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Tag: BRICS Countries

  • Alternative for Germany politician defends plans for Russia trip

    A European lawmaker for the anti-immigrant Alternative for Germany (AfD) has defended his party’s plans for a trip to Russia against fierce criticism from mainstream parties.

    Member of the European Parliament (MEP) Hans Neuhoff told the Handelsblatt business newspaper in comments published on Saturday that the accusations that he was too close to the Russian government from two conservative politicians were “unqualified.”

    The criticism came from the general secretary of the Christian Social Union (CSU), Martin Huber, and a foreign policy politician from the Christian Democratic Union (CDU), Roderich Kiesewetter. The sister parties form Germany’s conservative bloc.

    “I am travelling to a congress organized by the Institute of Europe of the Russian Academy of Sciences on the topic of perspectives of relations between EU countries and BRICS countries, and I will also be giving a lecture there,” explained Neuhoff.

    Participants from the entire spectrum of BRICS countries and several EU countries are expected at the congress, according to Neuhoff. “Conservative bloc politicians who think we should ignore BRICS have understood nothing about geopolitics. They are leading Germany and Europe into isolation, not into a prosperous future,” Neuhoff said.

    The abbreviation BRICS stands for the initial five members of the group of emerging industrial nations: Brazil, Russia, India, China and South Africa.

    The criticism specifically concerns a planned trip by Steffen Kotré and Rainer Rothfuss, both AfD members of the German lower house of parliament, or Bundestag, Saxony’s AfD state leader Jörg Urban and MEP Neuhoff to a political science conference in the Black Sea resort of Sochi.

    The symposium is organized by the Institute of Europe and organizers from the Kremlin party United Russia. The event was held for the first time last year.

    Participants walk past banners of the Alternative for Germany (AfD) during the party’s state conference at the Stahlapalast in Brandenburg. Michael Bahlo/dpa

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  • China’s Colossal Hidden-Debt Problem Is Coming to a Head

    China’s Colossal Hidden-Debt Problem Is Coming to a Head

    China’s Colossal Hidden-Debt Problem Is Coming to a Head

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  • The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start

    The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start

    Updated Nov. 28, 2023 12:54 am ET

    Broadcom Chief Executive Hock Tan shelled out $40,000 to sit at Xi Jinping’s table for the Chinese leader’s recent dinner in San Francisco with the heads of American businesses. Tan had a lot more at stake—a $69 billion deal he was waiting on China to approve.

    For months, Chinese regulators wouldn’t clear the U.S. chipmaker’s bid to buy enterprise software developer VMware, leading Broadcom to put off its date for completion of the deal—first announced in May 2022—three times. Beijing had held up previous mergers involving U.S. companies. Intel’s planned acquisition of Israeli firm Tower Semiconductor, for more than $5 billion, was scuttled in August after Chinese regulators failed to approve it.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • How Starbucks Lost the Top Spot in China’s Coffee Race

    How Starbucks Lost the Top Spot in China’s Coffee Race

    Starbucks is losing its prime spot among chains racing to meet China’s growing thirst for coffee.

    Luckin Coffee has surpassed Starbucks as China’s biggest coffee chain by sales and units, company reports show, a comeback for the Chinese company after an accounting scandal that stalled its growth.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • WSJ News Exclusive | Xi Jinping Is Looking for Someone to Blame for China’s Property Bust

    WSJ News Exclusive | Xi Jinping Is Looking for Someone to Blame for China’s Property Bust

    Updated Oct. 26, 2023 12:05 am ET

    With China’s property bust threatening to sink the country’s economic recovery, Xi Jinping is looking for someone to blame.

    After putting the billionaire founder of Evergrande, a heavily indebted property firm, under investigation for possible crimes, Beijing is expanding its probes to include bankers and financial institutions that facilitated developers’ risky behavior, people familiar with the matter say.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • China’s Factory Floor Is Moving—But Not to India or Mexico

    China’s Factory Floor Is Moving—But Not to India or Mexico

    China’s Factory Floor Is Moving—But Not to India or Mexico

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  • NIO’s Shares Fall on Plans to Raise $1 Billion via Convertible Bonds

    NIO’s Shares Fall on Plans to Raise $1 Billion via Convertible Bonds

    NIO’s Shares Fall on Plans to Raise $1 Billion via Convertible Bonds

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  • How U.S. and China Are Breaking Up, in Charts

    How U.S. and China Are Breaking Up, in Charts

    A deepening confrontation between the U.S. and China is eroding trade ties between the world’s two largest economies, with goods from China accounting for the smallest percentage of U.S. imports in 20 years.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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