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Jarvio, the Dublin start-up that puts an AI operator behind every Amazon storefront, has raised €1.5 million in pre-seed funding. Backers include senior executives from Amazon, Target, Wayflyer, Meta and MongoDB; Brian Caulfield and HBAN angel investors; and institutional investors Darius Cubed, Baseline VC, Enterprise Ireland, NDRC and an Accel Scout Fund. The funding will accelerate engineering hires, automation development and U.S. expansion. It follows strong traction in Jarvio's private beta, where more than 650 brands have joined the waitlist in recent months. Rick Kelley, HBAN angel investor, said, "I'm delighted to support the Jarvio team who are helping businesses overcome the friction that comes with enabling e-commerce on Amazon, the largest platform in the world. As Amazon continues to be on nearly every phone in the western world, Jarvio will help merchants drive success." The journey began with Jake Ryan and Connor Mulholland, who met at University College Dublin and later launched a boutique Amazon agency after flipping everything from plastic dinosaurs to 12,000 candles during the pandemic. After years of manually solving the same operational challenges for clients, they realised the answer wasn't more services -it was smarter software. "eCommerce brands shouldn't have to juggle dashboards or get buried in fragmented tools just to grow," said Ryan, co-founder and CEO. " Jarvio gives teams their time back and lets them focus on what really matters, growing the business, not managing the chaos." The pain point is clear: most Amazon merchants rely on a maze of disconnected apps to run their business - wasting time, obscuring data, stalling scale, and driving up staffing costs. Jarvio offers a new model. More than just an Amazon tool, it acts as the hub for your entire eCommerce operation. It integrates with everything from marketplace software to Gmail, Slack, and task managers - bringing all your operations and workflows into one place. No more switching tabs or stitching together tools. Just one prompt-driven interface to run your business. "We're not building another tool to put in the box of eCommerce tools," Mulholland added. "We're building the box." In 2024, JD O'Hea joined as co-founder and CTO to chart Jarvio's AI roadmap. With deep expertise in AI, machine learning, and eCommerce, O'Hea set out a technical vision for a platform designed to redefine how eCommerce brands operate. Alongside founding engineer Joseph Tummon, they kicked off development of what's now Jarvio's AI foundation. Since then, the team has built relentlessly: through late nights in Dogpatch Labs, a stint in a San Francisco hacker house, and now, as part of the NDRC Accelerator and with €1.5m in fresh funding, they're scaling Jarvio into the operating system for modern eCommerce. See more stories here. More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.
A great account of one of Australia's most decorated Motorsport commentators. Wade Aunger is now one of Australia's most talented Drag Racing Commentators leading the commentary team in the NDRC however his beginnings have been entrenched in Australian Speedway. Tune in as Wade entertains generations of Australian Motorsport fans. Learn More about Wade here -> https://www.instagram.com/wadeswhirl/ or here -> https://methanolmoonshine.com.au/
In the ever-evolving landscape of technology and innovation, the journey of entrepreneurship is often fraught with challenges, discoveries, and milestones. Dermot Casey, a seasoned entrepreneur and innovation advocate, provides an insightful narrative about his experiences and the transformative role of technology in today's world.Topics include:0:00 His journey from From rural Ireland to AI pioneer2:23 Building Storyful from startup to acquisition in four years7:23 His experience with NDRC supporting early-stage tech companies10:22 Know when to quit and how persistence can sometimes cause harm12:38 Success is about relationships and everyone is figuring it out14:35 How Ireland excels in innovation but needs greater investment and vision21:24 Why Ireland should encourage entrepreneurship through education, collaboration and investment25:04 Workshops teach AI for productivity, creativity and data analysis28:49 Using AI to analyze proprietary data improves decision-making and innovation32:27 Applying AI to analyze reviews, solve problems, and enhance productivity34:12 Advice to solve a significant problem, keep it simple and use authentic marketing
In this episode of Environment China, we are talking about China's long-term pathway to carbon neutrality and, in particular, about the recent publication of the China Energy Transformation Outlook, or CETO, which provides two scenarios of China's clean energy transition. We talk to Kaare Sandholt, International Chief Expert for the China Energy Transformation Programme. The programme is run by the Energy Research Institute of the NDRC. Topics we address include: The importance of long-term modeling, and its contribution compared to five-year plans or other policy planning How CETO's two main scenarios compare: both assume carbon neutrality by 2060 and similar GDP growth, but differ in terms of energy mix and technology progress The role of electrification and energy efficiency: starting with transport, but also in industry, which requires both a cleaner grid and lower direct combustion of fossil fuels, which wastes huge amounts of energy through waste heat The importance of structural economic transformation: CETO assumes China makes substantial progress transitioning away from heavy manufacturing The reforms that CETO anticipates, including especially in power markets (merit-order dispatch, cross-regional electricity trading, and price signals), but also in carbon markets and industry standards The role of gas: gas will rise rapidly in relative terms, with 50-50 growth between power sector and industry; in coastal provinces gas is for flexibility in the power sector, and inland provinces gas is for industry; but it will not become a major transition fuel that takes the place of coal The amount of wind and solar capacity that will be needed: while the RE capacity requirement has risen due to faster electricity demand growth, the annual additions needed are roughly in line with present wind and solar additions The report is available in English here: https://www.cet.energy/ And Kaare Sandholt has an excellent article in a recent issue of Carbon Brief, published together with Wang Zhongying: https://www.carbonbrief.org/guest-post-china-will-need-10000gw-of-wind-and-solar-by-2060/ Executive Producer of this episode: Anders Hove
On today's show Andrew and Bill begin with takeaways from the Two Sessions, including good news for tech companies as the push for new quality productive forces continues, the rhetoric surrounding domestic consumption alongside modest stimulus measures so far, the NDRC's plan to mobilize 1 billion yuan to support the startup ecosystem, and more. From there: The PRC announces new tariffs on Canadian exports and state TV warns against Canada cooperating with the U.S. on tariffs, and dueling reports on a potential Trump-Xi meeting as communication remains frustrated between high level US and China leaders. At the end: Cuts to USAID provide a win to the PRC as China-watching NGOs go offline, a whistleblower highlights Facebook's failed attempts to enter China, and TikTok rumors continue to churn as the apparent deadline for a sale approaches in April.
€250 million in capital flowed through the RDI Hub for startups and scaling companies in the southwest region. €1M Smart Regions AI Navigator Programme: Partnering with Enterprise Ireland, RDI Hub launched a €1 million programme to help SMEs adopt AI solutions. RDI Hub celebrates its five-year anniversary as €250 million in capital flows to its members. Photo credit Don McMonagle. L-R Minister Norma Foley, Bertie Murphy, Chief Strategy Officer Fexco, Anna Savage, Fexco Group CFO, Neil Hosty, Fexco Group CEO, Denis McCarthy, Chairman at Fexco and Liam Cronin CEO RDI Hub. RDI Hub celebrates its five-year anniversary Impact over 5 years In the five years since its inception, the RDI Hub has become a pivotal player in the evolving innovation landscape across Ireland. The RDI Hub has seen over €250m in capital flow through to be invested in its members to establish and grow their business. In addition, other key findings from the RDI Hub Impact Report include: 97 member companies have been supported through the RDI Hub since it opened in 2020 These companies have created and supported over 430 jobs 70 new products and services have been launched by RDI Hub companies Over 10,000 people have attended RDI Hub training programmes, including the AI Summer School, NDRC, and Skillnet Innovation Exchange Providing STEM education to over 500 female secondary school students in Munster in 2024. EI and RDI Hub announce a €1m Smart Regions AI Navigator Programme Partnering with Enterprise Ireland, RDI Hub announced the €1 million Smart Regions AI Navigator programme, which will enable SMEs to adopt and implement artificial intelligence solutions. The Smart Regions AI Navigator programme is co-funded by the Government of Ireland and the European Union through the Southern, Eastern & Midland Regional Programme 2021-2027. Over the next three years, the programme will deliver AI masterclasses, strategic workshops, training days, and wraparound consultancy services to equip Irish businesses with the tools to thrive and engage in peer-learning in an AI-driven landscape. The programme is live and RDI hub, Portershed and Greentech HQ are delighted to announce that leading companies within the manufacturing and engineering sectors are currently taking part in the programme. Growing our network in a virtual world The RDI Hub Digital Community, launched in March 2024, offers global virtual mentorship and resources for tech startups. It connects mentors, entrepreneurs, and innovators with coaching and upskilling opportunities. This virtual community will expand across international markets, deepening relationships and opportunities across the global innovation ecosystem. The evolving Fexco and RDI Hub Partnership This impact report marks the fifth anniversary of the Hub's partnership with Fexco, highlighting ongoing investment and support. To date, Fexco has provided the 17,000 sq. ft. facility, mentorship programs, and financial backing for STEM education initiatives. The latest of which is the STEM Passport for Inclusion, run in association with the RDI Hub, Maynooth University, Microsoft and Munster Technological University, which provided 500 female post-primary students with access to STEM education in Munster in 2024. Marking the 5th Anniversary The RDI Hub's fifth anniversary was celebrated at an event at their offices in Killorglin, Co Kerry with stakeholders from the innovation ecosystem in attendance, including RDI Hub partners Fexco, Munster Technological University, and Kerry County Council. Minister Norma Foley will deliver the keynote address, highlighting the importance of AI in shaping Ireland's future. The event will also feature panel discussions with industry leaders, including Kevin Marshall (Microsoft), Bronagh Riordan (EY), Joseph Walsh (Munster Technological University), John Kelleher (ADAPT Research Centre), and Andreea Wade (Delta Partners), as well as examples of AI use cases from Irish businesses such as TLI, Energywise, O'Ca...
Founders is reshaping how startups are created in Ireland by unlocking untapped potential within the country's talent pool. Welcoming its second cohort, Founders is attracting professionals from global leaders like Stripe, Google, and NASA, alongside graduates from MIT, Stanford, and Cambridge with expertise in AI, machine learning, neuroscience, and engineering, Founders transforms exceptional individuals into the impactful founders of high growth tech startups, a foundation of Ireland's innovation economy and bolstering global competitiveness. This year's cohort brings together 40 exceptional founders - half technical engineers, half commercial talent with expertise spanning AI, machine learning, neuroscience, and computational modelling. The Founders Programme is a full-time immersive 12-week journey at Dogpatch Labs, where cofounders; a technical engineer and commercial expert, are paired before they even have an idea, building startups from scratch by complementary teams of exceptional talent. Founders provides mentorship from top-entrepreneurs and the opportunity for €100k in early-stage investment. Proven Success: The Model Works Launched as a two-year pilot, Founders is already proving its impact: Inspeq AI: Co-founded by alumni from Meta and Amazon, Inspeq AI raised €1.1M within six months for its AI-driven security platform. Glitch Ads: Founded by leaders from Google and Wayflyer, Glitch Ads secured €750k in angel funding to scale its ad optimisation technology. Amy Neale, Partner at Delta VC and mentor in the program, says: "This is a new kind of Startup Factory for Ireland - a model that taps into one of our greatest untapped resources: transitioning talent from multinationals into impactful startups. The quality of this cohort is really something special." An Engine for Exceptional Talent The programme attracts world-class talent from leading global companies and academic institutions. Industry Experience: Participants bring expertise from Google, LinkedIn, McKinsey, Meta, Stripe, and more. Academic Excellence: Alumni of MIT, Stanford, Cambridge, and Trinity College Dublin represent the pinnacle of global education. Specialised Expertise: Fields of focus include AI, neuroscience, machine learning, and engineering, showcasing the depth and breadth of innovation driving the cohort. A Critical Pillar for Ireland's Innovation Future Stephen Kinsella, Director of Immersive Software Engineering at the University of Limerick, emphasises: "Talent is the single most important ingredient in any innovation ecosystem. Founders unlocks that talent and channels it into impactful startups, making it critical to Ireland's future." Founders bridges the gap between careers at multinationals and entrepreneurship, positioning Ireland as a global innovation hub. With participants transitioning from corporate roles at Stripe, NASA, and Palantir to startup founders, Founders is addressing Ireland's competitiveness and driving growth in the global market. Looking Ahead: Investor Showcase and Beyond Founders is a two-year pilot funded by returns from successful investments in Irish startups through the NDRC. With its proven success and growing impact, new funding is required to sustain and scale this model beyond 2025. Bobby Healy, CEO and Founder of Manna Drone Delivery states: "This model has proven its value, creating startups that wouldn't exist otherwise with exceptional founding teams. Ensuring its future is critical to building a world-class innovation ecosystem for Ireland." The 2025 cohort will culminate in a showcase or "Demo Day" at Dogpatch Labs later this year, where participants will present their startups to leading investors, ecosystem leaders, and stakeholders. See more stories here.
