Our Retirement Travel Plan? Wing It.

In our 20s, my new husband and I took a year off from our fledgling careers to travel in Southeast Asia. Equipped with paper maps, we began in China and improvised each day’s “itinerary” on the go. A gap year for grown-ups, I called it, although I scarcely qualified as one.

Nearly 40 years later, we are new retirees with the same wanderlust. We wondered: Could we recapture the thrill of winging it, enduring rough roads and cheap hotels?

We could and did, but for 2½ months instead of 12. We mapped out a route that would take us up Africa’s east coast and then—who knows where? Here’s how we rolled and five important lessons we learned on a 6,000-mile trip.

Kenya: Live large by day

Our first stop was the tiny, car-free island of Lamu, well-known for its high-profile visitors, from Kate Moss to the Obamas. This low-key getaway offered white-sand beaches, dhows — boats you can rent for day cruises and snorkelling — and lots of donkeys, the main mode of transport.

We considered the beachside Peponi Hotel in Shela, a hot spot since the 1960s (Mick Jagger bunked there). But room rates start at $250, far above our per-night budget of $70 or less. When contemplating almost 100 nights of travel, price matters.

So we chose a villa in the dunes called Amani Lamu, $61 per night for an en suite room with a private terrace and shared plunge pool.
We still had a cool Peponi moment come sunset: On the hotel’s whitewashed veranda, we sipped Pepotinis and plotted our next day’s interlude at the Majlis, Lamu’s fanciest resort (from $580).

With a $20 day pass, we could lounge around its pools and beach bars like proper resort habitués.

Lesson learned: Live like billionaires by day and frugal backpackers by night.
Must-go: Across the bay on Manda Island, bunk a night in a thatched-roof bungalow on stilts at Nyla’s Guest House and Kitchen (from $48 with breakfast).
After a dinner of doro wat, a spicy Ethiopian chicken stew and rice, the sound of waves will lull you asleep.

Egypt: Ask. Politely.

From Lamu, we flew to Aswan in Egypt. Our “plan”: Cruise down the Nile to Luxor, then take a train to Cairo, and venture to Giza’s pyramids.

Turns out it’s the kind of thing one really should book in advance. But at our Aswan hostel, the proprietor, who treated us like guests deserving white-glove service, secured a felucca, a vessel manned by a navigator and captain-cum-cook.

Since we’d booked fewer than 24 hours in advance and there were no other takers, we were its sole passengers for the three-day trip.
One day, we stopped to tour ancient temples and visit a bustling camel fair, but otherwise, we remained on board watching the sunbaked desert slide by.

We slept on futons on the deck under the stars. The cost: about $100 per night per person, including three meals.

Lesson learned: Ask for help. We found Egyptians kind and unfazed by our haplessness, especially when we greeted them respectfully with assalamu alaikum (“Peace to you”).
Must-go: For buys from carpets to kebabs, don’t miss Cairo’s massive Khan el-Khalili bazaar, in business since 1382. We loved the babouche, cute leather slippers, but resisted as our packs were full.

Turkey: Heed weather reports

Next stop Tunisia, via a cheap flight on EgyptAir. We loved Tunisia, but left after six days because the weather got chilly.

Fair enough, it was January. We hopped continents by plane and landed in Istanbul, where it snowed. Fortunately, two of Istanbul’s main pleasures involve hot water. We indulged in daily hammams, or Turkish baths, ranging from $30 to $60 for services that included, variously, a massage, a scrub-down and a soak.

Beneath soaring ceilings at the temple-like Kılıç Ali Paşa Halamı, brisk workers sternly wielded linen sacks to dowse my body in a cloud of hot foam.
In between visits to Ottoman-era mosques and the city’s spice markets, we staved off the chill by drinking fruity pomegranate tea and sampling Turkish delight and baklava at tea salons.

A favourite salon: Sekerci Cafer Erol in Kadıköy, a ferry-ride away on the “Asian” side of Istanbul, where the city adjoins Asia.

Lesson learned: Pay attention to the weather gods. We foolishly took the concept of travelling off-season too far.
Must-go: Don’t miss the Istanbul Modern, the Renzo Piano-designed art museum in the historic Beyoğlu district.

Cambodia: Chill out

After a long flight from Istanbul, we spent two weeks in Laos and then hopped another plane to Cambodia, specifically Koh Rong Sanloem, another car-free island.

Like vagabonds, we lolled by the warm, super-blue water of Sunset Beach, steps from our bungalow at Sleeping Trees (from $54 per night).

A caveat: You have to sweat to get to this island paradise. We took a bus, a ferry and then hiked for 40 minutes up and down a steep hill and through a jungle. You’ll find only a handful of “resorts”—simple bungalow complexes like ours. There’s nothing much to do. I’ll be back.

