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Read previewChina's belt-tightening consumers are dragging on the country's economy even as external demand supports exports, official data released on Monday shows. The fresh data shows China's economy continues to be bogged down by its real-estate crisis , stock-market volatility, geopolitical headwinds, and demographic challenges. AdvertisementPeople are just not spending enoughEven though disposable income grew in the second quarter of this year, consumers in China are reluctant to spend. Economic outlook for the second half of the yearChina's economic outlook isn't that rosy for the second half of this year either. However, they added that headwinds remain in the second half of the year, including the "tapering of post-COVID pent-up consumer demand."
Persons: , Nomura, China's, Donald Trump's, Yeap, Rong Organizations: Service, National Bureau, Statistics —, Reuters, Business, Bureau of Statistics, Nomura Locations: China, Beijing
CNN —When two US avocado inspectors were assaulted and detained at a police roadblock in the Mexican state of Michoacán last month, it sparked a costly international crisis. ‘Green gold’Avocados, the creamy fruit with the industry nickname “green gold,” are big business. Nearly three-quarters of Mexican avocados come from Michoacán, a state along the country’s Pacific coast with a volcanic belt running through it that makes its soil ideal for farming. The office of the Michoacán state prosecutor told CNN last month that they’ve opened an investigation into the incident. In 2022, exports of Mexican avocados were similarly halted for several days after one of the US inspectors working in Michoacán received a threatening phone call.
Persons: Weeks, , Ario de, Cristopher Rogel, ” Romain Le Cour, Alfredo Ramírez Bedolla, Mexico Ken Salazar, they’ve, , Le Cour, Michoacán, Andres Manuel Lopez Obrador, Victor Villalobos, Ken Melban, Brian, Melban, Brad Adams, ” Adams Organizations: CNN, US, US Department of Agriculture, Global, Transnational, Local, USDA, Plant Health, Service, Agriculture, , US State Department, AP, Climate Rights, US Forest Service Locations: Mexican, Michoacán, Mexico, Ario, Ario de Rosales, avocados, California, Michoacan
Read previewGoogle is testing a new security system that uses facial-recognition technology at its campus in Kirkland, Washington — and early reaction from Google employees in the US is mixed. The interior security cameras collect facial data and are designed to help prevent unauthorized individuals from entering Google's campus, the company said. Google said its security team uses the data to identify people who may pose a security risk. After news of the system was first reported by CNBC, Business Insider talked to Google employees at various campuses to find out what they thought about the change. A Google spokesperson said there were no known plans in place to use the security system for attendance tracking.
Persons: , Kirkland , Washington —, Kirkland, it's, they've, Chris Rackow Organizations: Service, Google, Business, CNBC, Kirkland, Google's, Amazon, National Labor Relations Board, YouTube Locations: Kirkland , Washington, Google's, Kirkland, New York, San Francisco, Google's New York, Sunnyvale, San Bruno , California, Mountain View , California
Airport Authority Hong Kong discusses screening upgrades
  + stars: | 2024-07-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAirport Authority Hong Kong discusses screening upgradesSteven Yiu, executive director of airport operations at the Airport Authority Hong Kong, discusses new security screening measures at the Hong Kong International Airport.
Persons: Steven Yiu Organizations: Email Airport Authority Hong Kong, Airport Authority, Airport Authority Hong Kong, Hong Kong International Airport Locations: Airport Authority Hong
CNN —A US Air Force veteran has been arrested and charged for allegedly disclosing classified information related to American military aircraft and weapons to unauthorized individuals, the Justice Department announced Thursday. Paul J. Freeman was charged with unauthorized possession and transmission of classified national defense information by a grand jury in Florida on Tuesday, according to court records. Freeman transmitted information related to “vulnerabilities” of Air Force aircraft and related to weapon systems on multiple occasions between November 2020 and March 2021, prosecutors allege. The Air Force Office of Special Investigations and FBI are investigating the case. CNN previously reported that the Pentagon increased its security screenings following a massive leak of classified documents by a member of the Massachusetts Air National Guard last year that exposed sensitive information online.
