China Caixin services PMI hits 7-month high

BEIJING–Growth in China’s service sector activity accelerated to a seven-month high in November, flashing another positive sign about the shape of the world’s second-largest economy.

The Caixin China services purchasing managers index rose to 53.5 in November from 51.1 in October, Caixin Media Co. and researcher Markit said Wednesday. The gauge continued to stay above 50 mark separating activity expansion from contraction.

In the service sector, new business expanded solidly overall and the amount of new orders received from abroad recorded a steep, accelerated rise last month, said Caixin.

The measure for prices charged by service companies rose marginally, but the reading for input costs edged down, indicating greater company profitability, Caixin said.

"China’s economy continued to recover in November, as domestic and foreign demand both improved," said Zhengsheng Zhong, director of Macroeconomic Analysis at CEBM Group.

PMIs in manufacturing and services both improved in November, according to both official and Caixin gauges. But Mr. Zhong said business confidence remained subdued given uncertainties in the China-U.S. trade conflict.

"The trade dispute is the major reason behind the slowing economic growth this year and will become a key factor affecting the stabilization and recovery of China’s economy next year," he said.

–Grace Zhu

Google Co-founders Step Down; Sundar Pichai Named CEO Of Alphabet

Google co-founders Larry Page and Sergey Brin stepped down from their executive roles at its parent company Alphabet Inc. Google chief executive officer Sundar Pichai will take over as CEO of the parent company in addition to his current role.

The co-founders will leave their respective roles as Alphabet’s CEO and president but will remain on the company’s board.

The co-founders said they would remain “actively involved as board members, shareholders and co-founders” but added it was the “natural time to simplify our management structure”.

“We’ve never been ones to hold on to management roles when we think there’s a better way to run the company. And Alphabet and Google no longer need two CEOs and a President,” a joint letter from the the co-founders said.

Pichai said, “I’m excited about Alphabet and its long term focus on tackling big challenges through technology. I’m looking forward to continuing to work with Larry and Sergey in our new roles.”

In 2015, Google reorganized into the Alphabet holding company. Larry Page was named as CEO of Alphabet, and Sergey Brin as President. Pichai was appointed as CEO of Google.

Page and Brin founded Google in a California garage in 1998. Page served as the first CEO before the company brought on Eric Schmidt to led the company from 2001 to 2011. Page returned as CEO in 2011.

Congress passes bill condemning China for crackdown on ethnic Muslims

WASHINGTON — Congress overwhelmingly approved a bill Tuesday aimed at pressuring China over a brutal mass crackdown on ethnic Muslims in the far west of the country, legislation that follows a similar measure over human rights abuses in Hong Kong that angered the Chinese government.

The House of Representatives voted 407-1 to approve the Uighur Human Rights Policy Act, which has already passed the Senate.

The legislation condemns the detention of more than 1 million Uighurs, Kazakhs and other minorities in so-called reeducation camps, where they are subjected to political indoctrination, torture, beatings, and food deprivation, as well as denial of religious and linguistic freedom.

It would require the State Department to evaluate whether Chinese officials would meet the criteria for sanctions for their roles in the crackdown in the Xinjian region.

“The Chinese Government and Communist Party is working to systematically wipe out the ethnic and cultural identities of Uighurs and other Muslim minorities in Xinjiang,” said Sen. Marco Rubio, R-Fla., one of the backers of the legislation. “Today, Congress took another important step to hold Chinese officials accountable for egregious and ongoing human rights abuses.”

Last month, Congress passed — and President Donald Trump signed — legislation supporting anti-government protests in Hong Kong. China said Monday that it will suspend U.S. military ship and aircraft visits to the semi-autonomous city and sanction several American pro-democracy and human rights groups in response to the move.

East Village building that houses Momofuku flagship sells for $14M

The noodles will keep flowing.

The East Village building that houses David Chang’s flagship Momofuku and the smaller building next door have been sold for $14 million or just under $1,100 per foot, a very high per foot price.

The buyer is a Miami real estate investor who felt that the southern market was overpriced and wanted to also invest in the Big Apple, said Adelaide Polsinelli of Compass, who marketed the properties along with her son, Trystan.

The buildings sit in a prime area along First Avenue between East 10th and 11th streets and have under-market retail leases. But the apartments get market rents — one of which is renting for $8,800 per month.

She said if that apartment was updated, it could fetch $10,000 per month — on the Lower East Side, on First Avenue.

Noodle king Chang has been a tenant for roughly 16 years at the cast-iron building at 171 First Ave. where he signed a 10-year renewal in 2015. This building also has four full-floor residential lofts.

The adjacent three-story 169 First Ave. has an eyewear retail tenant, a 60-foot rear garden, a free-market duplex apartment and 6,508 feet of air rights to plump it all up.

Chang’s prep kitchen is in another building on the same block.