Trump moves to block China Mobile's U.S. entry on security concerns
https://www.reuters.com/article/us-usa-china-china-mobile/trump-moves-to-block-china-mobiles-u-s-entry-on-security-concerns-idUSKBN1JT02M?il=0
SHANGHAI/HONG KONG (Reuters) - The U.S. government has moved to block China Mobile (0941.HK) from offering services to the country’s telecommunications market, recommending its application be rejected because the firm posed national security risks.
The move by President Donald Trump’s administration comes amid growing trade frictions between Washington and Beijing. The United States is set to impose tariffs on $34 billion worth of goods from China on July 6, which Beijing is expected to respond to with tariffs of its own.
The Federal Communications Commission (FCC) should deny the state-owned Chinese firm’s 2011 application to offer telecommunication services between the United States and other countries, the National Telecommunications and Information Administration (NTIA) said in a statement posted on its website.
國際時事政治選舉集中理性討論區（四）
Filibuster_HK
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Former Malaysian PM pleads not guilty to breach of trust, abuse of power
https://www.reuters.com/article/us-malaysia-politics-najib/former-malaysian-pm-pleads-not-guilty-to-breach-of-trust-abuse-of-power-idUSKBN1JT30V
KUALA LUMPUR (Reuters) - In a stunning fall from grace, Malaysia’s former Prime Minister Najib Razak was charged in court on Wednesday as part of an investigation into allegations of extensive corruption and misappropriation at a state fund he founded.
Najib pled not guilty to three charges of criminal breach of trust and one count of abuse of power, in relation to a suspicious transaction involving SRC International, a former unit of 1Malaysia Development Berhad (1MDB).
Each of the four charges carries a prison sentence of up to 20 years. The abuse of power charge carries a fine of not less than five times the “value of gratification”.
https://www.reuters.com/article/us-malaysia-politics-najib/former-malaysian-pm-pleads-not-guilty-to-breach-of-trust-abuse-of-power-idUSKBN1JT30V
KUALA LUMPUR (Reuters) - In a stunning fall from grace, Malaysia’s former Prime Minister Najib Razak was charged in court on Wednesday as part of an investigation into allegations of extensive corruption and misappropriation at a state fund he founded.
Najib pled not guilty to three charges of criminal breach of trust and one count of abuse of power, in relation to a suspicious transaction involving SRC International, a former unit of 1Malaysia Development Berhad (1MDB).
Each of the four charges carries a prison sentence of up to 20 years. The abuse of power charge carries a fine of not less than five times the “value of gratification”.
Exclusive: Japanese helicopter carrier to tour South China Sea, Indian Ocean for two months
https://www.reuters.com/article/us-japan-defence-southchinasea-exclusive/exclusive-japanese-helicopter-carrier-to-tour-south-china-sea-indian-ocean-for-two-months-idUSKBN1JU0CJ?il=0
TOKYO (Reuters) - Japan will send a large helicopter carrier to the South China Sea and Indian Ocean for a second straight year as it looks to bolster its presence in the strategic maritime region with annual tours, two Japanese officials said.
“This is part Japan’s efforts to promote a free and open Indo-Pacific,” said one of the officials, who has direct knowledge of the plan for a two-month tour beginning in September.
The 248 meter-long (814 ft) Kaga, which can operate several helicopters simultaneously, will make stops in Southeast Asian countries such as Indonesia and at ports in India and Sri Lanka, said the sources who asked not to be identified because they are not authorized to speak to the media.
https://www.reuters.com/article/us-japan-defence-southchinasea-exclusive/exclusive-japanese-helicopter-carrier-to-tour-south-china-sea-indian-ocean-for-two-months-idUSKBN1JU0CJ?il=0
TOKYO (Reuters) - Japan will send a large helicopter carrier to the South China Sea and Indian Ocean for a second straight year as it looks to bolster its presence in the strategic maritime region with annual tours, two Japanese officials said.
