FBI chief says agency ‘deeply concerned’ about any company like China’s ZTE

WASHINGTON (Reuters) – FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is “deeply concerned” about any company like China’s ZTE gaining positions of power in the U.S. telecommunications market.

Read Full Story Here: https://www.reuters.com/article/us-usa-china-zte-fbi/fbi-chief-says-agency-deeply-concerned-about-any-company-like-chinas-zte-idUSKCN1IH2T0

 

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China’s Sinovel convicted in U.S. of trade-secret theft…

(Reuters) – Chinese wind turbine maker Sinovel Wind Group Co was convicted on Wednesday of U.S. charges that it stole trade secrets from AMSC, causing the Massachusetts-based company to lose more than $800 million.

A federal jury in Madison, Wisconsin, found Sinovel, once AMSC’s largest customer, guilty on all charges it faced, including conspiracy, trade-secret theft and wire fraud, the U.S. Justice Department said.

The conviction exposes Beijing-based Sinovel to hundreds of millions of dollars in potential fines, according to the Justice Department. It is scheduled to be sentenced on June 4.

Sinovel, which saw its shares slide 4 percent in Thursday morning trade on the news, will take legal measures to protect its rights and interests as well as those of its shareholders, it said in a filing to the Shanghai stock exchange.

The stock has lost 46 percent since the charges were brought in June 2013, giving it a market value of about $1.4 billion.

The charges were announced amid heightened concern about Chinese theft of U.S. trade secrets and a legal battle in the Chinese courts pitting Devens, Massachusetts-based AMSC against Sinovel, one of the world’s largest turbine makers.

The conviction also comes as the United States studies possible intellectual property action against China. U.S. Commerce Secretary Wilbur Ross said on Wednesday China’s tech ambitions represent a direct threat that is being implemented by disrespect for “intellectual property rights, by commercial espionage.”

Read Full Story Here: https://www.reuters.com/article/us-sinovel-wind-gro-usa-court/chinas-sinovel-convicted-in-u-s-of-trade-secret-theft-idUSKBN1FD2XL

China’s Latest Excuse to Bully Taiwanese Businesses – Protecting the Environment

Taiwanese businesses that operate and invest in China face many risks: getting scammed, bullied, and beaten by local mafia, and getting ensnared in local political infighting—all this without any form of legal redress.

The latest hurdle comes in the form of restrictive environmental protection regulations that have suffocated businesses, forcing them to close down.

Since China enacted laws to open up trade and business with Taiwan in the 1990s, many companies from the island across the strait have capitalized on the opportunity of China’s sizeable market.

However, for some, the investments haven’t paid off.

Late last year, a leaked online document revealed that Kunshan City in Jiangsu Province—a hub for Taiwan businesses—had requested 270 factories to stop production from Dec. 25 to Jan. 10 because the local freshwater quality was not up to standard. About a half of the affected companies were Taiwanese, according to the BBC.

Read much more here: http://www.ntd.tv/2018/01/16/protecting-the-environment-is-chinas-latest-excuse-to-bully-taiwanese-businesses/

Chinese Corrupt Officials Get Creative With Ways to Hide Their Embezzled Cash..

Chinese Communist Party cadres are capable of embezzling huge sums of money—but how do they store it?

As the funds are illicit, officials know better than to save the money in banks, so they’ve become very creative in how they hide their stash.

The topic surfaced when a piece of news recently went viral in China. In Harbin City, in the northernmost Heilongjiang Province, a local resident who was renovating his house discovered loads of cash hidden in the walls. The previous homeowner had stowed away 140 million yuan (about $21.7 million), leading many netizens to assume he was a corrupt official.

Local authorities quelled the internet rumors by claiming that the money was connected to a scam case that local police were investigating.

But netizens may not be far off the mark, as officials have been caught secretly hoarding their spoils.

Last September, the Chinese Communist Party’s anti-corruption agency, the Central Commission for Discipline Inspection, partnered with state broadcaster CCTV to air a special segment on corruption. It revealed how a Party cadre and former chairman of Chinese carmaker FAW Group, Xu Jianyi, hid his valuables in order to escape authorities. He placed his watches and gold bars inside tea canisters and tried to hide in a tree in his villa when he learned that the agency was coming for him.

Read The Full Story Here: https://www.theepochtimes.com/chinese-corrupt-officials-get-creative-with-ways-to-hide-their-embezzled-cash_2416363.html

China payment restrictions to hit industry’s profits

BEIJING — A decision by China’s central bank to rein in reserve funds held by payment firms could cost the industry upwards of $689 million a year, spur consolidation and alter the way Asia’s biggest tech firms move money.

Mobile payments using in-app QR or bar codes have become ubiquitous for everything from taxis to grocery shopping and bike rental in China in recent years, with customers making 19 trillion yuan ($2.9 trillion) in transactions in 2016, according to iResearch.

The rapid uptake has spurred fears that mobile payment firms, without oversight, could misuse funds held while transactions between users and merchants clear.

Regulations unveiled by the People’s Bank of China (PBOC) on Saturday require firms to allocate 42 to 50 percent of their total client funds in regulated interest-free reserve accounts by April, up from a current rate of 12 to 20 percent.

Read Full Story Here: http://www.the-japan-news.com/news/article/0004165476

China isn’t cleaning up our mess anymore, and the world can’t handle it!

FOR years, China has acted as the world’s dumping ground for recyclable goods, taking a reported 45 million tonnes of our plastic bottles, tired old clothes, and cereal boxes in 2016 alone.

But Beijing has decided that their nation will no longer be the world’s trash can, imposing a ban on imports of 24 categories of recyclables and solid waste that kicked in on Jan 1, 2018 – and the world is not coping.

After hazardous waste was found mixed in with the “foreign garbage” countries were shipping over to China, Environmental Protection Ministry said no more. Notifying the World Trade Organization back in July, Beijing said that, in order to “protect China’s environmental interests and people’s health,” there would be a change in policy – essentially sticking two fingers up to the waste inundated nations of the west.

Read Full Story Here: https://asiancorrespondent.com/2018/01/china-isnt-cleaning-mess-anymore-world-cant-handle/

Australian airport owned by CHINA – and a secretive firm paid just $1 for a 100-YEAR lease on the land…

  • China Southern Airlines could soon own all of the Merredin Aerodrome in WA
  • It paid West Australian government $1 for a 100-year lease in 1993 to train pilots
  • Aviation veteran Dick Smith said it was ‘outrageous’ China decided who landed 

China‘s communist government could soon own an Australian airport after paying just $1 for a 100-year lease on the land.

The state-owned China Southern Airlines partially owns Merredin Aerodrome, 260 kilometres east of Perth, and has control of the runways, hangars and the control tower.

However, this Chinese government company could soon own all of the country airport less than 25 years after it secretly paid the West Australian government $1 for a 100-year lease,