China Offers $1,400 Bounty for Arrests of Taiwan Cyberwarriors
Police in the southern city of Guangzhou are seeking the arrest of 20 people working for Taiwan's Information, Communications and Electronic Force Command, the official Xinhua News Agency said on Thursday.
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CBS News
12 minutes ago
- CBS News
China imposes exit bans on U.S. Department of Commerce employee and a Wells Fargo banker
A U.S. Department of Commerce employee has been restricted from leaving China by authorities in Beijing, a State Department spokesperson told CBS News on Monday. The unidentified government employee's restricted travel was confirmed as Beijing revealed new information about a U.S.-based Wells Fargo banker who has also been subjected to an exit ban. "We can confirm that a U.S. Patent and Trademark Office employee, while traveling to China in a personal capacity, was made subject to an exit ban in China," the State Department spokesperson said Monday. "We are tracking this case very closely and are engaged with Chinese officials to resolve the situation as quickly as possible." The New York Times reported Monday that the employee in question is a U.S. citizen who has been prevented from leaving China since mid-April. The newspaper cited a State Department document it has obtained, adding that it shows Beijing officials seized the man's passport, credit card, cellphone and iPad while he was in the city of Chengdu on April 14. The Times said, citing the document, that the man's documents were returned on April 22, but that he was told he could not leave the country. At a news conference on Monday, a Chinese Foreign Ministry spokesperson declined to comment on the case of the Department of Commerce employee beyond saying that Beijing "upholds the rule of law and handles entry and exit affairs in accordance with the law." But Foreign Ministry spokesperson Guo Jiaku did confirm that Wells Fargo banker Mao Chenyue has been restricted from leaving China and is facing criminal charges. "Ms. Mao Chenyue is involved in a criminal case currently being handled by Chinese law-enforcement authorities and is subjected to exit restrictions in accordance with the law. Pursuant to Chinese laws, with the case still under investigation, Ms. Mao cannot leave the country for the time being and has an obligation to cooperate with the investigation," Chinese Foreign Ministry spokesperson Guo Jiaku said Monday. Chenyue is a Managing Director at Wells Fargo and is based in Atlanta, according to her Linkedin profile. Her Linkedin account also says she is bilingual in English and Chinese. Mao leads Wells Fargo's international factoring business and was born in Shanghai, according to a June press release on the website of the non profit FCI, a global network of companies that provides factoring services. It was not clear on Tuesday whether Mao holds dual Chinese and U.S. nationality. A Wells Fargo representative told CBS News in a statement on Monday that the company was "closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible." A U.S. State Department spokesperson declined to comment Monday on Chenyue's status, "due to privacy and other considerations," but said the State Department "has no higher priority than the safety and security of American citizens." On its website, the State Department urges Americans travelling in China to "exercise increased caution," warning that China "arbitrarily enforces local laws, including exit bans on U.S. citizens and citizens of other countries, without fair and transparent process under the law." U.S. citizens may only realize they have been subjected to an exit ban when they attempt to leave China, and there may be no available legal recourse to appeal such a ban via a Chinese court, according to the State Department's travel advisory. The Chinese government also does not recognize dual nationality, meaning "U.S. citizens of Chinese descent may be subject to additional scrutiny and harassment," the guidance on the State Department's website says. The latest incidents come at a sensitive time in relations between Beijing and Washington. In late June, the White House and officials in Beijing said the two sides had agreed on the framework of a new deal to end a trade war between the world's two largest economies. As it stands, China faces an August 12 deadline — imposed by President Trump — to strike a new trade deal with the U.S. to end an escalating tit-for-tat trade tariff war that the countries have engaged in since Mr. Trump returned to the White House in January. Mr. Trump imposed tariffs of up to 145% on imports from China, and Beijing responded with its own steep import duties, but the two sides agreed to a truce to allow for negotiations. In the meantime, the Trump administration has imposed 30% tariffs on imports from China, pending the August 12 deadline, when much higher rates will be imposed by both Washington and Beijing if no agreement is reached. The standoff has increased the risks for American companies doing business in China that had already been mounting for several years. In June 2023, after Chinese authorities raided the offices of several U.S.-based firms, Beijing-based business lawyer James Zimmerman told CBS News it seemed everything was being taken by the Communist Party as a potential threat. "Unfortunately, in that kind of environment it's very difficult to operate — when everything is viewed as a national security matter and… it looks as if…. anything you do could be considered to be spying," he Victoria Gazis contributed to this report.
