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The 102-year-old Rancho la Puerta founder on not worrying: ‘I’d be an old lady!”

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Oprah Winfrey, Madonna, Kate Winslet, Jane Fonda, and Bill Moyers have all stayed at the famous Rancho la Puerta wellness resort and spa, an exquisite collection of mountain-edged casitas, pavilions, pools, and gardens on 4,000 acres in Baja California, Mexico. 

But the property’s biggest star is Deborah Szkeley, who co-founded the ranch with her husband in 1940, and now—at 102 years old—is the embodiment of all the property aspires to deliver: health, longevity, and peace of mind.  

“The morning I turned 100, I lay in bed and thought, ‘Huh, I’m 100. What’s different?’ I couldn’t think of anything,” Szekely tells Fortune, sitting down recently for an interview in her hotel suite in New York City, where she had flown in from her home in San Diego to speak at two different wellness conferences. “I’ve had a lovely life and when it ends, it ends. But I enjoy it,” she says. “I really, truly don’t take on worries that I cannot do anything about. Otherwise I’d be an old lady! But where I can do something, I do something.”

The Brooklyn native has accomplished a dizzying amount in her life, including starting and running Rancho la Puerta and also the Golden Door, a luxe Japanese spa and resort in San Diego (which she sold in 1998). At 60 she ran for Congress and served as president of the Inter-American Foundation; at 80, she realized a long-held dream and founded the New Americans Museum and Immigration Learning Center in San Diego.

All are extensions of her formative years, rooted in values such as healthy living, vegetarianism, and sustainability as put forth by her mother, a Jewish Austrian immigrant and “health nut” who was an RN and the vice president of the New York Vegetarian Society who put her family on an all-fruit diet. In 1934, she made a bold decision that changed their lives forever.

“It was the Depression. And my dad was very depressed,” recalls Szkeley, née Shainman, who was 12 when her mother caught him examining his life insurance policy, and feared his suicide.

“One day my mom came to dinner and she said, ‘We’re leaving in 16 days.’ And my brother and I and my dad looked at her, and my dad said, ‘Where to?’ ‘Tahiti.’ And we said, ‘Where is that?’ and she said, ‘I don’t know. But here are the tickets.’” She had chosen the destination because of its fresh air and fresh fruits—both in short supply in New York during the Depression—and soon they all boarded a steamship, spending several weeks traveling by sea to their new home.

“And from then on, we had a different kind of a life,” the centenarian says, adding that she remembers “a lot” from the few years they spent in Tahiti, living a rustic lifestyle in a grass hut, and that she still “thinks in French much of the time” because of her schooling from that time.

While there, the family met another health-minded transplant: Edmond Szkeley, aka “the professor,” a Romanian immigrant and burgeoning health guru known for his writings and lectures on philosophy and ancient religions, exercise, and the value of fresh organic vegetables. They all eventually returned to the U.S., and Deborah’s family attended his summer “health camps.” That’s when Deborah decided to work for him and when she and Edmond fell in love. They married when he was 34 and she was just 17.

“I did it as a way of getting out,” she explains. “He was head of the British International Health and Education Society, and he was going to England. And I thought, ‘I will go to England, and if it works out, fine. If not, I’m free. I can go to France.’ And it worked out. So I stayed.”

Founding Rancho la Puerta

The new couple, in search of a place to create a health camp together, found their way to Baja, in part as a way for Edmond to sidestep the fact that he had no immigration papers allowing him to stay in the U.S. There, they settled on a vast piece of land at the foothills of Mount Kuchumaa, writing to friends with invitations to come and stay on the land.

“For $17.50 a week,” she says, “it was bring-your-own-tent.” It took off, she adds, as “my husband was well-known.” 

They created their own permanent tents, soon replaced with cabanas built from surplus army packing crates, and then added vegetable gardens, exercise classes, a dining hall with mostly raw vegan food (today the menu is pescatarian), and a printing press for Edmond’s books. Advertising in Los Angeles brought in the Hollywood crowd—as it did to the Golden Door, which Deborah created in 1958 after traveling to Japan a dozen times in one year for inspiration.

The couple had two children, and today her daughter, Sarah Livia Brightwood, who has had thousands of trees planted on the property, runs the resort.