Persons: Paul J, Freeman, Freeman’s, Lloyd Austin, Jack Teixeira, Teixeira Organizations: CNN, US Air Force, Justice Department, Air Force, Pentagon, The Air Force Office, Special Investigations, FBI, Massachusetts Air National Guard, Pentagon Force Protection Agency, Defense Locations: Florida
Mark Rutte, the long-serving Dutch prime minister, was formally named the new secretary-general of NATO on Wednesday, putting an experienced, strongly pro-Ukraine leader with a reputation for conciliation at the head of the alliance. The decision, sealed by NATO ambassadors during a meeting at the 32-nation alliance’s headquarters in Brussels, removes a potentially contentious issue from the alliance’s 75th anniversary summit meeting next month in Washington. President Biden and his NATO counterparts will formally welcome Mr. Rutte to their table at a summit, which begins on July 9. Long a favorite of Mr. Biden for the post, Mr. Rutte served as the Dutch prime minister four times, for nearly 14 years, building complicated coalitions through debate and compromise. Those skills should serve him well in an alliance that works by consensus, where one country can block the intentions of the rest.
Persons: Mark Rutte, Rutte, Jens Stoltenberg, Donald J, Trump, Biden, Long, Mr Organizations: NATO, Ukraine Locations: Ukraine, Brussels, Washington
Amazon plans to launch a new section on its site dedicated to low-priced fashion and lifestyle items that will allow Chinese sellers to ship directly to U.S. consumers, CNBC has learned. Amazon's storefront will feature a range of unbranded items, many priced under $20, according to a presentation to Amazon sellers viewed by CNBC. In the past, Amazon sellers in China have relied on the company's fulfillment services, called Fulfillment by Amazon, to send goods to warehouses in the U.S. before they are dispatched to customers. The company pitched the arrangement as cost savings for Amazon sellers in China, and said merchants would be able to test new items through small-batch production. It is unclear when Amazon intends to debut the storefront, but the presentation notes it will start accepting products this fall.
Persons: Maria Boschetti, Boschetti Organizations: CNBC, Amazon, The Locations: New York, U.S, China, Shenzhen
North Korean soldiers sent to aid Russia in Ukraine would be "cannon fodder," the Pentagon said. The two nations signed a new security pact, and some Korean units look set to go to Ukraine. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNorth Korean troops that are sent to Ukraine to aid in Russia's war would become "cannon fodder," the Pentagon said. Pentagon Press Secretary Maj. Gen. Pat Ryder said on Tuesday that "I think that if I were North Korean military personnel management, I would be questioning my choices on sending my forces to be cannon fodder in an illegal war against Ukraine."
Persons: , Pat Ryder Organizations: Pentagon, Service, North Korean, Ukraine, Business Locations: Russia, Ukraine
Read previewNetflix overhauled its famous culture memo — and that means a new line added about its "keeper test" used by managers to determine if they should fire an employee. Netflix has long been known to operate its business like a sports team, not a family, and the keeper test is part of that culture. AdvertisementThe keeper test has since evolved to, "If X wanted to leave, would I fight to keep them?" Related stories"In the abstract, the keeper test can sound scary," Netflix says in the latest version of its culture memo. In the abstract, the keeper test can sound scary.
Persons: , X, Reed Hastings, Greg Peters, Peters Organizations: Service, Business, Netflix
“I don’t hear a lot about the border here in Dallas, and I’m in a border state. Today, border issues are an even greater concern for Texas voters. In his race to unseat Cruz, Allred is now spending at least $380,000 running an online ad exclusively dedicated to the border issue. To fix it, we have to go after the cartels and fix the border,” Allred says in the ad. Allred has also shifted his rhetoric on a border wall popularized by Trump.
Persons: Colin Allred, who’s, GOP Sen, Ted Cruz, , Joe Biden, Allred, Trump, , Biden, – Allred, ” Allred, CBS News ’ Major Garrett, Cruz, “ I’m Colin Allred, we’ve, I’m Colin Allred, I’m, Josh Stewart, Allred –, Pete Sessions, Organizations: CNN — Democratic, GOP, Republican, NFL, CBS News ’, Customs, Border Protection, University of Texas, Texas Tribune, Texas, Senate, Facebook, CNN, Democratic, Republicans, Trump Locations: Texas, Mexico, Dallas, Biden’s, Covid, Brownsville,
Trump Media on Monday submitted an updated inspection of the company's finances by a newly hired public accounting firm, after its last auditor was charged with fraud by the U.S. Securities and Exchange Commission. Shares of Trump Media initially dropped more than 7% on Monday's announcement. The stock was down about 6% as of 1:00 p.m. The media company, which is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq, said its revised registration statement includes a reaudit conducted by the Phoenix, Arizona-based firm Semple, Marchal & Cooper, LLP. The company behind the social media platform Truth Social said in a press release that its latest filing amends a registration statement from mid-April and is not offering any new shares.
