TIME China

Greece Is Keeping Chinese Stocks From Rebounding

CHINA-STOCKS
STR—AFP/Getty Images

The global market sell-off came at a rough time for Chinese stocks

Uncertainty over Greece’s debt crisis battered global stocks on Monday morning, as the troubled country dealt with bank closures and placed limits on ATM withdrawals.

The global sell-off was particularly poorly timed for the Chinese stock market, which retreated into a bear market early Monday after the country’s central bank cut interest rates over the weekend in a move meant to bolster the market. China’s stock market, which fell more than 7% on Friday, started this morning moving upward before quickly reversing, leaving the market down more than 20% from highs earlier this month.

The Shanghai Composite index ended the day down 3.3%, while the Shenzhen exchange closed down more than 6% and Hong Kong’s Hang Seng dropped 2.6%.

The recent sell-off has hit several large Chinese companies particularly hard, with train maker CRRC Corporation’s stock down more than 50% from its peak price, according to The Wall Street Journal. Fellow transportation companies such as China Railway and BYD have also seen their shares drop by 45% and 40% from their respective peaks.

As Fortune‘s Scott Cendrowski noted in an earlier story, this past weekend marked the first time that China’s central bank had cut two key rates on the same day since the financial crisis. China’s leaders pushed for a stock market rally last year at a time of slow economic growth for the country, but rapid gains spooked many investors, particularly margin lenders who have led the current sell-off.

TIME Education

Sheryl Sandberg to Grads: Fortune Favors the Bold

Sheryl Sandberg gave this commencement speech at Tsinghua University School of Economics and Management

I am honored to be here today to address Dean Yingyi Qian, Tsinghua School of Economics and Management’s distinguished faculty, proud family members, supportive friends, and most importantly, the class of 2015. Unlike my boss, Mark Zuckerberg, I do not speak Chinese. For that I apologize. But he did ask me to pass along this message – zhuhe. I am thrilled to be here to congratulate this magnificent class on your graduation.

When Dean Qian invited me to speak today, I thought, come talk to a group of people way younger and cooler than I am? I can do that. I do that every day at Facebook, since Mark is 15 years younger than I am and many of our employees are more his contemporaries than mine. I like being surrounded by young people, except when they say to me, “What was it like being at university without a mobile phone?” or worse, “Sheryl, can you come here? We need to see what old people think of this feature.”

I graduated from college in 1991 and business school in 1995. This was not that long ago. But I can tell you: the world has changed an awful lot in just 25 years. My business school class tried to have our school’s first online class. We had to pass out a list of screen names because it was unthinkable to put your real name on the internet. And it did not work because the system kept crashing – it just wasn’t possible for 90 people to communicate at once online.

But for a few brief moments in between crashes, we glimpsed the future – a future where technology would connect us to our colleagues, our relatives, our friends. The world we live in today is one I could not have imagined when I was sitting where you are. And 25 years from now, you will have helped shape your generation’s world.

As graduates of Tsinghua, you will be leaders not just in China, but globally. China is a world leader in terms of educational attainment and economic growth. It is not just political and business leaders that recognize the importance of China. Many American parents realize it as well; the hardest schools to get into in the San Francisco Bay area where I live are those that teach Chinese.

But the fact is countries don’t lead: People lead.

As you graduate today, you start your path toward leadership. What kind of leader will you be? How much impact on others will you have? What will be your mark on the world?

At Facebook, we have posters on our walls to remind us to think big – to challenge ourselves to do more each and every day. There are important leadership lessons reflected in these posters – and today, I want to cover four of them that I think can be meaningful for you.

First, FORTUNE FAVORS THE BOLD.

Facebook exists because Mark believed that the world would be a better place if people could use technology to connect as individuals. He believed it so much that he dropped out of Harvard College to pursue that mission and he fought to hold onto it over the years. What Mark did was not lucky. It was bold.

It’s unusual to find your passion as early as Mark. It took me far longer to figure out what I wanted to do. When I was sitting in a graduation robe, I could not have considered a job at Facebook because the internet did not exist – and Mark was only 11 years old. I thought I would only ever work for the government or a philanthropic organization because I believed these institutions made the world a better place while companies only worked towards profits. But when I was working at the U.S. Treasury Department, I saw from afar how much impact technology companies were having on the world and I changed my mind. So when my government job ended, I decided to move to Silicon Valley.