“She’s the boss,” says Deborah. “She makes the decisions … I don’t interfere.” (One of her grandsons—a professional surfer—is on the board; the other is a recent high-honors graduate of University of Southern California.) 

Today Rancho la Puerta, which she calls “the ranch,” is “a small town” with 400 employees. It charges guests $5,100 and up per person for weeklong packages and is replete with 20 full-time fitness instructors, 11 gyms, a cooking school, an organic farm, three spa treatment centers, programs including group hikes and workshops, and peaceful nature trails for walking—with not a single golf cart in sight. Of its 10,000 acres, only about 300 are actively used by guests, which is part of a conscious effort towards keeping the footprint as small as possible.

“We do not grow,” says Deborah. “We’re smaller than we were, by design.”

Deborah is at the property three days a week and still holds weekly Q&A sessions with her guests to an always-packed house, often fielding questions about how she’s managed to live such a long and healthy life. People want to know what kind of water she drinks—a question that makes her laugh—and what her skincare routine is, to which she replies, “Soap and water.” As she tells Fortune, “Those are not my occupations. The fact that I don’t worry is more important than the water. I really have accepted what I can do and can’t do.”

But really: What’s her secret?

Her healthy lifestyle—including having never eaten red meat and still walking a mile a day even after twice breaking a hip (she now uses a wheeled walker)—has certainly been a contributing factor to her longevity. But Deborah knows it’s not everything: Her father lived to 81, but her mother died of cancer in her 60s. Edmond died in his ’70s (after they had separated), albeit due to his refusal to have surgery on an umbilical hernia. “He died from a strangulated hernia, as soon as he went to the hospital,” she says. She’s outlived her brother. And then there was the greatest loss of her life: the death of her son (which she declines to go into detail about). 

But when it comes to having outlasted so many people, Deborah says, “I don’t think about it. You just accept.” 

She tends to have much younger friends, which helps. “I’ve always had friends that are younger—because of the conversation, the theater, the plays we go to see, the activities we do, you know? They’re in their 40s,” she says. “It’s fun.”

Her advice to others seeking longevity is to keep both body and mind active—and to read a lot, as she does, favoring ninth-century Japanese mysteries. “I like Buddhism,” she says. “I call myself a Jewish Zen Buddhist.”

But an active mind, for Deborah, does not include rumination.  

“The thing is I do not allow negative thoughts. We are in control. And we can say, ‘I don’t want to go there.’ You just don’t go. I don’t,” she says. “I mean, the world is a terrible place and there’s terrible things happening all the time … But I’m trying to help as many people as I can to live healthier lives.”

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Hong Kong’s IPO market is set to improve over the next five years

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Hong Kong Exchanges and Clearing celebrates the 24th anniversary of its listing on June 21, 2024.

China News Service | China News Service | Getty Images

BEIJING — The market for initial public offerings in Hong Kong is set to improve significantly over the next five years, starting in the second half of this year, George Chan, global IPO leader at EY, told CNBC in an interview Wednesday.

“I think it will take a couple years to go back to the peak [in 2021] but the trend is there,” Chan said. “I can see the light at the end of the tunnel.”

High U.S. interest rates, regulatory scrutiny, slower economic growth and U.S.-China tensions have constrained Greater China IPOs in the last three years.

EY said in a report that while the volume of IPOs and proceeds in the U.S. increased significantly in the first half of 2024 compared to the same period a year ago, mainland China and Hong Kong saw a sharp decline in listings.

Many of the macro trends are now starting to turn around, which can support more IPOs in Hong Kong, said Chan, who is based in Shanghai.

“We are seeing a reversing trend,” he told CNBC. “We are seeing more of these [U.S. dollar] funds, they are moving back to Hong Kong. The main reason is that Hong Kong has already factored in these uncertainties.”

The Hang Seng Index is up more than 5% year-to-date after four straight years of decline — which was the worst such losing streak in the history of the index, according to Wind Information.

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“Our HK cap markets team is very busy and has a strong pipeline for H2.  We expect to see many HKSE listings,” Marcia Ellis, global co-chair of private equity practice at Morrison Foerster in Hong Kong, said in an email Wednesday.

Many companies that were waiting for a listing in mainland China’s A share market have decided to switch to one in Hong Kong, she said. “Previously [China Securities Regulatory Commission] approval was slowing things down but recently our team has gotten CSRC approvals pretty quickly.” 

