Man convicted of bond fraud
A Chinese businessman has been sentenced to life in jail by a court in southern Guangdong province for massive bond fraud, state media reported Friday. Lan Yunsheng, the former general manager of Heyuan Ausheng Co, illegally raised 1.01 billion yuan (US$122 million) from 192 different companies via bond repurchase transactions, Xinhua news agency said, citing the court. Lan falsified documents in order to complete the bond repurchase transactions, Xinhua said. Another company employee and a securities trader were also sentenced to lengthy jail terms for their roles in the scam, according to the agency.
US Congress approves FTA
The US House of Representatives Thursday approved a free-trade pact with Singapore, giving the US administration a victory and advancing the the first US free-trade deal with an Asian nation.
The House passed the measure 272 to 155 and approved a separate pact with Chile 270 to 156. The measures are expected to win passage in the Senate next week, which would ratify the pacts signed by US President George W. Bush's administration. The US Congress agreed to give the president the authority to negotiate trade agreements that could be voted up or down by lawmakers, but not modified. Thursday's action drew quick praise from US business groups, which said the free-trade measures would be good for companies and the economy.
US revokes Boeing contracts
The Pentagon said Thursday it was revoking US$1 billion worth of contracts awarded to Boeing Co following allegations its employees stole trade secrets from a rival defense contractor. The contracts will be reassigned to one of Boeing's rivals, US Air Force Under Secretary Peter Teets told reporters. The move follows allegations that certain Boeing employees obtained proprietary information from competitor Lockheed Martin Corp during the bidding process for a 1998 contract to launch military satellites. "We are extremely disappointed by the circumstances that prompted our customer's action, but we understand the US Air Force's position that unethical behavior will not be tolerated," said Boeing chairman and chief executive officer Phil Condit in a statement.
HK's exports grow 14%
Hong Kong's exports last month surged 14.0 percent from a year earlier, picking up from the 13.6 percent rate reported for May as demand increased in East Asia and Europe, the government said yesterday. The territory's exports last month reached HK$142.3 billion (US$18.27 billion), the Census and Statistics Department said in a statement. Re-exports, or those trans-shipped through Hong Kong mostly from China, increased 16.5 percent to US$132.1 billion while locally made or domestic exports fell 10.4 percent to US$10.3 billion, it said. Imports rose 11.5 percent to US$146.4 billion last month to leave a visible trade deficit of US$4.0 billion. Export growth picked up again to double-digits on the back of a distinct increase in demand from China, Japan, South Korea, Taiwan and Indonesia. Exports to the EU likewise recorded faster growth last month but exports to the US dipped further, falling for the third month in a row.
FORCED LABOR: Customs officials have seized a 11.8 tonne shipment of products made from human hair on suspicion they were produced by people facing human rights abuses Federal authorities in New York City on Wednesday seized a shipment of weaves and other beauty accessories suspected to be made out of human hair taken from people locked inside a Chinese internment camp. US Customs and Border Protection (CPB) officials said that 11.8 tonnes of hair products worth an estimated US$800,000 were in the shipment. “The production of these goods constitutes a very serious human rights violation, and the detention order is intended to send a clear and direct message to all entities seeking to do business with the United States that illicit and inhumane practices will not be tolerated in
JUST QUESTIONS: Expelled reporter Ai Kezhu said that every member of Southeast Television had complied with the law and had not appeared on any talk shows Two Chinese reporters yesterday left Taiwan after the government revoked their accreditation and ordered them to leave amid a probe into allegations that several Chinese media outlets have set up studios and produced political talk shows in Taiwan. The two reporters — Ai Kezhu (艾珂竹) and Lu Qiang (盧薔) — worked for Fujian Province-based Southeast Television and arrived in Taiwan in December last year. The Mainland Affairs Council has launched an investigation after local media reported that Chinese broadcasters — including China Central Television, Southeast Television and FJTV — had set up studios in Taipei and produced political talk shows. Council Deputy Minister
UPTICK IN NUMBERS: The Taipei deputy mayor said the city has services to assist new immigrants, but has established an office specifically to help those from Hong Kong The Taiwan-Hong Kong Services and Exchanges Office today officially opens, where it is to provide humanitarian assistance to Hong Kongers, after Beijing yesterday passed a controversial national security law for the territory. President Tsai Ing-wen (蔡英文) expressed dismay over China’s passage of the law, saying that Beijing has broken its pledge to allow Hong Kong to maintain a high degree of autonomy for at least 50 years following its handover from the UK. “I feel extremely disappointed [about the law’s passage], which means China did not keep its promise to Hong Kong,” Tsai said in Taipei. Beijing’s “broken promise” also
‘SIGNAL TO ALLIES’: The US Navy’s exercises are not in response to those carried out by China, the commander of the strike group led by the USS ‘Ronald Reagan’ said Two US aircraft carriers were yesterday conducting exercises in the disputed South China Sea, the US Navy said as China also carried out military drills that have been criticized by the US Department of Defense and neighboring states. China and the US have accused each other of stoking tension in the waterway at a time of strained relations over everything from COVID-19 to trade to Hong Kong. The USS Nimitz and USS Ronald Reagan were carrying out operations and exercises in the South China Sea “to support a free and open Indo-Pacific,” the navy said in a statement. It did not say exactly