“This is part Japan’s efforts to promote a free and open Indo-Pacific,” said one of the officials, who has direct knowledge of the plan for a two-month tour beginning in September.
The 248 meter-long (814 ft) Kaga, which can operate several helicopters simultaneously, will make stops in Southeast Asian countries such as Indonesia and at ports in India and Sri Lanka, said the sources who asked not to be identified because they are not authorized to speak to the media.
Exclusive: China presses Europe for anti-U.S. alliance on trade
https://www.reuters.com/article/us-usa-trade-china-eu-exclusive/exclusive-china-presses-europe-for-anti-u-s-alliance-on-trade-idUSKBN1JT1KT
BRUSSELS/BERLIN (Reuters) - China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump’s trade policies at a summit later this month but is facing resistance, European officials said.
In meetings in Brussels, Berlin and Beijing, senior Chinese officials, including Vice Premier Liu He and the Chinese government’s top diplomat, State Councillor Wang Yi, have proposed an alliance between the two economic powers and offered to open more of the Chinese market in a gesture of goodwill.
One proposal has been for China and the European Union to launch joint action against the United States at the World Trade Organisation.
But the European Union, the world’s largest trading bloc, has rejected the idea of allying with Beijing against Washington, five EU officials and diplomats told Reuters, ahead of a Sino-European summit in Beijing on July 16-17.
Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernizing the WTO, EU officials said.
https://www.reuters.com/article/us-usa-trade-china-eu-exclusive/exclusive-china-presses-europe-for-anti-u-s-alliance-on-trade-idUSKBN1JT1KT
BRUSSELS/BERLIN (Reuters) - China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump’s trade policies at a summit later this month but is facing resistance, European officials said.
In meetings in Brussels, Berlin and Beijing, senior Chinese officials, including Vice Premier Liu He and the Chinese government’s top diplomat, State Councillor Wang Yi, have proposed an alliance between the two economic powers and offered to open more of the Chinese market in a gesture of goodwill.
One proposal has been for China and the European Union to launch joint action against the United States at the World Trade Organisation.
But the European Union, the world’s largest trading bloc, has rejected the idea of allying with Beijing against Washington, five EU officials and diplomats told Reuters, ahead of a Sino-European summit in Beijing on July 16-17.
Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernizing the WTO, EU officials said.
ZTE given temporary reprieve from US; removes more executives
https://www.reuters.com/article/us-usa-trade-china-zte/zte-given-temporary-reprieve-from-us-removes-more-executives-idUSKBN1JT2SD?il=0
NEW YORK/HONG KONG (Reuters) - China’s embattled ZTE Corp (0763.HK) has received a temporary reprieve from the U.S. government to conduct business needed to maintain existing networks and equipment as it works toward the lifting of a U.S. supplier ban.
ZTE (000063.SZ), which makes smartphones and networking gear, was forced to cease major operations in April after the United States slapped it with a supplier ban, saying it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.
The authorization seen by Reuters from the U.S. Commerce Department’s Bureau of Industry and Services runs from July 2 until Aug. 1.
It allows China’s No.2 telecommunications equipment maker to continue operating existing networks and equipment and provide handset customer support for contracts signed before April 15. It also permits limited transfer of funds to or from ZTE.
On Tuesday, ZTE also announced the departure of 1 senior executive in a stock exchange filing, while a source who saw an internal memo told Reuters seven others were removed. As part of its settlement agreement reached in June with U.S. authorities, ZTE had promised to radically overhaul its management.
The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with U.S. suppliers - which provide almost a third of the components used in ZTE’s equipment.
https://www.reuters.com/article/us-usa-trade-china-zte/zte-given-temporary-reprieve-from-us-removes-more-executives-idUSKBN1JT2SD?il=0
NEW YORK/HONG KONG (Reuters) - China’s embattled ZTE Corp (0763.HK) has received a temporary reprieve from the U.S. government to conduct business needed to maintain existing networks and equipment as it works toward the lifting of a U.S. supplier ban.