In June, China issued new measures to promote venture capital, and authorities spoke publicly about supporting IPOs, especially in Hong Kong. Investors and analysts said they are now looking at the speed of IPO approvals for signs of a significant change.

Chan said another supportive factor for Hong Kong IPOs is that many of the companies listed in the market are based in mainland China, where economic growth is “quite satisfactory.”

He expects consumer companies could be among the near-term IPO beneficiaries.

“As the economy slowly recovers, a lot of people in China are willing to spend,” he said, noting that was especially the case in less developed parts of the country.

Official national-level data have showed that retail sales are growing more slowly in China — up by just 3.7% in May from a year ago versus growth of nearly 10% or more in prior years.

Also significant for global asset allocation, the U.S. Federal Reserve and other major central banks are pulling back from aggressive interest rate hikes. High rates have made Treasury bonds a more attractive investment for many institutions instead of IPOs.

“I would say if the interest rate can be further cut down, 1% maybe, that would have a significant effect on the IPO market,” Chan said.

Hong Kong IPOs raised $1.5 billion during the first half of the year, a 34% drop from a year ago, EY said in a report released late last month. Back in 2021 and 2020, the Hong Kong Stock Exchange saw nearly 100 or more IPOs a year raising tens of billions of dollars, according to the report.

In comparison, mainland China IPOs raised $4.6 billion in the first six months of 2024 — a drop of 85% from the year-ago period, according to EY.

HKEX CEO aims for more large-scale IPOs this year

Bonnie Chan, CEO of Hong Kong Exchanges and Clearing Limited, said during a conference last week that so far this year, the Hong Kong exchange has received 73 new listing applications — a 50% increase compared to the second half of last year. She is not related to EY’s George Chan.

“The pipeline is building up nicely,” she said, noting about 110 IPOs in total are in line for a Hong Kong listing. “All we need is a set of good market conditions so these things get to launch and price nicely,” she added.

Improving post-IPO performance

“What we need is a strong pipeline,” EY’s Chan said. “We need an interested investor with the money to invest, and we need a good aftermarket performance.”

Hong Kong IPO returns are improving. The average first-day return of new listings on the Hong Kong stock exchange in the first half of 2024 was 24%, far more than the average of 1% in the same period last year, according to EY.

“The aftermarket performance of Hong Kong IPOs has been doing quite good compared to the past five years,” Chan said. “These things added together are projecting an upward trend for the Hong Kong market [in the] next 5 years.”

Chan said he expects the number of deals to pick up in the second half of 2024.

Goldman Sachs says it remains positive on Hong Kong capital markets activity

He said those will likely be medium-sized — between 2 billion Hong Kong dollars to 5 billion Hong Kong dollars ($260 million to $640 million) — but added he expects better market momentum in 2025.

Slowing economic growth and geopolitical uncertainty have also weighed on early-stage investment into Chinese startups.

Total venture funding from foreign investors into Greater China deals plunged to $19 billion in 2023, down from $67 billion in 2021, according to Preqin, an alternative assets research firm.

U.S. investors have not participated in the largest deals in recent years, while investors from Greater China have remained involved, the firm said in a report last month.

U.S. IPO outlook

As for IPOs of China-based companies in the U.S., EY’s Chan said he expects current scrutiny on the listings to be “temporary,” although data security rules would remain a hurdle.

In early 2023, the China Securities Regulatory Commission formalized new rules that require domestic companies to comply with national security measures and the personal data protection law before going public overseas. A China-based company with more than 1 million users must pass Beijing’s cybersecurity review to list overseas.

“As time goes on, when people are more familiar with the Chinese [securities regulator] approval process and they are more become comfortable with geopolitical tensions, more of the large companies … would consider [the] U.S. market as their final destination,” Chan said.

“When the time comes I think the institutional investors would be interested in these sizeable Chinese companies, as they pretty much want to make money.”

He declined to comment on specific IPOs, and said certain high-profile listing plans are “isolated incidents.”

Chinese ride-hailing company Didi, which delisted from New York in 2021, has denied reports it plans to list in Hong Kong next year. Fast-fashion company Shein, which does most of its manufacturing in China, is trying to list in London following criticism in the U.S., according to a CNBC report.



