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TikTok Refugees Find an Alternative—in China

They call themselves TikTok refugees—and the app they are fleeing to is a lot more Chinese than the video-sharing app whose U.S. fate now hangs in the balance.

After Supreme Court justices Friday seemed inclined to let stand a law that would shut down TikTok in the U.S., the Chinese social-media platform Xiaohongshu , translated in English as Little Red Book, has received a flood of American TikTok users. They are looking for a sanctuary or a way to protest the potentially imminent TikTok ban—never mind that they don’t speak Chinese.

Charlotte Silverstein, a 32-year-old publicist in Los Angeles, downloaded Xiaohongshu on Sunday night after seeing videos on TikTok about migrating to the app, which Americans dubbed “RedNote.” She described the move as a “last act of defiance” in her frustration about the potential TikTok ban.

“Everyone has been super welcoming and sweet,” said Silverstein, who has made three posts so far. “I love the sense of community that I’m seeing already.”

By Monday, TikTok refugees had pushed Xiaohongshu to the top of the free-app chart on Apple ’s App Store.

“I’m really nervous to be on this app, but I also find it to be really exciting and thrilling that we’re all doing this,” one new Xiaohongshu user said in a video clip on Sunday. “I’m sad that TikTok might actually go, but if this is where we’re gonna be hanging out, welcome to my page!” Within a day, the video had more than 3,000 comments and 6,000 likes. And the user had amassed 24,000 followers.

Neither Xiaohongshu nor TikTok responded to requests for comment.

The flow of refugees, while serving as a symbolic dissent against TikTok’s possible shutdown, doesn’t mean Xiaohongshu can easily serve as a replacement for Americans. TikTok says it has 170 million users in the U.S., and it has drawn many creators who take advantage of the app’s features to advertise and sell their products.

Most of the content on Xiaohongshu is in Chinese and the app doesn’t have a simple way to auto-translate the posts into English.

At a time of a strained U.S.-China relationship, some new Chinese-American friendships are budding on an app that until now has had few international users.

“I like that two countries are coming together,” said Sarah Grathwohl, a 32-year-old marketing manager in Seattle, who made a Xiaohongshu account on Sunday night. “We’re bonding over this experience.”

Granthwohl doesn’t speak Chinese, so she has been using Google Translate for help. She said she isn’t concerned about data privacy and would rather try a new Chinese app than shift her screentime to Instagram Reels.

Another opportunity for bonding was a photo of English practice questions from a Chinese textbook, with the caption, “American please.” American Xiaohongshu users helped answer the questions in the comments, receiving a “thank u Honey,” from the person who posted the questions.

By Monday evening, there have been more than 72,000 posts with the hashtag #tiktokrefugee on Xiaohongshu, racking up some 34 million views.

In an English-language post titled “Welcome TikTok refugees,” posted by a Shanghai-based Xiaohongshu user, an American user responded in Chinese with a cat photo and the words, “Thank you for your warm welcome. Everyone is so cute. My cat says thanks, too.” The user added, “I hope this is the correct translation.”

Some Chinese users are also using the livestreaming function to invite TikTok migrants to chat. One chat room hosted by a Chinese English tutor had more than 179,900 visits with several Americans exchanging cultural views with Chinese users.

ByteDance-owned TikTok isn’t available in China but has a Chinese sister app, Douyin. American users can’t download Douyin, though; unlike Xiaohongshu, it is only accessible from Chinese app stores.

On Xiaohongshu, Chinese users have been sharing tutorials and tips in English for American users on how to use the app. Meanwhile, on TikTok, video clips have also multiplied over the past two days teaching users the correct pronunciation of Xiaohongshu—shau-hong-SHOO—and its culture.

Xiaohongshu may be new to most Americans, but in China, it is one of the most-used social-media apps. Backed by investors like Chinese tech giants Tencent Holdings and Alibaba Group , Xiaohongshu is perhaps best described as a Chinese mix of Instagram and Reddit and its users increasingly treat it as a search engine for practical information.

Despite its Little Red Book name, Xiaohongshu has little in common with the compilation of Mao Zedong ’s political writings and speeches. In fact, the app aspires to be a guidebook about anything but politics.

Conceived as a shopping guide for affluent urbanites in 2013, Xiaohongshu has morphed into a one-stop shop for lifestyle and shopping recommendations. Every day, its more than 300 million users, who skew toward educated young women, create, share and search for posts about anything from makeup tutorials to career-development lessons, game strategies or camping skills.

Over the years, Xiaohongshu users have developed a punchy writing style, with posts accompanied by images and videos for an Instagram feel.

Chinese social-media platforms are required to watch political content closely. Xiaohongshu’s focus on lifestyle content, eschewing anything that might seem political, makes it less of a regulatory target than a site like Weibo , which in 2021 was fined at least $2.2 million by China’s cyberspace watchdog for disseminating “illegal information.”

“I don’t expect to read news or discussion of serious issues on Xiaohongshu,” said Lin Ying, a 26-year-old game designer in Beijing.

The American frenzy over a Chinese app is the reverse of a migration in recent years by Chinese social-media users seeking refuge from censorship on Western platforms , such as X, formerly known as Twitter, or, more recently, BlueSky.

Just like TikTok users who turn to the app for fun, Xiaohongshu users also seek entertainment through livestreams and short video clips as well as photos and text-posts on the platform.

