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Abigail Spanberger elected Virginia governor in a historic first that boosts Democrats ahead of 2026


Democrat Abigail Spanberger won the Virginia governor’s race Tuesday, defeating Republican Lt. Gov. Winsome Earle-Sears to give Democrats a key victory heading into the 2026 midterm elections and make history as the first woman ever to lead the commonwealth.

Spanberger’s victory will flip partisan control of the governor’s office when she succeeds outgoing Republican Gov. Glenn Youngkin.

Also Tuesday, Democrat Ghazala F. Hashmi won the lieutenant governor’s race and will succeed Earle-Sears. Hashmi is the first Muslim woman to win a statewide office in the U.S.

Spanberger, a former congresswoman and CIA case officer, won with a campaign emphasizing economic issues, a strategy that may serve as a model for other Democrats in next year’s elections as they try to break Donald Trump’s and Republicans’ hold on power in Washington and gain ground in statehouses.

https://apnews.com/article/virginia-first-female-governor-earlesears-spanberger-01f9854a94fdab6e5719096664ee9be1



How Israel repeatedly violated Gaza truce before strikes killed 100 Palestinians


By MEE staff
Published date: 29 October 2025 13:05
GMT

Meanwhile, Israel has violated multiple aspects of the agreement, including maintaining restrictions on aid, keeping the Rafah crossing closed and carrying out repeated air strikes.

In just under three weeks, Israeli forces have killed 211 people since the ceasefire began.

Medical supplies, fuel and other essential goods remain severely limited in the Palestinian enclave.



How Israel repeatedly violated Gaza truce before strikes killed 100 Palestinians


cross-posted from: lemmy.ml/post/38234808

By MEE staff
Published date: 29 October 2025 13:05
GMT

Meanwhile, Israel has violated multiple aspects of the agreement, including maintaining restrictions on aid, keeping the Rafah crossing closed and carrying out repeated air strikes.

In just under three weeks, Israeli forces have killed 211 people since the ceasefire began.

Medical supplies, fuel and other essential goods remain severely limited in the Palestinian enclave.



How Israel repeatedly violated Gaza truce before strikes killed 100 Palestinians


By MEE staff
Published date: 29 October 2025 13:05
GMT

Meanwhile, Israel has violated multiple aspects of the agreement, including maintaining restrictions on aid, keeping the Rafah crossing closed and carrying out repeated air strikes.

In just under three weeks, Israeli forces have killed 211 people since the ceasefire began.

Medical supplies, fuel and other essential goods remain severely limited in the Palestinian enclave.




France demonstrates ostentatious modernization


France formally puts into service a new version of the M51.3 sea-based ballistic missile. The official press release of the development company ArianeGroup reports the completion of ten years of work and the successful passage of tests.

However, behind this official picture lies a less confident reality. The long ten-year cycle of creating a missile, comparable to the service life of an entire generation of equipment, raises questions about the pace of modernization. Statements about "improving reliability" rather indicate the elimination of shortcomings of previous models than breakthrough capabilities.

The mention that the equipping of submarines will begin only “as new missiles become available” indicates a delayed and protracted process. This gives the impression that the project is still more on paper and in the form of individual units than in the form of a fully deployed combat force.

The official press release from the development company, ArianeGroup, announces the completion of ten years of work and the successful completion of tests.

However, behind this official picture lies a less confident reality. The long ten-year cycle of rocket development, which is comparable to the lifespan of an entire generation of technology, raises questions about the pace of modernization. The claims of "increased reliability" are more about addressing the shortcomings of previous models than about achieving breakthrough capabilities.

The mention that the equipping of submarines will begin only “as new missiles become available” indicates a delayed and protracted process. This gives the impression that the project is still more on paper and in the form of individual units than in the form of a fully deployed combat force.

Therefore, the announced adoption appears more as a demonstration of intent to maintain the image of a nuclear power than as a significant improvement in France's strategic capabilities.



On January 1st of 2026, Texas will be required to give ID to download apps from the app stores. It doesn't matter if it's NSFW or not.


