Sunday, September 17, 2017

The Most Expensive City for Renters Will Surprise You - Fortune


The Most Expensive City for Renters Will Surprise You
Lucinda Shen
Apr 21, 2016
It's not London, New York, or even the reigning champion over the world's most expensive housing market, Hong Kong.
No—the city with the least affordable rent is Beijing, where rent costs eats up roughly 123% the average salary. Smog included. Although Beijing's nominal monthly rent is $789 on average, the ordinary worker cannot afford to live in typical housing alone, according to the study from U.K.-based nonprofit organization, Global Cities Business Alliance, since rent costs exceed their salary.
The second and third most expensive cities to live in are Abu Dhabi and Hong Kong, where rent is 70% and 64% of earnings respectively. T he organization analyzed rent and income data from 15 major cities.
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“Big cities like Beijing are victims of their own success: Rapid growth has magnetized workers, but they now need to deliver enough houses so that workers enjoy living there,” said Lesley Saville, CEO of the Global Cities Business Alliance in a statement. "Beijing is trying to address the problem with measures such as building new underground lines to unlock housing and by directly funding development, which will help."
In comparison, rent in New York and San Francisco, two cities known for high housing prices, average around 63% or 51% of earnings respectively.
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The rising housing costs have pushed workers in Beijing further into surrounding areas. According to the Alliance, the average Beijing worker commutes 104 minutes, round trip, for their job—making it the city with the second longest commute time behind Mexico City, where employees travel 113 minutes, in the world.
But some citizens have taken less conventional ways to deal with surging housing costs in Beijing. Some have started living in the small windowless basements of apartment buildings, or in one case, the sewers, Reuters reported.
And it's not unwarranted. Housing prices have risen 18% in the 12 months ending March. But there are other problematic implications to the high cost of rent in Beijing. While consumers are spending the majority of their paychecks on rent, they also have far less money to spend on other goods and services, which can't be good for a country trying to stimulate growth and transition to a consumer-based economy.

Mattis has "plenty of options" on North Korea, Nikki Haley says in White House briefing - CBS News


By KATHRYN WATSON CBS NEWS September 15, 2017, 12:32 PM
Mattis has "plenty of options" on North Korea, Nikki Haley says in White House briefing
Last Updated Sep 15, 2017 3:24 PM EDT
Nikki Haley, the U.S. ambassador to the United Nations, said Defense Secretary Jim Mattis has "plenty of options" for addressing North Korea, in light of Pyongyang's latest missile test that launched over Japan and into the Pacific Ocean early Friday.
Haley, in a White House press briefing with reporters Friday, said tough sanctions are in effect against the North Korean regime, and 90 percent of trade has been cut off against North Korea. Haley emphasized the importance of pushing through "as many diplomatic options as we have." But the Pentagon also has options, she said.
Haley briefed reporters alongside National Security Adviser Gen. H.R. McMaster, after the intermediate-range ballistic missile traveled for 19 minutes before landing in the Pacific Ocean, according to South Korea's military. The missile launch is believed to be North Korea's longest yet.
"I have no problem with kicking it to General Mattis because I think he has plenty of options," Haley said.
McMaster also did not rule out military intervention.
"There is a military option," McMaster said.
North Korea test-fires another missile over Japan
McMaster's comments contradict those of former chief Trump strategist Steve Bannon, who recently left the White House to rejoin Breitbart News. Bannon, shortly before his departure, told The American Prospect, "There's no military solution" to North Korea.
Military action is precarious because North Korea could easily strike its southern neighbor and kill potentially millions of people in nearby Seoul.
"There is a consensus among all key nations that denuclearization of the peninsula is the only acceptable objective," McMaster said.
Mr. Trump certainly hasn't closed off the possibility of military action in North Korea. In the past, the president has said the U.S. is "locked and loaded," although he has also said military intervention isn't the preferred route.
On Friday, Mr. Trump — asked if he was running out of diplomatic options for dealing with North Korea — said, "No."
Haley said North Korea will be "front and center" at Mr. Trump's first U.N. General Assembly in New York next week.
In Friday's briefing, McMaster was forced to address an early morning tweet from Mr. Trump, after an explosion at a London train station injured at least 22 people. A London police official has called it a "terrorist incident." Mr. Trump tweeted that the, "sick and demented people" were "in the sights of Scotland Yard," prompting questions about whether Mr. Trump divulged sensitive or even classified information from an earlier call with British Prime Minister Theresa May.
Donald J. Trump @realDonaldTrump
Another attack in London by a loser terrorist.These are sick and demented people who were in the sights of Scotland Yard. Must be proactive!
8:42 PM - Sep 15, 2017
McMaster struggled to directly answer the question, eventually saying he thinks the president was merely saying this kind of attack is what the U.K. and U.S. are trying to prevent.
On the domestic front, White House Press Secretary Sarah Huckabee Sanders said the president will assemble a plan for immigration legislation, including how to handle "Dreamers" affected by the Deferred Action for Childhood Arrivals program, in the next seven to 10 days. The Trump administration earlier this month announced it will be ending the program, and has given Congress six months to find a legislative solution. Earlier this week, Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi said they struck a deal with Trump on DACA and border security that excludes funding for a border wall, although the White House disputed that account.
CBS News' White House Correspondent Mark Knoller contributed to this report.
Updates from earlier below:
1:52 p.m.: Sanders says Trump "is still 100 percent committed to the wall"
White House press secretary Sarah Huckabee Sanders said Mr. Trump "is still 100 percent committed to the wall," after House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer said the president made a deal with them about the Deferred Action for Childhood Arrivals (DACA) program that excludes a border wall.
The White House has pushed back on that message, saying there is no such agreement to exclude a border wall.
Sanders said the president will lay out a plan for a broad immigration bill including DACA in the next seven to 10 days.
1:40 p.m.: "There is a military option," McMaster says of North Korea
Military actions are possible, in light of North Korea's continued missile tests, McMaster said.
"There is a military option," the top general said, adding it's "not what we prefer to do." He pressed for any action, in partnership with other nations, "short of war."
1:39 p.m.: McMaster addresses Trump's call with British prime minister
McMaster was asked what the president meant by an early morning tweet in which he said such "sick and demented people" were "in the sights of Scotland Yard." Mr. Trump spoke with British Prime Minister Theresa May early Friday.
Donald J. Trump @realDonaldTrump
Another attack in London by a loser terrorist.These are sick and demented people who were in the sights of Scotland Yard. Must be proactive!
8:42 PM - Sep 15, 2017
d privacy
"I think what the president was communicating ... Scotland Yard has been a leader as our FBI has been," McMaster said, claiming the president's tweet only meant this kind of attack is what the U.K. and U.S. are trying to prevent.
There was some concern that Mr. Trump was sharing sensitive or even classified information from an ally.
1:34 p.m.: McMaster says U.S. is "out of road" on North Korea
McMaster said the can has been kicked down the road on North Korea, and options are limited.
"We've been kicking the can down the road, and we're out of road," McMaster said.
1:32 p.m.: North Korea will be "front and center" at U.N., Haley says
Haley said North Korea will be a priority issue as the U.N. General Assembly convenes in New York next week.
"There are no shortage of issues, with North Korea being front and center."
Haley said it's important with North Korea to try all the diplomatic approaches at U.S. disposal.
"They continue to be provocative, they continue to be reckless," Haley said, adding that Defense Secretary Jim Mattis now has "plenty of options."
1:29 p.m.: Haley: It's a new day at the U.N.
Haley said it's a "new day" at the U.N., and there are a "lot" of changes happening there, as Mr. Trump prepares for his first appearance at the U.N. General Assembly next week.
"They are all very anxious to hear what he has to say," Haley said of other nations attending the summit.
Vice President Mike Pence will conduct two briefings, one on human rights and another on peacekeeping, Haley said, adding the U.S. has helped save $500 million on peacekeeping efforts.
1:24 p.m.: McMaster: The U.S. stands with the United Kingdom and France
McMaster acknowledged the possible attacks in the U.K. and France, saying the U.S. will stand with its allies against evil.
"The U.S. remains committed to defeating terrorist organizations as well as their evil ideology," McMaster said.