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Microsoft hack affected Veterans Affairs and State Departments, government says

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The US Department of Veterans Affairs and an arm of the US State Department are among a growing list of Microsoft Corp. customers that have acknowledged they were impacted by a breach of the technology giant that was blamed on Russian state-sponsored hackers.

The US Agency for Global Media, part of the State Department that provides news and information in countries where the press is restricted, was notified “a couple months ago” by Microsoft that some of its data may have been stolen, a spokesperson said in an emailed statement. No security or personally identifiable sensitive data was compromised, the spokesperson said.

The agency is working closely with the Department of Homeland Security on the incident, the spokesperson said, declining to answer additional questions. A State Department spokesperson said, “We are aware that Microsoft is reaching out to agencies, both affected and unaffected, in the spirit of transparency.”

Microsoft disclosed in January that a Russian hacking group it calls Midnight Blizzard had accessed corporate email accounts and later warned that they were attempting to use secrets shared between the technology giant and its customers. The company has declined to identify the customers who were impacted.

“As our investigation continues, we have been reaching out to customers to notify them if they had corresponded with a Microsoft corporate email account that was accessed,” a Microsoft spokesperson said on Wednesday. “We will continue to coordinate, support and assist our customers in taking mitigating measures.”

In addition, the Department of Veterans Affairs was notified in March that it was impacted the Microsoft breach, officials for the agency said.

A one-second intrusion

The hackers used a single set of stolen credentials — found in the emails they accessed — to break into a test environment in the VA’s Microsoft Cloud account around January, the officials said, adding that the intrusion lasted for one second. Midnight Blizzard likely intended to check if the credentials were valid, presumably with the larger intention of breaching the VA’s network, the officials said. 

The agency changed the exposed credentials, along with log-in details across their Microsoft environments, once they were notified of the intrusion, they said. After reviewing the emails that the hackers accessed, the VA determined that no additional credentials or sensitive email was taken, the officials said.

Terrence Hayes, the VA’s press secretary, said an investigation is continuing to determine any additional impact.

The Peace Corps was also contacted by Microsoft and notified about the Midnight Blizzard breach, according to a statement from its press office. “Based on this notification, Peace Corps technical staff were able to mitigate the vulnerability,” according to the agency. The Peace Corps declined further comment.

Bloomberg News asked other federal agencies for comment, and none of the others disclosed that they were impacted by Midnight Blizzard’s attack on Microsoft. Bloomberg previously reported that more than a dozen Texas state agencies and public universities were exposed by the Russian hack.

Midnight Blizzard, also known in cybersecurity circles as “Cozy Bear” and “APT29,” is part of Russia’s foreign intelligence service, according to US and UK authorities. 

In April, US federal agencies were ordered to analyze emails, reset compromise passwords and work to secure Microsoft cloud accounts amid fears that Midnight Blizzard may have accessed correspondence. Microsoft has been notifying some customers in the months since then that their emails with the tech giant were accessed by the Russian hackers.

The Midnight Blizzard breach was one in a series of high-profile and damaging security failures at the Redmond, Washington-based technology company, which has drawn strong condemnation by the US government. Microsoft President Brad Smith appeared before Congress last month where he acknowledged security failures and vowed to improve the company’s operations. 



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Lebanese farmers dig for answers on Israel’s white phosphorus use By Reuters

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By Maya Gebeily

Qlayaa, LEBANON (Reuters) – The last time Lebanese farmer Zakaria Farah stepped onto his fields outside the southern town of Qlayaa was in January – but it was not to plant. With shelling in the distance, he swiftly dug his hands into the soil to gather samples that could determine his family’s farming future.

After bagging up the earth, Farah, 30, sent half-a-dozen samples to a laboratory at the American University of Beirut (AUB) to be tested for residues of white phosphorus from Israeli shelling, hoping he’d learn whether he can plant his fields once hostilities end.

“I want to know what I’m feeding my son, what I’m feeding my wife, what I’m eating,” he told Reuters in June. “We’re afraid for the future of our land. What can we eat? What can we drink?”

Farah told Reuters he fears his fields have been poisoned by the Israeli military’s use of white phosphorus since October, when exchanges of fire erupted between Israel and Lebanese armed group Hezbollah in parallel with the Gaza war. He said there are dozens of farmers in south Lebanon as worried as he is.

