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• Chinese manufacturers' profits fell last month, while carmakers reported a significant gain in the first quarter.
• Weak domestic demand is causing Chinese companies to sell products en masse overseas, worrying US officials.
• China became the world's largest auto exporter last year, outpacing Tesla in electric vehicle sales.

Big Chinese manufacturers' profits fell last month, but carmakers posted a significant gain in the first quarter — one of the sectors worrying US officials.

The National Bureau of Statistics reported on Saturday that large-scale manufacturers' profits dipped 3.5% in March, compared with a year earlier. For the first three months of the year, profits were up 4.3%, to 1.51 trillion yuan, or $208 billion.

The new data highlights how weak domestic demand is eating into Chinese manufacturers' profits, causing companies to sell products en masse overseas. US Treasury Secretary Janet Yellen and Secretary of State Antony Blinken visited China in the last month, where they warned about Chinese companies undercutting other manufacturers.

Blinken said at a Friday press conference that he talked with Chinese officials about overcapacity in key industries, including solar panels, electric vehicles, and batteries.

"China alone is producing more than 100% of global demand for these products, flooding markets, undermining competition, and putting at risk livelihoods and businesses around the world," Blinken said.

'A real train wreck coming'

One major area of concern for the US is protecting domestic car production. Even though Chinese car companies don't sell cars in many large markets, like the US, Chinese automakers' overall profit jumped 32% in the first quarter, year-on-year, per the NBS.

China needs to expand into new markets for many goods, because domestic appetite has risen much slower than manufacturing output. Last year, China and Japan were neck-and-neck for title of the world's largest auto exporter, and the Chinese electric vehicle maker BYD outsold Tesla.

So far, increased EV production hasn't led to a big uptick in inventory — the kind of overproduction hurting other industries, per a Bloomberg analysis earlier this month.

And cars weren't the only bright spot in the first quarter: Electronic industry profits were up 82.5%, year-on-year, per NBS data.

Michael Froman, the US trade representative during the Obama administration, told CNBC on Thursday that China's export-led growth comes just as international markets are closing to the country. China has publicly written off US warnings about overproduction as posturing ahead of the presidential election.

"There's a real train wreck coming here where this is the next generation of trade conflict," said Froman, who is now the president of the Council on Foreign Relations. "This is broader than election-year activity."

China is focused on boosting domestic demand and improving business confidence, NBS analyst Yu Weining wrote in a statement accompanying Saturday's data release. Overall domestic demand is depressed as the country faces a faltering GDP and a roiling property market.

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• Dubai wants to build a $35 billion airport with 400 gates and five runways in the next 10 years.
• The emirate says the facility's capacity will hit 260 million passengers, the most in the world by far.
• It's the centerpiece of the ambitious Dubai South, the emirate's planned city of 1 million people.

Dubai is undertaking a massive expansion of an airport that it plans to be five times the size of its current international hub.

Sheikh Mohammed bin Rashid Al Maktoum, the emirate's ruler, said the upgraded Al Maktoum International Airport will feature a capacity of 260 million passengers, the world's largest.

"We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn," Sheikh Mohammed wrote in a post on X. "Dubai will be the world's airport, its port, its urban hub, and its new global center."

By comparison, the world's busiest airport in 2023, the Hartfield-Jackson Atlanta International Airport, saw 104.6 million passengers that year.

Most international flights now operate out of Dubai International Airport, which some 87 million passengers visited in 2023.

But all operations there will be moved to the Al Maktoum facility, which is expected to host five parallel runways and 400 aircraft gates, Sheikh Mohammed said.

He put the 10-year construction cost at AED 128 billion, or $35 billion, and said the emirate would build "an entire city around the airport" with anticipated housing demands for 1 million people.

The Al Maktoum International Airport, also known as Dubai World Central, was opened in 2010 with one terminal. Like the Dubai International Airport, it has two runways but is used significantly less.

The airport is designed as the centerpiece for Dubai South, a planned economic zone that aims to host a million residents and provide 500,000 jobs across a 55-square-mile area.

The announcement comes as air travel in Dubai returned to pre-pandemic levels, with 17.15 million international overnight visitors in 2023.