BTS tertiaires : SAM, NDRC, GEA, MCO, CI : quels sont les prérequis, les différences et les débouchés ?Les intervenants de cette conférenceAliette LOMBARD DE BUFFIERES, Proviseure adjointe du lycée Jean LurçatAnimé par Patricia DUVERNEUIL, Directrice du CIO EIOLes Conférences du Salon Post BacDans le cadre du partenariat conclu entre AZIMUT et le Salon PostBac, nous relayons la diffusion de l'ensemble des conférences à l'attention de notre communauté de parents. Ces conférences ont été enregistrées dans les conditions du direct lors du Salon PostBac les 10 et 11 janvier 2025.Animées par les psychologues de l'Éducation nationale, spécialistes du conseil en orientation , les conférences du Salon Postbac 2025 permettent de dresser le tableau de l'offre de formation et des choix qui se posent.Pour en savoir plus sur le Salon Postbac : https://www.reussirpostbac.fr/ℹ️ SUIVEZ L'ACTUALITÉ DE L'ORIENTATIONInscrivez-vous à la newsletter Les Clés de l'orientation : https://azimut-orientation.com/abonnez-vous-a-la-newsletter/ ( vous recevrez en cadeau un guide téléchargeable)
This week, we delve into the pervasive presence of PFAS (per- and polyfluoroalkyl substances) in everyday household items, such as cosmetics, cookware, and dental floss, and the significant health risks they pose. Linked to cancer, hormone disruption, liver and thyroid issues, reproductive harm, and abnormal fetal development, PFAS exposure has become a growing public health concern. Advocates are urging the state legislature to act by passing four critical bills to protect consumers before the session ends in June 2025. Joining the conversation are two leading experts in the fight against PFAS: Dr. Charles Moon, Pediatric Environmental Health Fellow at Mount Sinai School of Medicine, and Kate Donovan, Director of Northeast Environmental Health and Senior Attorney for the Natural Resources Defense Council. Together with Tee, they explore the history and health implications of PFAS, discuss current legislative efforts to reduce exposure, and share practical advice for minimizing PFAS in daily life. This insightful episode highlights the vital role of government action, public advocacy, and individual awareness in tackling this environmental and health challenge. Connect with Kate & Charles: Website Instagram X Follow Therese "Tee" Forton-Barnes and The Green Living Gurus: Tee's Organics - Therese's Healthy Products for You and Your Home: Check out these incredible products made only with purified water, seven essential oils, and vinegar. Once you clean with them, you will be addicted! No more spraying chemicals in your home. Use the code Healthyliving for a 15% discount on my products at Shop Tee's Organics Austin Air Purifiers: For Podcast listeners, take 15% off any Austin Air product; please email Tee@thegreenlivinggurus.com and mention that you want to buy a product and would like the discount. See all products here: Austin Air The Green Living Gurus Website Instagram YouTube Facebook Healthy Living Group on Facebook Tip the podcaster! Support Tee and the endless information that she provides: Patreon Venmo: @Therese-Forton-Barnes last four digits of her cell are 8868 For further info contact Tee: Email: Tee@thegreenlivinggurus.com Cell: 716-868-8868 DISCLAIMER: ALL INFORMATION PROVIDED HERE IS GENERAL GUIDANCE AND NOT MEANT TO BE USED FOR INDIVIDUAL TREATMENT. PLEASE CONTACT YOUR PROVIDER OR DOCTOR FOR MEDICAL ADVICE. Produced By: Social Chameleon
APAC stocks traded mixed following the weak handover from Wall St where tech underperformed as yields climbed after the hot ISM Services and strong JOLTS data.Hang Seng and Shanghai Comp were pressured with market participants underwhelmed by the latest NDRC press briefing in Beijing.AUD/USD choppy following the latest monthly inflation data from Australia in which the Weighted CPI printed firmer than expected but the annual trimmed mean CPI softened from previous.European equity futures indicate a lower cash open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.5% on Tuesday.Looking ahead, highlights include US Jobless Claims, Wholesale Inventory and EIA Nat Gas Change (brought forward on account of the US Day of Mourning), German Retail Sales, EZ Economic Sentiment, US ADP National Employment, Comments from Fed's Waller, FOMC Minutes, Supply from UK, Germany & US, Earnings from Jefferies.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
Hands up if you've ever felt overwhelmed by the sheer number of products in the beauty industry! Do you have a little bag stashed away in the back of your drawer with half-used products? Don't worry, you're not alone! This week, Wendy Slattery, CEO of Beauty Buddy, is here to take us on her and her sister's journey to transform personal challenges within the beauty industry into a flourishing, tech-based, community-driven solution. Wendy, alongside her sister and co-founder, aimed to change how consumers navigate the overwhelming sea of beauty products by creating a platform inspired by TripAdvisor. Their vision was clear: to empower consumers with unbiased reviews through a simple barcode-scanning app. Hear firsthand about the pivotal role that accelerator programs like New Frontiers and the NDRC played in shaping Beauty Buddy's trajectory. Wendy also unpacks the a-ha moments of her career, behind the scenes of planning an adventurous expansion into the U.S. market and how their platform now offers valuable consumer insights directly into the hands of beauty brands. Wendy also reminds us that, no matter the hurdles, we should keep pursuing our dreams because we don't want to live with the true cost of not trying. Key points throughout include: From frustrated consumers to beauty innovators: Tackling overwhelm and waste in the industry Sisters on a mission: Building a global business from Ireland The knowledge gap: How the beauty industry overlooked consumer needs Leveraging support and programs to accelerate business growth Overcoming investment challenges and the importance of a clear business plan How Beauty Buddy connects brands with their unseen consumers Win-Win-Win: A Model Where the Beauty Squad, Brands, and Consumers All Benefit Navigating B2B2C challenges and simplifying a dual business model Looking ahead and essential advice for aspiring entrepreneurs “The more we got into the beauty industry, the more we've spoken to makeup artists, beauticians, brands, and retailers. They were all like, how does that not exist already? It's because they knew the answers, but the consumer didn't.” – Wendy Slattery. Get connected with Wendy Slattery: https://www.linkedin.com/in/wendyslattery/ https://www.poweredxbeautybuddy.com/ Get connected with host Finola Howard: https://www.finolahoward.com/ https://www.finolahoward.com/book https://www.linkedin.com/in/finolahoward/ https://www.instagram.com/thisisfinolahoward https://www.facebook.com/thisisfinolahoward https://www.youtube.com/c/howgreatmarketingworks https://www.twitter.com/FinolaHoward
On this episode Michelle talks us through her test and tune, Simon discuses NHRA, Michelle and Simon cover all things NDRC and Nick gives a review of the Bathurst 1000 and Gold Coast 500.
On today's show Andrew and Bill begin with the market's reactions to the NDRC press briefing on Tuesday, as Hong Kong saw all of last week's gains erased, while the PRC markets continued to see gains. Topics include: Misplaced expectations on the NDRC press conference, a National People's Congress meeting later in October that may articulate more concrete measures, and more thoughts on the continued volatility in the market themselves as well as commentary around the world. From there: An emailer has a question about a potential ByteDance IPO, a note on the broader concerns that persist in the PRC, and the EU passes tariffs on PRC EVs. At the end: A note on Taiwan National Day and the potential for an Operation Joint Sword 2024B, and a listener notes that Xi Jinping is leaving China far less frequently than he once did.
As there have been more signs recently of a bull run in the A-share market, including soaring indexes and the stratospheric level of the trading volume, more economic stimulus policies as well as investors' patience are equally important to further consolidate the upward trend of Chinese equities, said experts.专家表示，由于近期A股市场已出现诸多牛市到来的迹象，比如指数飙升、交易量达到历史最高水平，要进一步巩固中国股市的上升趋势，十分需要更多的经济刺激政策和投资者的耐心。Resuming after the National Day holiday, the benchmark Shanghai Composite Index gained 4.59 percent to close at 3489.78 points on Tuesday, while the Shenzhen Component Index surged 9.17 percent. The technology-focused ChiNext in Shenzhen spiked 17.25 percent. Semiconductor, software development and securities companies led Tuesday's rally.国庆长假后复盘，上证综指10月8日涨4.59%、报3489.78点，深证成指涨9.17%，创业板指涨17.25%，半导体、软件开发和证券公司引领了该日涨势。The combined trading value at the Shanghai and Shenzhen bourses stood at 3.45 trillion yuan ($490 billion) on Tuesday, surpassing the previous record of 2.6 trillion yuan on Sept 30, the last trading day before the holiday.10月8日，沪深两市成交额达3.45万亿元（约4900亿美元），刷新了节前最后一个交易日9月30日创下的2.6万亿元成交金额历史纪录。The A-share market's rally on Tuesday came as officials of the National Development and Reform Commission, China's top economic regulator, said on the same day that the country will launch a batch of incremental policies to promote the sustained economic recovery and development.10月8日，中国最高经济监管机构——国家发展改革委表示，将加力推出一揽子增量政策，推动经济持续回升向好。同日，A股市场反弹。"China is confident of maintaining steady and healthy economic growth and achieve the full-year growth target," said Zheng Shanjie, head of the NDRC, at a news conference on Tuesday, adding that more efforts will be made to strengthen the countercyclical adjustments for macroeconomic policies.“我们对实现全年经济社会发展目标任务充满信心，对保持经济社会持续平稳健康发展充满信心。”国家发展改革委主任郑栅洁10月8日在国新办新闻发布会上表示，将加大宏观政策逆周期调节。The incremental policies released in late September attached greater importance to improving the quality of economic growth, supporting the real economy, facilitating the sound development of market entities, and coordinating high-quality development and high-level security, he said.郑栅洁介绍，9月下旬起发布的一揽子增量政策更加注重提高经济发展质量，更加注重支持实体经济和经营主体健康发展，更加注重统筹高质量发展和高水平安全。Since Sept 24, the country's top regulators have come up with supportive measures covering the financial sector, the property market, and support to the real economy, among others.自9月24日以来，国家最高监管机构已陆续出台了涵盖金融业、房地产市场和支持实体经济等方面的支持措施。The measures will be better used to spur more development potential and better achieve this year's growth target, said Zheng.郑栅洁表示，这些措施将更好地激发更多发展潜力，推动实现今年的增长目标。Meanwhile, continued efforts will be made to boost the capital market, according to Zheng. More effective and comprehensive measures will be introduced to vigorously guide the inflow of long-term capital. Blockages preventing the smoother entry of social security funds, as well as insurance and wealth management funds into the capital market should be removed.与此同时，郑栅洁强调，将继续努力提振资本市场。有关部门将采取有力有效的综合措施，大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点。Public companies will be supported in mergers and acquisitions as well as restructuring. The reform of mutual funds should be advanced steadily, and efforts will be made to promulgate measures to protect individual investors, said Zheng, noting that these policies will be released at a faster pace.支持上市公司并购重组，稳步推进公募基金改革，研究出台保护中小投资者的政策措施。郑栅洁指出，目前各项政策正在加快推出。Liu Gang, managing director of China International Capital Corp, said the measures announced in September had exceeded market expectations and rekindled investors' passion, emphasizing the financial measures' support for the stock market.中金公司研究部董事总经理刘刚强调了金融措施对股市的支持。9月份公布的各项政策超出市场预期，重新点燃了投资者的热情。These have served as a driver for the recent bullish performance of the A-share market. But the market's future performance will be determined by the pace and scale of successive policies, especially fiscal policies, Liu said.刘刚表示，这些都是近期A股市场“走牛”的驱动力。但市场未来的表现将取决于后续政策的步伐和规模，尤其是财政政策。Luo Zhiheng, chief economist at Yuekai Securities, said that fiscal and property market policies should better coordinate with the recently released monetary policies to stabilize investors' confidence and expectations. Increasing the scale of this year's budget deficit, accelerating the issuance of special bonds, granting subsidies to special groups of people and the issuance of additional treasury bonds can be possible options in terms of supportive fiscal measures, he said.粤开证券首席经济学家罗志恒表示，财政政策和楼市政策应更好地配合近期发布的货币政策，以稳定投资者的信心和预期。在支持性财政措施方面，增加今年的预算赤字规模、加快发行专项债券、对特殊人群发放补贴、增发国债等都是可能的选择。China may adopt moderate fiscal stimulus of about 1.5 to 2 trillion yuan in the short term, which is also a reasonable level, said Wang Tao, chief China economist at UBS Investment Bank.瑞银亚洲经济研究主管及首席中国经济学家汪涛表示，更为合理的预期是短期内政府出台1.5-2万亿元较为温和的财政刺激政策。Chen Guo, chief strategist at China Securities, said that the Chinese stock market's recent bullish performance is supported by the revaluation of Chinese assets and recovered confidence. But a well-grounded overall bull run still needs time, especially the further improvement of economic fundamentals. Investors should have patience for the medium term, he said.中信建投证券首席策略官陈果表示，中国股市近期的牛市迹象得益于中国资产价值重估和信心的恢复。但全面牛市启动仍需要时间，特别是经济发展基本面的进一步改善，投资者应葆有耐心。Noting that the A-share market will enter a period of sustainable growth in the medium term, during which fluctuations cannot be avoided, Zhang Qiyao, chief strategist at Industrial Securities, said there is still room for a rise in the short run. Investors should watch for how long the bullish trend will last rather than focus on short-term peaks, he said.兴业证券首席策略分析师张启尧表示，A股市场将进入中期持续增长期，期间难免出现波动，但短期内仍有上涨空间。相较于关注短期高峰，投资者更应关注牛市趋势将持续多久。In a report released on Monday, analysts from Goldman Sachs raised 10 reasons to increase exposure to A-shares, including strong economic stimulus, upbeat investors' mood, undervalued Chinese equities, companies' improving earnings and a relaxed external environment.在10月7日发布的研报中，高盛分析师提出了看涨中国股市的十大理由，其中包括强劲的经济刺激、上升的投资者情绪、中国股票估值仍有折价、企业盈利前景改善以及宽松的外部环境。consolidatev. 巩固；加强；合并spikev. 飙升，上涨stratosphericadj. 平流层的；高层次的incrementaladj. 增加的，增量的bullishadj. 股票行情看涨的；乐观的
US futures are pointing to a slightly higher open today. European equity markets have opened in the negative territory, following largely lower Asian markets. Sentiment towards China continues to improve with Goldman Sachs joining HSBC in upgrading its rating on equities. Nothing news came out of China's NDRC press briefing. RBA discussed scenario where rate hike could happen if financial conditions are too loose. ECB hawk Nagel supported October rate cut.Companies Mentioned: DS Smith, International Paper, Ares Management
APAC stocks were ultimately mixed after the negative lead from Wall St; China's NDRC press conference was met with disappointment.European equity futures are indicative of a negative cash open with the Euro Stoxx 50 future -0.8% after the cash market closed higher by 0.3% on Monday.DXY is steady on a 102 handle, EUR/USD remains sub-1.10, USD/JPY sits just above the 148 mark.New York Times cited officials that stated Israel is likely to target Iranian military bases and possible intelligence sites.Looking ahead, include German Industrial Output, US NFIB Business Optimism Index, RCM/TIPP Economic Optimism, International Trade, EIA STEO, ECB's Schnabel, BoE's Breeden, Fed's Kugler, Bostic & Collins, Supply from Netherlands, UK, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
European bourses are subdued across the board, with sentiment hampered after China's disappointing NDRC press conference; US equity futures are mixed.Dollar is slightly lower, JPY is scaling back some recent losses whilst the Aussie is hampered by broader weakness in commodity prices.Bonds are flat, having initially opened with a positive bias, UK and German auctions provided no impetus.Crude is softer given the broader risk aversion, XAU/base metals are on the backfoot after China's NDRC failed to deliver new major stimulus measures.Looking ahead, US NFIB Business Optimism Index, RCM/TIPP Economic Optimism, International Trade, Canadian Trade Balance, EIA STEO, Speakers including BoE's Breeden, Fed's Bostic & Collins, Supply from the US, Earnings from PepsiCo.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
①Chinese authorities have reaffirmed commitment to promoting the continuous and sound development of the country's economy. What are the details? (00:50) ②Transportation authorities in China estimate that there were more than two billion trips in the country during the week-long National Day holiday.(12:20) ③Preliminary results show Tunisian President Kais Saied has won a second term in office. What will be the main tasks for Saied moving forward? (24:50) ④Vietnam and France have agreed to upgrade diplomatic relations to a Comprehensive Strategic Partnership.(35:20) ⑤U.S. officials have warned that the rapidly approaching Hurricane Milton presents a "multi-hazard" event that will bring storm surges, flooding and power outages.(44:02)
Featuring:Qian Wang, Chief Asia Pacific Economist at Vanguard Group, on APAC eco outlookWill McDonough, Founder, Chairman and CEO at Corestone CapitalJames Abate, Managing Director & Chief Investment Officer of Centre Asset ManagementAdam Coons, Co-Chief Investment Officer and Portfolio Manager at Winthrop Capital Management Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-es See omnystudio.com/listener for privacy information.
