China's new deeptech leaders must learn to manage
Lu Xiongwen is the dean of Fudan University School of Management.
When entrepreneur Liu Jingkang struck the ceremonial gong at the Shanghai Stock Exchange's Nasdaq-style STAR Market on June 11, he captured his moment of crowning glory with an Insta360 camera in his hand.
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Nikkei Asia
11 hours ago
- Nikkei Asia
Indian workers go on nationwide strike against Modi reforms
NEW DELHI (AP) -- Hundreds of thousands of workers across India went on a nationwide strike on Wednesday in opposition to Prime Minister Narendra Modi's efforts to privatize state-run companies and other economic reforms, partially disrupting public services and manufacturing. A coalition of 10 major trade unions that represent laborers and several other groups that speak for farmers and rural workers called for the one-day industrial action, dubbing it "Bharat Bandh," Hindi for "Shut Down India." The strikes pose fresh challenges for Modi's efforts to attract foreign companies by easing labor laws to streamline business operations and boost productivity. Unions that helped organize the strikes say that coal mining operations were halted in several states while some trains came to a grinding halt as protestors blocked the network, and that banks, insurance companies and supermarkets were disrupted. An Associated Press photographer in the eastern city of Kolkata saw protestors walking in a rally at a local railway station, some shouting slogans against the government and burning an effigy of Modi. Another, in the financial capital Mumbai, witnessed bank employees shouting slogans against the privatization of state-run banks. The Press Trust of India reported traffic in eastern India's Odisha state was halted in some areas, while in the southern state of Kerala, shops, offices and schools remained closed, with roads looking deserted. The government hasn't formally commented on the workers' strike. It usually dismisses assertions made by these unions. The workers' demands include higher wages, halting privatization of state-run companies, withdrawal of new labor laws and filling vacancies in the government sector. The farmers' groups also want the government to increase the minimum purchase price for crops such as wheat and rice. Modi's government has opened some sectors of the Indian economy to foreign direct investments and offered billions of dollars in financial incentives to attract local manufacturing. It has also aimed to bridge the budget deficit with a drive to privatize loss-making state-run companies and unveiled new labor laws that promise workers higher statutory minimum wages, social security and health care. However, the trade unions aren't convinced and want the new laws to be scrapped. "The government intends to suppress workers in the name of ease of doing business through labor reforms," said Amarjeet Kaur, general secretary of the All India Trade Union Congress, a prominent union taking part in the strike. Tapan Sen, general secretary of the Centre of Indian Trade Unions, or CITU, which is aligned with a communist party and a key trade union that is part of the group that called for the strike, said he got reports of protesting workers blocking several national highways and rail routes. "Coal mining operations in most states have come to a halt. Services in banking, insurance, manufacturing and petroleum refineries are impacted too," said Sen. A. Soundararajan, a prominent trade union leader in the southern state of Tamil Nadu, said the police detained around 30,000 protesting workers on Wednesday. Manufacturing activities at several companies have also been hit, he said.
Asahi Shimbun
13 hours ago
- Asahi Shimbun
Shares in Asia are mixed amid Trump's new tariff deadlines
Currency traders work next to a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank's headquarters in Seoul on July 9. (AP Photo) Shares were mixed in Asia on Wednesday, following a choppy trading day on Wall Street as the Trump administration pressed its campaign to win more favorable trade deals with nations around the globe. Japan's Nikkei 225 is up 0.2% to 39,764. 02, while South Korea's Kospi added 0.5% to 3,132.02 as Tokyo and Seoul are working a trade deal with the U.S. before higher tariffs announced by Washington take effect on Aug. 1. 'Sectoral carve-outs remain the thorniest terrain," Stephen Innes of SPI Asset Management wrote in a commentary, adding that Korea and Japan are likely seeking relief for their car and steel exports. "But Washington is unlikely to bend,' he warned. Meanwhile, Chinese markets were mixed. Hong Kong's Hang Seng index fell 0.7% to 23,970.39 while the Shanghai Composite index rose 0.3% to 3,507.69. Australia's S&P/ASX 200 slipped 0.4% to 8,559.30. India's BSE Sensex edged down 0.2% to 83,570.86. Oil prices were down while the dollar rose against the yen and the euro. Mizuho Bank, in a commentary, said the tariff deadlines 'distract from far more consequential, and expedient, sectoral tariffs, which arguably reverberate across global industrial eco-systems' which it said aim to isolate China from trade partners, supply chains and markets. 'The real danger is underestimating the fallout when (rather than if) China hits back" against the U.S. and countries it perceives as aligned with the U.S., the bank wrote. On Wall Street on Tuesday, the S&P 500 slipped 0.1% a day after posting its biggest loss since mid-June. The benchmark index remains near its all-time high set last week. The Dow Jones Industrial Average gave back 0.4%. The Nasdaq composite eked out a gain of less than 0.1%, staying near its own record high. The sluggish trading came as the market was coming off a broad sell-off following the Trump administration's decision to impose new import tariffs on more than a dozen nations, which are set to go into effect next month.