Xiaohongshu had roughly 1.3 million U.S. mobile users in December, according to market-intelligence firm Sensor Tower, which estimates that U.S. downloads of the app in the week ending Sunday almost tripled compared with the week before.

Sensor Tower data indicates that Xiaohongshu became the top-ranked social-networking and overall free app on Apple’s App Store and the 8th top-ranked social app on the Google Play Store on Monday, “a feat it has never achieved before,” said Abe Yousef, senior insights analyst at Sensor Tower.

Run by Shanghai-based Xingin Information Technology, Xiaohongshu makes money primarily from advertising, according to a Xiaohongshu spokeswoman. The company was valued at $17 billion after its latest round of private-equity investment in the summer, according to research firm PitchBook Data.

Not everyone is singing kumbaya. Some Chinese Xiaohongshu users are worried about the language barrier. And some American TikTok users are concerned about data safety on the Chinese app.

But many are hoping to build bridges between the two countries.

“Y’all might think Americans are hateful because of how our politicians are, but I promise you not all of us are like that,” one American woman said on a Sunday video she posted on Xiaohongshu with Chinese subtitles.

She went on to show how to make cheese quesadillas using a waffle maker.

The video collected more than 11,000 likes and 3,000 comments within 24 hours. “It’s so kind of you to use Chinese subtitles,” read one popular comment posted by a user from Sichuan province.

Another Guangdong-based user commented with a bilingual “friendly reminder”: “On Chinese social-media platforms please do not mention sensitive topics such as politics, religion and drugs!!!”

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Israel Defies Expectations With Surge in Tech Funding Despite War

As the war against Hamas dragged into 2024, there were worries here that investment would dry up in Israel’s globally important technology sector, as much of the world became angry against the casualties in Gaza and recoiled at the unstable security situation.

In fact, a new survey found investment into Israeli technology startups grew 28% last year to $10.6 billion. The influx buoyed Israel’s economy and helped it maintain a war footing on several battlefronts.

The increase marks a turnaround for Israeli startups, which had experienced a decline in investments in 2023 to $8.3 billion, a drop blamed in part on an effort to overhaul the country’s judicial system and the initial shock of the Hamas-led Oct. 7, 2023 attack.

Tech investment in Israel remains depressed from years past. It is still just a third of the almost $30 billion in private investments raised in 2021, a peak after which Israel followed the U.S. into a funding market downturn.

Any increase in Israeli technology investment defied expectations though. The sector is responsible for 20% of Israel’s gross domestic product and about 10% of employment. It contributed directly to 2.2% of GDP growth in the first three quarters of the year, according to Startup Nation Central—without which Israel would have been on a negative growth trend, it said.

“If you asked me a year before if I expected those numbers, I wouldn’t have,” said Avi Hasson, head of Startup Nation Central, the Tel Aviv-based nonprofit that tracks tech investments and released the investment survey.

Israel’s tech sector is among the world’s largest technology hubs, especially for startups. It has remained one of the most stable parts of the Israeli economy during the 15-month long war, which has taxed the economy and slashed expectations for growth to a mere 0.5% in 2024.

Industry investors and analysts say the war stifled what could have been even stronger growth. The survey didn’t break out how much of 2024’s investment came from foreign sources and local funders.

“We have an extremely innovative and dynamic high tech sector which is still holding on,” said Karnit Flug, a former governor of the Bank of Israel and now a senior fellow at the Jerusalem-based Israel Democracy Institute, a think tank. “It has recovered somewhat since the start of the war, but not as much as one would hope.”

At the war’s outset, tens of thousands of Israel’s nearly 400,000 tech employees were called into reserve service and companies scrambled to realign operations as rockets from Gaza and Lebanon pounded the country. Even as operations normalized, foreign airlines overwhelmingly cut service to Israel, spooking investors and making it harder for Israelis to reach their customers abroad.

An explosion in negative global sentiment toward Israel introduced a new form of risk in doing business with Israeli companies. Global ratings firms lowered Israel’s credit rating over uncertainty caused by the war.

Israel’s government flooded money into the economy to stabilize it shortly after war broke out in October 2023. That expansionary fiscal policy, economists say, stemmed what was an initial economic contraction in the war’s first quarter and helped Israel regain its footing, but is now resulting in expected tax increases to foot the bill.

The 2024 boost was led by investments into Israeli cybersecurity companies, which captured about 40% of all private capital raised, despite representing only 7% of Israeli tech companies. Many of Israel’s tech workers have served in advanced military-technology units, where they can gain experience building products. Israeli tech products are sometimes tested on the battlefield. These factors have led to its cybersecurity companies being dominant in the global market, industry experts said.

The number of Israeli defense-tech companies active throughout 2024 doubled, although they contributed to a much smaller percentage of the overall growth in investments. This included some startups which pivoted to the area amid a surge in global demand spurred by the war in Ukraine and at home in Israel. Funding raised by Israeli defense-tech companies grew to $165 million in 2024, from $19 million the previous year.

“The fact that things are literally battlefield proven, and both the understanding of the customer as well as the ability to put it into use and to accelerate the progress of those technologies, is something that is unique to Israel,” said Hasson.