On this episode of the Podcast we preview the Bathurst 1000, NASCAR from Talledaga and a wrap up of the NHRA. We also discuss the new TV with 7plus and NDRC. along with the closure of NMRA and NMCA.
An app that enhances pain management for people living with dementia is among the tech business ideas that will be presented at the National Startup Accelerator's (NDRC) upcoming Pre-Accelerator Showcase Day. The Cork-based co-founders of A.Chara, Reece Hogan and Samuel O'Connell will make their pitch to investors and the wider public at the event in Republic of Work (RoW) on October 11th, when an AI sales tool, a video marketing product and an innovative piece of travel technology will also be introduced. A.Chara is among 21 start-ups that are currently participating in the NDRC's quarterly Pre-Accelerator programme, which is designed to support early-stage founders shape their ideas into sustainable businesses and navigate the funding landscape for lasting growth. Speaking about A.Chara's involvement in the programme, Reece Hogan said: "Our time on the Pre-Accelerator has been incredibly valuable. Both myself and Samuel have family members who suffer with dementia so this project has been very close to our hearts. This programme has given us the tools and mentorship to put our passion project on a sound business footing; to sharpen our vision and take it to the next milestone. We're now even better equipped to help enhance pain management for people with dementia and improve care practices for families and healthcare professionals who support them." Programme Associate at RoW and Regional Lead for NDRC, Andy McManagan, said, "We look forward to showcasing the work of this group of NDRC Pre-Accelerator participants on October 11th and would encourage other startups to consider the programme when the next application window opens in early 2025. The NDRC Pre-Accelerator is designed to be accessible to anyone across Ireland, thanks to its fully virtual format. Whether you're in a city or a rural area, our programme provides start-ups with expert guidance and resources, helping founders overcome geographical barriers and turn their innovative ideas into successful ventures." The NDRC Pre-Accelerator Autumn Showcase 2024 will take place at Republic of Work, 12 South Mall, Cork City, on October 11th between 12 p.m. and 3 p.m. The event is free, but booking is essential at https://lu.ma/oefw4j9b. For more details on the NDRC Pre-Accelerator and how to apply, go to https://www.ndrc.ie/pre-accelerator.
On this episode Michelle Morrison, Todd Brinkworth and Nick Dicembre discuss Toyotas entry to Supercars in 2026, has Danny Ric raced his last race? The Ferrari Challenge has launched in Australia, is there room for another category in downunder? We discuss the Motorplex and NDRC calender plus all the winners from Round 2 of the Sportsman ANDRA Championship round from Mildura.
China has issued 300 billion yuan ($42.5 billion) in treasury bonds to support equipment upgrades andtrade-in deals for consumer goods, significantly boosting the growth of consumption and economic momentum, said the country's top economic regulator.据国家发展改革委消息，中国已发行3,000亿元人民币（425亿美元）国债资金用于支持大规模设备更新和消费品以旧换新，极大地促进了消费增长和经济动能。The special treasury bonds fund has been fully allocated, and the upgrading and trade-in policy has been implemented in various regions across the country, the National Development and Reform Commission said on Monday.国家发展改革委23日表示，目前国债资金已全面下达，大规模设备更新和消费品以旧换新政策在全国各地区推行实施。"The policy has effectively helped release consumption potential in the country, driving sales growth of related products such as automobiles and household appliances," said Zhao Chenxin, deputy head of the commission.国家发展改革委副主任赵辰昕表示：“该政策有力释放了国内消费潜力，带动汽车、家电等相关产品销售明显上涨。”"China is a giant that consumes a large amount of durable consumer goods, with the inventory of household appliances exceeding 3 billion units and cars over 300 million units. Improving the energy efficiency level of those existing products through trade-in deals will also help reduce China's overall energy consumption and carbon emissions," Zhao said.赵辰昕解释：“我国是耐用消费品保有大国，家电保有量超过30亿台，汽车保有量超过3亿辆。通过以旧换新提高这些存量产品的能效水平，将有助于降低我国总体能耗水平和碳排放强度。”In August, retail sales of passenger vehicles in China reached 1.91 million units, an increase of 10.8 percent compared with July. Sales of new energy vehicles hit 1.03 million units, a 17 percent increase over July, according to the China Automobile Dealers Association.据中国汽车流通协会统计，8月份，中国乘用车零售量达到191万辆，比7月份增长10.8%；新能源汽车零售量达到103万辆，比7月份增长17%。The penetration rate of NEVs in China has exceeded 50 percent for two consecutive months, and 2 million high-emission cars are expected to be phased out by the end of the year, the NDRC said.国家发展改革委表示，中国的新能源汽车渗透率连续两个月突破50%，预计全年将实现200万辆低排放标准乘用车退出。For consumers who scrap and replace polluting automobiles, subsidies of 20,000 yuan will be provided for the purchase of NEVs and 15,000 yuan for buying fuel-efficient passenger vehicles with displacement of 2.0 liters or below, according to the latest policy.根据最新政策，对于报废和更换污染严重的汽车的消费者，购买新能源乘用车可获2万元补贴，购买2.0升及以下排量燃油乘用车可获1.5万元补贴。"With the continuous promotion of the trade-in deals, a large amount of waste materials are expected to be generated in the near future. The NDRC will work with relevant departments to accelerate the building of a waste recycling system, covering various fields," Zhao said.“‘两新'工作持续推进将会在未来一段时间产生大量废旧物资，国家发展改革委将会同有关部门，加快构建覆盖各领域的废弃物循环利用体系。”赵辰昕说。Fu Yifu, a researcher at the Star Atlas Institute of Finance, said the trade-in deals are expected to boost household consumption while expanding domestic demand, and promote the upgrade of traditional industries and the high-quality growth of the economy.星图金融研究院研究员付一夫表示，消费品以旧换新政策有望在扩大内需的同时拉动家庭消费，促进传统产业升级和经济高质量增长。"A series of such subsidy policies can help lower the consumption threshold for residents and stimulate their willingness to trade in the old products for new ones," Fu said.“一系列这样的补贴政策有助于降低居民的消费门槛，刺激居民以旧换新的意愿。”付一夫说。He added that this will also help drive the upgrade of the whole industrial chain, from raw materials and parts to after-sale services.他补充道，这也将有助于推动从原材料和零部件到售后服务的整个产业链的升级。The policy has also helped lift the retail sales of household appliances and audiovisual equipment. In August, sales in those categories edged up 3.4 percent year-on-year, according to the National Bureau of Statistics.该政策还有助于家用电器和音像器材类零售额上升。国家统计局数据显示，8月份，这些类别的销售额同比增长了3.4%。For home appliances, older ones can be exchanged for new and better ones via e-commerce platforms and brick-and-mortar stores, and sales involving trade-in deals have grown rapidly. During Mid-Autumn Festival in mid-September, the home appliance market embraced a consumption peak.在家电方面，以旧换新可通过电商平台和实体店进行，相关销售额增长迅速。9月中旬中秋节期间，家电市场迎来消费高峰。On Chinese e-commerce platform JD.com, between Aug 26 and Sept 21, the sales value of air conditioners surged 240.5 percent year-on-year, with televisions up 130.6 percent and refrigerators 128.8 percent.8月26日至9月21日，中国电商平台京东的空调销售额同比增长240.5%，电视增长130.6%，冰箱则增长128.8%。JD said it is confident that the favorable policies will encourage more than 20 million consumers on its platform to participate in trade-in deals this year.京东表示，相信这些利好政策将鼓励其平台上超过2000万的消费者参与今年的以旧换新消费活动。trade-in deals以旧换新treasure bond国债allocatev. 分配；拨出subsidyn. 津贴；补贴after-sale service售后服务brick and mortar store实体店
China's National Development and Reform Commission has released a report on China and Africa's joint efforts to build the Belt and Road Initiative.
Your Mentor Moment this week is with Ian Browne. Ian Browne is the MD at NRDC. In this episode, we learn the key secrets to turning ideas to reality by truly understanding your customer problems. --- Thanks to my Partners - Visit them to support the podcast Growing Further: https://bit.ly/3Lia2tn Iconic Offices: https://bit.ly/3vPQAzF
Jon talks with Andy McManagan, Programme Associate with the NDRC and Republic of Work in Cork, in this installment about the thriving Irish startup landscape. Learn how Ireland has become a hotbed of talent and discover the range of programmes available to support business growth in technology. Andy shares his insights into the resources and opportunities that make Ireland an ideal environment for tech startups to flourish.
The Perth SuperSprint is this weekend with Supercars back in action with both Steven Johnson and Jett Johnson on track for the return of TCM to WA, and the second round of Super2 respectively. We'll also touch on the announcement of Cam Waters making his NASCAR Cup Series debut next month, and with the big Top Fuel and Nitro Funny Car double header making it's way to Sydney Dragway this weekend as well we chat to Phil Lamattina and Wayne Newby ahead of the huge weekend for the NDRC! Learn more about your ad choices. Visit megaphone.fm/adchoices
NDRC, Ireland's national startup accelerator, and an initiative of the Department of, Environment Climate and Communications (DECC), is celebrating three years of building a thriving startup ecosystem across the country. They have announced a 2-year contract extension to continue supporting entrepreneurs and their ambition to make Ireland the best place in Europe to build a startup company. NDRC operates through a network of innovative startup hubs, including Dogpatch Labs in Dublin, PorterShed in Galway, RDI Hub in Kerry, and Republic of Work in Cork. These hubs serve as connectors, bringing together various stakeholders across the startup ecosystem to support and nurture founders. The founder-first, entrepreneur-led focus woven throughout programmes has led to over €56M being raised by startups who participated in the programmes over the last 3 years alone, and €180M by the entire NDRC portfolio during the same period, resulting in 650 jobs created, and thousands of individuals supported via educational aspects. Accelerator startups raised over €35M where examples include IP monitoring software GreyScout (€3.5M), cyber startup Cytidel (€1.35M), and Examfly (€1.5M). In three years, €21M was raised by Pre-Accelerator alumni. Notable examples of this early-stage success include Galway-based ByoWave - a video game controller for gamers with disabilities (€2.4M), and Tipperary-based trio Zerve ($3.8M). Dee Lyons, a Limerick native and Founder of ExamFly remarked, "We found the support incredible. The focus and accountability have meant that within 6 months, we went from an early-stage startup with some initial validation to an investor-ready business with a strategy and long-term vision." Lyons was selected for the 2022 NDRC Accelerator and secured €1.5M investment one year later. NDRC has enjoyed huge support from over 100 founders & operators as mentors who have built or exited companies worth a combined net value of €5Bn including Mark Cummins (sold Pointy to Google for over $100m), Bobby Healy (Former CTO of CarTrawler, valued at over €500M), Áine Kerr (Led Storyful through €18m acquisition), Pat Phelan (Co-Founder SISU, sold Trustev for $40 million), and Jules Coleman (sold Hassle.com for €35m). Entrepreneurs countrywide enjoyed support and often exclusive mentoring from a range of multinational companies including Open.AI, Google, Stripe, Fidelity, ESB, Microsoft, and Unilever. For example, Open.AI provided €25k credits to a unique NDRC Hackathon in partnership with the ISE course at the University of Limerick. Ian Browne, NDRC MD for the past 2 years commented on NDRC's impact on startups, "In a period of momentous change in both the macro and micro environment, we've continued to instil this 'founder-first' mentality, adapting to startups' real-time needs, and delivering programmes, which are entrepreneur-led and reflect growing startup trends - whether that's new topics like Deeptech and Generative AI, or the introducing one of Europe's first SAFE instruments on 'founder-friendly' investment terms to Irish startups." Mary Rodgers, CEO at PorterShed, a regional hub partner said, "NDRC has extended PorterShed's role regionally, offering high-quality early-stage supports to more tech startups in the West and North West. In the PorterShed first 5 years of operation, we've helped create 835 high-value sustainable jobs (KPMG validated). We look forward to building on this success through programmes like NDRC, and the welcome news of the 2-year extension." During the period a new NDRC Women Entrepreneurs Network was created which now has 400+ members, and to date, 30% of NDRC accelerator investments comprise women-led or co-led startups. Since 2021, NDRC has managed multiple successful NDRC portfolio company exits, notable examples including 2021 alumnus Robotify which secured a partnership with Apple co-founder Steve Wozniak followed by an acquisition by global edtech Imagine Learning, fintech Chasing Returns was acquired b...
Start-ups and early-stage entrepreneurs are invited to apply for an immersive one-day event designed to ignite the entrepreneurial spirit in all those with innovative ideas. The NDRC 'Startup Sprint' takes place in Republic of Work in Cork City on May 18th next. NDRC is the national accelerator program for globally ambitious tech entrepreneurs in Ireland and serves as a catalyst for early-stage startups and anyone with the right idea to propel their ventures forward. NDRC's mission is to help startups succeed at every point of their journey through coaching and mentoring, with a founder-first approach delivered by international experts. Workshops at the Startup Sprint will cover a range of topics, including crafting a compelling pitch, product development, and the importance of customer discovery. Attendees will also have the opportunity to learn from successful mentors who will have gone through the startup journey and come out the other end. Andy McManagan, Programme Associate at Republic of Work who will be leading this year's event, has emphasised the significance of the Startup Sprint for early-stage entrepreneurs. He said: "The Startup Sprint provides vital connections and invaluable insights for entrepreneurs with viable startup ideas. The event fosters inspiration, collaboration, and hands-on learning, empowering founders to navigate the challenges of entrepreneurship with confidence" Andrew Scannell, Founder of Clinks.ie and a previous participant said: "The Startup Sprint was a pivotal moment for Clinks.ie. The insights and connections gained during the event have been instrumental in our steady growth, culminating in the recent expansion of our operations into a new location. The support and mentorship provided really has been invaluable." Attendees of the 'Startup Sprint' will be surrounded by like-minded peers and experienced mentors who will help refine their startup concepts and sharpen their entrepreneurial skills. Through a blend of workshops, discussions, and keynote presentations, participants will gain practical knowledge, actionable strategies, and the inspiration needed to propel their idea to new heights. To submit an application to join the one-day sprint in May, visit https://www.ndrc.ie/startup-sprint. More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.
