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Hours after Joe Biden was sworn in as the 46th president of the United States, China’s three telecommunications companies filed requests with the New York Stock Exchange (NYSE) to review their delistings, seeking to reverse the November 2020 executive order by Donald Trump to expel them.China Mobile, China Telecom and China Unicom said they asked for the trading suspension and delisting of their American depositary shares (ADSs) to be reversed while their review request is being considered. Under NYSE rules, a review must be scheduled at least 25 business days after receiving request.“Investors are cautioned that there is no assurance that the company’s review request ad stay request will be successful,” according to a statement by China Mobile to the Hong Kong stock exchange, the primary market where shares of the world’s largest mobile phone network are traded.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.The NYSE first announced the delisting plan on New Year’s Day, in an unprecedented step to remove the ADSs of the three Chinese companies to comply with the Trump administration order that bars Americans from trading in companies with ties to China’s military. All three companies are state-owned entities managed by government-appointed managers.Shares of the three telecoms companies fell amid a declining market in Hong Kong after their filing. China Telecom retraced 1.7 per cent to HK$2.29 after rising by as much as 1.7 per cent. China Mobile slipped by 0.1 per cent to HK$48.95, retuning its earlier 1.5 per cent intraday gain, while the shares of Unicom lost 1.8 per cent to HK$4.88.Trump signed an executive order on November 12 that barred American investors from owning or trading shares of 44 companies that the US claims are owned or controlled by the Chinese military. It was one of a series of moves in the waning days of his administration to limit access by Chinese companies to American capital markets and technology.American investors, including pension funds and university endowments, have until November 11 this year to divest their holdings in any designated Chinese military companies following the executive order last November.The NYSE reversed itself several times ahead of the January 11 deadline as it sought additional guidance from regulators. The exchange said it would not delist the ADSs on January 5, only to make an about turn a day later.The NYSE did not immediately respond to a request for comment outside of US business hours.Biden is expected to take a less combative approach in US-China relations, which have deteriorated to their lowest point in decades during the course of Trump’s tenure, which included a trade war and a range of disputes in everything from the origins of the Covid-19 pandemic to currency values and technology. China’s parting gift to the outgoing Trump administration officials was to sanction 28 of them including former US Secretary of State Mike Pompeo.There is likely to be a “softer tone” between Washington and Beijing following Biden’s inauguration, said Stephen Schwarzman, the chief executive of private equity giant Blackstone Group and a Trump supporter.“To not have these two countries working in a cooperative fashion seems exceptionally odd and unproductive for the citizens of both of their countries,” Schwarzman said in a discussion at the Asian Financial Forum on Tuesday.“It will take some time. In areas like climate, health, terrorism, as well as some economic issues, there’s substantial overlap in the interests of these countries and the interests of the world,” he added. “I expect to see much less tension. It would be hard to imagine escalating tension from here, frankly.”Since their delistings, the telecoms companies’ shares have soared in Hong Kong and the city’s main benchmark hovered near 30,000 as mainland investors rushed to invest in Hong Kong stocks. Mainland funds spent HK$205.6 billion (US$26.5 billion) on Hong Kong stocks in the new year through Wednesday, according to Bloomberg data.The three Chinese telecoms companies listed their ADSs in New York following their initial public offerings in Hong Kong, giving US-based and European investors access to trade their equities during US market hours.China Mobile was among the first so-called red-chip companies to list in New York in 1997, joined by China Unicom in 2000 and China Telecom in 2002.Their stocks were lightly traded in New York before their delisting and their US investors only accounted for between 5 per cent and no more than 12 per cent of their outstanding shares.The ADSs also were fungible with their H-shares in Hong Kong, which means they could be exchanged for their counterparts, providing an exit option for investors ahead of the delisting.More from South China Morning Post: * China securities regulator says NYSE delistings ‘politically motivated’, will have ‘limited’ impact * China’s big telcos lose another US$1.5 billion of market value in sell-off on NYSE delisting plan despite late rebound * Hang Seng Index falls after NYSE moves to delist Chinese telecoms firms and US officials weigh Alibaba, Tencent ban * Hong Kong stocks greet 2021 with tech rally, China’s big telcos pare losses triggered by NYSE delistingThis article China Telecom, China Mobile and Unicom apply to New York Stock Exchange to reverse delistings ordered by Donald Trump first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
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The head of France's main Muslim organisation on Thursday slammed a "unilateral" move by three Islamic groups not to sign up to an anti-extremism charter championed by President Emmanuel Macron.
