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

companies estimate: However, mass distribution, which needs regulatory approval, will not happen this year and several vaccines are seen as necessary to meet massive global needs. ; Pfizer and German partner BioNTech SE said they had found no serious safety concerns yet and expected to seek U.S. emergency use authorization this month, raising the chance of a regulatory decision as soon as December, according to The Japan Times. If granted, the companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021. Scientists, public health officials and investors welcomed the first successful interim data from a large-scale clinical test as a watershed moment that could help turn the tide of the pandemic if the full trial results pan out. Today is a great day for science and humanity, said Pfizer Chief Executive Albert Bourla, noting the data milestone comes with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. This news made me smile from ear to ear. Experts said they wanted to see the full trial data, but the preliminary results looked encouraging. ( As reported in the news.

one-third stake: Soft Bank has poured about 20 billion into tech stocks and derivatives through a unit in which the billionaire personally holds a one-third stake. ; Several people on the call pointed to the structure as a corporate governance concern, the people said, asking to remain unnamed because the details of the discussion aren't public, according to The Japan Times. Son denied there is a conflict of interest and described it as remuneration for his investment expertise. Son faced a barrage of questions about the transactions on a late-evening call with analysts and fund managers after an earnings announcement Monday, according to people who took part in the briefing. Other fund managers charge fees, he said, according to one of the people. A representative for Soft Bank declined to comment. Son added that Soft Bank's board cleared the structure in a vote from which he recused himself, the person said. ( As reported in the news.

trade experts: This comes as a relief to Japan, which salvaged the original Trans-Pacific Partnership free trade pact from collapse after the United States left on Trump's initiative, hoping that Washington would eventually come back. ; Still, trade experts see no immediate return of the U.S. to what is now the 11-member TPP while Biden focuses on domestic issues such as containing the spread of COVID-19 and boosting the world's largest economy, although the 77-year-old Democrat backed the TPP as vice president under former President Barack Obama, according to The Japan Times. The chances of the United States piling pressure on trading partners like Japan to make bilateral deals a tactic pursued by Trump may decrease, though a Biden administration could still make strong demands of Japan over trade and environmental issues. Biden is seen as preferring a more multilateral approach to trade. Biden would emphasize partnerships to contain unilateral Chinese policymaking and he would seek a more active Asian policy than the benign neglect of the Obama era, said Martin Schulz, chief policy economist at Fujitsu Ltd. It needs to maintain its partnerships with the United States and China but show its partners in Southeast Asia an effective way to navigate trade, investment and, most importantly, digital policies, Schulz said. Japan, as a 'middle power,' would gain a more important role. ( As reported in the news.

questions answers: Here are some questions and answers about the venture ; Why hydrogen Japan has few fossil fuel resources and relies heavily on imported liquefied natural gas LNG coal and nuclear power, which has been curtailed since the Fukushima meltdown in 2011, according to The Japan Times. The mountainous, natural disaster-prone country is struggling to ramp up its renewable energy production, and is therefore investigating a variety of fuel alternatives. The Hydrogen Energy Supply Chain HESC is a joint Japanese-Australian project intended to produce plentiful, affordable fuel for Japan. It has invested heavily in hydrogen, which produces only steam and no carbon dioxide when burnt, making it the focus of some interest. It uses it in microfuel cells for residential buildings, experimental power plants and fuel cell vehicles, but production domestically is limited and expensive. Japan currently produces hydrogen domestically, in liquid and compressed gas forms, mostly from natural gas and oil. ( As reported in the news.

small-dollar donations: It was a jarring outcome for Democrats who had devised an expanded political map, eager to provide a backstop against President Donald Trump and his party's grip on the Senate, according to The Japan Times. The races attracted an unprecedented outpouring of small-dollar donations from Americans apparently voting with their pocketbooks to propel long-shot campaigns. ; The voters' choices will force a rethinking of Democratic Party strategy, messaging and approach from the Trump era. Several races remained undecided into Wednesday and at least one headed to a runoff in January. While Democrats picked up must-win seats in Colorado and Arizona, they suffered a setback in Alabama, and Republicans held their own in one race after another in South Carolina, Iowa, Texas, Kansas and Montana, dramatically limiting the places where Democrats hoped to make inroads. Lindsey Graham in Columbia, South Carolina, after defeating Jamie Harrison, despite the Democrat's stunning 100 million haul for his upstart campaign. You wasted a lot of money, said White House ally Sen. ( As reported in the news.

