Former Canadian diplomat detained in China

A former Canadian diplomat has been detained in China, two sources said on Tuesday, and his current employer, the International Crisis Group, said it was seeking his prompt and safe release. “International Crisis Group is aware of reports that its North East Asia Senior Adviser, Michael Kovrig, has been detained in China,” the think-tank said in a statement. China’s Foreign Ministry and Ministry of Public Security did not respond immediately to questions faxed earlier about Kovrig’s detention. K


A former Canadian diplomat has been detained in China, two sources said on Tuesday, and his current employer, the International Crisis Group, said it was seeking his prompt and safe release. “International Crisis Group is aware of reports that its North East Asia Senior Adviser, Michael Kovrig, has been detained in China,” the think-tank said in a statement. China’s Foreign Ministry and Ministry of Public Security did not respond immediately to questions faxed earlier about Kovrig’s detention. K
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Company: cnbc, Activity: cnbc, Date: 2018-12-11
Keywords: news, cnbc, companies, group, canadian, foreign, immediately, ministry, china, crisis, safe, huawei, prompt, international, detained, diplomat, kovrigs


Former Canadian diplomat detained in China

A former Canadian diplomat has been detained in China, two sources said on Tuesday, and his current employer, the International Crisis Group, said it was seeking his prompt and safe release.

Michael Kovrig’s detention comes after police in Canada arrested the chief financial officer of China’s Huawei Technologies on Dec. 1 at the request of U.S. authorities, a move that infuriated Beijing.

It was not immediately clear if the cases were related, but the arrest of Huawei CFO Meng Wanzhou in Vancouver has stoked fears of reprisals against the foreign business community in China.

“International Crisis Group is aware of reports that its North East Asia Senior Adviser, Michael Kovrig, has been detained in China,” the think-tank said in a statement.

“We are doing everything possible to secure additional information on Michael’s whereabouts as well as his prompt and safe release,” it added.

China’s Foreign Ministry and Ministry of Public Security did not respond immediately to questions faxed earlier about Kovrig’s detention.

The exact reason for the detention was not immediately clear.

The Canadian embassy declined to comment, referring queries to Ottawa.

Calls to Kovrig’s phones were not answered.

Kovrig, a Mandarin speaker, has been working as a full-time expert for the International Crisis Group since February 2017.

From 2003 to 2016, he worked as a diplomat with stints in Beijing and Hong Kong, among others, according to his profile on LinkedIn.


Company: cnbc, Activity: cnbc, Date: 2018-12-11
Keywords: news, cnbc, companies, group, canadian, foreign, immediately, ministry, china, crisis, safe, huawei, prompt, international, detained, diplomat, kovrigs


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Five US Marines missing after aircraft crash into sea off Japan

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns. The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast. The two aircraft


Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns. The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast. The two aircraft
Five US Marines missing after aircraft crash into sea off Japan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: chung sung-jun, getty images news, getty images
Keywords: news, cnbc, companies, marine, condition, incident, crash, marines, sea, military, japan, aircraft, ministry, corps, japanese, missing, occurred


Five US Marines missing after aircraft crash into sea off Japan

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong.

Japan’s defense ministry said its maritime forces had so far found two of the seven Marines who were aboard the aircraft — an F/A-18 Hornet fighter jet and KC-130 Hercules — at the time of the incident.

One was in a stable condition at Marine Corps Air Station Iwakuni, while the second had been found about 10 hours after the collision and brought aboard a Japanese military vessel, the ministry said. No other details about the second Marine were known, a ministry spokesman said.

Search and rescue efforts for the remaining five continued.

The incident adds to a growing list of U.S. military aviation accidents around the world in recent years, prompting hearings in Congress to address the rise.

The Military Times reported earlier this year that aviation accidents jumped nearly 40 percent from fiscal years 2013 to 2017. At least 133 service members were killed in those incidents, it said.

U.S. military accidents are a sensitive topic in Japan, particularly for residents of the southern prefecture of Okinawa, which is home to the bulk of the U.S. presence in the country. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns.

