Chinese Beverage Heiress Sued in Hong Kong Over Assets Dispute
A lawsuit was filed against Kelly Zong by Jacky Zong, Jessie Zong and Jerry Zong, according to a Hong Kong court filing in late December. It couldn't be established if the plaintiffs are related to the beverage heiress.
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Business Insider
3 minutes ago
- Business Insider
India ramps up rare earth partnership with 5 African nations to counter China's dominance
India is intensifying its engagement with Africa in a strategic bid to diversify its sources of rare earth elements (REEs) amid growing global concerns over China's dominance in the critical minerals market. India is enhancing collaborations with Africa to secure rare earth elements (REEs) and reduce its reliance on China. This move addresses global concerns over China's dominance, controlling over 90% of REE supply, and its recent export restrictions. India's partnerships include agreements with Zambia, Zimbabwe, Mozambique, Malawi, Côte D'Ivoire and other countries Reuters reports that China currently controls over 90% of the global supply, raising urgent concerns about supply chain security. Earlier this year, Beijing further restricted the export of rare-earth magnets, escalating pressure on countries dependent on the technology. In response, India has stepped up its bilateral outreach to strengthen its supply chain and reduce reliance on Chinese exports. According to India's Minister of State for Atomic Energy, Jitendra Singh, New Delhi already has cooperation agreements in place with mineral-rich countries, including key African suppliers of rare earth and critical minerals. "In the interest of developing bilateral cooperation with countries having rich mineral resources, the Ministry of Mines has entered into bilateral agreements with the governments of several countries, including Australia, Argentina, Zambia, Peru, Zimbabwe, Mozambique, Malawi, and Côte D'Ivoire, as well as international organizations such as the International Energy Agency (IEA)," Singh said in a written statement. While India's engagement also spans countries in Latin America and Asia, Africa stands out as a vital partner due to its vast untapped reserves and growing geopolitical importance. Consequently the emerging Asian giant has begun initiating government-to-government memorandums of understanding (MoUs) with countries like Brazil and the Dominican Republic. Singh added, " The broad objective of the MoUs is to provide an overarching framework for cooperation in research, development, and innovation in mining, with a particular focus on rare earth elements (REE) and critical minerals." Mineral-rich Africa emerges as rare earth battleground Africa, endowed with vast reserves of rare earth minerals vital to modern technology, has become the epicentre of a growing geopolitical contest involving China, the West, and India. These minerals, essential for powering electric vehicles, smartphones, military systems, and clean energy technologies, are now seen as strategic assets that could reshape the global balance of power. India, now the world's fifth-largest economy, is leveraging its democratic credentials and expanding global clout to position itself as a strategic partner. Its investments, particularly in sectors like electric mobility, defence, and renewable energy, rely heavily on a stable supply of rare earths. This engagement initiated by India, is part of a broader global race not only to access raw materials but to influence the future of manufacturing, trade, and technological advancement. Unlike previous extractive models, the emerging approach places greater emphasis on value addition within Africa. Many governments across the continent are pushing for processing, infrastructure development, and local job creation, aiming to convert mineral wealth into long-term economic growth.
22 minutes ago
Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal
HONG KONG -- A Hong Kong conglomerate that's selling ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more U.S. scrutiny to the geopolitically fraught deal. CK Hutchison Holdings' initial plan to sell port assets in dozens of countries to a group that includes U.S. investment firm BlackRock Inc. pleased President Donald Trump, who has alleged that China interferes with the critical shipping lane's operations in Panama. However, they apparently angered Beijing and drew a review from Chinese anti-monopoly authorities. A Beijing-backed newspaper posted scathing commentaries about the deal, with one describing it as a betrayal of all Chinese. Beijing's offices overseeing Hong Kong affairs have reposted some of these commentaries, widely seen as an indication of Chinese leaders' stance. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. After months of uncertainty brought by tensions between Washington and Beijing, Hutchison said in a statement that the exclusive negotiations period with the consortium has expired. However, it added 'the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium,' referring to the People's Republic of China. It said they needed to change the membership of the consortium and the structure of the transaction for the deal to be able to pass reviews by 'all relevant authorities." The awkward position Hutchison found itself in for months highlights the challenges Hong Kong business elites face in navigating Beijing's expectations of national loyalty, especially when relations between China and the United States are strained. Hong Kong has overhauled its electoral system to ensure the city is run by 'patriots.' CK Hutchison is owned by the family of Hong Kong's richest man, Li Ka-shing. It announced March 4 that it would sell all its shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium that also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. In May, Hutchinson co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte, whose family reportedly has a longstanding relationship with Li's. The initial deal, valued at nearly $23 billion including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government.
CNBC
33 minutes ago
- CNBC
Fair to say the US and China have reached some level of transactional stabilization, says AXA IM
Ecaterina Bigos of AXA Investment Managers says that US-China trade relations have somewhat stabilized even as the former aims to strategically de-risk from the latter. She says she remains "razor focused" on sectors and stocks which receive policy support when investing in the Chinese markets.
