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☆ ‘Several Things Have Shocked Me’: An Ex-Insider on Business in China
▼ + stars: | 2023-07-08 | by ( Ravi Mattu | More About Ravi Mattu | ) www.nytimes.com time to read: +1 min

He and his former wife, Duan Weihong, used their relationships with top government officials to build a multibillion-dollar property development company during a golden age for entrepreneurs starting in the mid-1990s. Mr. Shum left China in 2015 as Xi Jinping, the country’s leader, asserted greater state control over the country and its businesses. (It is believed that Communist Party officials detained her after a high-ranking political ally was held on suspicion of corruption.) Mr. Shum told the story of their rise and fall — and the murky reality of doing business in China — in his 2021 memoir. Many details cannot be independently verified but his role at the intersection of business and politics is certain.

Persons: Desmond Shum, Duan Weihong, Janet Yellen, Shum, Xi Jinping, Duan, Whitney, Mr Organizations: Communist Party Locations: Beijing, China, Britain

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, said the sources. PENALTY FOLLOWS MA'S RETURN TO CHINAThe final amount of the fine has been revised to at least 8 billion yuan, the sources said. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they had in mind initially. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations. ($1 = 7.2439 Chinese yuan renminbi)Reporting by Julie Zhu and Jane Xu; Additional reporting by Jason Xue; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Alibaba, Rukim Kuang, Jack Ma, Ant, China's, Pan Gongsheng, Didi Global, Julie Zhu, Jane Xu, Jason Xue, Muralikumar Organizations: Alibaba Honk, Ant Group, People's Bank of China, Reuters, Alibaba, HK, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: HONG KONG, Hong Kong, Ant's, Beijing, CHINA, China

☆ China-Led Infrastructure Bank Finds No Evidence of Communist Party Influence
▼ + stars: | 2023-07-07 | by ( Sha Hua | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

Taipei/London CNN —China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance. “We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement. Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma. In April 2021, Alibaba was fined 18.2 billion yuan ($2.5 billion) — a record for China — for behaving like a monopoly. Separately, China’s financial regulators also announced a fine of nearly 3 billion yuan ($415 million) for Tenpay, Tencent’s (TCEHY) online payment platform, according to information posted on the PBOC website on Friday.

Persons: London CNN —, Jack Ma —, Alibaba, Guo Shuqing, Ma Organizations: London CNN, Ant, China Securities Regulatory Commission, People’s Bank of China, National Financial Regulatory Administration, Ma, Communist Party, China, People’s Bank of, Xinhua, Ant Group Locations: Taipei, London, China, People’s Bank of China

BEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with female economists in Beijing on Saturday, an effort to spotlight gender diversity following meetings with China's largely male government leaders. A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women's representation in government. Yellen, by contrast, is one of 13 women in President Joe Biden's 25-member Cabinet, the most gender-diverse in U.S. history. One-quarter of the U.S. Senate and 28.7% of the U.S. House of Representatives seats are currently held by women, according to Rutgers University's Center for Women in Politics. China also lags in terms of women's representation in the top echelons of industry, a recent study showed.

Persons: Janet Yellen, China's, Yellen, Xi, Shen Yiqin, Joe Biden's, Spencer Stuart, Andrea Shalal, Tian, Trevor Hunnicutt, Heather Timmons, Leslie Adler Organizations: . Treasury, U.S . Treasury, Treasury, U.S . Federal Reserve, United Nations, UN, Women, National People's Congress, Communist, U.S . Senate, U.S . House, Rutgers University's Center for Women, Bain & Company, Thomson Locations: BEIJING, Beijing, China, Politics

☆ Elon Musk praises China's AI developments at state-backed conference sponsored by US-sanctioned companies
▼ + stars: | 2023-07-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Elon Musk appeared via video link at the World AI Conference in Shanghai, per Bloomberg. The government-hosted conference is sponsored by Huawei and SenseTime – both sanctioned in the US. Elon Musk praised China's developments in AI as he discussed the technology at a government-backed conference on Thursday, Bloomberg reported. Musk appeared on screen at the World AI Conference in Shanghai, which is hosted by Chinese government ministries, per South China Morning Post. According to Reuters, Musk met with China's sixth highest-ranked leader, Vice Premier Ding Xuexiang — believed to be the first time he's met one-on-one with a foreign CEO.