On this episode Nick makes a compelling argument comparing TF from Australia against TF from the US. Simon discuses the latest NHRA results from the US, Nick goes over the NDRC results from the Riverland Nationals and all the boys weigh in on Supercar news along with the latest from Formula 1 and heaps more.
China's economy has started 2024 on a stable footing, indicating a sustained trajectory of robust recovery throughout the year, despite pressures and challenges both at home and abroad, officials and analysts said on Thursday.4月11日，中国官员和经济分析师表示，虽然面临国内外压力和挑战，2024年中国经济基础开局依然稳定，显示出稳定强劲的复苏势头。While the relatively weak consumer price rises in March point to pressure from lackluster demand, analysts said they believe that China's economic conditions would continue to improve in the following months with more policy measures expected to help expand effective investment and bolster a consumer-led recovery.分析师表示，尽管3月份消费价格上涨相对疲软，需求低迷，但他们相信未来几个月中国经济状况将继续改善，预计将有更多政策措施帮助扩大有效投资、促进消费、拉动复苏。An official of the National Development and Reform Commission, China's top economic regulator, told China Daily on Thursday that "the long-term positive trend of the Chinese economy has not changed and will not change". The remarks came after Fitch Ratings recently revised the outlook on China's long-term foreign-currency issuer default rating to negative from stable.4月11日，中国最高经济监管机构国家发展和改革委员会的一名官员在接受《中国日报》采访时表示：“中国经济长期向好的趋势没有改变、也不会改变”。此前，惠誉评级近期将中国长期外币发行人违约评级展望从稳定调整为负面。The official said that China's economy still enjoys favorable conditions and positive factors, given its powerful industrial production capacity, a complete industrial system, continuously strengthening innovation capabilities and its ultra-large domestic market. "China's economy enjoys a solid foundation, strong resilience and dynamism, and great potential and vitality," the official said. "Looking ahead, its long-term positive trend will remain unchanged."该官员表示，中国具有强大的工业生产能力、完整的产业体系、不断增强的创新能力和超大的国内市场，经济发展环境依然向好。中国经济基础坚实，韧性和活力强劲，潜力和活力巨大。展望未来，其长期向好的趋势不会改变。Lu Jiangyuan, an associate researcher at the Chinese Academy of Macroeconomic Research's Economic Research Institute, noted that while Fitch Ratings revised the outlook on China to negative, it affirmed the issuer default rating at "A+. “It reflects the recognition of foreign rating agencies for China's economic growth prospects, its position as a global goods trading center, and its robust external finances," Lu said. "China's economy still possesses robust growth prospects."中国宏观经济研究院经济研究所副研究员卢江源指出，惠誉国际评级虽然将中国的前景调整为负面，但发行人违约评级仍为“A+”。这体现了国外评级机构对中国经济增长前景、全球货物贸易中心地位和强劲外部金融的认可。中国经济仍然拥有强劲的增长前景。While Fitch downgraded the outlook due to concerns over the rising leverage ratio of the government sector, Lu said the government debt risk is generally controllable. "To some extent, Fitch has overestimated China's government debt pressure."卢江源表示，惠誉此举是因担心中国政府杠杆率上升，但实际上我国政府债务风险总体可控。在某种程度上，惠誉夸大了中国政府的债务压力。The NDRC official said that "the economy performed stably this year", as fixed-asset investment jumped 4.2 percent year-on-year in the first two months of the year, 1.2 percentage points higher than the growth in 2023. Barring real estate, fixed-asset investment grew 8.9 percent during the January-February period, data from the National Bureau of Statistics showed. China's economy is showing signs of stabilization, with improvement in indicators such as exports, industrial production and investment.发改委官员表示，“今年经济运行平稳”，今年前两个月固定资产投资同比增长4.2%，比2023年增速高1.2个百分点。国家统计局数据显示，除房地产外，1、2月固定资产投资增长8.9%。中国经济出现企稳迹象，出口、工业生产、投资等指标有所改善。Given China's better-than-expected economic performance, Morgan Stanley and Goldman Sachs have both raised their outlook for China's economic growth this year. Morgan Stanley has revised China's 2024 real gross domestic product forecast from 4.2 percent to 4.8 percent. Goldman Sachs raised its forecast for China's growth this year to 5 percent from the 4.8 percent earlier expected, and it also revised China's first-quarter GDP growth forecast from 4.5 percent to 5 percent.鉴于中国经济表现好于预期，摩根士丹利和高盛均上调了今年中国经济增长预期。摩根士丹利将中国2024年实际国内生产总值预测从4.2%修正为4.8%。高盛将中国今年经济增长预期从此前的4.8%上调至5%，并将中国第一季度GDP增长预期从4.5%下调至5%。In the next step, the official said China will "give full play to the guiding role of government investment", adjust and optimize the structure of investment from the central government budget and appropriately expand the scope of investment in local government special bonds and the scope of the project capital. Data from the National Bureau of Statistics showed on Thursday that China's consumer prices rose at a slower pace in March while the decline in factory gate prices widened, suggesting that more policy stimulus may be needed to boost domestic demand.发改委官员表示，下一步，中国将“充分发挥政府投资的引导作用”，调整优化中央预算内投资结构，适当扩大地方政府专项债券投资范围和范围。4月11日，国家统计局公布的数据显示，3月份中国居民消费价格涨幅放缓，出厂价格降幅扩大，表明可能需要更多政策刺激来提振内需。The country's consumer price index, a main gauge of inflation, rose by 0.1 percent year-on-year in March, cooling from the 0.7 percent annual gain in February. The producer price index, which gauges factory-gate prices, dropped by 2.8 percent from a year ago in March, following a 2.7 percent fall in February, the NBS said.国家统计局数据显示，3月份，中国消费者价格指数（衡量通胀的主要指标）同比上涨0.1%，较2月份0.7%的年涨幅有所回落。工业生产者出厂价格指数（衡量出厂价格的主要指标）继2月份下降2.7%后，3月份同比下降2.8%。Zhou Maohua, a researcher at China Everbright Bank, said the slower CPI growth and widening PPI decline in March came mainly due to lackluster demand, the shift in the timing of the Chinese New Year and the base effect.光大银行研究员周茂华表示，3月份CPI增速放缓、PPI降幅扩大，主要是由于春节假期需求低迷，也要考虑到基数效应的影响。Looking ahead to the following months, Zhou said he expects to see a mild price rebound with the waning COVID-19 impact, gradually getting back to a balance between market supply and demand and more aggressive fiscal policies.他表示，未来几个月，随着COVID-19影响持续减弱，预计价格将出现平稳反弹，市场供需将逐步恢复平衡，财政政策将更加积极。Meanwhile, Zhou underscored the need for more policy support to bolster the world's second-largest economy, saying policymakers need to further consolidate the foundations of consumption and demand recovery while optimizing the supply-side structure. "Efforts to reduce overcapacity in certain sectors and promote a balanced domestic supply and demand dynamic are crucial for fostering a sustained economic recovery," Zhou said.与此同时，周茂华强调，需要更多政策支持来支撑世界第二大经济体的发展，政策制定者需要在优化供给侧结构的同时，进一步夯实消费和需求复苏的基础。努力化解某些行业的产能过剩，促进国内供需平衡，对于促进经济持续复苏至关重要。downgrade英/ˌdaʊnˈɡreɪd/ 美/ˌdaʊnˈɡreɪd/v.下调;降级theleverage ratio杠杆率
The RDI Hub ('the Hub'), the world-class innovation centre located in Killorglin, Co Kerry, has announced the launch of a new RDI Virtual Hub RDI hub digital community which will see it expand its offerings to corporates, SMEs, and Start-Up entrepreneurs nationwide. This innovative new virtual membership offering will build on the significant success of the RDI Hub to date, expanding its sector-agnostic offering to businesses across the country, and giving them access to mentorship, training and events, and advice on available funding supports. The RDI Virtual Hub offers a curated resource library and one-to-one coaching sessions with a diverse panel of seasoned mentors. Notable mentors include: Hugh Reynolds - Havok and Swrve Founder & ex-Apple's Special Projects and Uber's Advanced Technology Group. Jamie Heaslip - Entrepreneur, Angel Investor & Ireland Strategic Growth Lead at Stripe Rose O Sullivan - Strategic Finance Manager at Fexco specialising in commercial modelling, developing pricing strategies and helping startups navigate the complexities of financial management as they scale Members will also unlock access to a range of exclusive events and growth sessions and find out more about key initiatives such as STEM Passport for inclusion (a programme to help young women from underserved communities find potential career paths in science, technology, engineering and maths (STEM) DIBEST (Digital Innovation for Blue Enterprises & Social Tourism), the annual John McCarthy AI Summer School, and NDRC startup programmes to further their growth ambitions. This news comes fresh on the heels of the recent announcement that the RDI hub has partnered with Microsoft to deliver a series of AI masterclasses, which will teach members how to best leverage AI to optimise their business's productivity. The launch of the virtual hub is the latest in a series of enterprising initiatives offered by the RDI Hub - last June the Hub hosted a mortgage innovation challenge which offered €1 million in grants to stimulate innovation in the provision of mortgages in Ireland. In November last year, the Hub opened its in-house podcast facility which has since been expanded to include a full video recording studio and green screen facilities. The RDI Hub's 4th anniversary celebrates 70 new companies and 300 jobs created in the South West RDI Hub membership has gone from strength to strength and is now home to over 70 companies, ranging from start-ups and SMEs to global companies such as Glencar Construction, Axiota, Interflow Logistics and Vertex. Since 2020, over 50 new products and services have originated from the Hub, enabling the creation of more than 300 jobs. Success stories to date include Xavatar, which has just launched a first-of-its-kind metaverse-based TV show that will air to over 60 million homes in the US, and Graphite Note, an AI platform that simplifies the use of Machine Learning in analytics by helping business users to generate machine learning models without coding. Commenting on the success of the RDI Hub to date, Liam Cronin, CEO said: "Over the past four years, the RDI Hub has created a thriving ecosystem for entrepreneurship and business growth in the Southwest. Our new RDI Virtual Hub will enable us to expand this innovative spirit worldwide, by bringing together a virtual community of mentors, entrepreneurs, and innovators to share their insights and experience on a much larger scale." "We have a diverse range of members, operating across a broad range of sectors including Fintech Smart Manufacturing, Aquatech, Greentech, Sustainability AI, Robotics, and the Metaverse, creating a rich pool of expertise that will benefit businesses hugely when it comes to optimising their operations," Liam added. A monthly subscription is available for 35 euro (ex VAT) per month, with an annual subscription available for €350 (ex VAT). We are currently in phase one whereby we are onboarding our members onto the portal and plan on making it...
2023 saw a Significant Drop in Tech Funding, but Ireland Still Outperforms Most Other European Regions in Support for Women-led Startups in this report launched for International Women's Day. Data from TechIreland's recent report shows that a record number of 77 Irish women-founded startups fundraised last year, up from 72 in 2022. However, the total amount raised dropped to €93 million, down from a record €234 million raised the previous year. 2023's total was also the lowest in the last four years. This can be attributable to the global slowdown in startup funding, and headwinds Irish tech companies are facing. Overall funding for Irish startups dropped last year, with average deal size falling 50%, similar to the drop in average seen among women-founded startups. International Women's Day, and the situation in Ireland However, there's reason to be optimistic about female founded startups. The numbers for early stage rounds including pre-seed, seed and Series A have held up well and the average deal sizes in these early rounds has increased. Early stage support by Enterprise Ireland, LEOs and other programmes including NDRC's Accelerator and Pre-Accelerators deserve credit for nurturing a strong pipeline of new startups. This year's report also compares female founders' funding in Ireland with other European countries. In per capita terms, Ireland gets the top spot for the number of rounds reported by women-founded startups. Furthermore, even in absolute terms, we rank among the top 10 European countries for total investments raised as well as the number of deals. However, total investments that went into our women-founded startups seriously lags behind countries like the UK, Germany and France. A deep-dive into the numbers shows that the overall drop in funding among women-founded startups came from a drop in the number of large rounds above €10 million. In previous years, such large outliers had inflated total funding numbers whereas in 2023 there were only two such large outliers. Tipperary based Shorla Oncology raised €31 million and Dublin's ProVerum Medical raised €15 million. As in most previous years, nearly half of all the funding raised in 2023 were made by the top two outliers. In 2022, the outliers made up 66% of the total, so 2023 totals were less skewed in that sense. In terms of sectors, HealthTech continues to top the table with 37 companies raising a total €77 million, although the total raised dropped from €166 million in 2022. Consistent with startup funding overall, Enterprise Solutions startups saw a sharp fall in funding with 9 startups raised just €2.9 million, down from €43 million by 16 the previous year. With no large outliers, FinTech also saw a drop in funding from €72 million (2022) to €3.9 million (2023). In 2022, TransferMate Global Payments had raised €66 million. Most other sectors held up but from an already low baseline. In terms of the regions, about 50% of the total funding went into the regions outside Dublin, but a large share of the regions funding is made by one outlier as Tipperary's Shorla Oncology raised €31.8 million. Of the 77 women-founded companies that fundraised, 35 were based in the regions outside Dublin. Again, the seeding of new startups in the regions is promising, and it is encouraging that the pipeline of young startups founded by women entrepreneurs is strong and growing in the regions. Northern Ireland based startups raised less than a million, however of the 4 to 5 rounds reported, most did not disclose the amounts raised. Responding to the report; Chief Executive of TechIreland, John O'Dea said, "This year for the first time, TechIreland's report includes European benchmarking. While it's encouraging to see Ireland rank among the top European countries, there is a sharp drop in total funding. Global startup funding slowed last year and we are not immune to such macroeconomic headwinds, but that said, there is clearly more work to be done to support our female fo...
