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  • Hong Kong police issue arrest warrants for eight overseas activists

    Hong Kong police issue arrest warrants for eight overseas activists

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    HONG KONG, July 3 (Reuters) – Hong Kong police on Monday accused eight overseas-based activists of serious national security offences including foreign collusion and incitement to secession and offered rewards for information leading to their arrest.

    The accused are activists Nathan Law, Anna Kwok and Finn Lau, former lawmakers Dennis Kwok and Ted Hui, lawyer and legal scholar Kevin Yam, unionist Mung Siu-tat, and online commentator Yuan Gong-yi, police told a press conference.

    “They have encouraged sanctions … to destroy Hong Kong and to intimidate officials,” Steve Li, an officer with the police’s national security department, told reporters.

    Issuing wanted notices and offering rewards of HK$1 million ($127,656) each, police said the assets of the accused would be frozen where possible and warned the public not to support them financially.

    The notices accused the activists of asking foreign powers to impose sanctions on Hong Kong and China.

    The activists are based in several countries, including the United States, Britain and Australia. Yam is an Australian citizen. They are wanted under a national security law that Beijing imposed on the former British colony in 2020, after the financial hub was rocked by protracted anti-China protests the previous year.

    The United States on Monday condemned the move through a U.S. State Department spokesman, who said it set “a dangerous precedent that threatens the human rights and fundamental freedoms of people all over the world.”

    British Foreign Secretary James Cleverly criticised the decision to issue the arrest warrants and said his government “will not tolerate any attempts by China to intimidate and silence individuals in the UK and overseas”.

    Australian Foreign Minister Penny Wong said her government was “deeply disappointed.” Australia, she said, has consistently expressed concern about the broad application of the national security law.

    Some countries, including the United States, say the law has been used to suppress the city’s pro-democracy movement and has undermined rights and freedoms guaranteed under a “one country, two systems” formula, agreed when Hong Kong returned to Chinese rule in 1997.

    Chinese and Hong Kong authorities say the law has restored the stability necessary for preserving Hong Kong’s economic success.

    ACTIVISTS DEFIANT

    Several of the accused activists said they would not cease their Hong Kong advocacy work.

    “It’s my duty … to continue to speak out against the crackdown that is going on right now, against the tyranny that is now reigning over the city that was once one of the freest in Asia,” Yam, a senior fellow with Georgetown University’s Center for Asian Law, told Reuters by telephone from Australia.

    “I miss Hong Kong but as things stand, no rational person would be going back,” added Yam, who police accused of meeting foreign officials to instigate sanctions against Hong Kong officials, judges and prosecutors.

    Former Democratic party lawmaker Ted Hui told Reuters the “bounty” adds to the arrest warrants already issued for him under the national security law, but “free countries will not extradite us”.

    “The bounty … makes it clearer to the western democracies that China is going towards more extreme authoritarianism,” he said in Australia, where he has lived since 2021 on a bridging visa.

    Anna Kwok, executive director of the Hong Kong Democracy Council, told Reuters from Washington she would not back down.

    “One key thing I urge President Biden to do immediately is to say a strong and firm NO to (Hong Kong chief executive) John Lee’s possible entry into the United States for November’s APEC meeting in San Francisco,” Kwok wrote.

    “He’s the man who has orchestrated the far-reaching transnational repression,” she said. “Bar John Lee.”

    Finn Lau, an activist based in London told Reuters the reward was motivated by the fact that many democratic countries had suspended extradition treaties with Hong Kong.

    Nathan Law, who obtained refugee status in the UK two years ago, said that people in Hong Kong should not cooperate. “We should not limit ourselves, self-censor, be intimidated, or live in fear,” he said on Twitter.

    Police told the press conference 260 people had been arrested under the national security law, with 79 of them convicted of offences including subversion and terrorism, but admitted that the chances of prosecution were slim if the defendants remained abroad.

    “We are definitely not putting on a political show nor disseminating fear,” Li, the police official, said.

    “If they don’t return, we won’t be able to arrest them, that’s a fact,” he said. “But we won’t stop wanting them.

    Reporting by James Pomfret and Jessie Pang; additional reporting by Kirsty Needham in Sydney and Dan Whitcomb in Los Angeles; Editing by Robert Birsel, Alison Williams and Conor Humphries

    Our Standards: The Thomson Reuters Trust Principles.

    Jessie Pang

    Thomson Reuters

    Jessie Pang joined Reuters in 2019 after an internship. She covers Hong Kong with a focus on politics and general news.

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  • As companies bring more jobs to Mexico, US wants labor rights safeguards

    As companies bring more jobs to Mexico, US wants labor rights safeguards

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    MEXICO CITY, July 3 (Reuters) – The U.S. wants Mexico’s government to build strong institutions to protect worker rights as companies aiming to avoid supply chain disruptions in far-off production spots bring more jobs to the country, a top U.S. labor official told Reuters.

