Taiwan marathon organizers apologize after giving out prizes in the shape of a Chinese machine gun
Legislator Hsu Chi-chieh, of the ruling Democratic Progressive party that favors the island's independence from China, apologized and said the use of the image of a Chinese QBZ-95 on trophies for top winners was an unintentional mistake. Those given the trophies would be given the option of choosing a different one.
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Yahoo
21 minutes ago
- Yahoo
CK Hutchison ports deal deadline likely to be extended as US-China tensions weigh, sources say
By Clare Jim, Scott Murdoch and Davide Barbuscia HONG KONG (Reuters) -CK Hutchison's plan to sell most of its $22.8 billion ports business is unlikely to be finalised anytime soon, with political brinkmanship set to continue, and sources saying that a Sunday deadline for exclusive talks was likely to be extended. The Hong Kong conglomerate's plan to sell the business, which would include two ports along the strategically important Panama Canal, to a consortium led by BlackRock and Italian billionaire Gianluigi Aponte's family-run shipping company MSC, has become politicised amid an escalating China-U.S. trade war. Negotiations for the deal, which covers 43 ports in 23 countries, are on an exclusive basis between CK Hutchison, controlled by Hong Kong tycoon Li Ka-shing, and the consortium for 145 days until Sunday, as per the terms announced in March. The deal talks, however, are unlikely to collapse if the two parties do not ink a pact by Sunday, with three people close to the ports-to-telecoms conglomerate saying the parties could extend the deadline to continue exclusive negotiations. The first part of the deal - definitive documentation to sell two port operations near the Panama Canal - was also not signed by an April 2 deadline set in the sales announcement. The people declined to be named due to the sensitivity of the matter. BlackRock declined to comment. CK Hutchison and MSC Mediterranean Shipping Company, which CK Hutchison said in May was the main investor in the consortium, did not respond to requests for comment. U.S. President Donald Trump hailed the deal as "reclaiming" the Panama Canal, after his administration previously called for the removal of what it said was Chinese ownership of the ports near the canal. But in April, China's top market regulator said that it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. Beijing's stance on the planned deal was made public after pro-China media launched a stinging criticism, saying China had significant national interests in the transaction and it would be a betrayal of the country. "I think at this moment it's not very optimistic that they can directly sell the ports to the consortium," said Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, which has clients holding CK Hutchison bonds. "The market has already digested the news, even if it announces next week that it won't sell anymore, I don't think it'll be a shock because the market understands it wouldn't have a large impact on its operations." DEAL RISKS CK Hutchison shares, which jumped 33% the following two days after the deal was announced in early March, erased all of the gains by mid-April. But since then it regained lost ground along with the rise in the broader Hong Kong market index. The outlook for the deal has been clouded further in recent days, with a separate source telling Reuters that Chinese ports operator China Cosco Shipping Corp (COSCO) was also looking to join the consortium to buy the ports business. COSCO is requesting veto rights or equivalent power in the entity that will take over 43 ports from CK Hutchison, Bloomberg News reported this week, citing people familiar with the matter. COSCO did not respond to a request for comment. The existing consortium would likely allow COSCO into the deal, said Cathy Seifert, an analyst at CFRA Research. "The bigger risk to the deal being consummated, in my opinion, is likely the Trump administration, which is likely to block a deal that would include China," said the New Jersey-based analyst who tracks BlackRock. Ballingal Investment Advisors strategist David Blennerhassett, who publishes on the independent online research platform Smartkarma, said the addition of COSCO in the consortium was likely to enrage Trump. "Trump, who has a handful of issues already on his plate, would be incandescent," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23 minutes ago
- Bloomberg
EU's Tense China Summit Yields Few Concrete Changes
Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. We're keen to hear your views on this newsletter. Please participate in our short survey. Expectations were low going into the EU's summit with China in Beijing given that the two-day affair had already been curtailed. In the end, the first in-person meeting between the EU and Chinese leadership since 2003 made little progress in terms of concrete deliverables. Commission President Ursula von der Leyen and Council President Antonio Costa pulled no punches on China's trade practices in their closing press conference, calling out Beijing's support for Russia amid its invasion of Ukraine, and reiterating their view that the trading relationship is 'critically unbalanced.' The two sides did agree on a mechanism to identify supply chain bottlenecks, committed to work on solutions on public procurement and endorsed a joint statement on climate — in one bright spot of unity. Editor's Note: Tomorrow's edition will be the last Brussels Edition before the summer break. We'll be back in your inbox on September 1st.
Business Insider
37 minutes ago
- Business Insider
Nvidia AI Chips Worth $1B Were Smuggled to China to Defy Trump, Claims Report
U.S. semiconductor giant Nvidia (NVDA) stock edged up today despite reports that its chips were smuggled into China to beat President Trump's export controls. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Beating Controls The Financial Times reported today that Nvidia's high-end B200 processors worth around $1 billion were smuggled to China in the three months after Washington tightened chip export controls at the height of the tariff trade war between the two nations. The FT stated that the processors, banned for sale in China, are widely available on a thriving Chinese black market for U.S. chips. The FT report cited sales contracts, company filings and insider information. It stated that in May, multiple Chinese distributors started selling B200s to suppliers of data centers that serve Chinese AI groups. It added that the most likely source of the restricted chips is Southeastern Asian nations. Nvidia, led by chief executive Jensen Huang, told Reuters that building data centers with smuggled products is inefficient both technically and financially, as the company only offers service and support for authorized products. It has said that there is no evidence of any 'AI chip diversion.' There is no suggestion the company is involved in or has knowledge of its restricted products being sold to China. AI Race Nvidia last week said it would be allowed to resume sales to China after the Trump administration reversed an export restriction on the sales of chips such as H20. The curbs were imposed in April. It comes as the U.S. said it is looking to relax AI export controls and boost infrastructure investment as part of its newly unveiled AI action plan. At the heart of it is the continued battle for global AI supremacy between the U.S. and China. As can be seen below, Nvidia, which relies heavily on the Chinese market, has good reason to find a careful balance between the two. That includes pledges from Nvidia to invest billions of dollars in U.S.-manufactured chips and electronics over the next four years, as well as regular trips to China to reaffirm its commitment to the country. Is NVDA a Good Stock to Buy Now? On TipRanks, NVDA has a Strong Buy consensus based on 34 Buy, 3 Hold and 1 Sell ratings. Its highest price target is $250. NVDA stock's consensus price target is $182.49, implying a 5.52% upside.