“The incident is regrettable, but our focus at the moment is on search and rescue,” Japanese Defense Minister Takeshi Iwaya told a news conference. “Japan will respond appropriately once the details of the incident are uncovered.”

The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast.

The two aircraft had launched from Marine Corps Air Station Iwakuni and were conducting regular training when there was a “mishap,” the Marine Corps said.

The Marine Corps did not elaborate on the nature of the incident. A U.S. official, speaking on condition of anonymity, said it occurred during a refueling exercise.

Officials who spoke to Reuters on condition of anonymity were unsure precisely how the mishap occurred but none suspected foul play. An investigation has begun.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: chung sung-jun, getty images news, getty images
Keywords: news, cnbc, companies, marine, condition, incident, crash, marines, sea, military, japan, aircraft, ministry, corps, japanese, missing, occurred


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Asian stocks stumble, following Wall Street plunge

Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war. The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five m


Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war. The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five m
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Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, xi, composite, asian, ministry, morning, stocks, stumble, index, economic, chinas, wall, worried, street, plunge, services, following


Asian stocks stumble, following Wall Street plunge

Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war.

The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Shanghai composite declined 0.21 percent while the Shenzhen composite was largely flat.

The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five months — as compared to 50.8 in October.

Earlier in the day, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump and Chinese President Xi Jinping was successful. The ministry also said the two countries will push ahead with negotiations within 90 days, and Beijing will work to address issues agreed upon as quickly as possible.

Meanwhile, the Hang Seng index in Hong Kong also fell by 1.54 percent. Shares of vehicle maker Baic Motor dropped 9.29 percent following a Bloomberg report that Germany’s Daimler is considering increasing its stake in its joint venture with the Chinese firm.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, xi, composite, asian, ministry, morning, stocks, stumble, index, economic, chinas, wall, worried, street, plunge, services, following


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Chinese government orders fishing boats to behave during G-20 summit

Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend. The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it said. Offshore fishing companies should


Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend. The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it said. Offshore fishing companies should
Chinese government orders fishing boats to behave during G-20 summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: nyshka chandran, vcg vcg via getty images
Keywords: news, cnbc, companies, fishing, ministry, violations, offshore, orders, chinese, g20, summit, statement, international, image, marine, boats, notice, behave


Chinese government orders fishing boats to behave during G-20 summit

Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend.

The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it said.

These measures are designed to protect China’s image as a responsible great power and prevent any violations of foreign laws during the G-20, the ministry said.

Vessels entering the exclusive zone of another country must notify that nation and follow the principles of harmless navigation, according to the statement. Offshore fishing companies should also monitor the movement of their boats 24 hours a day and verify that each one operates in strict accordance with the law, the notice continued.

China’s maritime image has been called into question in recent years. The world’s second largest economy has engaged in aggressive behavior in international waterways such as the South China Sea while several Chinese ships have been implicated in illegal fishing abroad.

Last year, a Chinese ship in the Galapagos National Park — a marine sanctuary where industrial fishing is banned — was found with more than 6,000 sharks in what was deemed a huge blow to international marine conservation.

The country is also frequently accused of over-fishing within its territorial waters. Since 1994, China has exceeded its annual catch allowance every year, according to Greenpeace East Asia.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: nyshka chandran, vcg vcg via getty images
Keywords: news, cnbc, companies, fishing, ministry, violations, offshore, orders, chinese, g20, summit, statement, international, image, marine, boats, notice, behave


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China fines executives from ride-hailing giant Didi Chuxing in crackdown on illegal practices

Chinese authorities announced a broad crackdown on China’s ride-hailing industry on Wednesday, targeting market-leader Didi Chuxing with fines following the deaths of two passengers in separate incidents earlier this year. China’s Ministry of Transport said Didi had violated multiple safety rules, presenting a “major safety hazard”, including failing to properly flag high-risk drivers and improperly handling deposits. The company’s management of people and vehicles is out of control,” said the m


