Day: October 10, 2023

Why China ‘de-risking’ brings its own business risks

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In this new era of “de-risking”, with each of the G7 group of leading wealthy nations committed to lessening their reliance on China, business leaders need to develop new ways to manage their supply chains. At a time of escalating geopolitical tensions with China, companies have sought to reduce their exposure. In 2021, Yahoo and LinkedIn announced plans to withdraw from the country and IBM shuttered its China Research Laboratory…

Israel-Hamas conflict raises questions over China’s long-term plans for Middle East

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Last month both Israeli Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman indicated that the two countries were close to a historic deal following months of mediation efforts by the US, which has long been seeking this outcome. But after the start of the latest fighting, which has so far left at least 1,600 dead on both sides, Saudi Arabia expressed its support for the Palestinians, in keeping with its traditional policy, and suggested Israel shoulder its share of the blame for the fighting. 03:24 Beijing embassy…

US Navy Sailor Pleads Guilty to Providing Military Details to China

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los angeles, california —  A U.S. Navy sailor charged with providing sensitive military information to China pleaded guilty in Los Angeles on Tuesday to conspiring with a foreign intelligence officer and receiving a bribe, federal prosecutors said. Petty Officer Wenheng Zhao, 26, originally pleaded not guilty when he was charged August 4. The Justice Department alleges that Zhao, based at Naval Base Ventura County near Los Angeles, a city in the U.S. state of California, conspired to collect nearly $15,000 in bribes from a Chinese intelligence officer in exchange for…

Is Canadian paranoia hurting relations with China and India?

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Allegations of foreign interference in Canada’s internal affairs have roiled the country for nearly a year now. Late last year, the Canadian media reported intelligence allegations of Chinese attempts to influence recent federal elections. Then, early this year, related intelligence reports were leaked to the media, reigniting the accusations. The Trudeau government has said it will further investigate the matter and has warned of consequences in international law. It appears that, in both instances, Canadian intelligence has been at the forefront of the discovery of foreign interference. In the case…

US navy sailor pleads guilty to accepting $15,000 in bribes from China

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A US navy sailor pleaded guilty on Tuesday to accepting nearly $15,000 in bribes from a Chinese intelligence officer in exchange for photographs of unclassified private US military information, according to court papers. Petty Officer Wenheng “Thomas” Zhao, 26, pleaded guilty to conspiracy and receiving a bribe, according to a plea agreement filed in federal court in Los Angeles. Zhao admitted sending his Chinese handler plans for US military exercises in the Indo-Pacific region, operational orders and electrical diagrams and blueprints for a radar system on a US military base…

China’s state-owned firms advised to focus on tech bottlenecks, security

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China’s “national champions” – state-owned firms in decisive sectors that are among the country’s largest – have been advised to enhance their presence and pour more resources into loosening economic and technological choke points created by curbs levied from Washington. “As our country’s economy faces major risks and challenges … state-owned enterprises (SOEs) should provide the greatest certainty for our country’s economic development,” per a report by the Chinese Academy of Social Sciences (CASS), a ministerial-level research institution under the State Council, China’s cabinet. SOEs must play a key role…

Philippine price ceiling adds to rice farmers’ insecurity

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Fortunato Villanueva Jr is preparing to harvest unhusked rice this month from land he has worked for more than 30 years. The area where Villanueva works, Lupao, is filled with gleaming rice fields and dotted with palm trees, part of a warm, wet landscape ideal for cultivating the staple of Asian diets. Roughly 200km from the traffic jams, smog and chaotic energy of the Philippine capital, Manila, it accounts for much of the rice produced in this country of more than 109mn people. But growing rice is a tricky business.…

Tech war: US waiver of China export restrictions on advanced semiconductor equipment to South Korea’s Samsung and Hynix to make life harder for rival mainland chip makers

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In a major concession to Seoul, Washington has granted both Samsung and Hynix an indefinite waiver on broad restrictions to export advanced chip-making equipment to the mainland, which currently accounts for about a third of the global NAND Flash memory and DRAM market. That action will serve as a big boon for the two companies in the world’s largest semiconductor market, according to Liang Zhenpeng of research institute Kandong. “It will stabilise their market share and maintain their competitive advantage in [China’s semiconductor] supply chain,” Liang said. The waiver is…

Canadian diplomats remain in India as withdrawal deadline passes

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Canada and India are continuing talks about the fate of several dozen Canadian diplomats in New Delhi even as an Indian government deadline for Ottawa to slash its diplomatic presence elapsed on Tuesday. New Delhi last month told Canada to withdraw 41 of its 62 diplomats in the country by October 10 after Justin Trudeau, Canada’s prime minister, said there were “credible allegations” that India may have been linked to…

US Navy sailor Wenheng Zhao admits taking bribe, sharing military data with China

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US Navy sailor Wenheng Zhao admits taking bribe, sharing military data with China A US Navy sailor pleaded guilty on Tuesday to accepting nearly US$15,000 in bribes from a Chinese intelligence officer in exchange for photographs of unclassified private US military information, according to court papers. Petty Officer Wenheng “Thomas” Zhao, 26, pleaded guilty to conspiracy and receiving a bribe, according to a plea agreement filed in federal court in Los Angeles. Zhao admitted sending his Chinese handler plans for US military exercises in the Indo-Pacific region, operational orders and…