financializer news A weblog highlighting financial topics making news in the international media.

feed: By Luke Mullins Jun 27, 2019 Ben Smith, the editor-in-chief of Buzz Feed News, at the company's office in New York, according to MSNBC. Drew Angerer Getty Images It was around 7 p.m. on a Friday in January when Ben Smith, the top editor at Buzz Feed News, left his house in Brooklyn, stepped into his red Jeep Patriot, and drove to Piccoli, a cash-only Italian takeout spot not far away. Now media's Boy Wonder finds his operation and his company at an inflection point. He bought two orders of spaghetti with meatballs, set the bags of food on the passenger's seat, and headed back home. His cell phone buzzed with a call from one of his best investigative reporters. Darkness had settled over New York City as he navigated the quiet streets. (news.financializer.com). As reported in the news.

honda: It was a bit of shock that Honda decided to come to Ohio, says Vining, now a chief engineer at Honda's Marysville auto plant, according to CNN. Back then, Marysville was a quaint, rural town with about 7,000 people. Japanese automaker Honda was hiring American workers for its first plant on US soil. There was one high school, a few mom-and-pop stores and a single drive-through restaurant. Photos How Japan met America in rural Ohio Neil Vining, left, was one of 64 original hires made when Honda set up its first, ground-breaking plant on US soil in 1979. It was a world away from the gritty, industrial US motor heartland of Detroit. (news.financializer.com). As reported in the news.

property prices: The per capita fall follows a 10,198 drop in the December quarter and a 2,264 fall in the three months to September 2018, according to The Guardian. The decline in property prices also pushed the ratio of Australians' mortgage debt to real estate assets from 28.1% to 29.0%, matching the all-time peak reached in July 2013. But Thursday's data from the Australian Bureau of Statistics revealed a fifth consecutive quarter of residential real estate losses, which was the main factor behind a decline in household wealth per person by 1,500 to 404,566. Sign up to receive the top stories from Guardian Australia every morning A resurgent share market helped household wealth edge higher during the March quarter, lifting 0.2% to 10.24tn. The benchmark S&P/ASX200 index rose 9.46% in the three months to March, having dipped by 9.04% in the December quarter. That follows a 2.1% dip the previous quarter, with superannuation reserves the primary beneficiary of a 147.8bn rebound in company shares. (news.financializer.com). As reported in the news.

science park: The staff homes, which will include one- and two-bedroom apartments as well as some houses, will be rented out at a 20% discount to market prices, mainly to junior academic and support staff earning less than 40,000 a year, according to The Guardian. They will be located next to new research and laboratory facilities at a vastly expanded science park in Begbroke, north of Oxford. The insurance and pensions group will build 1,000 subsidised homes for university and college workers, 1,000 homes for research graduates and a further 1,000 for general sale or rent, on land provided by the university, in the first wave of the partnership. A second science park and graduate housing are planned for the Osney Mead industrial estate. The university, which employs 20,000 people, will retain ownership of the land and issue 60-year leases to L&G. The company's Future Cities business will fund the buildings and receive rent, but will eventually hand the properties to the university. Rents will be pegged to student rents at other university and college accommodation, which range from 450 a month to 675 for a newly built ensuite room. (news.financializer.com). As reported in the news.

nights wednesday: As 20 candidates prepare, here is what you should know 1, according to MSNBC. When and where will the debate take place Because the field of candidates is so large, the Democratic National Committee DNC and the NBC, which is hosting the first debate in Miami, Florida, split the first debate into two nights Wednesday and Thursday. Although most candidates have been on the campaign trail for months, the back-to-back nights of the debate will be the first chance for some to introduce themselves to millions of voters as they seek to defeat President Donald Trump in 2020.US foreign policy, immigration, economy, healthcare and climate change will likely be the hot topics on the debate stage. Each night will host 10 candidates. Who are the candidates Although there are officially 24 candidates so far only 20 will be featured during the debate because the other four did not meet the requirements to take the stage. 190225202457543On Wednesday, Senators Cory Booker, Amy Klobuchar and Elizabeth Warren, Representatives Tulsi Gabbard and Tim Ryan, Washington Governor Jay Inslee, New York City Mayor Bill de Blasio, former Representatives Beto O'Rourke and John Delaney and former Secretary of Housing and Urban Development Julian Castro faced off. The debates will last for two hours, beginning at 9pm local time 01 00 GMT . NBC, MSNBC and Telemundo are airing it.2. (news.financializer.com). As reported in the news.