In retrospect, this seems like a shrewd move. But in 2001, it was questionable at best. The tech bubble had burst. Large companies were doing massive layoffs and small companies were going out of business. I gave myself four months to find a job. It took almost a year. In one of my first interviews, a tech company CEO said to me, “I took this meeting as a favor to a friend but I would never hire someone like you – people from the government can’t work in technology.”

Eventually I persuaded someone to hire me, and fourteen years later, I still love working in tech. It was not my original plan but I got there — eventually.

I hope if you find yourself on one path but longing for something else, you find a way to get there. And if that isn’t right, try again. Try until you find something that stirs your passion, a job that matters to you and matters to others. It’s a luxury to combine passion and contribution. It’s also a clear path to happiness.

Second, FEEDBACK IS A GIFT.

At Facebook, I knew that the most important determinant of my performance would be my relationship with Mark. When I joined, I asked Mark for a commitment that he would give me feedback every week so that anything that bothered him would be aired and discussed quickly. Mark not only said yes but immediately added that he wanted it to be reciprocal. For the first few years, we stuck to this routine and met every Friday afternoon to voice concerns big and small. As the years went by, sharing honest reactions became part of our relationship and we now do so in real time rather than waiting for the end of the week.

Getting feedback from your boss is one thing, but it’s every bit as important to get feedback from those who work for you. This is not an easy thing to do as employees are often eager to please those above them and don’t want to criticize or question their higher-ups.

One of my favorite examples of this comes from Wall Street. In 1990, Bob Rubin became the CEO of Goldman Sachs. At the end of his first week, he looked at Goldman’s books and noticed large investments in gold. He asked someone why . The answer? “That was you, sir.” “Me?” he replied. Apparently, the day before he had been walking around on the trading floor and he commented to someone that “gold looks interesting.” This got repeated as “Rubin likes gold” and someone spent hundreds of millions of dollars to make the new boss happy.

On a smaller scale, I have faced a similar challenge. When I joined Facebook, one of my tasks was to build the business side of the company — but without destroying the engineering-driven culture that made Facebook great. So one of the things I tried to do was discourage people from doing formal PowerPoint presentations for meetings with me. At first, I asked nicely. Everyone ignored me and kept doing their presentations. So about two years in, I said, “OK, I usually hate rules but I now have a rule: no more PowerPoint in my meetings.”

About a month later I was about to address our global sales team, when someone said to me, “Before you get on that stage, you really should know everyone’s pretty upset about the no PowerPoint with clients thing.” I was shocked. I had never banned these presentations for clients! I just did not want them in meetings with me. How could we present to our clients without PowerPoint? So I got on the stage and said, “One, I meant no PowerPoint with me. And two, next time you hear a bad idea – like not doing proper client presentations – speak up. Even if you think it is what I have asked for, tell me I am wrong!”

A good leader recognizes that most employees won’t feel comfortable challenging authority, so it falls upon authority to solicit feedback. I learned from my PowerPoint mistake. I now ask my colleagues “What could I do better?” And I always thank the person who has the guts to answer me honestly, often by praising them publicly. I firmly believe that you lead best when you walk side-by-side with your colleagues. When you don’t just talk but you also listen.

Third, NOTHING IS SOMEONE ELSE’S PROBLEM.

When I started my career, I observed people in leadership roles and thought, “They’re so lucky. They have so much control.” So imagine my surprise when I took a course in business school on leadership and was told that as you get more senior, you are more dependent on other people. At the time, I thought my professors were wrong.

They were right. I am dependent on my sales team…not the other way around. If they fall short, it is my mistake. As a leader, what I can accomplish is not just what I can do myself but what everyone on my team does.

Companies in every country operate in ways that are right for their cultures. But I believe that there are some principles of leadership that are universal — and one of those is that it is better to inspire than to direct. Yes, people will do what their bosses tell them to do in most organizations. But great leaders do not just want to secure compliance. They want to elicit genuine enthusiasm, complete trust, and real dedication. They don’t just win the minds of their teams, they win their hearts. If they believe in your organization’s mission and they believe in you, they will not only do their daily tasks well, but they will do them with true passion.

No one won more hearts than my beloved husband Dave Goldberg who passed away suddenly two months ago. Dave was a truly inspiring leader. He was kind. He was generous. He was thoughtful. He raised the level of performance of everyone around him. He did it as CEO of SurveyMonkey, an amazing company that he helped build. He did it for me and for our children.