Ireland's first sustainability hackathon is coming to Wexford's GreenTechHQ, Ireland's premier sustainability innovation hub. in partnership with NDRC and the 2050 Accelerator. Earlier this week Ronan spoke to Ed Murphy, CEO Greentech HQ & Joe Gorman NDRC Programme Manager about the hackathon. Ed and Joe talk about their backgrounds, the hackathon, and more. More about Ireland's first sustainability hackathon at GreenTechHQ The one-day hackathon will welcome up to 80 budding entrepreneurs, who want to o start, grow, and power up a startup with sustainability at its core. Participants will get the chance to tackle themes including biodiversity management and applications of AI in building a circular economy, the carbon credits market, upend social economies, or promote more diverse and equitable perspectives in the professional world. Aspiring founders, developers, and curious minds are encouraged to sign up to join or build a team, develop an idea from scratch, and benefit from expert mentorship before pitching their business at the evening showcase.
The Department of Justice, created in 1870, was initially formed in part to enforce Reconstruction era laws aimed at ensuring voting rights for formerly enslaved people. Yet, nearly 150 years later, voting access is still under attack. Eric Holder made history as the first black U.S. Attorney General, serving in the Obama administration. Holder now serves as the chairman of the National Democratic Redistricting Committee, which focuses on fighting back against gerrymandering to achieve fair maps. He joins WITHpod to discuss the fight for voting rights, growing redistricting concerns nationwide and how concerned he is about the possibility of former president Donald Trump being reelected.
We discuss the latest from the NDRC from the Festival State Titles at the Bend, latest Supercar news, Sprintcars from Premier Raceway and our latest banter and automotive chats
Greentech HQ, the Southeast Sustainability Innovation Hub, is proud to announce its partnership with the NDRC Sustainability Founder Weekend, powered by the 2050 Ecosystem. This collaboration signifies a remarkable milestone in Ireland's journey towards fostering sustainability-focused start-ups. The event, the first of its type in Ireland, is set to unfold over a weekend in the first quarter of 2024, and promises to bring together 50 to 80 participants, igniting collaboration and innovation to tackle a diverse range of sustainability challenges. Enniscorthy Hosts NDRC, Greentech Sustainability Weekend The NDRC Sustainability Founder Weekend, hosted at Greentech HQ, stands as a shining example of our commitment to nurturing sustainability-focused start-ups in Ireland. Over the course of this dynamic weekend, a gathering of between 50 to 80 participants will collaborate on projects that hold the potential to revolutionize various aspects of sustainability. Attendees are welcome to come armed with their own ideas or take on exciting challenges presented at the event. Throughout this intensive weekend, teams will receive invaluable mentorship from accomplished entrepreneurs and sustainability visionaries hailing from across Ireland. With an increasing number of sustainability-focused funds emerging in the country and a burgeoning demand for talent, this edition of NDRC's Founder Weekend aims to empower and propel the growth of sustainability-focused start-ups. Participants can come with ideas they want to work on or they will be provided with challenges. Ed Murphy, CEO of GreenTechHQ "Today's partnership with NDRC's Sustainability Founder Weekend, powered by the 2050 Ecosystem, marks a pivotal moment in our mission at GreenTechHQ. It signifies our unwavering commitment to nurturing sustainability-focused start-ups in Ireland. This hackathon is not just an event; it's a catalyst for innovation, collaboration, and real change. We believe that by bringing together bright minds to tackle sustainability challenges head-on, we are shaping a greener, more sustainable future for Ireland and beyond. At GreenTechHQ, we are thrilled to be at the heart of this transformation, empowering entrepreneurs to turn their ideas into powerful solutions for a better tomorrow." Both NDRC and the 2050 Ecosystem operate under the umbrella of Dogpatch Labs, Ireland's largest start-up hub. Greentech HQ proudly stands as a key partner within the 2050 Ecosystem. NDRC serves as Ireland's National Accelerator, offering unwavering support to start-ups in their early stages, while the 2050 Ecosystem, supported by the Department of the Environment, Climate, and Communications, is Ireland's National Sustainability Accelerator. As the urgency of climate challenges continues to mount, novel solutions to rapid decarbonization are essential. Start-ups provide an ideal platform to address these critical issues, and investors have demonstrated their commitment, with over 20 billion in Venture Capital invested in sustainability start-ups within the EU this year, alongside the announcement of several upcoming sustainability funds in Ireland. Our mission is clear: to harness the immense talent scattered throughout the nation and empower them to usher in the next generation of climate solutions. The NDRC 2050 Founders Weekend serves as the beacon, offering participants the opportunity to birth new start-ups, while granting them access to expertise and the broader NDRC support network. Join Greentech HQ, NDRC, and the 2050 Ecosystem in our unwavering commitment to shaping a sustainable future for Ireland and the world. Together, we strive to transform innovative ideas into powerful solutions for a greener tomorrow. About Greentech HQ: Greentech HQ is the Southeast Sustainability Innovation Hub, dedicated to aiding businesses in developing and expanding their sustainable ventures. Our mission is to connect businesses with investors, corporations, mentors, and offer a wide ...
Hi, it's G3 and we are dropping a fresh episode of In Search of Green Marbles on Friday, September 1st, which of course is the Friday before Labor Day. We are doing this in anticipation of a busy Fall for the markets and there is no shortage of topics that we will want to cover – so we're getting a head start.One of the key topics in our purview is whether or not there will be a big infusion of stimulus coming from China that will summon forth animal spirits domestically and support global markets. Is this a realistic expectation or are we all just waiting for Gadot? That's the question we'll be covering this week with Weiss China expert, Mike Edwards. Please check important disclosures at the episode.Timestamps:Why does Mike frame the discussions about China's attempts to boost economic growth as an "is" vs. "ought" debate? {2:03]How is 'stimulus' influencing the sentiment amongst Chinese consumers and market participants? [9:53]Why does Mike expect China will not deploy major measures to surpass a 5% growth rate? [12:34]Are market participants rooting for the arrival of a stimulus "bazooka" influencing the outcome of economic decisions in China? [21:10]Many Chinese banks are trading dramatically below book value. Does this indicate a broken financial system? [27:21]Resources:Zhongrong Trust's missed payments trigger fears among Chinese investorsChina suspends report on youth unemploymentWhat is the NDRC?China's Xi calls for patience as Communist Party tries to reverse economic slumpDisclosures: This podcast and associated content (collectively, the “Post”) are provided to you by Weiss Multi-Strategy Advisers LLC (“Weiss”). The views expressed in the Post are for informational purposes only and are subject to change without notice. Information in this Post has been developed internally and is based on market conditions as of the date of the recording from sources believed to be reliable. Nothing in this Post should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to purchase or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. You should consult your own advisers regarding business, legal, tax, or other matters concerning investments. Any health-related information shared on the podcast is not intended as medical advice or for use in self-diagnosis or treatment. Please consult a qualified healthcare professional before acting upon any health-related information on the podcast. Weiss has no control over information at any external site hyperlinked in this Post. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement, investigation, verification, or ongoing monitoring by Weiss of any information in any hyperlinked site. In no event shall Weiss be responsible for your use of a hyperlinked site. This is not intended to be an offer or solicitation of any security. Please visit www.gweiss.com to review...
This Thursday the 17th of August, Patch, the youth accelerator supported by Stripe, NDRC, and Dogpatch Labs has its latest demo day. To find out more about this Ronan recently sat down with Jack O'Regan Kenny, the Managing Director of Patch. Jack talks about his background, what Patch does, the current Patch program, AI, Patch demo day and more. About Patch: Patch is a 7-week summer accelerator programme for 16-21-year-olds. The non-profit programme is supported by Stripe, NDRC, and Dogpatch Labs, and is dedicated to providing an environment that nurtures innovation, social entrepreneurship, and creativity for Ireland's brightest young adults. It also provides them with the guidance and leadership required to take their ideas to the next level.
Patch, the youth accelerator supported by Stripe, NDRC, and Dogpatch Labs, is set to announce its latest cohort for 2023. The accelerator, which began on July 5th, is made up of 16-21-year olds, with females making up 46% of this year's 31-strong cohort, marking the highest number in the programme's five-year history. Patch has also witnessed an increase in participation from across the country this year, with over 60% of participants coming from outside the Dublin Area, and Munster-natives accounting for one-quarter of the cohort. Patch has attracted renowned speakers and mentors to this year's programme, offering invaluable insights and guidance to the cohort, including fireside talks and Q&A sessions from Loyal founder, Celine Halioua, President of Product and Business at Stripe, Will Gaybrick, and Intercom founder, Des Traynor. The seven week accelerator will culminate with Demo Day in Dublin's Dogpatch Labs on August 17th, providing an opportunity for participants to present their remarkable projects and progress over the summer months. This year's cohort showcases projects that prioritise social impact, healthcare innovation, and sustainable solutions. It stands out as the most globally diverse and inclusive group to date with a range of projects building on the latest technology to drive change and innovation. Patch mentor Andreea Wade, Vice President of enterprise recruiting software iCIMS said, "Being part of this extraordinary programme that cultivates young minds to instigate enduring social change is truly incredible. The opportunity to witness firsthand the passion and talent that these young participants exhibit at such a pivotal point in their lives is deeply inspiring. As a mentor, I've realised it's more than just guiding them - it's about giving back, investing in the future, fostering new leaders". The cohort will also travel to London to learn about the fields of AI, venture capital and financial services. While there, they will visit the offices of industry giants such as Stability AI and Jane Street Capital to learn more about their work and how they can apply these skills to their own projects. Patch alumni also achieved remarkable success at this year's BT Young Scientist competition, securing eight prizes. Previous alumni include Mícheal McLaughlan, co-founder of Agtech firm CropSafe which recently raised $3m, and Diana Hrisovescu, who received the O'Shaughnessy Fellowship Grant worth $100,000 to develop Script - software which enables individuals to access government forms in their native language. "We are proud to operate as a non-profit organisation, generously supported by donors who recognise the significance of investing in the next generation of innovators. This backing allows Patch to provide invaluable resources, mentorship, and guidance to young talent who are keen to make a difference in their communities and beyond," shared Jack O'Regan Kenny, Managing Director of Patch. "As someone who has participated in Patch myself, I know first-hand the dedication required and world-class support you get as a young entrepreneur - it's invaluable to growing an idea in your phone notes, to something impactful". See more stories here. More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.
US equity futures are indicating a higher open as of 05:00 ET. This follows broad strength in Asia, while European equity markets are higher. The Fed is expected to maintain the fed funds target range at 5.00-5.25% at the June FOMC meeting today. There is more follow-through on China stimulus headlines, as China's NDRC announced 22 measures aimed at reducing costs for businesses this year.Companies Mentioned: Advanced Micro Devices, UnitedHealth, CVS Health, Humana
Joining Gary Fox on the podcast this week is Ian Browne, the MD of the National Digital Research Centre (NDRC) which invests in high-growth companies across Ireland as well as supporting entrepreneurs from the idea stage right up to Series A. Originally, Ian founded My Surgery Website, a MedTech SAAS business which grew to almost 5000 customers and millions of users before being acquired by NASDAQ-listed Stericycle. Post-acquisition he helped establish IgniteNI, focused on revitalising the Northern Irish startup ecosystem, strengthening ties with Europe and North America and propelling startups to raise over £100m in venture capital funding. He holds non-exec and chairman positions at venture-backed companies and is an angel investor. In this episode we learn: How fear holds people back from their full potential What Ian looks for before investing in a founder How to spot a great market opportunity The power of storytelling as a founder How to take and give feedback at a high-level. - --- Visit My Partners Sponsored by Square - Power your Business with Square Visit Square: https://squ.re/3x8oiOo Location Partner: Iconic Offices Claim your free office for a day: https://bit.ly/iconicEE23 Learning Partner: MentorsWork - Get a free mentor https://bit.ly/eementorswork
Episode SummaryAllison Kopf is the Chief Growth Officer at iUNU, a software development company that's building the future of the controlled environment agriculture (CEA) industry through their AI-driven LUNA platform that enables growers to develop a feedback loop between capturing data and managing processes to create precise, predictable production. Today, Harry welcomes Allison back to the show for Round 2 where they discuss the merging of Artemis and iUNU, her new role as Chief Growth Officer, and the many ways she's helping to promote and empower female founders and entrepreneurs. Thanks to Our SponsorsCultivatd – https://cultivatd.com/ (https://cultivatd.com/) Key Takeaways07:13 – Harry welcomes Allison Kopf back to the show to talk about her experience at Indoor AgTech and her new position as Chief Growth Officer at iUNU 10:54 – The origin story of iUNU and feedback from growers on implementing this new system 20:13 – Where Allison is identifying new opportunities for growth 26:58 – The learning curve going from Artemis to iUNU and the amazing potential of AI and augmented reality 31:47 – Nokia's Influencer Series on Food Waste 34:46 – Allison reflects on her time as Entrepreneur in Residence at NDRC 39:58 – How XFactor Ventures is helping female founders 41:58 – A tough question Allison has had to ask herself recently and best practices that have become critical to her success 46:41 – A specific ask Allison has for the audience 48:04 – Harry thanks Allison for joining the show and lets listeners know where they can connect with her and learn more about iUNU Tweetable Quotes“Honestly, it's so hugely valuable with a system like this. Yes, it's sometimes difficult to start up with a new system like this. Old technology has a learning curve to it, so you have to kind of get used to this, or maybe change your processes slightly to fit into the new system. But at the end of the day, what we're focused on is driving real, tangible, calculable value for these growers. Our growers on average are seeing 3x returns on investment every year that they implement this system. And it's continuous throughout the system because of how much value we can drive.” (14:29) (Allison) “One of the really neat things about this system is it really helps drive that comprehensive coverage component that is really tough to do.” (16:39) (Allison) “There's a huge understanding process that has to happen because, especially for growers, they're very very talented at doing these things. And so they're used to seeing things that they've created. So, you take a tomato grower who's used to doing crop registration and they're great at it. The problem isn't that they're not good at it. The problem is that they can't do it comprehensively for each plant.” (24:56) (Allison) “I think that the augmenting of what we're doing in reality is amazing. We have a grower shortage. We all know this. We have to acknowledge this. But, if we can augment our growers and turn one grower into ten growers and think about it that way, that to me is almost magical. Except that it's not magic, it's science.” (28:17) (Allison) “The more I get into something, the more questions I end up having. It's not the more answers you have, it's the more questions. And that's a good scenario because it prompts you to think about things in different ways.” (33:23) (Allison) “I've always been deeply curious. I just want to dig into things more, and more, and more, and learn because there's so much to learn. If we ever want to have the belief that we can build something bigger and make a lasting impact on an industry or on the world, to me, part of that has to be this open mindset of learning.” (37:29) (Allison) Resources MentionedAllison's LinkedIn – https://www.linkedin.com/in/allisonkopf/ (https://www.linkedin.com/in/allisonkopf/) iUNU – https://iunu.com/...