Persons: Elon Musk, Musk, –, Ding Xuexiang —, he's, Vivek Ramaswamy, Tesla, Twitter Organizations: World AI Conference, Bloomberg, Huawei, SenseTime, Morning, China Morning, Amazon Web Services, IBM, Microsoft, Qualcomm, US, Shanghai, —, Reuters, Chinese Communist Party Locations: Shanghai, China, Xinjiang, Western China

☆ China Took Her Husband. She Was Left to Uncover His Secret Cause.
▼ + stars: | 2023-07-05 | by ( Vivian Wang | ) www.nytimes.com time to read: +2 min

Then, the blog went silent in May 2021 — the same month Mr. Ruan, now 46, was arrested. Whether Mr. Ruan was Program Think is virtually impossible to confirm. China treats national security cases with absolute secrecy, and Ms. Bei has not been allowed to speak to Mr. Ruan. She didn’t even bother circumventing China’s internet censorship. But as she was forced to search for answers, she found herself on a journey of awakening — much like the kind Program Think had set out to inspire.

Persons: Bei, Mr, Ruan, Xi Organizations: Communist Party Locations: China

☆ China’s Xi says countries share responsibility to promote growth, opposes decoupling
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese President Xi Jinping said Tuesday that Beijing opposes "decoupling and breaking links," according to a CNBC translation of a Chinese-language state media readout. Promoting economic growth is the shared responsibility of countries in the region, Xi said, per the report of his remarks at a virtual summit of the Shanghai Cooperation Organization. The SCO is a political, security and trade alliance whose members are China, India, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Iran, Tajikistan and Uzbekistan. China is willing to work with all parties to implement the Global Development Initiative, and make the "cake" bigger so that people in different countries can benefit, the state media report of Xi's remarks said. The country opposes protectionism, unilateral sanctions and generalizing the concept of national security, the report also said Tuesday.

Persons: Xi Jinping, Xi, Xi's Organizations: National Congress, Communist Party of China, of, People, CNBC, Shanghai Cooperation Organization, SCO, Global Development Initiative, Global, Initiative, United Nations Locations: Beijing, China, BEIJING, India, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Iran, Tajikistan, Uzbekistan, Saudi Arabia

☆ China's choice of PBOC party chief signals financial stability worries
▼ + stars: | 2023-07-04 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

The central bank did not immediately respond to Reuters' request for comment. Pan, central bank deputy governor since 2012 who turns 60 this month, is not expected to deviate from China's measured pace of policy easing to support the recovery, analysts said. "His professional ability will help safeguard the bottom line of systemic financial risks, especially as the property sector is slowing, and fend off a big systemic crisis." In an unexpected move, the ruling Communist Party appointed Pan as the central bank's party secretary on Saturday, taking over from Guo Shuqing. China has taken a series of steps this year to tighten party control over the country's vast, but largely closed, financial system, including plans to set up the Central Financial Commission to oversee the PBOC and other financial regulators.

Persons: Gongsheng, Jason Lee, Pan, Yi Gang, Gu Tianyong, Guo Shuqing, Yi, Yi's, Zhou Xiaochuan, Zhou, Xu Hongcai, Marius Zaharia, Jacqueline Wong Organizations: People's Bank of China, National People's Congress, REUTERS, outflows, Reuters, cryptocurrencies, prudential, Central University of Finance, Economics, Communist Party, Pan, Street, Cambridge University, Harvard University, Central Financial Commission, China Association of Policy, Thomson Locations: Beijing, China, BEIJING

☆ China plays it safe with new central bank chief
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters Breakingviews) - The new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources. The appointment of Pan, who has since 2015 also run the State Administration of Foreign Exchange (SAFE), is a surprise. It’s unlikely Pan will deviate much from the current monetary policy trajectories, even if he helms both the party secretary and governor roles.