Lesson learned: Until our week in Cambodia, we’d been travelling too much and too fast, prioritising exploration over relaxation. This island taught us the pleasures of stasis.
Must-go: Spend one day in Cambodia’s capital city, Phnom Penh, to delve into its sobering history. Tour the Choeung Ek Genocidal Centre, site of a Killing Field, where nearly 9,000 Cambodians died.

Thailand: Be a frugal hedonist

We spent our last two weeks on the island of Ko Samui, where season three of “The White Lotus” was shot.
We went there for its astounding beauty, not the luxury resort experience that comes with too many boisterous lads on vacation, snake farms and traffic jams in town.

Truth be told, we flouted our budget rules to book an Airbnb with a pool (from $300) in the hills of Lipa Noi on the island’s quiet side. We joined the nearby Gravity Movement Gym to work out, but cooked our own meals to keep our final tabulation of expenses within reach.

Lesson learned: Pinching pennies feels restrictive, no matter how lush the surroundings. And it leads to bickering, as partners tally up who squandered how much on what.
With the end in sight, we splurged on the villa and even bought souvenirs, knowing we’d lug them for days, not weeks.
Must-go: Take the 30-minute ferry to sister island Ko Pha Ngan for its peace, love and yoga vibe and, once a month, full-moon parties.
Via Airbnb, we bunked at a Thai house called Baan Nuit, run by the Dear Phangan restaurant proprietors.

We sampled steamed dumplings, white fish in a Thai basil sauce and spicy noodles for a mere $15 apiece.
Hey, indulge in that “White Lotus” moment if you dare!

Georgina Wilson Reveals Five Instagram Design Myths That Could Be Ruining Your Home

Instagram may be full of dreamy interiors, but architect Georgina Wilson says what works on social media doesn’t always translate to real life.

As one of Australia’s most-followed architects, Wilson has seen first-hand how influencer-led design shapes—and sometimes sabotages—our homes.

From impractical layouts to fast-fashion finishes, here are five biggest myths she’s busting.

1. Form Over Function

That statement pendant light might rake in likes, but can you actually open your kitchen drawers?

Many influencer-inspired designs prioritise visual drama over practicality, sacrificing comfort, efficiency and long-term usability in the process.

2. Set Design, Not Home Design

Fluted cabinetry, curved walls, oversized arches—they look great in a styled shot but aren’t always built to last.

Wilson warns that these trends are often “set pieces,” designed for impact rather than daily living.

3. The DIY Myth

With time-lapses and tutorials galore, influencers make renovations look deceptively easy.

But Wilson says DIY often results in costly missteps: “Designing a great space requires experience, technical skill and planning—there are no shortcuts.”

4. Trends Over Timelessness

What’s hot today will feel tired tomorrow. Chasing viral aesthetics can lead to expensive regrets, especially if it means compromising on layout, materials, or functionality.

“Good design should outlast any algorithm,” says Wilson.

5. Influencer Projects Are Often Free – Yours Won’t Be

Wilson points out a crucial reality: most influencer renovations are heavily subsidised by brand partnerships.

Homeowners, meanwhile, foot the full bill—sometimes for design choices that don’t serve them long-term.

Social media is a powerful source of inspiration, but Wilson urges homeowners to think beyond the grid.

“A truly great home isn’t built for the ‘after’ photo,” she says. “It’s built to be lived in—comfortably, beautifully, every day.”

The U.S. Now Has More Billionaires Than China. Musk Is Still Tops.

The number of U.S. billionaires in the world reached 870 in mid-January, outpacing the number in China for the first time in 10 years, according to a snapshot of the wealthiest in the world by the Hurun Report.

The U.S. gained 70 billionaires since last year, powered by a rising stock market, a strong dollar, and the insatiable appetite for all things AI, according to the 14th annual Hurun Global Rich List . China gained nine billionaires overall for a total of 823. Hurun is a China-based research, media, and investment group.

“It’s been a good year for AI, money managers, entertainment, and crypto,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, said in a news release. “It’s been a tough year for luxury, telecommunications, and real estate in China.”

Overall, the Hurun list—which reflects a snapshot of global wealth based on calculations made Jan. 15—counted 3,442 billionaires in the world, up 5%, or 163, from a year ago. Their total wealth rose 13% to just under $17 trillion.

In November, New York research firm Altrata reported that the billionaire population rose 4% in 2023 to 3,323 individuals and their wealth rose 9% to $12.1 trillion.

Elon Musk, CEO of electric-car maker Tesla and right-hand advisor to President Donald Trump, topped the list for the fourth time in five years, with recorded wealth of $420 billion as of mid-January as Tesla stock soared in the aftermath of the U.S. election, according to Hurun’s calculations.