apple aapl: The world is bullish on tech and overwhelmingly loves Tesla, Abra said in its Global Investor Insights report, according to Market Watch. The app allows users around the world excluding the U.S. to own fractions of a select number of high-priced stocks and exchange-traded funds. According to a report released this week from Abra, which took a look at more than 12,000 investors using its blockchain-based investing app, Tesla TSLA, 1.63% is the clear favorite, followed by Amazon AMZN, 0.34% Apple AAPL, -0.03% and Google GOOG, -0.35% . The Abra app is available on both iOS and Android platforms. The minimum investment is 5. We'll see what kind of interest the U.S. has in Tesla once Abra's rollout here clears regulatory hurdles. Caption outside of wrapper for normal article images At 71.64, the median investment in Tesla, which is particularly embraced in Musk's home country of South Africa, is 191% higher compared to the overall median figure of a mere 24.65. (news.financializer.com). As reported in the news.

company: Tai made the remark at Sharp's business strategies briefing held after the company's annual shareholders meeting in Sakai, Osaka Prefecture, according to The Japan Times. It also comes after some consortium members who invested in Japan Display withdrew from the financing deal. ; As the CEO of a respected company in Japan, I'd like to fulfill my responsibility regarding matters affecting Japanese society, Tai said. CEO and Chairman Tai Jeng-wu said Tuesday his company will consider investing in Japan Display Inc. if the struggling display maker asks for financial aid. In April, the Chinese-Taiwanese consortium agreed to offer up to 80 billion 748 million to the display-maker, but Taiwan's TPK Holding Co. and a Taiwanese private equity fund CGL Group dropped out of the capital injection plan this month. A plan to merge the liquid crystal display panel businesses of Sharp and Japan Display led by state-backed fund INCJ Ltd., currently a main sponsor of the display-maker, temporarily surfaced before Taiwan's Hon Hai Precision Industry Co. bought Sharp in August 2016. China's Harvest Tech Investment Management Co., the only remaining member of the consortium, has notified Japan Display it will finalize a decision on the bailout plan by Thursday, while Oasis Management Co. of Hong Kong, a potential new sponsor, will make its final decision on whether to offer financial aid by Thursday. (news.financializer.com). As reported in the news.

core interests: It seems more differences have emerged between India and the US, such as the Iran issue and trade, according to Global Times China. India's ambition to become a manufacturing powerhouse has increased its exports to the US, which is busy reducing its ballooning trade deficit. There may be some progress in bilateral talks, but both sides are unlikely to compromise when it comes to core interests such as trade conflicts. There have been frequent trade disputes between the two countries in recent times. The India-US relationship is at a crossroads, and China is a key factor in the equation. Just ahead of Pompeo's visit, India raised tariffs on 28 items imported from the US in retaliation for Washington's earlier withdrawal of trade privileges. (news.financializer.com). As reported in the news.

financing platform: Compensation for individual investors will be calculated based on registered and verified information, according to Global Times China. However, according to a report on the website of the Taizhou police in East China's Zhejiang Province, individuals can only get 20 percent to 25 percent of their total losses as compensation. According to the announcement, they can register details of their losses, along with their personal and banking information, with the designated local authorities from July 2 to August 30. Government fines, banks that lent money to Ezubao and bondholders have priority under Chinese law. Since its launch in 2014, the financing platform, which turned out to be a Ponzi scheme, fleeced more than 900,000 investors. Ezubao first came under investigation in December 2015 for illegal operations that wrung out more than 76.2 billion yuan 11 billion from its investors, according to a report by bjnews. (news.financializer.com). As reported in the news.

