Hong Kong extradition law could jeopardize special economic agreement with the US

Protesters occupy a main road and walkways during a rally against a proposed extradition law in Hong Kong, China, on June 12, 2019. Those “new arrangements,” according to the chamber, “will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations.” “What is practically worrying me is that Hong Kong always enjoyed a special trading status according to U.S. law, which is the U.S.- Hong Kong Policy Act, that separates Hong Kong from mainland


Protesters occupy a main road and walkways during a rally against a proposed extradition law in Hong Kong, China, on June 12, 2019. Those “new arrangements,” according to the chamber, “will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations.” “What is practically worrying me is that Hong Kong always enjoyed a special trading status according to U.S. law, which is the U.S.- Hong Kong Policy Act, that separates Hong Kong from mainland
Hong Kong extradition law could jeopardize special economic agreement with the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: grace shao
Keywords: news, cnbc, companies, special, hong, agreement, jeopardize, statement, proposed, law, economic, commerce, chamber, extradition, business, kong, china


Hong Kong extradition law could jeopardize special economic agreement with the US

Protesters occupy a main road and walkways during a rally against a proposed extradition law in Hong Kong, China, on June 12, 2019. Paul Yeung | Bloomberg | Getty Images

Protests against a proposed change to Hong Kong’s extradition policy continued on Thursday as several thousand protesters demonstrated in the streets — undeterred by the tear gas and rubber bullets police fired at them a day earlier. The mass political demonstration has already had an impact on business in the city. Local government offices in the city’s financial district have shut down for the rest of the week after several days of protest. For their part, major international banks including Standard Chartered, Bank of China and DBS said they had suspended branch services in the city’s central business district area until further notice. For many financial firms based in the Central district, it was business as usual — but many offered staff the option of working from home. Meanwhile, Hong Kong’s equity benchmark, the Heng Seng Index, slid 1.5% in early trade on Thursday, extending losses from Wednesday afternoon as tensions escalated. Beyond just the effects of this week, the mass political demonstration has raised long-term concerns about the future of doing business in the territory.

Concerns for the local business community

The Hong Kong General Chamber of Commerce released a statement in March indicating its distress about the city government’s proposal to allow extradition to several places — including mainland China — where it does not currently have obligations to send those accused of crimes. While such a system may not sound like a problem for companies, many have expressed concern that it will undermine Hong Kong’s rule of law, and subject those doing business in the city to Beijing’s whims. Those “new arrangements,” according to the chamber, “will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations.” Such an overt opposition surprised some because the American Chamber of Commerce, and the local business community more generally, tends to avoid direct statements criticizing mainland China and Hong Kong’s relationship. When asked for comment on the latest developments in the city, the Chamber of Commerce said Thursday it has nothing to add beyond its March statement. But not every business group is against the bill. In a statement released on Thursday, The Hong Kong General Chamber of Commerce said it agrees with the underlying principle of the extradition bill. However, it added, the large-scale demonstrations and protests show that the community still has serious apprehensions. “We sincerely urge the Government to continue to listen to stakeholders and engage in meaningful dialogue with the public,” Aron Harilela, HKGCC chairman, said in the statement. Still, it’s significant that some businesses are speaking out against the extradition changes. Joseph Cheng, co-founder of Power for Democracy, a pro-democracy political group based in Hong Kong, said the American Chamber of Commerce adopting “a public position against the Chinese authorities” is not only “rare,” but also very “significant” for the local business community. That sentiment was echoed by Ho-Fung Hung, a professor in political economy at Johns Hopkins University. Speaking with CNBC’s “Street Signs” on Thursday, he said an amendment to the extradition policy could jeopardize not only the territory’s reputation as a financial center but also its special economic status with Washington. “What is practically worrying me is that Hong Kong always enjoyed a special trading status according to U.S. law, which is the U.S.- Hong Kong Policy Act, that separates Hong Kong from mainland China in many economic and diplomatic issues,” he said. For one, U.S. Speaker of the House Nancy Pelosi suggested that Hong Kong may, if the extradition changes are made official, no longer be “sufficiently autonomous” to justify a special trade arrangement between the territory and the United States. What makes Hong Kong companies different from Chinese companies, he added, is that they have more access to U.S. and other countries’ markets due to the special agreement.