wasn t: So we'll be going to the U.S. Supreme Court, according to The Japan Times. We want all voting to stop. This is a fraud on the American public, Trump said after noting that he holds leads in several states that have not been called in his favor, including Pennsylvania and Michigan. ; Frankly we did win this election, he said. It wasn't immediately clear what Trump meant, as states including Michigan, Pennsylvania, Wisconsin, Georgia and others are counting legally cast votes. Biden's campaign manager, Jen O'Malley Dillon, said in a statement that Trump's remarks were outrageous, unprecedented and incorrect and a naked effort to take away the democratic rights of American citizens. It is routine for states to continue counting votes after Election Day. ( As reported in the news.

business climate: JAL is scheduled to release earnings for the fiscal first half through September on Friday, according to The Japan Times. The expected loss marks a sharp deterioration from 53.41 billion in profit last fiscal year and follows a dismal forecast by its domestic rival ANA Holdings Inc. for this fiscal year. JAL expects it will take time for international air travel demand to recover as long as strict border controls remain in place amid the coronavirus pandemic, the sources said. ; The airline has not provided its forecast for the current fiscal year to March 2021, as the spread of the virus has left the business climate uncertain. The parent company of All Nippon Airways Co. said Tuesday it expects a record net loss of 510 billion for the year to March 2021. The airline is considering raising as much as 300 billion in capital to strengthen its financial standing, according to people close to the matter. JAL introduced new accounting standards, starting in the current business year. ( As reported in the news.

japanese funders: For all the publicity garnered by South Korean President Moon Jae-in's Green New Deal and pledge last month of a 2050 net zero target, Korean engineering companies, too, are working with Japanese funders on Vietnam's Vung Ang 2 coal plant, according to The Japan Times. Chinese President Xi Jinping also garnered plenty of positive headlines last month for promising to bring the world's largest emitter to net zero status by 2060 but China still has 250 gigawatts of coal plants under development, more than the total existing fleets in India or the U.S. Doubts are warranted when so many nations are falling far short of their own climate pledges. So one reaction to a report that Japan's new prime minister, Yoshihide Suga, will pledge next week to reduce the country's net carbon emissions to zero by 2050 might be Really ; After all, public and private Japanese banks are still funding new coal-fired power stations in Vietnam, Indonesia and Bangladesh, exploiting a loophole in Tokyo's previous promise to reduce financing to such projects a fact that's causing some consternation among European investment funds. At the same time, it can be pushed too far. On the path to getting the binding and comprehensive emissions policies that the world needs, there will be plenty of partial, vague and unenforceable pledges. The promises of political leaders have real-world effects that we're already seeing. ( As reported in the news.

year: Chairman Tsuneo Mishima, 61, who is originally from electronics retailer Yamada Denki Co., a capital alliance partner of Otsuka Kagu, will concurrently serve as president. ; Although we expect to remain in the red for the current fiscal year, our business is improving greatly year on year and we are close to setting out a path toward a turnaround in the next fiscal year, Otsuka Kagu said in a statement, according to The Japan Times. Otsuka offered to resign as president and director to clarify responsibility for past performances, and the board accepted the offer, the company said. The 52-year-old president offered her resignation to take responsibility for the company's prolonged earnings slump. Kumiko Otsuka KYODO Struggling Otsuka Kagu received investment from Yamada Denki in December last year and has since been working on rehabilitation under the leadership of the electronics seller. For the current fiscal year ending in April 2021, Otsuka Kagu is bracing for a net loss of 2.89 billion, according to its earnings estimates released Wednesday. The furniture retailer has yet to get out of the red, however, despite intensive efforts to draw customers including selling home appliances that go well with its furniture items. ( As reported in the news.

afternoon trading: The euro was at 1.1820, up from 1.1777, and at 124.74, almost unchanged from 124.73. ; After falling below 105.60 in overseas trading over the weekend due to concerns over tardy progress in talks over a fresh coronavirus relief package in the United States, the dollar firmed back above the level in the early Tokyo morning, according to The Japan Times. But the greenback took a downturn in the wake of the 225-issue Nikkei average extending its loss, going sideways at levels slightly below 105.50 before being bought back in late afternoon trading. At 5 p.m., the dollar stood at 105.55, down from 105.93 at the same time Friday. Amid a lack of market-moving news, players moved to sell the dollar against the yen in view of moves of U.S. long-term interest rates and Tokyo stocks, said an official at a foreign exchange margin trading service firm. KEYWORDS yen, euro, dollar, forex GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5 /4973089/JT-teads googletag.cmd.push function googletag.display ; ; ( As reported in the news.

