Chinese cities call for bids to dismantle makeshift Covid hospitals and recycle materials
By Vanessa Cai
Several Chinese cities have opened the bidding for firms to tear down makeshift hospitals built quickly during the Covid-19 pandemic, according to domestic media outlet Caixin.
Local authorities have been working to remove the facilities, with materials and equipment up for auction since last year, according to Caixin which cited public resource trading platforms.
The former makeshift hospitals, known as fangcang, to be removed are mostly those assembled from containers and placed in suburbs. Local authorities, supported mainly by government funds, aim to recycle materials and equipment from the facilities.
Under China’s zero-Covid policy, a large number of temporary hospitals were set up to achieve Beijing’s goal of accommodating all Covid-19 patients, regardless of how severe their symptoms were. In late 2022, mandatory quarantine requirements were lifted and makeshift hospitals across the country were left empty.
Domestic media reports have noted that dealing with these temporary buildings has been a “difficult problem to solve” for local governments. Over the past two years, hundreds of makeshift hospitals have been transformed, with some becoming official medical facilities and others dismantled.
According to the Caixin report, the bidding documents show that some cities require contractors to carry out protective dismantling of reusable materials and equipment before transferring some of the materials to government departments that will coordinate their recycling by state-owned enterprises.
Other cities say the materials belong to the winning bidder that dismantles the buildings and restores the site.
In a case in Dongguan in southern China’s Guangdong province, a local recycling company this month won the bid to dispose of a facility’s electrical cables for about 5.9 million yuan (US$815,000).
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By Vanessa Cai
Several Chinese cities have opened the bidding for firms to tear down makeshift hospitals built quickly during the Covid-19 pandemic, according to domestic media outlet Caixin.
Local authorities have been working to remove the facilities, with materials and equipment up for auction since last year, according to Caixin which cited public resource trading platforms.
The former makeshift hospitals, known as fangcang, to be removed are mostly those assembled from containers and placed in suburbs. Local authorities, supported mainly by government funds, aim to recycle materials and equipment from the facilities.
Under China’s zero-Covid policy, a large number of temporary hospitals were set up to achieve Beijing’s goal of accommodating all Covid-19 patients, regardless of how severe their symptoms were. In late 2022, mandatory quarantine requirements were lifted and makeshift hospitals across the country were left empty.
Domestic media reports have noted that dealing with these temporary buildings has been a “difficult problem to solve” for local governments. Over the past two years, hundreds of makeshift hospitals have been transformed, with some becoming official medical facilities and others dismantled.
According to the Caixin report, the bidding documents show that some cities require contractors to carry out protective dismantling of reusable materials and equipment before transferring some of the materials to government departments that will coordinate their recycling by state-owned enterprises.
Other cities say the materials belong to the winning bidder that dismantles the buildings and restores the site.
In a case in Dongguan in southern China’s Guangdong province, a local recycling company this month won the bid to dispose of a facility’s electrical cables for about 5.9 million yuan (US$815,000).