information: Compensation for individual investors will be calculated based on the registered and verified information, according to Global Times China. However, according to a report on the website of the Taizhou police in East China's Zhejiang Province, only 20 percent to 25 percent of total investment loss could be compensated to individual investors, as government fines, creditors of Ezubao bank loans and bonds will get prior compensation, according to Chinese law. According to the announcement, investors of Ezubao can register the details of their investment loss, along with their personal and banking information with the designated local authorities from July 2 to August 30. Ezubao first came under investigation in December 2015 for illegal operations that wrung out over 76.2 billion yuan 11 billion from its investors, according to a report by bjnews. Since the start of the investigation in 2015, several suspects from the company's management have been detained by the police. Since its launch in 2014, the infamous financing platform, which turned out to be a Ponzi scheme, has fleeced over 900,000 investors, and has a total amount of 38 billion yuan in unpaid loans, the report says. (news.financializer.com). As reported in the news.

issue nikkei: On Tuesday, the key market gauge shed 92.18 points. ; The Topix index of all first-section issues closed down 9.15 points, or 0.59 percent, at 1,534.34, after losing 4.25 points the previous day, according to The Japan Times. The market opened sharply lower, after Wall Street took a downturn Tuesday following remarks by senior policymakers of the U.S. Federal Reserve suggesting the possibility of the Fed refraining from cutting interest rates by a big margin next month, brokers said. The 225-issue Nikkei average sank 107.22 points, or 0.51 percent, to end at 21,086.59. But Tokyo stocks showed some resilience later in the morning, helped by a halt in the yen's strengthening against the dollar. Moves to dump issues that went ex-dividend Wednesday also weighed on the market, brokers added. In the afternoon, however, selling outpaced buying again as investors took to the sidelines ahead of a meeting between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, to be held on the sidelines of the two-day Group of 20 summit starting in Osaka Friday. (news.financializer.com). As reported in the news.

know-your-customer kyc: Similar to the narrative of discussions facilitated at the same time during the Copenhagen Fintech Week, Artificial Intelligence AI remained at the centre of discussion listed as a potential holy-grail that might both increase the efficiency of KYC, AML and decrease the friction for the customers, according to The Independent. As digital transformation has been compared to changing tiers, while the car is still running, there are significant needs to not directly focus on the technology but rather on the effect what it enables and risks it brings. Anna Blyablina Finextra As Know-Your-Customer KYC and Anti Money Laundering AML requirements have been voted up unsurprisingly as key pain-points' of the European Financial Industry by more than half of the delegates of the recent European Banking Association Days in Stockholm. As AI and its usability in Finance remains a novel phenomenon, a group called 'High-Level Experts on AI' under the umbrella of the European Commission has already in April released Ethics Guidelines, including an assessment list, consisting of seven key requirements that AI solutions should meet in order to be deemed trustworthy'- which can be found here. Nathalie Smuha, the coordinator of the independent High-Level Expert Group on AI, stated in an interview that as different players desire to participate in the race towards the AI revolution, it remains vital to assess who should take responsibility and accountability to ensure the minimisation of potentially harmful risks caused by AI systems. It includes not only the definition of AI but also a display possibility for the end user to understand transparency, accountability or human oversight. (news.financializer.com). As reported in the news.

animals: Some of our brothers north of us have exhausted their wildlife, he said, according to Nine News Australia. We are willing to sell, in some cases to donate these wildlife animals. To improve your experience update it here News World Zimbabwe desperate to sell off elephants due to overpopulation By CNN12 26pm Jun 26, has too many wild elephants and plans to sell some, its president has said Addressing a two-day African Union/United Nations Wildlife Summit in Victoria Falls yesterday, Mnangagwa said the country had an elephant population of 84,000 and could cater to only 50,000. Zimbabwe is intent on selling off much of its elephant population in a bid to reduce high numbers of the animal. Angola has a problem because of the war; there are a lot of land mines. AP/AAP Mnangagwa mentioned nearby Angola as a potential buyer as the country looks to reintroduce elephant populations into wildlife areas where mines have been removed. (news.financializer.com). As reported in the news.

