World

US will impose sanctions on some Huawei employees: Mike Pompeo
24Jul By Mike TrudellNo Comments
World

US will impose sanctions on some Huawei employees: Mike Pompeo

The United States has said that it will impose travel bans on employees of Huawei and other Chinese companies which the U.S. determines are assisting “regimes” in cracking down on human rights, including in China's western Xinjiang province.“The State Department will impose visa restrictions on certain employees of the Chinese technology companies like Huawei that provide material support to regimes engaging in human rights violations and abuses,” US Secretary of State Mike Pompeo said in a news conference.He also said that he will visit Britain and Denmark next week, shortly after the UK announced its ban on Huawei’s participation in developing the country’s 5G network over concerns that sensitive data could be compromised by the Chinese Communist Party.Pompeo said Huawei employees found ...
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COVID-19, electric vehicles to reshape Thailand’s auto industry
24Jul By Team FPNo Comments
World

COVID-19, electric vehicles to reshape Thailand’s auto industry

The COVID-19 pandemic is accelerating the remaking of Thailand's automotive industry, the backbone of Southeast Asia's auto sector, as factory shutdowns compound a shift toward electric vehicles. BANGKOK: The COVID-19 pandemic is accelerating the remaking of Thailand's automotive industry, the backbone of Southeast Asia's auto sector, as factory shutdowns compound a shift toward electric vehicles. Thailand's auto-related businesses, which employ 900,000, are reopening after months of coronavirus shutdowns, promising relief for many laid-off workers. But there's a catch: Thailand's shift toward electric vehicles (EVs) could pummel the local auto industry because it is dominated by hundreds of parts makers, while EVs require just 10per cent to 20per cent as many of parts as internal-c...
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Satellite images show new Chinese structures near site of border clash with India
24Jul By Team FPNo Comments
World

Satellite images show new Chinese structures near site of border clash with India

NEW DELHI: China appears to have added new structures near the site of a deadly border clash with India in the western Himalayas, fresh satellite pictures show, heightening concerns about further flare-ups between the nuclear-armed neighbours. Indian and Chinese military commanders agreed on Monday to step back from a weeks-old standoff at several locations along their disputed border following the Jun 15 clash in the Galwan Valley in which 20 Indian soldiers were killed. The satellite images showing new construction activity in the week following the brutal hand-to-hand combat underline the challenge of disengagement and the risk the accord could still fall apart because of overlapping claims in the arid territory. The pictures shot on Monday by US-based space technology firm Maxar...
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Securing Japan from Chinese ‘predatory economics’
24Jul By Team FPNo Comments
Singapore, World

Securing Japan from Chinese ‘predatory economics’

One of the key questions in Japan’s present national security debate is how to manage China’s “predatory” geoeconomics. Where does Tokyo stand in crafting an effective economic security strategy? Beijing has systematically integrated economic and financial instruments into its foreign policy with the objective of advancing its grand strategic ambitions. From the "Belt and Road" initiative to Made in China 2025, Beijing shrewdly incorporated geoeconomic tools of statecraft into its grand strategic thinking. China’s coercive economic maneuvering employs trade, investments, technology, internationalizing of currency and even weaponization of resource supply chains toward geopolitical ends. Thus, reorienting Japan’s economic security strategy constitutes a top priority for Prime Minister Shi...
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Patchy demand at stores spells more pain for garment suppliers
24Jul By Team FPNo Comments
USA, World

Patchy demand at stores spells more pain for garment suppliers

MRID/DHAKA: Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers. With shoppers still wary of catching the coronavirus at stores, retailers are leaving buying decisions to the last minute and planning on selling all-season basics such as men's chinos and t-shirts leftover from spring through into fall. "We don't think orders for clothing will pick up anytime soon. Shipments could look up ahead of the Christmas but there is no guarantee," said Siddiqur Rahman, a Bangladeshi garment supplier to H&M and GAP Inc among others. The destructive weight of the COVID-19 pandemic is expected to contract the US$2.5 trillion global fashion indu...
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UK poised to phase out Huawei from 5G network
23Jul By Mike TrudellNo Comments
World

UK poised to phase out Huawei from 5G network

Facing a rebellion from MPs and US, UK Prime Minister Boris Johnson has assured that the nation will phase Chinese company Huawei out of country's 5G mobile phone network.According to several media reports, the UK Prime Minister is facing heat from the Conservative Party over Huawei with many Ministers claiming that the company provides China, a chance to spy.The decision comes in the backdrop of US designating Chinese telecom companies Huawei and ZTE Corp as national security threats, saying they have close ties with the Chinese Communist Party and China's military apparatus.The decision to phase Huawei out of 5G networks could escalate tensions between the US and China, especially when it comes in the wake of China's decision to impose national security law in Hong Kong. Beijing's decisi...
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LG Chem to produce Tesla batteries in South Korea this year as demand grows – source
23Jul By Team FPNo Comments
World

LG Chem to produce Tesla batteries in South Korea this year as demand grows – source

South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. SEOUL: South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. "Tesla is asking not only LG Chem but other suppliers to increase supplies, as its cars are selling well," the person told Reuters. A second person with knowledge of the situation also said LG Chem is converting some of its production in South Korea to produce batteries for Tesla. An LG Chem factory in Nanjing, China...
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Trump’s endorsement of face masks caused a rally in recovery stocks, Jim Cramer says
23Jul By Team FPNo Comments
World

Trump’s endorsement of face masks caused a rally in recovery stocks, Jim Cramer says

President Donald Trump's belated endorsement of face masks sparked a rally in the recovery stocks, CNBC's Jim Cramer said Tuesday. The president's newfound appreciation for mask-wearing takes away the leading voice for the anti-face covering crowd and should tamp down on the culture and political clash that brewed from the controversial topic, the "Mad Money" host said. "If the president of the United States keeps encouraging people to wear masks, rather than discouraging them … that makes it much easier to flatten the curve, because the no-mask contingent listens to him, fears him, cheers him," Cramer said. "With enough mask-wearing, we can beat this thing long before we get a vaccine, although it's still gonna take weeks before we see any progress." With his mind focused on reopening ...
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US brands China’s claims in South China Sea as ‘completely unlawful’
23Jul By Team FPNo Comments
USA, World

US brands China’s claims in South China Sea as ‘completely unlawful’

WASHINGTON: Secretary of State Mike Pompeo said on Monday (Jul 13) that the United States would treat Beijing's pursuit of resources in the dispute-rife South China Sea as illegal, ramping up support for Southeast Asian nations. It was the latest forceful statement by President Donald Trump's administration to challenge China, which he has increasingly cast as an enemy ahead of November elections. "We are making clear: Beijing's claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them," Pompeo said in a statement. "The world will not allow Beijing to treat the South China Sea as its maritime empire." The United States has long rejected Beijing's sweeping claims in the South China Sea, which is both home ...
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India puts restrictions to curb sale of ‘Chinese’ products to government agencies
23Jul By Team FPNo Comments
World

India puts restrictions to curb sale of ‘Chinese’ products to government agencies

NEW DELHI: Amid growing calls for a boycott of Chinese goods after a clash on the border in which 20 Indian soldiers were killed, India's government instructed sellers to declare the country of origin for goods and services purchased via a state-run online portal. The government announced the change in requirements for users of its Government e-Marketplace (GeM) portal in a statement on Tuesday (Jun 23). The statement did not single out China, but an official source told Reuters that the main objective was to identify items coming from China. Separately, the portal will provide a "Make in India" filter so that the government or its agencies could choose to buy only those products that meet the minimum 50 per cent local content criteria, the statement said. According to officials the...
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