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16d06/30

China reacts to Guo Wengui’s 30-year US prison sentence, highlighting fugitive status

China’s foreign ministry on Tuesday said it had noted the 30-year prison sentence given to self-exiled Chinese businessman Guo Wengui, who was convicted in a US court for orchestrating a fraud scheme that bilked his followers out of more than US$1 billion. “Guo Wengui is a fugitive wanted under an Interpol red notice issued at the request of the Chinese government, and we have noted the relevant reports,” ministry spokesman Guo Jiakun said on Tuesday. The billionaire businessman, also known as..

unclassifiedchina · asia
16d06/30

New Asean Chamber of Commerce launched in Hong Kong will ‘fulfil long-felt need’

Setting up a new regional chamber of commerce will “fulfil a long-felt need” to bridge the gap between the Greater Bay Area and Asean, with Hong Kong acting as a “natural connector”, the business group’s inaugural chairman has said. But given existing agreements and bilateral relations between the city and individual member states of the Association of Southeast Asian Nations, analysts said the economic benefits introduced by the new chamber were likely to be more modest than dramatic. The Asean

unclassifiedchina · asia
16d06/30war-conflict · 3/5

Iraq’s 14 million barrels of trapped oil travels through Strait of Hormuz

Iraqi oil stranded by the Middle East conflict has escaped the Persian Gulf over the past ten days as transit via the Strait of Hormuz eased during an uneasy US-Iran ceasefire. Vessels carrying about 14 million barrels of Iraqi oil exited the Gulf in the latter part of June and are now carrying crude to buyers in Asia, Europe and the US, according to tanker tracking data compiled by Bloomberg. That is the equivalent of about 1.4 million barrels a day over the 10-day period. All cargoes loaded...

unclassifiedchina · asia · europe
16d06/30

China-Canada trade thaw falters as Beijing levies penalties for dumping pea starch

Beijing has issued a preliminary verdict finding that pea-starch products imported from Canada were dumped in China, following Ottawa’s anti-dumping investigation into Chinese-made steel racks. “Relevant authorities have made a preliminary determination that imported pea-starch products originating in Canada have been dumped,” the Ministry of Commerce said in a statement on Tuesday. “The dumping acts have caused material damage to the domestic pea-starch industry.” Starting on Wednesday,...

unclassifiedchina · asia
16d06/30shipping-routes · 2/5

Asian Refiners Redirect Middle East Crude to the U.S. as Hormuz Flows Recover

Some Asian refiners have recently offered Middle Eastern cargoes to the U.S. West Coast as supply from the Persian Gulf rises with the reopening of the Strait of Hormuz, while Asian buyers are well-supplied for the next two months. Refiners in Asia have spent the better part of the past four months scrambling to procure crude for the summer from producers outside the Middle East. Buyers now have enough non-Middle Eastern crude lined up to arrive over the next two months, meaning that spot purcha

unclassifiedmiddle-east · russia · usa
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