Northern Irish startups will gather for the first time for a major monthly technology ecosystem event “First Fridays” at Belfast's Ormeau Baths on Friday 7th October. The event is run in partnership with startup and innovation hub Dogpatch Labs and aims to connect and promote startups. As well as talks from successful entrepreneurs, the event will connect founders in Northern Ireland with 1,000+ mentors from global tech companies Hubspot, Salesforce, Google, and Microsoft. First Fridays for Startups, which initially was held in Dublin for four years, expanded this year to host events in Galway, Kerry, Cork and Skibbereen in the Republic. This October it further expands by hosting its first-ever event in Belfast for entrepreneurs in Northern Ireland, making it an all-island event for the first time. Claire Dowds, General Manager of Ormeau Baths ‘'This month First Fridays for Startups comes to Northern Ireland and we couldn't be more excited. This important connection continues our efforts to collaborate with Dogpatch Labs to give founders the best environment and the best chance of succeeding north and south of the border. We strongly encourage founders from the North to take advantage of the world-class mentoring in the First Fridays Mentoring programme and participate in the whole event'. Supported by Google, Microsoft, Salesforce, Hubspot and Logitech, First Fridays for Startups delivers a range of supports for founders, including panels and talks from some of Ireland's most successful entrepreneurs. Central to the event is its mentoring program which sees entrepreneurs get one-on-one mentoring sessions with employees and leaders from some of the world's top technology companies. In another first, the event will expand to a second day to bring together founders, startup hubs, politicians, and investors to discuss the current environment for startups as well as opportunities for increased collaboration across the entire island of Ireland. Dogpatch Labs will host a workshop on Ecosystem Building for local ecosystem leaders, delivered by Dogpatch's Director of Ecosystem Development, Jake Phillips. Belfast native Ian Browne, MD of NDRC, the National Startup Accelerator programme led by Dogpatch Labs ‘Today from a Dogpatch perspective, we're making a commitment to ensure there's a broader effort to help and support founders in Northern Ireland. Entrepreneurship is a tough and challenging game; the right ecosystem supports can be the difference between success and failure. Geographically small ecosystems like Ireland should connect up the pieces to be part of a larger effort to help founders succeed.' First Fridays Belfast Session The Keynote Interview on the day will be with Dr Chris Armstrong, the co-founder and CEO of Overwatch Research, a Belfast-based software company that assists companies with pre-clinical medical research that was acquired by cloud software company Benchling this year. A panel session,chaired by Belfast Ecosystem advocate Jon Bradford, one of Europe's best known Ecosystem Builders and Managing Partner at Dynamo Ventures will explore the challenges and opportunities for Northern Ireland's Ecosystem. This panel will include Head of Regional Engagement at Royal Academy of Engineering Gillian Gregg, co-founder and CEO of INCISIV and professor of experimental psychology Cathy Craig, Partner at Techstart Ventures Jamie Andrews, and Investment Specialist at Technation Gary Davidson. Those interested in attending can sign up for each session at www.firstfridays.ie. See more stories here.
Tom's guest today is Eric Holder, who served as the 82nd Attorney General of the United States during the first six years of the Obama Administration. He was the first African American to serve in that position. Today, he is working to advance voting rights with the organization he founded in 2016 and now chairs called the National Democratic Redistricting Committee. The NDRC works to remedy the gerrymandering that causes so many areas of the country to be poorly represented in Congress. Holder contends that voter suppression is as old as the republic itself, and he believes basic fixes are needed to counter the anti-democratic impulses that lead to laws that target people of color to make voting harder. When the Supreme Court gutted the Voting Rights Act in its 2013 Shelby County v. Holder decision, many states responded by enacting draconian voter restriction laws. Mr. Holder says it made him realize that the Supreme Court and the Congress are facing what he calls a “modern day existential crisis,” and that our democracy can only be pulled back from the brink of disaster by rigorous reforms to the most basic tenet of our representative government: voting. In his new book, Mr. Holder and his co-author Sam Koppelman observe that the country is operating with an “unrepresentative Senate, a gerrymandered House, an anti-democratic Electoral College and a stolen Supreme Court.” And they offer prescriptions for reforms. The book is called Our Unfinished March: The Violent Past and Imperiled Future of the Vote-A History, A Crisis, A Plan. Eric Holder joins us on Zoom from Washington, DC. This conversation was recorded on June 28, 2022, so we aren't taking any listener calls today.See omnystudio.com/listener for privacy information.
Une nouvelle étape a été franchie cet été avec l'annonce par la commission de la réforme et du développement de la levée des restrictions à l'installation dans les villes de moins de trois millions d'habitants. La fin notamment de la discrimination scolaire pour les concernés. De notre correspondant, Stéphane Lagarde, et Louise May, du bureau de RFI à Pékin Les numéros d'appel des plats à emporter sortent des hauts parleurs, c'est l'heure du déjeuner dans ce centre commercial rutilant au cœur de Baoding. L'heure aussi de la foule, attirée autant par les plats proposés que par la fraîcheur en cet été caniculaire. Ballet des livreurs en casques et tee-shirts jaunes, le portillon de verre à l'entrée tourne sans discontinuer, recrachant l'air climatisé sur un jeune homme souriant. Accès à une meilleure éducation La fin du « Hukou », le permis de résidence, bien sûr que Monsieur Zhao, 25 ans, en a entendu parler : « Personnellement, je suis très content, car je veux m'installer ici. Je viens de la campagne et le permis de résidence de ville est très important pour mon enfant qui va pouvoir faire sa rentrée dans une meilleure école. Beaucoup d'établissements scolaires refusent les inscriptions, si vous n'avez pas le permis de résidence locale. » Permis de résidence des villes et permis de résidence des champs, le système du « Hukou » a longtemps constitué un véritable apartheid pour les travailleurs migrants qui, sans permis de résidence de ville, n'avaient pas les mêmes droits que les résidents des zones urbaines. Devant le centre commercial, une fontaine d'eau claire coule sur des dalles de faux marbre noir, non loin d'un drôle de kiosque à jus de fruit, en forme de caravane. Sur la cloison près du comptoir : un panneau rouge avec des lignes de vie, ou plutôt des lignes de rencontres. Un jeune homme tente sa chance en attendant sa commande : la bille d'acier roule en descendant jusqu'à la case… célibataire ! Encore raté, mais ce dernier prend les choses avec le sourire : « Je viens de la province du Henan [dans le centre de la Chine] », explique-t-il, « Avec leurs connaissances, mes parents ont pu me faire venir étudier ici. La réforme du pays de résidence pourrait m'aider à m'installer plus facilement. Le problème, c'est que je ne suis pas un fort en thème. J'ai été orienté dans un lycée professionnel et je ne suis pas sûr de rester. » Partir ou rester, la question ne se pose pas pour Madame Sun. Devant la machine à glaçons, la patronne du kiosque nous explique pourquoi elle veut rester en ville : « Bien sûr que je suis contente de cette réforme, mais pour être honnête, j'aurais été plus heureuse encore si elle était intervenue il y a quelques années. Cela fait huit ans que je suis ici. Quand je suis arrivée, j'ai voulu changer mon permis de résidence pour un permis de ville. C'était compliqué. On n'avait même pas de carte de séjour temporaire. Quand on a fini par l'obtenir, il a encore fallu attendre deux ans pour pouvoir scolariser ma fille. » Parcours santé compliqué À quarante-cinq minutes de TGV de Pékin, Baoding fait partie des villes de moins de trois millions concernées par la levée des restrictions. Pour les villes de moins de cinq millions d'habitants, il ne s'agit que d'un « assouplissement », expliquent les Nouvelles de Pékin, qui précisent que dans de nombreuses villes, les règles avaient déjà évolué. Pour obtenir le droit de s'installer, il a fallu longtemps disposer d'une « occupation légale et stable », ainsi que d'un « lieu de résidence légal et stable ». Avec la réforme, on passe à une « occupation légale et stable », ou une « résidence légale et stable ». Ce modèle d'enregistrement des ménages en fonction de leur lieu de résidence permanente a permis à Madame Sun de faire venir la famille de sa sœur : « Elle travaille ici en tant que migrante, mais son mari travaille ailleurs. Ils font cela pour donner une meilleure éducation à leurs enfants ». Dans son communiqué, la commission de la réforme et du développement (NDRC) dit justement « veiller à ce que les migrants agricoles étrangers et locaux soient traités sur un pied d'égalité en ce qui concerne les critères d'installation en ville ». Mais c'est aussi une question d'accès à la santé. L'affiliation à la caisse d'assurance maladie allant jusqu'à présent de pair avec le permis de résidence, ce qui rendait plus long l'accès à la médecine de ville. « En fait, c'est compliqué sans le permis de résidence de ville. Il y a deux ans par exemple, j'ai dû aller à l'hôpital pour une maladie qui ne pouvait pas être traitée par l'hôpital du comté. Il a donc fallu faire un grand nombre d'allers-retours entre les administrations du village et de la ville, voir différents médecins et hôpitaux pour obtenir des tampons. Et parfois, les papiers ne vont pas, et il faut tout recommencer », poursuit Madame Sun. De gardien de bétail à gardiens de scooters Ce vieil homme portant un large chapeau de paille soleil referait lui aussi volontiers un tour de roue. Tout recommencer, mais en repartant avec la réforme en cours et l'abolition des restrictions d'installation en ville, autrefois liées au permis de résidence. Car dans sa première vie, Monsieur Li était paysan. À la retraite, il surveille le parking à deux roues devant le centre commercial, pour arrondir les fins de mois : « Aujourd'hui, si vous avez une maison, vous avez un permis de résidence. Mais moi, si j'avais eu ce permis de résidence il y a 30 ans, cela aurait certainement changé ma vie. À cette époque, au village, on ne gagnait pas grand-chose. Quand on a deux mu de terre [le mu est une unité de mesure chinoise], il est difficile de faire vivre une famille. » La terre ne paye pas assez. À 72 ans, Monsieur Li est donc devenu agent de sécurité d'un espace où les jeunes urbains entassent jusqu'à 500 deux roues tous les jours. Son espoir : que cette réforme du Hukou aide ses petits-enfants à faire de bonnes études.
Tom's guest today is Eric Holder, who served as the 82nd Attorney General of the United States during the first six years of the Obama Administration. He was the first African American to serve in that position. Today, Holder is working to advance voting rights with the organization he founded in 2016 and now chairs called the National Democratic Redistricting Committee. The NDRC works to remedy the gerrymandering that makes so many areas of the country poorly represented in Congress. Holder contends that voter suppression is as old as the republic itself, and he believes basic fixes are needed to counter the anti-democratic impulses that lead to laws that target people of color to make voting harder. When the Supreme Court gutted the Voting Rights Act in its 2013 Shelby County v. Holder decision, many states responded by enacting draconian voter restriction laws. Mr. Holder says it made him realize that the Supreme Court and the Congress are facing what he calls a “modern day existential crisis,” and that our democracy can only be pulled back from the brink of disaster by rigorous reforms to the most basic tenet of our representative government: voting. In his new book, Mr. Holder and his co-author Sam Koppelman observe that the country is operating with an “unrepresentative Senate, a gerrymandered House, an anti-democratic Electoral College and a stolen Supreme Court.” And they offer prescriptions for reforms. The book is called Our Unfinished March: The Violent Past and Imperiled Future of the Vote-A History, A Crisis, A Plan. Eric Holder joins us on Zoom from Washington, DC. This conversation was recorded on June 28, 2022, so we aren't taking any listener calls today. See omnystudio.com/listener for privacy information.
There's at least a few people in the Democratic establishment who have hope for the midterms. They're the redistricting experts, people like Kelly Burton. She's a long-time political operative and the president of the National Democratic Redistricting Committee, an organization that she leads along with other top party names like former attorney general Eric Holder. The NDRC is leading the Democrats' charge against Republican gerrymandering during the 2022 redistricting cycle. So why are Burton and her counterparts so sanguine? Because for the first time since 2018, they are confident that redistricting and numerous legal battles are making the field more hospitable for midterm victories. The NDRC is bringing lawsuits to state courts to fight what it says are illegal attempts at gerrymandering districts. Florida, Pennsylvania, North Carolina, Alabama — the list goes on. On the steps of the Lincoln Memorial, Burton tells Playbook Deep Dive host Ryan Lizza what it's taken to draw an equitable voting map for 2022 and what she's hoping to see in November. Ryan Lizza is a Playbook co-author for POLITICO. Kelly Burton is the president of the National Democratic Redistricting Committee. Kara Tabor is a producer for POLITICO audio. Brook Hayes is a producer for POLITICO audio. Adam Allington is senior producer for POLITICO audio. Jenny Ament is executive producer for POLITICO audio.