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South Korean firms axe ads with actor Kim Soo-hyun over underage dating scandal
韩国企业纷纷撤下由金秀贤代言的广告，此前金秀贤的经纪公司否认了他与已故女演员在未成年时期的关系。 这位明星的争议事件导致其商业合作受到严重影响。
CJ集团旗下的烘焙连锁店Tous Les Jours宣布已终止与金秀贤的合约，并删除了所有包含金秀贤的社交媒体帖子和线下宣传物。此外，拥有超过一千万会员的折扣零售连锁店Homeplus也加入了取消合作的行列。金秀贤与Tous Les Jours的合作始于2012年，中断后于去年九月再次签约，但如今已提前结束。
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韩国企业纷纷撤下由金秀贤代言的广告，此前金秀贤的经纪公司否认了他与已故女演员在未成年时期的关系。 这位明星的争议事件导致其商业合作受到严重影响。
CJ集团旗下的烘焙连锁店Tous Les Jours宣布已终止与金秀贤的合约，并删除了所有包含金秀贤的社交媒体帖子和线下宣传物。此外，拥有超过一千万会员的折扣零售连锁店Homeplus也加入了取消合作的行列。金秀贤与Tous Les Jours的合作始于2012年，中断后于去年九月再次签约，但如今已提前结束。
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Hong Kong arrivals rise 7% to 8.4 million in first 2 months of 2025
香港旅游发展局周五表示，今年前两个月香港共接待了840万游客，比2024年同期增长7%。其中，非中国内地市场的增长势头强劲，游客人数激增20%，而中国内地游客人数同比增长4%。
尽管如此，中国内地游客人数仍达到650万，占前两个月游客总数的77.2%，其中包括农历新年假期。在非内地市场中，短途市场的游客人数增长最为显著，增长了26%，达到113万。来自东南亚国家（包括菲律宾和印度尼西亚）以及日本和韩国的游客数量均同比增长超过30%。在长途市场中，澳大利亚的游客人数也出现了强劲增长，增幅达34%。
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香港旅游发展局周五表示，今年前两个月香港共接待了840万游客，比2024年同期增长7%。其中，非中国内地市场的增长势头强劲，游客人数激增20%，而中国内地游客人数同比增长4%。
尽管如此，中国内地游客人数仍达到650万，占前两个月游客总数的77.2%，其中包括农历新年假期。在非内地市场中，短途市场的游客人数增长最为显著，增长了26%，达到113万。来自东南亚国家（包括菲律宾和印度尼西亚）以及日本和韩国的游客数量均同比增长超过30%。在长途市场中，澳大利亚的游客人数也出现了强劲增长，增幅达34%。
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5 celebrity cats amaze fans – Thai chic model, China ‘badass’ feline, Hawaii surfing kitty
一只在泰国曼谷夜市走红的黄色虎斑猫Je Phil成为了当地的“网红”。它因能驾驭各种时尚造型而备受欢迎，无论是中国戏曲服装、孙悟空装扮，还是配有假发和闪亮项链的时髦套装，都能展现出一种毫不费力的酷劲。
据Doggystep宠物店的主人透露，这只猫是在不到两个月大的时候被遗弃在街头的。现在，Je Phil就像一个优雅的时尚模特，经常耐心地与游客合影，享受着作为“网红”猫的生活。
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一只在泰国曼谷夜市走红的黄色虎斑猫Je Phil成为了当地的“网红”。它因能驾驭各种时尚造型而备受欢迎，无论是中国戏曲服装、孙悟空装扮，还是配有假发和闪亮项链的时髦套装，都能展现出一种毫不费力的酷劲。
据Doggystep宠物店的主人透露，这只猫是在不到两个月大的时候被遗弃在街头的。现在，Je Phil就像一个优雅的时尚模特，经常耐心地与游客合影，享受着作为“网红”猫的生活。
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US and Israel look to Africa for resettling Palestinians uprooted from war-torn Gaza
The US and Israel have reportedly contacted officials in Sudan, Somalia, and Somaliland to discuss potentially resettling Palestinians displaced from Gaza, according to American and Israeli officials. This initiative is part of a post-war plan proposed by Donald Trump, which envisions relocating Gaza's population, raising significant legal and ethical concerns.
While Sudanese officials claim to have rejected these overtures, officials in Somalia and Somaliland stated they were unaware of any such contacts. Trump's plan involves permanently relocating Gaza's over 2 million residents and developing the territory as a real estate project. This concept, once considered extreme, has gained traction, with Israeli Prime Minister Benjamin Netanyahu praising it as a "bold vision," despite widespread condemnation and questions about the suitability of the proposed resettlement locations.
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The US and Israel have reportedly contacted officials in Sudan, Somalia, and Somaliland to discuss potentially resettling Palestinians displaced from Gaza, according to American and Israeli officials. This initiative is part of a post-war plan proposed by Donald Trump, which envisions relocating Gaza's population, raising significant legal and ethical concerns.
While Sudanese officials claim to have rejected these overtures, officials in Somalia and Somaliland stated they were unaware of any such contacts. Trump's plan involves permanently relocating Gaza's over 2 million residents and developing the territory as a real estate project. This concept, once considered extreme, has gained traction, with Israeli Prime Minister Benjamin Netanyahu praising it as a "bold vision," despite widespread condemnation and questions about the suitability of the proposed resettlement locations.