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• The chief scientist of China's COVID vaccine project was kicked from the National People's Congress.
• Yang Xiaoming, 62, is accused of "serious discipline and law violations," a phrase alluding to corruption.
• Yang led the team that developed the Sinopharm vaccine, and was China's top researcher in its vaccine project.

The chief researcher of China's first general-use COVID vaccine was ousted last week from the country's highest organ of power.

Yang Xiaoming, 62, was booted on April 23 from the National People's Congress "due to serious discipline and law violations," state media reported this weekend.

The phrase typically means a person is under investigation for corruption in China.

That means Yang, the chairman of Sinopharm's vaccine subsidiary China National Biotec Group, is no longer one of the nearly 3,000 congressional deputies who make decisions on major national issues.

A congressional report on his dismissal said he served on the Ethnic Affairs Committee.

Yang is a medical researcher who led the Sinopharm team that developed the BBIBP-CorV vaccine, a COVID-19 shot that was the nation's first approved for general use.

Known colloquially as the Sinopharm vaccine, the shot was one of the most widely administered COVID-19 shots in China, with an efficacy of 79% against hospitalization.

Apart from developing the Sinopharm shot, Yang was also the head of China's vaccine project under the 863 program, or Beijing's push to make the country more independent by developing homegrown advanced technologies.

Yang's dismissal has gone viral on Weibo, China's version of X, with thousands of posts questioning the circumstances behind his removal from deputy status. It received around 180 million views and, for several hours, was the platform's hottest topic on Sunday.

The discussion soon morphed into wild speculation that the reason behind his dismissal may have been related to the Sinopharm vaccine, though there has been no evidence to indicate as such.

"The father of the Sinopharm vaccine violated regulations and laws, but it doesn't mean there are problems with the vaccines he developed and produced," wrote "Dr Chen," a popular medical blogger. "Let's wait before panicking."

The announcement about Yang comes amid China's sweeping crackdown on corruption in its healthcare sector, with investigations launched against hundreds of hospital deans and secretaries.

It's been the heaviest disciplinary campaign ever enforced on China's healthcare industry, plagued for years by thousands of commercial bribery cases between pharmaceutical suppliers and healthcare providers.

In August, the anti-corruption campaign caused pharmaceutical A-share stocks in China to fall so sharply that it wiped out an estimated $27 billion market value within one day.

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• Japan's weak currency is boosting tourism, with a record-breaking 3.1 million visitors in March.
• The devalued yen is encouraging tourists to spend more on luxury goods.
• The currency is negatively impacting outbound travel, with more Japanese tourists staying in the country.

Japan is a beloved tourist spot. A weak currency is ensuring that it will remain that way for foreigners.

The country just broke its pre-pandemic tourist record, with 3.1 million foreign visitors in March. The government said it's on track to surpass 2025's target of 32 million annual foreign visitors this year, after 8.6 million tourists visited in the first quarter of 2024.

Japan opened to tourists in October 2022, after over two years of strict, pandemic-induced border restrictions. Pent-up demand, combined with a cheaper currency, has fueled the record number of visitors.

Tourists are staying longer and spending more due to the weak yen, which makes it cheaper for foreigners to purchase accommodation, activities, food, and gifts. The yen has fallen nearly 10% year-to-date, compared to the dollar.

Japan's currency has been depreciating largely due to high interest rates in the US, which makes the dollar more attractive to investors. A historic rate hike in Japan last month — the first since 2007 — did little to reverse the downward trend.

Japan is a tourist hot spot because of its status as a culture and entertainment icon, its natural wonders, and its unique cuisine. Tourists from South Korea, China, Taiwan, and the US made up the biggest portion of foreign visitors in March, according to Japan's National Tourism Organization.

Japanese carriers like Japan Airlines and ANA plan to cash in on the tourism boom by running more routes from Asia.

The sharp decline of the yen has also expanded demand for luxury goods. Foreign tourists are taking advantage of the currency discount by snapping up cheaper products in Japan from premium brands such as Swiss watchmaker TAG Heuer, Chanel, and Prada, Bloomberg reported earlier this month.

While the weak yen creates a sweet spot for foreigners, it is severely hurting Japanese travelers.

