&w=3840&q=100)
US lawmakers urge JPMorgan, BofA to withdraw from CATL IPO over CCP ties
JPMorgan Chase & Co. CEO Jamie Dimon and Bank of America CEO Brian Moynihan on Thursday received a letter from John Moolenaar, chairman of the United States House Select Committee on Chinese Communist Party (SCCCP), requesting that the banks drop their participation in Contemporary Amperex Technology Co., Limited's (CATL) impending Hong Kong IPO.
The Department of Defense has classified CATL as a "Chinese military company" in accordance with Section 1260H of the National Defense Authorisation Act, according to a report by SCCCP.
According to the letters, there is rising concern that JPMorgan and Bank of America's participation in the CATL IPO directly supports the Chinese Communist Party's continued violations of human rights and military buildup. SCCCP said that the Committee specifically points to CATL's involvement in the modernisation of China's submarine fleet with cutting-edge lithium-ion batteries and its connections to the Xinjiang Production and Construction Corps (XPCC), a sanctioned paramilitary group implicated in the extermination of Uyghur Muslims.
"If JPMorgan and Bank of America proceed with this IPO, they risk complicity in underwriting genocide, undermining American industry, and endangering US service members," said Chairman Moolenaar. "The letters outline serious national security threats and due diligence failures. The company's reported aggressive pursuit of the CATL deal, despite its low fee structure and their defence ties, adds to concerns over risk and regulatory oversight. As Chairman, I am closely monitoring how major financial institutions engage with companies linked to the Chinese Communist Party. The House Select Committee on China is actively examining these relationships, and we urge JPMorgan and Bank of America to prioritise national security and human rights in their decision-making," the letter stated, as quoted by SCCCP in a report.
The CCP's recent military actions close to Taiwan have previously drawn criticism from the US House Select Committee on Chinese Communist Party (SCCCP), which described them as "intimidation aimed at subjugating a free and democratic society."
An SCCCP post on X said the escalation was another example of the CCP's growing hostility and underscored the urgent need for "our democratic ally" to have the capacity and support to defend itself.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
44 minutes ago
- India Today
US Navy to rename ship honouring LGBTQ+ rights icon Harvey Milk
In an unusual move during Pride Month, US Defense Secretary Pete Hegseth has directed the US Navy to rename the USNS Harvey Milk, stripping the ship of its tribute to the slain gay rights icon and Korean War said the decision aligns with President Donald Trump's broader agenda to 're-establish the warrior culture' within the US military and reverse diversity, equity, and inclusion Navy is assembling a small internal team under Secretary John Phelan to select a new name for the replenishment oiler, with an announcement expected later this month. 'This action is about restoring focus on military readiness and strength,' said one official familiar with the memo authorizing the change, according to the Associated Press report. The move, first reported by has drawn strong condemnation from civil rights leaders and lawmakers. Former House Speaker Nancy Pelosi called it a 'shameful, vindictive erasure' of a man who gave his life in service to equality. 'This spiteful move does not strengthen our national security or the 'warrior ethos,'' Pelosi said. 'It is a surrender of a fundamental American value: to honor the legacy of those who worked to build a better country.'Harvey Milk, a Navy veteran who served in the 1950s before being discharged due to his sexuality, went on to become one of America's first openly gay elected officials. As a San Francisco Supervisor, he authored and passed a landmark law banning discrimination based on sexual orientation before being assassinated in USNS Harvey Milk was christened in 2021 as part of a John Lewis class of oilers named after civil rights figures. Former Navy Secretary Carlos Del Toro said the naming was about 'amending the wrongs of the past' and honoring LGBTQ service rare, renaming naval ships is not unprecedented. The Biden administration rebranded two vessels in 2023 to remove Confederate-era names. However, in maritime tradition, changing a ship's name is often considered a bad omen—'tempting the sea gods,' as lore Milk ship, with a civilian crew 125, began active service in late 2024 and is currently undergoing maintenance in Alabama. Despite its short operational history, its namesake's legacy has stirred deep symbolic meaning — a legacy now abruptly cast overboard by the current administration.(With inputs from Associated Press)
India Today
44 minutes ago
- India Today
What are Labubu Dolls? TikTok's viral collectible is selling out fast
A quirky series of cuddly dolls known as Labubu has gone viral, becoming the newest sensation on TikTok. The beast-like creatures — defined by crocodile-like teeth and playfully evil grins — are made by Chinese toy shop Pop Mart and have gained a global audience of resellers, collectors, and reported by Forbes, Labubu dolls usually cost between $20 and $30 and come in "blind boxes," meaning customers don't know what variant they will receive until the box is opened. The element of surprise is particularly the elusive secret versions with a 1-in-72 chance of discovery — has fueled a hot unboxing trend on TikTok, where the hashtag #labubu has more than 1 million posts craze is not just spontaneous. Famous personalities such as Rihanna, Dua Lipa, and BLACKPINK members have been spotted with Labubu dolls, further boosting the toy's popularity. Since demand outpaces supply, resellers are taking advantage of this. Limited-run Labubu toys are available online for thousands of dollars, with some selling as high as $7,000 on eBay. Bids on some variations, like the Vans collaboration, are reaching over $3,000 on of the CrazeAccording to Forbes, Labubu was developed by Dutch-born, Hong Kong-resident artist Kasing Lung based on Nordic mythology. It appeared in Lung's 2015 publication, The Monsters Trilogy, and was commercialized through a 2019 licensing agreement with Pop China, customs officers recently seized over 460 Labubu dolls from smugglers who intended to resell them. The Labubu phenomenon mirrors earlier TikTok-fueled crazes, including the Stanley Cup craze, which also involved fighting, theft, and a thriving black market.
India.com
an hour ago
- India.com
What's Happening at Pakistan's Nur Khan Airbase? US Control Revealed
New Delhi: Pakistan's Nur Khan Airbase grabbed headlines during Operation Sindhur, and now a video from Pakistan is going viral on social media making shocking claims. A Pakistani journalist alleges that the United States once had control over the airbase, restricting even Pakistani military personnel from accessing certain areas. The video lacks specific dates or official clarifications, and the journalist's identity remains unclear. However, the intrigue around this base deepens as we explore how it got its name and its surprising connections with Dehradun and Israel. In the viral clip, the journalist claims that US aircraft regularly landed at Nur Khan Airbase to unload cargo. When a Pakistani soldier attempted to inquire about these activities, U.S. troops reportedly pointed guns at him, barring Pakistani forces from entering certain zones. According to the journalist, even Pakistan's own military was denied full access to this critical installation. Located near Rawalpindi in Punjab, the airbase is important for Pakistan Air Force (PAF) installation. Formerly known as Chaklala Airbase, it was previously called RAF Chaklala during British rule. The base has historically been used by both Pakistan and American forces during times of strategic cooperation. The old Benazir Bhutto International Airport now forms part of this airbase. It also houses PAF College Chaklala, an elite training academy for aviation cadets. The airbase falls under the Federal Air Command and serves as the headquarters of Pakistan's Air Mobility Command. It plays a crucial role in logistics, VIP transport and strategic operations. The base is home to aircraft such as the C-130 Hercules and ISR (Intelligence, Surveillance, Reconnaissance) planes – which are vital for gathering intelligence, monitoring and reconnaissance missions. During the recent India-Pakistan conflict, Indian air strikes reportedly damaged this base – highlighting its military significance. As claims of American presence on Pakistani soil resurface, the Nur Khan Airbase remains shrouded in mystery – with ties extending beyond borders and linking Dehradun and Israel in a complex web of defense and intelligence. The full story behind these revelations is still unfolding.