cross-posted from: lemmy.world/post/37439450

S.B. No. 2420

AN ACT
relating to the regulation of platforms for the sale and
distribution of software applications for mobile devices.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle C, Title 5, Business & Commerce Code, is
amended by adding Chapter 121 to read as follows:
CHAPTER 121. SOFTWARE APPLICATIONS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 121.001. SHORT TITLE. This chapter may be cited as the
App Store Accountability Act.
Sec. 121.002. DEFINITIONS. In this chapter:
(1) "Age category" means information collected by the
owner of an app store to designate a user based on the age
categories described by Section 121.021(b).
(2) "App store" means a publicly available Internet
website, software application, or other electronic service that
distributes software applications from the owner or developer of a
software application to the user of a mobile device.
(3) "Minor" means a child who is younger than 18 years
of age who has not had the disabilities of minority removed for
general purposes.
(4) "Mobile device" means a portable, wireless
electronic device, including a tablet or smartphone, capable of
transmitting, receiving, processing, and storing information
wirelessly that runs an operating system designed to manage
hardware resources and perform common services for software
applications on handheld electronic devices.
(5) "Personal data" means any information, including
sensitive data, that is linked or reasonably linkable to an
identified or identifiable individual. The term includes
pseudonymous data when the data is used by a person who processes or
determines the purpose and means of processing the data in
conjunction with additional information that reasonably links the
data to an identified or identifiable individual. The term does not
include deidentified data or publicly available information.
SUBCHAPTER B. DUTIES OF APP STORES
Sec. 121.021. DUTY TO VERIFY AGE OF USER; AGE CATEGORIES.
(a) When an individual in this state creates an account with an app
store, the owner of the app store shall use a commercially
reasonable method of verification to verify the individual's age
category under Subsection (b).
(b) The owner of an app store shall use the following age
categories for assigning a designation:
(1) an individual who is younger than 13 years of age
is considered a "child";
(2) an individual who is at least 13 years of age but
younger than 16 years of age is considered a "younger teenager";
(3) an individual who is at least 16 years of age but
younger than 18 years of age is considered an "older teenager"; and
(4) an individual who is at least 18 years of age is
considered an "adult."
Sec. 121.022. PARENTAL CONSENT REQUIRED. (a) If the owner
of the app store determines under Section 121.021 that an
individual is a minor who belongs to an age category that is not
"adult," the owner shall require that the minor's account be
affiliated with a parent account belonging to the minor's parent or
guardian.
(b) For an account to be affiliated with a minor's account
as a parent account, the owner of an app store must use a
commercially reasonable method to verify that the account belongs
to an individual who:
(1) the owner of the app store has verified belongs to
the age category of "adult" under Section 121.021; and
(2) has legal authority to make a decision on behalf of
the minor with whose account the individual is seeking affiliation.
(c) A parent account may be affiliated with multiple minors'
accounts.
(d) Except as provided by this section, the owner of an app
store must obtain consent from the minor's parent or guardian
through the parent account affiliated with the minor's account
before allowing the minor to:
(1) download a software application;
(2) purchase a software application; or
(3) make a purchase in or using a software
application.
(e) The owner of an app store must:
(1) obtain consent for each individual download or
purchase sought by the minor; and
(2) notify the developer of each applicable software
application if a minor's parent or guardian revokes consent through
a parent account.
(f) To obtain consent from a minor's parent or guardian
under Subsection (d), the owner of an app store may use any
reasonable means to:
(1) disclose to the parent or guardian:
(A) the specific software application or
purchase for which consent is sought;
(B) the rating under Section 121.052 assigned to
the software application or purchase;
(C) the specific content or other elements that
led to the rating assigned under Section 121.052;
(D) the nature of any collection, use, or
distribution of personal data that would occur because of the
software application or purchase; and
(E) any measures taken by the developer of the
software application or purchase to protect the personal data of
users;
(2) give the parent or guardian a clear choice to give
or withhold consent for the download or purchase; and
(3) ensure that the consent is given:
(A) by the parent or guardian; and
(B) through the account affiliated with a minor's
account under Subsection (a).
(g) If a software developer provides the owner of an app
store with notice of a change under Section 121.053, the owner of
the app store shall:
(1) notify any individual who has given consent under
this section for a minor's use or purchase relating to a previous
version of the changed software application; and
(2) obtain consent from the individual for the minor's
continued use or purchase of the software application.
(h) The owner of an app store is not required to obtain
consent from a minor's parent or guardian for:
(1) the download of a software application that:
(A) provides a user with direct access to
emergency services, including:
(i) 9-1-1 emergency services;
(ii) a crisis hotline; or
(iii) an emergency assistance service that
is legally available to a minor;
(B) limits data collection to information:
(i) collected in compliance with the
Children's Online Privacy Protection Act of 1998 (15 U.S.C. Section
6501 et seq.); and
(ii) necessary for the provision of
emergency services;
(C) allows a user to access and use the software
application without requiring the user to create an account with
the software application; and
(D) is operated by or in partnership with:
(i) a governmental entity;
(ii) a nonprofit organization; or
(iii) an authorized emergency service
provider; or
(2) the purchase or download of a software application
that is operated by or in partnership with a nonprofit organization
that:
(A) develops, sponsors, or administers a
standardized test used for purposes of admission to or class
placement in a postsecondary educational institution or a program
within a postsecondary educational institution; and
(B) is subject to Subchapter D, Chapter 32,
Education Code.
Sec. 121.023. DISPLAY OF AGE RATING FOR SOFTWARE
APPLICATION. (a) If the owner of an app store that operates in this
state has a mechanism for displaying an age rating or other content
notice, the owner shall:
(1) make available to users an explanation of the
mechanism; and
(2) display for each software application available
for download and purchase on the app store the age rating and other
content notice.
(b) If the owner of an app store that operates in this state
does not have a mechanism for displaying an age rating or other
content notice, the owner shall display for each software
application available for download and purchase on the app store:
(1) the rating under Section 121.052 assigned to the
software application; and
(2) the specific content or other elements that led to
the rating assigned under Section 121.052.
(c) The information displayed under this section must be
clear, accurate, and conspicuous.
Sec. 121.024. INFORMATION FOR SOFTWARE APPLICATION
DEVELOPERS. The owner of an app store that operates in this state
shall, using a commercially available method, allow the developer
of a software application to access current information related to:
(1) the age category assigned to each user under
Section 121.021(b); and
(2) whether consent has been obtained for each minor
user under Section 121.022.
Sec. 121.025. PROTECTION OF PERSONAL DATA. The owner of an
app store that operates in this state shall protect the personal
data of users by:
(1) limiting the collection and processing of personal
data to the minimum amount necessary for:
(A) verifying the age of an individual;
(B) obtaining consent under Section 121.022; and
(C) maintaining compliance records; and
(2) transmitting personal data using
industry-standard encryption protocols that ensure data integrity
and confidentiality.
Sec. 121.026. VIOLATION. (a) The owner of an app store
that operates in this state violates this subchapter if the owner:
(1) enforces a contract or a provision of a terms of
service agreement against a minor that the minor entered into or
agreed to without consent under Section 121.022;
(2) knowingly misrepresents information disclosed
under Section 121.022(f)(1);
(3) obtains a blanket consent to authorize multiple
downloads or purchases; or
(4) shares or discloses personal data obtained for
purposes of Section 121.021, except as required by Section 121.024
or other law.
(b) The owner of an app store is not liable for a violation
of Section 121.021 or 121.022 if the owner of the app store:
(1) uses widely adopted industry standards to:
(A) verify the age of each user as required by
Section 121.021; and
(B) obtain parental consent as required by
Section 121.022; and
(2) applies those standards consistently and in good
faith.
Sec. 121.027. CONSTRUCTION OF SUBCHAPTER. Nothing in this
subchapter may be construed to:
(1) prevent the owner of an app store that operates in
this state from taking reasonable measures to block, detect, or
prevent the distribution of:
(A) obscene material, as that term is defined by
Section 43.21, Penal Code; or
(B) other material that may be harmful to minors;
(2) require the owner of an app store that operates in
this state to disclose a user's personal data to the developer of a
software application except as provided by this subchapter;
(3) allow the owner of an app store that operates in
this state to use a measure required by this chapter in a manner
that is arbitrary, capricious, anticompetitive, or unlawful;
(4) block or filter spam;
(5) prevent criminal activity; or
(6) protect the security of an app store or software
application.
SUBCHAPTER C. DUTIES OF SOFTWARE APPLICATION DEVELOPERS
Sec. 121.051. APPLICABILITY OF SUBCHAPTER. This subchapter
applies only to the developer of a software application that the
developer makes available to users in this state through an app
store.
Sec. 121.052. DESIGNATION OF AGE RATING. (a) The developer
of a software application shall assign to each software application
and to each purchase that can be made through the software
application an age rating based on the age categories described by
Section 121.021(b).
(b) The developer of a software application shall provide to
each app store through which the developer makes the software
application available:
(1) each rating assigned under Subsection (a); and
(2) the specific content or other elements that led to
each rating provided under Subdivision (1).
Sec. 121.053. CHANGES TO SOFTWARE APPLICATIONS. (a) The
developer of a software application shall provide notice to each
app store through which the developer makes the software
application available before making any significant change to the
terms of service or privacy policy of the software application.
(b) For purposes of this section, a change is significant if
it:
(1) changes the type or category of personal data
collected, stored, or shared by the developer;
(2) affects or changes the rating assigned to the
software application under Section 121.052 or the content or
elements that led to that rating;
(3) adds new monetization features to the software
application, including:
(A) new opportunities to make a purchase in or
using the software application; or
(B) new advertisements in the software
application; or
(4) materially changes the functionality or user
experience of the software application.
Sec. 121.054. AGE VERIFICATION. (a) The developer of a
software application shall create and implement a system to use
information received under Section 121.024 to verify:
(1) for each user of the software application, the age
category assigned to that user under Section 121.021(b); and
(2) for each minor user of the software application,
whether consent has been obtained under Section 121.022.
(b) The developer of a software application shall use
information received from the owner of an app store under Section
121.024 to perform the verification required by this section.
Sec. 121.055. USE OF PERSONAL DATA. (a) The developer of a
software application may use personal data provided to the
developer under Section 121.024 only to:
(1) enforce restrictions and protections on the
software application related to age;
(2) ensure compliance with applicable laws and
regulations; and
(3) implement safety-related features and default
settings.
(b) The developer of a software application shall delete
personal data provided by the owner of an app store under Section
121.024 on completion of the verification required by Section
121.054.
(c) Notwithstanding Subsection (a), nothing in this chapter
relieves a social media platform from doing age verification as
required by law.
Sec. 121.056. VIOLATION. (a) Except as provided by this
section, the developer of a software application violates this
subchapter if the developer:
(1) enforces a contract or a provision of a terms of
service agreement against a minor that the minor entered into or
agreed to without consent under Section 121.054;
(2) knowingly misrepresents an age rating or reason
for that rating under Section 121.052; or
(3) shares or discloses the personal data of a user
that was acquired under this subchapter.
(b) The developer of a software application is not liable
for a violation of Section 121.052 if the software developer:
(1) uses widely adopted industry standards to
determine the rating and specific content required by this section;
and
(2) applies those standards consistently and in good
faith.
(c) The developer of a software application is not liable
for a violation of Section 121.054 if the software developer:
(1) relied in good faith on age category and consent
information received from the owner of an app store; and
(2) otherwise complied with the requirements of this
section.
SUBCHAPTER D. ENFORCEMENT
Sec. 121.101. DECEPTIVE TRADE PRACTICE. A violation of
this chapter constitutes a deceptive trade practice in addition to
the practices described by Subchapter E, Chapter 17, and is
actionable under that subchapter.
Sec. 121.102. CUMULATIVE REMEDIES. The remedies provided
by this chapter are not exclusive and are in addition to any other
action or remedy provided by law.
SECTION 2. It is the intent of the legislature that every
provision, section, subsection, sentence, clause, phrase, or word
in this Act, and every application of the provisions in this Act to
every person, group of persons, or circumstances, is severable from
each other. If any application of any provision in this Act to any
person, group of persons, or circumstances is found by a court to be
invalid for any reason, the remaining applications of that
provision to all other persons and circumstances shall be severed
and may not be affected.
SECTION 3. This Act takes effect January 1, 2026.

