Tag Archives: Non-Cycle Customers (TRBC level 1)

Australia

UPDATE 1-Australia blocks Chinese purchases of builders due to media-security concerns | Instant News


* African seller said the buyer had withdrawn the Australian bid

* Buyer reported China State Construction Engineering Corp.

* Will be the 2nd step to see Chinese purchases since 2020 (Show back reported Chinese buyers, write on)

SYDNEY, Jan 12 (Reuters) – Australia blocked a Chinese construction company from buying a household builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between trading partners remain high.

Probuild’s majority owner, Wilson Bayly Holmes-Ovcon Ltd (WBHO) of South Africa, said on the Johannesburg stock market that filed late Monday that “a major international civil service and construction firm” withdrew its bid after learning Australia’s foreign takeover regulator would reject it. “On the basis of national security”.

The Australian Financial Review reported on Tuesday that China State Construction Engineering Corp planned to pay A $ 300 million ($ 231 million) for WBHO’s 88% stake in Probuild.

WBHO did not name a planned buyer and a Probuild spokesman declined to comment to Reuters. The Chinese company could not be reached for comment.

Australian treasurer Josh Frydenberg, who oversees the country’s Foreign Investment Review Agency, also declined to comment on Probuild. He said in the email that “the government does not comment on the application of foreign investment screening arrangements that apply or can apply to specific cases”.

The move will be Frydenberg’s second intervention to stop buying by Chinese interests since he overhauled the country’s foreign M&A rules last year to include security concerns as an excuse to block the deal.

Since then, Australia has stopped China Mengniu Dairy Co from buying domestic milk producer Lion-Dairy and Drinks Pty Ltd from Japan’s Kirin Holdings Co, leaving a clear path for Australia-registered Bega Cheese to buy it.

The announced Probuild project includes construction of a new police headquarters for Australia’s second most populous state, Victoria, and a new headquarters for biopharmaceutical giant CSL Ltd, which makes a COVID-19 vaccine for Australian residents.

WBHO said in the submission that they “remain optimistic about Probuild’s fundamentals and prospects in the Australian market and continue to assess all potential opportunities”.

$ 1 = 1.2995 Australian dollars Report by Byron Kaye and Renju Jose in Sydney; Edited by Matthew Lewis and Kenneth Maxwell

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Switzerland

UPDATE 1-UK and Ghana to miss Brexit trade deadline, but close-source deal | Instant News


(Added British trade secretary statement)

LONDON, December 31 (Reuters) – Britain and Ghana are close to announcing a deal on post-Brexit trade but the deal won’t go into effect in time to prevent the period from operating on default terms, sources close to negotiations said on Thursday. .

Once active, the deal will replicate trade terms that previously benefited Britain as a member of the European Union. EU trade rules will cease to apply to Britain from January 1 when Britain finishes exiting the bloc.

Ahead of that deadline, Britain has signed “sustainability” agreements with 63 countries to safeguard 885 billion pounds ($ 1.21 trillion) of trade terms, including partners such as Canada and Switzerland.

But without the prospect of a deal being reached in time for Ghana, imports will temporarily be subject to the UK’s General Preference Scheme – a framework that imposes tariffs on imports at lower rates in developing countries.

UK exports to Ghana will continue to be subject to World Trade Organization tariffs.

“Today we have reached consensus on the main elements of the deal with Ghana, covering more than 1.2 billion pounds of trade,” UK Trade Minister Liz Truss wrote later on Twitter, confirming details from the source.

“We are working to reach a full agreement in the near future.”

Truss said the two sides hoped to finalize the text of the deal over the next few weeks to reflect progress made on rules of origin, commitments to human rights and good governance, and other areas.

Official data shows the UK exported 722 million pounds worth of goods and services to Ghana in 2019, and imported 498 million pounds of goods: mostly oil, fish, cocoa and fruit.

