Connect with us

Business

Trump administration considers putting Tencent and Alibaba on ‘blacklist’

Published

on

According to a Reuters report on the 7th, with less than two weeks remaining in office, the Trump administration in the United States is still considering listing two Chinese companies, Alibaba and Tencent, in the so-called “owned or controlled by Chinese military” List.

On January 6, two anonymous people familiar with the matter revealed that the Ministry of Defense officials responsible for overseeing the blacklist development had not finalized the plan and were in a private discussion stage. In addition to Alibaba and Tencent, other Chinese companies are also considering blacklisting plans.

The two companies did not respond to requests for comment. According to Reuters, the blacklisting of the two companies with the highest market value in Asia (with a total market value of approximately US$1.3 trillion) is the most striking step in Trump’s series of measures against Chinese companies.

But after the news came out, some international investors expressed doubts about whether the US government can impose long-term restrictions on Tencent and Alibaba. They believe that considering the market value of the two companies and the shares held by American investors, once the US government takes long-term measures, the US stock market may suffer a double blow to reputation and finance.

Thomas Caldwell, chairman of Canada’s Caldwell Investment Management Company and an investor in the New York Stock Exchange, said: “This is a very bad policy. Asia has sufficient funds and its influence is becoming greater and greater. , These companies should not be forced to leave the United States. Funds and markets should remain neutral.”

On November 12 last year, U.S. President Trump violated market principles and brutally suppressed Chinese companies, and ordered that U.S. investors be prohibited from investing in companies that are “related to the Chinese military.” So far, the US Department of Defense has blacklisted 35 Chinese companies, including SMIC and CNOOC.

Under pressure from the Trump administration, major global index issuers, including S&P Dow Jones Indices, FTSE Russell, and MSCI, have successively removed the stocks and securities of many Chinese companies from the list.

The New York Stock Exchange announced on December 31 last year that it plans to delist and delist China’s three major telecom operators (China Mobile, China Unicom, and China Telecom). Since then, the NYSE has changed its face twice in three days: On January 4, the exchange announced that it would no longer require delisting; however, under pressure from the US Treasury Secretary, it said on the 6th that it would resume its original plan.

In addition, the Trump administration has always regarded Tencent and Alibaba as “nails in the eye” and has repeatedly attempted to suppress them on the grounds of “national security”. On January 5, Trump signed an executive order banning transactions with eight Chinese apps including Alipay and WeChat Pay.

Continue Reading
Advertisement
Click to comment
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Business

The hotel industry in Greece is experiencing a cold winter, and the total hotel business last year fell 78% year-on-year

Published

on

Affected by the new crown pneumonia epidemic, the Greek hotel industry suffered heavy losses. The reporter recently visited several hotels randomly on the streets of Athens, most of which were closed. Some hotels that are still reluctantly operating are sluggish.

According to a recent report issued by the Greek Tourism Forecast and Research Institute, the total business volume of hotels in Greece in 2020 will be 1.831 billion euros, which is a 78% drop compared with 8.357 billion euros in 2019. Of the 3,965 hotels operating throughout the year, only 59% (2328) chose to reopen after Greece’s first total blockade in 2020, and 63% of the reopened hotels were forced to reopen before the end of 2020. As of the end of 2020, only 863 hotels in Greece remain in operation throughout the year, accounting for 22% of the total.

Although the Greek government has introduced financial incentives and subsidies to support the hotel industry, Alexandros Vasilikos, chairman of the Hellenic Hotel Association, pointed out that the Greek hotel industry will face many uncertainties and risks in 2021. He emphasized that continuing to strengthen liquidity is what the hotel industry urgently needs to do at present. This is not only related to the interests of the industry itself and employees, but also related to the interests of the Greek national economy and related supporting industries.

Continue Reading

Business

Iron ore giant Vale has started divesting its coal business after announcing the carbon-neutral plan

Published

on

On January 20, the global iron ore giant Vale of Brazil announced that the company and Mitsui & Co., Ltd. (hereinafter referred to as “Mitsui”) signed an agreement of intent on the same day. According to the agreement, the two parties will orderly promote Mitsui’s Moatize coal mine and the Nacala logistics corridor withdrew.

It is worth noting that this is also the first step Vale has taken to spin off its coal business.

The agreement determined the main terms for Vale to acquire Mitsui’s 15% stake in Moatize Coal Mine, 50% of its stake in the Nacala Logistics Corridor, and all other minority credit bonds. According to the intentional agreement, Vale will acquire Mitsui’s shares in the Moatize Coal Mine and the Nacala Logistics Corridor at a price of US$1.00 per share.

In the past 15 years, Vale has cooperated with the governments of Mozambique and Malawi to mine the Moatize coal mine and develop the 912-kilometer-long Nacala logistics corridor to serve coal transportation.