The firm noted that Musk’s wealth has since nosedived about $100 billion, falling along with shares of Tesla although the EV car maker is benefiting on Thursday from Trump’s 25% tariff on cars made outside the U.S.

According to the Bloomberg Billionaires Index, Musk’s wealth stood at about $336 billion as of the market’s close on Wednesday, although measuring his exact wealth —including stakes in his privately held companies and the undiscounted value of his Tesla shares—is difficult to precisely determine.

The overall list this year contained 387 new billionaires, while 177 dropped off the list—more than 80 of which were from China, Hurun said. “China’s economy is continuing to restructure, with the drop-offs coming from a weeding out of healthcare and new energy and traditional manufacturing, as well as real estate,” Hoogewerf said in the release.

Among those who wealth sank was Colin Huang, the founder of PDD Holdings —the parent company of e-commerce platforms Temu and Pinduoduo—who lost $17 billion.

Also, Zhong Shanshan, the founder and chair of the Nongfu Spring beverage company and the majority owner of Beijing Wantai Biological Pharmacy Enterprise , lost $8 billion from “intensifying competition” in the market for bottled water. The loss knocked Zhong from his top rank in China, which is now held by Zhang Yiming founder of Tik-Tok owner Bytedance. Zhang is ranked No. 22 overall.

Hurun’s top 10 billionaires is a familiar group of largely U.S. individuals including Jeff Bezos, Mark Zuckerberg, and Larry Ellison. The list has France’s LVMH CEO Bernard Arnault in seventh place, three notches down from his fourth ranked spot on the Bloomberg list, reflecting a slump in luxury products last year.

Nvidia CEO Jensen Huang is ranked No. 11 on Hurun’s list as his wealth nearly tripled to $128 billion through Jan. 15. Other AI billionaires found lower down on the list include Liang Wenfeng, 40, founder and CEO of DeepSeek, with wealth of $4.5 billion and Sam Altman, CEO of OpenAI, with $1.8 billion.

Also making the list were musicians Jay-Z ($2.7 billion), Rihanna ($1.7 billion), Taylor Swift ($1.6 billion), and Paul McCartney ($1 billion). Sports stars included Michael Jordan ($3.3 billion), Tiger Woods ($1.7 billion), Floyd Mayweather ($1.3 billion), and LeBron James ($1.3 billion).

Wealth continues to surge across the globe, but Hoogewerf noted those amassing it aren’t overly generous.

“We only managed to find three individuals in the past year who donated more than $1 billion,” he said. Warren Buffet gave $5.3 billion, mainly to the Bill and Melinda Gates Foundation, while Michael Bloomberg —ranked No. 19 with wealth of $92 billion—gave $3.7 billion to various causes. Netflix founder Reed Hastings, ranked No. 474 with wealth of $6.2 billion, donated $1.1 billion.

U.K. Asset Manager ICG Mulls Sale of Singapore Private Education Institution, Sources Say

U.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.

The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.

ICG and Rippledot declined to comment.

The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.

Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.

The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.

In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.

‘Snow White’ Review: A Disney Princess’s Pointless Return

Even in Hollywood, pre-eminent in the field of chutzpah, greatness can be intimidating. Rarely does one hear producers discuss their plans to remake “Casablanca” or “Lawrence of Arabia.” It took Disney many years of creating live-action remakes of its classic animated features before it worked up the nerve to take another whack at its first, and perhaps most venerated, work, “Snow White and the Seven Dwarfs,” which in 1937 set the template for richly evocative animation that could appeal to all ages. It is still, in inflation-adjusted dollars, the 10th-highest-grossing movie ever released in North America.

Disney’s first “Snow White” isn’t perfect—the prince is badly underwritten and doesn’t even get a name—but it is, by turns, enchanting, scary and moving. Version 2.0, starring Rachel Zegler in the title role and Gal Gadot as her nefarious stepmother, has been in the works since 2016 and already feels like it’s from a bygone era. After fans seemed grumpy about the rumored storyline and the casting of Ms. Zegler, Disney became bashful about releasing it last March and ordered reshoots to make everyone happy. Unfortunately, the story is so dopey it made me sleepy.

Directed by Marc Webb (“The Amazing Spider-Man” with Andrew Garfield ), the remake is neither a clever reimagining (like “The Jungle Book” and “Pete’s Dragon,” both from 2016) nor a faithful retelling (like 2017’s “Beauty and the Beast”), but rather an ungainly attempt at modernization. The songs “I’m Wishing” and “Someday My Prince Will Come” have been cut; the big what-she-wants number near the outset is called “Waiting on a Wish.” Instead of longing for true love (=fairy tale), Snow White hopes to sharpen her leadership skills (=M.B.A. program). And she keeps talking about a more equitable distribution of wealth in the kingdom she is destined to rule after her mother, the queen, dies and her father, having made a questionable choice for his second spouse, goes missing.