The number of outbound travelers was less than half the number of inbound travelers in March, per the National Tourism Organization. Outbound Japanese travel was down 37% last month compared to the same period in 2019, though it ticked up from February, the agency's data shows.

High airfare costs and low buying power is compelling more locals to skip international travel in favor of domestic locations.

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• US Adm. John Aquilino said China is gradually getting bolder and acting more dangerously.
• In an interview with FT, the INDOPACOM chief described the strategy as a 'boiling frog' tactic.
• As he's set to retire, Aquilino urged China's neighbors to be vocal about Beijing's aggression.

The US Indo-Pacific Command's outgoing chief said China has been turning up the heat on its neighbors with progressively bolder military actions in a pattern designed to catch them off guard.

Adm. John Aquilino described Beijing's strategy to the Financial Times as a "boiling frog" tactic, or to gradually step up aggression so that other nations don't immediately realize when a critical point in conflict is reached.

In an interview published on Sunday, he told the FT that these nations must speak up and call out aggressive behavior from Beijing.

"There needs to be a continual description of China's bad behavior that is outside legal international norms. And that story has to be told by all the nations in the region," he said.

Aquilino, who led US forces in the Indo-Pacific for three years, cited two major conflict points involving China — Taiwan and the Second Thomas Shoal.

Beijing has continually been posturing more aggressively toward Taiwan, which it claims as its territory.

Chinese leaders are shifting to more war-like rhetoric against the self-governed island, and regularly send dozens of fighter jets at a time across the median line of the Taiwan Strait. Balloons that Taiwan says are from China also often pass over the island's airspace.

While not seen as an outright act of war, the incursions are typically described as "grey-zone" warfare that forces a response from Taiwanese defenses and keeps its people on edge.

"This is the pressure campaign in action. I've watched it increase in scope and scale, it is not slowing down," Aquilino told the FT.

He said China has taken conflict one step further against the Philippines at the Second Thomas Shoal, a reef in the Spratly Islands of the South China Sea.

The islands are internationally recognized as under the Philippines' jurisdiction, but China has in recent years sought to enforce its own claim on them — coalescing into a key point of tension between both nations.

Since 2021, Chinese Coast Guard vessels were reported to have used water cannons on Philippine ships resupplying forces at the shoal. And in October 2023, a Chinese vessel rammed into a Philippine Coast Guard ship, widely seen as an escalation.

"Philippine coastguardsmen and service members have been injured. That's a step up the ladder beyond a pressure campaign," Aquilino said.

The admiral is set to retire after he hands leadership of the Indo-Pacific Command to Adm. Samuel Paparo next month. During his tenure overseeing the region, Aquilino repeatedly warned of China as a primary growing danger to its neighbors.

Paparo, on his part, has also named China as one of the most pressing threats to US military interests in the region.

Beijing has been sharply increasing its military spending, pumping $230 billion into its defense budget in 2022, per a 2023 Pentagon report. While the US defense budget was nearly four times as large as China's that year, military observers say a one-to-one comparison can be misleading because Chinese spending typically stretches further due to lower labor and manufacturing costs.

The Chinese Embassy in Washington did not immediately respond to a request for comment sent outside regular business hours by Business Insider.

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• Romance scams are rising on dating apps, costing Americans over $650 million in 2022.
• Match Group's CEO expressed empathy for victims, but said "things happen in life."
• An FTC lawsuit alleges up to 30% of daily Match.com sign ups are users utilizing the platform for scamming.

When it comes to getting your money back from a romance scam, it can be nearly an impossible task. Match Group's CEO said he feels bad for victims, but "things happen in life."

Romance scams typically targeting baby boomers and older generations are becoming increasingly popular on dating apps and websites, according to the Federal Trade Commission.

Just last year, the FBI's Internet Crime Report estimated that Americans lost more than $650 million to romance scams. The FTC, which casts a wider net, reported that these scams also bilked a whopping $1.3 billion from Americans in 2022.

Bernard Kim, CEO of Match Group, spoke with CBS News on the growing threat of online romance scams carried out by people overseas. Match Group — which owns Match.com and Tinder — is the largest online dating company in the United States.