The goal of both parties is to complete the acquisition in 2021, and the specific completion time depends on the determination of the final agreement and the realization of the prerequisites for the acquisition. After the transaction is completed, Vale will merge the Nacala logistics corridor entity and all its assets and liabilities, including the Nacala financing project, which has an outstanding balance of approximately US$2.5 billion.

Vale said that after acquiring Mitsui’s shares and simplifying the governance structure and asset management process, Vale will start the divestiture of its coal business. By then, Vale will maintain the operations of the Moatize Coal Mine and the Nacala logistics corridor. , Looking for third parties interested in these assets.

Vale stated that it will continue to support the project to reach production capacity while it is diligently looking for investors in the coal business. It said that the two ongoing initiatives at the Moatize Coal Mine will bring sustainable results, including a new mining plan and a new operating strategy for the coal processing plant. The new mining plan calls for prioritizing the mining of ore bodies with better quality and higher stripping ratios in order to improve the quality of the product portfolio while reducing costs.

According to reports, the two existing concentrators at Moatize Coal Mine will restart operations and adopt a new process that has been implemented since November 2020. After the full implementation of the new process, Vale expects that the concentrator will continue to reach production, and its production and operation rates in the second half of 2021 and 2022 are expected to reach 15 million tons/year and 18 million tons/year respectively.

Vale emphasized that as the first step for Vale to divest its coal business, the signing of this intentional agreement is in line with the company’s capital allocation principles and the goal of simplifying its product portfolio while strengthening its commitment to the Paris Agreement.

It is worth mentioning that previously, on May 12, 2020, Vale announced that it would invest at least US$2 billion to achieve a direct and indirect absolute emission reduction of 33% by the end of 2030. Vale also plans to achieve carbon neutrality by 2050 through this plan.

Headquartered in Rio de Janeiro, Brazil, Vale has operations on five continents and is the world’s largest producer of iron ore and pellets and the largest producer of nickel metal. Vale operates a large-scale logistics system in Brazil and other parts of the world, including railways, shipping terminals, and ports, and also has a logistics center to support the global distribution of iron ore.

Continue Reading

Business

California Disney refunds annual card users, and Paris Disney’s re-opening date is delayed by 48 days

Published

on

Recently, according to information released by the Disney Company, Ken Potrock, President of Disneyland Resort (California Disney Resort), said in a statement that due to the ongoing uncertainty of the new coronavirus epidemic and the false news of the reopening of the California Disney Resort, Appropriate refunds will be made for eligible California Disney Resort annual card users, and the current (annual card) plan will be canceled.

It can be seen that due to the impact of the US epidemic, the California Disney Resort has been unable to reopen for a long time. Prior to this, California Disneyland has been “working hard” for the reopening.

On October 21st last year, Disneyland in California announced through the Disney Company: “We have proven that we can responsibly reopen under the science-based health and safety measures that are strictly enforced in theme parks around the world. However. , California continues to ignore this fact and instead requires the state government to know the guidelines that do not work. This makes the standards we meet very different from those of other reopened businesses and state-run facilities. We hope that, together with the union, Let people return to work, but these state government guidelines will keep us closed for the foreseeable future, forcing thousands of people to lose their jobs, cause small family businesses to inevitably close down, and cause damage to Southern California communities Irreparable destruction.”

But in the comments on the news on Twitter, most people believed that under the current conditions, the park should not be reopened.

Up to now, of the six Disney parks in the world, only Shanghai Disneyland, Tokyo Disneyland, and Orlando Disneyland in the United States are open. In addition to Disneyland in California, Hong Kong Disneyland and Disneyland Paris are also closed.

On December 1, 2020, Hong Kong Disneyland Resort announced that in response to the government’s request and in line with the current epidemic prevention measures taken by Hong Kong, Hong Kong Disneyland will be temporarily closed from December 2. Hong Kong Disneyland Resort will maintain close contact with the Hong Kong government and health authorities and will announce the reopening date depending on the situation. This is the third time Hong Kong Disneyland has closed the park since the outbreak of the new coronavirus in 2020.

In addition, Disneyland Paris has also been closed twice.

On October 29, 2020, Disneyland Paris has closed again after reopening on July 15. According to news from the official website of Disneyland Paris, in order to celebrate the Christmas holiday, Disneyland Paris will accept reservations from December 19, 2020, to January 3, 2021, and hopes to open it according to the prevailing situation and government guidance. From January 4th to February 12th, Disneyland Paris will be closed.

But for now, Disney Paris may not be able to reopen as scheduled on February 13.

On January 18th, local time in France, the updated message of Disneyland Paris said: “If conditions permit, we will reopen Disneyland Paris on April 2, 2021, and accept reservations from that date.”

Continue Reading

Trending

Exit mobile version