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Biden Blocks 59 Chinese Companies in Amended Trump Order
Bloomberg 2 hrs ago Jennifer Jacobs
(Bloomberg) President Joe Biden signed an order Thursday amending a ban on U.S. investment in Chinese companies begun under his predecessor, naming 59 firms with ties to China’s military or in the surveillance industry, including Huawei Technologies Co. and the country’s three biggest telecommunications companies.
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The ban on new investments will take effect Aug. 2 at 12:01 a.m. in New York, according to administration officials who briefed reporters on condition of anonymity. Investors will have one year to fully divest.
Biden’s order is largely a continuation of a policy issued by former President Donald Trump that was challenged in court and confused investors over the extent of its reach to subsidiaries of blocked companies. Biden’s position on Trump’s order has been closely watched by Wall Street and Capitol Hill, where lawmakers from
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Ex-boss of China s top defence firm Norinco under scanner for corruption
The central inspection team said that some senior officials have been abusing their powers for personal gains, providing unjustified convenience for their spouses, children, and relatives.
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BEIJING: China s top anti-graft watchdog said on Sunday that the former chief of one of the largest weapons manufacturers is under investigation for alleged graft, in one of the major corruption scandals in the country s defence manufacturing industry.
Yin Jiaxu, former Party secretary and chairman of the state-owned defence corporation China North Industries Group Corp (Norinco), the country s major manufacturer of weapon, is undergoing disciplinary review for suspected serious violations of discipline and the law, the Central Commission for Discipline Inspection (CCDI) said on Sunday.