ZTE (000063.SZ), which makes smartphones and networking gear, was forced to cease major operations in April after the United States slapped it with a supplier ban, saying it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.
The authorization seen by Reuters from the U.S. Commerce Department’s Bureau of Industry and Services runs from July 2 until Aug. 1.
It allows China’s No.2 telecommunications equipment maker to continue operating existing networks and equipment and provide handset customer support for contracts signed before April 15. It also permits limited transfer of funds to or from ZTE.
On Tuesday, ZTE also announced the departure of 1 senior executive in a stock exchange filing, while a source who saw an internal memo told Reuters seven others were removed. As part of its settlement agreement reached in June with U.S. authorities, ZTE had promised to radically overhaul its management.
The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with U.S. suppliers - which provide almost a third of the components used in ZTE’s equipment.
Trump-Russia: more election meddling evidence found, says Senate panel
https://www.theguardian.com/us-news/2018/jul/03/trump-russia-more-election-meddling-evidence-found-says-senate-panel
A Republican-controlled Senate panel has said that further evidence has been found to support a US intelligence assessment that Russia interfered in the 2016 presidential election to help elect Donald Trump.
The Senate intelligence committee said “information obtained subsequent to publication” of a January 2017 report by US intelligence agencies “provides further support” to the conclusion that Vladimir Putin and his government aimed to discredit Hillary Clinton and boost Trump. No further detail was given.
The discovery was noted on Tuesday in a summary of initial findings from the committee’s review of the January 2017 intelligence community assessment (ICA), which it said was a “sound intelligence product” backed up by evidence.
https://www.theguardian.com/us-news/2018/jul/03/trump-russia-more-election-meddling-evidence-found-says-senate-panel
A Republican-controlled Senate panel has said that further evidence has been found to support a US intelligence assessment that Russia interfered in the 2016 presidential election to help elect Donald Trump.
The Senate intelligence committee said “information obtained subsequent to publication” of a January 2017 report by US intelligence agencies “provides further support” to the conclusion that Vladimir Putin and his government aimed to discredit Hillary Clinton and boost Trump. No further detail was given.
The discovery was noted on Tuesday in a summary of initial findings from the committee’s review of the January 2017 intelligence community assessment (ICA), which it said was a “sound intelligence product” backed up by evidence.
China to Have 12-Hour Head-Start on U.S. in Trade War's Next Act
https://www.bloomberg.com/news/articles/2018-07-04/china-to-have-12-hour-head-start-on-u-s-in-trade-war-s-next-act
In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump’s aggressive tactics.
It’s just that when Friday July 6 rolls around, the fact that Beijing time is 12 hours ahead of Washington means that China will, according to current arrangements, end up levying the next round of tariffs first.
China’s retaliatory extra duties on $34 billion of U.S. imports are set to take effect as of midnight on Friday -- midday on July 5 in Washington -- according to two officials with knowledge of the plans.
Even though China announced the measures as a response to the U.S. actions, the Chinese customs service has adjusted their systems so the new levies will start being charged as soon as the clock ticks over to July 6 in Beijing, according to one of the people.
https://www.bloomberg.com/news/articles/2018-07-04/china-to-have-12-hour-head-start-on-u-s-in-trade-war-s-next-act
In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump’s aggressive tactics.
It’s just that when Friday July 6 rolls around, the fact that Beijing time is 12 hours ahead of Washington means that China will, according to current arrangements, end up levying the next round of tariffs first.
China’s retaliatory extra duties on $34 billion of U.S. imports are set to take effect as of midnight on Friday -- midday on July 5 in Washington -- according to two officials with knowledge of the plans.
Even though China announced the measures as a response to the U.S. actions, the Chinese customs service has adjusted their systems so the new levies will start being charged as soon as the clock ticks over to July 6 in Beijing, according to one of the people.