Ms. Gadot, giving it her all, is serviceable as the wicked stepmother. But she doesn’t bring a lot of wit to the role, and the script, by Erin Cressida Wilson , does very little to help. Her hello-I’m-evil number, “All Is Fair,” is meant to be the film’s comic showstopper but it’s barely a showslower, a wan imitation of “Gaston” from “Beauty and the Beast” or “Poor Unfortunate Souls” from “The Little Mermaid.” The original songs, from the songwriting team of Benj Pasek and Justin Paul (“La La Land”), also stack up poorly against the three tunes carried over from the original “Snow White,” each of which has been changed from a sweet bonbon into high-energy, low-impact cruise-ship entertainment. So unimaginative is the staging of the numbers that it suggests such straight-to-Disney+ features as 2019’s “Lady and the Tramp.”

After escaping a plot to kill her, Snow White becomes friends with a digital panoply of woodland animals and with the Seven Dwarfs, who instead of being played by actors are also digital creations. The warmth of the original animation is totally absent here; the tiny miners look like slightly creepy garden gnomes, except for Dopey, who looks like Alfred E. Neuman . As for the prince, there isn’t one; the love interest, Jonathan (a forgettable Andrew Burnap ), is a direct lift of the rogue-thief Flynn Rider , from 2010’s “Tangled,” plus some Robin Hood stylings. His sour, sarcastic tribute to the heroine, “Princess Problems,” is the worst Snow White number since the one with Rob Lowe at the 1989 Oscars.

Ms. Zegler isn’t the chief problem with the movie, but as in her debut role, Maria in Steven Spielberg’s remake of “West Side Story,” she has a tendency to seem bland and blank, leaving the emotional depths of her character unexplored even as she nearly dies twice. Gloss prevails over heart in nearly every scene, and plot beats feel contrived. She and Jonathan seem to have no interest in one another until, suddenly, they do; and when he and his band of thieves escape from a dungeon, they do so simply by yanking their iron chains out of the walls. Everything comes too easily and nothing generates much feeling. When interrogated by the evil queen, who wants to know what happened to her stepdaughter, Jonathan replies, “Snow who?” Which would be an understandable reaction to the movie. “Snow White” is the fairest of them all, in the sense that fair can mean mediocre.

China Says It Started Year on Strong Economic Footing as Trump Tariffs Hit

SINGAPORE—China reported surprisingly robust economic activity to start the year, giving Beijing some wind at its back as it faces the prospect of increased tensions with President Trump’s second administration.

Retail sales, a measure of consumer spending in China, accelerated, and investment and industrial production grew more than expected, though unemployment rose to a two-year high, and the beleaguered property market remained under pressure, according to official data.

The numbers come a day after Beijing released a policy plan to expand domestic consumption, including raising wages, increasing pensions and creating incentives for childbirth . The plan was the latest acknowledgment of the urgency in Beijing to find alternatives to export-led growth, but was light on specifics, such as whether new funding would be allocated to its policies, or how local governments would implement the proposed measures.

China earlier this month set an ambitious growth target of about 5% for 2025 and pledged to step up spending and boost domestic demand to stimulate a sluggish economy that is threatened by an escalating trade war with the U.S. The 5% growth target, unchanged from a year earlier, projected a sense of continuity as the Trump administration upends long-held assumptions about the global economic order .

In the two months since his return to office, Trump has put an additional 20% tariff on all Chinese goods and imposed an extra 25% duty on steel and aluminum imports.

China reported weaker-than-expected growth in the export sector to start 2025, which was a key engine of China’s economy last year—and which stands to take a hit as tariff barriers rise around the world. China also recently reported a drop in consumer prices for the first time in a year, a reflection of a larger disinflationary environment that has prompted Chinese leaders to call for more spending by households and businesses. Loans and credit data for February also came in below expectations.

On Monday, China said retail sales in the first two months of the year increased 4% from the same period a year earlier, up from December’s 3.7% year-over-year growth, according to figures published by China’s National Bureau of Statistics. China combines January and February data each year to iron out distortions brought by the shifting timing of the Lunar New Year holiday.

Chinese leaders have identified boosting domestic consumption as their top policy priority for 2025, a move that economists say has become critical as Trump administration tariffs hinder Beijing’s ability to rely on exports to boost growth.

China said industrial production in January and February rose 5.9% from a year earlier, more than economists’ expectations for a 5.4% increase but down from the 6.2% year-over-year gain in December.