Persons: Pan Gongsheng, –, Pan, Yi Gang, helms, Yawen Chen, ’, George Hay, Pranav Kiran Organizations: Reuters, People’s Bank of China, Communist Party, Saturday, Street Journal, State Administration of Foreign Exchange, Committee, Cambridge, Harvard, Agricultural Bank of China, U.S ., Twitter, KKR, Thomson Locations: United States, Hong Kong, Shanghai, China

☆ China's central bank gets a new party secretary
▼ + stars: | 2023-07-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — The People's Bank of China announced Saturday that Pan Gongsheng, head of the country's foreign exchange regulator, would become the central bank's party secretary. In a country ruled by the Communist Party of China, the party secretary of an institution typically holds the most sway. That institution was absorbed into the National Financial Regulatory Administration in a financial regulatory overhaul announced in March and is set to take effect this year. The administration's party secretary and director is Li Yunze, a rare minister-level appointee of the younger 1970s generation.

Persons: Pan Gongsheng, Gongsheng, Xi Jinping, Guo Shuqing, Li Yunze Organizations: People's Bank of China, Communist Party of China, China Banking, Insurance, Commission, National Financial Regulatory Administration Locations: BEIJING, Beijing, China

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

Gallium and germanium will be subject to export controls starting August 1 “to protect national security and interests,” China’s Ministry of Commerce said in a statement Monday. Gallium and germanium are used in a variety of products, including computer chips and solar panels. Beijing’s move comes just days after the Dutch government announced new restrictions on exports of some semiconductor equipment, drawing an angry response from Beijing, according to Reuters. The new rules mean that ASML (ASML), Europe’s largest tech firm, will need to apply for export licenses for products used to make microchips. Critics of the decision “could ask the US government why it holds the world’s largest germanium mines but seldom exploits them.

Persons: Janet Yellen, Yellen, — Olesya Dmitracova Organizations: Paris CNN — Beijing, China’s Ministry of Commerce, . Geological Survey, Reuters, China, US, Communist Party, Treasury Locations: Paris, United States, Europe, China, Beijing, Japan, Italy, Washington, Netherlands

☆ China foreign-exchange regulator Pan Gongsheng named central-bank party boss
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

July 1 (Reuters) - China's ruling Communist Party appointed central bank Deputy Governor Pan Gongsheng as the bank's party secretary on Saturday, a move the Wall Street Journal said would be a prelude to becoming governor. The party's Central Organization Department announced the decision at a meeting on Saturday afternoon, the People's Bank of China (PBOC) said in a statement on its website. The Journal reported hours earlier that Pan would be named to the party post before being appointed by the government to head the PBOC. The central bank said on Friday it would implement prudent monetary policy in a "precise and forceful manner" to support economic growth and employment. The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October.

Persons: Pan Gongsheng, Pan, Yi, Xi Jinping, Gokul Pisharody, Bharat Govind Gautam, Simon Cameron, Moore, William Mallard Organizations: Communist Party, Wall Street, party's Central Organization Department, People's Bank of China, The, Cambridge University, Harvard University, SAFE, Communist Party's, Thomson Locations: Bengaluru

☆ China’s Central Bank Appoints New Top Communist Party Official
▼ + stars: | 2023-07-01 | by ( Keith Zhai | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, 56a878ea

The Alberta Industrial Heartland, a not-for-profit organization consisting of five Alberta municipalities, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland said in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. While all three were released in 2021, the relationship between China and Canada has not returned to normal. The oil-rich province of Alberta exported C$4.5 billion worth of goods to China in 2020, making it the Canadian province's second-biggest export market.

