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LONDON (Reuters) - U.S. bank JPMorgan said it will exclude Huawei s dollar bonds from some its most influential investment indices from the end of next month, following the latest ratcheting up of U.S. sanctions on Chinese technology firms.
U.S. President Joe Biden s administration issued a new executive order https://www.federalregister.gov/documents/2021/06/07/2021-12019/addressing-the-threat-from-securities-investments-that-finance-certain-companies-of-the-peoples last week banning U.S. entities from buying or selling the publicly-traded securities of 59 Chinese companies with alleged ties to defense or surveillance. Huawei USD-denominated bonds will be excluded from J.P. Morgan fixed income indices (including the CEMBI and JACI families) since the issuing entities for these securities (Proven Glory Capital Ltd. and Proven Honour Capital Ltd.) are explicitly named and in scope of the Amended Order, JPMorgan said in a note to index users late on
Read more about Biden blocks 59 Chinese companies including Huawei in amended Trump order on Business Standard. Biden s position on Trump s order has been closely watched by Wall Street and Capitol Hill.
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