According to the Lebanese National Council for Scientific Research, there have been 175 Israeli attacks on south Lebanon using white phosphorus since then, many of them sparking fires that have affected over 600 hectares (1,480 acres) of farmland. 

White phosphorus munitions are not banned as a chemical weapon and can be used in war to make smoke screens, mark targets or burn buildings – but since they can cause serious burns and start fires, international conventions prohibit their use against military targets located among civilians. 

Lebanon is a party to those international protocols, while Israel is not.  

In June, Human Rights Watch said it had verified the use of white phosphorus in at least 17 municipalities in southern Lebanon since October, including five “where airburst munitions were unlawfully used over populated residential areas.”

In response to questions from Reuters, the Israeli military said the “primary smoke shells” it used do not contain white phosphorus. It said smoke shells that do include white phosphorus can be used to create smokescreens, and that it “uses only lawful means of warfare.” 

According to a December report on Lebanon by the U.N. Development Programme, white phosphorus is extremely poisonous and poses “ongoing and unpredictable hazards due to its prolonged and difficult-to-control burning, creating serious risks to human health, safety, and the environment.” 

The agency said that soil quality in the conflict area of southern Lebanon had been affected by the spread of heavy metals and toxic compounds, with “white phosphorus usage further reducing fertility and increasing soil acidity.”

SOIL SCIENCE

Farah and other farmers estimate they have already lost up to $7,000 each in potential income, as continuing bombardment has made it too risky for them to plant or harvest the usual seasons of wheat, tobacco, lentils and other greens. 

Oday Abou Sari, a farmer from the southern town of Dhayra, said white phosphorus had also burned hay he had gathered for livestock and even plastic irrigation pipes across his fields. 

“I have to start all over – but first, I need to know if it’s safe for planting,” said Abou Sari. 

To find out if the white phosphorus has left a lasting impact on their soil, farmers are digging in – literally – and sending samples to Dr. Rami Zurayk, a soil chemist at AUB.

Zurayk developed a research protocol to collect and examine the samples. First, soil is gathered at various distances from the impact site, including a control sample from 500 meters away – which would not have been directly affected by the strike. 

Once in his lab, the soil is sifted, mixed with acid and exposed to high heat and pressure. A solution is added to show the concentration of phosphorus, with the intensity of colour in the result matching the concentration of the phosphorus. The sample is then compared to the control, which sets the benchmark of naturally-occurring phosphorus in the soil. 

“What we’re looking for is what happens to the soils and to the plants in locations that have received white phosphorus bombing. Does the phosphorus remain? In what concentrations? Does it disappear?” Zurayk told Reuters. 

His assistant, doctoral student Leen Dirani, told Reuters she had thus far tested samples from four towns this way – but they need more samples to “obtain a conclusive outcome.”  

But the steady pace of Israeli shelling on southern Lebanon – particularly agricultural fields that Hezbollah fighters are accused of using as cover – has made farmers unwilling to venture out to gather more samples. Some, like Abou Sari, have left Lebanon altogether. He is waiting out the war abroad and so for now is unable to obtain soil samples.

Others are documenting through video footage. Green Southerners, a collective of ecologists and nature lovers in Lebanon’s south, have filmed several incidents of shelling showing the tell-tale signs of white phosphorous attacks: dozens of streams of white bursting out of a munition over farmlands.

The group’s chairman Hisham Younes told Reuters the attacks’ “frightening density” amounts to ecocide – mass destruction of a natural environment by humans, deliberately or by negligence.

Given the possible impacts on soil, water reserves and even ancient trees, “we are talking about a profound injury to the natural system. The repercussions are multiplied,” Younes said.

Lebanon’s ministries of environment and agriculture are working with UNDP to determine the extent of those repercussions, and hope to use any documentation or lab results to stand up complaints to the United Nations.

© Reuters. Lebanese farmer Zakaria Farah, sits on his land during an interview with Reuters in Qlayaa, southern Lebanon June 12, 2024. REUTERS/Aziz Taher

“This is an act of ecocide, and we’ll take it to the U.N. Security Council,” Lebanese environment minister Nasser Yassin told Reuters. 

In response to questions from Reuters, the Israeli military said the accusation of ecocide was “completely baseless.” 





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