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As China battles a new spike of Covid-19 infections, stringent pandemic precautions for visitors to the country’s rural areas over Lunar New Year have drawn criticism online.The National Health Commission announced late on Wednesday that people returning to rural areas from other provinces over the holiday would have to produce a negative Covid-19 test taken within seven days and undergo 14 days of “health monitoring” at their rural home.“Sporadic and cluster outbreaks in rural areas have markedly increased this winter, which has severely affected the normal order of life and production,” the commission said in a notice on its website after social media users complained about the inconvenience.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.“The pandemic control and prevention capacity is weak in rural areas. Great numbers of people are expected to be travelling during Lunar New Year, increasing the transmission risk and making prevention and control even harder,” the commission said.Amid the biggest wave of new infections since March, millions of residents in Hebei province surrounding Beijing and in the northeastern provinces of Jilin and Heilongjiang have been put into lockdown in recent weeks.In all, 144 new cases were reported on Wednesday, marking the highest number of daily infections since March 1, although this still remains a fraction of what China saw during the height of the epidemic last winter.Among them, 126 cases were new locally transmitted cases, with 68 in Heilongjiang, 33 in Jilin, 20 in Hebei, two in Beijing, two in Shanxi and one in Shandong. China also reported 97 local asymptomatic carriers, which are not included in the official tally.Roughly 2,400 people are in hospital or under medical observation across the nation, according to the health authorities.To try to reduce the chance of transmission, the Chinese government has been advising people to stay put, especially for Lunar New Year, a traditional family holiday which falls on February 12.However, China’s railway authorities still expect some 296 million train journeys to be taken from January 28 to March 8 during what is known as chunyun, or the Spring Festival travel rush.By Thursday noon, the social media platform for Communist Party mouthpiece People’s Daily had more than 8,000 reposts of an article on the rural restrictions and 44,000 comments, many of which were complaints.“I have three questions,” one user said in a popular post. “First, everyone has a health QR code as a proof of our health status. Why do we need a Covid-19 test result? Second, China categorises the country into three transmission risk zones: high, medium and low. Why should people from low-risk zones have a test? Last but not least, why does the policy only target people going to rural areas? Is it discrimination against migrant workers?” Coronavirus: is China ready for the mRNA vaccine revolution?Most of China’s 280 million rural migrant workers usually travel home to their villages at this time of year.Zhou Wei, a migrant worker in Beijing, said he was dismayed learning about the measures and planned to cancel his trip home to Henan province.“I had a tough year finding odd jobs in Beijing last year. A nucleic acid test costs around 100 yuan (US$15.50), which is not a small amount of money,” Zhou said. “Even if I return to my hometown, the 14-day health monitoring period will deprive me of all the joys of the festival. Our village party secretary is always strict. I bet he would not allow me to move as I please.” Coronavirus in China: residents of five Beijing neighbourhoods told to stay homeAccording to health authorities, people should “avoid unnecessary gathering or going outside” and must take a Covid-19 test every seven days during their rural stays. Local party committees are responsible for monitoring the temperature of visitors daily.People who work with imported cold chain products and quarantine facility workers, among other groups, must have a test before making a trip, even if it is within the same province.For mainland people going to urban areas during the period, it is up to authorities in the destination to decide what kind of precautions are needed.More from South China Morning Post: * 15 million people given Covid-19 vaccines in China as Spring Festival nears * Coronavirus: China grapples with ‘mini Wuhan’ as cases rise in the north * Coronavirus in China: residents of five Beijing neighbourhoods told to stay home * Wuhan mayor to step down, a year after he came under fire over coronavirus response * Coronavirus: Chinese local authorities step up efforts to convince migrant workers to stay put over Lunar New YearThis article Coronavirus: Chinese travellers chafe at tough rural Lunar New Year restrictions first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