"Look, I mean, things happen in life," Kim told CBS when asked what he would tell customers who have fallen victim to scams. "That's really difficult. I have a tremendous amount of empathy for things that happen, but I mean, our job is to keep people safe on our platforms; that is top foremost, most important thing to us."

The FTC filed a federal lawsuit against Match Group in July 2022, alleging that "as many as 25-30 percent of Match.com members who registered each day were using Match.com to perpetrate scams," according to court documents.

A spokesperson for Match Group told Business Insider that the figures mentioned in the claim are misleading and that the court dismissed claims related to the number of sign-ups that may be related to fraud.

The spokesperson told BI that Match is working with law enforcement to combat scams and has been "one of the most vocal" companies in the space doing so.

"We've done several romance scam prevention campaigns," Match told BI. "We've done some pop-up messages within our apps, educating people on the common behaviors of scams and then also how to avoid them."

Scams carried out on Match included "phishing" to steal consumers' personal information and "sextortion scams," in which scammers trick a victim into sending compromising videos or pictures that they then use to extort money from the victim, the FTC lawsuit says.

According to authorities, retrieving stolen money after it's in the hands of scammers is extremely difficult, and victims typically do not recoup all of the money they lose in the process.

Polk County Sheriff Grady Judd in Florida said that authorities could only recover around $40,000 after thieves convinced a woman she had won a fake Publisher's Clearing House sweepstakes. The thieves stole more than $400,000 from her.

"You go obtain subpoenas and then the bank takes their time about getting data back, the money is gone, long gone," Judd said in a press conference.

If you do pay money to a scammer, the FTC recommends asking whatever company you sent money through to help recover it if possible.

Match Group did not immediately return a request for comment from Business Insider.

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• Zubin Pratap, a former lawyer, decided to transition to the tech industry at 38 years old.
• He landed his first tech job by networking and shortlisting best-fit employers.
• Though he worked at Google, he said his big break was a small startup that took a risk on him.

This as-told-to essay is based on a conversation with Zubin Pratap, a software engineer based in Melbourne. It has been edited for length and clarity. Business Insider has verified his employment history.

I started law school in the late nineties.

By the time I graduated in 2003, the dot-com boom had happened, the dot-com bust had happened, Google had been invented, and the internet had become mainstream.

Seven years into my career, which took me from litigation to corporate law, and from India to Australia, I began taking an interest in tech.

I realized I was sitting far away from the sidelines of the tech industry and had no way to get in. I was doing well in my legal career, but it didn't align with who I was as a person: I was more interested in creating things than calculating risks and reviewing contracts.

Over the next few years, I tried various things: I worked on two startup attempts while in my full-time job, then switched to a business role within the company. I quit my job cold turkey to build a tech startup, which cost me six figures and ultimately did not work out.

I decided to restart my career, this time in tech. I was 38.

Foot in the door

While I had learned enough about software to run a small business, convincing someone to let me work for them was a different ball game.

Given the amount of competition in the industry and my non-computer science background, I knew I had to work hard to stand apart.

This is the four-step plan I used to land my first software job.

1. Spend time with people in the industry:

   I ditched networking on LinkedIn. I would try to meet people for coffee and put myself in places where developers and engineers congregated, such as conferences. The idea was to start learning the ways of the industry. Instead of asking them about skills I needed to learn and getting cookie-cutter answers, I asked people what they did every day. It gave me my biggest advantage — being able to speak to engineers in their language.

2. Identify employers that need someone like me:

   I focused on companies with fewer applicants and high turnover: those that are smaller, high-pressure, and don't pay as much as Big Tech.

3. Skip LinkedIn's "easy apply" function:

   Once I identified that small web development agencies fit the bill, I still had to convince them to take a chance on me. I showed up at their offices and asked if they were hiring developers. Talking to people in person or on the phone gave me a chance to embrace how "crazy" it was that I was an ex-lawyer switching careers at 38 and that I was risking a lot to work for them.

4. Build connections with recruiters:

   I realized that most people are nice to recruiters until they get what they need. After reaching out, I tried to keep in touch with recruiters. I messaged them every now and then and even picked up the phone to catch up or suggest good candidates I had met while networking.