______________________________ ______________________________
President of the Senate Speaker of the House

I hereby certify that S.B. No. 2420 passed the Senate on
April 16, 2025, by the following vote: Yeas 30, Nays 1; and that
the Senate concurred in House amendments on May 14, 2025, by the
following vote: Yeas 30, Nays 1.

______________________________
Secretary of the Senate

I hereby certify that S.B. No. 2420 passed the House, with
amendments, on May 9, 2025, by the following vote: Yeas 120,
Nays 9, three present not voting.

______________________________
Chief Clerk of the House

Approved:

______________________________
Date

______________________________
Governor

https://legiscan.com/TX/text/SB2420/id/3237346

in reply to InternetCitizen2

Attention developers: stop making apps. If you want profit, make a subscription to an account with a web app. Want to keep people happy? Subscription only charges them once. Bonus, the web app you write once works on everything, including those niche Linux phones.

Government moves to censor websites? Darknets aren’t just for criminals and conspiracy theorists anymore. Whitelist sites? We move to mesh networks like reticulum.

We nerds can move faster than a government can, especially this one.

Best thing about this is that moves like this totally destroy the profit-centric internet of today, flinging us back to a simpler, weirder, better classical internet we grew up with.

in reply to scottrepreneur

I should have been more direct - if a site accepts credit card payments then they are working with a payment processor that will absolutely 100% cooperate with the govt in choking off sites access to revenue. So to answer your question did cc’s stop working on websites - yes! on many that a govt has decided needs to be shut down, for legitimate or illegitimate reasons. Wikileaks donations being a famous example but if a site doesn’t comply with Texas you bet they can snap their fingers and all payment processors will jump from that site.
in reply to muusemuuse

See reply to another poster - I meant to point out that if governments move to censor sites the payment processors will move in lockstep to the govt in censoring payments.
in reply to diablexical

Then people will pay with other means. There’s tons of crypto bullshit options out there to choose from.
in reply to muusemuuse

crypto bullshit


Boom! Thats what I was going for. Lemmy seems so anti-crypto when it has real use cases like this. Even here stumbling into where it’s useful you call it bullshit, why?

in reply to diablexical

Well there are risks when using crypto that traditional payment methods have safeguards for. Stealing a wallet ID, no chargeback options, scammers like using crypto because there’s basically no consumer protections in place, lots of these digital currencies are scams, it’s kind of a minefield.
in reply to muusemuuse

All valid concerns. I’d argue all also manageable with some education, experience, and common sense.
in reply to diablexical

But those requirements are at odds with wider adoption. Most people are stupid.

Remember George Carlin’s words: Think of how stupid the average person is, and realize half of them are stupider than that.




Azure is having issues


At work everything is down. Hows your day going?
Questa voce è stata modificata (1 settimana fa)
in reply to mesa

Critical support to the brave mujahideen fighters hosting Lemmy from an independent web server setup.


NYC early voting ends with record turnout, shattering 2021 stats (polls close at 9pm eastern)


Early voting has ended in New York City, and the initial numbers show the highest early voting turnout for a non-presidential election in the city.

The New York City Board of Elections reported 735,317 early voting check-ins over the past nine days. That's more than four times the total from the 2021 mayoral race, which reported only 169,879 early voting check-ins for the general election.

