World

SHANGHAI: China is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates, news that sent shockwaves through its vast private education sector and share prices plunging. The policy change, which also restricts foreign investment in a sector that had become essential to success in Chinese school exams, was contained in a government document widely circulated on Friday and verified by sources. The move threatens to decimate China's US$120 billion private tutoring industry and triggered a heavy selloff in shares of tutoring firms traded in Hong Kong and New York including New Oriental Education & Technology and Koolearn Technology Holding. All institutions offering tutoring on the school curriculum will be re...

The ruling Chinese Communist Party marked its 100th birthday last Thursday. There is a lot for the party and the Chinese people to celebrate: China’s international power and influence are at a historical high — at least for the modern era — and the country and its leadership are convinced that this trajectory has not reached its apogee. The CPC’s accomplishments are many, but the confidence feels somewhat forced. For all its successes, modern China is sometimes brittle, possessed of an anxiety, not quite a fear, that all could be lost. Sadly, this insecurity, rather than China’s very real problems, could be the greatest threat to the CPC. The party’s accomplishments are impressive, not least of which is its survival. A once outlawed organization, the CPC surmounted the Long March, war, i...

WASHINGTON: After years of waiting, Richard Branson's journey to space this month on a Virgin Galactic vessel was supposed to be a triumphant homecoming. Instead, the jaunt attracted significant criticism - about its carbon footprint. With Jeff Bezos set to launch on a Blue Origin rocket on Jul 20, and Elon Musk's SpaceX planning an all-civilian orbital mission in September, the nascent space tourism industry finds itself facing tough questions about its environmental impact. Right now, rocket launches as a whole do not happen often enough to pollute significantly. "The carbon dioxide emissions are totally negligible compared to other human activities or even commercial aviation," NASA's chief climate advisor Gavin Schmidt told AFP. But some scientists are worried about the potenti...

Stocks held near record highs on Friday as investors waited to see if U.S. payroll figures will alter their bets on when central banks row back on pandemic stimulus and whether inflation is here to stay. NEW YORK: Global stock markets rose on Friday on a better-than-expected U.S. monthly jobs report that signaled the world's largest economy ended the second quarter with strong growth momentum, while U.S. bond prices fell on investor worries over the Federal Reserve's response. Data showed U.S. job growth accelerated in June as nonfarm payrolls increased by 850,000 jobs after rising by 583,000 in May, although the unemployment rate rose to 5.9per cent from 5.8per cent the previous month. Economists polled by Reuters had forecast payrolls advancing by 700,000 jobs. The MSCI All Countr...

NEW YORK :The dollar gained against a basket of peer currencies on Tuesday following the U.S. Independence Day long weekend as traders positioned themselves ahead of the release of the minutes from the U.S. Federal Reserve's pivotal June meeting. NEW YORK: The dollar retreated on Thursday from a three-month high hit late in the previous session, mainly due to strength in the euro after the European Central Bank set a new inflation target and as concerns grew over the spread of COVID variants. Softness in the dollar continued after data showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week, an indication that the labor market recovery from the COVID-19 pandemic continues to be choppy. "It's an indication that if these numbers continue ...

SINGAPORE: A man who lived with his wife and a domestic helper began filming the Myanmar national in the shower after feeling a "sudden urge to see her naked body". After the victim saw a phone under the shower door, she left her phone on video-recording mode in the kitchen to see who was the culprit, and realised it was her employer. The 67-year-old man, who cannot be named as it might identify the victim, was given four months' jail on Wednesday (Jul 14). He pleaded guilty to one count each of voyeurism and insulting a woman's modesty. Another two charges were considered in sentencing. The court heard that the victim, who is now 32, began working for the couple in March 2016. One evening in August 2019, the victim approached the accused and told him she was going to take a showe...

PLACETAS: In Cuba, where communism and religion live uneasily side by side, there is a city where it is no longer strange to see a priest walk down the street in a white cassock followed by enthusiastic greetings of "Good day, Father!" A small order of Catholic clergy have become a beloved and indispensable part of the community in Placetas, offering survival essentials to its economically devastated population of about 40,000 souls. The priests have become, in part, a surrogate for the government, which in Cuba has political control over just about every aspect of life - though in practice it cannot always deliver where it is needed most. From Placetas, four French priests have set up three day care centres, five soup kitchens, an after-school center, a boarding school and an old-a...

SINGAPORE: Less than two years after it made its debut, an app that aimed to bring multiple transport options under one platform has folded, along with the SMRT-backed start-up that developed it. Launched in September 2019, Zipster - developed by mobilityX, a subsidiary of transport operator SMRT - said then it planned to offer commuters virtually unlimited rides on buses and trains for a flat monthly subscription fee, as well as discounted rides on ride-hailing services and shared-bikes. It said at the time it had about 16,000 users following a beta trial, and had partnered with Grab, Gojek and electric car-sharing firm BlueSG to offer their services through the app. During the launch event, it was also announced that Enterprise Singapore was working with mobilityX to expand Zipste...

U.S. stock futures indicated a flat Wall Street open and world shares slipped on Wednesday after a U.S. inflation leap fuelled expectations of a quicker end to Federal Reserve stimulus, while the dollar held near a three-month high versus the euro. LONDON: U.S. stock futures indicated a flat Wall Street open and world shares slipped on Wednesday after a U.S. inflation leap fuelled expectations of a quicker end to Federal Reserve stimulus, while the dollar held near a three-month high versus the euro. The U.S. consumer price index jumped 0.9per cent in June, data showed on Tuesday, above market expectations and the largest gain since June 2008. Investors are watching the semi-annual testimony of Fed Chair Jerome Powell to Congress on Wednesday and Thursday for clues on whether the Fe...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. The Platinum Card® from American Express recently underwent a major revamp of the benefits offered on the card. Several new features were added, but to offset that cost, American Express raised the annual fee from $550 to $695 (see rates and fees). While $550 was already a steep price to pay, raising it another 25% has many questioning if the card is still worth it. On top of that, as the travel industry continues to recover from the Covid-19 pandemic, some consumers are wondering whether a travel credit card like the Amex Platinum is right for them. Below, Select bre...