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HONG KONG — China’s economy expanded at a faster than expected pace in the first three months of the year, helped by policies aimed at stimulating growth and stronger demand, the government said Tuesday.
The world’s second-largest economy expanded at a 5.3% annual pace in January-March, beating analysts’ forecasts of about 4.8%, official data show. Compared to the previous quarter, the economy grew 1.6%.
China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.
The better-than-expected data Tuesday came days after China reported its exports sank 7.5% in March compared to the year before, while imports also weakened. Inflation cooled, reflecting deflationary pressures resulting from slack demand amid a crisis in the property sector.
Industrial output for the first quarter was up 6.1% compared to the same time last year, and retail sales grew at an annual pace of 4.7%. Fixed investment, in factories and equipment, grew 4.5% compared to the same period a year earlier.
The strong growth in January-March was supported by “broad manufacturing outperformance,” festivities-boosted household spending due to the Lunar New Year holidays and policies that helped boost investments, according to China economist Louise Loo of Oxford Economics.
“However, ‘standalone’ March activity indicators suggest weakness coming through post-Lunar New Year,” she said. “External demand conditions also remain unpredictable, as seen in March’s sharp export underperformance.”
Loo noted that an unwinding of excess inventory, normalization of household spending after the holidays and a cautious approach to government spending and other stimulus will affect growth in this quarter.
Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product (GDP) growth target of about 5% for 2024.
Such strong growth usually would push share prices across the region higher. But on Tuesday, Asian shares fell sharply after stocks retreated on Wall Street.
The Shanghai Composite index lost 1.4% and the Hang Seng in Hong Kong lost 1.9%. The benchmark for the smaller market in Shenzhen, in southern China, lost 2.8%.
Stronger growth in the region’s biggest economy normally would be seen as a positive for its neighbors, which increasingly rely on demand from China to power their own economies. However, strong growth figures are also viewed as a signal that the government will hold back on further stimulus.
CHICAGO — Pro-Palestinian demonstrators blocked roadways in Illinois, California, New York and the Pacific Northwest on Monday, temporarily shutting down travel into some of the nation’s most heavily used airports, onto the Golden Gate and Brooklyn bridges and on a busy West Coast highway.
In Chicago, protesters linked arms and blocked lanes of Interstate 190 leading into O’Hare International Airport around 7 a.m. in a demonstration they said was part of a global “economic blockade to free Palestine,” according to Rifqa Falaneh, one of the organizers.
Traffic in the San Francisco Bay Area was snarled for hours as demonstrators shut down all vehicle, pedestrian and bike traffic on the Golden Gate Bridge and chained themselves to 55-gallon drums filled with cement across Interstate 880 in Oakland. Protesters marching into Brooklyn blocked Manhattan-bound traffic on the Brooklyn Bridge. In Eugene, Oregon, protesters blocked Interstate 5, shutting down traffic on the major highway for about 45 minutes.
Protesters say they chose O’Hare in part because it is one of the largest airports. Among other things, they’ve called for an immediate cease-fire in the war between Israel and Hamas.
Anti- war protesters have demonstrated in Chicago near daily since Hamas’ Oct. 7 attack on southern Israel that killed around 1,200 people. Israeli warplanes and ground troops have since conducted a scorched-earth campaign on the Gaza Strip.
The Israeli offensive has killed more than 33,700 Palestinians, according to the Gaza health ministry. The ministry does not differentiate between civilians and combatants in its count but says women and children make up two-thirds of the dead.
O’Hare warned travelers on the social platform X to take alternative forms of transportation with car travel “substantially delayed this morning due to protest activity.”
Some travelers stuck in standstill traffic left their cars and walked the final leg to the airport along the freeway, trailing their luggage behind them.
Among them was Madeline Hannan from suburban Chicago. She was headed to O’Hare for a work trip to Florida when her and her husband’s car ended up stalled for 20 minutes. She got out and “both ran and speed walked” more than 1.6 kilometers (1 mile). She said she made it to the gate on time, but barely.
“This was an inconvenience,” she said in a telephone interview from Florida. “But in the grand scheme of things going on overseas, it’s a minor inconvenience.”
While individual travelers may have been affected, operations at the airport appeared near normal with delays of under 15 minutes, according to the Chicago Department of Aviation.
Inbound traffic toward O’Hare resumed around 9 a.m.