A friend of ours named Bill Gurley, a leading venture capitalist in Silicon Valley, wrote a post where he urged others to “Be Like Dave.” Bill wrote, “Dave showed us all exactly what being a great human being looks like… But it was never frustrating because Dave’s greatness was not competitive or threatening, it was gentle, inspirational, and egoless. He was the quintessential standard for the notion of leading by example.”

Harvard Business School Professor Frances Frei has said “leadership is about making others better as a result of your presence and making sure that impact lasts in your absence.“ Like Dave, you can do this for others over the course of your career.

Fourth, LEAN IN.

As the Chinese proverb holds – “women hold up half the sky.” This is quoted all over the world and women have a special role in China’s history and present.

When the world has gathered to discuss the status and advancement of women, we’ve done it here in Beijing. In 1995, the Beijing Declaration and Platform for Action – which called for women’s full and equal participation in life and decision-making – was adopted by 189 governments. Last year, on the 20th anniversary of that historic declaration, leaders again gathered here to mobilize around what has become known as the promise of Beijing: equality for women and men.

Yet while we all acknowledge the importance and strength of women, when we look at leadership roles in every country, they are overwhelmingly held by men. In almost every country in the world – including the United States and China – less than 6% of the top companies are run by women. Women hold fewer leadership roles in every industry. This means that when it comes to making the decisions that affect all us, women’s voices are not heard equally.

There are many reasons for the gender leadership gap – outright discrimination, greater responsibilities at home, a lack of flexibility in the workplace, and importantly, our stereotypical expectations. While cultures differ all over the globe, our stereotypes of men and women are remarkably similar. Although the status of women is changing and evolving in China and many parts of the world, traditional expectations and stereotypes linger. To this day, in the US, in China, and everywhere, men are expected to lead, be assertive, succeed. Women are expected to share, be communal, acquiesce to others. We expect leadership from boys and men. But when a little girl leads, we call her “bossy” in English, or qiang shi in Chinese.

Other social barriers also hold women back. Women are often excluded from professional networks—like Guanxi–and both formal and informal socializing that is critical for job advancement. This is also true in the United States, where men often chose to mentor other men instead of women.

I believe that the world would be a better place if men ran half our homes and women ran half our institutions – and the good news is that we can change the stereotypes and get to real equality. We can support women who lead in the workforce. We can find more balance in the home by fathers helping mothers with housekeeping and childrearing; more equal marriages are happier and more active fathers raise more successful children. We can walk up to someone who calls a little girl “bossy,” and say instead, “That little girl is not bossy. That little girl has executive leadership skills.”

And I want to make this very clear— equality is not just good for women. It’s good for everyone. Female participation in the workforce is a major driver of economic growth. Companies that recognize the full talents of the entire population outperform those that do not. AliBaba CEO Jack Ma, who stood here last year, has said that “one of the secret sauces for Alibaba’s success is that we have a lot of women… without women, there would be no Alibaba.” Women hold 40 percent of all jobs at Alibaba and 35 percent of senior positions – far more than most companies anywhere in the world.

Great leaders don’t just develop people like them, they develop everyone. If you want to be a great leader, you will develop the women – as well as the men – at your companies and on your teams.

Our peers can help us develop, too. When Lean In was published in 2013, we launched LeanIn.org, a nonprofit with a mission to empower all women to achieve their ambitions. LeanIn.Org helps form Lean In Circles, small peer groups who met regularly to share and learn together. There are now over 23,000 circles in more than 100 countries.

The first international Lean In Circle I ever met with was in Beijing — a group of young professional women who gathered to support each other’s professional ambitions and challenge the idea of “shengnu,” leftover women. In the past 2 years, they have built a network of Circles throughout China from working professionals to university students – women and men who come together to support equality. One of these Circles is at Tsinghua, and I met with them earlier this morning. I was inspired by their passion for their studies and their careers. As one member told me, “it was when I first joined Lean In Tsinghua that I began to fully understand the Chinese proverb, A just cause enjoys abundant support.”

I believe your generation will do a better job than mine at fixing the problem of gender inequality. So we turn to you. You are the promise for a more equal world.

Today is a day of celebration. A day to celebrate your accomplishments, the hard work that brought you to this moment.

This is a day of gratitude. A day to thank the people who helped you get here – the people who nurtured you, taught you, cheered you on and dried your tears. Today is a day of reflection. A day to think about what kind of leader you want to be.