asset mountain: While economists laud the relative success of the BOJ's measures to support businesses and the economy through the COVID-19 crisis, many of them also warn that accelerated growth in the bank's asset mountain will be hard to scale back in the future without unnerving investors and shocking loan-dependent companies and policy makers, according to The Japan Times. With its array of corporate debt and commercial paper quickly building, the BOJ's whale in the pond presence is also spreading beyond government bonds and stock funds to distort other markets and further crowd out private investors. The central bank's growing pile of assets has now reached the equivalent of 137% of gross domestic product, according to a Bloomberg calculation based on official data. ; In dollar terms, the tally of securities, loans and other assets is just 8% smaller than that of the Federal Reserve, even though the U.S. economy is four times bigger than Japan's. RELATED STORIES Bank of Japan and PM Suga agree to work closely in first meeting Bank of Japan upgrades assessments on eight of nine regional economies Bank of Japan to begin test of digital currency in 2021 It's like the BOJ has created an intensive care unit and wheeled everybody inside. The BOJ aggressively ramped up its lending and asset buying in March as the looming scale of the pandemic spread jitters among investors and businesses. It's so comfortable on the drip feed that no one wants to leave, said Takahiro Sekido, chief Japan strategist at MUFG Bank Ltd. ( As reported in the news.

section issues: Despite Wall Street's three-day rally until Friday on the back of expectations for a fresh coronavirus relief package, investors in the morning opted to lock in gains from a bull run on the Tokyo market last week, brokers said, according to The Japan Times. The market turned lethargic in the afternoon due chiefly to the absence of fresh trading incentives, they added. The 225-issue Nikkei average of the Tokyo Stock Exchange fell 61 points, or 0.26%, to close at 23,558.69, after the benchmark index gave up 27.38 points Friday. ; The Topix index of all TSE first section issues closed down 4.03 points, or 0.24%, at 1,643.35, following an 8.09-point drop the previous trading day. Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc., pointed out that trading was led by individual investors disregarding the bullish U.S. market conditions while many foreign investors, leading players in the Tokyo market, were sitting on the fence. Another brokerage official noted that a wait-and-see mood was enhanced ahead of earnings announcements by major U.S. firms and others later in the week. Japanese individual investors were acting on their own, he added. ( As reported in the news.

market gauge: On Tuesday, the key market gauge advanced 121.59 points. ; But the Topix index of all TSE first section issues closed up 0.72 point, or 0.04 percent, at 1,646.47, after an 8.50-point rise the previous day, according to The Japan Times. The Tokyo market succumbed to selling pressure from the opening bell, following the Wall Street slide triggered by U.S. President Donald Trump's order to cease negotiations on an economic relief package to address the coronavirus crisis. The 225-issue Nikkei average of the Tokyo Stock Exchange shed 10.91 points, or 0.05 percent, to end at 23,422.82. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill, Trump wrote on Twitter. The Nikkei regained ground later in the morning and in late trading, but the rebound was not enough to bring the index above the previous day's close. Expectations for a stimulus package had been driving investors to buy stocks in the past several days. ( As reported in the news.

sales securitization: Greater cost savings as well as sales and securitization of real estate, data centers and other assets will deliver enough cash to revamp the business while rewarding shareholders and boosting its overseas portfolio, according to him. ; We want to make our existing assets more liquid and use that to invest in new businesses, he said, according to The Japan Times. The merger between the telecommunications behemoths effectively ends an experiment that started in 1998 when NTT sold Docomo shares in the biggest-ever initial public offering at the time. The merger will also help the Tokyo-based telecommunications giant keep up share buybacks and invest aggressively overseas, Sawada said in an interview Tuesday. It gave investors a chance to bet on the fast-growing sector, while Docomo executives went on a buying spree overseas, using the influx of cash to extend Japan's then-lead in mobile services to the rest of the world. We want Docomo to invest abroad again, Sawada said, adding that he wants Docomo to work closely with NTT Communications, the network and cloud division of NTT, on an overseas strategy. Even though they blew billions of dollars on minority stakes in carriers that eventually failed to deliver on their promise, NTT will keep pushing to expand overseas, Sawada said. ( As reported in the news.