brisbane: Brisbane company Birubi Art was found to have breached Australian consumer law and to have misled its customers by promoting products as genuine Aboriginal art when thousands of its pieces were in fact made in factories in Indonesia, according to Nine News Australia. The penalty is the largest of its kind ever awarded by the Federal Court and comes after a 2018 60 Minutes investigation that exposed the Australian businesses importing fake artefacts from Indonesia to sell in Australian souvenir stores. To improve your experience update it here News National Fake Aboriginal Art company slapped with 2.3 million fine By Sammi Taylor 60 Minutes Digital Producer3 47pm Jun 26, 2019Facebook Tweet Mail An Australian business caught selling fake Aboriginal art has been fined 2.3 million dollars in a federal court ruling today, highlighting a thriving black-market that exploits and expropriates Indigenous culture. Mass-produced boomerangs and didgeridoos made in Indonesia were marketed as an Australian product. 60 Minutes 60 Minutes went undercover in six different Balinese factories suspected of supplying to Australian businesses finding mass-produced boomerangs and didgeridoos being sold as hand-made Australia'. Today's ruling is likely to be welcomed by the Aboriginal art community, whose work is lauded in galleries from New York to Paris but which is largely sustained by the sale of works to tourists prepared to pay a premium for genuine pieces. Michael McGuane was emplyed by Birubi Art in Brisbane. 60 Minutes But the case also highlights the inability of the federal government to effectively combat fake art producers the firm at the centre of the ruling, Birubu Art, appears to have recently phoenixed its operation and may avoid liability.60 Minutes understands that Birubi Art is currently in liquidation and is unlikely to ever pay today's fine. This industry is also a lifeblood for indigenous communities across Australia. (news.financializer.com). As reported in the news.

leadership post: But on Wednesday he was exonerated by the Court of Final Appeal which quashed his misconduct in public office conviction, ending a seven-year legal ordeal, according to The Japan Times. Tsang, who was released from jail in January on health grounds, was not present in court for Wednesday's verdict. Tsang was jailed in 2017 after being found guilty of failing to disclose his plans to lease a luxury flat from a major investor in a broadcaster, which was later granted a licence from the government while he was leader. ; The 74-year-old, who held the leadership post of chief executive for seven years from 2005, was the most senior city official ever to be convicted in a criminal trial and the highest-ranking one to be put behind bars. But he issued a statement. My heart is filled with gratitude, Tsang said, adding much of his savings had been swallowed up by the court cases. Seven years of tangled legal battles have finally ended. (news.financializer.com). As reported in the news.

quarter ends: Steven Mnuchin see Buzz a day after the Fed dashed hopes for a 50-basis point rate cut in July, according to Market Watch. But now, a trade deal dangles in front of us just as the investing quarter ends. Stocks are rallying after comments from Treasury Sec. Mnuchin comments show that a little optimism can go a long way with the current market mood Third Eye View Brainand Money June 26, 2019 For that period, the S&P 500 is looking at a 3% gain, but an 18% jump for the first half of the year as of Tuesday. Our call of the day from David Donabedian, chief investment officer at CIBC Private Wealth Management, says investors will have learned a couple of big lessons from the first six months of 2019 the adage don't fight the Fed and monetary policy still matters a lot for markets. That would mark the best first half return since 2013. (news.financializer.com). As reported in the news.

record price: Cryptocurrency market analysts have struggled to explain the dramatic turnaround in fortunes, though some have pointed to the recent announcement of Facebook's libra cryptocurrency, according to The Independent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. Bitcoin is currently trading at around 12,600 more than triple its value at the end of March and appears on track to pass its previous record price of 20,000, which it hit in late 2017. You can form your own view. Subscribe now Facebook's interest in the space has validated and drawn attention to cryptocurrency more generally, while simultaneously boosting bitcoin by virtue of its connection to the controversial technology giant. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

statement: The three included the former joint head of the IPO vetting team of the listing department of Hong Kong Exchanges & Clearing Limited HKEX who, with his associates, was arrested for suspected corruption and misconduct in public office in relation to the vetting of listing applications of the two listed companies, the statement said, according to The Independent. It did not name the three people who had been arrested. The Independent Commission Against Corruption ICAC said in a statement on Wednesday that it had on Sunday searched the offices of two investment banks that sponsor, or lead, IPOs and two listed companies, and made three arrests in all. The statement said that HKEX had cooperated fully with the ICAC during its operation. The Securities and Futures Commission SFC Hong Kong's securities regulator said in a separate statement on Wednesday that it had searched the offices of two sponsor firms jointly with the ICAC. As part of these coordinated actions the SFC is conducting a specific review of the manner in which the Hong Kong stock exchange had administered or dealt with listing and other matters which may be relevant to the investigations, the statement said. Last year, Hong Kong was the top IPO destination worldwide with 36.3 billion raised, according to Refinitiv data. (news.financializer.com). As reported in the news.