Production of new energy vehicles, which includes electric vehicles, 3-D printing equipment and industrial robots jumped 48%, 30%, and 27% year-over-year, respectively, according to the data. Investment in buildings, equipment and other fixed assets rose 4.1% for the same period compared with a year prior.

The real-estate sector, a sore spot in China’s economy, continued to struggle. Property investment fell 9.8% year over year during the first two months of the year. New construction starts dropped by about 30% from the year prior.

Many economists say a sustained recovery in China’s property market is essential to repairing consumer sentiment and increasing spending, given how important real estate is to household wealth levels in the country.

China’s headline measure of joblessness, the urban unemployment rate, rose to 5.4% in February, its highest level since February 2023, up from 5.2% in January and 5.1% in December, according to the data. The metric isn’t seasonally adjusted.

 

‘Walking Europe’s Last Wilderness’ Review: A Carpathian Ramble

The Carpathian Mountains are a horseshoe-shaped range that arcs from central to southeastern Europe. From their western edge in Austria and the Czech Republic, the Carpathians rise clockwise through Slovakia and southern Poland, curve around the Hungarian plains and through western Ukraine, run south into Romania, then turn back westward and finally protrude into northern Serbia. There are wild patches in Europe’s other major ranges, but the Carpathians have forests where the Alps have ski resorts and brown bears where the Pyrenees have the microstate of Andorra. The Carpathians are the last wild place in a crowded continent.

The Carpathians, Nick Thorpe writes in “Walking Europe’s Last Wilderness,” are the “geographical center of Europe.” Their peaks and ridges form the watershed between the Baltic Sea to the north and the Black Sea to the southeast. As geography shapes history and history shapes peoples, the mountains are a political “fault line between East and West.” Once contained within the Austro-Hungarian Empire, the Carpathians now curve through six European Union states, one candidate state (Serbia) and Ukraine, whose future is uncertain.

The cover art of “Walking Europe’s Last Wilderness” evokes John Craxton’s designs for Patrick Leigh Fermor’s travelogues “A Time of Gifts” (1977) and “Between the Woods and the Water” (1986). Though Mr. Thorpe describes the enduring exoticism of hospitable huts, historical grudges, handmade goat cheese and homebrewed  pálinka  fruit spirits, this is not a romanticizing epic from a lost era. Mr. Thorpe is a hiker and camper, and always ready to go barefoot in the meadows, but he lives in Budapest, one of the cities of the plains that surround the Carpathians. A BBC reporter, he launched a series of episodic explorations between 2018 and 2024. He has compiled a richly textured report on an ancient terrain that is being remade into a new political and economic landscape.

The nation-states of the region were created in the 19th and early 20th centuries by “unraveling the complex web of religious, cultural and linguistic threads that characterized Europe.” The nation-builders suppressed “local dialects, vernaculars and identities” and then the Soviets suppressed the nations. The mountains still hide the remnants of the peoples who neither attained statehood nor succumbed: Liptos, Lemkos, Boykos, Hutsuls, Bukovinians, Szeklers, Ruthenians. The revival of the nation-states and their economies after the Cold War threatens to erase the last traces of local identity.

Samo Hríbik, a shepherd in Slovakia, finds his flock by starlight without the help of a dog and fashions traditional  fujara  flutes, whose “long, shuddering notes,” Mr. Thorpe writes, suggest “the wind buffeting a thatched roof.” In western Ukraine, the 86-year-old Vasyl Kischuk puts on his traditional white smock and brown hat and demonstrates the  trembita , the traditional Hutsul wooden trumpet, and a “deep, mournful sound fills the meadow.”

As memories and traditional crafts are fading, incomers are reviving them. Mr. Thorpe meets brewers, cheesemakers, environmentalists and animal lovers mapping migration corridors for brown bears amid the refugee crisis caused by the Ukraine war. Oreste Del Sol, a Paris-born anarchist who shows Mr. Thorpe around his farm and the local slow-food cheese factory in the Ukrainian village of Nyzhnje Selyshche, tells him that being a shepherd in Ukraine is “illegal, or a-legal.” The production and sale of cheese is unregulated. The cheese, Mr. Thorpe finds, is “magnificent.”

For Slovaks, it is the mountains that matter; their national coat of arms carries three stylized ranges. Hungarians, however, speak of the “Carpathian basin” as their homeland and its ring of mountains as a lost shield against invaders. Romanians, whose country is bisected north-south by the Carpathians’ eastern flank, trace their origins to the Dacians, one of whose ancient tribes, the Carpi, gives the name of the mountains. For all their governments, forestry is big business. There are still “primeval forests” in the Carpathians, untouched by humans. There are many “old-growth” forests that were too remote or located on terrain too steep to be exploited in the past. There are also “buffer zones” such as national parks. But the forestry companies now have modern cutting technology and transport, and satellite imagery.

