Business
US Drone Industry Shifts Focus to Taiwan, Moving Away from China | Business Matters (Sept. 20)
The U.S. is enhancing collaboration with Taiwan in drone manufacturing, aiming for reduced reliance on China, whose controlled industry poses national security threats, while discussions on future developments are set.
Strengthening U.S.-Taiwan Relations in Drone Manufacturing
The United States is enhancing its partnership with Taiwan in the drone manufacturing sector. This collaboration aims to reduce dependency on China for drone technology and components, which is deemed necessary for national security.
To facilitate this, representatives from U.S. drone and defense industries will convene in Taiwan. These discussions will center around future advancements in drone development, focusing on innovation and security without reliance on China.
China’s drone industry, heavily influenced by the Chinese Communist Party, poses significant risks, according to U.S. officials. By fostering stronger ties with Taiwan, the U.S. aims to establish a more secure supply chain for drone products and parts, countering China’s dominant position in the global market.
Source : US Drone Industry Shifting Toward Taiwan, Away From China | Business Matters (Sept. 20)
Business
Previously Unseen Photos of Joe and Hunter Biden in China Spark New Questions About Son’s Business Ventures for the President
Unseen photos of Joe and Hunter Biden with Chinese leaders have intensified scrutiny on Hunter. Joe recently pardoned Hunter for past gun and tax fraud charges, igniting controversy over their business dealings.
New Photos Stir Controversy
Previously unseen photographs of Joe and Hunter Biden meeting with Chinese President Xi Jinping, along with Hunter’s business associates, have reignited scrutiny around the First Son. This visual evidence coincides with ongoing controversies surrounding Hunter’s business dealings following President Biden’s recent blanket pardon for his son on gun and tax fraud charges dating back to 2013.
Business Connections Revealed
The snapshots, sourced from the National Archives, depict Joe Biden engaging in discussions during his vice presidency, including introducing Hunter to prominent figures like then-vice president Li Yuanchao and business executives from BHR Partners. Hunter Biden, who co-founded the private equity firm BHR, has faced criticism concerning his financial ties to Chinese companies.
Biden’s Defense and Future Implications
In light of these revelations, the President has reiterated that he never engaged in business discussions with Hunter. However, the photos have fueled allegations previously brought forth during impeachment inquiries, prompting mixed reactions from political opponents and supporters. Hunter’s recent pardon, which extends to potential future charges, raises questions about the implications for his past dealings.
Business
Nigeria and China Revive Currency Swap Agreement – Guardian Nigeria
Nigeria and China have renewed their currency swap deal, enhancing economic cooperation and facilitating trade between the two nations, as reported by Guardian Nigeria.
Currency Swap Deal Renewed
Nigeria and China have officially renewed their currency swap agreement, which is vital for strengthening economic ties between the two nations. This deal is designed to enhance trade relations, making transactions more efficient and less vulnerable to fluctuations in foreign exchange markets.
Benefits for Both Nations
The renewed agreement allows both countries to conduct trade using their local currencies, thereby reducing dependence on the U.S. dollar. This initiative is expected to foster economic stability and boost bilateral trade, benefiting businesses on both sides significantly.
Future Prospects
As the agreement takes effect, it is anticipated that Nigeria will experience easier access to Chinese goods and investments. This partnership not only promises immediate economic advantages but also signals a long-term commitment to closer collaboration between Nigeria and China, paving the way for future developments in trade and infrastructure.
Source : Nigeria, China renew currency swap deal – Guardian Nigeria
Business
China Provides Clarification on the Implementation of Article 88 (1) of the New Company Law
China’s Supreme People’s Court clarified that Article 88(1) of the New Company Law won’t apply retroactively, easing concerns for prior shareholders in equity transfers before July 1, 2024.
Clarification on Article 88(1) Non-Retroactivity
The Supreme People’s Court of China has clarified that Article 88(1) of the New Company Law will not retroactively apply to equity transfer disputes occurring before July 1, 2024. This announcement aims to address concerns from existing shareholders and resolve discrepancies in judicial decisions nationwide. Companies are advised to strengthen risk management practices for future equity transactions.
Judicial Guidance and Legal Framework
On December 24, 2024, the Supreme People’s Court issued a response reaffirming that disputes tied to equity transfers before the July 1, 2024, deadline will be governed by previous laws. This decision follows inconsistencies in judicial rulings regarding capital contributions, prompting a review by the Legislative Affairs Commission, which concluded that retroactive application was not justifiable.
Risk Management Strategies Moving Forward
Despite the ruling, equity transfers after July 1, 2024, may still attract supplemental liability under Article 88(1). To mitigate these risks, businesses should consider reducing registered capital, conducting thorough risk assessments, and implementing contractual safeguards to protect against potential liabilities.
Source : China Clarifies the Application of Article 88 (1) of the New Company Law
- Previously Unseen Photos of Joe and Hunter Biden in China Spark New Questions About Son’s Business Ventures for the President
- China and India Foster Trust on the Road to Reconciliation
- Nigeria and China Revive Currency Swap Agreement – Guardian Nigeria
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- New modelling shows how Trump’s trade tariffs will hurt – and help – New Zealand
- China Provides Clarification on the Implementation of Article 88 (1) of the New Company Law
