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New York Times
20-07-2025
- Business
- New York Times
China Exit Ban on Wells Fargo Executive Stokes Foreign Business Anxiety
China has sentenced a Japanese executive to more than three years in prison and blocked a U.S.-based Wells Fargo banker from returning home, the latest in a series of episodes that have made leaders of multinational corporations leery of traveling to China. Economic policy ministries in China have been trying to persuade multinationals to increase their investment in China. That is an effort that the exit ban and prison sentence are likely to make harder, especially because foreign enthusiasm was already waning. A real estate crash has depressed consumer spending; regulatory obstacles hamper sales in China by foreign companies; and many industries face severe overcapacity. China has said little about either executive. Eric Zheng, the president of the American Chamber of Commerce in Shanghai, called for the release of more details in the Wells Fargo case in order to reassure the foreign business community. Wells Fargo has suspended travel by its executives to China. Many Japanese companies have already been limiting travel to China and have been withdrawing family members of managers stationed in China. Sean Stein, the president of the U.S.-China Business Council, said that if more information did not emerge soon in the Wells Fargo case, other American businesses might also discourage their executives from going to China. 'In cases like this, transparency is extremely important, or else there will be a spillover effect on other companies' travel policies,' he said in a telephone interview. Want all of The Times? Subscribe.
Irish Times
10-07-2025
- Business
- Irish Times
Trump pledges 50% tariffs against Brazil, citing ‘witch hunt' against Bolsonaro
US president Donald Trump has said he plans to impose a 50 per cent tariff on all Brazilian imports, partly in retaliation for what he sees as a 'witch hunt' against his political ally, former president Jair Bolsonaro , who is facing trial for attempting a coup. In a letter to Brazilian president Luiz Inácio Lula da Silva, Mr Trump wrote that the new tariffs would take effect August 1st. 'The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his Term, including by the United States, is an international disgrace.' In his letter, Mr Trump said the 50 per cent tariff was needed to 'have the Level Playing Field we must have with your Country' and 'to rectify the grave injustices of the current regime.' READ MORE He also incorrectly said that the United States had a trade deficit with Brazil. For years, the United States has generally maintained a trade surplus with Brazil, including a $650 million surplus in the first three months of 2025, on $20 billion in trade between the two nations, according to the American Chamber of Commerce for Brazil. Mr Trump wrote that the tariffs were also in response to 'SECRET and UNLAWFUL Censorship Orders to US Social Media platforms' and that he had ordered US officials to open a trade investigation into Brazil for 'continued attacks on the Digital Trade activities of American Companies.' Justice Alexandre de Moraes, the Brazilian supreme court justice who is overseeing the case against Mr Bolsonaro, has ordered tech companies to take down hundreds of accounts that he said threatened Brazil's democracy. His moves have made him a top target of the right in Brazil and the United States. On Monday, Mr Trump publicly criticised the criminal case against Mr Bolsonaro, which focuses on the former president's attempts to hold on to power after losing Brazil's 2022 election. [ EU and US on brink of tariff deal to avoid trade war Opens in new window ] Mr Lula quickly fired back. 'I think it's very wrong and very irresponsible for a president to be threatening others on social media,' the Brazilian president told reporters Monday. 'People have to learn that respect is a good thing.' He added about Mr Trump: 'He needs to know that the world has changed. We don't want an emperor.' Brazil's supreme court is widely expected to convict Mr Bolsonaro later this year, potentially leading to prison time. In January, Mr Bolsonaro said he hoped Mr Trump would come to his aid, though he did not clarify how. After he lost the 2022 election, Mr Bolsonaro questioned the results — despite a review from Brazil's military that supported them — and looked to Brazil's Constitution to find ways to prevent Mr Lula from taking office. That included meeting with military commanders about taking control of the government, which the majority of them refused to do. - New York Times 2025 The New York Times Company
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Business leaders call for efforts to combat ‘Hong Kong equals China' perception
Hong Kong must work harder to be as international as possible under the 'one country, two systems' framework to combat a growing perception in Western capitals that it is no different from mainland Chinese cities, business leaders have urged. The city also maintains a significant lead over regional rival Singapore in key financial metrics, panellists at the South China Morning Post's China Conference 2025 said on Tuesday. 'The problem is that many of them feel that Hong Kong equals China,' said Eden Woon, president of the American Chamber of Commerce in Hong Kong. 'Therefore, the policy that they may set, you know, versus China because of the geopolitical situation, they apply it also to Hong Kong, and that really is worrisome and not a positive factor for Hong Kong.' Beijing has increasingly realised the city's vital role as an international financial centre amid escalating geopolitical tensions, resulting in more than 200 mainland companies waiting to list in Hong Kong, a record, observers have said. 'We have to be as international as possible,' Woon said. 'It won't be like the good old days where Hong Kong was a darling of the West, but we can still show our difference, show our distinction by being a different city, different from other places on the mainland, to me, to us and to many American companies. This is the attraction of Hong Kong.'