Near Seattle, the Washington State Department of Transportation said a demonstration closed the main road to Seattle-Tacoma International Airport. Social media posts showed people holding a banner and waving Palestinian flags while standing on the highway, which reopened about three hours later.
About 20 protesters were arrested at the Golden Gate Bridge demonstration and traffic resumed shortly after noon, according to the California Highway Patrol. The agency said officers were making arrests at two points on the interstate, including one spot where roughly 300 protesters refused orders to disperse,
“Attempting to block or shut down a freeway or state highway to protest is unlawful, dangerous, and prevents motorists from safely reaching their destinations,” the agency said in a statement.
Oregon State Police said 52 protestors were were arrested for disorderly conduct following the Interstate 5 protest in Eugene, Oregon, about 177 kilometers (110 miles) south of Portland. Six vehicles were towed from the scene.
New York Police made numerous arrests, saying 150 protesters were initially involved in the march around 3:15 p.m., but that number quickly grew. The bridge was fully reopened by 5 p.m.
In Chicago, dozens of protesters were arrested, according to Falaneh. Chicago police said Monday that “multiple people” were taken into custody after a protest where people obstructed traffic, but they did not have a detailed count.
Sarah Stier/Getty Images
- Caitlin Clark showed up to the WNBA Draft dressed in Prada from head to toe.
- According to Business Insider’s calculations, Clark’s outfit costs $16,875 — or about 22% of her first-year WNBA salary.
- More and more luxury brands are investing in sports and athlete partnerships.
Caitlin Clark is going to the WNBA in style, with a little help from Prada.
The 22-year-old was dressed in Prada from head to toe at the WNBA Draft on Monday, where she was selected as the No. 1 pick by Indiana Fever.
Business Insider examined photos of Clark’s outfit and Prada product listings to determine what she wore.
According to the photos, her outfit consisted of an embroidered rhinestone mesh crop top ($3,750) under a boxy satin shirt ($5,500), which she paired with a double satin miniskirt ($1,750) and black brushed leather slingback pumps ($1,200).
A close-up of the satin Prada outfit Clark wore to the WNBA Draft.
Sarah Stier/Getty Images
Clark completed her look with a Prada Galleria patent leather mini bag ($4,100) and a pair of acetate sunglasses ($575).
A composite image of the Prada sunglasses and the patent leather Galleria bag that Clark wore to the WNBA draft.
Sarah Stier/Getty Images
“I love Prada. I think Prada is very me,” Clark told GQ Sports while walking the red carpet prior to the draft. “Prada’s never dressed a WNBA player or an NBA player for the draft, so it’s very fun.”
Stylist Adri Zgirdea Toth told Marie Claire that she coordinated Clark’s look.
“Dressing an athlete for the draft is a first for Prada, and this is obviously a first for Caitlin, too. Both are at the forefront of what they do — it’s almost too perfect,” Toth said.
According to BI’s calculations, Clark’s Prada outfit totals up to $16,875 — or about 22% of her first-year salary in the WNBA.
As the top pick in the draft, Clark is expected to make $76,535 in her first year, per the WNBA rookie pay scale as compiled by Spotrac. This stands in contrast to the No. 1 pick in the NBA, who will earn at least $10 million, per Spotrac.
At the Iowa Hawkeyes, as the NCAA’s all-time leading scorer, Clark’s name, image, and likeness valuation were valued at over $3 million, thanks to deals with Nike, Gatorade, and State Farm.
While it remains to be seen if Prada will offer Clark an official endorsement deal, the Italian luxury house has been increasingly investing in sports and athlete partnerships.
During the 2022 Beijing Winter Olympics, Team USA snowboarder Julia Marino competed with a white and red Prada snowboard from its Linea Rossa Ski fall 2021 collection — a campaign that she also modeled for.
Last year, Women’s Wear Daily reported that Prada would be the official partner of the Chinese women’s national football team, providing them with off-field outfits that comprise a tailored suit with loafers.
And it’s not just Prada that’s vying for a slice of the sports market pie.
LVMH announced last year that it will be sponsoring the upcoming 2024 Olympic games in Paris as a premium partner, tapping into several brands under the group to support the event.
Chaumet, a jewelry brand, will design the games’ medals, while Moët Hennessy wines and spirits will be served as part of the event’s hospitality program.
Representatives for Prada, Clark, and Toth did not immediately respond to requests for comment sent outside regular business hours.
Read the original article on Business Insider
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