    Mexico has begun to benefit from “nearshoring” in which companies seek to move production closer to the U.S. market while maintaining competitive costs.

    The trend is further testing a trade deal known as the U.S.-Mexico-Canada Agreement (USMCA), in effect since July 2020.

    The pact has tougher labor rules than its 1994 predecessor and underpins new Mexican laws that empower workers to push for better wages and conditions after years of stagnant salaries and pro-business union contracts.

    Three years into the deal, experts say, some workers have begun to benefit but broad impacts are still far off.

    “Hopefully that will ensure that Mexico doesn’t become a dumping ground for companies looking for cheap labor and lax regulations,” said Thea Lee, U.S. Deputy Undersecretary for International Labor Affairs who polices USMCA compliance.

    She said in an interview that Mexico was working to fulfill its commitments, backed by leadership keen on helping workers.

    Mexico’s new regulations favor companies taking on higher ethical standards, she said.

    “Maybe 20 years ago it was okay for a multinational corporation to throw up their hands and say, ‘we have no idea what’s in our supply chain, what the labor conditions are,’” she added.

    “That doesn’t seem to be acceptable anymore.”

    Mexico has made progress improving labor courts, resolving worker complaints faster and easing union organization, but needs to do more, Lee said.

    “Our hope is that Mexico will be well-poised to take advantage of nearshoring … if they continue on the path towards really building labor institutions that work, where workers can have confidence.”

    Since 2020, several U.S. labor complaints in Mexico have paved the way for independent unions to land pay raises and even expand. Lee said such examples inspire workers who in the past may have feared threats or dismissals for trying to organize.

    Four more cases are under review: At a garment factory, an auto parts plant, a Goodyear tire plant, and a mine owned by conglomerate Grupo Mexico.

    Yet one employer that faced two USMCA complaints, U.S.-based VU Manufacturing that makes interior car parts in the northern city of Piedras Negras, recently dismissed dozens of employees just months after a new union, La Liga, pressed for better wages. VU did not respond to a request for comment.

    Lee said the company risks penalties if it does not uphold an agreement around worker rights. But La Liga members have already been laid off, and fear the company aims to discourage organizing, said union leader Cristina Ramirez, who lost her job.

    “It’s very disappointing and frustrating,” Ramirez said. “We wanted to fight for things to improve.”

    Reporting by Daina Beth Solomon; Editing by David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

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  • Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

    Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

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    Feb 13 (Reuters) – India’s Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.

    Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.

    The group has rejected the allegations and denied any wrongdoing.

    The Adani Group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the original target of 40%, Bloomberg News said citing people familiar with the matter.

    Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.

    A spokesperson for the Adani Group said the report was “baseless, speculative”, without elaborating further.

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    The group has also been a part of India’s market regulator’s investigation into its links to some of the investors in its scrapped $2.5 billion share sale.

    Earlier this month, India’s ministry of corporate affairs started a preliminary review of the group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

    Reporting by Mrinmay Dey in Bengaluru; Editing by Kim Coghill and Savio D’Souza

    Our Standards: The Thomson Reuters Trust Principles.

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  • Adani crisis ignites Indian contagion fears, credit warnings

    Adani crisis ignites Indian contagion fears, credit warnings

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    • Both houses of parliament adjourned amid row
    • Flagship Adani firm plunges 35% at one point
    • Moody’s warns will find it harder to raise capital

    NEW DELHI, Feb 3 (Reuters) – Financial contagion fears spread in India on Friday as the Adani Group’s crisis worsened, with ratings agency Moody’s warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses.

    Chaotic scenes in both houses of India’s parliament led to their adjournment on Friday as some lawmakers demanded an inquiry after a dramatic meltdown in the stock market values of Indian billionaire Gautam Adani’s companies.

    The crisis was triggered by a Hindenburg Research report last week in which the U.S.-based short-seller accused the Adani Group of stock manipulation and unsustainable debt.

    Adani Group, one of India’s top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.

    In the latest sign of the crisis widening, India’s ministry of corporate affairs has begun a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, two government officials told Reuters.

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    Although shares in Adani companies recovered after sharp falls earlier on Friday, the seven listed firms have still lost about half their market value, totalling more than $100 billion since Hindenburg published its report on Jan. 24.

    Moody’s warned the share plunge could hit the Adani Group’s ability to raise capital, although fellow credit ratings agency Fitch saw no immediate impact on its ratings.

    “These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable,” Moody’s said.

    For Adani, a former school drop-out from Gujarat, the western home state of Indian Prime Minister Narendra Modi, the crisis presents the biggest reputational and business challenge of his life, as his firm struggles to assuage investor concerns.

    Amid fears the turmoil could spill over into the broader financial system, some Indian politicians have called for a wider investigation, and sources have told Reuters the central bank has asked lenders for details of exposure to the group.