Chinese authorities announced a broad crackdown on China’s ride-hailing industry on Wednesday, targeting market-leader Didi Chuxing with fines following the deaths of two passengers in separate incidents earlier this year. China’s Ministry of Transport said Didi had violated multiple safety rules, presenting a “major safety hazard”, including failing to properly flag high-risk drivers and improperly handling deposits. The company’s management of people and vehicles is out of control,” said the m
China fines executives from ride-hailing giant Didi Chuxing in crackdown on illegal practices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: didi chuxing
Keywords: news, cnbc, companies, ridehailing, safety, didis, separate, giant, executives, chuxing, practices, crackdown, drivers, earlier, ministry, incidents, illegal, china, yearchinas, fines, didi


China fines executives from ride-hailing giant Didi Chuxing in crackdown on illegal practices

Chinese authorities announced a broad crackdown on China’s ride-hailing industry on Wednesday, targeting market-leader Didi Chuxing with fines following the deaths of two passengers in separate incidents earlier this year.

China’s Ministry of Transport said Didi had violated multiple safety rules, presenting a “major safety hazard”, including failing to properly flag high-risk drivers and improperly handling deposits.

“The driver’s qualifications and background checks are not in place. The company’s management of people and vehicles is out of control,” said the ministry in a notice posted on Wednesday morning.

It said it will “severely crack down” on ride-hailing platforms hiring illegal drivers, and will fine Didi’s executives and legal representatives an undisclosed amount of money.

The strong rebuke comes after two women were assaulted and killed earlier this year in separate incidents involving drivers using Didi’s carpool service, Didi Hitch, drawing widespread criticism of the company on social media.

In one of the incidents, the driver was able to circumvent safety controls on Didi’s app to use a relative’s account, despite being previously flagged for harassment.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: didi chuxing
Keywords: news, cnbc, companies, ridehailing, safety, didis, separate, giant, executives, chuxing, practices, crackdown, drivers, earlier, ministry, incidents, illegal, china, yearchinas, fines, didi


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China’s local government debt sales is reaching annual limit amid greater fiscal support

Outstanding local government debt reached 18.4 trillion yuan at end-October, the ministry added. China has capped outstanding local government debt issuance at 21 trillion yuan for 2018. In October, China’s local governments issued 256 billion yuan ($36.94 billion) in debt, according to the ministry, down from 748.5 billion yuan in September and was the lowest since March. Outstanding local government special bonds reached 7.48 trillion yuan at end-October. Local government debt swaps reached 14


Outstanding local government debt reached 18.4 trillion yuan at end-October, the ministry added. China has capped outstanding local government debt issuance at 21 trillion yuan for 2018. In October, China’s local governments issued 256 billion yuan ($36.94 billion) in debt, according to the ministry, down from 748.5 billion yuan in September and was the lowest since March. Outstanding local government special bonds reached 7.48 trillion yuan at end-October. Local government debt swaps reached 14
China’s local government debt sales is reaching annual limit amid greater fiscal support Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: vcg, visual china group, getty images
Keywords: news, cnbc, companies, limit, trillion, months, bond, ministry, annual, reaching, sales, billion, governments, local, debt, yuan, fiscal, greater, support, chinas, issuance


China's local government debt sales is reaching annual limit amid greater fiscal support

China’s local governments have almost exhausted their annual quotas for new debt issuance in the first ten months of the year, with sales of bonds in the third quarter picking up sharply as part of the central government’s effort to shore up the economy.

Issuance of new special bonds, targeted for specific funding needs such as land development, came to 1.32 trillion yuan in January-October, reaching 98 percent of the annual quota of 1.35 trillion, data from the finance ministry showed on Thursday.

New general purpose bond sales meanwhile stood at 798 billion yuan in the same period, accounting for 96 percent of the target set by the government for the year.

China has in recent months instructed local governments to accelerate these bond issuance in the face of a sharp slowdown in infrastructure investment, as many of them grapple with financing constraints brought on by a nationwide crackdown on speculative debt.