Win again
三個問題依家答左兩個:
Q1: 俄羅斯有無干預選舉?
A: 有
Q2: 俄羅斯干預選舉去做乜?
A: 支持Trump
Q3: 俄羅斯同Trump有無聯手?
A: 未查完
Q1: 俄羅斯有無干預選舉?
A: 有
Q2: 俄羅斯干預選舉去做乜?
A: 支持Trump
Q3: 俄羅斯同Trump有無聯手?
A: 未查完
感覺係要 trump 繼續打中俄
俄女
Any news about Justin Trudeau's alleged groping of a female reporter 18 years ago?
Trudeau未有新野睇呀
Polish Supreme Court's top judge defies judicial reforms
https://www.dw.com/en/polish-supreme-courts-top-judge-defies-judicial-reforms/a-44514407
The president of Poland's Supreme Court appeared at work on Wednesday in defiance of a new retirement law that critics say is part of an effort by the country's right-wing government to undermine the rule of law.
Several thousand people greeted Chief Justice Malgorzata Gersdorf as she made her way into the Supreme Court building in Warsaw.
Thousands had gathered there the night before to protest the Law and Justice (PiS) party's reform, which came into effect at midnight. The reform lowers the retirement age for judges from 70 to 65.
Of the court's 76 judges, 27 are affected by the new law, and the reform could effectively cut short their six-year terms and allow the government to stack the body in its favor.
Gersdorf said the reform was a "purge of the Supreme Court conducted under the guise of retirement reform."
The 66-year-old has refused to comply with the reform, which requires her to step down immediately, cutting short her tenure slated to end in 2020.
https://www.dw.com/en/polish-supreme-courts-top-judge-defies-judicial-reforms/a-44514407
The president of Poland's Supreme Court appeared at work on Wednesday in defiance of a new retirement law that critics say is part of an effort by the country's right-wing government to undermine the rule of law.
Several thousand people greeted Chief Justice Malgorzata Gersdorf as she made her way into the Supreme Court building in Warsaw.
Thousands had gathered there the night before to protest the Law and Justice (PiS) party's reform, which came into effect at midnight. The reform lowers the retirement age for judges from 70 to 65.
Of the court's 76 judges, 27 are affected by the new law, and the reform could effectively cut short their six-year terms and allow the government to stack the body in its favor.
Gersdorf said the reform was a "purge of the Supreme Court conducted under the guise of retirement reform."
The 66-year-old has refused to comply with the reform, which requires her to step down immediately, cutting short her tenure slated to end in 2020.
German army to get €4-billion spending boost
https://www.dw.com/en/german-army-to-get-4-billion-spending-boost/a-44498599
Chancellor Angela Merkel announced that Germany will increase defense spending as she prepares to attend an upcoming NATO summit next week in Brussels. She added, however, "Compared to what others are doing in relation to GDP this is not nearly enough."
Though the new budget will represent a €4-billion ($4.65 billion) increase in funding for the military, it is unlikely to satisfy critics from other NATO allies, first among them US President Donald Trump, who have regularly complained that Germany is not spending enough on defense.
This week, Finance Minister Olaf Scholz will officially present his revised draft budget for 2019 which includes significant spending increases for the armed forces, according to newspaper Handelsblatt. The armed forces' budget is set to rise to €42.9 billion, government sources told DPA press agency on Monday. The revised budget would be around €675 million more than previously planned for 2019. The budget is set to go to the Cabinet for approval on Friday.
Defense Minister Ursula von der Leyen, who has pledged to end spending cuts for the armed forces, had criticized the initial budget proposal as insufficient. Speaking with foreign journalists about the updated budget proposal on Tuesday evening, von der Leyen said: "I can tell you that I am very satisfied with the 2019 budget." She emphasized that decades of neglect had made the issue of increased military spending absolutely imperative.
