China pushes for 'prudence' on CK Hutchison's ports deal, Xinhua reports
The sale by the Hong Kong conglomerate, which contains two ports adjacent to the strategically important Panama Canal, has become highly politicised amid intensifying U.S.-Sino trade tensions.
The Wall Street Journal, citing people familiar with the matter, reported on April 16 that the MSC shipping empire, a part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved.
"We have taken note of relevant reports," foreign ministry spokesperson Guo Jiakun told a regular press briefing, according to Xinhua.
The spokesperson also urged the parties to maintain full communications with the relevant Chinese departments, the report added.
China's top market regulator had also responded to the Wall Street Journal report on Sunday, saying it was paying close attention to the deal, and that the parties should not try to avoid an antitrust review.
Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt.
CK Hutchison did not immediately respond to a Reuters request for comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
UBS terminates Aladdin contract with BlackRock
UBS Group has terminated its contract with BlackRock's Aladdin technology platform, a multimillion-dollar agreement inherited from Credit Suisse, reported Bloomberg. This move is part of UBS's ongoing integration of the asset management operations of its former competitor. The decision to end the contract was made earlier this year. UBS is currently in the process of transferring key components, including numerous Credit Suisse funds, to its own systems. The bank aims to complete this transition by the end of the current year, the report said. UBS management has indicated that the removal of outdated IT and associated infrastructure is essential for enhancing shareholder value following the acquisition of Credit Suisse. The Aladdin contract, which began in 2019, generated revenue estimated between SFr50m and SFr100m (approximately $126m) since its inception, according to sources who requested anonymity due to the sensitive nature of the information. UBS's asset management division has been facing challenges due to declining revenues linked to reduced management fees. This situation complicates efforts to decrease operating costs, including through workforce reductions. The combined asset management units manage assets totalling $1.8tn and reported a pretax profit of $135m for the first quarter of the year. Aleksandar Ivanovic assumed leadership of the division in January 2022 following the retirement of Suni Harford. Subsequently, the bank restructured its leadership to streamline product offerings and cut costs, as outlined in an internal memo from Ivanovic. Aladdin, which stands for asset, liability, debt, and derivative investment network, offers trading, risk management, and portfolio management tools widely utilised by major money managers, pension funds, and corporate treasurers. BlackRock's CEO Larry Fink has prioritised technology in his strategy for the firm, which is looking to expand beyond public markets. The annual revenue of BlackRock's technology services division, which includes Aladdin, has increased by 45% to $1.6bn from 2020 to 2024. "UBS terminates Aladdin contract with BlackRock" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Hill
5 minutes ago
- The Hill
Temu accused by EU regulators of failing to prevent sale of illegal products
LONDON (AP) — Chinese online retailer Temu was accused by European Union watchdogs on Monday of failing to prevent the sale of illegal products on its platform. The preliminary findings follow an investigation opened last year under the bloc's Digital Services Act. It's a wide-ranging rulebook that requires online platforms to do more to keep internet users safe, with the threat of hefty fines. The European Commission, the 27-nation bloc's executive branch, said its investigation found 'a high risk for consumers in the EU to encounter illegal products' on Temu's site. Investigators carried out a 'mystery shopping exercise' that found 'non-compliant' products on Temu, including baby toys and small electronics, it said. Temu said in a brief statement that it 'will continue to cooperate fully with the Commission.' The commission didn't specify why exactly the products were illegal, but noted that a surge in online sales in the bloc also came with a parallel rise in unsafe or counterfeit goods. EU regulators said when they opened the investigation that they would look into whether Temu was doing enough to crack down on 'rogue traders' selling 'non-compliant goods' amid concerns that they are able to swiftly reappear after being suspended. In its preliminary findings, the Commission found that Temu could have had 'inadequate mitigation measures' because the company was using an 'inaccurate' risk assessment that relied on general industry information, rather than specifics about its own marketplace. 'We shop online because we trust that products sold in our Single Market are safe and comply with our rules,' Henna Virkkunen, the EU's executive vice-president for tech sovereignty, security and democracy, said in a news release. 'In our preliminary view, Temu is far from assessing risks for its users at the standards required by the Digital Services Act. Temu has grown in popularity by offering cheap goods – from clothing to home products — shipped from sellers in China. The company, owned by Pinduoduo Inc., a popular e-commerce site in China, has 92 million users in the EU. The company will have the chance to examine the Commission's investigation files and respond to the accusations before the EU watchdogs make a final decision. Violations of the DSA could result in fines of up to 6% of a company's annual global revenue and an order to fix the problems.
Engadget
5 minutes ago
- Engadget
Trump temporarily drops export controls to smooth negotiations with China
After previously saying that the US would block exports of key AI chips to China, Donald Trump's administration may have backtracked. The US will now temporarily block restriction on exports of chips and other technology to China, the Financial Times reported. The aim is to help Trump book a meeting with China President Xi Jinping later this year in order to strike a trade deal, according to people familiar with the matter. Export controls are dictated by the US Commerce Department, which was reportedly told to avoid tough moves on China, according to eight people including current and former US officials. Trump is said to have wanted to avoid angering Xi due to the risk of China retaliating further on the export of crucial rare earths and magnets. Last week, NVIDIA said it would be able to resume selling key AI chips to China after being blocked earlier by the Department of Commerce. "The US government has assured NVIDIA that licenses will be granted and NVIDIA hopes to start deliveries soon," the company stated in a blog post. Today's news of frozen export controls effectively backs up that statement. However, 20 people including security experts and former US officials, including from Trump's previous administration, wrote the Department of Commerce saying it was a bad idea to give China access to advanced AI chips. "This move represents a strategic mis-step that endangers the United States' economic and military edge in artificial intelligence," they said in a letter. "By supplying China with these chips, we are fueling the very infrastructure that will be used to modernize and expand the Chinese military."