I believe that you are the future leaders, not only of China but of the world. And for each of you, I wish four things:

1. That you are bold and have good fortune. Fortune favors the bold.
2. That you give and get the feedback you need. Feedback is a gift.
3. That you empower everyone. Nothing is somebody else’s problem.
4. That you support equality. Lean In!

Congratulations!

Read more 2015 commencement speeches:

Alan Alda to Grads: Everything in Life Takes Time

Arianna Huffington to Grads: Make Time to Connect With Yourself

Bernard Harris to Grads: You Are an Infinite Being With Infinite Possibilities

Bill Nye to Grads: Change the World

Chimamanda Ngozi Adichie to Grads: Make Feminism an Inclusive Party

Chris Matthews to Grads: ‘Make Them Say No. Never Say No to Yourself’

Colin Powell to Grads: Learn to Lead

Darren Walker to Grads: Build a Bridge to a Better World

David Brooks to Grads: Be Really Good At Making Commitments

Ed Helms to Grads: Define Yourselves

Eric Schmidt to Grads: You Can Write the Code for All of Us

Snapchat CEO Evan Spiegel to Grads: ‘This Is the World We Were Born Into, and We Are Responsible for It’

Gwen Ifill to Grads: If You See Something, Do Something

GE CEO Jeff Immelt to Grads: Become a Force for Change

Ian Brennan, Creator of Glee, to Grads: Audition for Everything

Ian McEwan to Grads: Defend Free Speech

Joe Plumeri to Grads: Go Out and Play in Traffic

Jon Bon Jovi to Grads: Lead By Example

Jorge Ramos’ Message for Journalists: Take a Stand

Joyce Carol Oates to Grads: Be Stubborn and Optimistic

Katie Couric to Grads: Get Yourself Noticed

Ken Burns to Grads: Set Things Right Again

Kenneth Cole to Grads: Find Your Voice

Madeleine Albright to Grads: The World Needs You

Mark Ruffalo to Grads: Buck the System

Matthew McConaughey to Grads: Always Play Like an Underdog

Maya Rudolph to Grads: Create Your Own Destiny

Mellody Hobson to Grads: Set Your Sights High

Meredith Vieira to Grads: Be the Left Shark

Michelle Obama to Grads: Shape the Revolution

Mitt Romney to Grads: America Needs You to Serve

Natalie Portman to Grads: Carve Your Own Path

President Obama to Grads: We Should Invest in People Like You

President Obama to Cadets: Lead the Way on Fighting Climate Change

Richard Engel to Grads: Never Miss a Chance to See Something New

Salman Rushdie to Grads: Try to Be Larger Than Life

Samantha Power to Grads: Start Changing the World By ‘Acting As If’

Stephen Colbert to Grads: You Are Your Own Professor Now

Tim Cook to Grads: Tune Out the Cynics

TIME China

China-Backed Development Bank Holds Signing Ceremony in Beijing

China-led AIIB members ink accord for its inception by year's end
AP—Kyodo Delegates from more than 50 countries gathered to sign the articles of agreement that specifies the new lender's initial capital and other details of its structure.

Conspicuously absent from the ceremony was the U.S., which declined to join the bank

Delegates from 57 founding member states gathered in Beijing on Monday to finalize and ratify the terms of the Asian Infrastructure Investment Bank (AIIB), the China-backed multilateral development bank seen by some as a strategic rival to the World Bank and similar international financial institutions.

The signing ceremony comes eight months after Beijing officially launched AIIB, which intends to “focus on the development of infrastructure and other productive sectors in Asia” and “promote interconnectivity and economic integration in the region,” according to its mission statement. It will begin with a $50 billion capital base, the BBC reports.

Of its founding members — which include Australia, Russia and Germany — China will be the largest shareholder, with 25% to 30% of all votes. Conspicuously absent from the roster is the U.S., which in October expressed concern over the bank proposal’s “ambiguous nature.” While World Bank President Jim Yong Kim has praised the new institution, citing the “massive need” for fresh investments in Asia, some critics see its establishment as a self-serving exercise in Chinese soft power.

