logo
China to lift sanctions on members of European Parliament

China to lift sanctions on members of European Parliament

Straits Times30-04-2025

FILE PHOTO: President of the European Parliament Roberta Metsola speaks during the congress of the European People's Party (EPP), in Valencia, Spain, April 29, 2025. REUTERS/Eva Manez/File Photo
BRUSSELS - China has decided to lift sanctions on members of the European Parliament as well as on its subcommittee on human rights, the parliament's president, Roberta Metsola, said on Wednesday.
China has grown keen to forge closer economic and political ties with Europe to limit the damage from tariffs on most of its exports to the United States.
Four current European Parliament members were among 10 individuals China placed under sanctions in 2021 in response to Western measures against Chinese officials accused of the mass detentions of Muslim Uyghurs.
"Our parliamentary committees must be able to discuss European interests with their Chinese counterparts without fear of repercussions," Metsola said in a statement.
"Our relationship with China remains complex and multi-faceted. The best way to approach it is through engagement and dialogue," she added.
The Chinese sanctions banned the affected people and their families from travelling to China and prohibited them and associated organisations from doing business with China.
In response to the Chinese sanctions, the European Parliament halted the ratification of the EU-China Comprehensive Agreement on Investment, which had aimed to put EU companies on an equal footing in China.
Asked earlier on Wednesday about reports Beijing would lift sanctions, Chinese foreign ministry spokesperson Guo Jiakun told a news conference that "the economic and trade cooperation between China and Europe is complementary and mutually beneficial".
"The legislative bodies of China and the EU are an important part of China-EU relations, and we hope that the two sides will meet each other halfway and strengthen exchanges," he said, adding that "members of the European Parliament are welcome to visit China more often".
Wednesday's decision by China excluded Reinhard Buetikofer, a German Green ex-member of the European Parliament who was part of the group placed under sanctions by Beijing.
He congratulated his former colleagues on the lifting of the sanctions, but said it was unfortunate the Parliament's leaders had not done more to get Beijing to lift those that remain on six people from parliaments, civil society and think tanks. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold falls on strong US jobs data and improved trade outlook
Gold falls on strong US jobs data and improved trade outlook

Business Times

time17 minutes ago

  • Business Times

Gold falls on strong US jobs data and improved trade outlook

[BENGALURU] Gold prices fell on Monday (Jun 9) as a stronger-than-expected US jobs report cooled expectations of interest rate cuts from the Federal Reserve, while optimism over easing trade tensions between US-China weighed on the bullion's safe-haven demand. Spot gold fell 0.2 per cent to US$3,303.19 an ounce, as at 0056 GMT. US gold futures fell 0.7 per cent to US$3,323.40. Three of US President Donald Trump's top aides will meet with their Chinese counterparts in London on Monday for talks aimed at resolving the trade dispute between the two largest economies that has kept global markets on edge. The US economy added 139,000 jobs in May, surpassing analysts' expectations, while the unemployment rate was unchanged at 4.2 per cent, the Labor Department said. Wage growth also exceeded forecasts, dampening the likelihood of imminent rate cuts. Investors have scaled back bets on rate cuts, now anticipating one reduction in October. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump, meanwhile, said that a decision on the next Federal Reserve chair would be announced soon, adding that a 'good Fed chair' would lower interest rates. The US dollar index edged slightly up, making gold more expensive for overseas buyers. On the geopolitical front, Trump's order banning citizens of 12 countries from entering the US goes into effect on Monday. Russia stated on Sunday that its forces had advanced to the edge of Ukraine's Dnipropetrovsk region amid tensions over peace talks and the repatriation of soldiers' remains. Gold, often seen as a hedge against inflation and geopolitical uncertainty, could face pressure from higher interest rates, which reduce its appeal as a non-yielding asset. Elsewhere, spot silver remains unchanged at US$35.94 per ounce, platinum fell 0.5 per cent to US$1,163.10, while palladium was down 0.5 per cent to US$1,041.75. REUTERS

China says it may speed up rare earths application approvals from EU
China says it may speed up rare earths application approvals from EU