Episode Notes:Today's guest is Chen Long, co-founder and partner of Plenum, a research firm covering Chinese economy and politics. Prior to that, he was a China economist at Gavekal Dragonomics. Chen Long is a Beijinger, and graduated from Peking University. Welcome to the podcast. It's great to have you.2:20 - I think the economy is a little bit like ice and fire, for now. There are certain areas certainly doing pretty poorly. Of course, everyone always talking about the property market, Evergrande, and basically every couple weeks we see a property developer default… 6:00 on the power generation problems - usually December is a peak of Chinese electricity consumption. I'm not sure the current supply of coal is not ... I mean, it's better than a month ago, but they probably have to do a little bit more. So I think it's still too early to say that we have totally overcome the end of the shortage.13:07 on whether this time is different with the real estate market - a year after Beijing and many local governments introduced restrictive policies, finally, we had three months in a row of property sales volume falling by double digits, on a year on year basis. But this is just three months, right? If you look at the previous cycles, especially 2015, 16, we could have the down cycle for 15 months. But this is just three, right? So Beijing has not blinked yet, because it's only three months.16:30 on Evergrande - I think there was a little bit of overreaction, especially when you see headlines linking Evergrande to Lehman Brothers, and this sort of thing. And I have to say that this is at least the third time I hear a Chinese Lehman moment in the last ten years.35:50 on the 6th Plenum and likely historical resolution - The previous ones were all about resolutions on certain questions of the party's history. Right? And this one is not uncertain questions. There is no question. It is resolution on the party's accomplishments over the last 100 years, and the lessons. So I guess it's a big, big summary about what he has done. And, of course, this one I think will cement him as the core, right? And we have to follow whatever he thinks we should do soLinks: The Plenum website. Transcript:Bill:Hi everyone. Today's guest is Chen Long, co-founder and partner of Plenum, a research firm covering Chinese economy and politics. Prior to that, he was a China economist at Gavekal Dragonomics. Chen Long is a Beijinger, and graduated from Peking University. Welcome to the podcast. It's great to have you.Chen:Thank you, Bill. It's my honor to be your third guest.Bill:Oh, well, third time is the charm, I hope. And I hope things are well. And I hope things are well in Beijing. I have to say, I very much miss this time of year in Beijing. There is something really special about autumn in Beijing.Bill:So, to kick off, today, I think we want to talk about the state of economy, and various themes related to that, including common prosperity, and real estate, the sixth plenum that's coming up. But, to start out, could you just give a brief intro about yourself, and more specifically what Plenum does?Bill:Just for listeners, it's a high end research service. The website is at Plenum.ai. And it's really terrific. It's one of my top most favorite research services on China now. They're really sharp on economy and politics.Chen:Yeah. Thank you, Bill. I think, Bill, you have done basically all the marketing I need to do. So we are a pretty young firm. I mean, we were founded two years ago, almost exactly two years ago. And that's when we first started to publish reports. And we write on Chinese economy, policies, politics, geopolitics, other stuff. And we serve institutional clients. Some are financial institutions, some are non-financial corporations.Chen:And I think where we are a little bit different from others, is the team is basically entirely Chinese nationals. But, of course, we'll come from different backgrounds. A lot of people work in the US for many years. And, right now, I'm based in Beijing. Yeah.Bill:And I first came across your work, I think, because you were working with Arthur Kroger, over at Gavekal DragonomicsChen:Yes. I was at Gavekal for almost six years. Yeah.Bill:Right. And I think that's where I first started reading your work. So, anyway, it's great to have you. I've always been a big fan. So-Chen:Yeah. Thank you, Bill.Bill:From a top level, could you just give us your view on what's going on in the economy in China, and where things are?Chen:Yeah. I think the economy is a little bit like ice and fire, for now. There are certain areas certainly doing pretty poorly. Of course, everyone always talking about the property market, Evergrande, and basically every couple weeks we see a property developer default.Chen:But, on the other hand, you also see this energy crunch, which actually was because energy demand was really strong, right? And industrial demand was strong. And then the grid and then the power plants could not meet up with that demand. So you basically have one big sector of economy, and actually several big sectors, apart from the real estate, you have the automobile market actually shrinking this year, general consumption were pretty mediocre, right? Because whenever there's a COVID cluster, you have local governments will restrict travel, or implement some sort of lockdown for two or four weeks. So consumption will be affected.Chen:But, on the other hand, the export is really strong, right? We're probably seeing the best export performance since 2011. That's the best we have in a decade. And there's no sign that this is putting off. A lot of people have said, "No, this is just temporary. Not going to be sustainable." I've been hearing that argument since a year ago. And, right now, it's still really hot. So that's why you have certain sectors ... So that's a little bit special, I think, compared with any time in the last decade. Yeah.Bill:And, certainly, specifically around the energy challenges, you said it was really because demand was so high. How quickly do you think that the ... There have been a whole flurry of measures from the NDRC, and other government bodies, about making sure that the coal supply increases, and cracking down on price speculation.Bill:And, I mean, how quickly do you think that these regulatory actions are going to solve the problem? And, the reforming or the changing in the price mechanism, is that enough to make the power generators actually make money now, so they're more willing to produce energy? Or are we still going to be looking at probably fits and starts over the next few months?Chen:Yeah. I think a lot of the power plants may not be losing money at this point. The government basically did several things at the same time. One, they told all the coal miners just to increase supply as much as you can. And, two, they told the coal miners also to restrict the prices. Basically, they set a cap. And there's a debate on what exactly is the cap, because there are several different versions of the cap.Chen:But whatever version you believe in, there's a cap. And the cap is a lot lower than the market price we had two weeks ago. That's why we had this Zhengzhou thermal coal future price, basically halve in two weeks. And they also allow the power plants to raise the electricity prices by up to 20%, and more if the users are high energy intensity sectors.Chen:So there are flurry of changes happen just over the last months or so. And I think the coal supply has probably improved quite a bit. And we are hearing a lot less stories on companies running ... They face blackouts, or they were just told in very short notice that they have to cut production. We hear a lot less that sort of story. But that still exists, it's just a lot less than a month ago, or at the end of September.Chen:But with this winter heating season coming again, usually December is a peak of Chinese electricity consumption. I'm not sure the current supply of coal is not ... I mean, it's better than a month ago, but they probably have to do a little bit more. So I think it's still too early to say that we have totally overcome the end of the shortage.Bill:Thanks. I mean, it is interesting how it really seemed to have caught a lot of people by surprise. I think both policy makers, but also investors. It's just interesting how that happened, and how so many people seemed to not understand what was going on, including myself.Chen:Yeah. Because, for 20 years maybe, people talk about China has over capacity in IPP, this is actually the power plants. China invested too much in some coal power plants. And I think, at one point, like 2015 or 2016, when over capacity got really serious. And then that was one of the sectors that local and others had to work very hard to cut capacity.Chen:So we never really thought for a second that China would have electricity shortage, because there's always huge supply, maybe oversupply. But I think a lot of things changed since the beginning of the pandemic. The services sector used to be growing a lot faster. But, so far, it's underperforming, while the industrial sector, which were slowing for many years, has suddenly started to outperform.Chen:So, basically, since the second quarter of last year, we have a Chinese economy moving further away from a service driven economy, to a more industrial driven economy. So that's a completely reversal of the trend since 2010, or even 2005.Bill:That's also a reversal of what a lot of economists have recommended China do, right?Chen:Yeah. I mean, people say, "No, yeah, China should become more service driven, and less industrial driven. And also, of course, more consumption driven, less investment driven." But I would say this whole rebalancing theme has somewhat reversed over the last year or so.Chen:And this just, again, has to do with this fire and ice, as I mentioned earlier. So this is just one sector doing really well, it's industrials. And the manufacturing facilities are just all pretty at fully capacity, demand from the rest of the world is really strong. And while the domestic consumption is very mediocre. And service sector, of course, the people just go out a little bit less than they were, in 2019 or earlier.Chen:So basically the economy itself is consuming much more electricity than it used to be, that means two years ago. So, suddenly, we have this issue.Bill:Interesting. And just on that stronger industrial, weaker consumption service sector, is that by design? Is that something that the policy makers want? Or is this just more of an outgrowth of the pandemic changing global dynamics, potentially consumer spending dropping because of concerns about consumer debt, for example? I mean, what's driving that?Chen:I don't think it's intended or planned, or even foreseen by Beijing, by the leadership, I think when China started to get out of the pandemic, in April or May 2020, I mean, there was a real fear, because the rest of the world is experiencing the worst of the pandemic. So the worry, at the time, was China is going to face a demand collapse from the rest of the world. So you got a double whammy economic crisis. So just get out from the domestic demand collapse, you're going to see an external demand collapse.Chen:But somehow that external demand collapse didn't really happen, or just basically happened for one month or so. And turned out to be that the export was really strong. And people in Beijing could hardly believe that. And people say, "Oh, this is just temporary. Because this supply chain was disrupted. But maybe when the things get better next year, the demand will go away. And somebody might has to do with this stimulus checks, given by US government, European governments. Once that effect expires, the demand will go away."Chen:But, so far, it still hasn't gone away. And with Southeast Asia, and Eastern Europe, Latin America, lot of developing manufacture hubs in trouble, China basically became the only manufacture hub that can still maintain enough supplies. So I think that really caught a lot of people, including the Chinese government, by a big surprise.Bill:No, it is. It is really interesting. And so as you talk about the economy, I think you called it fire and ice, I mean, one area that seems a bit icy is real estate. And, obviously, Evergrande's been in the news. But there are plenty of real estate developers that have violated the three red lines, or seem to be in various states of default or near default on some of their debt.Bill:One thing that's been interesting is we've seen real estate stresses that are over the last 15 years or so. Every few years, it seems like there's a cycle, and it's usually policy driven. Because the policy makers want to crack down on real estate speculation and unproductive investment. But then when things start getting bad, and stressed, and companies start having problems, and prices maybe start looking like they're going to drop in some places, the policy makers always blink and pull back, and basically find ways to loosen things up, and let the market return.Bill:It seems like, this time, they've been much more disciplined, I think surprising a lot of people, in terms of being willing to ride out a lot more pain around the real estate sector. Is that a fair assessment? And, if it is, why is that? And if it's not, how do you see what's going on?Chen:Yeah. I tend to believe that this time is not that much different from previous episodes. I mean, I know there's the argument there, saying, "Xi really wants to reduce the share of the real estate in the economy, and wants to curb housing prices." But I don't think this is new. We have this episode, like you just mentioned, multiple times in the last 15 years. Basically every three years, we have a property cycle, from trough to peak to trough. Right? And the Chinese government, in both central and local, that will change policies very, very quickly.Chen:And this time is no different, right? Because you talk about the three red lines, the three red lines really were just introduced a year ago, last August. Right? And, well, the background of that was the PBOC, along with other policy makers, the property market recovered too quickly, and think they're doing too well. And housing prices in cities, especially big cities like Shenzhen or Shanghai, were rising too fast. And that was a little bit unanticipated. So they said, "No, we have to restrict the area, this kind of bull run."Chen:And now a year after Beijing and many local governments introduced restrictive policies, finally, we had three months in a row of property sales volume falling by double digits, on a year on year basis. But this is just three months, right? If you look at the previous cycles, especially 2015, 16, we could have the down cycle for 15 months. But this is just three, right? So Beijing has not blinked yet, because it's only three months. Right?Chen:And we are seeing a little bit some early signs, like PBOC two weeks ago said, "Oh, some banks misunderstood our intention, when we told them to restrict the lending. And some of the normal projects would not be restricted," blah, blah, blah. And then I think today, or yesterday, one of the state-owned media, Economic Daily again published article about these housing regulations. So I think we're seeing some signs that those things are easing a little bit. So it's not like they are just letting the market die.Bill:Right. Well, and I mean, there are real risks. I mean, there are real risks around ... I mean, I owned property in China for a while, and certainly had lots of friends, including some real estate developers, and people with lots of ... I mean, there was just this sense that, in these previous cycles, they would go until prices started dropping, and there was a risk of people getting really pissed off because they were losing money again.Bill:And so is that one of the things ... I mean, again, it doesn't seem like the prices have dropped that much yet in most places. Is that one of the things to look for, where if we start seeing housing prices actually go negative, is that one of the triggers that makes the government maybe start loosening faster, just because they're worried about how ... I mean, they have their constituency, and people who own property. They do care what they think, right?Chen:Yeah. That's certainly one thing they care about. And I think another thing they care about is the impact on economy, like the GDP, right? The housing and the real sector as a whole, if you found all the upstream industries all together, it'd account for probably one third of Chinese economy. Right? So if you kill the real estate sector, basically you kill the economy. And they can't do that. That's suicide.Bill:No. It's still a quarter of the economy. Right? So somewhere around there, if you add up all the various-Chen:Yeah. Depending on how you estimate, anywhere between 20% to a third, that's kind of the estimation. Yeah.Bill:So, Evergrande, there was a massive freak out over Evergrande. And I think it's maybe even a month ago, or a little longer. Did people overreact to what's going on at Evergrande. And what is going on there? And how do you think it gets resolved?Chen:Yeah. I think it has a little bit of sense that people were a little bit overreacting. I got called by Al Jazeera twice in two days, saying, "We need you to comment on Evergrande." I was like, "Come on, guys. You guys, yeah, are very respectful media TV, but you don't need to tell your audience in Qatar what's going on in Evergrande, in two days in a row. And one of that is a Sunday."Chen:So I was like, "Oh, this is really everywhere. Right? It's not just Bloomberg or Wall Street Journal. This has gone to non-financial media as well." And that was basically the main theme in the last week, or last two weeks of September. Right? So I think there was a little bit of overreaction, especially when you see headlines linking Evergrande to Lehman Brothers, and this sort of thing. And I have to say that this is at least the third time I hear a Chinese Lehman moment in the last ten years.Bill:I was just going to say, is the default analogy when ... Oh my God, China's Lehman moment. And we saw it. I remember it was, I think, 2013, when the interbank market basically went crazy, the end of Q2, early Q3. And I forget the other one. But, no, every time I see someone say, "China's Lehman market," basically, just to be honest, I just tune it out. Because it doesn't fit. And it never has. And if China has a big problem like Lehman Brothers, it won't be like Lehman brothers. It'll be something else, is my view.Chen:Yes, totally. And I don't know that even if Lehman Brothers exist today. I mean, if the same thing happens today, with the current federal reserve, with the current Fed chairman, that this will not have happened. Because they would just do QE.Bill:So what does happen with Evergrande? I mean, how does this thing get resolved?Chen:Evergrande, on the surface, just a very large company, over leveraged, and had a liquidity problem, maybe has solvency problem. We don't really know how much of its assets is real, or how much liability is real. Maybe its liability is a lot more than is stated. It says it has 2 trillion RMB liability, but if it has 2.5 trillion, then the company is insolvent, right? So we don't really know.Chen:And the thing is, we just start to see that this company started to have funding problem, since PBOC introduced the three red lines, because it failed in all the three. Banks were afraid of giving it money, and couldn't refinance in the bank market either. And