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The three companies entered into a Memorandum of Understanding to create better connectivity between China and UkraineA China-Ukraine transport corridor will bring European customers closer to businesses in Asia SHANGHAI, CHINA - Media OutReach - 21 January 2021 - DHL Global Forwarding ("DHL"), the international freight specialist arm of Deutsche Post DHL Group, Ukrainian Railways, and the Center of Transport Service Liski (CTS Liski), the logistics division of Ukrainian Railways, signed a Memorandum of Understanding (MOU) to develop rail connectivity between China and Ukraine. The three companies will endeavor to create better connectivity between the two continents to facilitate trade, namely from Asia via China to Ukraine and other European markets, and from Europe via Ukraine to China and other Asian markets. "There is a lot of excitement for those watching trade developments between China and Ukraine. Further to China's newly-established position as Ukraine's top trading partner, recent reports have revealed Ukraine's plans to start negotiations on a free trade agreement with China. I am convinced that this partnership to create rail connectivity will expand trade flows between businesses in Asia and Europe when it comes into fruition and in turn, contribute toward the deepening of trade ties between the two countries," said Steve Huang, CEO, DHL Global Forwarding Greater China. With a population of 40 million, Ukraine is one of the largest European countries by population. The Eastern European country is strategically located at the crossroads of the Belt and Road between Russia and Turkey, with access to the Black Sea and the Sea of Azov. The enhanced rail connection would provide Asian businesses access to the Baltic States, Belarus, and the Nordic countries. Goods from neighboring countries can be consolidated in Kiev, the capital of Ukirane and sent by rail to China for onward dispatch to various Asian markets using either air or road freight. "The memorandum between Ukrainian Railways and DHL provides for the organization of container trains, attraction of additional cargo and the geography expansion of transportation. In fact, this is a new level of cooperation and a completely different operating level of CTS Liski," said Volodymyr Zhmak, Chairman of the Management Board of Ukrainian Railways. Ukraine's trade with Asia is on the rise. China, Ukraine's top agricultural importer, consumed USD1.41 billion worth of agricultural products in the first half of 2020, and ASEAN countries have seen their imports of Ukrainian goods increase by 48% since 2016. "This collaboration is the mark of a momentous milestone for the China-Ukraine rail corridor. We look forward to working with DHL and Ukrainian Railways to develop and speed up containerized rail freight between China and Europe, particularly Eastern Europe, and the inter-regional trade opportunities that this will bring businesses in Ukraine and our neighbors," said Edvins Berzins, CEO of CTS Liski. Snapshot: DHL Global Forwarding's Multimodal Freight Network along China's Belt and Road Initiative As the pioneer in innovative multimodal shipping solutions from China to Europe, DHL has been offering a suite of innovative and flexible multimodal solutions since 2010, which connects Chinese mainland, Taiwan China, Japan and Southeast Asia to Europe. West Corridor: Fastest connection between Europe, and new emerging inland Chinese hubs of Chengdu and Xi'an among others; supporting high-tech, automotive, and retail manufacturers located in Western China with cost-effective access into European marketsNorth Corridor: From China's Eastern & Southern coast via Trans-Siberian Railway to Moscow, and further to Poland and Germany; it connects China's engineering and manufacturing hubs in Yangtze & Pearl River deltas to pan-European demand in 18-20 daysSouth Corridor: Traverses three Central Asian countries -- Kazakhstan, Azerbaijan, and Georgia -- as well as Caspian Sea before arriving at Istanbul in 12-14 daysSea transit: Connecting Japan, Korea and Taiwan China to Chinese mainland via ferry services, for onward journey to Europe; as well as Shanghai to Europe via Piraeus, GreeceRoad connection: linking manufacturing base in Vietnam, and South East Asia to Europe Note to editors: Relations between China and Ukraine are flourishing, and DHL is supporting this growing partnership by establishing better rail connectivity between Europe and Asia. Read about it and download infographics here. DHL -- The logistics company for the worldDHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 63 billion euros in 2019. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.
Indulge in leisurely high tea buffets in Singapore with these credit card deals that make time with loved ones — or yourself — even sweeter. We’re now in 2021, and it’s an understatement to say that we’ve been through a year of challenges. It’s time to […] The post High Tea Promotions In Singapore (2021) appeared first on SingSaver Blog - We Compare, You Save.
Facebook on Thursday said it is asking its independent experts to rule on whether former president Donald Trump's suspension for "fomenting insurrection" should stand.
EU leaders on Thursday "strongly discouraged" Europeans from non-essential travel and warned tougher restrictions on trips could come within days if efforts to curb the coronavirus fell short.
Russian authorities on Thursday detained five aides of jailed opposition politician Alexei Navalny and warned social media platforms against spreading online calls to stage weekend protests.