    “Contagion concerns are widening, but still limited to the banking sector,” Charu Chanana, a market strategist with Saxo Markets in Singapore, said on Friday.

    The Reserve Bank of India said the country’s banking system remains resilient and stable. State Bank of India said it was not concerned about the exposure to Adani Group, but further financing to its projects would be “evaluated on its own merit”.

    Adani Enterprises shares closed 1.4% higher, after earlier slumping 35% to hit their lowest since March 2021. That low took its losses to nearly $33.6 billion since last week, a 70% fall.

    Shares fell 5% in Adani Total Gas (ADAG.NS), a joint venture with France’s TotalEnergies (TTEF.PA), which said its exposure to Adani companies was limited.

    Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, Feb. 2, 2023. REUTERS/Amit Dave

    Adani Ports and Special Economic Zone (APSE.NS) was up 8%, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) were both down 10%.

    “There is a risk that investor concerns about the group’s governance and disclosures are larger than we have currently factored into our ratings,” S&P said, as it cut its outlook on Adani Ports and Adani Electricity to negative from stable.

    India’s divestment secretary Tuhin Kanta Pandey told Reuters that Life Insurance Corp (LIC) shareholders and customers should not be concerned about its exposure to the Adani Group.

    State-run LIC (LIFI.NS) has a 4.23% stake in the flagship Adani Enterprises, while its other exposures include a 9.14% stake in Adani Ports.

    Reuters Graphics

    ‘ONE INSTANCE’

    Adani, 60, has in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.

    The market and financial crisis means foreign investors, many already underweight on India as they consider its stock market overpriced, are reducing exposure.

    “One instance, however much talked about globally it may be … is not going to be indicative of how well Indian financial markets are governed,” Indian Finance Minister Nirmala Sitharaman told Network18 when asked about the market weakness.

    Reuters Graphics

    Hindenburg’s report said key listed Adani companies had “substantial debt” and shares in the seven listed firms had a downside of 85% due to what it called sky-high valuations.

    The Adani Group has called the report baseless and said over the past decade, its companies have “consistently de-levered”.

    The listed Adani firms now have a combined market value of $107.5 billion, versus $218 billion before the report.

    That has forced Adani to cede the crown of Asia’s richest person to Indian rival Mukesh Ambani of Reliance Industries Ltd (RELI.NS), and he has slid to 17th in Forbes’ list of the world’s wealthiest people.

    He had ranked third, behind Elon Musk and Bernard Arnault.

    Reporting by Aditya Kalra, Chris Thomas, Ankur Banerjee, Bansari Mayur Kamdar, Shivam Patel, Tanvi Mehta and Rae Wee in Singapore; Editing by Clarence Fernandez, Mark Potter and Alexander Smith

    Our Standards: The Thomson Reuters Trust Principles.

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  • White House signals Biden may address filibuster reform soon

    White House signals Biden may address filibuster reform soon

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    WASHINGTON, Oct 22 (Reuters) – The White House on Friday offered a strong signal that it is preparing to seek changes soon to a long-standing Senate tradition that has allowed Republicans to block voting rights legislation and other major Democratic initiatives.

    Democratic President Joe Biden, who spent 36 years in the Senate, has previously opposed any significant overhaul of a Senate rule known as the filibuster, which requires 60 of the 100 senators to agree on most legislation. read more

    His opposition has angered Democrats and activists who say an arcane rule should not stand in the way of important issues such as voting rights and immigration.

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    “I expect you’ll hear more from the president about it in the coming weeks,” White House spokesperson Jen Psaki told reporters on Friday about the filibuster. Asked what more he would want to address with filibuster reform beyond voting rights, Psaki said to “stay tuned.”

    During a televised town hall event on Thursday, Biden said the Senate should “fundamentally alter” the filibuster process, but did not offer specifics on how.

    The White House’s potential shift on the issue comes after the latest successful effort by Republicans to block Democratic legislation aimed at thwarting restrictive new voting laws enacted in Republican-led states. On Wednesday, Republicans used the filibuster to block beginning a debate on the measure.

    When Republicans control the White House and the Senate, Democrats have used the filibuster as well.

    Psaki suggested Biden had lost patience with Republican resistance to Democrats’ ideas on voting rights, saying the president is “frustrated” and “disappointed.”

    “When a hand has been extended by Democrats to work together to protect the fundamental right, Republicans have not only recoiled, they have blocked the … ability to make any semblance of progress,” Psaki said.

    While Democrats are united on voting rights, they are not unified in whether to overhaul the filibuster. U.S. Senator Joe Manchin, a moderate Democrat from West Virginia, has publicly opposed eliminating the filibuster, even for specific issues.

    With a 50-50 split in the Senate, Democrats would need all of its members to support changes.

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    Reporting by Jeff Mason and Jarrett Renshaw; additional reporting by Steve Holland; Editing by Jonathan Oatis and Bill Berkrot

    Our Standards: The Thomson Reuters Trust Principles.

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