technology shares: How did the major benchmarks fare The Dow Jones Industrial Average DJIA, -0.04% fell 11.4 points, or less than 0.1%, to 26,536.82, but had been as high as 26,669, while the S&P 500 SPX, 0.38% fell 3.6 points, or 0.1%, to 2,913.78, representing a fourth straight decline for the index, its longest string of loses since a similar downturn ended May 9, Fact Set data show, according to Market Watch. The Nasdaq Composite Index COMP, 0.73% rose 25.2 points, or about 0.3%, to 7,909.97, halting a three-session stumble. Stocks closed mostly lower Wednesday, as investors grew increasingly skeptical that a U.S.-China trade deal is in the offing, though technology shares were supported by optimism related to Micron Technology's better-than expected guidance. What drove the market Comments from U.S. Treasury Secretary Steven Mnuchin suggesting that a Sino-American trade resolution had been near in an earlier round of talks, provided an early lift to markets. The U.S. Treasury Secretary said he was hopeful that a deal could be struck as the market awaits a sideline conversation between President Donald Trump and Chinese President Xi Jinping at the Group of 20 gathering in Osaka, Japan, which kicks off on Friday. We were about 90% of the way there with a deal and I think there's a path to complete this, he told the financial network in Bahrain. (news.financializer.com). As reported in the news.

finance partners: It is now seeking finance partners to develop the untapped reserves in the Timor Sea, estimated to be worth around US 50bn, according to The Guardian. On Tuesday the Australian reported Timor Gap was set to borrow 15.9bn from China's state-owned Exim bank under a commercial loan, sparking alarm from some observers over whether that would allow a Chinese military presence just 500km from Darwin. The Timor-Leste government recently took majority ownership of the project after buying out its former partners Conoco Phillips and Shell with the aim of ensuring the gas is piped to its shores instead of Australia's. Sign up to receive the top stories from Guardian Australia every morning Timor Gap told Guardian Australia it is talking to China, but is also canvassing investors and financial institutions in the US, Australia and other countries about financing the Tasi Mane project. Jose Ramos Horta, a former president and prime minister of Timor-Leste, said Timor-Leste was still actively searching for multiple partners and investors . Xanana Gusmao's strong preference is for several different investors including Australia, US, Korean, Indonesian, French, etc, said Horta, who is currently travelling with the former president Gusmao. The statements that Timor Gap is about to sign a finance deal with China Exim Bank is incorrect as much as the suggestion that we rejected a competitive offer from US pension funds, a spokesman said. (news.financializer.com). As reported in the news.

war: He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance Dems Preparing Legislation That Would Bar Trump From Starting A War With a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to House of a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to grow. name House Dems Preparing Legislation That Would Bar Trump From Starting A War With Colarossi currently resides in Cleveland, Ohio, according to MSNBC. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama u2019s presidential campaigns. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama u2019s presidential campaigns. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance Dems Preparing Legislation That Would Bar Trump From Starting A War With a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to House of a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to grow. name House Dems Preparing Legislation That Would Bar Trump From Starting A War With Colarossi currently resides in Cleveland, Ohio. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance Dems Preparing Legislation That Would Bar Trump From Starting A War With a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to House of a result of the Trump administration's increasingly aggressive behavior toward Iran, the possibility of another war continues to grow. name House Dems Preparing Legislation That Would Bar Trump From Starting A War With Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama u2019s presidential campaigns. (news.financializer.com). As reported in the news.

saturday morning: For four generations, Ross Wild's family have made a living off the land, but the grain and sheep farmer would never have imagined that his job could make him sick, according to Nine News Australia. I woke up one Saturday morning and put my hand under my arm and felt a lump there, he told A Current Affair. To improve your experience update it here News National Weed killer Roundup linked to serious illness claim some cancer-struck Australians By A Current Affair Staff7 44pm Jun 26, killer Roundup has been a mainstay of farming fields and suburban gardens for decades, but now there are calls to be banned as Australians claim they've been left with cancer because of it. Weed killer Roundup has been linked to cases of serious illness, according to some Australians. The grandfather of nine said he'd initially been given fifty-fifty odds of beating the cancer, which had spread to his tonsils, sinsuses, spleen and bone marrow. A Current Affair He was diagnosed with aggressive blood cancer non-Hodgkin lymphoma, a shock after a lifetime without any major health problems. (news.financializer.com). As reported in the news.

