Millennials are changing the way China thinks about money. Previous generations had contributed to a vaunted savings rate of 50 percent, one of the highest levels globally. But those now aged 18-35 are a bit looser with the purse strings, willing to buy on credit and take loans from family. Chinese millennials are among the most indebted of their peers in Asia, assuming debt 18.5 times their income.
The Syrian army and its allies are in the “final stages” of recapturing the destroyed city of Aleppo. “They either have to surrender or die," Lieutenant General Zaid al-Saleh, head of the government's Aleppo security committee, told reporters in the recaptured Sheikh Saeed district of the city. The Russian Defense Ministry said that since the start of the Aleppo battle, more than 2,200 rebels had surrendered and 100,000 civilians had left areas of the city that were controlled by militants. Meanwhile, Reuters’ Laila Bassam and Tom Perry report that the rebels have received a U.S.-backed proposal to get safe passage out of Aleppo.
It’s going to be an even slower roll into New York soon. Traffic jams could afflict New York City’s heavily traveled West Side Highway for three years as a multibillion-dollar train tunnel is built under the Hudson River, draft proposals obtained exclusively by Reuters show. The tunnel is a marquee component of Amtrak’s $24 billion Gateway Project to repair and expand the heart of the critical and lucrative U.S. northeast transportation corridor. Construction would start in 2019.
A landmark agreement between the European Union and Ukraine that establishes closer political ties and envisages a gradual freeing-up of trade is in jeopardy because of demands that will be made by Dutch representatives. Reuters obtained a draft of remarks due for delivery on Thursday by Dutch Prime Minister Mark Rutte, who is trying to extract himself from a political bind after Dutch voters, concerned about the costs, rejected the so-called association agreement in a referendum in April.
The race is on to grab the hordes fleeing costly cable subscriptions, especially those 18 to 24 who have steeply curtailed their traditional TV viewing in the last six years. Livestreaming upstarts are culling up-to-the-minute data on viewing habits, device usage and even current events to show viewers what they want - maybe before they know themselves. Among the top players already trying to tweak services to create mass appeal: Hulu, Netflix and Sling TV.