Business Times

timean hour ago

  • Business Times

China says it may speed up rare earths application approvals from EU

[SHANGHAI] China is willing to accelerate the examination and approval of rare earth exports to European Union firms and will also deliver a verdict on its trade investigation of EU brandy imports by Jul 5, its commerce ministry said on Saturday (Jun 7). Price commitment consultations between China and the EU on Chinese-made electric vehicles (EVs) exported to the EU have also entered a final stage but efforts from both sides are still needed, according to a statement on the Chinese Commerce Ministry's website. The issues were discussed between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic in Paris on Tuesday, according to the statement. The comments mark progress on matters that have vexed China's relationship with the EU over the past year. Most recently, China's decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The ministry said China attached great importance to the EU's concerns and 'was willing to establish a green channel for qualified applications to speed up the approval process'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In a separate statement the commerce ministry issued later on Saturday, it said China was willing to further strengthen communication and dialogue with relevant countries on rare earth export controls as it recognised that demand from sectors such as robotics and EVs had risen. Brandy, EVs The ministry earlier said that Commerce Minister Wang during the meeting 'expressed the hope that the EU will meet us halfway and take effective measures to facilitate, safeguard and promote compliant trade in high-tech products to China'. Chinese anti-dumping measures that applied duties of up to 39 per cent on imports of European brandy – with French cognac bearing the brunt – have also strained relations between Paris and Beijing. The brandy duties were enforced days after the EU took action against Chinese-made EV imports to shield its local industry, prompting France's President Emmanuel Macron to accuse Beijing of 'pure retaliation'. The Chinese duties have dented sales of brands including LVMH's Hennessy, Pernod Ricard's Martell and Remy Cointreau. Beijing was initially meant to make a final decision on the brandy duties by January, but extended the deadline to April and then again to Jul 5. China's Commerce Ministry said on Saturday that French companies and relevant associations had proactively submitted applications on price commitments for brandy to China and that Chinese investigators had reached an agreement with them on the core terms. Chinese authorities were now reviewing the complete text on those commitments and would issue a final announcement before Jul 5, it said. In April, the European Commission said the EU and China had also agreed to look into setting minimum prices of Chinese-made EVs instead of tariffs imposed by the EU last year. China's commerce ministry said the EU had also proposed exploring 'new technical paths' relating to EVs, which the Chinese side was now evaluating. REUTERS

Keppel DC Reit to join STI from June 23; units rise 0.9%
Keppel DC Reit to join STI from June 23; units rise 0.9%

Straits Times

timean hour ago

  • Straits Times

Keppel DC Reit to join STI from June 23; units rise 0.9%

Loh Hwee Long, CEO of Keppel DC Reit Management, says the Reit saw overall valuation gains in 2024, especially from its Singapore colocation assets. PHOTO: THE BUSINESS TIMES SINGAPORE - Following the Straits Times Index's (STI) June quarterly review, Keppel DC Reit will be entering the index, replacing Jardine Cycle & Carriage, effective from June 23. This increases the total number of S-Reits in the index to eight. The eight S-Reits in the STI will be: CapitaLand Ascendas Reit, CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust. Keppel DC Reit units rose 0.9 per cent, or two cents, to $2.26 as at 9.08am on June 9, after the announcement. With a market cap of $4.9 billion, it re-enters the STI after exiting in June 2023, and is expected to increase S-Reits' combined weight in the index to over 10 per cent. The Reit, Asia's first pure-play data centre Reit, listed in 2014 with eight data centres and $1 billion in assets under management (AUM). Today, it owns 24 data centres across 10 countries, with an AUM of $4.9 billion. Of this, 81.6 per cent is in Asia-Pacific (66.3 per cent in Singapore) and 18.4 per cent in Europe. Keppel DC Reit's Q1 2025 results showed a 59.4 per cent year-on-year increase in distributable income, with gross revenue and net property income (NPI) growing by 22.6 per cent and 24.1 per cent, respectively. Its distribution per unit rose by 14.2 per cent to 2.503 for the quarter. This was driven by acquisitions of Keppel DC Singapore 7 & 8, Tokyo Data Centre 1, and higher contributions from contract renewals and escalations in 2024. Portfolio rental reversion was 7 per cent, with no major renewals in the first quarter of 2025, and portfolio occupancy remained at 96.5 per cent as at March 31. Loh Hwee Long, chief executive officer of Keppel DC Reit Management, noted at Reit's annual general meeting that it saw overall valuation gains in 2024, especially from its Singapore colocation assets. Most European assets also recorded local currency gains despite some softness in smaller data centres, reinforcing the strength of its diversified, value-focused portfolio. The Reit has been actively acquiring assets. In 2024, it entered Japan as a new market with the acquisition of Tokyo Data Centre 1, and also completed the acquisition of two AI-ready hyperscale data centres in Singapore from its sponsor, Keppel, which marked its largest deal exceeding $1 billion since listing. According to its annual report, the Reit's sponsor, Keppel, plans to expand its data centre portfolio to a total of 1.2 gigawatt in the near term, which could provide a pipeline of assets for Keppel DC Reit to potentially acquire. For its financial year 2024, the Reit recorded 15.5 per cent year-on-year decrease in total greenhouse gas emissions and has achieved the GRESB Green Star for a third consecutive year, with six of its assets in Singapore and Dublin maintaining green certifications. In trading this year, Keppel DC Reit has ranked among the top 20 stocks by trading turnover and among the top five most actively traded S-Reits. The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be (in alphabetical order): CapitaLand Ascott Trust, ComfortDelGro, Keppel Reit, NetLink NBN Trust and Suntec Reit. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store