Tuesday, February 7, 2023
GoldscopeFeed
Advertisement
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
No Result
View All Result
Home US

Washington is warning American firms about doing business in Hong Kong

by GFeed News Desk
July 17, 2021
0
Due to sexual assault data, Uber was fined $59 million. Now it may pay just $150,000

The US government is getting ready to issue a warning to American businesses about the dangers of doing business in Hong Kong.

US President Joe Biden confirmed on Thursday that his administration plans to issue an advisory to businesses soon, warning them of a “deteriorating” situation in Chinese territory, as reported in various media outlets this week.
“The situation in Hong Kong is deteriorating, and the Chinese government is not keeping its commitment that it made, how it would deal with Hong Kong,” Biden told reporters at the White House on Thursday, referring to Beijing’s promise to keep the city’s semi-autonomous status for the next 50 years after Britain handed it over in 1997.

Without disclosing more details, Biden described the announcement as “more of an advisory as to what may happen with Hong Kong,” and experts believe it won’t go much further than that.

This isn’t the first time Washington has expressed concern about Hong Kong, which has changed dramatically since pro-democracy, anti-government protests erupted in the city in 2019. Last year, China retaliated against Hong Kong by enacting a broad national security law, signaling that Beijing is tightening its grip on the territory. The law has raised concerns about the city’s future as a global business hub.

Following the passage of that law, former President Donald Trump terminated the US’ special relationship with Hong Kong, which had previously exempted the city from tariffs and other benefits.

Last year, the US government sanctioned a number of officials, including Hong Kong Chief Executive Carrie Lam, who later claimed that the restrictions forced her to stockpile cash because she was cut off from the global banking system.

According to Brock Silvers, chief investment officer of Hong Kong-based Adamas Asset Management, Biden’s business advice “probably won’t pack an immediate punch.” He added that “few US companies currently operating in Hong Kong will be surprised at its content or otherwise unaware of Hong Kong’s growing risks.”

However, according to Silvers, it reflects a “increasingly contentious” relationship between China and the US. Relations between the two countries have been deteriorating for years, with disagreements ranging from Hong Kong and Xinjiang to Big Data, trade, and foreign investment.

For a long time, American companies have been treading carefully in Hong Kong, as the line between operating there and mainland China blurs.

VF Corp (VFC), a clothing and footwear company, announced in January that it would relocate its Asia operations out of Hong Kong, relocating its supply hub to Singapore and establishing additional services in Malaysia. The company relocated its brand operations to Shanghai. Meanwhile, the New York Times (NYT) relocated its Asia digital news operation from Hong Kong to Seoul.

Big Tech companies have also expressed reservations, with Facebook (FB), Google (GOOGL), and Twitter (TWTR) halting their reviews of requests from the city government for user data.

Tweet147
Previous Post

Due to sexual assault data, Uber was fined $59 million. Now it may pay just $150,000

Next Post

Cubs’ selloff may change how we view the Yankees: Sherman

GFeed News Desk

https://goldcopefeed.com/

Related Posts

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

by GFeed News Desk
January 15, 2022
0

According to court documents filed in the United States, top Google and Facebook officials were actively involved in authorising an...

Why is the chief of Denmark’s foreign intelligence service imprisoned for a month?

Why is the chief of Denmark’s foreign intelligence service imprisoned for a month?

by GFeed News Desk
January 11, 2022
0

The chief of Denmark's foreign intelligence service has been imprisoned for a month, according to local media, for allegedly disclosing...

People desperate for Covid tests are turning to resellers online

People desperate for Covid tests are turning to resellers online

by GFeed News Desk
January 7, 2022
0

Republicans didn’t waste any time in dragging Big Tech into 2022’s culture wars

Republicans didn’t waste any time in dragging Big Tech into 2022’s culture wars

by GF Tech Desk
January 6, 2022
0

Almost a year after the Capitol uprising that resulted in former President Donald Trump's suspension from Twitter, Facebook, and YouTube,...

Omicron variant is rages out of control

Omicron variant is rages out of control

by GFeed News Desk
January 4, 2022
0

As the new Omicron form of Covid-19 rages out of control, every American is being forced to consider how much...

Please login to join discussion

Recommended

Biden is Poised to Lift the Global Credentials of America

Biden is Poised to Lift the Global Credentials of America

January 22, 2021
Governor Andrew Cuomo talks about COVID-19 Strains which were found in NY

Governor Andrew Cuomo talks about COVID-19 Strains which were found in NY

January 5, 2021

Categories

  • Business
  • Entertainment
  • Fashion
  • Finance
  • Food
  • Health
  • Lifestyle
  • Sports
  • tech
  • Technology
  • Travel
  • Travel
  • Trending
  • Uncategorized
  • US
  • World

Don't miss it

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

On Friends, Tom Selleck, who plays Richard, talks about his experience

May 2, 2022
Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Angelina Jolie went to Ukraine, to meet children and volunteers

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

First look of P-Valley Season 2 has been revealed

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

With only 5 days till the screening of Doctor Strange 2, Marvel has released a teaser

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Everything you need to know about Borgen Season 4

May 2, 2022
  • About
  • Contact
  • Cookie Policy
  • Editorial Policy
  • Privacy Policy

© GoldscopeFeed 2020-21, All Rights Reserved.

No Result
View All Result
  • About
  • Cookie Policy
  • Privacy Policy
  • Contact

© GoldscopeFeed 2020-21, All Rights Reserved.