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AIA posts record 2024 earnings as new business in Hong Kong, Southeast Asia surges
AIA Group, the largest insurer in the Asia-Pacific region, reported record earnings for last year, driven by strong demand from mainland Chinese visitors seeking higher investment returns in Hong Kong. Net profit soared 82% to US$6.84 billion, surpassing market expectations and marking the highest profit since its 2010 listing. The company also announced a new US$1.6 billion share buy-back program, adding to the US$12 billion already completed in February.
CEO Lee Yuan Siong expressed confidence in AIA's long-term prospects, citing the company's strategic positioning to capitalize on growth opportunities in the life and health insurance market. The value of new business (VONB) rose 18% to a record US$4.71 billion in 2024, with Hong Kong and mainland China contributing significantly, accounting for 63% of new businesses. Despite the positive results, AIA's shares experienced a slight dip following the announcement.
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AIA Group, the largest insurer in the Asia-Pacific region, reported record earnings for last year, driven by strong demand from mainland Chinese visitors seeking higher investment returns in Hong Kong. Net profit soared 82% to US$6.84 billion, surpassing market expectations and marking the highest profit since its 2010 listing. The company also announced a new US$1.6 billion share buy-back program, adding to the US$12 billion already completed in February.
CEO Lee Yuan Siong expressed confidence in AIA's long-term prospects, citing the company's strategic positioning to capitalize on growth opportunities in the life and health insurance market. The value of new business (VONB) rose 18% to a record US$4.71 billion in 2024, with Hong Kong and mainland China contributing significantly, accounting for 63% of new businesses. Despite the positive results, AIA's shares experienced a slight dip following the announcement.
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Humidity drops visibility below 3km as Hong Kong braces for cold snap
香港预计在周五和周六能见度较低，同时本周五将出现罕见的“血月”现象，但由于时间关系，香港可能无法观测到。这是由于潮湿的东风气流影响，加上周末将有冷锋过境。
香港天文台表示，潮湿的气流正在影响广东沿海地区，导致能见度降低。此外，影响华南地区的低压槽预计将发展成冷锋，并在周六向南移动至沿海地区，届时香港气温或将进一步下降。
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香港预计在周五和周六能见度较低，同时本周五将出现罕见的“血月”现象，但由于时间关系，香港可能无法观测到。这是由于潮湿的东风气流影响，加上周末将有冷锋过境。
香港天文台表示，潮湿的气流正在影响广东沿海地区，导致能见度降低。此外，影响华南地区的低压槽预计将发展成冷锋，并在周六向南移动至沿海地区，届时香港气温或将进一步下降。
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South Korea says Air Busan fire possibly caused by spare power bank
韩国交通部周五表示，今年1月釜山航空飞机起火的原因可能是一个备用充电宝。初步调查结果显示，在首次发现火灾的地方发现的充电宝残骸上有烧焦的痕迹，表明火灾可能是由于电池内部绝缘层破裂引起的。
声明称，调查人员目前还无法确定导致绝缘层破裂的原因。笔记本电脑、手机、电子烟和充电宝等设备中的锂电池，当制造缺陷或损坏导致短路时，会产生烟雾、火灾或极端高温。声明还表示，尚未发现飞机自身电气系统存在异常。
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韩国交通部周五表示，今年1月釜山航空飞机起火的原因可能是一个备用充电宝。初步调查结果显示，在首次发现火灾的地方发现的充电宝残骸上有烧焦的痕迹，表明火灾可能是由于电池内部绝缘层破裂引起的。
声明称，调查人员目前还无法确定导致绝缘层破裂的原因。笔记本电脑、手机、电子烟和充电宝等设备中的锂电池，当制造缺陷或损坏导致短路时，会产生烟雾、火灾或极端高温。声明还表示，尚未发现飞机自身电气系统存在异常。
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China-Europe rail link woes, Trump’s unlikely online star: SCMP’s 7 highlights
China's leaders have pledged support for the China-Europe Railway Express, a key symbol of the Belt and Road Initiative, despite a recent decline in traffic. This overland freight link represents Beijing's vision of recreating the ancient Silk Road, aiming to boost trade and connectivity across Eurasia.
In other news, nuclear physicist Liu Chang, whose research is vital for achieving fusion energy, has left Princeton University to join Peking University in Beijing. Additionally, top Chinese official Zhao Leji has returned to public life after a period of absence due to illness, marking a rare instance where a Politburo Standing Committee member missed the closing of the National People's Congress.
