BEIJING — In China’s take on Squid Game, fraudsters are preying on the financially distressed in a slumping economy with promises of prize money, debt restructuring and other schemes that are not always what is promised.

Unlike the dystopian South Korean TV series, which returns to the small screen for a second season on Thursday, Chinese players taking on “self-discipline” challenges do not risk their lives if they lose.

But courts have found some participants in isolation challenges – who pay hundreds of dollars to stay in a room for days, following prescribed rules in the hopes of winning as much as 1 million yuan ($140,000) — are being scammed. And regulators are warning people about dodgy debt relief claims.

Isolation challenges, often advertised on Douyin, as TikTok is known in China, have risen in popularity this year as the world’s second-biggest economy slows. It grew at the weakest pace in more than a year in the three months to September, spurring policymakers to pledge fresh measures to boost household incomes among other steps.

The long lists of rules in the challenges include toilet breaks not exceeding 15 minutes and bans on touching the alarm clock more than twice a day.

Many players cry foul when they do not survive their first day for infractions caught on surveillance cameras, which they dispute.

In October, a court in the eastern province of Shandong ordered an organizer to refund 5,400 yuan ($740) in sign-up fees to a player surnamed Sun, ruling the contract was unfair and “violated public order and good morals”.

Sun was trying to win 250,000 yuan by surviving a 30-day isolation challenge with rules forbidding smoking, use of electronic devices, consumption of alcohol and contact with anyone outside the room.

On the third day of the challenge, organizers said Sun had covered his face with a pillow, breaking a prohibition on players obscuring their faces.

The Cyberspace Administration of China, which regulates the country’s internet, and ByteDance, owner of Douyin, did not respond to Reuters requests for comment.

The National Financial Regulatory Administration (NFRA) warned the public on Tuesday not to fall for “debt intermediaries” claiming to help people restructure their borrowings or improve their credit profiles.

Touting their services through phone, texts, flyers and ads on social media, such intermediaries claim they can help secure new loans or provide temporary funds, but the regulator warned the services come with a high fee.

Intermediaries charge as much as 12% of the loan value in “service fees”, the state-backed National Business Daily said.

Another scheme involves charging large fees to ostensibly help debtors repair their credit records, according to the NFRA, which cautioned that borrowers’ personal information might also be leaked or sold.

China’s household loans totaled 82.47 trillion yuan ($11.3 trillion) in November, according to central bank data. — Reuters

BEIJING — China has approved the construction of what will be the world’s largest hydropower dam, kicking off an ambitious project on the eastern rim of the Tibetan plateau that could affect millions downstream in India and Bangladesh.

The dam, which will be located in the lower reaches of the Yarlung Zangbo River, could produce 300 billion kilowatt-hours (kWh) of electricity annually, according to an estimate provided by the Power Construction Corporation of China in 2020.

That would more than triple the 88.2 billion kWh designed capacity of the Three Gorges Dam, currently the world’s largest, in central China.

The project will play a major role in meeting China’s carbon peaking and carbon neutrality goals, stimulate related industries such as engineering, and create jobs in Tibet, the official Xinhua news agency reported on Wednesday.

A section of the Yarlung Zangbo falls a dramatic 2,000 meters (6,561 feet) within a short span of 50 kilometers (31 miles), offering huge hydropower potential as well as unique engineering challenges.

The outlay for building the dam, including engineering costs, is also expected to eclipse the Three Gorges Dam, which cost 254.2 billion yuan($34.83 billion). This included the resettling of the 1.4 million people it displaced and was more than four times the initial estimate of 57 billion yuan.

Authorities have not indicated how many people the Tibet project would displace and how it would affect the local ecosystem, one of the richest and most diverse on the plateau.

But according to Chinese officials, hydropower projects in Tibet, which they say hold more than a third of China’s hydroelectric power potential, would not have a major impact on the environment or on downstream water supplies.

India and Bangladesh have nevertheless raised concerns about the dam, with the project potentially altering not only the local ecology but also the flow and course of the river downstream.