TIME Hong Kong

Hong Kong Clashes Reveal Anti-Beijing Anger as City Nears Anniversary of Reunification

Localist protester scuffles with a pro-China demonstrator during an anti-China protest at Mongkok shopping district in Hong Kong, China
Tyrone Siu—Reuters A localist protester, left, scuffles with a pro-China demonstrator during an anti-China protest at Mongkok shopping district in Hong Kong on June 28, 2015

Scuffles took place in streets that were the scene of much of last fall's Umbrella Revolution

Street scuffles between pro-and anti-Beijing factions broke out in Hong Kong Sunday night local time — and one of the city’s most prominent pro-democracy figures was set upon in the street in an apparently unrelated attack. The violence underscores raw tensions in China’s most open metropolis, just three days ahead of the 18th anniversary of the city’s return to Chinese sovereignty.

Trouble began when so-called “localist” groups — many members of which argue for Hong Kong’s independence from China — staged a rally in the densely crowded Mong Kok district of central Kowloon to protest the presence of mainland Chinese street musicians. The performance of Mandarin-language songs in a Cantonese-speaking, working-class area like Mong Kok is regarded by many localists as culturally and politically provocative.

Violent clashes broke out when pro-China groups showed up to counter the localists, with rival groups chasing each other through streets crowded with shoppers and tourists, forcing retail outlets to pull down their shutters. Police say five protesters, four men and one woman, were arrested. No injury figures have been released, but police used pepper spray to subdue protesters and local media published photos of at least one bloodied pro-China protester being led from the scene.

Simon Sin, one of the leaders of Hong Kong Localism Power, accuses police of not doing enough to protect localist demonstrators. “The police protected the people who were attacking us. They didn’t protect us. We got hurt yesterday,” Sin tells TIME.

The South China Morning Post reported that police were seen helping “apparent participants” in the street clashes to leave the area, angering localist groups and bearing uncomfortable echoes of last fall’s Umbrella Revolution, when student protesters occupying the Mong Kok streets accused police of not protecting them from thugs who tried to break up the demonstrations. Seven police officers who beat up a protester last November have also still not been brought to trial, despite the fact that the attack was filmed by a local TV news crew.

The disturbances come ahead of a large protest march scheduled for July 1. The annual march — staged to coincide with the anniversary of Hong Kong’s return to Chinese sovereignty — covers an array of causes from LGBT rights to better conditions for migrant workers, but always has a strong pro-democratic focus. Sunday’s street battles also come after the recent failure of the Hong Kong government’s electoral proposals, which were designed to lay out a framework for the election of the city’s next leader in 2017 but ended up underscoring the vast political gulf between democratic and pro-Chinese camps.

In what appeared to be a separate incident, democracy activist and student leader Joshua Wong— named one of TIME’s most influential teens in 2014 — was attacked after leaving a cinema in Kowloon with his girlfriend.

A man “grabbed my neck, and punched my left eye. My glasses flew off,” Wong, who was not involved in the localist protests, posted on his Facebook page, alongside a picture of his injuries.

He told TIME that the attack showed “that there are serious safety concerns in the future” for activists like himself and said that he needed “to care more about my personal security.”

“People feel dissatisfied with the central Chinese government with the failure to deliver universal suffrage. What we see is the escalating conflicts between localist groups and the Chinese presence in Hong Kong,” Maya Wang, a China researcher in the Asia division of Human Rights Watch, tells TIME. “I think that kind of animosity between localist groups and the pro-Beijing groups stems from deeper discontent [felt by] Hong Kong people [in] their relationship with the central Chinese government.”

TIME cybersecurity

U.S. Intelligence Chief Points Finger at China for Data Hack

Director Of Nat'l Intelligence James Clapper Speaks At Council On Foreign Relations
Bryan Thomas—Getty Images Director of National Intelligence James Clapper speaks at the Council on Foreign Relations on March 2, 2015 in New York City.

Large data breach left millions of Social Security numbers exposed

The most senior U.S. intelligence official has openly implicated China in a large hack of U.S. government data.

James Clapper, the U.S. Director of National Intelligence, said Thursday that China was a “leading suspect” in a recent security breach that saw millions of personnel records of Americans stolen from government computers.

Previously, U.S. officials hadn’t named a suspect for the breach, which was disclosed in early June. Clapper mentioned China at an intelligence conference in Washington, D.C. “You have to kind of salute the Chinese for what they did,” he said, noting the difficulty of the attack.

Earlier this year Barack Obama signed an executive order that grants the Treasury greater ability to impose sanctions on countries who conduct cyberattacks against the U.S. China has denied involvement in the attack, which may have exposed as many as 18 million Social Security numbers.