Persons: Donald Trump, Semple Organizations: Trump Media, U.S . Securities, Exchange Commission, Nasdaq, Phoenix, Marchal, Cooper, LLP Locations: Phoenix , Arizona
Singapore CNN —The death of any Filipino citizen at the hands of another country in the South China Sea would be “very close” to an act of war, Philippines President Ferdinand “Bongbong” Marcos Jr. warned Friday as his nation faces increasingly fraught clashes with Chinese vessels in the South China Sea. China has increasingly pushed its territorial claims in the South China Sea, and China Coast Guard ships, reinforced by maritime militia boats, have been involved in a series of fraught clashes over the last year that has seen Philippine ships damaged and Filipino sailors injured by water cannon. A China Coast Guard vessel sails close to a Philippines ship during a day of clashes in the South China Sea, March 5, 2024 Rebecca Wright/CNNKey global waterwayChina claims “indisputable sovereignty” over almost all of the 1.3 million-square-mile South China Sea – one of the world’s busiest waterways. Meanwhile, the Philippine Navy said it is prepared to protect the rights of Filipinos and would be increasing patrols in the South China Sea, including the areas of contested sovereignty, according to the PNA. “What I want to emphasize is that it is not China but the Philippines that has frequently escalated the situation in the South China Sea,” Ning added.
Persons: Ferdinand “ Bongbong ” Marcos Jr, Marcos, Lloyd Austin, Dong Jun, , , ” Marcos, Rebecca Wright, Mao Ning, ” Ning, Organizations: Singapore CNN, US, Coast Guard, China Coast Guard, CNN, West, Philippine Navy, Foreign Ministry Locations: Singapore, South, Philippines, South China, Philippine, Filipino, China, Beijing, Manila, United States, Washington, Vietnam, Malaysia, Brunei, Taiwan, Hague, China’s, West Philippine, Asia, Pacific
European banks in Russia face 'awful lot of risk', Yellen says
  + stars: | 2024-05-25 | by ( ) www.cnbc.com   time to read: +2 min
Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.
Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey
Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Some investors warn that though the tariffs could continue boosting clean energy stocks, the recent rally isn’t driven by just improving fundamentals. Damaging hacks expose the weak underbelly of America’s health care systemA pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers, reports my colleague Sean Lyngaas.
Persons: New York CNN — It’s, Joe Biden, CNN’s Kayla Tausche, , Steve Sosnick, Roaring Kitty, Keith Gill, Dow, Nicole Goodkind, stoking, Gary Pzegeo, ” Read, Sean Lyngaas, cybersecurity, ” Joshua Corman, Sen, Ron Wyden Organizations: CNN Business, Bell, New York CNN, Clean Energy, Enphase Energy, NextEra Energy, Biden, Federal Reserve, Interactive Brokers, CNN, GameStop, AMC Entertainment, Roaring, Dow Jones Industrial, Nasdaq, Markets, Bureau of Labor Statistics, CIBC Private Wealth, “ Industry, Oregon Democrat Locations: New York, China
Lone Pine Capital made new bets on some high-performing power producers and one big streaming company in the first quarter, a new Securities and Exchange Commission filing shows. Lone Pine, founded by Stephen Mandel in 1997, added a $446.7 million position in Vistra Corp. and a $161.9 million stake in Constellation Energy in the first quarter. Lone Pine also added new positions in drug and medical supplies distributor McKesson and mobile tech company AppLovin , worth about $368 million and $300 million, respectively. The new additions came as Lone Pine significantly cut its holdings in three big tech companies: Meta Platforms, Taiwan Semiconductor and Amazon . Microsoft is Lone Pine's third-largest position, trailing Taiwan Semiconductor, which Lone Pine reduced by 11%.
Persons: Lone Pine, Stephen Mandel, Mandel, Mark Zuckerberg, Philip Morris, Julian Robertson Organizations: Lone Pine Capital, Securities and Exchange Commission, Vistra Corp, Constellation Energy, Constellation, Taiwan Semiconductor, Microsoft, Meta, Philip Morris International, UnitedHealth Group, GE Aerospace, GE, Cubs Locations: Lone, Vistra, U.S, Greenwich , Connecticut, Meta
Washington CNN —A pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers. Health care lags other industries such as big financial institutions and energy providers when it comes to IT security, according to some experts. The two ransomware attacks hit different nerves of the health care system. Momentum is also growing on Capitol Hill to force health care organizations to meet basic cybersecurity standards. More broadly, the Justice Department last week announced a task force to examine “health care monopolies and collusion” that will guide the department’s approach to “civil and criminal enforcement in health care markets,” where warranted.