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FAMILY MATTERS IN THE GREAT WEALTH TRANSFER

At kitchen tables and in boardrooms across the country, Australian families are starting to solve a multi-trillion-dollar puzzle: how to pass on wealth to the next generation.

As the country’s Baby Boomers begin to enjoy retirement and many step out of the day-to-day operations of their businesses, they have time to consider the legacies they want to leave and how to help their children and grandchildren thrive after they have passed.

Australian women look set to inherit a significant chunk of the nation’s wealth and will shoulder a big responsibility in managing it for future generations. A March 2024 report by JBWere projected that women will become managers of 65 percent of the $5 trillion that is set to change hands in coming years.

This trend is one part of the phenomenon known as the “oldest daughter effect,” or the tendency for daughters to take a leadership and decision-making role within families.

Former JBWere Australia chief executive Maria Lykouras says oldest daughters often take on caring responsibilities as parents age, and parents in turn rely on them to help preserve and manage their wealth.

“They want that legacy to be managed in a way similar to how they thought about it and for the purposes that were important to them,” she says.

“They see the eldest daughter as the trusted person in the family that will continue that legacy and will take care of the broader family finances for everyone else.”

No matter who wealth is being passed onto, it’s important for all families to prepare for this moment. If you’ve ever read an Agatha Christie murder mystery or watched the siblings of fictional media mogul Logan Roy battle over his legacy in Succession, you know the level of drama that can emerge through the inheritance process.

It can crystallise family values, but if done carelessly can cause undue confusion, anger and hurt for loved ones.

Here are three essential rules experts say will help smooth the transition of wealth while making sure the next generation is properly prepared for the responsibilities and opportunities that lie ahead.

Get in early

Wealth managers agree that the single biggest mistake they see families make is leaving it too late to have detailed conversations about how the wealth transition will work for them.

“The last thing that you want is for you to pass away and then the money gets into the hands of the children, but the children either don’t know what the money was, they don’t know where it is, or there are multiple children and they are all vying for it,” Lykouras says.

KPMG’s global leader of family business, Robyn Langsford, said she has seen families where adult children are in their 40s and 50s yet their parents have still not communicated with them about how wealth will be distributed when they pass.

“If you are part of a pool of siblings in that age group and you don’t have transparency about where the ultimate ownership is going to end up, that can lead to a lot of anxiety and tension in the sibling group,” she says.

Managing partner at Integro Private Wealth, Justin Gilmour, spends significant time speaking to both the parents and children well ahead of a transition of assets to clarify the priorities of both groups.

“What I think happens a lot of the time is that there are assumptions made, and those assumptions are incorrect,” he says.
“There are not open and frank discussions early enough… That breeds resentment.”

Explain your reasoning

In many family groups, not everyone will be receiving an equal slice of the family wealth.

Advisors see families factoring in a range of issues when dividing assets, including the independent wealth of adult children and their involvement in family businesses.

The key, however, is explaining the reasoning behind the division ahead of time.

“Where it is going to be unequal, that person needs to be proactive in communicating that fact and also the reasons they have come to that decision,” Langsford says.
“The worst thing you can have is some family member feeling like their father or mother loved them less … but actually [the decision] could be due to something completely different.”

“One child might have sacrificed a lot more to further the family’s wealth, for example.”

Now is also the time to discuss family values and how the next generation will manage the assets in line with these.

“Most importantly, have conversations around: What is the purpose of the family’s wealth? Do they want to give money to charity? What do they want to do with the business?” Lykouras says.

Formalise it

It’s also important to think about the formal structures around your plan.

Grant Thornton’s national head of family business consulting, Kirsten Taylor-Martin, says too often families develop a blueprint for how the younger generation will take control of assets, but the wills and estate plans of older parents do not allow for this in practice.

“What you find is that so many families don’t actually make sure all their legal documentation makes that happen,” Taylor-Martin says.
“The estate plan has to be a crucial step in your succession planning process to make sure your vision comes to life.”

It’s also possible to link a formal document like a family constitution, which is not legally binding but sets out a plan for how decisions will be made and what will happen to the family business if there is one.

In some families, writing constitution documents has helped clarify the path forward.

“What it has done is ended all of those assumptions. It basically preserves family relationships.”

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Skechers Went After the Customers Nike Didn’t. It Paid Off.

The NBA’s 2023 most valuable player and last season’s top European goal scorer aren’t Nike or Adidas athletes. When playing, they wear what Martha Stewart wears: Skechers .

The shoe company—known for its hands-free slip-in styles—has grabbed the attention of enough people to become the third-largest footwear company in the world by sales. It is on track to net $10 billion in revenue by 2026, without achieving the coolness status that can juice demand for a brand.

Skechers did it by capturing parts of the market that are largely neglected by its competitors. Nike has superstars. Hoka has tapped into hardcore runners. Tech bros are willing to pay up for On shoes . Skechers thrives on retirees looking for comfortable kicks and families looking for something more affordable for their children.

“It’s almost the complete opposite of what the bigger brands do,” John Vandemore , Skechers finance chief, said in an interview. “We’re just a different player.”

Skechers isn’t flashy. Executives say they are in the “foot covering” business, and they work to make those coverings comfy and cheap. Its children’s styles cost around $50, and the brand doesn’t sell the limited releases that can fetch hundreds of dollars. It does, however, make $115 pickleball shoes with Goodyear rubber.