Forbes
29 minutes ago
- Forbes
China Market Update: Hong Kong & Mainland China Grind Higher As Bessent Packs His Bags
CLN Asian equities delivered mixed performance overnight, as Vietnam outperformed on a trade deal, while Taiwan, South Korea, and Thailand all lagged amid the absence of new deals. News broke that Treasury Secretary Scott Bessent will travel to Stockholm to meet his Chinese counterparts, a potential signal of further thawing in US-China geopolitical tensions. Investors are watching closely to see whether this latest move provides a lift to US-listed China stocks, following last week's positive push when the Nvidia H20 export ban was lifted. The market continues to anticipate a possible Trump-Xi summit. The delay of China tariff decisions is seen as a sign that talks are progressing. In Hong Kong, the Hang Seng Index finished just above 25,000, and the Hang Seng Tech Index closed a touch above 5,600, while both Shanghai and Shenzhen moved gradually higher over the session. Notably, Southbound Stock Connect flows accounted for 61% of Hong Kong market volume for a second straight day, suggesting subdued foreign participation. Sector-wise, market moves closely mirrored yesterday's action, as the new mega-dam project announcement continued to support building materials, machinery, and construction stocks listed in both Hong Kong and Mainland China. The coal sector once again drove a value-investing bias, with Shaanxi Coal Industry climbing +7.93% and Shanxi Coking Coal jumping +10.07%, as fresh price increases are expected this week. Hong Kong-listed internet stocks produced mixed results: Tencent rose +0.86%, Alibaba edged up +0.08% despite its Qwen3 AI outperforming OpenAI and DeepSeek, Kuaishou gained +1.82%, and ended flat. Robotics maker UB Tech fell -5.71%, after issuing 30 million new shares at a 9% discount to the previous close, raising HKD 2.47 billion (about $315 million). Unitree Robotics is reportedly planning a Hong Kong listing in October. Among automakers, the Hong Kong share classes of BYD and battery giant Contemporary Amperex Technology (CATL) advanced +5.09% and +2.34%, respectively, after BYD announced stronger local sales than Tesla. Mainland China's markets steadily climbed throughout the trading session. The energy sector led, as solar companies outperformed, including Sungrow, up +1.90%, Tongwei, up +5.55%, and LONGi Green Energy, up +1.59%. Silicon futures on the Guangzhou Futures Exchange continued their strong rebound, finishing up +5.98% for the day and +17.82% over the last 10 days, helped by government-led production cuts initiated in early July. These measures brought silicon futures from a low of 6,982 to a close of 9,655. There are signs that Central Huijin, the finance-focused branch of China's sovereign wealth fund, was actively buying Mainland-listed equity exchange-traded funds (ETFs) based on mutual fund shareholder data as of the end of the second quarter. One major ETF reported that its largest shareholder, which is almost certainly Central Huijin, had increased its ownership by 10.874 billion shares, bringing its stake to 37.858 billion shares, or 40.26% of the fund. While an estimated US$10 billion in ETF inflows is noteworthy, it is modest relative to Mainland China's roughly $12 trillion free-float market capitalization, representing only a minor contribution even when spread across multiple funds. Live Webinar Join us on Tuesday, July 22, 10:00 am EDT for: China Mid-Year Outlook: Trade Deal Loading, Consumption & Innovation Locked In Please click here to register New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
Yahoo
39 minutes ago
- Yahoo
Another round of US-China trade talks will start next week in Sweden: Bessent
Treasury Secretary Scott Bessent announced Tuesday that a third round of trade talks with China is now scheduled and will commence next week in Sweden. The goal is to delay an August deadline that has threatened to increase tariffs between the world's two largest economies. "I'm going to be in Stockholm on Monday and Tuesday with my Chinese counterparts, and we'll be working out what is likely an extension then," Bessent said Tuesday morning during an appearance with Fox Business's Maria Bartiromo. The confirmation of a meeting — following talks in Geneva and then London earlier this year — comes ahead of an Aug. 12 deadline when a pause on tariffs between China and the US is scheduled to expire. Lessening tensions between the two nations appear to have boosted markets. Bessent used the Tuesday morning appearance to reiterate his message that markets should be confident that a new round of tensions with China is not in the offing, suggesting that his focus during the coming talks will be on increasing Chinese demand for US products. He said China can become a bigger importer as US output increases, saying that "if we could do that together — we do more manufacturing, they do more consumption — that would be a home run for the global economy." Read more: The latest news and updates on Trump's tariffs Other issues that will be on the table, Bessent added, could be topics like China's consumption of Russian and Iranian oil, which Trump has promised to sanction, as well as the war in Ukraine. Next week's meeting could also set the stage for a meeting between Presidents Trump and Xi Jinping later this year. Bessent added Tuesday that trade talks are proceeding on other fronts around the globe, promising "a rash of trade deals in the coming days" before an Aug. 1 deadline for other nations. Read more: What Trump's tariffs mean for the economy and your wallet The promise there comes as other trading partners — from the European Union to Brazil to India — have said in recent days that they continued to negotiate while offering signals they are preparing for the possibility that Aug. 1 could arrive without a deal. The European Union has even been planning a retaliation, which could include new tariffs on an array of US goods. Yet much of the market focus in recent weeks has been on China and the lessening tensions there, helping investors push prices upward. A recent reversal from the White House in which Trump's team acceded to Chinese requests to allow Nvidia (NVDA) to resume sales of its H20 artificial intelligence chip has only increased confidence that a thaw is in the offing for now. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