The German army, or Bundeswehr, has come under criticism in recent years over inadequate and insufficient materials, including aging tanks and faulty equipment. According to media reports, the unit assigned to NATO duties for 2019 lacks not only armor, but also bulletproof vests, winter clothing and tents. Cuts in military expenditures have determined German defense policy for more than a quarter-century.
https://www.dw.com/en/german-army-to-get-4-billion-spending-boost/a-44498599
Chancellor Angela Merkel announced that Germany will increase defense spending as she prepares to attend an upcoming NATO summit next week in Brussels. She added, however, "Compared to what others are doing in relation to GDP this is not nearly enough."
Though the new budget will represent a €4-billion ($4.65 billion) increase in funding for the military, it is unlikely to satisfy critics from other NATO allies, first among them US President Donald Trump, who have regularly complained that Germany is not spending enough on defense.
This week, Finance Minister Olaf Scholz will officially present his revised draft budget for 2019 which includes significant spending increases for the armed forces, according to newspaper Handelsblatt. The armed forces' budget is set to rise to €42.9 billion, government sources told DPA press agency on Monday. The revised budget would be around €675 million more than previously planned for 2019. The budget is set to go to the Cabinet for approval on Friday.
Defense Minister Ursula von der Leyen, who has pledged to end spending cuts for the armed forces, had criticized the initial budget proposal as insufficient. Speaking with foreign journalists about the updated budget proposal on Tuesday evening, von der Leyen said: "I can tell you that I am very satisfied with the 2019 budget." She emphasized that decades of neglect had made the issue of increased military spending absolutely imperative.
The German army, or Bundeswehr, has come under criticism in recent years over inadequate and insufficient materials, including aging tanks and faulty equipment. According to media reports, the unit assigned to NATO duties for 2019 lacks not only armor, but also bulletproof vests, winter clothing and tents. Cuts in military expenditures have determined German defense policy for more than a quarter-century.
Though the new budget will represent a €4-billion ($4.65 billion) increase in funding for the military, it is unlikely to satisfy critics from other NATO allies, first among them US President Donald Trump, who have regularly complained that Germany is not spending enough on defense.
加完都唔夠
Wiltshire pair poisoned by Novichok nerve agent
https://www.bbc.com/news/uk-44719639?
A man and woman found unconscious in Wiltshire were poisoned by Novichok - the same nerve agent that poisoned ex-Russian spy Sergei Skripal, police say.
The couple, believed to be Charlie Rowley and Dawn Sturgess, are in a critical condition having been found unconscious at a house on Saturday.
Police say no one else has presented with the same symptoms.
There was "nothing in their background" to suggest the pair were targeted, the Met Police said.
On Saturday, paramedics were called twice to the property in Amesbury - in the morning, after Ms Sturgess had collapsed, then later the same day, after Mr Rowley had also fallen unwell.
https://www.bbc.com/news/uk-44719639?
A man and woman found unconscious in Wiltshire were poisoned by Novichok - the same nerve agent that poisoned ex-Russian spy Sergei Skripal, police say.
The couple, believed to be Charlie Rowley and Dawn Sturgess, are in a critical condition having been found unconscious at a house on Saturday.
Police say no one else has presented with the same symptoms.
There was "nothing in their background" to suggest the pair were targeted, the Met Police said.
On Saturday, paramedics were called twice to the property in Amesbury - in the morning, after Ms Sturgess had collapsed, then later the same day, after Mr Rowley had also fallen unwell.
US ambassador Grenell offers German car bosses tariff solution — report
[url]https://www.dw.com/en/us-ambassador-grenell-offers-german-car-bosses-tariff-solution-report/a-44531415
[/url]
The US ambassador to Germany reportedly told German car executives on Wednesday that Washington would agree to solve an auto trade dispute with Brussels if both the European Union and the United States abolished their tariffs on each other's cars.