The company gets about two-thirds of its sales outside the U.S. Instead of opening its own stores, Skechers sometimes works with a franchise system and will wait years before investing on its own operations overseas. Skechers executives say they are bigger than Nike in India.

“People try to pigeonhole us into the Nike model or the Adi model, and it just doesn’t work,” Vandemore said. “It doesn’t mean that our model isn’t successful.”

Skechers has also started making soccer cleats and basketball sneakers, and it has scored some superstar endorsers. It added Bayern Munich striker Harry Kane to its roster in 2023, then signed a deal with Philadelphia 76ers star Joel Embiid last year. “You get them because the marketplace didn’t take care of them,” said Skechers Chief Operating Officer David Weinberg .

The company reported sales of $8 billion in 2023, up from $1.8 billion about a decade ago. Investors have taken notice. Over the past five years, Skechers share price has nearly doubled, while shares of Nike and Adidas have declined more than 25%.

Entering the race

Skechers has been run by its founder, Robert Greenberg , for three decades. The 84-year-old chief executive operates the business from its Manhattan Beach, Calif., offices with his son Michael Greenberg as president.

The father-son team doesn’t participate in quarterly earnings calls, and the CEO hasn’t done a major media appearance in about a decade. In 1989, Robert Greenberg sued American Airlines after the company published a photo of him in an in-flight magazine, saying he agreed to be interviewed on the condition that no photographs of him were published.

Skechers didn’t make the Greenbergs available for this article.

The entrepreneur moved to California in the 1970s and got his start in the footwear industry by selling E.T.-branded shoelaces. Greenberg and his son turned that business into L.A. Gear, which became a large athletic-shoe maker in the 1980s with celebrity endorsers such as Michael Jackson .

L.A. Gear ran into trouble when it entered the performance market, sponsoring such athletes as Wayne Gretzky and Joe Montana . Greenberg was ultimately pushed out of the company he had founded. Analysts said that, at the time, the company had expanded too quickly.

Skechers was started in 1992, but sales didn’t take off for decades. Weinberg, the Skechers operating chief who was also an executive at L.A. Gear, said Skechers needed investments in its global operations and time to grow.

Skechers had some success in the 2000s with celebrity ambassadors—including Britney Spears —and later with its Shape-Ups walking shoes in the early 2010s. As the company expanded, there was some fluctuation in the results, Weinberg said, and people began to think that it was a boom-or-bust business.

“Today, there’s no shoe, no category, no customer, no geography that is a make or break for us,” Weinberg said.

Filling holes left by rivals

Skechers shifted in recent years into the performance arena to fill what its leaders see as openings left by Nike and others.

The business got a boost from Nike’s decision during the pandemic to exit many retailers that catered to lower-income consumers and focus on selling directly to consumers. Nike also cut back on styles that sold for less than $100.

In late 2023, Nike sued Skechers, claiming its rival was infringing on Nike’s patents for its Flyknit technology for seamless shoes. Skechers responded that the lawsuit was baseless and an example of Nike using its financial resources to stifle competition. The case is pending.

Skechers executives said they are still more interested in creating comfy shoes than signing the most expensive athletes. On its website, the company dedicates a section to showcase its comfort technologies.

Maria Afsharian is a convert. The Montclair, N.J., real-estate agent wore only sandals and had given up on sneakers because she couldn’t find ones that wouldn’t hurt her heels. Last year, her chiropractor recommended Skechers.

“I don’t even think about my feet anymore,” Afsharian said. The 59-year-old said the Skechers Go Walk shoes have made her more active, and she doesn’t get blisters anymore. “Since I have these, I’m unstoppable,” she said.

Skechers does work with designers, street artists and celebrities, but executives said they don’t rely on projects that are limited releases because they don’t think limited releases generate the same hype and awareness as they do for other brands.

“That’s not really our consumer,” said Vandemore, the finance chief. “That’s not what somebody’s looking for us to do.”

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COASTAL DREAMING: A WORLD CLASS BEACH HOUSE UNVEILED

Former Aussie Rules player Jeff Chapman’s dream beach house, which has had its praises sung by The Independent in the UK, is back on the market with a revised – and more competitive – price guide.

The contemporary pavilion-style residence Alinghi, created by celebrated architect James Grose, was voted one of the top five beach houses in the world by the British newspaper and has been operating as a luxury holiday rental earning up to $7000 a week.

The one-time Melbourne forward and founder of Bennelong Funds Management, and his wife Carena Shankar, listed the five-bedroom getaway back in mid 2024 with hopes of about $8 million. The prestige property is now back with new agent Pauline Karatau of Ray White New Farm and the amended guide now sits at $6.5 million.

As part of the private 5ha Rocky Point estate, at the southern end of the Great Barrier Reef overlooking Honeymoon Bay, the glamorous holiday home shares not only a private beach with just four other neighbours, but also a 30m saltwater pool, a full-size tennis court, a beach cabana with barbecue facilities and a full-time live-in caretaker on site.

Alinghi seemingly floats against the cliffs of North Queensland’s Capricorn Coast consisting of two pavilions and shallow reflections pools for ultimate serenity. Residence number 5 is home to a two-storey main pavilion with large living spaces spilling onto semi-enclosed areas framing enviable ocean views. Upstairs there are four bedrooms, including two with ensuites. The second pavilion is a private retreat housing the main bedroom suite with an additional study or wellness space.