The bouncy IKEA Pöang chair in Mr. Thorpe’s Budapest home is made from beechwood. Romania has two-thirds of Europe’s old-growth forests and IKEA is “the largest private forest owner in Romania.” On paper, IKEA is a “champion of sustainable forestry.” Environmentalists claim, however, that some of its beechwood is “illegally logged—or, at best, over-logged.” IKEA insists it practices “responsible forest management.” Mr. Thorpe goes to a hilltop near Romania’s border with Ukraine. Google Maps shows it “thickly forested.” Mr. Thorpe finds only stumps and scattered branches.

Romsilva, the state forestry company, manages about two-thirds of Romania’s forests. It is charged with both protecting national parks and exploiting a national asset. According to the Romanian Forestry Inventory, 18 million cubic meters (about 635 million cubic feet) of timber were legally felled annually between 2014 and 2017, but “a further 18 million cubic meters were cut illegally each year.” Between 2010 and 2020, 600 members of the Forestry Guard were assaulted after intervening to stop illegal logging. Six were killed.

When Mr. Thorpe leaves the Slovakian capital of Bratislava, he notices that a “gulf of sheer incomprehension has opened up between the village and the city.” The gulf never narrows. “The mountain people, those born and bred here, don’t do much walking in the mountains,” says Sergiu Frusinoiu, a Romanian working with a mountain rescue group. Romania’s “bear problem” is worsening as humans expand into the mountainous territory of its large carnivores: bears, wolves, lynx and jackals. New roads cut across bear migration routes. New towns increase human-carnivore contact. The bears are learning to see humans as a source of food. The Romanian government will allow “the hunting of nearly 500 bears by the end of 2025.” Foreigners, Germans especially, will pay up to 20,000 euros to kill a big male. But no one can agree how many bears there are in Romania, or whether there are really “too many.”

The mayor of Băile Tușnad has educated his townspeople, spent €10,000 on bear-proof trash cans, and cut down the fruiting apple and plum trees in his town. The bears no longer come into Băile Tușnad but, he says, neither do other Romanian mayors in search of advice. Many politicians and businessmen are deep in corrupt forestry deals. The U.S. and EU’s plans for postwar Ukraine include building a “circular road through the Carpathians” to open the mountains for further development. The oligarchs will build ski resorts “where the playboys and playgirls of the new Ukraine will glide effortlessly at high speed, while their brothers, or uncles, sit bitterly at home in wheelchairs.” Old-growth forests make new money, and slow food comes second to a quick buck.

China Pumps Up Support for Country’s Stock Markets

China’s securities regulator is ramping up support for the country’s embattled equities markets, announcing measures to funnel capital into Chinese stocks.

The aim: to draw in more medium to long-term investment from major funds and insurers and steady the equities market.

The latest round of policy boosts comes as Chinese stocks start the year on a soft note, with investors reluctant to add exposure to the market amid lingering economic woes at home and worries about potential tariffs by U.S. President Trump. Sharply higher tariffs on Chinese exports would threaten what has been one of the sole bright spots for the economy over the past year.

Thursday’s announcement builds on a raft of support from regulators and the central bank, as officials vow to get the economy back on track and markets humming again.

State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market, financial regulators led by the China Securities Regulatory Commission and the Ministry of Finance said at a press briefing.

Insurers will be encouraged to invest 30% of their annual premiums earning from new policies into China’s A-shares market, said Xiao Yuanqi, vice minister at the National Financial Regulatory Administration.

At least 100 billion yuan, equivalent to $13.75 billion, of insurance funds will be invested in stocks in a pilot program in the first six months of the year, the regulators said. Half of that amount is due to be approved before the Lunar New Year holiday starting next week.

China’s central bank chimed in with some support for the stock market too, saying at the press conference that it will continue to lower requirements for companies to get loans for stock buybacks. It will also increase the scale of liquidity tools to support stock buyback “at the proper time.”

That comes after People’s Bank of China in October announced a program aiming to inject around 800 billion yuan into the stock market, including a relending program for financial firms to borrow from the PBOC to acquire shares.

Thursday’s news helped buoy benchmark indexes in mainland China, with insurance stocks leading the gains. The Shanghai Composite Index was up 1.0% at the midday break, extending opening gains. Among insurers, Ping An Insurance advanced 3.1% and China Pacific Insurance added 3.0%.

Kai Wang, Asia equity market strategist at Morningstar, thinks the latest moves could encourage investment in some of China’s bigger listed companies.