The Mainichi
13 hours ago
- The Mainichi
What Trump's big tax law could mean for the youngest Americans
WASHINGTON (AP) -- The impact of the massive spending bill that President Donald Trump signed into law on Independence Day is expected to filter down to infants and toddlers -- a segment of the population that is particularly vulnerable to cuts to the federal social safety net. Many middle-class and wealthy families will see benefits from the new legislation, but programs that help low-income families keep babies healthy have been cut back. While state money funds public schools and preschool in some cases, programs supporting the youngest children are largely backed by the federal government. The law extends tax cuts that Trump passed during his first term in office and pours billions more into border security as the president seeks to broaden his crackdown on immigration. To pay for these initiatives, the law cuts Medicaid and food stamps -- programs relied upon by poor households with children -- by more than $1 trillion. The legislation Republicans called Trump's "big beautiful bill" is set to deliver some gains for families with children. It increases tax credits, including one that now allows parents to deduct up to $2,200 per child from their tax bills. And it introduces investment accounts for newborns dubbed "Trump Accounts," each seeded with $1,000 from the government. Still, advocates say they do not make up for what children are likely to lose under the new law. And they fear what comes next, as the next Trump budget proposes more cuts to programs that help parents and babies. Medicaid cuts could add to strains on families Over 10 million Americans rely on Medicaid for health care. About 40% of births are covered by Medicaid. Newborns, too, qualify for it when their mothers have it. The new law doesn't take little kids or their parents off Medicaid. It institutes Medicaid work requirements for childless adults and adults with children over the age of 13. But pediatricians warn the cuts will be felt broadly, even by those who do not use Medicaid. The Medicaid cuts are expected to put a financial strain on health care providers, forcing them to cut their least profitable services. That's often pediatrics, where young patients are more likely to use Medicaid, said Lisa Costello, a West Virginia pediatrician who chairs the federal policy committee for the American Association of Pediatrics. The ripple effects could exacerbate an existing shortage of pediatricians and hospital beds for children. "Any cuts to that program are going to trickle down and impact children, whether that's pediatric practices who depend on Medicaid to be able to stay open or children's hospitals," Costello said. States also use Medicaid to pay for programs that go beyond conventional medical care, including therapies for young children with disabilities. Under the new law, states will foot a greater portion of the bill for Medicaid, meaning optional programs are at risk of getting cut. Advocates worry that if an adult loses Medicaid coverage, it could ratchet up household stress and make it more difficult for parents to make ends meet, both of which can negatively impact youngsters. And parents who lose their health insurance are less likely to take their children to the doctor. "When parents lose their health insurance, they often think that their children also are no longer eligible, even if that's not the case," said Cynthia Osborne, a professor of early education and the executive director of the Prenatal-to-3 Policy Impact Center at Vanderbilt University. The law increases tax credits for parents who qualify The law increases the child tax credit to $2,200 per child, up from $2,000. But parents who don't earn enough to pay income tax will still not see the benefit, and many will only see a partial benefit. The measure also contains two provisions intended to help families pay for child care, which in many places costs more than a mortgage. First, it boosts the tax credit parents receive for spending money on child care. The bill also expands a program that gives companies tax credits for providing child care for their employees. Both measures have faced criticism for generally benefiting larger companies and wealthier households. "It's a corporate business tax break," said Bruce Lesley, president of the advocacy group First Focus on Children. "It makes their child care dependent upon working for an employer who has the credit." 'Trump Accounts' will be opened with $1,000 for newborns The law launches a program that creates investment accounts for newborn children. The "Trump Accounts" are to be seeded with $1,000 from the government, and children will be able to use the money when they become adults to start a new business, put the money toward a house or go to school. Unlike other baby bond programs, which generally target disadvantaged groups, the federal program will be available to families of all incomes. The program's backers have pitched the accounts as a way to give young people a boost as they reach adulthood and teach them about the benefits of investing. Critics have argued that families in poverty have more immediate needs and that their children should receive a larger endowment if the goal is to help level the playing field. A food assistance program faces cuts The Supplemental Nutrition Assistance Program (SNAP) faces the largest cut in its history under the law. It will, for the first time, require parents to work to qualify for the benefit if their children are 14 or older. But even households with younger children could feel the impact. The law kicks some immigrants -- including those with legal status -- off food assistance. It makes it more difficult for individuals to qualify by changing how it considers their utility bills. SNAP has historically been funded by the federal government, but under the new law, states will have to shoulder some of the financial burden. Cash-strapped governments could decide to implement new requirements that would make it more difficult for people to qualify, said Katie Bergh, a senior policy analyst with the Center on Budget and Policy Priorities. Some states may decide to exit the program altogether. "When young children lose access to that healthy nutrition, it impacts them for the rest of their lives," Bergh said. "This bill fundamentally walks away from a long-standing nationwide commitment to making sure that low-income children in every state can receive the food assistance that they need."