Crafted by Grose to leave minimal impact on its natural environment, the house features external materials sourced locally including rich cedar, plus glass and Travertine stone specifically chosen to blend and weather with the landscape over time.

The low maintenance property is also relatively self sufficient thanks to water tanks collecting the region’s abundant rainfall. Despite it’s northern Queensland address air-conditioning is an after-thought due to the clever cross-ventilation design principles and deliberate orientation capturing ocean breezes that flow through the large footprint.

Alinghi’s external lightning has also been carefully designed to be low voltage with minimum impact upon the local wildlife including wallabies, echidnas, goannas, turtles and even a diverse range of native birds. From the private terraces throughout winter, homeowners can also track the migratory whales.

Alinghi is a 90-minute drive away from Agnes Waters and its sister town of 1770 (also known as Seventeen Seventy). It is approximately 120kms from Bundaberg, which is home to a well-serviced domestic airport.

 

Alinghi is listed for sale with a price guide of $6.5 million via Ray White New Farm agent Pauline Karatau on 0418 733 773.

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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.

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Stock Futures Are Little Changed Ahead of Jobs Data

Stock futures are little changed Sunday evening as investors await the release of key reports on the labor market during another abbreviated week of trading, including Friday’s jobs numbers.

At 6:13 p.m. Eastern time on Sunday, Dow Jones Industrial Average futures were flat; the S&P 500 futures gained 0.1%; and Nasdaq Composite futures gained 0.1%.

Stocks started out the new year on a muted note. Last week, the Dow Jones Industrial Average closed down 260 points, or 0.6%, to 42,732.13, according to Dow Jones Market Data.

The S&P 500 was down 0.48% to 5,942.47, and the Nasdaq Composite closed down 0.51% to 19,621.86.

Stock markets will close Thursday in honor of former President Jimmy Carter, who died late last month. Also this week, several reports on the labor market are expected, including Friday’s jobs report for December. Economists expect the economy added 153,000 jobs last month, lower than November’s reading.

This week also features oral arguments at the Supreme Court in TikTok’s battle against the U.S. government, with a potential ban of the video-sharing app looming later this month.

Among the week’s other economic reports, the Federal Reserve will release the meetings of its December meeting, and three Fed governors are speaking publicly this week. On Monday, Governor Lisa Cook will be at the University of Michigan Law School’s Seventh Conference on Law and Macroeconomics.

Gov. Christopher J. Waller on Wednesday will discuss the economic outlook at the Organisation for Economic Co-operation and Development (OECD) Conference Center in Paris.

And Gov. Michelle Bowman on Thursday will reflect on 2024’s monetary policy,  economic performance, and lessons for banking regulation at the California Bankers Association’s 2025 Bank Presidents Seminar in La Quinta, Calif.

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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.

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Australian House Prices Retreat for First Time in Nearly Two Years

SYDNEY—Australian house prices recorded their first monthly decline in almost two years in December, but relief for the market appears close amid growing speculation that the Reserve Bank of Australia will start cutting interest rates from February.

House prices rose 4.9% in 2024, but December registered a 0.1% drop, the first since January 2023, according to property research group, CoreLogic.

The month saw deepening price falls in Melbourne and Sydney, the country’s two biggest property markets, while other state capitals also showed signs of weakening.

A national housing shortage and falling unemployment are lending some support to house prices, but elevated interest rates, poor affordability levels and low confidence are now taking a toll on the market.

“The decline in values is no surprise,” said CoreLogic’s research director, Tim Lawless. “This result represents the housing market catching up with the reality of market dynamics.”

“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher,” he added.

There is widening evidence of weakness in the property market, with auction activity cooling from their highs, particularly in Sydney where successful sales at auctions have fallen to just above 50% of properties listed.

Still, the tide could turn again for house prices, after the RBA indicated in December it is growing more confident that inflation will soon return to target, paving the way for the start of interest rate cuts.

Economists are forecasting another year of modest gains for house prices, with the pace of increase largely dictated by the timing and extent of RBA rate cuts.

The RBA kept the official cash rate steady at 4.35% through 2024, putting it at odds with many of the world’s major central banks that have cut aggressively.

A shortfall in housing supply is also expected to remain significant for a long while yet, with the accumulated shortfall now estimated at around 200,000 homes, said Shane Oliver , chief economist at AMP.

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Alibaba to Sell Stake in Chinese Hypermarket Operator

Alibaba Group has agreed to sell its shares in a Chinese hypermarket operator in a $1.7 billion deal, the latest divestment as part of the company’s efforts to focus on its core e-commerce business.

The company will sell its entire 78.7% stake in Hong Kong-listed Sun Art Retail Group to Chinese private-equity firm DCP Capital Partners for gross proceeds of up to $1.6 billion, Alibaba said Wednesday.

Alibaba expects to book a divestment loss of nearly $1.8 billion based on the estimated fair value of the consideration receivable for the sale of shares.

The e-commerce giant had bought a controlling stake in the hypermarket store operator in 2020 for $3.6 billion.

In a filing to the Hong Kong exchange Wednesday, Sun Art said that the acquirer plans to delist the company and conduct a strategic review of the hypermarket operator’s businesses.