“Funds could end up increasing positions towards less volatile, larger domestic companies. This could end up benefiting some of the large-cap names we cover such as [Kweichow] Moutai or high-dividend stocks,” Wang said.

Shares in Moutai, China’s most valuable liquor brand, were last trading flat.

The moves build on past efforts to inject more liquidity into the market and encourage investment flows.

Earlier this month, the country’s securities regulator said it will work with PBOC to enhance the effectiveness of monetary policy tools and strengthen market-stabilization mechanisms. That followed a slew of other measures introduced last year, including the relaxation of investment restrictions to draw in more foreign participation in the A-share market.

So far, the measures have had some positive effects on equities, but analysts say more stimulus is needed to revive investor confidence in the economy.

Prior enthusiasm for support measures has hardly been enduring, with confidence easily shaken by weak economic data or disappointment over a lack of details on stimulus pledges. It remains to be seen how long the latest market cheer will last.

Mainland markets will be closed for the Lunar New Year holiday from Jan. 28 to Feb. 4.

 

The Price of Everlasting Health and Vitality

There was a time — not so long ago — when the idea of an indulgent spa day was simply about relaxing massages and therapeutic facials, followed by a five-star lunch and perhaps a dip in a mineral pool. But the health and wellness industry has evolved rapidly, bringing with it an explosion of cutting-edge treatments designed to slow ageing, boost vitality, and extend healthspan.

Cold-water plunge pools, infrared saunas, and float tanks have taken over as the staples of health spas, wellness centres, and high-end gyms. Even real estate developments are tapping into this trend. But now, high-tech longevity treatments — from cryotherapy and IV infusions to genetic testing and advanced cellular therapies — are taking the wellness scene in Australia to unprecedented levels.

A burgeoning market globally, the health and wellness industry is estimated to have been worth more than US$5.6 trillion in 2022. Projections suggest this figure will grow to a staggering $13 trillion by 2031, with Australia steadily catching up to the US and Europe, where longevity treatments are thriving. High-profile figures like Gwyneth Paltrow, Jennifer Aniston, Chris Hemsworth, and even Tom Brady are among the faces championing biohacking and experimental therapies, from stem cell infusions to blood transfusions.

The Rise of Longevity Clinics in Australia
One of the key players in Australia’s emerging longevity scene is Tristan Sternson, founder of Super Young. Sternson’s foray into the world of longevity treatments began as he approached 40 — a milestone that made him reflect on his health. As a former elite athlete, the transition from feeling invincible to feeling vulnerable led him to explore solutions that would help him reclaim vitality.

Tristan Sternson, Nick Bell and Jarrod Kagan from Super Young

Initially frustrated by the lack of accessible health data locally, Sternson turned to overseas clinics for tests and treatments that painted a clearer picture of his biological needs. His experience inspired him to create Super Young, a Melbourne-based clinic offering evidence-based therapies tailored to individual needs. Services include cryotherapy, IV infusions, genetic testing, and biological age assessments. Memberships range from $85–$289 per week, while one-off tests start at $899.

Sternson emphasises the importance of personalised treatments. “I want people to start with the evidence side of it so they can really understand their own body and what treatments will work for them,” he says.

The Science of Longevity Medicine
Dr Karen Coates, an integrative medical doctor and a presenter for The Longevity Project at Gwinganna Lifestyle Retreat, echoes Sternson’s emphasis on personalisation. She explains that longevity isn’t just about living longer but about living better — optimising health today while securing vitality for the future.

“One-size-fits-all approaches don’t apply when it comes to longevity,” says Dr Coates. “It’s about understanding your body’s genetic makeup and adopting personalised strategies to support health and longevity.”

At Gwinganna’s four-night Longevity Project retreat, guests can undergo gene testing, biological age assessments, and learn strategies to bridge the gap between chronological and biological age. Packages for the retreat range from $2915 to $5460.

Biohacking for All Budgets
Not all longevity treatments come with hefty price tags. Health coach Camilla Thompson points out that simple lifestyle adjustments — like cold showers to stimulate circulation or adding Celtic sea salt to water for better hydration — can supplement advanced therapies.

While advanced treatments like stem cell and peptide therapies are yet to gain widespread regulatory approval in Australia, Sternson is optimistic about their future. He envisions a time when longevity centres will be as common as gyms, giving clients the tools to monitor and manage their health with precision.

“What I’d love to see is health insurance companies get on board,” Sternson adds. “If they can give discounts for safe driving based on car data, why not for healthy habits based on glucose monitoring or other health indicators?”

As Australia continues to embrace longevity medicine, it’s clear the industry is poised to reshape not just health and wellness but how Australians approach ageing itself.