German business daily Handelsblatt reported that the chief executives of Daimler, Dieter Zetsche; BMW, Harald Krüger; and Volkswagen, Herbert Diess "liked" the offer described by US Ambassador Richard Grenell during the secret meeting at the US Embassy, citing anonymous sources who were present.
US President Donald Trump has complained about he describes as a "big imbalance" in US-EU auto trade and threatened to impose a 20-percent tariff on all EU-assembled cars in June. The EU, which administers trade policy for Germany and the rest of the bloc, currently levies a 10 percent duty on car imports from the US. The US has a 2.5 percent tariff on EU car and a 25 percent tariff on EU truck imports.
[url]https://www.dw.com/en/us-ambassador-grenell-offers-german-car-bosses-tariff-solution-report/a-44531415
[/url]
The US ambassador to Germany reportedly told German car executives on Wednesday that Washington would agree to solve an auto trade dispute with Brussels if both the European Union and the United States abolished their tariffs on each other's cars.
German business daily Handelsblatt reported that the chief executives of Daimler, Dieter Zetsche; BMW, Harald Krüger; and Volkswagen, Herbert Diess "liked" the offer described by US Ambassador Richard Grenell during the secret meeting at the US Embassy, citing anonymous sources who were present.
US President Donald Trump has complained about he describes as a "big imbalance" in US-EU auto trade and threatened to impose a 20-percent tariff on all EU-assembled cars in June. The EU, which administers trade policy for Germany and the rest of the bloc, currently levies a 10 percent duty on car imports from the US. The US has a 2.5 percent tariff on EU car and a 25 percent tariff on EU truck imports.
其實德國到底點諗
依家連一隻用得既submarine都無，飛機10架得返2-3架飛到，補給線=0
真係諗住美國做protectorate就算 
依家連一隻用得既submarine都無，飛機10架得返2-3架飛到，補給線=0
真係諗住美國做protectorate就算
Trump repeatedly suggested invading Venezuela, stunning top aides – report
https://www.theguardian.com/us-news/2018/jul/04/trump-suggested-invading-venezuela-report
Donald Trump repeatedly raised the possibility of invading Venezuela in talks with his top aides at the White House, according to a new report.
Trump brought up the subject of an invasion in public in August last year, saying: “We have many options for Venezuela, including a possible military option, if necessary.” But the president’s musings about the possibility of a US invasion were more extensive and persistent than that public declaration, according to the Associated Press.
The previous day Trump reportedly took his top officials by surprise in an Oval Office meeting, asking why the US could not intervene to remove the government of Nicolas Maduro on the grounds that Venezuela’s political and economic unraveling represented a threat to the region.
Quoting an unnamed senior administration official, the AP report said the suggestion stunned those present at the meeting, which included the then national security advisor, HR McMaster, and secretary of state, Rex Tillerson. Both have since left the administration.
https://www.theguardian.com/us-news/2018/jul/04/trump-suggested-invading-venezuela-report
Donald Trump repeatedly raised the possibility of invading Venezuela in talks with his top aides at the White House, according to a new report.
Trump brought up the subject of an invasion in public in August last year, saying: “We have many options for Venezuela, including a possible military option, if necessary.” But the president’s musings about the possibility of a US invasion were more extensive and persistent than that public declaration, according to the Associated Press.
The previous day Trump reportedly took his top officials by surprise in an Oval Office meeting, asking why the US could not intervene to remove the government of Nicolas Maduro on the grounds that Venezuela’s political and economic unraveling represented a threat to the region.
Quoting an unnamed senior administration official, the AP report said the suggestion stunned those present at the meeting, which included the then national security advisor, HR McMaster, and secretary of state, Rex Tillerson. Both have since left the administration.