New Yorkers have been showing up and showing they care about who leads the city.

https://www.cbsnews.com/newyork/news/nyc-early-voting-2025-turnout/



Judge says DOJ failed to give full transcripts of Halligan’s Comey grand jury proceedings


A federal judge considering the legality of Lindsey Halligan’s appointment gave the government until Wednesday at 5 p.m. to comply with her order.

The federal judge considering whether Lindsey Halligan was unlawfully installed by the Trump administration had ordered the Department of Justice to provide the “complete grand jury transcripts” in James Comey’s case for the judge to review. The DOJ failed to do so, and now it has a deadline of 5 p.m. Wednesday to comply.

Lawyers temporarily installed by the Trump administration to lead U.S. attorney's offices across the country have had their tenures deemed unlawful by federal judges. Currie may well deem Halligan's appointment unlawful, too, but she has yet to rule. The judge had also ordered the government to provide her with grand jury information for James' proceedings, but as of the time she issued the order for more information in Comey's case, she hadn't issued a similar order in James' case.






EU seeks 'urgent solutions' with China over chipmaker Nexperia


cross-posted from: lemmy.zip/post/51986495

The European Union says China's curbs have already forced some of the bloc's companies to halt production and have inflicted economic harm.




Every single time I think of restructuring my homelab storage. What do you use for storage engines and how does it benefit you?


I personally think of a small DIY rack stuffed with commodity HDDs off Ebay with an LVM spanned across a bunch of RAID1s. I don't want any complex architectural solutions since my homelab's scale always equals 1. To my current understanding this has little to no obvious drawbacks. What do you think?
in reply to rcmd

I'd recommend ZFS for most home server/NAS scenarios. Gives you everything you need, and nothing you don't.

Stuff like Ceph is just as hungry as it is powerful. The performance sweet spot for Ceph barely begins at 5 dedicated nodes (with at least a dozen drives each, ideally). I could never recommend it for home use unless you want to run it in a lab for the sake of learning.

Source: I've designed/built/deployed several 1PB+ Ceph clusters over the last ~5yrs.

in reply to rcmd

Hot take: For personal use, I see no value at all in "availability," only data preservation. If a drive fails catastrophically and I lose a day waiting for a restore from backups, no one is going to fire me. No one is going to be held up in their job. It's not enterprise.

However, redundancy doesn't save you when a file is deleted, corrupted, ransom-wared or whatever. Your raid mirror will just copy the problem instantly. Snapshots and 3,2,1 backups are what are important to me because when personal data is lost, it's lost forever.

I really do think a lot of hobbyists need to focus less on highly available redundancy and more on real backups. Both time and money are better spent on that.


in reply to Lee Duna

Argentinians should take a very close look at what the USA has done with Puerto Rico... it'll be 10x worse with Argentina
in reply to Jhex

From what I understand Argentina looks down
on the rest of Latin America so they probably won't

in reply to Karna

I'm most surprised that they removed SMART tooling. My primary pool is still spinning rust for the foreseeable further. And I just retired a drive based on SMART testing and TrueNAS's alerting.
Questa voce è stata modificata (1 settimana fa)
in reply to Chingzilla

It sounds like smart tests are still there, they just use a different scheduling model.

EDIT: looks like you are right, the scheduling and results interfaces are being removed. The migration is for existing tests only. It will still generate alerts for failed smart tests

Questa voce è stata modificata (1 settimana fa)



Almost A Fifth Of Airbus A220s Are On The Ground Amid P&W Engine Issues


Airlines are taking drastic steps to solve the problems plaguing the worldwide A220 fleet.



Messages in a bottle from WWI soldiers found on Australian coast


Messages in a bottle written by two Australian soldiers in 1916 have been found more than a century later on the country's south-western coast.

The cheerful notes were penned just a few days into their voyage to join the battlefields of France during World War One.

One of the soldiers, Pte Malcolm Neville, told his mother that the food on board was "real good" and that they were "as happy as Larry". Months later, he was killed in action at the age of 28. The other soldier, 37-year-old Pte William Harley, survived the war and returned home.

The bottle was found earlier this month on the remote Wharton Beach, near Esperance in Western Australia, by local resident Deb Brown and her family.

in reply to HellsBelle

…especially for Marian Davies - Pte Neville's niece - who remembers her uncle leaving to go to war and never returning.


How old is she?? They said the notes were written in 1916. If she was old enough to remember her uncle leaving, let’s say 4 at the time, she’d have to be 113 today. Of course that’s possible but wow, what are the chances of finding a living supercentenarian relative with a memory of the author of a 109-year-old letter in a bottle?

Questa voce è stata modificata (1 settimana fa)
in reply to Thunderbird4

I think the BBC has made the wrong assumption when cribbing from ABC or another news source.

Ms Brown has tracked down the great-nephew of one of the soldiers, Private Malcolm Alexander Neville, who came from Wilkawatt in South Australia.

He said his aunt, who was now 101, always told stories over the years of "Uncle Malcolm" and how he never returned home from the war.


I guess she, born in 1924, had heard a lot of stories from her parents or other families about him.


in reply to themachinestops

It would be very based if Ben & Jerry would name their ice cream "Israel is Committing Genocide", "War Crimes by Israel", and "Oh look! The World is Enabling Genocide of the Palestinian people".


Readdeck vs Wallabag?


These are both essentially selfhosted replacements for Pocket.

Anyone try them and have experiences to share? The feature set seems similar.

EDIT: From the comments I'm seeing so far it seems that as of now they are indeed very similar!

Questa voce è stata modificata (1 settimana fa)
in reply to Jediwan

I host Wallabag, besides the features already mentioned here, two others I use frequently and are crucial to my workflows are the following integrations:

  • Koreader integration, so I can access my articles on any ereader
  • Logseq integration, so that all read articles and highlights/annotations are synced with my knowledge base
in reply to procrastinare

Thanks it looks like Readdeck has Koreader integration too. Will look into Logseq.




How often do you update software on your servers?


Or asked the other way around: How long do you keep your servers running without installing any software updates?

update means something like

sudo dnf update

or something ....
apt-get upgrade
apt-get update
in reply to PlanterTree

Automatic daily updates for system packages. Automatic daily container updates with watchtower. I normally have things pinned to a reasonable major or minor release, so I do manual upgrades for new OS release branches and usually pin to a major version for Docker containers but depends on the container.
Questa voce è stata modificata (1 settimana fa)


in reply to Fair Fairy

This would be a GREAT time to post some links to videos about it on Peertube.
in reply to Fair Fairy

Very strange, cause as the first reply to the top comment says, it’s NOT Microsoft requesting these takedowns. Why are Google taking the videos down without Microsoft asking them to?