Total local government bond issuance was at 4.1 trillion yuan in the first ten months of the year, the ministry said in a statement posted on its website.

Outstanding local government debt reached 18.4 trillion yuan at end-October, the ministry added. China has capped outstanding local government debt issuance at 21 trillion yuan for 2018.

Some analysts remain unimpressed with overall credit growth, pointing to sharp cooling in October as a risk factor for the economy despite state efforts to ramp up fiscal supports.

“The upshot is that lower interbank rates and on-budget fiscal support have so far been insufficient to drive a sustained turnaround in lending,” Capital Economics wrote in a note last week.

“With credit growth still cooling, economic activity looks set to come under further pressure in the coming months. We expect officials to step up policy easing in response, including benchmark lending rate cuts and off-budget fiscal stimulus.”

In October, China’s local governments issued 256 billion yuan ($36.94 billion) in debt, according to the ministry, down from 748.5 billion yuan in September and was the lowest since March. While the slowdown in bond sales was significant, it follows a historic pattern of a seasonal lull in the last three months of the year.

Outstanding local government special bonds reached 7.48 trillion yuan at end-October.

Local government debt swaps reached 148.3 billion yuan in October, the ministry said, compared with 44.1 billion yuan in September.


Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: vcg, visual china group, getty images
Keywords: news, cnbc, companies, limit, trillion, months, bond, ministry, annual, reaching, sales, billion, governments, local, debt, yuan, fiscal, greater, support, chinas, issuance


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Denmark suspends Saudi weapon export approvals over Khashoggi, Yemen concerns

Denmark has suspended future approvals of weapons and military equipment exports to Saudi Arabia in response to the killing of a dissident Saudi journalist and the kingdom’s role in the conflict in Yemen, the Danish Foreign Ministry said on Thursday. Saudi Arabia is one of the world’s biggest weapons importers. “With the continued deterioration of the already terrible situation in Yemen and the killing of Saudi journalist Jamal Khashoggi, we are now in a new situation,” said Foreign Minister And


Denmark has suspended future approvals of weapons and military equipment exports to Saudi Arabia in response to the killing of a dissident Saudi journalist and the kingdom’s role in the conflict in Yemen, the Danish Foreign Ministry said on Thursday. Saudi Arabia is one of the world’s biggest weapons importers. “With the continued deterioration of the already terrible situation in Yemen and the killing of Saudi journalist Jamal Khashoggi, we are now in a new situation,” said Foreign Minister And
Denmark suspends Saudi weapon export approvals over Khashoggi, Yemen concerns Cached Page below :
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Denmark suspends Saudi weapon export approvals over Khashoggi, Yemen concerns

Denmark has suspended future approvals of weapons and military equipment exports to Saudi Arabia in response to the killing of a dissident Saudi journalist and the kingdom’s role in the conflict in Yemen, the Danish Foreign Ministry said on Thursday.

Germany has already suspended issuing future weapons export licences and has moved to halt all arms sales, while France said on Monday said it will decide soon on sanctions over Khashoggi’s killing at the Saudi consulate in Istanbul last month.

Saudi Arabia is one of the world’s biggest weapons importers. It heads a military coalition fighting in a civil war in Yemen in which tens of thousands of people have died and caused a major humanitarian catastrophe.

“With the continued deterioration of the already terrible situation in Yemen and the killing of Saudi journalist Jamal Khashoggi, we are now in a new situation,” said Foreign Minister Anders Samuelsen in a statement.

Denmark issued ten such approvals last year, according to the ministry. Already given approvals will not be suspended, a spokesman said.

Meanwhile, U.S. President Donald Trump on Wednesday praised Saudi Arabia for helping to lower oil prices but pressure intensified for the United States to impose tougher sanctions on its Middle East ally over Khashoggi’s murder.


Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: middle east monitor
Keywords: news, cnbc, companies, weapon, export, khashoggi, killing, sanctions, approvals, weapons, suspends, situation, yemen, suspended, ministry, denmark, concerns, arabia, saudi


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China reportedly steps up efforts to steal Australian company secrets

China allegedly directed an increase in cyber attacks on Australian companies this year that breached a bilateral agreement between the two countries pledging not to steal each other’s commercial secrets, the Sydney Morning Herald reported Tuesday. An investigation by Australian broadcaster Nine News and Fairfax Media — which owns the Sydney Morning Herald — found that China’s Ministry of State Security was responsible for the so-called “Operation Cloud Hopper.” A senior Australian government so


China allegedly directed an increase in cyber attacks on Australian companies this year that breached a bilateral agreement between the two countries pledging not to steal each other’s commercial secrets, the Sydney Morning Herald reported Tuesday. An investigation by Australian broadcaster Nine News and Fairfax Media — which owns the Sydney Morning Herald — found that China’s Ministry of State Security was responsible for the so-called “Operation Cloud Hopper.” A senior Australian government so
China reportedly steps up efforts to steal Australian company secrets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: saheli roy choudhury, oliver nicolaas ponder, getty images
Keywords: news, cnbc, companies, morning, countries, chinas, australian, efforts, herald, property, company, china, steal, attacks, sydney, security, steps, ministry, reportedly, intellectual, secrets


China reportedly steps up efforts to steal Australian company secrets

China allegedly directed an increase in cyber attacks on Australian companies this year that breached a bilateral agreement between the two countries pledging not to steal each other’s commercial secrets, the Sydney Morning Herald reported Tuesday.

An investigation by Australian broadcaster Nine News and Fairfax Media — which owns the Sydney Morning Herald — found that China’s Ministry of State Security was responsible for the so-called “Operation Cloud Hopper.” It was a wave of attacks that were detected by Australia and its partners in the “Five Eyes” intelligence sharing alliance — which is made up of the U.S., U.K., New Zealand and Canada.

A senior Australian government source told the Sydney Morning Herald that China’s activity was a “constant, significant effort” to steal intellectual property. Others said local companies and universities were not doing enough to tighten their cybersecurity against such attacks, the newspaper reported.

Cybersecurity experts also told the newspaper they had noticed “a significant increase in attacks in the first six months of this year” and that the activity was “mainly from China.”

Relevant contact details for China’s Ministry of State Security were not immediately available.

China’s Foreign Ministry spokesperson Geng Shuang addressed the report during his regular press conference on Tuesday and said that cyber attacks are a common challenge faced by all countries.

“Relevant reports and accusations are fabricated without facts but with hidden motives,” he said. “They are unprofessional and irresponsible. They will only heighten tension and rivalry, instead of helping to protect the common security of cyberspace.”

The Sydney Morning Herald’s report came after recent remarks from U.S. Vice President Mike Pence, who accused Beijing of intellectual property theft during the Asia Pacific Economic Cooperation Summit.

Western countries have long accused China of stealing intellectual property as well as commercial and military secrets, which Beijing has denied. In recent years, China has stepped up efforts to create sophisticated home-grown technologies as it aims to catch up with other high-tech countries like the U.S. and Germany.


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: saheli roy choudhury, oliver nicolaas ponder, getty images
Keywords: news, cnbc, companies, morning, countries, chinas, australian, efforts, herald, property, company, china, steal, attacks, sydney, security, steps, ministry, reportedly, intellectual, secrets


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Turkey lifts sanctions on US officials, matching Washington’s move

Turkey lifted sanctions on Friday on the U.S. Secretary of Homeland Security and Attorney General, the foreign ministry said, minutes after Washington removed two Turkish ministers from its sanctions list. The ministry said in a statement the sanctions on Kirstjen Nielsen and Jeff Sessions, which include a travel ban into the country and freezing of assets in Turkey, had been lifted in response to the U.S. move. The United States had imposed sanctions on Turkey’s justice and interior ministers i


