International
Mortgage Boycotts Shake Chinese Economy as CCP Haunted by Financial Crisis
Published
6 months agoon
By
Chris Tolve
Videos purporting to show tanks protecting banks against protestors appear to in fact be from an unrelated event.
A Looming Catastrophe
The Chinese government is moving to mitigate a potential financial crisis as hundreds of thousands of home buyers in at least 80 cities have joined a nationwide boycott of mortgages.
Analysts say the protests are affecting 235 property developments in 24 of China’s 31 provinces.
The immediate causes include sinking real estate prices as well as a common practice in the country in which home buyers pay upfront for properties that haven’t been built yet. The practice effectively works as an interest-free loan to the builders, but when property developers default or there are construction delays, the home buyers are left with debt and no physical property to show for it.
Construction delays and unfinished projects have become endemic in China partly because in recent years the government has curbed excessive borrowing by developers, hurting their balance sheets.
Analysts have speculated that the Chinese Communist Party (CCP) fears the political instability that could result from the boycotts, which could then turn into a crisis of confidence for the party.
The boycotts could also push China over the edge of economic crisis by threatening property developers with mass defaults, exposing the banks to billions of dollars in bad debt.
China’s property sector makes up 25-30% of the country’s GDP, and some 70% of household wealth is tied up in property, a far higher proportion than in the United States.
Government censors have reportedly blocked the sharing of information about delays and boycotts online.
In recent days, the government has taken steps to mitigate the crisis, such as reassuring citizens that their homes will be delivered.
The country’s banking regulator ordered lenders to extend credit to developers so they can finish their projects.
Officials are also reportedly considering deferring mortgage payments for home buyers without penalty.
Banks, Tanks, and Frank Misinformation
Bank depositors in central China’s Henan province have been prevented from withdrawing their savings for months as the government says it is investigating fraud, sparking protests from thousands of people.
During one demonstration this month, people were attacked by a violent mob while police stood by, and many have since reported being harassed by authorities.
In one instance, police sent guards in to break up a demonstration, with many getting beaten, thrown to the ground, and dragged onto buses.
“I did not expect them to be so violent and shameless this time,” one person told CNN. “There was no communication, no warning before they brutally dispersed us.”
Videos purporting to show tanks rolling through the streets to crack down on protesting depositors have gone viral, being viewed more than eight million times on Twitter.
🚨🚨🚨🚨Breaking news🚨🚨🚨🚨
— Wall Street Silver (@WallStreetSilv) July 20, 2022
Tanks are being put on the streets in China to protect the banks.
This is because the Henan branch of the Bank of China declaring that people's savings in their branch are now 'investment products' and can't be withdrawn.
🔊sound pic.twitter.com/cwTPjGz84K
more video … pic.twitter.com/y0u5Aiekgq
— Wall Street Silver (@WallStreetSilv) July 21, 2022
Multiple outlets, however, have reported that the footage appears to in fact originate from an unrelated military demonstration on July 27.
Newsweek stated that while it cannot independently verify the video’s source, it appears to have been filmed in a different province.
Henan’s banking regulator said in a statement that it is speeding up the process of addressing customer complaints and moving forward with plans to pay out some customers.
Still, recent events threaten the public’s trust in rural banking, which appears wrought with corruption and weak regulatory oversight.
See what others are saying: (Fortune) (Time) (The New York Times)
International
200 Children Seeking Asylum in the U.K. Are Missing
Published
6 days agoon
January 26, 2023By
Star Pralle
The missing include at least 13 children under the age of 16.
Children Missing From Hotels
There are 200 asylum-seeking children missing from government care in the United Kingdom according to the parliamentary undersecretary of state at the Home Office.
When children are seeking asylum in the U.K. alone or separated from their parents, the government puts them up in hotel rooms for temporary accommodation. They have done so since 2021 and have temporarily accommodated 4,600 children in that time. However, Simon Murray, the parliamentary undersecretary of state at the Home Office, said that 200 of the children placed in those hotels are missing, including at least 13 who are under the age of 16.
In response to this information, a collection of more than 100 charities sent a letter to the Prime Minister demanding the end of the procedure of placing kids in hotels over safety concerns. The letter says that these children are at risk of trafficking and exploitation by staying in these hotels alone.
Other officials have echoed these concerns, claiming these hotels are targets for organized crime where people use these vulnerable children for labor or trafficking.
Parliament Calls Incident “Horrific”
Murray told the House of Lords on Monday that despite the media reports, his department does not know of any kidnapping cases, though they are investigating. He went on to say there are many reasons why children go missing.
However, lawmakers were not appeased by Murray’s assurances. In a later debate, one member of Parliament called the missing cases “horrific” and another said that it was “putting children at risk.” The children’s commissioner for England also reportedly chimed in asking for, quote “assurances on the steps being taken to safeguard the children.”
Murray went on to say that the use of hotels for asylum-seeking children will hopefully be phased out as soon as possible but did not give a timeline.
The nonprofit Refugee Council called on the government in a tweet to spare no expense in the location of these missing kids.