   My efforts landed me four job offers, and I ended up taking one at a small software development firm in Melbourne, where I was based. I took a 75% pay hit from my last pay as a lawyer and started as a junior developer.

   Four rejections before a Google offer

   In a year and a half, I moved to a software engineering role at Google. I applied some of the same strategies: talking to lots of people and getting industry insight. Google had rejected me four previous times, thrice as a lawyer and once as a product manager, which were industries I was most experienced in. Landing an offer a fifth time around felt like a combination of effort and luck.

   I left Google after close to two years to work at a smaller company where I thought I could make more of an impact.

   My compensation recovered from leaving law and is now higher than my last pre-tech salary.

   Looking back, I know Google is the part of my journey everyone talks about, but my big break was the small company that hired me when I had no experience.

   Did you take a significant pay cut in your career and have a story to share about it? Email sgoel@businessinsider.com.

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• Reports say Donald Trump and Ron DeSantis met in Florida to discuss the former president's campaign.
• DeSantis decided to help Trump boost his fundraising efforts, The Washington Post reported.
• Florida real estate developer Steve Witkoff orchestrated the meeting, the Post reported.

Like many GOP presidential contenders before him, Ron DeSantis is bowing down to Donald Trump.

Trump is looking to DeSantis to help with his presidential campaign fundraising — and DeSantis is open to it, The Washington Post reported.

DeSantis and Trump met Sunday morning at the Shell Bay Club near Miami after not speaking to each other since the end of DeSantis' campaign in January, CNN reported. The pair engaged in a presidential campaign rivalry that involved a lot of name-calling — especially from the former president.

The New York Times and Politico also reported on the meeting.

Before DeSantis left the race in January, Trump zeroed in on his rival, mocking his name and referring to him as "Ron DeSanctimonious" and, reportedly, "Meatball Ron," which Trump has denied.

Trump has a history of getting his rivals in line behind him after some harsh burns. During the 2016 primary, Trump mocked the appearance of Texas Sen. Ted Cruz's wife. Trump also helped spread a false story that Cruz's father passed out Fidel Castro pamphlets with Lee Harvey Oswald, the man who killed President John F. Kennedy.

Cruz later endorsed Trump for president.

Trump also mocked another former primary rival, making jokes about former New Jersey Gov. Chris Christie's weight. Christie also came around to endorsing Trump after bowing out.

Christie, who ran again in the 2024 presidential campaign, changed his tune this cycle and refused to endorse Trump after dropping out once again in January.

And when vocal Trump critic and former US Attorney General Bill Barr endorsed Trump for the 2024 ticket, he responded by mocking Barr while thanking him for the support.

According to the Post, although DeSantis endorsed Trump after dropping out of the GOP primary, the pair had not spoken since. DeSantis "was stung" by how the former president treated him during the campaign, the Post wrote, citing people familiar with the matter.

However, the Post reported that unnamed individuals close to the Florida governor felt he needed to make amends with the former president as DeSantis looked toward a potential 2028 bid.

One unnamed source told the Post that the deliberations between Trump and DeSantis on Sunday were friendly. DeSantis agreed to help the president with fundraising for his presidential campaign against Democratic rival President Joe Biden, the Post reported.

Another anonymous source told the Post that Florida real estate developer Steve Witkoff, who testified as an expert for Trump's defense during his Manhattan fraud trial last year, orchestrated the meeting between the distant pair.

Neither camp confirmed the meeting on social media.

Representatives for Trump, DeSantis, and Witkoff did not immediately respond to a request for comment from Business Insider.

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• For decades, Detroit was seemingly caught in an economic time warp that hobbled its full potential.
• But the city's downtown has one of the most stunning urban reinvention stories in the United States.
• Downtown Detroit recently hosted the NFL Draft to rave reviews and even broke an attendance record.

Last week, more than 775,000 football fans converged in downtown Detroit for three days as the city hosted the NFL Draft.

Detroit obliterated the previous draft turnout record set in 2019 when Nashville hosted roughly 600,000 fans across three days.

Campus Martius Park, perhaps the most revered public gathering space in Detroit, served as the centerpiece of the festivities.

Such positive developments are not atypical for Detroit these days. New residents continue to flock to residential developments downtown, and businesses occupy early-20th-century architectural gems that sprouted when the city was at its industrial zenith.

