash in order to improve the quality of its manufacturing following the mid-air blowout of a door plug on an Alaska Airlines flight.

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Boeing faces investigations by aviation regulators and the US Justice Department. Though no one was killed, the explosive loss of cabin pressure injured some on board and recalled the two fatal crashes that led to the worldwide grounding of the Max for nearly two years.

A preliminary report by the National Transportation Safety Board found that four bolts meant to fasten the panel to the fuselage were missing.

A US Federal Aviation Administration audit of Boeing found “multiple instances” where it allegedly failed to meet manufacturing and quality control requirements. Regulators have given the company until the end of May to submit a plan to improve.

Boeing said on Wednesday it was “implementing a comprehensive action plan” to address the audit’s findings.

The company did not issue any financial guidance for the year on Wednesday. It initially declined to issue guidance in January, with Calhoun saying “now is not the time”.

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The 737’s troubles have led to a shake-up in Boeing leadership. Calhoun said last month he would step down as Boeing chief executive at the end of the year, with the chair of the board Larry Kellner leaving after the annual meeting in May. Stan Deal, head of Boeing’s commercial plane division, departed immediately.

Boeing shares rose 3.6 per cent in pre-market trading after closing on Tuesday at $169.28.

Baird analyst Peter Arment said the stock represented “a buying opportunity”. “The kitchen sink quarter was not bad as feared, with progress expected on production, deliveries and [free cash flow] in the coming quarters coupled with a management change,” he said.

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