Once a Wall Street favorite and a leader in China’s e-commerce, Alibaba is facing challenges in growing its revenue. The company is losing some of its market share amid a slowing Chinese economy and rising competition from domestic rivals like Pinduoduo and Douyin.

Last month, the company announced that it, along with a minority shareholder, had agreed to sell department-store chain Intime for $1.02 billion. The e-commerce giant said then that it anticipated to incur an over $1.0 billion loss from the sale of Intime.

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Why 2025 Could Be a Great Year for Big Banks

Top global banks have taken off in recent years, but ascents can be bumpy. In 2025, they might get to relax while on cruise speed.

The Federal Reserve recently signaled that interest rates might only be cut twice in the year ahead as a result of stickier-than-expected inflation, prompting stocks generally to sell off. But rates being “less high for longer” is actually great news for banks, and the latest sign that 2025 might be a good year for almost all of the many business lines that comprise large universal lenders.

This hasn’t been the case in recent times, even when financial firms overall were doing really well. In 2022, the big rebound in global trade that followed production stoppages during the depths of the pandemic resulted in a surge in sales for such transaction-focused intermediaries as Citigroup , HSBC Holdings and BNP Paribas . Desks that trade fixed income, currencies and commodities, or FICC, saw client flows balloon, as Russia’s full-scale invasion of Ukraine and the start of the rate-tightening cycle sparked a sudden demand to hedge rates, foreign exchange and energy prices around the world. The likes of JPMorgan Chase and Deutsche Bank benefited greatly.

But adverse monetary and geoeconomic conditions caused underwriting fees to collapse, as companies all simultaneously held off on issuing equity and debt.

Then came 2023. Large-bank revenue jumped once again, this time mostly driven by an 11% increase in net interest margins, Visible Alpha data shows. After a decade and a half, the industry was finally getting to benefit from a larger spread between what it was able to charge borrowers and pay to depositors. Yet, at the same time, dealmaking tumbled because of high borrowing costs and heightened economic and geopolitical uncertainty.

Some of the lopsidedness has persisted this past year, mostly because central banks have lowered rates again. That resulted in a fall in net interest income that has hit revenue in commercial and wealth-management arms, but also transaction banking, which does a lot of cash management for firms. Traders of government bonds and other rate-related products have had a tepid year. And, overall, revenue growth has slowed.

Nevertheless, 2024 is when the market truly rewarded bank stocks. The banking subcomponents of the S&P 500 and the Stoxx Europe 600 have returned 35% and 32%, respectively, compared with 25% and 6% for the broader indexes.

This underscores the importance that today’s investors attribute to getting predictable, well-diversified returns from their banks, rather than having another year with a quarter of revenue coming from FICC.

Indeed, this past year was still one of normalization. Mergers and initial public offerings bounced back a bit, and many corporate treasurers had to refinance their debt to avoid an incoming wall of bond maturities. And, even if investors eschewed government debt, they gobbled up the kinds of fixed-income products that offered a spread over it, such as corporate bonds, in an attempt to lock in high yields for the long run.

This is a good omen for the year ahead.

For the first time since 2021, all of the divisions of the world’s top banks except FICC trading are forecast to expand revenue, according to a median of analyst estimates compiled by Visible Alpha. Even that dark spot might end up brightening: As of early December, yields on three-month Treasury bills have been trading below those of 10-year paper for the first time since 2022, which might soon trigger renewed enthusiasm for fixed income.

Regardless, steeper yield curves will almost certainly be good for banks, serving to widen net interest margins.

To be sure, officials easing borrowing costs by less than previously expected could hit consumers and cause trouble for some commercial real-estate loans. The European economy in particular is quite weak. Still, the impact is likely to be small. Default rates remain low.

Crucially, 2025 looks likely to be the year in which the advisory business gathers momentum after a tentative comeback. Private-equity firms are being pressured to start exiting their investments after years of waiting it out. While sponsors have been coming up with new delaying tactics, such as rolling over assets into “continuation funds,” the management-consulting firm Bain estimated that 46% of companies owned by private-equity funds were held for four years or longer by the end of 2023, which was the highest level since 2012.

If, on top of this, the Trump administration eases regulatory scrutiny both on the financial sector and on mergers, banks will enjoy yet another tailwind , with Goldman Sachs probably coming out on top.

Banks might finally be firing on all cylinders.

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Dropping anchor on the cruise of a lifetime

A private driver arrives at your home to transport you to your cruise suite, where you are welcomed aboard with a glass of Dom Perignon and introduced to your personal butler — exhale, your luxury voyage has begun.

Welcome to a new level of luxury cruising where rare and remote experiences are the currencies and every opulence you thought you knew on land is also available at sea.

“The luxury experience at sea has started to fragment, it’s different things to different people,” says Joe O’Sullivan, managing director of small ship booking specialist, Cruise Traveller. “For some, it’s the whole ethos of the white glove service, the personal touches like the butler who remembers your favourite drink. But another big driver in the luxury market is experiences, the people who want to camp on the ice in Antarctica or paddleboard off the bow of the ship.”

We did all the hard work for you and found five of the most luxurious experiences you can have at sea in 2025 — and what they cost.