FP撰稿人用剛果Sicomines 做例子講一帶一路，入去會用咗一篇free articles
The Belt and Road Bubble Is Starting to Burst
https://foreignpolicy.com/2018/06/27/the-belt-and-road-bubble-is-starting-to-burst/
At the turn of the century, the Chinese government started implementing its “Go Out” policy, which sought to incentivize domestic firms to look for business overseas. Chinese firms would invest and seek contracts abroad, which would make them more competitive globally while alleviating some of the pressures of a domestic market that was starting to saturate. At the same time, the move would allow Chinese firms to secure new markets for their exports. The policy was supported by cheap and easy credit from China’s policy banks.
Chinese firms responded to these incentives. Fueled by easy credit and the impetus to go out, many of them have been taking increasingly risky projects. Unsurprisingly, many of these projects have underperformed massively. And the impacts for Chinese banks, and through them the Chinese economy, are now becoming visible.
The Sicomines case is not unusual. China’s mammoth firms frequently make massive losses on foreign investment ventures.
Through the Go Out policy and the Belt and Road Initiative, China’s firms have been economically and politically incentivized to invest in countries where they have little to no experience. Chinese President Xi Jinping’s trillion-dollar Belt and Road Initiative has backed the Go Out policy’s economic incentives with a healthy dose of political pressure, reflecting China’s desire to have its economic rise matched by political clout. Chinese firms lack the experience of their Western counterparts when investing abroad; some Western investments date back to colonial times. Because of their late entry into new markets, Chinese firms may also be more likely to invest in lemons — projects deemed too unprofitable or risky by other investors. Chinese firms have also been taking on projects that are far outside their field of competence. The Sicomines deal is a case in point, resulting in two Chinese construction giants now sharing a controlling stake in a copper mine.
The possibility has been raised that Chinese firms may be in a haste to invest in large projects, regardless of risk, because they aim to become too big to fail, with the expectation that they will be bailed out even if they throw money down the drain. They may also be seeking to transfer assets abroad to shield them from the state’s prying hands should their political fortunes turn.
The Belt and Road Bubble Is Starting to Burst
https://foreignpolicy.com/2018/06/27/the-belt-and-road-bubble-is-starting-to-burst/
At the turn of the century, the Chinese government started implementing its “Go Out” policy, which sought to incentivize domestic firms to look for business overseas. Chinese firms would invest and seek contracts abroad, which would make them more competitive globally while alleviating some of the pressures of a domestic market that was starting to saturate. At the same time, the move would allow Chinese firms to secure new markets for their exports. The policy was supported by cheap and easy credit from China’s policy banks.
Chinese firms responded to these incentives. Fueled by easy credit and the impetus to go out, many of them have been taking increasingly risky projects. Unsurprisingly, many of these projects have underperformed massively. And the impacts for Chinese banks, and through them the Chinese economy, are now becoming visible.
The Sicomines case is not unusual. China’s mammoth firms frequently make massive losses on foreign investment ventures.
Through the Go Out policy and the Belt and Road Initiative, China’s firms have been economically and politically incentivized to invest in countries where they have little to no experience. Chinese President Xi Jinping’s trillion-dollar Belt and Road Initiative has backed the Go Out policy’s economic incentives with a healthy dose of political pressure, reflecting China’s desire to have its economic rise matched by political clout. Chinese firms lack the experience of their Western counterparts when investing abroad; some Western investments date back to colonial times. Because of their late entry into new markets, Chinese firms may also be more likely to invest in lemons — projects deemed too unprofitable or risky by other investors. Chinese firms have also been taking on projects that are far outside their field of competence. The Sicomines deal is a case in point, resulting in two Chinese construction giants now sharing a controlling stake in a copper mine.
The possibility has been raised that Chinese firms may be in a haste to invest in large projects, regardless of risk, because they aim to become too big to fail, with the expectation that they will be bailed out even if they throw money down the drain. They may also be seeking to transfer assets abroad to shield them from the state’s prying hands should their political fortunes turn.
Downing Street sets out some details of new Brexit customs plan
https://www.bbc.com/news/uk-politics-44719576
Downing Street has set out some of the detail of how customs could be handled after Brexit.
