Tag: uncertainty

China releases details on unreliable entity list, raising uncertainty for foreign businesses

The skyline of the central business district in Beijing on August 13, 2019. (Photo by WANG Zhao / AFP) (Photo credit should read

WANG ZHAO | AFP | Getty Images

BEIJING — The Chinese government is stepping up pressure on foreign businesses not to run afoul of Beijing, as the White House continues to target some of the Asian giant’s largest technology companies. 

China’s Ministry of Commerce released long-awaited provisions on its so-called “unreliable entity list” over the weekend. The vaguely worded document mirrors the U.S. Commerce Department’s entity list that restricts named companies from accessing items originating in the U.S. 

“Beijing will likely name at least one US company to the (unreliable entity list) between now and year-end – possibly even in coming days – but will use this tool in a targeted fashion, particularly in its early stages,” Michael Hirson, practice head, China and Northeast Asia, at consulting

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Oil Slips After Best Week Since June Amid Demand Uncertainty

Bloomberg

Nikola Founder Resigns as Chair Amid Allegations, SEC Probe

(Bloomberg) — Nikola Corp., the electric-vehicle startup that recently partnered with General Motors Co., said its founder stepped down as executive chairman, coming just days after the company was reported to be the focus of investigations by U.S. regulators following a highly-critical short-seller report.Trevor Milton, the social-media-savvy public face of the startup he founded in 2014, was replaced by board member Stephen Girsky, whose title will be chairman, Nikola said in a statement late Sunday.The shakeup comes less than two weeks after the Phoenix-based company found itself in the crosshairs of short seller Hindenburg Research, which said Nikola deceived investors about its business prospects — claims that are now the subject of investigations by the U.S. Securities and Exchange Commission and, reportedly, the Department of Justice. On Sunday night, Milton said he planned to defend himself against “false allegations” in

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S&P cuts rating of Australia’s AMP to ‘BBB-minus’ on strategic uncertainty

By Paulina Duran

SYDNEY, Sept 7 (Reuters)Ratings agency S&P Global downgraded by a notch on Monday the credit rating of Australian financial planning giant AMP Ltd AMP.AX, to ‘BBB-minus’, moving it closer to “junk” status, citing challenges to its strategic direction.

The agency said AMP, which announced last week that it was considering a sale of its assets, was exposed to challenges that could disrupt its strategic direction, while its governance standards were weaker than previously thought.

“In our view, uncertainty hangs over the strategic course that has been set for the various business units,” S&P said in an emailed statement.

The BBB-minus credit rating is the last “investment” grade, with bonds rated below that considered highly speculative, or “junk”, by the agency.

S&P added that the departure of some senior executives and board members from parts of the group had fed into its decision.

AMP

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