FirstFT: Biden warns of the risks of US companies operating in Hong Kong


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Joe Biden’s administration prepares to warn American companies Increased risk As China’s control over this financial center grows stronger, it starts business in Hong Kong.

According to three people familiar with the plan, the State Council will this week express concerns about a range of threats, including China’s ability to obtain data stored by foreign companies in Hong Kong.

It will also point out the risks of a new law that allows Beijing to impose sanctions on anyone who allows foreign countries to impose penalties on Chinese groups and officials.

Sources said that this move may be implemented on Friday, this is the first time the United States has issued a business advisory related to Hong Kong.

There are five more stories in the news

1. The U.S. inflation rate rebounds again to test the Fed The pace of rising consumer prices in the U.S. Accidental acceleration June — an increase of 5.4% over the previous year — challenged the view within the Fed and the White House that high inflation during the US recovery will be temporary. What is driving higher U.S. inflation? Colby Smith of the Financial Times explained.

2. Goldman Sachs and JPMorgan Chase turn to mergers and acquisitions Two Wall Street banks are benefiting from Boom in trading activity Just as transaction revenues in the early days of the Covid-19 pandemic plummeted from record levels. Both companies reported that consulting fees for company acquisitions and initial public offerings surged in the second quarter, helping to offset the decline in bond and stock trading returns.

3. Opponents see opportunities in suppressing Didi Travel Competitor apps in China are scrambling Lure drivers and users After the Chinese online car-hailing market leader went public in New York, they sought to use cybersecurity to crack down. Analysts said that an estimated 230 ride-hailing apps in the country are accelerating expansion plans, offering discounts and incentives to drivers.

  • Related Reading: Singapore’s Temasek is one of the world’s largest investors, reporting its Strongest return For more than a decade, even though its portfolio company Didi Chuxing has been subject to regulatory crackdowns, it still expressed confidence in its Chinese assets.

4. Foreign Olympic staff arrested on suspicion of smoking cocaine Four foreigners working in the Tokyo Olympics Arrested Local media reported that he was suspected of taking drugs after a night out in the Roppongi nightclub area. This incident will once again trigger opposition to the Olympics and put pressure on the Japanese government to crack down on the use of masks.

Given the Covid-19 situation, do you think the Tokyo Olympics should proceed as planned?Tell us what you think of us polling.

5. Biden seeks public support for voting rights U.S. President Joe Biden will commit to Enlist public support Opposing the “violent impact of voter suppression laws” in the Republican states, the Democratic Party’s efforts to enact a new voter protection law are facing great difficulties in Congress. Vice President Kamalaha Lisbon will meet with Texas Democrats this week. Left the state Stop the Republican Party’s efforts to pass the new voting law.

Coronavirus Digest

  • Daiichi Sankyo Plan started Phase 3 clinical trial For this fall’s coronavirus vaccine development, the goal is to launch the country’s first indigenous Covid-19 vaccine to the public in 2022.

  • Fragmented we The healthcare system is hampering the country’s efforts to quickly sort Covid-19 cases for tracking Delta variant As well as potential future mutations, scientists and laboratory companies have issued warnings.

  • France Will be vaccinated against Covid-19 compulsory Applicable to all medical staff, and will restrict customers holding “health passports” from entering cafes, restaurants and other places

Follow our latest news about coronavirus Live blog with Sign up For us Coronavirus business update Newsletter for more Covid-19 news.

the day before

Japanese industrial production data Data release Nowadays Will become one of the key figures for the yen this week.Factory activity last month Down 5.9% When the pandemic has led to a continuing shortage of chips. (FT, Japan Times)

Bastille Day If you are a French citizen, you can add to your free An auxiliary command equality with fraternity Because Bastille Day is celebrated on WednesdayIn Paris, President Emmanuel Macron will watch the military parade and thank French health workers for their work in the fight against Covid-19.

Bank of America earnings continue bank American Corporation, Wells Fargo and Citigroup Earnings will be reported today. Elsewhere in the US financial world, Jay Powell will attend a virtual hearing of the House Financial Services Committee on Wednesday.

Other content we are reading and watching

Sovereign Debt Profits and Human Rights Divestment activities are not new in emerging market investments.But they were driven by the ESG investment phenomenon sweeping the industry, because activists demanded asset management companies Stop supporting the regime Abuse their own citizens.

Bond yield (%) bar chart shows that countries with poor human rights records can provide higher yields

Hong Kong’s “doxing” crackdown raises business concerns During the Hong Kong protests in 2019, human flesh searches (malicious sharing of personal information online) prevailed.As the territorial government takes action on the new data privacy law, it has Raise concerns It is believed that these measures will reduce access to information and hinder social media groups.

It’s time for AI to pull the chair to the negotiating table Science fiction has sparked decades of debate about whether weaponized artificial intelligence will make future wars more deadly. However, in the real world, artificial intelligence has been used to promote peace, Helen Warrell wrote.

Seeking the holy grail of investment Indexation is a booming business that divides the market into regions or categories, such as stocks or bonds, and then subdivides them by size or industry. But it combines everything from commodities to venture capital in one measurement standard- “Ultimate Index” — It turns out to be elusive, Robin Wigglesworth wrote.

What business leaders can do for biodiversity The World Economic Forum estimates that half of the global GDP, or US$44 trillion, depends on nature.Gillian Tett of the Financial Times looks at what corporate executives can do Protect environmental assets. Get the latest information about social responsibility business through our website Moral money communication.registered Here.

gardening

Growing psychoactive plants You can say that all gardens are psychoactive because they are designed to change our feelings. But some people understand this idea more literally than others.Michael Pollan takes us tourism His poppies, marijuana, and cacti that produce mescaline.

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