Hong Kong lashes out at UK’s ‘biased’ remarks June 12, 2020 The Hong Kong government today hit back at the UK’s criticisms over Beijing’s move to impose national security laws on its neighbour, saying the report was “inaccurate and biased”. The British government earlier this week said Beijing’s plans to introduce legislation against separatism and subversion of state power in Hong Kong was a violation of China’s [...]
HPE boss warns of Huawei cyberattacks June 11, 2020 Hewlett Packard Enterprise’s (HPE) managing director has warned of “data loss, privacy breaches and cyberattacks” if the government proceeds with Huawei technology in its 5G rollout. Speaking to City AM, Marc Waters said: “Securing the future of the UK’s mobile networks is a vital issue. Data loss, privacy breaches, and cyberattacks on individuals, organizations and [...]
DEBATE: Is it time for western investors to abandon China? June 11, 2020 Is it time for western investors to abandon China? Alan Mendoza, executive director of the Henry Jackson Society, says YES. The phrase “caveat emptor” should be ringing in the ears of China investors. When it comes to business, western countries are waking up to Chinese policies that undermine free trade and distort the global market. [...]
Asian shares lose grip of winning streak on Fed meeting June 11, 2020 Asian shares failed to hold on to their 10-day winning streak today, swinging lower after a glum economic outlook from the US Federal Reserve fuelled fears that it would have to provide further support to an already record high level of stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent, marking [...]
Mike Pompeo slams HSBC for ‘corporate kowtow’ to China June 10, 2020 US secretary of state Mike Pompeo has criticised HSBC for backing China’s moves to limit Hong Kong’s autonomy, accusing the British bank of a “corporate kowtow” to Beijing. Pompeo said the US stood ready to help Britain with alternatives after Beijing reportedly threatened to punish HSBC and break commitments to build nuclear power plants in [...]
French government presents €15bn aid package to save aviation sector June 9, 2020 The French government has this morning unveiled a €15bn (£13.3bn) plan to save its aerospace industry, saying that 100,000 jobs are at risk due to the coronavirus crisis. The rescue package, which includes pre-announced measures such as a €7bn loan to flag carrier Air France, comes amid the worst aviation downturn in history. New measures [...]
World shares rise as shock US jobs increase spurs recovery hopes June 8, 2020 World share prices edged higher on Monday after a surprise recovery in US employment provided optimism that economies could quickly recover after lockdown. Oil prices erased earlier gains to stand almost flat after OPEC and its allies, including Russia, agreed to extend record oil production cuts until the end of July. U.S. S&P 500 futures [...]
HSBC warns of reprisals in China if UK bans Huawei equipment June 7, 2020 HSBC has reportedly warned Downing Street against a ban on Huawei in 5G telecoms networks, in a further escalation of tensions between Britain and China. The bank’s chairman Mark Tucker made private representations to the Prime Minister’s advisers, according to the Sunday Telegraph. HSBC reportedly claimed it could face reprisals in China if Huawei was [...]
WTO deputy director says crisis could lead to greater trade liberalisation June 5, 2020 One of the heads of the World Trade Organisation (WTO) has said the coronavirus crisis could lead to greater unilateral trade liberalisation. WTO deputy director general Alan Wolff said he was hopeful the crisis could spur countries on to drop trade tariffs as has happened after several economic crashes over the past century. The coronavirus [...]
Sizewell C: Nuclear plant under scrutiny over Chinese role June 3, 2020 A quiet corner of the Suffolk coastline is set to become a new frontier in the debate over the UK’s changing relationship with Chinese foreign direct investment. Last week EDF submitted a planning application for Sizewell C, a new 3.2 gigawatt nuclear plant which could provide enough power for 6m homes. The project has been [...]