So, just how did this Midwestern city become a model for urban reinvention?

The past informs the present

In the 1980s and 1990s, downtown Detroit was a visible reminder of the "urban doom loop," when residents head for the exits and office towers empty out — leading to diminishing tax revenues that threaten core municipal services.

The legendary flagship location of Hudson's department store, beloved by generations of Detroiters, closed in 1983. The 1980s saw scores of layoffs in the automobile industry and the closing of numerous factories, causing economic strain in a region once known for its prosperity and its gateway to the middle class. Many small businesses either closed up shop or moved to the region's suburbs, a trend that continued into the 1990s.

But when the city of Detroit filed for Chapter 9 bankruptcy in July 2013, the largest municipal bankruptcy filing in US history, many wondered whether an economic comeback would ever be fully realized. At the time, even weekly trash pickup had become unreliable in many neighborhoods.

Now, the city is seemingly in its best economic position in decades.

Detroit beat out Miami as the fastest-appreciating housing market in the country last November, with home prices rising by 8.7% year-over-year, according to a CoreLogic report.

People want to live in the city

The allure of walkable neighborhoods, public transportation, green spaces, and businesses catering to local needs is something that many millennials and Gen Zs have embraced with open arms — but it's also a quality attractive to many boomers headed into retirement.

Downtown Detroit has an abundance of towering, historic buildings that are perfect for office-to-housing conversions and office renovations that have taken hold in downtowns across the country.

Dan Gilbert, the cofounder of Rocket Mortgage (formerly Quicken Loans) and a Detroit native, has poured billions into the city's downtown to revitalize the area.

Gilbert's real-estate firm, Bedrock Detroit, is building a 45-story mixed-use skyscraper at the site of the old Hudson's department store. When completed, the development will be home to General Motors' new global headquarters, a five-star hotel, and high-rise residences.

GM is currently headquartered at the 1970s-era Renaissance Center, a Detroit icon. While the company's move from the Renaissance Center has certainly raised questions about the complex's future, GM is staying in the city. GM's future headquarters, which will be even closer to the residential buildings sprouting up downtown, is poised to continue contributing to the city's vitality.

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• China's EV market has become increasingly competitive.
• About 123 car companies sold electric vehicles, an auto consultant told WSJ.
• But only a few brands keep Tesla's dominance in China at bay.

Competition in the electric vehicle sector is only getting stiffer for Tesla in China, but what does that space exactly look like?

Here's one stat that Stephen Dyer, an auto consultant at AlixPartners, told The Wall Street Journal: In 2023, about 123 auto companies sold an electric vehicle in China.

To put that into perspective, US News listed over 65 car brands in the US in 2023, some of which may have left the country when the list was published.

That's a lot of companies trying to wedge their way into the EV market, and a large part of that is thanks to the Chinese government.

As Business Insider's Linette Lopez noted in February, automakers received a huge lift from Beijing as it doled out government subsidies to any car company that would contribute to the country's pivot to electric vehicles.

Lopez wrote that China began to slow down the subsidy pipeline in 2016, but that doesn't mean support completely dissipated.

The Germany-based Kiel Institute for The World Economy published in an April report that BYD, China's top EV automaker, received more than $2.2 billion in subsidies in 2022.

Massive government support only encouraged the uptick in EV production and a price war that Tesla has largely stayed out of — to the company's detriment.

Still, Tesla remains one of the country's top EV sellers, and only a few brands compete with the US-based automaker.

Dyer, the auto consultant from AlixPartners, told the Journal that only four EV makers sold more than 400,00 vehicles in China each in 2023: BYD, Aion, Wuling, and Tesla.

The latest quarterly earnings reports for 2024 show that Tesla remains the global leader in the EV space, selling about 387,000 vehicles, compared to BYD, which reported selling about 300,114 EVs.

The competition, however, comes amid a slowdown in EV sales that's being felt in the US and China.

While US consumers continue to search for a cheaper EV alternative, China faces a more complex situation, BI's George Glover noted, that factors in frustrating price wars and a broader faltering economy caused by deflation and a real-estate slump.

Tesla and BYD did not immediately respond to a request for comment.

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