[WSJ]

TIME China

Why Chinese Stocks Just Took a Massive Nosedive

China Stocks Close Higher Friday
ChinaFotoPress—ChinaFotoPress via Getty Images

A bubble could be bursting

China’s stock market bubble may finally be bursting.

Shares of Chinese companies plunged on Friday, in the worst drop in that country’s stock market in years. The dive may end the recent quixotic run in China’s market, which has soared this year even as China’s economy has gone through its roughest patch in years. Corporate profits have fallen.

China’s Shanghai Composite index dropped 7.4% on Friday. That would be the equivalent of a more than 1,300-point drop in the Dow Jones industrial average. The Shenzhen Composite, which is dominated by tech stocks, ended trading down 7.9%.

As always in market turns, it is unclear exactly what sparked the current sell-off. Some have pointed to the fact that regulators have recently been tightening rules on buying stocks with money borrowed from a broker, or “on margin.” Officials in China are particularly concerned about stock loans that have been coming from unregulated financial entities.

Excessive buying on margin has been linked to other stock market crashes. Margin lending is at an all-time high in U.S. markets.

Even with the recent losses, the Shanghai Composite is still up 30% so far this year. The Shenzhen Composite is up an astounding 77%, easily making it the best performing market in the world so far in 2015.

Read next: Alibaba’s Jack Ma Just Spent $23 Million On a Huge New York Estate

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TIME World Cup

In Women’s World Cup, U.S. Feels Weight of Expectations

Members of China's national team take part in a training session at Lansdowne Stadium in Ottawa on June 25, 2015 on the eve of their 2015 FIFA Women's World Cup quarterfinal match against the US.
Nicholas Kamm—AFP/Getty Images Members of China's national team take part in a training session at Lansdowne Stadium in Ottawa on June 25, 2015 on the eve of their 2015 FIFA Women's World Cup quarterfinal match against the US.

It's not enough for the Americans to just beat China in Friday's quarterfinal

They haven’t lost a single game in this World Cup. They haven’t given up a goal since the opener, stringing together a remarkable 333-minute shutout streak. On Friday night, they face China—a team that hasn’t beaten them in 24 matches, dating back to 2003—in the World Cup quarterfinals. They’re three games away from a championship.

So why all this anxiety about the U.S. women’s soccer team?

Despite the wins—and a scoreless draw with Sweden in group play—the team has drawn more critics than cheers. Eric Wynalda, the former men’s national team player and commentator for Fox, went so far as to call the team’s performance against Colombia, a 2-0 U.S. win in the round of 16, “pathetic.”

Wynalda, and other pundits, have pointed fingers at the coach, Jill Ellis, for the team’s lack of offensive dynamism. She’s employed a defensive-minded game plan—which has clearly worked. So far. If the team couldn’t rack up more goals against early-round competition, the U.S. will be in trouble against a Germany, France, or Japan. “There’s been a lack of offensive flow and rhythm,” said former U.S. star Julie Foudy, a member of the last American team to win a World Cup, in 1999. “They’re not creating a lot of chances, they’re not taking players on, it’s really been four stagnant games.”

OK, but what about all that winning? Does it count for anything? According to Foudy, an ESPN analyst, the complaining has a bright side: we gripe because we care. “It really speaks to the growth of the game here, that we’re all debating it, we’re talking about it, we’re not content with just winning anymore,” said Foudy. “Sure, you can win on good defense. And sure you can grind it out. But really, with more support, more funding, more kids playing in the United States, why are we relying on grinding it out anymore?”

For the Americans, the beautiful game needs to be more beautiful. To that end, Foudy’s hoping that Ellis will deploy three scoring forwards—perhaps a combo of Alex Morgan, Abby Wambach and Sydney LeRoux—against China, instead of the usual two. Such a formation would ease the burden on the veteran Wambach, 35, who has had to cover more ground in the two-forward set. “For her to be chasing balls down on into the corner flag is crazy to me,” Foudy said. “That’s not her game.”

Bottom line, Foudy wants Ellis to shake up the game plan now, before trying it out against Germany or France in the semis. Not that the U.S. can look past China. They’ve got strong goalkeeping, and can cause trouble off set pieces. China faced the U.S. in the epic ’99 final, but women’s soccer has declined in that country since that time: as the New York Times reports, only some 6,000 or 7,000 female players above the age of 12 are registered to play. Parents are more likely to stress school over soccer, which offers few opportunities beyond the national team. But China’s president, Xi Jinping, likes soccer, and is backing a plan to revive the game.