the trust company, and the trust world that everyone saw, started to have problems. So, basically, with leverage at that size, you have to keep borrowing. To Evergrande, they're reducing the debt. And once that snowball stops moving, then basically you collapse, right? So I guess that's basically what it faced.Chen:And how we're going to resolve it, I think, in the best case scenario, that a lot of the estate projects will just ... First, they have to get it finished. And some of the land, or some other projects be sold to other developers. And Evergrande will downsize to a much smaller developer, and then will start to exist.Chen:And that's quite similar to what Wanda did. Wanda was a much bigger property developer five years ago. But then since has sold a lot of the projects, both in China and overseas. And, basically, right now, it's like a property management company, and doesn't have a lot of power assets. So that's what Wang Jianlin did to save himself, basically, and his company.Chen:So maybe, on Evergrande, if you're rational, you think that's a good scenario. But I think Hui Ka Yan doesn't want to give up. I think that he is betting on another big easing from Beijing. Right? Because he has been in this, I would say, in the live or die moment, at least twice in the last 15 years. Right? The first time I heard about Evergrande was 2007, right? I saw news that Hui Ka Yen was having drinks with the Hong Kong tycoons, and playing mahjong together. And, finally, he received a lot of money from the Hong Kong tycoons. And then that saved him in 2008, when the company was on the edge of collapse.Chen:And the second time was 2015. The company was again on the edge of collapse. And then it bet on a big easing from Beijing, and then property market turned around. It became much bigger. And I think, this time, Hui Ka Yen doesn't want give up. But he did say two weeks ago that he wants to move further from property developing, wants to become electricity car company. God knows whether he can succeed or not, but he's not going to just give up.Bill:Right. Right. No, he's the kind of ... I mean, that's why he's been so successful, and why he's been able to pull this off, right? I mean, he's just going to go until he can't go anymore. And it will be-Chen:Yeah, yeah. I think that the government ... Yeah. Sorry.Bill:No, go ahead. Go ahead, please.Chen:Yeah. I think from the government's perspective, the government would just want Evergrande to downsize, finish the existing projects, pay off your debt. It becomes a smaller company. And then your risk also is a lot smaller. But I'm not sure that's something that Hui Ka Yen has decided to do. Because then he will become a much less relevant person. Right?Bill:Right. And the government does also seem concerned now about the risks of defaults in the overseas debt markets. Right? I mean, it seems like this is the constant tension, right? They want introduce some discipline, and they want to avoid moral hazard, but they can't have a bunch of offshore bonds default in a short period of time. Right? Because then that potentially really screws up the market for them for a while, doesn't it?Chen:Yeah. That's actually an interesting point. Because when people ask me about Evergrande like a month and a half ago, and I was basically saying, "I think the dollar bond market matters the least for Beijing." Right? Because you have a different kind of creditors of Evergrande, right? You have the home buyers, who've paid, but they haven't received the houses. And then you have the construction firms and their workers. And you have the domestic banks, the domestic WMP holders, domestic trust companies. And they all matter a great deal for the Chinese financial system. And the last one is a hedge fund or someone who bought a bond in Hong Kong. But all of a sudden, they had a meeting a week ago, saying, "Hey, guys, we have to have a little bit discipline. Don't just run away. And you have to also take care of your offshore debt." I still haven't figured out why, what changed in their thinking. Maybe this is just a way to calm down the Wall Street. But why did they suddenly feel they have to calm down the Wall Street, six weeks after the crisis happened? I haven't figured out.Chen:My hypothesis is maybe some Wall Street bosses put some pressure on Chinese leadership. I did notice that a lot of the big bankers, and the big American company, and the senior executives had a video conference with Wang Qishan two or three weeks ago, in the name of the Xinhua advisory board.Bill:Right. Right, right, right. That's interesting. And I have to say, I find it very, very strange that the US Secretary of State, Blinken, brought up Evergrande a couple weeks ago, which he made some comment about hoping the Chinese manage ... I forget exactly, but it just-Chen:Well, he was asked by CNN, or someone. Yeah, he was asked.Bill:Oh, was it a response? He was asked? Okay. It just seemed like it was very out of his lane, in terms of what the Secretary of State would talk about. So-Chen:Yeah. He basically said, "People have to act responsibly."Bill:Interesting. I mean, I think it is interesting though. It definitely does seem to be a shift. So, speaking of shifts, I know we only have a few more minutes, but I'd love to get your thoughts on ... Again, this is something lots of people ... Outside of China, I know we're scratching their heads, but certainly folks I've talked to inside China too, are trying to really get their hands around, what does common prosperity mean? And, really, what changes, what policy direction are we really going to see around common prosperity? And there was that strange WeChat post that was from a very sort of Neo-Maoist-Chen:Li GuangmanBill:Yeah, yeah, the very Neo-Maoist blogger, that was picked up over the weekend by the online properties of Xinhua big state media properties, which caused a lot of consternation outside China, but I think inside China as well. And so it seems like the messaging is a little bit mixed, and there's obviously a lot of politics involved. But what do you see, or what's your guys' view, the point of view on what common prosperity means going forward?Chen:Well, we tend to think that common prosperity is next step after President Xi completed the poverty alleviation campaign, right? So after poverty alleviation, in theory, China should have no absolutely poorer people, right? Nobody's living in poverty anymore. And then what's the next step, right? That's not the end. Right? You get out of poverty, but you should get richer, and you have a better life.Chen:So I think that's something that he came up with after that, that we want everyone to have a more decent lifestyle. And, of course, he chose Zhejiang province, a province he spent five years as party secretary to be this pilot program, or pilot area for common prosperity. And the thing about Zhejiang was ... The thing Zhejiang published was rather, I would say, a standard, right? It basically said, "No, we want to increase the household time by one percentage point, or increase the GDP by certain percentage point. And then the equality among different cities should be restricted within a ratio, and people should be able to find the jobs very easily," blah, blah. So a lot like that.Chen:So it's still very pro growth, the Zhejiang plan. But we all know the common prosperity is not only about growth, it's also about redistribution, which is something Zhejiang did not mention very much in his own report, which is understandable. Because that requires tax policy changes that Zhejiang has no say. So Beijing has to decide what kind of tax, what you have to introduce, right? People talk about this property tax, and more pilot programs for property taxes. And then we talk about the consumption taxes. So this kind of stuff, Zhejiang has no say, right? So Beijing has to decide what exactly they're going to do with all these taxes.Chen:So there's certainly an element also about redistribution, restricting certain super rich, and especially those who got rich without behaving, how to say, legally, or you operate in gray area. For many years, there was no law or no regulation. You got rich, but maybe you broke the law. Right? So if you got rich through that channel, then maybe you have to rethink a little bit. Yeah. Or at least you have to change your model completely, because that's no longer tolerated. Right? Because the President did say, "We encourage everyone to work very hard to get rich. And that's great. But we also want to restrict people from getting rich using dodgy channels."Bill:Right. And I think that's what has certainly freaked out a fair number of people. Right? Because it's always unclear what the definition of dodgy or not legal actually is, and how far back they might go. And, that, I think also ties a bit into ... I know you guys have written a fair amount about all these various regulatory actions, and specifically around anti-monopoly policies and regulatory decisions, and also the changing approach to internet platform regulation.Bill:Are we in a new normal, when it comes to regulation? I talk to some people who think this is all passed, and it's going to get better again. But, to my perspective, it really feels like we're in a new era of this kind of stuff. And so, the big internet companies, their businesses are still good, but they're never going to be the same. And it feels like, their costs, they're going to have a lot higher cost base, because they're not going to be able to exploit workers and customers, like the way they used to be able to.Chen:Yeah. I think the compliance cost will certainly be a lot higher than before. And these regulations have passed. And they will stay here. They'll not go away. They'll not be rolled back. So I don't think there's anything like the end of the regulation, or the end of the regulatory competitor. There will be no end.Chen:But I do think maybe the peak is behind us. Think about the largest internet companies in China, Alibaba and Meituan were already punished for antitrust. And the Tencent was not directly affected by the trust, but the gaming thing was also mentioned, and a lot of other guys also name checked, like ByteDance, or Pinduoduo, they were also a little bit worried. So it is hard to say who will be bigger than Alibaba, who will be a bigger victim than Alibaba, it's very hard to ... Unless Tencent suddenly runs into a big trouble. But nobody else is bigger than Alibaba in the Chinese internet domain.Chen:So I guess, after these campaigns, maybe since we settled down a little bit, it will not be over, but we're likely to suddenly see another company find 18 billion RB immediately, or another large fintech company saying, "You have to dissolve, or you have to be separated into different arms." Nobody else is really as big as Ant Right? So I guess maybe we have passed a peak.Chen:And especially, this year, again, I think there's something different about this year, is since the very beginning, Xi made it very clear that this is a year that we don't have to worry very much about economic growth, because it's very easy. Right? They said the growth is targeted at 6% intentionally, which is a target they're going to reach anyway. Right? So, basically, they can do a lot of other things, like structural reforms, and some things they wanted to do in the past, but didn't have the time or the capacity. But, finally, this year, you can spend all your efforts in these things.Chen:But next year will be different again. But next year, actually, we'll go back to the normal China, that you have to be worried about growth target, right? Where is Beijing going to set the growth target? People are debating. I think it's still being something like five and a half percent. And I definitely don't think it'll be lower than 5%. And given the current trajectory, they have to change policy quite a bit to reach either target, especially…Bill:So you're saying, if they decide the target for next year is 5%, they'd have to ease up on some things for next year?Chen:Yeah. I think, five, there is a little bit. And if five and a half, they have to ease quite a lot. And that means you have to be a little bit nicer to companies in general. Right? So, last year in 2020, Xi had several symposiums with various people, and at least two with large companies, right? One, there was a foreign company, the other was all Chinese private firms.Chen:But, this year, at least on the record, I haven't seen any of these kind of symposiums with companies. Right? So he only does that when he's worried about the corporate sector. And, this year, he's not worried, apparently. But, next year, if he's worried again, he could come up, and then they'll have a conversation with these guys in person. And if he does that, then the crackdowns will be a lot softer, at least. Right?Bill:Interesting. So last question, I know you got to go, is what do you think we're going to see out of the sixth plenum, that investors and others should really be paying attention to, that starts ... I guess it starts on Monday and runs through, I think, Thursday next week, right?Chen:Yeah. Yeah. Well, the sixth plenum is all about one thing, right? It's this resolution about the accomplishments of the party in the last one, two years. Right? And I think the previous two resolutions, we had one in 1945, another in 1981, right? Maybe the 1981 one is more relevant, because of course that's more recent, and that was done by Deng Xiaoping. And, without the second, we wouldn't have known there would be another resolution. Right?Chen:But I think this time it's quite different. Because both in the first resolution, basically written by and approved by Chairman Mao, and the second one basically drafted and finally approved by Deng and Chen Yun and other old comrades. But they had to fight with a different ideology. Right?Chen:So in the first resolution, Chairman Mao was basically saying that the party made a lot of mistakes in the 1930s. Right? And ended up then with the Long March. And then we had the Zunyi conference. And then I had to be this poor core. And then the party was saved. Right? So there was a real fight between Mao and a lot of other guys, from Wang Ming and others. So he used that resolution to cement what happened in the party over the past 20 years or so, which was right and which was wrong. So that was basically that resolution was all about.Chen:And the 1981 resolution was similar. Right? So this old comrades had to ... They felt they had to come with something to summarize what happened since 1949, what was right, what was wrong? Where did chairman Mao did right? And where did he did wrong? And what we should do next? Right? So there was a lot of that. And also of course Hua Guofeng at the time was still relevant. Right? So he had to make sure that this 两个凡是, that whatever Mao said, we had to follow. Right? This is...Bill:Yeah, the two whateversChen:Yes. Yeah. So he had to crack that. So, in both occasions, there were clear things they had to correct. But, this time, I really don't think there's a clear thing that President Xi has to correct. Because no one is really arguing something else. And I think they usually talk about their mistakes, or some problems the party had since 1981. Maybe the biggest thing was what happened in the late '80s. Right?Chen:But since 1992, when Deng did this sudden speech, and everything was basically all about the reform, and open up, blah, blah. Of course, we had a little bit of chaos during the 18th party Congress, Bo Xilai and all these guys. But that, I think, was so minor, if you compare all the other accidents the party had over the last 100 years, right? Maybe it's only relevant in the last 40 years. So I think this all ...Chen:And also the name was a little bit different, right? The previous ones were all about resolutions on certain questions of the party's history. Right? And this one is not uncertain questions. There is no question. It is resolution on the party's accomplishments over the last 100 years, and the lessons. So I guess it's a big, big summary about what he has done. And, of course, this one I think will cement him as the core, right? And we have to follow whatever he thinks we should do so, and that's something definitely right.Bill:That's an interesting point, about if it's not actually about certain questions. And probably, certainly, if people want to ahead of this, I think reading that document ... I think it came out in August. It was basically a long piece about the party's accomplishments. I'm guessing that there'll be a lot in this resolution that is very similar to that language.Chen:Yeah, yeah.Bill:Right? I mean, it seems like it's a draft almost. And, really, like you said, it's not about settling a fight that's been going on, so much as more forward working. But so what does that mean? I mean, I assume this will tie into common prosperity. And I guess, this plenum, it really is going to be about this. There's probably nothing from a policy perspective that's going to affect the economy, or how investors should look at China in the near term, right?Chen:Yeah. I guess not that much in the near term. Well, of course, this one will set a stage for next year, where the big thing will happen. So the 20th party Congress, will get them to say, "No, we're going to follow this revolution, and then do whatever we should do in the next few years." Right.Bill:Great. Well, hey, I really appreciate your time. I think really want to thank you for being one of the first guest of Cynicism. And I will put a link to the Plenum website in the show notes. And I highly recommend anyone who is a financial market professional in China, you should go sign up for trial. Like I said, these guys, Chen Long and his team, and the Plenum research product is really quite terrific. So thanks again for your time. And I hope everything stays safe in Beijing. We see lots of headlines about COVID in Beijing right now. But I-Chen:Yeah, it is absolutely safe. If I go out, I may not be able to come back. So it's absolutely safe to stay here.Bill:Right. So you're probably not leaving Beijing until February, right? I mean, is it possible that you really can't leave before the Olympics?Chen:I think I can. I think, after next week, things may be a little bit relaxed. I think it's just partly because of next week, the sixth plenum.Bill:The plenum.Chen:And partly because the COVID clusters are still on the rise. But I think after next week, I might be able to travel a little bit.Bill:Great. Well, anyway, thanks again for your time. And I hope to talk to you soon.Chen:Yeah. Thank you, Bill. Yep. Get full access to Sinocism at sinocism.com/subscribe
In 2010, Republicans rode a midterm wave to gain overwhelming control of drawing districts for state houses and Congress. The result? Just in 2012, 1.4 million more Americans voted for Democrats for Congress, but Republicans still won a 33-seat majority. In fact, the Center for American Progress estimates that an average of 59 politicians -- more than enough to determine the majority -- were elected to Congress each term simply because the lines were drawn in their favor. Former Attorney General of the United States Eric Holder created The National Democratic Redistricting Committee to fix that problem and support fair districts in America. Its Executive Director John Bisognano joins us to explain what they're doing and how they hope to achieve fair representation for Americans. Photo by Element5 Digital on Unsplash
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