time tuesday: The euro was at 1.1766, down from 1.1777, and at 124.56, up from 124.41. ; The dollar mostly fluctuated around 105.60 throughout the morning, according to The Japan Times. In the afternoon, the dollar firmed to around 105.70, amid a heightening in a risk-on market mood, which came after the benchmark 225-issue Nikkei average showed resilience from its morning's tumble and a rise in U.S. stock index futures. At 5 p.m., the dollar stood at 105.86, up from 105.65 at the same time Tuesday. Buying instigated by European stock markets' advances helped the dollar climb to around 105.90 in late trading, traders said. KEYWORDS yen, euro, dollar, forex GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5 /4973089/JT-teads googletag.cmd.push function googletag.display ; ; An official at a Japanese bank noted that market participants were paying close attention to a debate later on Wednesday between U.S. Vice President Mike Pence and Democratic vice presidential candidate Kamala Harris, as U.S. President Donald Trump's novel coronavirus infection left investors increasingly mindful of the possibility that the vice president may take on the role of president if the leader has health concerns. ( As reported in the news.

delhi beijing: From the Belt and Road initiative to Made in China 2025, Beijing shrewdly incorporated geoeconomic tools of statecraft into its grand strategic thinking, according to The Japan Times. China's coercive economic maneuvering employs trade, investments, technology, internationalizing of currency and even weaponization of resource supply chains toward geopolitical ends. ; Thus, reorienting Japan's economic security strategy constitutes a top priority for Prime Minister Shinzo Abe. Where does Tokyo stand in crafting an effective economic security strategy New Delhi Beijing has systematically integrated economic and financial instruments into its foreign policy with the objective of advancing its grand strategic ambitions. The objective is primarily to secure cutting edge technologies including next-generation 5G networks; strengthening foreign investment regulations in core industries in 12 strategic sectors; blocking COVID-19 bargain hunters grabbing key businesses; protecting intellectual property and averting forced technology transfers; fortifying self-sufficiency in strategic metals and mineral resource supply; managing China's plans for a digital yuan; and better strategizing developmental aid in the Indo-Pacific. Pre-pandemic, Abe's priority was how to secure Japan's economic interests amid worrying trends of de-globalization, receding trade liberalization, and increasing protectionism. From instituting an economic unit at the National Security Secretariat, conceiving a Japan-U.S. economic security dialogue, and joining forces with other democracies in a Democracy 10 the Group of Seven plus India, Australia and South Korea framework for 5G and the Global Partnership on Artificial Intelligence Japan's strategic thinking on economic security is manifesting. ( As reported in the news.

lg: Expanding EV subsidies in Europe and Tesla's stupefying rally have buoyed related stocks worldwide despite global economic concerns, according to The Japan Times. Fundamentals matter little, with Tesla just starting to show profit and EV truck-maker Nikola Corp. yet to produce its first semitruck. South Korea's LG Chem Ltd. has surged more than 62 percent this year to a valuation of more than 30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation's largest automaker, in the dust. ; While LG supplies many automakers, including Hyundai, it's been particularly fueled by a deal to supply batteries to Tesla's China factory, which is pumping out Elon Musk's cars at a growing clip. We believe LG Chem is set to benefit the most in Europe with its high market share and positioning, said Jae Lee, chief executive officer at Timefolio Asset Management SG Pvt, a Singapore-based hedge fund that holds shares of the company. China's Contemporary Amperex Technology Co. RELATED STORIESWired for profit How an obscure Japanese auto supplier is riding out the pandemic LG Chem had 24 percent of the global EV battery market as of the end of May. ( As reported in the news.

pla navy: China's shipyards have launched the PLA Navy's first two Type 075 amphibious assault ships, which will form the spearhead of an expeditionary force to play a role similar to that of the U.S. Marine Corps, according to The Japan Times. And like the marines, the new force will be self-contained able to deploy solo with all its supporting weapons to fight in distant conflicts or demonstrate Chinese military power. ; The 40,000-ton Type 075 ships are a kind of small aircraft carrier with accommodation for up to 900 troops and space for heavy equipment and landing craft, according to Western military experts who have studied satellite images and photographs of the new vessels. Now, China's People's Liberation Army is preparing to challenge American power further afield. They will carry up to 30 helicopters at first; later they could carry fighter jets, if China can build short take off and vertical landing aircraft like the U.S. F-35B. The first Type 075 was launched last September and the second in April, according to reports in China's official military media. Eventually, the PLA Navy could have seven or more of these ships, according to reports in China's official military press. A third is under construction, according to the May edition of a Congressional Research Service report. ( As reported in the news.