Plasma 6.5 is now in Debian Testing/Forky


A maintainer's anouncement when it was uploaded to unstable/Sid

Plasma 6.5 uploaded to unstable and building. Most common architectures are already there and more niche ones are coming.

deb.li/plasma

Expect the migration to testing/forky somewhere next week.


I checked the packages and they have all migrated to 6.5, as of today.



Luxury brands turn on the charm in China to kindle nascent spending recovery of wealthy individuals


cross-posted from: lemmy.sdf.org/post/44853303

Archived

As Chinese shoppers dip toes back in the luxury pool, brands are targeting economically resilient high-earners with distinctive, personalised experiences as their focus shifts more to market share than growth.

Firms like LVMH and Hermes increasingly offer intimate dinners and large-scale shows, as well as stores with private shopping areas and exclusive elevator access for the VIPs they bet will help end a post-pandemic sales slump.

[...]

Luxury brands have accompanied earnings reports with comments offering glimmers of hope for Chinese retail, spurring a rally that has added nearly $80 billion to European luxury stock valuations. Still, few expect the sales surge of the pandemic years, and with U.S. policies rewriting global trade, China's economic trajectory is far from certain.

[...]

To encourage spending, perks such as intimate dinners with creative directors and celebrity ambassadors have become common.

[...]

STOCK MARKET RALLY IS GIVING WEALTHY CONFIDENCE TO SPEND

[...]

"Especially for the target customers of luxury, you can expect that those people probably have a retail equity account, so they are seeing the benefits of the stock market rising and feeling more confident to spend more,"[said Bruno Lannes, senior partner at Bain in Shanghai].

[...]

Luxury brands that invested during the downturn are likely to win market share as spending stabilises, even if revenue does not significantly grow, said Jacques Roizen, managing director of China consulting at Digital Luxury Group.

[...]

https://www.reuters.com/world/china/luxury-brands-turn-charm-china-kindle-nascent-spending-recovery-2025-10-27



China added almost one billionaire a day in 2024


cross-posted from: lemmy.sdf.org/post/44852111

Archived

China has witnessed a sharp rise in the number of ultra-wealthy individuals over the past year, driven by a robust stock market and the rapid growth of “new economy” sectors, according to the Hurun Research Institute.

The institute’s latest China Rich List recorded a total of 1,434 individuals, each with a net worth of at least 5 billion yuan (US$702 million, an increase of 340 people, or 31%, from the previous year. Collectively, their wealth reached 30 trillion yuan, marking a 42% surge compared with last year.

[...]

The Hurun list, first published in 1999, tracks billionaires across mainland China, Hong Kong, Macau, and Taiwan.

“To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”

[...]

Stock market rally fuels billionaire boom

Chinese stock exchanges have seen significant gains over the past year, reflecting renewed investor optimism in industries such as electric vehicles (EVs), biotechnology, and computing. As of September 1, the Shenzhen Stock Exchange surged 54% year on year, the Shanghai Composite Index rose 36%, and Hong Kong’s Hang Seng Index climbed 42%.

[...]

https://www.moneycontrol.com/world/one-new-billionaire-every-day-why-china-is-seeing-a-remarkable-surge-in-ultra-rich-individuals-article-13637701.html

in reply to AllNewTypeFace

"Socialism with Chinese characteristics" sure looks a lot like capitalism to me.


2 Killed, Over 20 Injured in Floating Crane Collapse in Annexed Sevastopol




Gaza: Civil defence agency says at least 50 killed in Israeli strikes


[quote]Israel’s strikes also wounded some 200 people, The agency said 22 children were among those killed, as well as women and elderly, Israel began carrying out air strikes on Tuesday after accusing Hamas of attacking Israeli troops in Gaza and viol
Israel's strikes also wounded some 200 people,

The agency said 22 children were among those killed, as well as women and elderly,

Israel began carrying out air strikes on Tuesday after accusing Hamas of attacking Israeli troops in Gaza and violating the truce. While Israel did not say where its troops were attacked, Hamas has said its fighter had "no connection to the shooting incident in Rafah" and reaffirmed its commitment to the US-brokered ceasefire.

in reply to solo

We all know it, let's just say it: Orange and Nettanyahoo is going to wipe Gaza completely out of existence and build a pedo paradise beach for rich pedophiles.
in reply to comeonitsnotlike

I think this is gonna fail spectacularly if that's what they hope to achieve.

The rest of the world exists and is against it. The EU, Russia, China, the rest of the Muslim world, i.e. all of the counties around Gaza and elsewhere are all against it.

There's no way for them to succeed without destabilising the middle east further and going into bigger wars with the Muslim countries and face all kinds of sanctions from the rest of the world.

Questa voce è stata modificata (1 settimana fa)
in reply to falseWhite

The EU who is lying about stopping arming Israel and has zero sanction on the state of Israel itself. Russia who don't have a bad relation with Israel? China who is a big trading partner with Israel?
in reply to mrdown

Do you really think Russia and China and all the Muslim countries would be okay with this land grab by the USA in the middle east?

Russia and China were even bigger trading partners with the USA. But that didn't stop Russia invading Ukraine. Or USA and China starting a trade war.

"China rejects Trump's plan to ‘take over’ Gaza, displace millions of Palestinians"
aa.com.tr/en/americas/china-re…

"Trump's Gaza plan sparks global outrage, with Hamas, PLO, Russia, and world leaders condemning it."
tribune.com.pk/story/2526669/g…

"The European Union said on Wednesday that it acknowledged US President Donald Trump's comments on wanting to "take over" of Gaza but insisted its commitment to a two-state solution."
dw.com/en/middle-east-trumps-g…

Questa voce è stata modificata (1 settimana fa)
in reply to falseWhite

You still believe empty condemnations? Not a single country said what happen if Israel ignore those condemnation

Do you really think Russia and China and all the Muslim countries would be okay with this land grab by the USA in the middle east?


Unfortunatly they don't care. Gaza is not Iran who control the straight of hurmuz which would hurt China and Russia a lot if it fsll under the usa and Israel

Israel already stated multiple time the intention of full extermination of gaza so where is the Russian and China economical sanctions on Israel. Why the arab keep having secret relation with the terrorist state of Israel?

The EU is also bullshitting where are the sanctions on the state of Israel? Why germany, french , the UK still sell weapons to Israel?