Persons: cybersecurity, ” Joshua Corman, Sen, Ron Wyden, , cybercriminals, Biden, Anne Neuberger, Mark Warner, ” Carter Groome, Corman, , ” Sen, Marsha Blackburn, Andrew Organizations: Washington CNN, Biden, “ Industry, CNN, Oregon Democrat, ransomware, Change Healthcare, White House, American Hospital Association, Department of Health, Human Services, Virginia Democrat, Healthcare, cybersecurity, Health, Cavalry, UnitedHealth, Optum, Tennessee Republican, Justice Department, UnitedHealth Group, Wall Street, Department Locations: St, Louis, United States, Virginia, Tennessee
Investors looking for alternative ways to play artificial intelligence may want to keep an eye on an innovative software company, according to Bank of America. " GitLab offers a rich platform built on top of its leading Source Code Management solution that is vitally important to developers," wrote analyst Koji Ikeda, in a Tuesday note. "Furthermore, GitLab is focused on capitalizing on AI, which is accelerating the number of digital experiences (and source code) being created." Over the medium term, Ikeda said he sees continued source code management improvements, new security features and the expansion of AI-powered offerings as critical to GitLab's growth. GTLB 6M mountain GitLab shares over the past six months.
Persons: Koji Ikeda, Ikeda Organizations: Bank of America
These new security features and other upgrades at a munitions depot in central Belarus reveal that Russia is building facilities there that could house nuclear warheads. If Russia does move weapons to this location, it would mark the first time it has stored them outside the country since the fall of the Soviet Union in 1991. Russia already has nuclear warheads on its own soil that are close to Ukraine and NATO countries, but by basing some in Belarus, the Kremlin appears to be trying to accentuate its nuclear threat and bolster its nuclear deterrent. Russia’s president, Vladimir V. Putin, made reference to such a site early last year, saying Russia would soon be completing the construction of “special storage for tactical nuclear weapons” in Belarus. The New York Times analyzed satellite imagery and photos, and spoke with nuclear weapons and arms control experts, to track the new construction, which started in March 2023.
Persons: Vladimir V, Putin Organizations: NATO, The New York Times Locations: Belarus, Russia, Soviet Union, Ukraine
The C.E.O.s Who Just Won’t Quit
  + stars: | 2024-05-09 | by ( Emma Goldberg | ) www.nytimes.com   time to read: +1 min
Even so, there are few scenarios in which a middle-aged corporate executive can be treated like an aging rock star by thousands of fawning employees. Around the time Ballmer announced his plans to go, the company’s stock price was lower than when he started the job. The media was bemoaning Microsoft’s “lost decade.” While its tech rivals had seized on new markets, Microsoft had changed fairly little. Apple dominated smartphones, Google prevailed in search and giants like Facebook — which didn’t even exist when Ballmer took the reins — stood atop a whole new sector of the economy. With the arrival of Ballmer’s successor, Satya Nadella, Microsoft’s stock price soared.
Persons: Ballmer, , I’ve, Bill Gates, Microsoft’s “, , Satya Nadella Organizations: Microsoft, Apple, Google, Facebook
Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.
Persons: , Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine
The Ukrainian government says there are thousands of people like Dima, civilians arrested by Russia who have been held in arbitrary detention for years. In the early weeks of the war, Russian troops took over their home, parking their tank in the garden and stealing anything of value. Following the full-scale invasion of Ukraine, Russia opened a second pre-trial detention facility in Simferopol, SIZO No. Detained civilians, however, are stuck in limbo. Mariana Checheliuk's photos were among those displayed by relatives of detained civilians at a recent protest in Kyiv.