cash police: Five customers have also been arrested in the raid for betting with cash, according to Asahi Shimbun. Police searched the property for around six hours confiscating four baccarat tables, a number of player card decks and 12.25m yen 114,285 in cash. Tomohiro Hanaya, the 50-year-old manager of the gaming facility, has been arrested in addition to his 12 employees, under suspicion of hosting baccarat games with customers playing for money. According to The Asahi Shimbun, one customer reportedly told police they had intended to make money after losing their job as a result of the COVID-19 pandemic. During the pandemic, Japanese police have conducted raids of a number of illegal gambling operations across the nation. The illegal casino was active 24/7 for at least a year and took in around 10 customers on a typical day during the pandemic. ( As reported in the news.

coronavirus infections: It could take more than six months for business to return to normal, he said, provided there is no second wave of coronavirus infections. ; Japan, which has so far managed to contain the outbreak better than its Asian peers China and India without imposing a nationwide lockdown, has slowly begun getting back to business, according to The Japan Times. A national state of emergency order was lifted in the Tokyo region late last month and establishments from gyms to schools are now reopening their doors. Cities are slowly starting to reopen, and business is starting to get better, said Suntory's CEO Takeshi Niinami, who thinks his firm's global sales hit bottom last month. Nevertheless, Niinami said he predicts that more than 20 percent of bars and restaurants could fail due to the pandemic. Even with the emergency status lifted, many restaurants are reopening with caution and with limiting seating and opening hours as customers remain wary of dining out. Japan's vibrant dining scene, from izakaya traditional Japanese pubs and restaurants to Tokyo's high-end eateries boasting the largest number of Michelin stars of any city, mostly shut down in April as the government declared the state of emergency. ( As reported in the news.

iowa caucuses: Four surprises Surprise number one was Biden's clear victory in the South Carolina primary election on Feb. 29, according to The Japan Times. Having suffered a string of losses in the Iowa caucuses on Feb. 3, the New Hampshire primary on Feb. 11 and the Nevada caucuses on Feb. 22 Biden was literally up against the wall and would have had to withdraw from the presidential contest had he lost in South Carolina. And these unexpected developments pose four significant challenges to the new administration beginning on Jan. 20, 2021, regardless of whether the election is won by the incumbent, President Donald Trump, or his rival, former Vice President Joe Biden. But thanks to the support of African-American congressman Jim Clyburn and African-American voters, Biden made a miraculous comeback and won decisively with 49 percent of the popular vote. ; Surprise number two is that by Super Tuesday on March 3, Biden had succeeded not only in winning several key state primaries but also in securing the endorsement of many of his erstwhile Democratic rivals, including Amy Klobuchar, Pete Buttigieg, Mike Bloomberg, Tom Steyer and Beto O'Rourke. Rather, most observers had expected a deeply divided party going into the national convention then scheduled for July 13-16 with even the possibility of a brokered convention. Few had predicted this kind of unity behind one candidate so early in the primary season. ( As reported in the news.

point drop: The office maintained its assessment that the economy is worsening, using the most pessimistic expression for the ninth consecutive month, according to The Japan Times. The state of emergency was first declared on April 7 for Tokyo, Osaka and five other areas and was expanded to cover the entire nation about a week later. The Cabinet Office's coincident index of business conditions for the reporting month fell 7.3 points from March to 81.5 against the 2015 base of 100, the sharpest decline since the government began releasing comparable figures in January 1985. ; The headline figure sank for the third consecutive month, following a 4.9-point drop in March. Authorities asked people to refrain from going out and businesses to suspend operations. I believe manufacturers lagged in procuring parts to be used for their products as supply chains were disrupted due to the pandemic, and factories were forced to suspend their operations, which caused the negative effects, the official said. A government official told reporters that the index was most influenced by poor shipments of durable consumer goods such as cars and motorcycles, while demand for steel and other products weakened considerably. ( As reported in the news.