The Yarlung Zangbo becomes the Brahmaputra River as it leaves Tibet and flows south into India’s Arunachal Pradesh and Assam states and finally into Bangladesh.

China has already commenced hydropower generation on the upper reaches of the Yarlung Zangbo, which flows from the west to the east of Tibet. It is planning more projects upstream. — Reuters

KYIV — Russia attacked Ukraine’s energy system and some cities with cruise and ballistic missiles plus drones on Wednesday in an “inhuman” Christmas Day assault, Ukraine’s President Volodymyr Zelensky said.

Nearly three years into the war, the strikes wounded at least six people in the northeastern city of Kharkiv and killed one in the region of Dnipropetrovsk, the governors there said.

US President Joseph R. Biden denounced the “outrageous” attack and said he had asked the US Defense Department to push forward with a new surge of military aid to Kyiv.

Half a million people in Kharkiv region were left without heating, in temperatures just a few degrees Celsius above zero, while there were blackouts in the capital Kyiv and elsewhere.

“Today, (Russian President Vladimir) Putin deliberately chose Christmas to attack. What could be more inhuman? More than 70 missiles, including ballistic missiles, and more than a hundred attack drones,” he said.

Russia’s Defense Ministry confirmed it had conducted a “massive strike” on what it said were critical energy facilities supporting the work of Kyiv’s “military-industrial complex”.

“The aim of the strike was achieved. All facilities have been hit,” it said in a statement.

Ukraine’s military said its air defenses downed 59 Russian missiles and 54 drones overnight and on Wednesday morning.

Mr. Biden, who is being replaced by Donald J. Trump next month, said the purpose of the attack was “to cut off the Ukrainian people’s access to heat and electricity during winter and to jeopardize the safety of its grid”.

Washington has committed $175 billion in aid for Ukraine. It is not certain the flow will continue at that pace under Mr. Trump, who has said he wants to bring the war to a quick end.

In Moldova, Ukraine’s western neighbor, pro-European President Maia Sandu said one Russian missile crossed through her country’s airspace during the air assault.

“While our countries are celebrating Christmas, the Kremlin has chosen the path of destruction, launching strikes on Ukraine’s energy infrastructure and violating Moldova’s airspace,” Ms. Sandu wrote on social media.

Moldova has seen several cases of drone fragments landing on its territory and missiles passing through its airspace.

Ukrainians were marking their second Christmas on Wednesday, according to a new calendar in another step towards erasing Russian influence.

Most Ukrainians are Orthodox Christians and the independent Orthodox Church of Ukraine, set up in 2018, agreed in 2023 to move away from the traditional Julian calendar used in Russia where Christmas is on Jan. 7.

Russia has intensified attacks on the Ukrainian energy sector since spring of this year, damaging almost half of its generating capacity and causing prolonged blackouts.

‘RUSSIA WEAPONIZES WINTER’
Ukraine’s air force said Kharkiv was attacked by ballistic missiles. Regional governor Oleh Syniehubov said on Telegram there was damage to civilian non-residential infrastructure, without giving more detail.

Dnipropetrovsk Governor Serhiy Lysak said the fatality there occurred in an attack on regional power facilities.

“Since the morning, the Russian army has been massively attacking the Dnipro region. It is trying to destroy the region’s power system,” he said.

Ukrainian Energy Minister German Galushchenko said on Facebook that Russia was massively attacking the power sector and that restrictions on electricity supply were in place.

Ukraine’s largest private energy company DTEK said its generating facilities were attacked, with power equipment seriously damaged, in the 13^th large-scale assault on the energy sector this year.

“We appeal to every ally of Ukraine to end this state-sponsored terrorism now by giving our armed forces the air defense ammunition they need to protect essential energy infrastructure,” DTEK Chief Executive Officer Maxim Timchenko said in a statement.

“Russia’s Christmas gift to Ukraine: more than 70 missiles and 100 drones, directed at Ukrainian families celebrating in their homes and the energy infrastructure that keeps them warm,” said US Ambassador Bridget Brink.

“For the third holiday season, Russia weaponizes winter.” — Reuters