threadneedle street: Threadneedle Street can support economic growth by cutting interest rates or using quantitative easing buying government bonds from commercial banks to pump up the amount of money circulating in the economy, according to The Guardian. It's more likely we would provide some stimulus in the event of no-deal Brexit, he told the MPs. Answering questions from MPs on the Commons Treasury committee on Wednesday, the governor of the Bank said a no-deal Brexit would probably require economic stimulus. We have said we would do what we could in the event of a no-deal scenario but there is no guarantee on that. Carney said the mounting risk of no deal was increasingly being reflected in the financial markets, such as in the value of the pound and the yield on government bonds. The Bank has previously said its response to no deal would not be automatic, meaning it could raise interest rates should it need to counter rising inflation caused by a sudden drop in the pound. (news.financializer.com). As reported in the news.

end: In return, investors are typically promised 10 yearly dividends of about 10% of the sum they have put in, according to The Guardian. At the end of the 10-year investment, Woodhouse buys the room back at 125% of the purchase price, meaning he is promising a profit of 125%. This is a very generous offer. His model is to offer investors the chance of investing in a room in a care home, a hotel or another form of holiday accommodation. But, five years after launching them, none of Woodhouse's four new-build care home investment projects are operational and three have simply never been built. One of the main places where cash seems to have been sent is a company called MBI Consulting UK Ltd, which is 60% owned by Woodhouse and went into administration in August last year. Meanwhile, some of the money provided by private investors to fund these projects appears to have been moved from the company running the project to elsewhere in Woodhouse's business. (news.financializer.com). As reported in the news.

bailout plan: Meanwhile, Oasis Management Co. of Hong Kong has stepped forward as a potential new sponsor, telling the Japanese company that it will make a final decision by Thursday as well, according to The Japan Times. Touch panel-maker TPK left the group citing changes in circumstances, but the reason for the withdrawal of CGL Group was not disclosed. The exit by CGL Group follows the departure of Taiwan's TPK Holding Co. last week from the consortium that was supposed to offer a capital injection of up to 80 billion 748 million to the Apple Inc. supplier. ; China's Harvest Tech Investment Management Co., the only remaining member of the consortium that agreed on the bailout plan in April, has notified Japan Display that it will finalize a decision on financial aid by Thursday. The decisions apparently reflect Japan Display's business performance, which is deteriorating more than expected. It also said some domestic as well as other overseas companies have shown an interest in investing, without naming them. The maker of display panels reiterated there is no change to the capital injection amount of up to 80 billion. (news.financializer.com). As reported in the news.

china-africa cooperation: Photo Li Ruohan/GT Cooperation with China is beneficial and yields visible results that empower African countries to realize sustainable growth, amid the challenges of unilateralism and protectionism, senior officials said on Tuesday, according to Global Times China. The remarks were made by Chinese and African ministers gathered in Beijing for the Coordinators' Meeting on the Implementation of the Follow-up Actions of the Beijing Summit of Forum on China-Africa Cooperation FOCAC from Monday to Tuesday. Photo IC Ministers from China and African countries attend the opening ceremony of Coordinators' Meeting on the Implementation of the Follow-up Actions of the Beijing Summit of Forum on China-Africa Cooperation on Tuesday. More than 80 African ministerial-level officials attended the meeting. Xi said he hopes the two sides will use the meeting as an opportunity to make solid progress in pushing for the implementation of the FOCAC Beijing Summit's achievements and to constantly improve the welfare of 2.6 billion people in China and Africa. In a congratulatory letter to the meeting of the FOCAC, Chinese President Xi Jinping said that the 2018 Beijing Summit of the FOCAC was a milestone in the history of China-Africa relations, the Xinhua News Agency reported. (news.financializer.com). As reported in the news.