International responses to the protests

The demonstration has attracted international attention.The European Union said in a statement that it shared many of the concerns raised by citizens of Hong Kong regarding the proposed extradition reforms and called for an in-depth inclusive public consultation to move forward. “This is a sensitive issue, with potentially far-reaching consequences for Hong Kong and its people, for EU and foreign citizens, as well as for business confidence in Hong Kong,” it said.

Protesters cheer and make way for other demonstrators pushing a ladder cart outside the Legislative Council during a protest against a proposed extradition law in Hong Kong, China, on June 12, 2019. Bloomberg | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: grace shao
Keywords: news, cnbc, companies, special, hong, agreement, jeopardize, statement, proposed, law, economic, commerce, chamber, extradition, business, kong, china


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Protests against Kazakhstan’s presidential election lead to violence in the capital

Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty. About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years. As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent i


Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty. About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years. As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent i
Protests against Kazakhstan’s presidential election lead to violence in the capital Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: grace shao
Keywords: news, cnbc, companies, nearly, protests, protest, violence, capital, reported, bbc, largest, election, country, kazakhstans, jomarttokayev, lead, demonstration, yearsas, presidential, nursultan


Protests against Kazakhstan's presidential election lead to violence in the capital

Kazakhstan’s first president, Nursultan Nazarbayev, has stepped down after a nearly three-decade-long tenure.

His successor, Kassym Jomart-Tokayev, confirmed his position after taking nearly 71% of the vote in Sunday’s election against six other government-approved candidates, according to Foreign Policy. His closest opposition candidate trailed behind with 16.2%.

Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty.

About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years.

As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent in Nur-Sultan reported people being dragged onto buses by riot police. Many journalists were also detained covering the protest, while social media platforms such as Facebook and Telegram were reportedly inaccessible in the country during that time.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: grace shao
Keywords: news, cnbc, companies, nearly, protests, protest, violence, capital, reported, bbc, largest, election, country, kazakhstans, jomarttokayev, lead, demonstration, yearsas, presidential, nursultan


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French Finance Minister Le Maire: ‘A trade war would mean an economic crisis all over the world, and especially in Europe’

In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. “We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said. “I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford. Le Maire isn’t the only European official concerned about the trade tensions. Le Maire said tha


In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. “We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said. “I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford. Le Maire isn’t the only European official concerned about the trade tensions. Le Maire said tha
French Finance Minister Le Maire: ‘A trade war would mean an economic crisis all over the world, and especially in Europe’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: grace shao
Keywords: news, cnbc, companies, finance, war, mean, tensions, china, economy, le, trade, meeting, maire, minister, french, europe, world


French Finance Minister Le Maire: 'A trade war would mean an economic crisis all over the world, and especially in Europe'

If trade tensions between the U.S. and China continue to escalate, that may have a “direct and very negative impact all over the world, especially Europe and the Eurozone, ” according to French Finance and Economy Minister Bruno Le Maire.

In fact, Le Maire said the tariffs battle, which kicked off last year, has already reached beyond the world’s two largest economies. Speaking with CNBC over the weekend at the G-20 Finance Ministers Meeting in Fukuoka, Japan, he said Europe is already performing worse than it otherwise would because of the ongoing U.S.-China trade war.

He pointed, in particular, to the French and German economies as examples of those caught in the crossfire.

“We do not have the growth figures we should have because of the trade tensions between the U.S. and China,” Le Marie said.

“I want to be very clear, a trade war would mean an economic crisis all over the world, and especially in Europe,” he told CNBC’s Nancy Hungerford.

Le Maire isn’t the only European official concerned about the trade tensions. Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, expressed the same sentiment.

“We are of course concerned by the trade tensions (between the U.S. and China) … because we are the most open economy in the world,” said Moscovici. “That’s why we are so attached and it is one of our values to free economy, to open economy, to free trade, to multilateralism, that’s why we’re so reluctant against protectionism.”

Moscovici emphasized, “The trade tensions is the worst threat to the world economy.”

Le Maire said that, during a recent meeting with U.S. Treasury Secretary Steven Mnuchin, the American official suggested he wants to avoid escalating the trade war. That will depend, however, on the results of the highly anticipated meeting between Chinese President Xi Jinping and U.S. President Donald Trump later this month.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: grace shao
Keywords: news, cnbc, companies, finance, war, mean, tensions, china, economy, le, trade, meeting, maire, minister, french, europe, world


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