Here the latest betrayal of an arsb country
thecradle.co/articles/israeli-…

Questa voce è stata modificata (1 settimana fa)

in reply to cm0002

China is moving away from Nvidia and their CUDA so even if Western "AI" crashes, it's not the end of the "AI" entirely. They also have insane amount of wasted green energy at the moment which they can use with no impact on supply for other uses.
Questa voce è stata modificata (1 giorno fa)


Lakshmi Mittal’s energy venture bought Russian oil transported on blacklisted ships


Tap for article [h1]Lakshmi Mittal’s energy venture bought Russian oil transported on blacklisted ships[/h1][h2]Indian refinery received at least four crude shipments this year worth almost $280mn on sanctions-listed vessels[/h2] [img]https://images.ft.c

::: spoiler Tap for article

Lakshmi Mittal’s energy venture bought Russian oil transported on blacklisted ships

Indian refinery received at least four crude shipments this year worth almost $280mn on sanctions-listed vessels


The Samadha engaged in ship-to-ship transfers with four US-sanctioned vessels © Planet Labs, European Space Agency

Steel tycoon Lakshmi Mittal’s energy joint venture in India has bought Russian oil transported on sanctions-listed vessels, according to an analysis of satellite imagery, shipping data and customs records by the Financial Times.

The Guru Gobind Singh Refinery in Punjab, a major oil refinery co-owned by the long-term UK resident’s Mittal Energy, received at least four crude shipments worth almost $280mn this year which had been transported most of the way from Russia on sanctions-listed ships.

The oil was transported on the US-blacklisted vessels between July and September from the Arctic port of Murmansk to as far as the Gulf of Oman. The final leg of the journey into India was undertaken on the Samadha, a tanker that is not on US sanctions lists, though it was blacklisted by the EU.

All of the ships involved in the process sought to conceal their behaviour with a combination of deceptive practices, either shutting off their transponders or using them to broadcast false positions.

It is not known who arranged for the oil to be transported on the sanctioned tankers, nor if HPCL-Mittal Energy Limited (HMEL) — the entity that owns the refinery — was aware of the use of the vessels.

Emily Kilcrease, a director at the Centre for a New American Security and a former US trade and security official, said: “If I were advising the buyer, I would want to make sure that you had enough visibility in the full transport chain to make sure that you’re not one hop or two hops from a sanctioned activity.”

Map showing the maritime path of the Russian submarine Belgorod (IMO: 9412359) from Murmansk to the Gulf of Oman between August and September 2025.

Best known as the executive chair of ArcelorMittal, the world’s largest integrated steel and mining group, Mittal has built a globe-spanning business empire. The billionaire, who has sat on the board of Goldman Sachs since 2008, told associates earlier this year that he intends to leave the UK over changes to its taxation rules.

The revelations about the shipments come as the US is seeking to raise the pressure on Indian companies not to buy Russian oil. Washington last week imposed sanctions on Rosneft and Lukoil, Moscow’s two leading oil producers, in an effort to force Russian President Vladimir Putin to engage in negotiations with Ukraine.

HMEL is a joint venture between part of the Mittal group and Hindustan Petroleum Corporation Limited, an Indian state company, with each holding a 49 per cent stake. The remaining 2 per cent is in the hands of financial institutions, according to the company.

HMEL and Mittal did not respond to requests for comment.

HMEL’s Guru Gobind Singh Refinery

The Guru Gobind Singh Refinery owned by Hindustan Petroleum Corporation Limited-Mittal Energy Limited (HMEL) © HMEL

Before last week’s US sanctions, western allies of Ukraine had already imposed a price cap aimed at limiting the profits Russia was able to reap from the trade. Oil tankers that did not comply or used various deceptive shipping practices have also been sanctioned by the EU, UK and US.

India has become one of the biggest importers of Russian crude after Putin launched the full-scale invasion of Ukraine in February 2022, profiting from discounted prices as western buyers turned away.

Russia has exported an average of 5mn barrels a day of seaborne crude this year, with 1.7mn b/d of the total being purchased by India, according to data analytics group Kpler. The next largest share headed to China.

Kilcrease said: “The major consumers of this oil really want [it]. They’ve been willing to take a certain amount of risk of coming into the US Treasury’s sights.”

The four deliveries identified by the FT all followed a similar pattern, with the Samadha repeatedly heading in and out of the port of Mundra in Gujarat, western India, to pick up the oil brought to the area on the sanctioned ships.

According to its transponder signals, the Samadha was simply travelling back and forth from Oman, where it would moor and load. After a pause, it would then broadcast that it was sailing back to India.

The vessel, however, was often not where it claimed to be. Satellite images analysed by the FT throughout this period and compared with transponder data show that, once the Samadha left port, it often sent a falsified position that disguised its true location.

While it claimed to be on these shuttle runs to Oman, the Samadha was actually meeting the other ships further offshore. Each of the four journeys included a meeting with another ship caught on satellite images. \
\
Each image shows a large, grey vessel, consistent with the Samadha, at anchor in the Gulf of Oman, lined up side-by-side with another tanker. This position suggests a ship-to-ship transfer of goods.

The vessels appear to be the Belgorod, Danshui, Dignity and Primorye — all of which had been added earlier to sanctions lists by the US. The images of the vessels match other images of these ships obtained by the FT.

TankerTrackers, a maritime intelligence company, confirmed the identity of the ships during their monitoring of the Gulf of Oman — an area that they usually surveil for ship-to-ship transfers involving Iranian oil.

In each case, the sanctions-listed ships sailing from Murmansk went “dark” as they approached the Gulf of Oman, switching off their transponders for between three and six days, the exact window during which each photographed transfer took place. They turned them back on again shortly after.

The dates of the Samadha’s journeys also match customs records filings, seen by the FT, made by refinery owner HMEL to Indian authorities for purchases from Varda LLC, a St Petersburg oil supplier. Three of the forms explicitly name the Samadha as the carrier.

The filings also report that the four shipments had a total value of $277mn.

The records also indicate that all of the shipments were for two grades of Arctic oil — Novy Port and Arco. In January, the US targeted Russia’s Arctic oil business with sanctions, announcing curbs on tankers and other infrastructure affecting Arco and other grades.

Guru Gobind Singh refinery, located in the Bathinda area of Punjab, is the 10th largest in India, able to process 11.3mn tonnes a year. At Mundra, the crude shipments were deposited into a 1,000km-long pipeline to the inland refinery.

The FT was unable to contact the Samadha’s registered owner and manager, Erika Freight Limited, a company about which almost nothing is known beyond its relationship with the vessel.

The Samadha has since been placed under sanctions by the UK. Its owner shares a registered address in the Seychelles with 13 other so-called shadow fleet vessels — ships against whom it is difficult to enforce sanctions because their ownership is opaque.

The FT was not able to reach Varda LLC in St Petersburg, which does not have any online presence and does not list any contact details in Russian corporate records.