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China's leaders have pledged support for the China-Europe Railway Express, a key symbol of the Belt and Road Initiative, despite a recent decline in traffic. This overland freight link represents Beijing's vision of recreating the ancient Silk Road, aiming to boost trade and connectivity across Eurasia.
In other news, nuclear physicist Liu Chang, whose research is vital for achieving fusion energy, has left Princeton University to join Peking University in Beijing. Additionally, top Chinese official Zhao Leji has returned to public life after a period of absence due to illness, marking a rare instance where a Politburo Standing Committee member missed the closing of the National People's Congress.
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Indonesia’s energy transition in doubt as US pulls out of US$20 billion coal phase-out plan
美国退出一项旨在帮助印度尼西亚摆脱煤炭依赖的数十亿美元计划，这可能会削弱该国的能源转型目标。分析人士认为，考虑到雅加达在履行气候承诺方面的政治意愿薄弱，美国的退出将带来不利影响。这项名为“公正能源转型伙伴关系”（JETP）的计划最初于2021年联合国气候变化大会上公布，旨在帮助发展中国家过渡到更清洁的能源。
印度尼西亚、越南、南非和塞内加尔最初被宣布为受益国，将获得贷款、金融担保和赠款以支持逐步淘汰煤炭。该伙伴关系的资金来自美国和其他发达国家的公共和私人贷款机构，包括日本、七国集团成员国、挪威、丹麦和欧盟。此前，承诺向印度尼西亚提供约200亿美元，帮助这个亚洲最大的污染国之一摆脱化石燃料。而越南则获得了155亿美元的一揽子计划。
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美国退出一项旨在帮助印度尼西亚摆脱煤炭依赖的数十亿美元计划，这可能会削弱该国的能源转型目标。分析人士认为，考虑到雅加达在履行气候承诺方面的政治意愿薄弱，美国的退出将带来不利影响。这项名为“公正能源转型伙伴关系”（JETP）的计划最初于2021年联合国气候变化大会上公布，旨在帮助发展中国家过渡到更清洁的能源。
印度尼西亚、越南、南非和塞内加尔最初被宣布为受益国，将获得贷款、金融担保和赠款以支持逐步淘汰煤炭。该伙伴关系的资金来自美国和其他发达国家的公共和私人贷款机构，包括日本、七国集团成员国、挪威、丹麦和欧盟。此前，承诺向印度尼西亚提供约200亿美元，帮助这个亚洲最大的污染国之一摆脱化石燃料。而越南则获得了155亿美元的一揽子计划。
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Chinese scientists create world’s first 3D-printed male sex organ for ED treatment
Chinese researchers have achieved a breakthrough in treating erectile dysfunction (ED) using 3D-printed penile implants. The innovative implant system, created with hydrogel-based bioinks, mimics the natural erectile tissue and has shown promising results in animal trials.
The study, published in Nature Biomedical Engineering, demonstrated that all animal models (pigs and rabbits) receiving the implant experienced a full restoration of erectile function. Reproductive success rates increased dramatically from 25% in the control group to 100% in the treatment group, indicating a significant improvement. This advancement offers a potential therapeutic solution for the surprisingly common condition of ED, which affects over 40% of men aged 40 and above.
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Chinese researchers have achieved a breakthrough in treating erectile dysfunction (ED) using 3D-printed penile implants. The innovative implant system, created with hydrogel-based bioinks, mimics the natural erectile tissue and has shown promising results in animal trials.
The study, published in Nature Biomedical Engineering, demonstrated that all animal models (pigs and rabbits) receiving the implant experienced a full restoration of erectile function. Reproductive success rates increased dramatically from 25% in the control group to 100% in the treatment group, indicating a significant improvement. This advancement offers a potential therapeutic solution for the surprisingly common condition of ED, which affects over 40% of men aged 40 and above.
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Malaysian reporter acclaimed for migrant syndicate stories denies bribe-taking
Malaysian reporter B. Nantha Kumar has pleaded not guilty to bribery charges after being arrested in a hotel raid related to an investigation into a migrant-trafficking syndicate. The senior reporter at Malaysiakini is accused of soliciting and accepting a 20,000 ringgit (US$4,500) bribe to drop stories about the syndicate operating at Kuala Lumpur International Airport.