CTV News
04-07-2025
- Politics
- CTV News
U.S. flag flies at Ottawa City Hall to mark Independence Day
Bill Carroll from The Morning Rush shares his thoughts on the U.S. flag being put up at Ottawa City Hall today to mark the occasion of Independence Day. The American flag is flying at Ottawa City Hall today to mark Independence Day, as tensions continue between Canada and the U.S. amid a trade war and U.S. President Donald Trump suggesting Canada become the 51st state. A ceremony was held at Marion Dewar Plaza Friday morning to raise the U.S. flag. U.S. Ambassador to Canada Pete Hoekstra was joined by Ottawa Mayor Mark Sutcliffe and the American Chamber of Commerce in Canada President Rick Tachuk for the flag-raising ceremony. 'The City of Ottawa will fly the American flag on Marion Dewar Plaza at City Hall on July 4,' Daniel Francoeur, protocol advisor with the City of Ottawa, said in an email to CTV News Ottawa on Thursday. 'This is consistent with the City's flag protocol procedures and reflects Canada's formal diplomatic relations with the United States.' In a statement to CTV News Ottawa, Mayor Mark Sutcliffe said flying the American flag at Ottawa City Hall follows the city's flag protocol, and is a chance to focus on the long friendship between the two countries. 'July 4 is an opportunity to highlight the shared history and deep, lasting friendship between the people of our two countries,' Sutcliffe said. 'Now, more than ever, we should focus on building relationships and working together. Former U.S. Ambassador to Canada Bruce Heyman said on X, 'A class act during challenging times. Thank you, Ottawa.' According to the City of Ottawa's website, all Embassies are invited to provide the City of Ottawa's Office of Protocol with their national flag to be flown outside City Hall on their respective national day. Flags will be flown from sunrise to sunset. Trade tensions between Canada and the United States have chilled relations between the two countries this year. In February, fans were heard booing the Star-Spangled Banner at Canadian Tire Centre ahead of a Senators game. Ambassador Hoekstra told CTV Morning Live Friday morning, 'it's a great relationship' between the United States and Canada. 'Seventy per cent of your exports go to America. A considerable portion of our exports go to Canada,' Hoekstra said. 'We had an event last night at our residence where we had representatives from 150 different businesses. We're talking about all these things, from a business-to-business stand point, we are so much stronger and effective when we work together.' Hoekstra said, in his role as ambassador, it's his job to 'take a great relationship and make it just a little bit better' between the two countries. More than 190 flags will fly at Ottawa City Hall this year to mark Independence Day or a national day. Rwanda's flag will also be raised at Ottawa City Hall on Friday to mark Liberation Day.
Zawya
01-07-2025
- Business
- Zawya
Saudi Arabia advances 14 places to 13th rank in IPR Enforcement Index globally
RIYADH — Saudi Arabia has advanced 14 places in the Intellectual Property Rights (IPR) Enforcement Index, ranking 13th globally. The Kingdom's ranking was 27th in 2024, according to the 2025 World Competitiveness Yearbook. The yearbook is issued by the World Competitiveness Center under the International Institute for Management Development (IMD). This year's report is one of the main competitiveness reports monitored by the National Competitiveness Center in coordination with relevant government agencies. Saudi Arabia achieved a significant leap in the 13th edition of the "World Intellectual Property Rights Index 2025" report, issued by the American Chamber of Commerce, recording a 17.55 percent increase in the overall score, making it one of the highest-ranked countries among the 55 global economies included in the report. This reflects its commitment to strengthening the intellectual property environment and enabling innovation within the goals of the Saudi Vision 2030. The progress announced by Saudi Arabia stems from strengthening the enforcement of intellectual property rights domestically and internationally, and enhancing its efficiency at the institutional and judicial levels. Pioneering national initiatives, such as the Respect Council, the Permanent Enforcement Committee, and the Intellectual Property Respect Officer, have effective models for consolidating governance and enhancing integration among relevant entities. The establishment of a public prosecution office specializing in intellectual property cases has contributed to enhancing the efficiency of the litigation system and expediting judicial procedures. Among the most prominent steps supporting this progress are the implementation of comprehensive awareness campaigns addressing aspects of field and digital enforcement, in addition to enhancing transparency and communication through periodic meetings with rights holders, and expanding the scope of coordination with various government agencies and the private sector. The World Competitiveness Yearbook is an international reference for comparing the competitiveness of economies around the world. It includes more than 300 sub-indicators and measures countries' performance across four main pillars: economic performance, government efficiency, business efficiency, and infrastructure. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