Persons: Karlee, Hunter Dickinson, Lynette Ong, FROSTY, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, Science, University of Toronto, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Ottawa, Calgary, Beijing, United States

TORONTO/HONG KONG, June 29 (Reuters) - The Alberta government has ended a partnership with a Chinese private equity fund that targeted $10 billion to invest in the natural resources sector, a spokesperson for the Alberta entity told Reuters. The Alberta Industrial Heartland, a not for profit organization of the province of Alberta, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. This month, Canada froze ties with the China-led Asian Infrastructure Investment Bank (AIIB) as it launched a probe into allegations that the institution was dominated by the Chinese Communist Party.

Persons: Karlee, Hunter Dickinson, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Calgary, Beijing, United States

☆ China unveils sweeping foreign policy law as Xi consolidates power — and aims to counter the US
▼ + stars: | 2023-06-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China has unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat – in Beijing’s latest bid to bolster its position amid strained relations with the West. “This is the first comprehensive foreign relations law … but it (reads) more like Xi Jinping’s foreign policy declaration,” Zhao said, adding that its release comes at a moment when Xi is focused on countering what it sees as US efforts to contain China. “The party, not the government, runs China’s foreign relations. The law also includes China’s pledge to promote “high-level opening-up” of its economy, development of foreign trade and and encouraging and legally protecting foreign investment. In recent months, a campaign against consulting and due diligence firms has unnerved foreign businesses in China.

Persons: enshrining, Antony Blinken, Jinping, –, Zhao Leji, “, Xi, Washington, Lockheed Martin, Suisheng Zhao, University of Denver’s Josef, ” Zhao, ”, China’s, Sung, Li Qiang, Zhao Organizations: Hong Kong CNN, West, Global Times, Lockheed, Raytheon, Communist Party, Center for, Cooperation, University of Denver’s, University of Denver’s Josef Korbel School of International Studies, Australian National University’s Taiwan Studies Locations: Hong Kong, China, Beijing’s, Beijing, China’s, United States, Ukraine, Taiwan, Center for China, Tianjin, Europe, Denver

☆ Vietnam jails former coast guard chief for 16 years for embezzlement
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

HANOI, June 29 (Reuters) - A military court in Vietnam on Thursday sentenced a former coast guard commander to 16 years in prison, after finding him guilty of embezzlement in siphoning off $2 million from military procurement deals, state media reported. Nguyen Van Son, 59, was convicted of masterminding the theft of 50 billion dong ($2.12 million) while head of the coast guard, in what the judge described as a "particularly serious case" that hurt the image of the defence services, Voice of Vietnam (VOV) reported. The six other former top coast guard officials received prison time ranging from 10 to 15 and a half years each for their involvement in the embezzlement, VOV said. They were arrested last year, according to the defence ministry, which said Son was responsible for violations between 2015 and 2020, including "financial mismanagement" and "procurement irregularities". ($1 = 23,569 dong)Reporting by Phuong Nguyen; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nguyen Van Son, Nguyen Phu Trong, VOV, Son, Phuong Nguyen, Martin Petty Organizations: Communist Party, Thomson Locations: HANOI, Vietnam, siphoning

It is also looking to hire a lawyer with a specialty in trade compliance to help Temu create a protocol for screening merchandise, another posting showed. The U.S. House Select Committee on the China Communist Party in May launched an investigation into retailers' connections to forced labor in China's Xinjiang region, including any efforts to comply with the Uyghur Forced Labor Prevention Act. The committee last week released preliminary findings stating that Temu "does not have any system to ensure compliance" with the act. Temu's 80,000 "suppliers agree to boilerplate terms and conditions that prohibit the use of forced labor," the report said. Rights groups accuse Beijing of abuses including forced labor and placing 1 million or more Uyghurs - a mainly Muslim ethnic group - in internment camps in Xinjiang.