The case has sparked shock in Malaysia, where Nantha Kumar was known for his investigations into migrant labor syndicates. He claims he was entrapped, stating that alleged traffickers repeatedly offered him bribes which he did not solicit. Malaysia has struggled with trafficking and corruption issues related to migrant workers, with the Kuala Lumpur airport previously linked to scandals involving fake job offers and illegal labor.
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Malaysian reporter B. Nantha Kumar has pleaded not guilty to bribery charges after being arrested in a hotel raid related to an investigation into a migrant-trafficking syndicate. The senior reporter at Malaysiakini is accused of soliciting and accepting a 20,000 ringgit (US$4,500) bribe to drop stories about the syndicate operating at Kuala Lumpur International Airport.
The case has sparked shock in Malaysia, where Nantha Kumar was known for his investigations into migrant labor syndicates. He claims he was entrapped, stating that alleged traffickers repeatedly offered him bribes which he did not solicit. Malaysia has struggled with trafficking and corruption issues related to migrant workers, with the Kuala Lumpur airport previously linked to scandals involving fake job offers and illegal labor.
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K-drama actress Seo Yea-ji denies she dated Kim Soo-hyun, says rumours making her ‘fed up’
Actress Seo Yea-ji has denied rumors of an affair with actor Kim Soo-hyun, stating she has "no connection to him or his cousin." Seo addressed the speculation in a post to her online fan community, expressing her frustration and exhaustion with the ongoing rumors.
The denial comes after an internet user questioned Seo about a supposed affair with Kim while he was allegedly in a relationship with actress Kim Sae-ron. Seo was previously with Gold Medalist, the agency co-founded by Kim Soo-hyun and his cousin. The rumors circulated following claims from YouTube channel Hoverlab, adding to the controversy surrounding Kim Soo-hyun's personal life.
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Actress Seo Yea-ji has denied rumors of an affair with actor Kim Soo-hyun, stating she has "no connection to him or his cousin." Seo addressed the speculation in a post to her online fan community, expressing her frustration and exhaustion with the ongoing rumors.
The denial comes after an internet user questioned Seo about a supposed affair with Kim while he was allegedly in a relationship with actress Kim Sae-ron. Seo was previously with Gold Medalist, the agency co-founded by Kim Soo-hyun and his cousin. The rumors circulated following claims from YouTube channel Hoverlab, adding to the controversy surrounding Kim Soo-hyun's personal life.
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US man rescued from burning home describes cruelty during 20 years of captivity
A Connecticut man was rescued from a house fire and revealed he had been held captive by his father and stepmother for 20 years, enduring extreme cruelty and starvation. According to an arrest warrant, the man's ordeal began around age 11, when he was confined to a room with limited food, water, and no access to a bathroom, heat, or air conditioning.
The man detailed how he managed basic hygiene with limited resources and suffered from dental problems due to neglect. His captivity ended when he deliberately set fire to the house on February 17, seeking rescue and subsequently sharing his story with authorities. The stepmother, Kimberly Sullivan, has been arrested and charged with kidnapping and cruelty, while police are investigating how the abuse went unnoticed for so long, including reviewing school and child welfare records.
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A Connecticut man was rescued from a house fire and revealed he had been held captive by his father and stepmother for 20 years, enduring extreme cruelty and starvation. According to an arrest warrant, the man's ordeal began around age 11, when he was confined to a room with limited food, water, and no access to a bathroom, heat, or air conditioning.
The man detailed how he managed basic hygiene with limited resources and suffered from dental problems due to neglect. His captivity ended when he deliberately set fire to the house on February 17, seeking rescue and subsequently sharing his story with authorities. The stepmother, Kimberly Sullivan, has been arrested and charged with kidnapping and cruelty, while police are investigating how the abuse went unnoticed for so long, including reviewing school and child welfare records.
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Hong Kong sets up task force after gastroenteritis outbreak on mainland study trips
Hong Kong authorities have formed a task force to address a recent gastroenteritis outbreak affecting students who participated in exchange tours to mainland China. Education Minister Christine Choi Yuk-lin announced the move, emphasizing the importance of enhanced safety protocols and preventative measures against infectious diseases during these trips.
