Once a Symbol of China’s Growth, Now a Sign of a Housing Crisis

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By BY DAISUKE WAKABAYASHI AND CLAIRE FU from NYT Business https://ift.tt/lyu7DIU

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500 Spain hotels to close after Thomas Cook fall

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MADRID: Hundreds of hotels in Spain are facing imminent closure over the collapse of British travel giant Thomas Cook, the head of the Spanish hotel federation warned on Monday.“There are 500 hotels which are going to close immediately due to the collapse of Thomas Cook and the situation could get worse if the government doesn’t take immediate action,” Juan Molas, head of Spain’s Confederation of Hotels and Tourist Accommodation, told business daily Cinco Dias.And the sum in unpaid bills left by the demise of the tour operator would be much higher than the initial estimate of 200 million euros ($220 million), said Molas, whose organisation represents 15,000 businesses.Of those hotels facing immediate closure, 100 were exclusively dependent on Thomas Cook he said while the rest counted on the firm for between 30 and 70 percent of their clients. One hotel in Fuerteventura the second largest of the Canary Islands had recently undergone a 20-million-euro upgrade and was now faced with 700 ...
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SAN FRANCISCO: Instagram on Monday went global in its fight against misinformation, making alliances with fact-checkers around the world to expose deception in shared photos or videos.The Facebook-owned social platform launched a fact-checking program in the US early this year.“Today’s expansion is an important step in our ongoing efforts to fight misinformation on Instagram,” the service said in an online post.“Photo and video based misinformation is increasingly a challenge across our industry, and something our teams have been focused on addressing.”Instagram began working with third-party allies in the US to help identify, review and label bogus posts. Content deemed to be false is ignored by Instagram’s search or recommendation tools and is shown with a warning label if users come across it.“When content has been rated as false or partly false by a third-party fact-checker, we reduce its distribution,” Instagram said.“”In addition, it will be labeled so people can better decide fo...
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French drug smuggler gets death in Indonesia

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MATARAM, Indonesia: Indonesia on Monday sentenced a French drug smuggler to death by firing squad, in a shock verdict after prosecutors had asked for a long prison term.The three-judge panel in Lombok handed a capital sentence to Felix Dorfin, 35, who was arrested in September at the airport on the holiday island next to Bali, where foreigners are routinely charged with drugs offences. Indonesia has some of the world´s strictest drug laws — including death for some traffickers. It has executed foreigners in the past, including the masterminds of Australia´s Bali Nine heroin gang. While Dorfin was eligible for the death penalty, prosecutors instead asked for a 20-year jail term plus another year unless he paid a huge fine equivalent to about $700,000. from The News International - World http://bit.ly/2HtJiWI
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