Turkey lifted sanctions on Friday on the U.S. Secretary of Homeland Security and Attorney General, the foreign ministry said, minutes after Washington removed two Turkish ministers from its sanctions list. The ministry said in a statement the sanctions on Kirstjen Nielsen and Jeff Sessions, which include a travel ban into the country and freezing of assets in Turkey, had been lifted in response to the U.S. move. The United States had imposed sanctions on Turkey’s justice and interior ministers i
Turkey lifts sanctions on US officials, matching Washington’s move Cached Page below :
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Turkey lifts sanctions on US officials, matching Washington's move

Turkey lifted sanctions on Friday on the U.S. Secretary of Homeland Security and Attorney General, the foreign ministry said, minutes after Washington removed two Turkish ministers from its sanctions list.

The ministry said in a statement the sanctions on Kirstjen Nielsen and Jeff Sessions, which include a travel ban into the country and freezing of assets in Turkey, had been lifted in response to the U.S. move.

The United States had imposed sanctions on Turkey’s justice and interior ministers in August over Turkey’s detention of American pastor Andrew Brunson, who was released last month.


Company: cnbc, Activity: cnbc, Date: 2018-11-02
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Indian rupee falls amid reports that the central bank governor may resign

Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds. Later, the country’s finance ministry said the autonomy of the RBI was “essential” — an apparent attempt to dampen the spat between the government and the central bank. “The autonomy of the central bank … is an essential and accepted governance requirement,” the ministry said in a state


Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds. Later, the country’s finance ministry said the autonomy of the RBI was “essential” — an apparent attempt to dampen the spat between the government and the central bank. “The autonomy of the central bank … is an essential and accepted governance requirement,” the ministry said in a state
Indian rupee falls amid reports that the central bank governor may resign Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: getty images
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Indian rupee falls amid reports that the central bank governor may resign

Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds.

Indian television channels CNBC-TV18 and ET Now cited sources as saying that Patel could quit.

The RBI declined to comment.

Later, the country’s finance ministry said the autonomy of the RBI was “essential” — an apparent attempt to dampen the spat between the government and the central bank.

“The autonomy of the central bank … is an essential and accepted governance requirement,” the ministry said in a statement. “Governments in India have nurtured and respected this.”

The government has invoked never-before-used powers under the RBI Act that allow it to issue directions to the central bank governor on matters of public interest, the Economic Times newspaper reported.

It said the government had sent letters to the RBI governor in recent weeks exercising powers under section 7 of the RBI Act on issues ranging from liquidity for non-bank finance companies, capital requirements for weak banks and lending to small- and medium-sized companies.

Section 7 says that “the Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest,” a statute that has not been used in independent India, according to the Economic Times.

The 10-year benchmark bond yield rose to 7.87 percent from its previous close of 7.83 percent.

The rupee fell to 73.99 to the dollar from 73.6750 on Tuesday, after touching 74.04, its lowest since October 15.

“It is difficult to believe that the RBI governor will resign because it is unprecedented and would look quite irresponsible and (an) immature step,” said a senior trader at a foreign bank. “But it is quite worrisome to see the government trying to continuously interfere into the RBI’s operations.”

Tensions between the RBI and the government have spilled into public after Deputy Governor Viral Acharya said last week that undermining central bank independence could be “potentially catastrophic”, indicating the authority is pushing back against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

Adding to the row, Finance Minister Arun Jaitley blamed the central bank for failing to stop a lending spree during 2008-2014 that left banks with $150 billion of bad debt.

Patel and other regulators, including the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the Pension Fund Regulatory and Development Authority, met Jaitley and other top finance ministry officials at a meeting of the Financial Stability and Development Council on Tuesday to discuss the liquidity crunch.

However, there was no sign of resignation by Patel at the meeting, officials said.

Patel and his deputy governors are expected to meet top finance ministry officials on Friday.

—CNBC contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: getty images
Keywords: news, cnbc, companies, ministry, governor, falls, central, india, patel, powers, bank, rupee, reports, indian, finance, rbi, public, amid, resign


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