Australia, China Seek to Boost Economic Ties as U.S. Pulls Back - Bloomberg

Australia, China Seek to Boost Economic Ties as U.S. Pulls Back
Bloomberg News
September 16, 2017, 4:41 PM GMT+10
Australian and Chinese officials held talks in Beijing Saturday aimed at tightening trade and economic ties between the two countries, just as the Trump administration increases scrutiny on the trading practices of the world’s biggest exporter.
The two nations worked across “a whole range of issues, starting off first and foremost with our combined commitments to grow our economies but also resisting against protectionism,” Australian Treasurer Scott Morrison told reporters after the meeting. The officials also discussed investment, competition and income policies. China’s capital curbs are not badly affecting Chinese investment in Australia, Morrison said.
Scott Morrison speaks in Beijing on Sept. 16. Photographer: Mark Schiefelbein/AP Photos
Australia is the most China-dependent economy in the developed world and two-way trade between the two countries is worth more than A$155 billion ($124 billion). A large chunk of that is Australian raw materials including iron ore and coal that helped build and fuel the plants at the center of China’s industrialization.
China is now trying to transition from a heavy-industry driven economy to one led by internal consumption and this is showing up in tourism Down Under: some 1.2 million Chinese visitors came to Australia in 2016, compared to just 500 people 40 years earlier.
Yet China has faced a backlash over investment in Australia. Polls show Australians think too much Chinese property buying is allowed Down Under, where buoyant house prices have become a political issue. The government tightened scrutiny of farmland sales to Chinese buyers in 2015, with purchases of at least A$15 million needing to be screened for approval. When it comes to investment in China, Australia is behind, putting more cash into the tiny nation of Papua New Guinea than the world’s second-largest economy.
In a statement ahead of the meeting, Morrison and Trade Minister Steven Ciobo said that Australia and China share an interest in open global trade and investment. The two nations signed a Free Trade Agreement in 2014.
The closeness of the two nations when it comes to trade stands in contrast to the growing tension between the U.S. and China. U.S. Trade Representative Robert Lighthizer last month announced an investigation into China’s practices on intellectual property, technology transfer and innovation.


— With assistance by Tian Chen, and Michael Heath