carbon-free sources: It will allow more renewables to be developed in Qinghai and Gansu provinces and deliver the electricity all the way to Henan in central China. ; China is promoting the technology, which allows long-haul transmission with little loss of power, to solve a vexing problem Its energy resources are thousands of kilometers inland from its densely populated coastal regions, according to The Japan Times. Making this line available for only carbon-free sources can help China achieve two of its energy goals, boosting renewable energy consumption while reducing idle capacity, State Grid said. It's the first UHV line in the world built to transmit only carbon-free electricity, its developer, State Grid Corp. of China, said in a statement. It could also drive more than 200 billion yuan and create almost 10,000 jobs in investments in renewables and other related industries, it said. UHV projects may account for 13 percent of 205 billion that's likely to be spent by the nation this year on new infrastructure, according to BloombergNEF. RELATED STORIESNuclear power is getting hammered by green energy and the pandemic China to dominate nuclear power as Beijing bets on homegrown reactors Prior to this latest addition, State Grid operated 19 UHV lines covering 27,570 kilometers 17,131 miles and the utility was building another four of the links as of June last year, according to its website. The long-haul lines are also part of China's stimulus plan to revive its economy from the impact of the coronavirus pandemic. ( As reported in the news.

tax base: Opponents warn that data leaks could lead to privacy violations and even a surveillance state, according to The Japan Times. Here's a look at Japan's Super City Initiative. Supporters tout them as high-tech marvels where artificial intelligence and big data are to be used to provide more efficient and cost-effective solutions to social problems, especially in areas faced with aging and declining populations and a reduced tax base. What was the purpose of the recently passed bill ; In order to realize the creation of smart cities in various parts of the country, any number of basic regulations involving multiple ministries needs to be changed. The revision means local governments that are selected by the central government to become smart cities, or super cities, can work with private technology firms to come up with plans for creating their own smart city. The May 27 revision to a national strategic special zone law included measures the government can now take to do that more quickly and under more specific guidelines. ( As reported in the news.

writer consultant: Unveiling a negotiating objectives paper for the bilateral talks in May, International Trade Secretary Liz Truss said, Both sides are committed to an ambitious timeline to secure a deal that goes even further than the EPA especially in digital and data, referring to the Economic Partnership Agreement between the EU and Japan, according to The Japan Times. Bill Emmott, chairman of The Japan Society in Britain and a writer and consultant on international affairs, said, I think that ultimately it will be quite easy to get a deal between Japan and the U.K. because I think there is goodwill on both sides and I don't think the gaps are too huge. Virtual meetings on a new free trade agreement between the U.K. and Japan will begin shortly, but little of substance may be achieved due to the lack of progress on the key talks in Brussels, which will bear heavily on minds in Tokyo. ; And even when negotiators from the U.K. and Japan start discussions on the terms of a new trade deal, the interests of food producers and powerful domestic lobbies may make getting a deal harder than initially envisaged, observers claim. But he believes neither side will push ahead substantially until the terms of the new trading arrangement between the U.K. and the EU are clearer. The talks between the U.K. and the EU are currently in a fragile state, with some observers expecting negotiations to be extended into next year. This is because Japan has many manufacturing and services subsidiaries that rely on easy access into the EU from their British base. ( As reported in the news.

export controls: But he stopped short of calling an immediate end to privileges that have helped the former British colony remain a global financial center, according to The Japan Times. Chinese Foreign Ministry spokesman Zhao Lijian said China firmly opposed the U.S. steps. China's rubber-stamp parliament last week voted to move forward with imposing national security legislation on Hong Kong, which U.S. President Donald Trump said on Friday was a tragedy for the people of the city, and which violated China's promise to protect its autonomy. ; Trump ordered his administration to begin the process of eliminating special U.S. treatment for Hong Kong to punish China, ranging from extradition treatment to export controls. RELATED STORIESTrump's Hong Kong announcement leaves room to de-escalate tensions China's security law sends Hong Kong residents dashing for exit Chinese media use race clashes to lambaste U.S. over Hong KongU.K. ex-foreign ministers call for G7 Hong Kong monitor group The announced measures severely interfere with China's internal affairs, damage U.S.-China relations, and will harm both sides. Any words or actions by the U.S. that harm China's interests will meet with China's firm counterattack, he said. China is firmly opposed to this, Zhao told reporters during a regular briefing. ( As reported in the news.

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financializer news

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