Live like a VIP at sea

Want to organise a private dinner for 12 in your suite? No problem. What about a night in a luxury hotel before the ship sails? Of course. A growing number of ships are offering that VIP treatment once reserved for world leaders and celebrities. And for the right price, your wish is their command.

The Owner’s Residence aboard an Explora Journeys ship is about as luxe as it gets on sea. We’re talking an outdoor terrace that extends the full width of the ship, marble ensuite with a large bathtub, private steam room and Dyson appliances and a butler that packs and unpacks, launders and presses your clothes like an old-school majordomo. Of course, this will set you back almost $200,000 per couple for a two-week cruise.

For a similar, though no less opulent experience, Explora Journeys have four categories of Ocean Residences below this.

“Explora Journeys is the luxury division of MSC Cruises, but don’t let the mass-market MSC brand put you off, this is like Volkswagen owning Porsche and Audi,” says Mark Trim, managing director of Flat Beds Tour + Cruise, who was lucky enough to spend two weeks in an Ocean Residence with his family earlier this year. “And whilst it is a small ship, there was a lot of space, and the wellness facilities, bars and shopping were also incredible, highlighted by the inclusion of the exclusive Rolex boutique on Deck 4.”

The VIP treatment aboard a Regent Suite on select Regent Seven Seas ships carries a price tag of around $16,000 a night. For this you get 413sqm of space (more than double the average ship suite) at the bow of the ship with ocean views from two wraparound balconies.

And forget an ensuite, in the Regent Suite, it’s called a master bathroom spa retreat and includes a treatment area, full sauna and multi-jet shower, heated relaxation loungers, a heated spa and unlimited, complimentary in-suite spa treatments.

You also get access to The Study, a Private Dining Room for up to 12 guests, and a night in a luxury hotel pre-cruise including breakfast and transfers.

A 14-day cruise from Monte Carlo to Rome in a Retreat Residence suite on Explora II departing May 2025 is from $22,650 a person twin share and from $74,000 a person twin share in an Owner’s Residence suite.
A night in a Regent Suite aboard Regent Seven Seas Explorer, Grandeur or Splendor is from $16,000.

Walk among penguins

There are a few things you can be sure of when you step onto remote Snow Hill off the east coast of Antarctica — you will be surrounded by thousands of Emperor penguins and you will be part of a select few to do so.

Getting access to Snow Hill, where up to 10,000 breeding penguins and their offspring live, is by helicopter only.

Five years ago, Scenic launched their discovery yacht class called Scenic Eclipse equipped with two onboard helicopters and a custom submersible to take travellers on these types of rare adventures.

“We’ve seen significant demand for immersive experiences, particularly for unique offerings like our helicopter excursions,” says Anthony Laver, Scenic Group general manager, sales and Marketing, APAC. “This growing interest reflects a broader trend towards intimate, immersive and ultra-luxury journeys that go beyond traditional cruising. And given its sleek yacht design, Scenic Eclipse is also capable of sailing into places many ships are not able to reach.”

The 22-day Antarctica, South Georgia and the Falkland Islands itinerary departing Buenos Aires in February 2025 is from $32,020 a person twin share. Helicopter excursions operate from this cruise at an extra cost.

Meet the Inuit

Go hunting on dog sleds with Inuit masters, set off on a polar hike and experience the midnight sun. It may sound clichéd, but these are just some of the once-in-a-lifetime experiences you can have onboard Ponant’s first luxury hybrid electric polar exploration ship, Le Commandant Charcot.

“Unlike more standard polar cruise activities, travellers won’t travel on Zodiacs very much at all, as everything is done by dog sled,” says Ponant expedition experience director, Jose Sarica. “The charm of this voyage to the far north-west of Greenland is that it offers some very immersive experiences in icebound landscapes, including hiking and snowshoeing, traditional Inuit kayaking, beluga and narwhal watching and even snorkelling through the ice in a wetsuit.”

The 11-day Inuit Spring of Ammassalik aboard Ponant’s Le Commandant Charcot departing May 2025 is from $26,180 a person twin share (polar trek experience $1550 extra).

The luxury of time

Is there anything more luxurious than time, philosophically speaking? What about if you combine it with a prolonged journey aboard a six-star ultra-luxury ship? Sign up for the experience with Silversea who feature a range of Grand category itineraries designed to let you immerse yourself in your destination.

One of their most popular voyages is the 47-day circumnavigation of Australia which visits 23 ports and includes door-to-door private transfers from your home, your own butler to cater to your needs at sea, as well as all shore excursions and business class airfares.

The 47-day Grand Australia voyage departing Melbourne in October 2025 aboard Silver Nova is from $51,200 a person twin share with door-to-door service. 

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Tesla Stock Is Rising. Analyst Sees ‘Limited’ Focus on Fundamentals.

Tesla stock fell while the market rallied on Friday, which makes Monday’s gain a relief for investors watching the stock after its recent surge. Still, no one should mistake Tesla ’s recent moves for anything based on the fundamental factors driving the business.

Let’s back up. Tesla’s stock has been on a tear of late, which makes Friday’s move something of a puzzle. Shares of the electric-vehicle maker dropped 3.5% on Friday, closing at $421.06, while the S&P 500 rose 1.1%.

There wasn’t a great reason for the divergence. “To me, [Tesla stock] was wildly overbought and long hedge funds needed a reason to take some profits,” says Future Fund Active exchange-traded fund co-founder and Tesla shareholder Gary Black .