The outbreak has affected at least 92 students from seven schools who traveled to Huangshan and Shaoguan in February and March. While initial investigations haven't linked the illness to tour group diets, the Education Bureau suspects interpersonal contact or exposure to vomit as likely transmission routes. The task force will work closely with mainland departments to optimize tour arrangements, and schools are urged to prioritize student safety by implementing health protection measures and staying informed about global epidemiology, particularly the increased norovirus activity this year.
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Hong Kong authorities have formed a task force to address a recent gastroenteritis outbreak affecting students who participated in exchange tours to mainland China. Education Minister Christine Choi Yuk-lin announced the move, emphasizing the importance of enhanced safety protocols and preventative measures against infectious diseases during these trips.
The outbreak has affected at least 92 students from seven schools who traveled to Huangshan and Shaoguan in February and March. While initial investigations haven't linked the illness to tour group diets, the Education Bureau suspects interpersonal contact or exposure to vomit as likely transmission routes. The task force will work closely with mainland departments to optimize tour arrangements, and schools are urged to prioritize student safety by implementing health protection measures and staying informed about global epidemiology, particularly the increased norovirus activity this year.
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OpenAI asks US for relief from AI rules to compete with Chinese firms
OpenAI is urging the Trump administration to offer AI companies protection from increasing state regulations in exchange for voluntarily sharing their AI models with the federal government. The company argues that the numerous AI-related bills pending across the US could hinder technological advancement, particularly in the face of growing competition from China.
In a 15-page policy proposal, OpenAI suggests that the administration consider providing regulatory relief to both large and small AI companies that agree to share their models. This recommendation was part of OpenAI's response to a White House request for public input as the administration develops a new policy aimed at securing US leadership in AI, following President Trump's rescission of the previous administration's executive order on AI.
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OpenAI is urging the Trump administration to offer AI companies protection from increasing state regulations in exchange for voluntarily sharing their AI models with the federal government. The company argues that the numerous AI-related bills pending across the US could hinder technological advancement, particularly in the face of growing competition from China.
In a 15-page policy proposal, OpenAI suggests that the administration consider providing regulatory relief to both large and small AI companies that agree to share their models. This recommendation was part of OpenAI's response to a White House request for public input as the administration develops a new policy aimed at securing US leadership in AI, following President Trump's rescission of the previous administration's executive order on AI.
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Mexican cartel mystery: hundreds of shoes, charred bones at possible killing site
Recent discoveries at a ranch in Jalisco, Mexico, have sparked outrage even in a country accustomed to violence, revealing potential evidence of a drug cartel training camp and mass atrocities. The site contained hundreds of discarded personal items, charred bones, and weapons paraphernalia, suggesting it was used for heinous activities.
The ranch also held chilling artifacts like a notebook with coded nicknames possibly belonging to former captives, a farewell letter hinting at a grim fate, and a shrine to Santa Muerte, a folk saint often linked to Mexican organized crime. Search groups looking for missing persons unearthed these disturbing findings, highlighting the scale of Mexico's "disappeared" and the brutal realities faced by those seeking answers.
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Recent discoveries at a ranch in Jalisco, Mexico, have sparked outrage even in a country accustomed to violence, revealing potential evidence of a drug cartel training camp and mass atrocities. The site contained hundreds of discarded personal items, charred bones, and weapons paraphernalia, suggesting it was used for heinous activities.
The ranch also held chilling artifacts like a notebook with coded nicknames possibly belonging to former captives, a farewell letter hinting at a grim fate, and a shrine to Santa Muerte, a folk saint often linked to Mexican organized crime. Search groups looking for missing persons unearthed these disturbing findings, highlighting the scale of Mexico's "disappeared" and the brutal realities faced by those seeking answers.
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Australia boosts military firepower with anti-ship missiles after China naval drill
Australia is accelerating the deployment of long-range missiles in response to China's growing naval presence near its coast. This move aims to bolster Australia's military firepower and protect its maritime approaches with advanced anti-ship missiles and targeting radar for its army.
The decision to enhance Australia's defense capabilities follows a recent deployment of Chinese warships near major Australian cities, highlighting Beijing's increasing naval strength. Australia is currently evaluating two types of advanced anti-ship missiles, including Lockheed Martin's Precision Strike Missile, which is expected to have a range of up to 1,000km and be fired from HIMARS launchers, with the goal of having these systems in service by 2026-27. The increased range and precision are designed to counter potential threats and ensure maritime security in the region.
