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Retail sales in China missed expectations in November, adding to pressure on policymakers after President Xi Jinping signalled last week that he wants to spur household consumption to boost the world’s second-largest economy.

The consumption measure added 3 per cent year-on-year, below a forecast of 4.6 per cent in a Reuters poll, and last month’s rise of 4.8 per cent. Industrial production added 5.4 per cent, slightly above predictions.

The unexpectedly weaker growth comes days after the Communist party leadership called for “vigorous” efforts to boost consumption and domestic demand at the annual Central Economic Work Conference last week.

The November retail number “was the big disappointment of the month, as retail sales . . . came in well softer than both consensus and our forecasts”, said Lynn Song, chief economist for greater China at ING in a research note.

Beijing has struggled to boost confidence against the backdrop of a property slowdown, now entering its fourth year, and bouts of deflation. The government unveiled a series of measures to boost stock markets in late September and to refinance local government debt last month.

Chinese equities fell on Monday. The CSI 300 index of blue-chip mainland-listed companies was down 0.6 per cent by mid-morning, while Hong Kong’s Hang Seng index fell 0.4 per cent.

China’s 10-year sovereign bond yield fell 0.05 percentage points to 1.73 per cent and its 30-year yield fell below 2 per cent for the first time.

The conference’s work report last week listed consumption as the first of nine economic priorities for 2025, ahead of the “new productive forces” that have emerged as a core pillar of Xi’s approach.

The emphasis is one of several signs of growing urgency from the government, including a shift in its monetary policy stance to “moderately loose” from “prudent” for the first time in over a decade last week.

Consumer prices in November rose just 0.2 per cent, a five-month low. Prices have increased every month since January, but growth has remained close to deflationary territory, adding to concerns over the strength of domestic demand.

Consumer spending was an economic concern in China during the Covid-19 pandemic, when the government imposed strict lockdowns to prevent the spread of the virus, and has failed to bounce back fully since a reopening almost two years ago.

ING’s Song said that aside from the National Bureau of Statistics’ property price index for 70 cities, which showed marginal falls during the month and indicated a stabilisation, the overall data was softer than expected in November.

Property investment was still declining, falling 10.4 per cent in the 11 months to the end of November, the NBS said, compared with a fall of 10.3 per cent in the first 10 months.

Goldman Sachs economists attributed the soft retail sales to an earlier than usual start to the annual November “Singles Day” online shopping festival, which pulled forward some sales to October.

But Goldman and other economists said that overall, indicators suggested that annual growth this year would end close to the government’s official target of 5 per cent.

Xi last week pledged to meet the target, saying that China would continue “to play its role as the world’s largest economic growth engine”.

Citi analysts said the government would probably release few details of any proposed fiscal stimulus measures until early next year during the annual meeting of China’s rubber stamp parliament, the National People’s Congress. This normally sets out the economic agenda for the following 12 months.

“The politburo and CEWC concluded with a supportive tone but no major breakthroughs or concrete measures,” Citi said. “The next two months could be a policy vacuum until the NPC.”

CNN
 — 

The man accused of killing UnitedHealthcare’s CEO in Manhattan remains in a Pennsylvania state prison, while a possible indictment looms in New York as a grand jury considers evidence on charges he faces there, including one count of murder.

Luigi Mangione, who faces a possible sentence of 15 years to life in prison if convicted on the charge of second-degree murder, is set to appear in a Pennsylvania court for a preliminary hearing next week on state charges following his December 9 arrest at a McDonald’s in Altoona.

Mangione, 26, has been fighting extradition to New York after being accused of fatally shooting UnitedHealthcare CEO Brian Thompson on December 4, but Manhattan District Attorney Alvin Bragg said Friday it is possible the suspect could soon waive his right to fight being handed over to New York authorities.

“Indications are that the defendant may waive, but that waiver is not complete until a court proceeding, which my understanding from court officials in Pennsylvania cannot happen until Tuesday,” Bragg said. “So until that time, we’re going to continue to press forward on parallel paths and we’ll be ready whether he is going to waive extradition or whether he’s going to contest extradition.”

Here are the latest developments in the case:

Authorities tracked down Mangione in Altoona last week after being alerted he looked similar to the person who gunned down Thompson in front of a Midtown Manhattan hotel as the health care executive prepared to attend his company’s investors’ conference.

Mangione faces charges in both Pennsylvania and New York. He remains in custody in Pennsylvania Monday on charges related to a gun and fake ID police say they found at the time of his arrest.

In New York, prosecutors have charged him with one count of second-degree murder, two counts of second-degree criminal possession of a weapon, one count of second-degree possession of a forged document and one count of third-degree criminal possession of a weapon, according to online court documents.