Persons: Temu, Shein, Arriana McLymore, Jamie Freed Organizations: YORK, PDD Holdings, New Zealand, Reuters, U.S, China Communist Party, Uyghur, Labor, Thomson Locations: U.S, Xinjiang, China, Canada, Australia, New, China's Xinjiang, United States, Xingiang, Beijing, New York

☆ S&P cuts China GDP forecast as calls for stimulus intensify
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 26 (Reuters) - S&P Global cut its forecast for economic growth in China this year, underscoring the uneven nature of the country's post-reopening recovery that is spurring more calls for further stimulus. S&P now expects China to log GDP growth of 5.2% in 2023, down from an earlier estimate of 5.5%. Forecasts for China GDP growth this year range between 4.4% and 6.2%. Last week, China cut its key lending benchmarks, the first such reductions in 10 months. Further highlighting pessimism over the economy, China and Hong Kong stocks slumped on Monday after disappointing domestic tourism figures for last week's three-day Dragon Boat Festival, while the yuan also weakened against the dollar.

Persons: Goldman Sachs, Ning, Nie Wen, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, Times, Communist, Hwabao Trust, Thomson Locations: BEIJING, China, Beijing, Shanghai, Hong Kong

☆ Saudi Arabia: What is the nation hoping to achieve amid transfer takeover and what happens next?
▼ + stars: | 2023-06-25 | by ( Kaveh Solhekol | ) www.cnbc.com time to read: +6 min

Sky Sports News chief reporter Kaveh Solhekol analyses this transfer market trend... Why are Saudi Arabia spending huge sums on foreign players all of a sudden? Saudi Arabia is looking to expand its economy through other industries in order to help guarantee its financial future. It wants to put Saudi Arabia on the map and raise its profile. What else is Saudi Arabia hoping to achieve? Has Saudi Arabia distorted the transfer market forever?

Persons: Cristiano Ronaldo, Mohammed Saad, Ballon, Karim Benzema, Sergio Ramos, Bernardo Silva, Heung, Min Son, Kaveh, Mason Mount Chelsea, Declan Rice, Saudi Arabia —, sportswashing, Jamal Khashoggi, Oscar, West Ham's Marko Arnautovic, Lionel Messi, Ruben Neves, Kalidou Koulibaly, Hakim Ziyech, Erling Haaland, Harry Kane, Mohammed Hamdi, It's, Son Organizations: Saudi Pro League, Al, Alawwal, Anadolu Agency, Getty Images, Real, Chelsea, Premier League, Sky Sports News, Sky Sports, Manchester United, Arsenal, Soccer, Qatar, eventual, Argentina, Amnesty, Rights, Rights Watch, United, Super League, Brazil, Communist Party, Chinese Super League, MLS, Al Jazira FC, Saudi, Tottenham, Spurs Locations: Al, Shabab, Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Real Madrid, Bournemouth, Saudi, United Nations, Kingdom of Saudi Arabia, Greece, Egypt, China, Europe, Al Hilal, Al Jazira, Abu Dhabi, Qatar

☆ Opinion: What Putin must be dreading
▼ + stars: | 2023-06-24 | by ( Peter Bergen | ) edition.cnn.com time to read: +4 min

Russian President Vladimir Putin made a speech Saturday condemning the mutiny by the Wagner group, comparing the uprising to the events sparked by Russia’s 1917 revolution. Putin claimed that the Russians were stabbed “in the back” by nameless enemies towards the end of World War I, which he said is why the Russians lost that war and that in turn led to “a civil war” in Russia, Putin said. The Russians were not stabbed in the back during World War I, as Putin suggested during his remarks on Saturday. During the 1917 revolution, a Marxist party known as the Bolsheviks seized power. A year later, Nicholas II and other members of the ruling Romanov family ended up on the wrong end of a firing squad.

Persons: Peter Bergen, Peter Bergen ”, Vladimir Putin, Wagner, Putin, “, Nicholas II, Romanov, Josef Stalin’s, Mark Twain, Putin doesn’t Organizations: CNN, New, Arizona State University, Apple, Spotify, Peter Bergen CNN, Communist, Russo, Marxist, Communist Party, KGB, Soviet, Twitter, Facebook Military, Romanovs Locations: New America, Russian, Russia, Ukraine, Europe, Soviet Union, Dresden, East Germany, Afghanistan, Japanese, Soviet

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