Heading into Friday night’s game, the U.S. is also missing midfielders Megan Rapinoe, who along with goaltender Hope Solo has probably been America’s MVP this tournament, and Lauren Holiday, who’ve been issued two yellow cards in the tournament, and thus have to sit out a game. Still, said Foudy, “the U.S. should be absolutely fine” against China.

Fine, however, is no longer fine. The Americans need to win big to temper all this stress. Until the next game at least.

TIME Uber

Here’s Another Sign Uber Is On The Road To An IPO

Uber Technologies Inc. Application Demonstration
Bloomberg—Bloomberg via Getty Images Uber is already operating in around 300 cities.

A huge Chinese backer is leading a $1 billion-investment

All signs are pointing to an initial public offering for Uber after reports that a major Chinese investment group is leading their latest funding round.

Chinese fund manager Hillhouse Capital Group is leading an investment in the ride-sharing company that could reach around $1 billion, according to The Wall Street Journal. The convertible bond deal involves buying bonds that can be converted into shares at a discount to the company’s IPO price. The longer it takes for Uber to go public, the greater the return for investors, providing a time-laden incentive for the company to launch an IPO soon. Uber had previously raised around $1.6 billion from the wealth-management division of Goldman Sachs in a very similar deal in January.

The entrance of Hillhouse is also notable for two reasons: The Beijing-based firm is one of the biggest fund managers in Asia, overseeing assets in excess of $20 billion; and Hillhouse’s previous investments in technology firms, such as China’s Tencent Holdings, have paid off.

Working with such a prominent firm also plays well with Uber’s ambitions to go big in China. Earlier this month, CEO Travis Kalanick said in an email that went public that the company’s global team was spending $1 billion on expanding into China, making it the company’s “number one priority”. Uber already operates in around 300 cities.

The deal should also send confusing signals to Didi Kuaidi, the largest taxi-hailing app in China, and, by definition, Uber’s biggest competitor. Hillhouse is also an investor in the Chinese startup, and this latest news will worry them. This comes after tech sites in Asia highlighted a consumer report that Didi Kuadi had experienced more customer data leaks from taxi apps between January of 2014 and May of 2015 in China when compared to Uber.

TIME UAE

This Is the Country With the World’s Most Polluted Air, According to an Authoritative Annual Survey

No, it's not China

The World Bank’s annual report on global environmental indicators, known as the “Little Green Data Book,” was released last week and contained a few surprises, including an unexpected contender for the country with the world’s worst air.

The distinction did not go to the two most populous countries, India and China, both notorious for pollution and whose capital cities in particular take turns atop the global air pollution rankings (depending on whom you ask), but to the United Arab Emirates.

According to recently introduced P.M. 2.5 criteria (measuring miniscule airborne pollutants smaller than 2.5 microns), the Middle Eastern nation comes off worst, with air containing 80 micrograms of pollutants per cubic meter. That’s slightly higher than China’s at 73 micrograms and more than double India’s at 32.

The U.S., meanwhile, clocked in at a mere 13 grams per cubic meter.

Read the full report here.

TIME China

China Seizes Rotting 40-Year-Old Meat Destined for Dinner Tables

Officials astonished to see date stamps from the 1970s on the contraband haul

China has found itself embroiled in another food safety scandal after authorities discovered 100,000 tons of smuggled frozen meat—some of which was over 40 years old and had begun to thaw—apparently destined for sale and consumption.

“I nearly threw up when I opened the door,” an inspector said of the aging meat’s overwhelming stench.

Chinese authorities found the smuggled pork, beef and chicken wings in 14 different crackdowns across the country. The haul is reportedly worth in the region of 3 billion yuan ($480 million), reports Reuters.

Much of the meat is thought to have been bought very cheaply in foreign countries. It was then shipped through Hong Kong to Vietnam and finally smuggled into mainland China, according to the state-run China Daily newspaper.

An official at China’s anti-smuggling bureau told the paper that smuggled meat can travel for extended periods of time in unrefrigerated vans and is often repeatedly thawed and refrozen, making it a breeding ground for dangerous bacteria and viruses.

China’s ongoing food safety woes are well established. In 2008, six children died and 300,000 fell seriously ill after consuming milk power contaminated by the industrial chemical melamine. On Wednesday, the BBC reported that the Chinese government had asked three Shaanxi infant formula producers to recall their products due to excessive nitrate levels.

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