The government will issue laws implementing all of its continuity trade agreements by Thursday evening, accounting for 97% of the trade it wants to protect. Other deals still in circulation include Albania and Jordan. ($ 1 = 0.7324 pounds) (Reporting by William James; Editing by Angus MacSwan and Jonathan Oatis)

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uk

We’ll be right back, said Scotland’s Sturgeon as Britain exits EU orbit | Instant News


FILE PHOTOS: Scotland’s First Minister Nicola Sturgeon looks at parliament as the spread of the coronavirus disease (COVID-19) continues, in Edinburgh, Scotland, UK, 22 December 2020. REUTERS / Russell Cheyne / Pool

LONDON (Reuters) – Scotland’s First Minister Nicola Sturgeon has told Europe that Scotland will return soon, right after Britain has completed its transition out of the bloc.

“Scotland will be back soon, Europe,” he said on Twitter at 2300 GMT. “Keep the light on.”

Reporting by Kate Holton and Guy Faulconbridge

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Germany

The US imposes tariffs on French and German wines, aircraft parts amid EU disputes | Instant News


FILE PHOTOS: A glass of French red wine displayed at Chateau du Pavillon in Sainte-Croix-Du-Mont, France, 29 July 2019. Image taken 29 July 2019. REUTERS / Regis Duvignau / File Photo

WASHINGTON (Reuters) – The US government said Wednesday it would raise tariffs on certain EU products, including aircraft components and wine from France and Germany, the latest change in a 16-year battle over aircraft subsidies between Washington and Brussels.

In a statement, the Office of the US Trade Representative (USTR) said it was adding tariffs on aircraft-making parts and certain non-sparkling wines as well as cognacs and other brandies from France and Germany.

USTR did not say when the tariffs would take effect but noted that additional details would “go into effect soon”.

The US move comes as US and European negotiators resume talks about ending a long-running dispute over government aid to Airbus SE Europe, which is politically backed by Britain, France, Germany and Spain, and US aid to aircraft maker Boeing Co.

USTR said on Wednesday that the EU has unfairly calculated tariffs on the United States permitted by a September World Trade Organization decision in the ongoing dispute: “The EU needs to take action to compensate for this injustice.”

EU and Airbus representatives could not immediately be reached for comment on USTR’s actions.

Ben Aneff, president of the US Wine Trade Alliance, said the move would cause further difficulties for US companies already hit by tariffs earlier, and urged President-elect Joe Biden to reverse course.

“This act is a major blow to corporate America. US restaurants and small businesses are already struggling to survive; this decision will only destroy more jobs and close more doors, ”said Aneff, managing partner of Tribeca Wine Merchants in New York City.

Emily Haber, Germany’s ambassador to the United States, this month called for swift action to resolve the dispute, calling it a distraction from bigger problems that require concerted action such as climate change and the pandemic.

Reporting by Susan Heavey; additional reporting by Andrea Shalal; Edited by Leslie Adler, Richard Chang and Michael Perry

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Germany

The US imposes tariffs on French and German wines, aircraft parts amid EU disputes | Instant News


FILE PHOTOS: A glass of French red wine displayed at Chateau du Pavillon in Sainte-Croix-Du-Mont, France, 29 July 2019. Image taken 29 July 2019. REUTERS / Regis Duvignau / File Photo

WASHINGTON (Reuters) – US trade officials said on Wednesday they were raising tariffs on certain EU products, including aircraft and wine-related parts from France and Germany, amid an ongoing civil aircraft dispute between Washington and Brussels.

In a statement, the Office of the US Trade Representative said it was adding tariffs on aircraft manufacturing parts and certain non-sparkling wines as well as cognacs and other brandies from France and Germany.

USTR did not say when the tariffs would take effect but noted that additional details would “go into effect soon”.

The new tariffs are the latest in a 16-year US-EU dispute over civilian aviation subsidies involving European aircraft company Airbus SE and US-based rival Boeing Co.

USTR said on Wednesday that the EU has unfairly calculated tariffs on the United States permitted by a September World Trade Organization decision in the ongoing dispute: “The EU needs to take action to compensate for this injustice.”

EU representatives could not immediately be reached for comment on USTR’s actions.

Reporting by Susan Heavey; Edited by Leslie Adler and Richard Chang

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