Month: April 2024

Congress approves bill banning TikTok unless Chinese owner sells platform

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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. US app stores will be banned from carrying TikTok in 270 days unless its Chinese owner sells the video-sharing platform after Congress passed a security package that includes measures to counter threats from China. The Senate on Tuesday voted 79-18 to approve the legislation, firing the starting gun for ByteDance to divest TikTok to avoid the ban. TikTok is expected to bring legal action in an effort to block the…

US Senate approves bill banning TikTok unless Chinese owner sells platform

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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. US app stores will be banned from carrying TikTok in 270 days unless its Chinese owner sells the video-sharing platform after Congress passed a security package that includes measures to counter threats from China. The Senate on Tuesday voted 79-18 to approve the legislation, firing the starting gun for ByteDance to divest TikTok to avoid the ban. TikTok is expected to bring legal action in an effort to block the…

Senate passes bill to force ByteDance to sell TikTok or face a US ban of the app

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Senator John Thune, Republican of South Dakota, voted in favour of the legislation. Photo: Senate Television via AP Senator John Thune of South Dakota, the No 2 Republican in the chamber, said he was pleased that the legislation would ban TikTok if “the company is not bought by an entity unaffiliated with the Chinese Communist Party”. Reports that the Chinese embassy lobbied congressional staff against the bill, he added, were a “stunning confirmation of the value the Chinese government places on its ability to access Americans information and shape their…

North Korea officials visit Iran in rare public trip

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SEOUL, South Korea —  A North Korean delegation led by the cabinet minister for international trade is visiting Iran, the North’s official media said on Wednesday in a rare public report of an exchange between the two countries believed to have secret military ties. The minister for external economic relations, Yun Jong Ho, left Pyongyang on Tuesday by air leading a ministry delegation to visit Iran, the North’s KCNA news agency said. It gave no other details. North Korea and Iran have long been suspected of cooperating on ballistic missile…

China’s durian output to quadruple in 2024, processing poised to permeate with demand ‘on a rapid rise’

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Some producers have already innovated with a range of processed durian products, such as cakes, bubble tea, coffee and even hotpot, which are more affordable than fresh durian, and have become increasingly popular among younger consumers. Huang Zheng’en, the president of Hainan Academy of Agricultural Sciences, said the province should expand its industrial chain to increase the value of durian products and nurture local brands. “Hainan should launch a durian processing industry based on the production scale, to lengthen the industry chain of this product, and increase their added value,”…

China is running a full-court press for global arbitration clients. What’s the verdict so far?

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Victories like Huo’s are highly sought after by Chinese enterprises operating overseas, with demand for international commercial arbitration growing concurrently with their activities abroad. A single legal dispute could ruin your entire deal … Your reputation in the overseas market or your entire investment could be lostJoey Zhou China, a latecomer to the arbitration arena, is striving to increase its voice and allure in the field. It has begun a campaign to transform its first-tier cities into international arbitration hubs, presenting alternatives to traditional powerhouses like Singapore, New York and…

South Korea’s Yoon reaffirms commitment to foreign policy agenda

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washington —  The South Korean government says it will push ahead with its foreign policy agenda despite a crushing defeat in parliamentary elections at the hands of a liberal opposition party that promises to push back against President Yoon Suk Yeol’s foreign and security policies. South Korea’s Foreign Ministry spokesperson said Tuesday that the Yoon government will press on with its security cooperation with the U.S. and Japan in bilateral settings and in a trilateral framework. Seoul will “cooperate closely” with the U.S. and Japan to carry out agreements made…

FirstFT: Chinese speculators drive record-breaking gold rally

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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. Good morning. We start today with the explosion of Chinese gold trading activity, which has helped supercharge the precious metal’s record-breaking rally this month. Huge bets by Chinese speculators on rising gold prices have boosted the rally, in a sign that Asian traders are beginning to eclipse their western counterparts in their influence on the bullion market. Long gold positions held by futures traders on the Shanghai Futures Exchange (SHFE)…

Young Laotians held at Myanmar casino fearful of fighting nearby

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A group of 14 young Laotians who are being held at a Chinese-run casino in Myanmar said they are frightened by the recent fighting in nearby Myawaddy and are calling for new efforts to free them. The young Laotians were trafficked to work as scammers at a place called “Casino Kosai” in an isolated development near Myawaddy.  Karen Nation Union, or KNU, and allied anti-junta guerrilla armies took control of the important trade town earlier this month during intense fighting with Myanmar’s military.  Some of the young Laotians recently overheard…

European parliament passes law banning forced labor products

Chin@Strategy

The European Parliament on Tuesday overwhelmingly approved a new law that prevents the import and distribution of goods made with forced labor, a move that Uyghur advocates said would help clamp down on China’s use of forced labor in far western Xinjiang. The Forced Labour Regulation, which places the burden of proof on the EU rather than on companies, was approved in a 555-6 vote, with 45 abstentions. The law will allow authorities in EU member states and the European Commission to investigate suspicious goods, supply chains and manufacturers. Products…