“Overbought” is a trading term that essentially means the stock has gone up a lot quickly. When that happens, it can be a sign a lot of good news is reflected in the price and that there aren’t many buyers left to fuel more gains.

Some profit-taking in Tesla shares is natural—especially considering the rally. Coming into Monday, Tesla stock had risen 69% this year and 67% since the Nov. 5 election . Shares have declined 12% from a record closing high of $479.86 on Dec. 17.

Tesla stock closed up 2.3% at $430.60, while the S&P 500 and Dow Jones Industrial Average were up 0.7% and 0.2%, respectively.

One thing helping shares was a report from Barclays analyst Dan Levy . He expects the company to deliver 515,000 vehicles this quarter. Wall Street expects Tesla to deliver roughly 510,00 vehicles, according to various consensus aggregators, a record for any quarter.

Better-than-expected results can help any stock, but Levy’s number is important for another reason. Tesla needs to deliver about 515,000 vehicles to increase deliveries in 2024 compared with 2023. While Tesla delivered 1,808,581 vehicles in 2023, it shipped 1,293,656 in the first three quarters of 2023, down about 7% year over year.

Levy isn’t a Tesla bull. He rates shares Hold and has a $270 price target on the stock. A “beat could keep narrative momentum strong,” wrote Levy. “But [a] focus on fundamentals [is] limited overall.”

Tesla stock has added about $170 a share since the election, boosting Tesla’s market value by more than $550 billion, even though the car business hasn’t changed all that much.

Investors, however, are thinking about earnings. They believe Tesla’s self-driving robo-taxi business will drive significant value. That business is slated to begin in late 2025.

Levy is less optimistic, though. He even used the word “meme” in his report, referring to stocks that go wild for little reason.

Overall, about 46% of analysts covering Tesla stock rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target for Tesla stock is about $296 a share, up about $60 sine the election.

No matter what happens in the last few days of the trading year, 2024 will have turned out quite well for Tesla investors. It is their reward for enduring volatility. Don’t forget, Tesla stock bottomed out below $$140 a share in April.

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WHY WILLOW VALE MILL IS A ONE-OF-A-KIND COUNTRY ESTATE

Half a century ago Willow Vale Mill was a crumbling ruin. However the period property’s revival became a life-long passion project for its owner, Graham Liney. Now the unique homestead is on the market for the first time in 50 years, with a price guide of $4.25 million through David Medina of Sotheby’s International Realty.

The chef and potato farmer, who pioneered an innovative “diabetic” spud now sold worldwide, bought the run down 8ha estate in 1972 and set about transforming the original 1830s flour mill into a home and hospitality residence loved by locals and city slickers alike.

Willow Vale Mill has since become a landmark property in Laggan, less than 10 minutes’ drive from the historic town of Crookwell, NSW. It has been a guest house, a function centre and on Saturday nights the venue regularly hosted a famous four-course feast.

“The property has had a colourful past. People remember it for the accommodation, the restaurant, and the Saturday night entertainment that Graham ran there for many years,” Medina said.

“But the place is now on the market as purely a private residence for someone to enjoy as a family retreat or a short term accommodation opportunity.”

As well as being home to a once-thriving guest house, the property also includes plenty of space for farming potential. Liney grew potatoes on site for decades and eventually embarked on the challenge of finding a potato suitable for diabetics and pre-diabetics. He registered the low GI spud known as the Carisma and began marketing it internationally in the 2010s. Over the years, Liney has developed more than 40 potato varieties.

Inspired by the rambling farmhouses of rural Tuscany, where Liney now lives operating a new hospitality venture, he created a grand six-bedroom main residence with a versatile floor plan over four levels with multiple living spaces inside and out. In addition, there is a separate studio space, a railway station building, and various multipurpose out houses.

“I’d love someone to revive it as an up market restaurant or wedding reception venue, but they’ll need to work on creating more accommodation. Or it would make a grand house for someone who wants a country pad. It’s ideal for someone who really loves country living with ample grounds, which took me 50 years to plant and build and grow,” Liney explained.

“My great love has always been building and gardening. I enjoy people and food, but I really love gardening so the grounds at Willow Vale are very special to me.”

Throughout the expansive grounds there is a a grand pond, a sculptured garden, a walled garden, an amphitheatre, walking trails, a walled garden and a creek complete with platypus.

Willow Vale Mill has had just five owners in almost two centuries and ceased business as a mill in the 1920s.

“It’s quite unique because it’s in good condition and ready to be transformed in someone’s dream home. I’ve looked for a mini version of it in NSW, from Cowra to Cootamundara, from Yass to Orange — I can’t find anything,” Liney added.

Medina agreed that the rare residence is a real estate unicorn; something that resembles more of a European manor and parklands than an Aussie country house.

“There’s not another one of these in the country. It’s a one-of-a-kind property that I don’t think will ever be repeated. It’s also on about 20 acres and comprises almost a quarter of the village of Laggan,” he said.

“If you want to save yourself the business class airfare, the two-and-a-half-hour drive from Sydney or 20 minutes from Canberra, this will transport you to your own private slice of Tuscany or the French provincial countryside.”

 

Willow Vale Mill is on the market with David Medina of Sotheby’s International Realty New South Wales.