Persons: Ukraine CNN — “, , Vasyl Khyliuk, Dmytro Khyliuk, Dima, , Ivana Kottasova, Dmytro Lubinets, Lubinets, ” Achille Després, Cross, it’s, Vasyl, ” Vasyl, Halyna, , Dmytro Khyliuk’s, Russia —, Khyliuk, Anastasiia, MIHR, Pantielieieva, CNN “ We’ve, ” Pantielieieva, Yulia Khrypun, Serhii, , Serhii Khrypun, Yulia, ” Yulia, Mariana Checheliuk, Mariana, Natalia Checheliuk, ” Natalia, ’ ” Natalia, Alexander Ermochenko, Mariana –, Mila, Natalia, Volodymyr, Zelensky, Mariana Checheliuk's Organizations: Ukraine CNN, Ukrainian Independent, Agency, Kyiv, CNN, Russian Federation, International Committee, Ukrainian, Organization for Security, Getty, Media Initiative, Human Rights, Penal, Russian Investigative Committee, Russian Prison Service, ICRC, Russian Ministry of Defense, Ukrainian Defense Intelligence, Russian Federal Security Service, Russian National Guard, Directorate, General Staff, Serhii, Crimean Human Rights, Maxar Technologies, Volunteers, Russia, United Nations Children’s Fund, UNICEF, Security Service of Ukraine, Ukraine’s, Ministry of Internal Affairs, Ministry of Foreign Affairs, National Information Bureau, Ministry, , Headquarters Locations: Kyiv, Ukraine, Dima, Ukrainian, Kozarovychi, Russia, Geneva, Europe, Novozybkov, Russia’s Bryansk, Russia’s Vladimir, Mordovia, Russian, Moscow, Bryansk, Nove, Tokmak, Melitopol, Olenivka, Kursk, Crimea, Kamensk, Russia’s Rostov, Yulia Khrypun Russia, Chonhar, Kherson, Crimean, Crimean Tatars, Simferopol, SIZO, Irkutsk, Krasnoyarsk, Siberia, , Mariupol, Zaporizhzhia, Bezimenne, Donetsk People’s Republic, Azovstal, Donetsk, Taganrog, Kamyshin, Russia’s Volgograd, Qatar
A New Pacific Arsenal to Counter China
  + stars: | 2024-04-26 | by ( John Ismay | Edward Wong | Pablo Robles | ) www.nytimes.com   time to read: +15 min
They call it an encirclement of their nation and say the United States is trying to constrain its main economic and military rival. The United States also has a new security agreement with Papua New Guinea. On Wednesday, Mr. Biden signed a $95-billion supplemental military aid and spending bill that Congress had just passed and that includes $8.1 billion to counter China in the region. In addition, the United States continues to send weapons and Green Beret trainers to Taiwan, a de facto independent island and the biggest flashpoint between the United States and China. A swarm of Chinese militia and Coast Guard vessels chased a Philippine Coast Guard ship in the South China Sea last year.
Persons: Xi Jinping, Biden, Antony J, Blinken, Yuri Gripas, ” Ely Ratner, Xi, ” Kurt Campbell, Joseph Wu, , , Samuel J, Paparo Jr, Mr, Paparo, Carl Vinson, Richard A, Brooks, Trump, Lloyd J, Austin III, Chen Jining, Jes Aznar, David H, Berger, Obama, Tony Mcdonough, United States —, Admiral Paparo, China’s “ revanchist, we’re Organizations: Australian, U.S, Marines, United, Pentagon, Corps, Mr, White House, White, The New York Times, American, Marine, Green, China’s, Liberation Army, Seoul SOUTH, Pacific Command, People’s Liberation Army, Agence France, Nuclear Forces Treaty, Defense, Communist Party, Tokyo Okinawa, U.S . Navy, Coast Guard, Philippine Coast Guard, Marine Corps, Army, Philippines Luzon Partner, Australia Darwin Potential, NATO, Tomahawk Locations: Beijing, United States, Papua New Guinea, Philippines, Japan, Okinawa, Taiwan, Asia, Pacific, U.S, China, Shanghai, South China, South Korea, Guam, Washington, Manila, Taipei, People’s Republic of China, Palau, West Papua, Seoul, Tokyo JAPAN CHINA Taipei TAIWAN Hong Kong, GUAM philippines MALAYSIA INDONESIA JAPAN CHINA TAIWAN, philippines GUAM, INDONESIA Seoul, GUAM philippines, MALAYSIA INDONESIA, Philippine, Moscow, Tokyo, Ryukyu Islands, South, Philippines Luzon, Luzon, Spratly, Australia, Canberra, Singapore, Darwin, Australia’s, . North Carolina, Virginia, Perth, United Kingdom, Navy’s, America
Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.
Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States
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China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.
Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing
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