Cartography by Aditi Bhandari
:::


in reply to herseycokguzelolacak

Is trump smarter than we gave him credit? It looks as if the tariffs are to intentionally harm us rather than raise funds or did he really believe tariffs would boost economy? I really can't tell, either way it's benefiting him
in reply to herseycokguzelolacak

thia headline is very misleading 2024 was the only year where us overtook china. also, this is due to a strong euro, exports to china and US both fell.
Should've developed EVs 10 years ago imo

in reply to Lee Duna

Visible from space... If you zoom in enough with a powerful telescope maybe. Surely this would not be visible to the naked eye from the space boundary. Otherwise everything literally under the sun would be "visible" from space.
in reply to Victor

I understand the sentiment, however, I think the scale of mans inhumanity here is all the scale we need to see.
in reply to MrSulu

Exactly, and that's why the title, "visible from space", makes such a disrespectful spectacle of the whole thing.
in reply to Victor

I wonder if that’s the only way it’s visible. Like, I would expect to hear some reference to reporters or their accounts of events if there were any. There are unfortunately a lot of options right now for war journalists and given the 18 month siege, I could see it being difficult for them to really get there.


Help with home server plan


Hi 😀

I'm planning on setting up my home server, and I'm feeling a bit lost.

I currently have a Jellyfin, SSH and Backrest server running on my PC, but want to get some dedicated hardware for it, and increase the services hosted to VPN, Immich, maybe Nextcloud, etc.

The problem is that I have no idea for what kind of hardware to aim for. I don't know whether I should aim for Rasperri, or MiniPC, or a dedicated rag, or any other thing. My country doesn't have a big second-hand market for server stuff, but I that's also a possibility.

Some context on my needs:

  • I run 1440p videos on Jellifyn, so my guess is I need H.265 support. Other than that, I think any CPU will do, and don't need a very fast one. Same goes for RAM, maybe 8 GB is enough
  • I feel like I do need at least 2 hard drives (1 for my files, another for backups)
  • The ability of upgrade with better hardware would be appreciated, maybe another hard drive or some extra ram.
  • Preferably, a rather low-energy consumption drive. Maybe 10 W idle? No idea on this front neither.
  • Budget is around $200 USD, excluding hard drives. I can pay extra for drives, or get them later on as I start playing around and scale up.
    • What Linux distro should I use? For security, I want to run everything with Dockers, so I guess it doesn't matter? I'm mildly fluent in Linux, experience with Arch and Debian based.


Thanks in advance 😀

Questa voce è stata modificata (1 settimana fa)
in reply to Danitos

Debian for sure. It's the Toyota 4Runner of the operating system world:

  • Older but proven tech that just chugs right along.
  • Not a ton of features out of the box, but supported by basically everything aftermarket.
  • Major updates, while slow but regular, bring a lot of improvements - most of which are under the hood.
Questa voce è stata modificata (1 settimana fa)

in reply to floofloof

Tax windfall for Canadian government, maybe? Business still has to do business to stay in business. So as long as Canadians benefit, not sure it matters if they're "Trump supported" does it?
Questa voce è stata modificata (1 settimana fa)
in reply to ynthrepic

Well, it means that profits earned by the Trump supporting business, will support Trump's agenda, which includes annexing / doing harm to Canada. As it's a US corp, it also likely means many of the high paying corporate backend jobs go south, removing high income earners from the tax pool. It's amazing to me that the gov is whining at Canadians about productivity, and grandstanding with 'elbows up' rhetoric, but they greenlight sending jobs to the states.

And if it's taking a more active role in supporting Trump, given that its such a large market slice, they could manipulate prices to gouge Canadians / do harm to Canada in a more direct fashion.

in reply to wampus

I stand corrected then. Sounds like trash for Canada. Any idea what the government is thinking? I thought it was progressive...
in reply to ynthrepic

The current liberal government is far more conservative leaning than the previous one. They're pushing very authoritarian bills, and effectively going along with much of the US's 'stuff', while attempting to spin a pro-Canada message for public support -- like the gov and our media lauding the push to diversify our energy supply by building small nuclear reactors... but glossing over that they require US-provided fuel to run (so we're literally increasing reliance on US stuff, while the US is busy using that dependence to attack us economically). On the authoritarian bills, there's stuff like making it so that law enforcement doesn't need a warrant to get customer information from private companies, and making display of certain symbols/flags a crime. The folks I know who follow this stuff, basically agree that it's all a bit tepid at the moment, but that it's still better than it would've been under our 'official' conservative party, as those guys wanted to straight up do a DOGE-north (and likely still do).

I'd frame it as Canada is still moving along with the Tech-bro agenda from the US at present, though we're less in to the Christian Nationalist / overtly racist stuff. For example, the coming budget is expected to have items related to OpenBanking/Digital Currencies, which are ideas primarily pushed by tech kleptocrats (there're obvious reasons they fumble to name specific, quantifiable benefits of those systems for consumers -- and it's because the benefit is pretty much all for big tech).

The party that had a more progressive slant last time around, the NDP, got trounced -- deservedly, as they hadn't really put out anything to persuade voters, and essentially told people to vote liberal if it meant defeating the cons. Our green party, who were even more progressive in policies (and often had big, interesting policy ideas), committed suicide years ago due to their adherence to their party-negative approach to DEI -- they literally elected a black lesbian jewish pro-palestinian lawyer lady as their leader, and she destroyed what little support the party had. Eg. she spent all the campaign finances trying to win a liberal-stronghold riding for herself in Toronto; she demanded full control of all social media accounts for the party, which she was given, but then she proceeded to go to news agencies and comment about how the party wasn't publicly supporting her on social media... the media she controlled... because the party was racist. That sort of thing.

So, as to what they're thinking, I don't think they view the US as a potential threat to the same extent as the public. And I don't think they're progressive in the old sense of the world, but they're still progressive relative to our southern neighbours. But I mean, that's a really low bar at the moment.

Questa voce è stata modificata (1 settimana fa)
in reply to wampus

Thank you kind sir for you time giving me all that background. Sounds like a case of could be a lot worse, bit there's always next time to fuck it up better. DEI is important, but there really are a handful of crazy identitarians who need to be kept away from power if real democratic socialism is to stand a chance of becoming reality in the English speaking world.
Questa voce è stata modificata (1 settimana fa)
in reply to ynthrepic

Any idea what the government is thinking? I thought it was progressive...


This should be the world anthem for the 21st century


in reply to Sahwa

This is how I know Trump’s Gestapo aren’t targeting the drug dealers and other criminals. The only ones shooting people are the ICE goons.


in reply to schnurrito

Holy fucking shit. Japan's patent offiice is usually even more eager to rubber stamp everything than US one, so this is shocking, but good news.