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Australia is accelerating the deployment of long-range missiles in response to China's growing naval presence near its coast. This move aims to bolster Australia's military firepower and protect its maritime approaches with advanced anti-ship missiles and targeting radar for its army.
The decision to enhance Australia's defense capabilities follows a recent deployment of Chinese warships near major Australian cities, highlighting Beijing's increasing naval strength. Australia is currently evaluating two types of advanced anti-ship missiles, including Lockheed Martin's Precision Strike Missile, which is expected to have a range of up to 1,000km and be fired from HIMARS launchers, with the goal of having these systems in service by 2026-27. The increased range and precision are designed to counter potential threats and ensure maritime security in the region.
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Why Asia should look for new renewable energy partners after US pull-out
Asia faces a critical juncture in its clean energy transition as the US retreats from climate finance initiatives and fossil fuel prices decline. This situation presents Asian nations with a choice between pursuing short-term economic gains by relying on cheaper, carbon-emitting fuels or doubling down on their commitment to a clean-energy future, potentially requiring the forging of new partnerships.
The US withdrawal from the Just Energy Transition Partnership (JETP) has created uncertainty for energy-hungry Asian countries already grappling with intensifying climate threats. Simultaneously, the price of Brent crude oil has plummeted, and potential resolutions to the Ukraine-Russia war could further increase the availability of cheap oil. While natural gas supplies may experience shortages in the short term, projections indicate an oversupply by 2027, potentially enticing Asian nations to delay their clean energy programs in favor of readily available fossil fuels.
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Asia faces a critical juncture in its clean energy transition as the US retreats from climate finance initiatives and fossil fuel prices decline. This situation presents Asian nations with a choice between pursuing short-term economic gains by relying on cheaper, carbon-emitting fuels or doubling down on their commitment to a clean-energy future, potentially requiring the forging of new partnerships.
The US withdrawal from the Just Energy Transition Partnership (JETP) has created uncertainty for energy-hungry Asian countries already grappling with intensifying climate threats. Simultaneously, the price of Brent crude oil has plummeted, and potential resolutions to the Ukraine-Russia war could further increase the availability of cheap oil. While natural gas supplies may experience shortages in the short term, projections indicate an oversupply by 2027, potentially enticing Asian nations to delay their clean energy programs in favor of readily available fossil fuels.
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China’s central bank to create ‘more tools’ to shore up economy
China's central bank, the People's Bank of China (PBOC), is exploring new "structural tools" to bolster innovation, domestic consumption, and exports, aiming to navigate economic challenges amid global uncertainty. PBOC Governor Pan Gongsheng reaffirmed the bank's commitment to lowering interest rates and the reserve requirement ratio (RRR) for commercial banks to stimulate economic growth. The bank also intends to maintain the yuan's stability and manage financial risks stemming from external tariff pressures.
The PBOC plans to utilize various monetary policy tools, including open market operations, to ensure sufficient liquidity and align money supply and social financing growth with economic and inflation objectives. While the specifics of the new "structural tools" remain unclear, the PBOC has increasingly relied on relending tools in recent years to support specific sectors of the Chinese economy. For example, the PBOC recently announced a plan to double its relending facility for the technology sector to 1 trillion yuan (US$138 billion).
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China's central bank, the People's Bank of China (PBOC), is exploring new "structural tools" to bolster innovation, domestic consumption, and exports, aiming to navigate economic challenges amid global uncertainty. PBOC Governor Pan Gongsheng reaffirmed the bank's commitment to lowering interest rates and the reserve requirement ratio (RRR) for commercial banks to stimulate economic growth. The bank also intends to maintain the yuan's stability and manage financial risks stemming from external tariff pressures.
The PBOC plans to utilize various monetary policy tools, including open market operations, to ensure sufficient liquidity and align money supply and social financing growth with economic and inflation objectives. While the specifics of the new "structural tools" remain unclear, the PBOC has increasingly relied on relending tools in recent years to support specific sectors of the Chinese economy. For example, the PBOC recently announced a plan to double its relending facility for the technology sector to 1 trillion yuan (US$138 billion).
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