Japanese Stocks Are in the Spotlight Again. Hopes Are High for 2025.

U.S. investors’ enthusiasm over Japanese stocks at this time last year turned out to be misplaced, but the market is again on the list of potential ways to diversify. Corporate shake-ups, hints of inflation after years of declining prices, and a trade battle could work in its favor.

Japanese stocks started 2024 off strong, but an unexpected interest-rate increase in August by the Bank of Japan triggered a sharp decline that the market has spent the rest of the year clawing back. Weakness in the yen has cut into returns in dollar terms. The iShares MSCI Japan ETF , which isn’t hedged, barely returned 7% last year, compared with 30% for the WisdomTree Japan Hedged Equity Fund .

The market is relatively cheap, trading at 15 times forward earnings, about where it was a decade ago, and events on the horizon could give it a boost. Masakazu Takeda, who runs the Hennessy Japan fund, expects earnings growth of mid-single digits—2% after inflation and an additional 2% to 3% as companies return more to shareholders through dividends and buybacks.

“We can easily get 10% plus returns if there’s no exogenous risks,” Takeda told Barron’s in December.

The first couple months of the year could be volatile as investors assess potential spoilers, such as whether the new Trump administration limits its tariff battle to China or goes wider, which would hurt Japan’s export-dependent market. The size of the wage increases labor unions secure in spring negotiations is another risk.

But beyond the headlines, fund managers and strategists see potential positive factors. First, 2024 will likely turn out to have been a record year for corporate earnings because some companies have benefited from rising prices and increasing demand, as well as better capital allocation.

In a note to clients, BofA strategist Masashi Akutsu said the market may again focus on a shift in corporate behavior that has begun to take place in recent years. For years, corporate culture has been resistant to change but recent developments—a battle over Seven & i Holdings that pits the founding family and investors against a bid from Canada’s Alimentation Couche-Tard , and Honda and Nissan ’s merger are examples—have been a wake-up call for Japanese companies to pursue overhauls. He expects a pickup in share buybacks as companies begin to think about shareholder returns more.

A record number of companies have also delisted, often through management buyouts, in another indication that corporate behavior is changing in favor of shareholders.

“Japan is attracting a lot of activist interest in a lot of different guises, says Donald Farquharson, head of the Japanese equities team for Baillie Gifford. “While shareholder proposals are usually unsuccessful, they do start in motion a process behind the scenes about the capital structure.”

For years, money-losing businesses were left alone in large corporations, but the recent spate of activism and focus on shareholder returns has pushed companies to jettison such divisions or take measures to improve them.

That isn‘t to say it is going to be an easy year. A more protectionist world could be problematic for sentiment.

But Japan’s approach could become a model for others in this new world. “Japan has spent the last 30 to 40 years investing in business overseas, with the automotive industry, for example, manufacturing a lot of the cars in the geographies it sells in,” Farquharson said. “That’s true of a lot of what Japan is selling overseas.”

Trade volatility that hits Japanese stocks broadly could offer opportunities. Concerns about tariffs could drag down companies such as Tokio Marine Holdings, which gets half its earnings by selling insurance in the U.S., but wouldn’t be affected by duties. Similarly, Shin-Etsu Chemicals , a silicon wafer behemoth that sells critical materials, including to the chip industry, is another potential winner, Takeda says.

If other companies follow the lead of Japanese exporters and set up shop in the markets they sell in, Japanese automation makers like Nidec and Keyence might benefit as a way to control costs in countries where wages are higher, Farquharson says.

And as Japanese workers get real wage growth and settle into living in an economy no longer in a deflationary rut, companies focused on domestic consumers such as Rakuten Group should benefit. The internet company offers retail and travel, both of which should benefit, but also is home to an online banking and investment platform.

Rakuten’s enterprise value—its market capitalization plus debt—is still less than its annual sales, in part because the company had been investing heavily in its mobile network. But that division is about to hit break even, Farquharson says.

A stock that stands to benefit from consumer spending and the waves or tourists the weak yen is attracting is Orix , a conglomerate whose businesses include an international airport serving Osaka. The company’s aircraft-leasing business also benefits from the production snags and supply-chain disruptions at Airbus and Boeing , Takeda says.

An added benefit: Its financial businesses stand to get a boost as the Bank of Japan slowly normalizes interest rates. The stock trades at about nine times earnings and about par for book value, while paying a 4% dividend yield.

Corrections & Amplifications: The past year is expected to turn out to have been a record one for corporate earnings in Japan. An earlier version of this article incorrectly gave the time frame as the 12 months through March. Separately, Masashi Akutsu is a strategist at BofA. An earlier version incorrectly identified his employer as UBS.