OpenAI Establishes For-Profit Company In Restructuring Change Involving Microsoft


More links: [url=https://finance.yahoo.com/news/microsoft-and-openais-new-for-profit-deal-gives-windows-maker-27-stake-142521255.html]https://finance.yahoo.com/news/microsoft-and-openais-new-for-profit-deal-gives-windows-maker-27-stake-142521255.html[/url
in reply to mesa

More Financial Engineering to try to obscure the fact that they're all caught in a rapidly expanding bubble that they've lost any hope of controlling.

in reply to RandAlThor

I've never pretended to be Canadian, but people here in England sometimes ask me if I'm Canadian. It's because I'm not loud and don't have a stereotypical asshole American accent (e.g., Texan or Noo Yawk). Also it's less offensive to ask an American if they're Canadian than vice-versa.
in reply to RandAlThor

So what I'm getting from the article is it actually does work if you're an introvert with basic geographical and scientific knowledge
Questa voce è stata modificata (1 settimana fa)

in reply to RandAlThor

And hopefully treating the detainees as human beings rather than as third-rate beasts.
in reply to RandAlThor

False Flag attacks are a military adventurer's favorite method to start trouble. America has used it multiple times to start wars.
Questa voce è stata modificata (1 settimana fa)
in reply to BarneyPiccolo

Operation Northwoods.

Americans would have died if it was greenlit as the goal was to go to war with cuba

Questa voce è stata modificata (1 settimana fa)
in reply to BarneyPiccolo

Interesting thing about false flag attacks is that many of them are not real false flag attacks but are attacks that have been carefully chosen to be allowed by ignoring the intel regarding them.

Israel for example had been notified by many countries of an incoming attack by Hamas with an extremely accurate description of what would happen, but decided to ignore it and not even strengthen their border defenses. It was in Israels best interest as it would give them an easy reason that would make their people allow them to ramp up the genocide.

in reply to x00z

Yeah I honestly found the timing of that suspicious given Bibi's trials coming up and plummeting popularity at the time.

I could see the same with 9/11. Various people didn't need to actually be involved with terrorism so much as "let it happen" and plan on how to profit from the response

in reply to x00z

Valid.

Before 9/11, the Bush administration had several clear warnings that something serious was in the works, and they totally ignored it. It was even put into his daily briefing that Al Qaeda was planning an attack that involved flying planes into buildings, but it was later speculated that bush probably never even saw it, since he often skipped reading his morning briefings.

If they had stopped to consider it, they would have realized that they had been receiving reports from flight schools of Arab students wanting to learn to steer planes in flight, but not take off or land, and one guy already in custody. Just a little bit of investigation would have exposed the whole thing.

But they wanted a Middle Eastern conflict, so all of it was ignored, with easily predictable results.

A False Flag event? Not by precise definition, but essentially the same thing.




La Notte nel Cuore, anticipazioni puntata del 9 novembre 2025: Melek sconvolta dall’arrivo del padre Halil


Le anticipazioni della trentaduesima puntata La Notte nel Cuore accendono il prime time di domenica 9 novembre 2025 su Canale 5. In Cappadocia torna Halil, il padre naturale dei gemelli Nuh e Melek: un arrivo che riapre ferite antiche proprio mentre si tenta di sancire la pace tra famiglie. Ecco cosa vedremo negli episodi 1×81 (2ª parte), 1×82 e 1×83.

LEGGI LE ANTICIPAZIONI: La Notte nel Cuore, anticipazioni puntata del 9 novembre 2025: Melek sconvolta dall’arrivo del padre Halil



Environmental treaties are paralysed — here’s how we can do better


On 15 August in Geneva, Switzerland, a fifth round of negotiations towards a multilateral treaty on reducing plastic pollution collapsed. The chair announced that the committee had concluded its work — without producing a draft treaty. Governments had failed to agree on the proposed articles of the convention; no further negotiations were being suggested.

This failure reveals a weakness in all environmental treaty negotiations, whether new or existing ones: a consensus-driven process waters down action to the lowest common denominator. Only symptoms get addressed, not causes.

in reply to flango

This article is more relevant in the context of the latest declarations of Antonio Guterrez:

theguardian.com/environment/20…

Se the dabate here:
slrpnk.net/post/29426682


‘Change course now’: humanity has missed 1.5C climate target, says UN head





Global Funds Exit China Real Estate Amid Steep Losses and Distressed Sales As Oversupply Expected to Take Years to Be Absorbed


cross-posted from: lemmy.sdf.org/post/44824942

Archived

Foreign investors who once saw China’s booming property market as a sure bet are now facing some of their biggest losses in decades. What was once a $140 billion push into Chinese real estate has turned into a wave of distressed sales and write-downs, with global players scrambling to offload assets at steep discounts.

[...]

Their retreat is adding fresh pressure to China’s already struggling property market, a sector that plays a huge role in the country’s economy.

[...]

Distressed sales — where owners sell under pressure from debt or defaults — hit 114 billion yuan (S$20.78billion) across 2023 and 2024, a record 22% of all transactions, Bloomberg Intelligence data shows.

[...]

All Sectors, One Struggle

The downturn is hitting nearly every corner of the commercial property market.

In logistics, once considered a bright spot thanks to the e-commerce boom, supply has outpaced demand. Even giants like Blackstone have started to sell. Earlier this year, it sold three logistics parks in southern China to a local insurance company for about 2.7 billion yuan.

[...]

Even distressed-debt specialists like Oaktree Capital have had difficulty turning a profit.

In 2021, Oaktree seized control of Evergrande Venice on the Sea, a sprawling resort development in Jiangsu province, after the troubled developer defaulted on a $400 million loan. The project — envisioned as a Chinese version of Venice — included canals, a grand hotel, and a conference center modeled after the U.S. Capitol.

Oaktree has since restarted construction and handed over some homes to buyers, but sales remain sluggish. Apartments that once fetched up to 10,000 yuan per square meter in 2019 are now advertised at less than half that price.

The pain may not be over. Analysts warn that it could take years for the oversupply of commercial buildings to be absorbed. Rents in China’s office market fell nearly 7% in 2024 — the sharpest drop on record — and CBRE expects no meaningful recovery in new supply until at least 2028.

[...]

“Global institutions are increasingly taking the view that this market won’t recover soon,” said Wilson. He expects office rents to keep falling through next year, and predicts that the nominal value of buildings in 2030 will still be below 2020 levels.

[...]

in reply to Hotznplotzn

I'm surprised it's taking this long, this Chinese real estate oversupply problem has been well known for a long time now. It will take ages to correct.