Wednesday, July 22, 2020
realestate
When superpowers collide
U.S. sanctions more Chinese companies over alleged human rights violations.
The Trump administration continues to hammer Beijing over its treatment of Uighurs: “The Commerce Department added 11 companies to a trade blacklist over the alleged Xinjiang violations, bringing to nearly 50 the number of Chinese entities on the list. The sanctions restrict the companies’ access to U.S. technology and other goods,” Jeanne Whalen reports.
“In a brief statement, the Commerce Department said nine of the companies were involved in forced-labor activities involving Uighurs and other Muslim minority groups. The statement did not elaborate, and department officials did not respond to a request for further details. Several of the companies were named in a report this year as running factories that used Xinjiang laborers compelled to work under a forced-labor program led by the government.”
Pocket change
Tens of thousands of workers walk out in solidarity with Black Lives Matter.
Some of nation's largest unions took part in the protest: “The ‘Strike for Black Lives,’ as leaders have dubbed the campaign, featured workers from a broad range of industries. Members of the Service Employees International Union, International Brotherhood of Teamsters, American Federation of Teachers and dozens of other labor and political groups took part,” Jacob Bogage reports.
“The campaign is pressing for ‘an unequivocal declaration that Black Lives Matter’ from business and political leaders, and urging government officials to ‘reimagine our economy and democracy’ with civil rights in mind. Organizers also called on businesses to ‘dismantle racism, white supremacy, and economic exploitation’ and ensure access to union organizing, according to a list of demands posted on the strike’s website.”
Demonstrations took place in over 200 cities: “Organizers did n
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job, but said around 1,500 janitors in San Francisco struck together. Close to 6,000 nurses from 85 nursing homes in New York, New Jersey and Connecticut picketed outside their workplaces.”
Chevron agrees to $5 billion takeover of Noble Energy: “Chevron Corp. agreed to a deal to buy Noble Energy Inc. for about $5 billion in what would be the largest oil-patch tie-up since the pandemic delivered a shock to the industry,” WSJ's Cara Lombardo and Christopher M. Matthews report.
“Noble, based in Houston, is an independent oil-and-gas producer with U.S. and international operations. Buying the company would expand Chevron’s presence in the DJ Basin of Colorado and Permian Basin, which spans West Texas and New Mexico. It would also give San Ramon, Calif.-based Chevron, which has a market value of $163 billion, assets in the eastern Mediterranean and West Africa and yield potential annual cost savings of $300 million, according to Chevron.”
Jack Ma's Ant Group plans to bypass New York in dual IPOs: “Ant Group Co., the Chinese technology and financial-services giant that owns popular mobile-payments network Alipay, said it is planning initial public offerings in Hong Kong and Shanghai, bypassing New York as it seeks to accelerate its growth in China and abroad,” WSJ's Stella Yifan Xie and Serena Ng report.
“Ant is moving to list closer to home while tensions flare between the U.S. and China, including threats of sanctions on Chinese officials and delisting Chinese firms from U.S. stock exchanges. Back in 2014, e-commerce giant Alibaba Group Holding Ltd —from which Ant’s flagship Alipay business was spun out of—chose New York as its listing venue and raised $25 billion. It was the world’s largest IPO until Saudi Aramco’s listing last year.”
Chart topper
From Bloomberg's Tracy Alloway:
Daybook
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Top pharma officials are set to testify in front of a House subcommittee about the efforts to develop a covid-19 vaccine — companies represented include Moderna, Pfizer, Johnson & Johnson, Merck and AstraZeneca.
Better Markets, a think tank advocating stricter financial regulation, holds a virtual event from 1 p.m.-5 p.m. looking back at the Dodd-Frank Act on its tenth anniversary. Former President Barack Obama will give opening remarks.
Maryland Gov. Larry Hogan and former FDA Commissioner Scott Gottlieb headline a covid-related webinar for the American Enterprise Institute
United Airlines, Coca-Cola, TD Ameritrade, Harley-Davidson, Philip Morris International, Capital One Financial, Snap, Texas Instruments, Raytheon and Lockheed Martin are among the notable companies reporting their earnings
European Central Bank President Christine Lagarde speaks about the global economy with The Post's David Ignatius
The Senate Foreign Relations Committee holds a hearing on competition with China
The House Small Business Committee Subcommittee on Investigations holds a hearing on the Small Business Administration's technology
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