See what others are saying: (Washington Post) (The Guardian) (The Telegraph)
International
100,000 U.K. Nurses Launch Biggest Strike in NHS History
Published
2 months agoon
December 15, 2022By
Chris Tolve
Opposition leader Keir Starmer called the strike “a badge of shame on this government.”
The NHS Grinds to a Halt
Some 100,000 members of the Royal College of Nursing (RCN), the United Kingdom’s largest nursing union, launched a historic 12-hour strike Thursday after the government refused to negotiate on higher pay.
The work stoppage, which spans England, Wales, and Northern Ireland, is only the second in the RCN’s 106-year history and the largest the NHS has ever seen. It marks the breaking point for many underpaid nurses and the culmination of a years-long decline in the NHS’s quality of care, put under increasing stress by severe staffing shortages.
Although most NHS staff in England and Wales received a pay rise of around £1,400 this year, worth about 4% on average for nurses, they say it has not kept up with inflation as Britain plunges deeper into a cost-of-living crisis.
When inflation is accounted for, nurses’ pay dropped 1.2% every year from 2010 to 2017, according to the Health Foundation.
Meanwhile, the number of patients waiting for care has reached a record 7.2 million in England, or over one in eight residents, more than double what it was seven years ago.
In July, the cross-party Commons Health and Social Care Select Committee estimated the staffing shortfall could be as high as 50,000 nurses and 12,000 doctors, what one MP called the “greatest workforce crisis in history.”
Many nurses argue that boosting pay will help hospitals recruit more staff.
The RCN demanded a pay raise 5% above the retail rate of inflation, which amounts to a 19% increase, but both Prime Minister Rishi Sunak and the government’s health secretary have claimed that’s not affordable.
During Thursday’s strike, partial staffing continued to remain open for urgent care such as chemotherapy, kidney dialysis, and children’s accident and neonatal units.
Sunak and Starmer Brawl in Parliament
Labor leader Keir Starmer grilled Sunak during Wednesday’s Prime Minister’s Questions (PMQs) on the upcoming strike.
“Tomorrow will be the first-ever nationwide nurse’s strike,” he said. “All the Prime Minister has to do to stop that is to open the door and discuss pay with them. If he did, the whole country would breathe a sigh of relief. Why won’t he?”
“We have consistently spoken to all the unions involved in all the pay disputes that there are,” Sunak replied. “Last year, when everyone else in the public sector had a public sector pay freeze, the nurses received a three-percent pay rise.”
Starmer fired back: “Nurses going on strike is a badge of shame for this government. Instead of showing leadership, he’s playing games with people’s health.”
Sunak called Starmer’s demand that he reopen negotiations with the RCN “just simply a political formula for avoiding taking a position on this issue.”
“If he thinks the strikes are wrong, he should say so,” Sunak said. “If he thinks it’s right that pay demands of nineteen percent are met, then he should say so. What’s weak, Mr. Speaker, is he’s not strong enough to stand up to the union.”
While Starmer has called on Sunak to negotiate with the RCN, he has not explicitly backed the 19% pay raise himself.
Unless the government returns to the bargaining table, the RCN plans to launch a second round of strikes on Dec. 20 to be followed by ambulance strikes that Wednesday and the next.
If the government still refuses to budge, the union said in a statement that nurses will strike for longer periods in more places starting in January, disrupting more health services.
Other industries are also set to see work stoppages this month, including workers on railways, buses, highways, and borders, as well as teachers, postal workers, baggage handlers, and paramedics.
See what others are saying: (BBC) (CNN) (The Guardian)
International
Fortnite Developer Sued By Parents for Making the Game as “Addictive as Possible”
Published
2 months agoon
December 15, 2022By
Star Pralle
One child mentioned in the lawsuit played over 7,700 rounds of Fortnite in two years.
Epic Games Sued
A Quebec City judge recently approved a 2019 class-action lawsuit accusing Fortnite developer Epic Games of deliberately making Fortnite addictive.
The parents who brought forward the lawsuit claim their children have become so obsessed with the game that in some cases, they’ve stopped eating, showering, or socializing. The lawsuit claims that these kids have played thousands of games since Fortnite’s release in 2017. In one example, a teenager played over 7,700 games in less than two years.
If the lawsuit succeeds, players addicted to Fortnite living in Quebec since September 2017 could receive compensation. The plaintiff’s attorney, Philippe Caron, reports that over 200 parents outside the lawsuit have reached out to him, saying their child’s well-being has diminished since downloading Fortnite. He told The Washington Post that they are very confident about their case.
Epic Games Responds
“We plan to fight this in court,” Natalie Munoz, a spokesperson for Epic Games said to The Post, “We believe the evidence will show that this case is meritless.”
Munoz also said that Fortnite does allow parents to supervise their child’s playtime and require permission for purchases.
The parents involved in the lawsuit are claiming that they were not aware of the dangers playing Fortnite could pose for their children.
“If she had been informed by the defendants of the risks and dangers associated with the use of FORTNITE,” the lawsuit says of one guardian. “She would have categorically refused to allow the game to be downloaded.”
See what others are saying: (BBC) (The Washington Post) (Deadline)

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