Investigators in New York believe Mangione, a former high school valedictorian and Ivy League graduate born into a well-to-do family, appeared to be driven by anger against the health insurance industry and “corporate greed,” according to an NYPD intelligence report obtained by CNN.

Mangione is scheduled to appear at a hearing in Pennsylvania on December 30 in response to his petitions for writ of habeas corpus and imposition of bail, court documents from Thursday show. The habeas corpus petition is a key factor in whether Mangione can be extradited to New York.

Thomas Dickey, Mangione’s attorney in Pennsylvania, denied his client’s involvement in Thompson’s killing and said he anticipates a not guilty plea from Mangione to the charges he faces in New York.

Dickey also said Mangione, who was denied bail last Tuesday at an extradition hearing, plans to plead not guilty to the charges in Pennsylvania.

Following Bragg’s comments on Mangione possibly backing down from the extradition fight, CNN has sought comment from Dickey regarding whether he and his client have changed their position on extradition.

New York authorities have executed as many as three search warrants as part of their investigation, including at least two warrants for a backpack found in Central Park and a burner phone discovered along Mangione’s believed getaway route away from the crime scene, sources told CNN.

The mounting evidence against the suspect accused of killing Thompson, authorities say, includes a 3D-printed gun they allege Mangione had when he was arrested, which matches three shell casings found at the crime scene.

Mangione’s fingerprints match those found on items near the scene, New York City’s police commissioner has said, and investigators discovered a three-page handwritten “claim of responsibility” and writings in a spiral notebook pointing to the suspect’s involvement, a law enforcement source briefed on the matter told CNN.

Three 9 mm shell casings from the crime scene had the words “delay,” “deny” and “depose” written on them, according to NYPD’s Chief Detective Joseph Kenny. The words are similar to a title of a 2010 book critiquing the insurance industry.

Dickey has said he wants to see the ballistics and fingerprint evidence for himself.

“Those two sciences, in and of themselves, have come under some criticism in the past, relative to their credibility, their truthfulness, their accuracy, however you want to do it,” Dickey said on CNN’s “Erin Burnett OutFront” on Wednesday.

The office of New York Gov. Kathy Hochul is convening business leaders and law enforcement to discuss safety this week.

Kathryn Garcia, Hochul’s director of operations and infrastructure, will hold a call with several business leaders and law enforcement on Tuesday, a spokesperson for the governor’s office told CNN.

Kathryn Wylde, president and CEO of the Partnership for New York City, a nonprofit organization which represents New York City’s global business leaders and major employers, told CNN the call will include top State Police officials and counterterrorism law enforcement.

A source familiar with the planning told CNN the state is also considering setting up a hotline for CEOs so they can call to report security concerns or threats.

The hope is the call will “provide a forum for questions and sharing of best practices regarding threats to business leaders around the city,” Wylde said.

Approximately 200 people, mostly security people as well as some CEOs are expected to join, according to Wylde.

The call comes as C-suite leaders across the country are left shaken in the wake of Thompson’s killing and reassessing preparedness for potential threats.

The NYPD, in an intelligence report obtained by CNN last week, said it believed Thompson’s killing was a “symbolic takedown” and could inspire others to act violently toward business leaders.

CNN’s Jason Hanna, Karina Tsui, Steve Almasy, Andy Rose, Brynn Gingras, Michelle Watson, Bonney Kapp, Dakin Andone, Emma Tucker, Meg Tirrell and Jason Carroll contributed to this report.

From: Revere High School
Sent: Friday, June 2, 2023
Good Afternoon.
We are writing to update the Revere High School community about a
physical altercation that occurred at the end of first lunch today (Friday
6/2/23).
Before the end of the first lunch, a verbal argument between students
became physical. Then friends of students in the argument joined
in. Many students gathered around and joined in the physical
conflict. Many others gathered around to record.
Administrators and multiple other adults got involved and were able to
separate the groups of students from one another, isolated to different
parts of the building. At the same time, the administration collaborated
with the Revere Police Department to ensure additional support and
presence, both in the building and at dismissal.
This situation is currently under investigation as there are many details
and facts to sort out. Appropriate disciplinary processes have already
been initiated for students identified to be involved. The investigation
(including a review of both RHS cameras, review of student-produced
videos and statements) will result in additional students facing school
discipline for their involvement.
There is a lot of misinformation currently on social media about this
incident. At the same time as this was unfolding, the RHS Main Office
began receiving multiple calls from concerned parents in response to a
social media post. This post alleged that a stabbing occurred at Revere
High School. There was no stabbing. No person in Revere High School
(student or adult) made any report of a stabbing. There was also no
weapon on any student involved in the cafeteria fight. I can promise you