No 10 says its new plan - dubbed the "facilitated customs arrangement" - offers "the best of both worlds".
The details come as Theresa May and Angela Merkel prepare to discuss the progress of Brexit negotiations when they hold talks in Berlin later.
The UK prime minister is facing calls from the EU to clarify the UK's position.
According to Number 10, the new plan would allow the UK the freedom to set its own tariffs on goods arriving into the country. Technology would be used to determine beforehand where they will ultimately end up - and therefore whether UK or EU tariffs should be paid.
https://www.bbc.com/news/uk-politics-44719576
Downing Street has set out some of the detail of how customs could be handled after Brexit.
No 10 says its new plan - dubbed the "facilitated customs arrangement" - offers "the best of both worlds".
The details come as Theresa May and Angela Merkel prepare to discuss the progress of Brexit negotiations when they hold talks in Berlin later.
The UK prime minister is facing calls from the EU to clarify the UK's position.
According to Number 10, the new plan would allow the UK the freedom to set its own tariffs on goods arriving into the country. Technology would be used to determine beforehand where they will ultimately end up - and therefore whether UK or EU tariffs should be paid.
David Davis says May's new Brexit customs plan is unworkable
https://www.theguardian.com/politics/2018/jul/05/david-davis-says-mays-new-brexit-customs-plan-is-unworkable?
David Davis has told Theresa May her “best of both worlds” plan for Brexit is unworkable in a letter written as details emerged of the prime minister’s proposed new customs arrangement.
The Brexit secretary raised concerns that the “facilitated customs arrangement” compromise plan – which would allow the UK to set its own tariffs on goods arriving into the country – was too similar to a discarded idea that the EU had already rejected.
Details of the plan are still emerging and it is not certain whether the cabinet will back it at a key Brexit meeting at Chequers on Friday. But the early hints were that it would be acceptable to other key Brexiters such as Boris Johnson and Michael Gove as it allows the UK tariff control, paving the way for the publication of a strategy white paper next week.
The “third way” customs proposal is intended to end the cabinet logjam between the “maximum facilitation” model favoured by Brexiters, which relies on using technology to ensure the correct tariffs are levied on goods crossing the UK border, and May’s once favoured “customs partnership”, which involved the UK collecting tariffs on behalf of the EU.
Davis’s concern is that the EU will block any deal for the UK to police its borders. The Daily Telegraph reported that in his letter he said the plan was doomed because it amounted to a customs partnership with some additional technological elements; the EU has previously rejected both the maximum facilitation and customs partnership models.
https://www.theguardian.com/politics/2018/jul/05/david-davis-says-mays-new-brexit-customs-plan-is-unworkable?
David Davis has told Theresa May her “best of both worlds” plan for Brexit is unworkable in a letter written as details emerged of the prime minister’s proposed new customs arrangement.
The Brexit secretary raised concerns that the “facilitated customs arrangement” compromise plan – which would allow the UK to set its own tariffs on goods arriving into the country – was too similar to a discarded idea that the EU had already rejected.
Details of the plan are still emerging and it is not certain whether the cabinet will back it at a key Brexit meeting at Chequers on Friday. But the early hints were that it would be acceptable to other key Brexiters such as Boris Johnson and Michael Gove as it allows the UK tariff control, paving the way for the publication of a strategy white paper next week.
The “third way” customs proposal is intended to end the cabinet logjam between the “maximum facilitation” model favoured by Brexiters, which relies on using technology to ensure the correct tariffs are levied on goods crossing the UK border, and May’s once favoured “customs partnership”, which involved the UK collecting tariffs on behalf of the EU.
Davis’s concern is that the EU will block any deal for the UK to police its borders. The Daily Telegraph reported that in his letter he said the plan was doomed because it amounted to a customs partnership with some additional technological elements; the EU has previously rejected both the maximum facilitation and customs partnership models.
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