Financial Regulatory Forum

China indicts Rio staff for bribery, commercial secrets

By Ben Blanchard and Chris Buckley

BEIJING, Feb 10 (Reuters) – China has indicted four employees of Anglo-Australian mining giant Rio Tinto on charges of bribery and stealing business secrets, setting the stage for a trial in the case that has jangled investor nerves.

The four who are set to stand trial in Shanghai include Australian citizen Stern Hu, state news agency Xinhua said on Wednesday.

If found guilty, they could face up to seven years in jail on the commercial secrets charge, and up to 20 years on the bribery charge, said Zhang Peihong, a lawyer for one of the accused Chinese nationals.

The indictments will open another chapter in the case that has tested ties with Australia and unnerved mining companies and foreign investors in China, worried about pitfalls in the world’s third biggest economy, where state power is never far from the negotiating table.

Last month, the world’s top Internet search engine Google  became embroiled in a dispute with China, criticising Beijing for censorship and saying it had been the victim of serious hacking from within the country. It has threatened to pull back from China.

Few post-crisis restrictions in finance trade-WTO

By Jonathan Lynn

GENEVA, Feb 9 (Reuters) – Few measures have been taken to curb trade in financial services in the wake of the crisis although the volumes have dropped sharply, according to a study by the World Trade Organization.

But measures to support troubled institutions will need to be unwound carefully to avoid distorting competition, the WTO said in an restricted report to members, dated Feb. 3, a copy of which was obtained by Reuters.

“The financial crisis does not seem to have prompted a widespread introduction of trade restrictions in financial services,” said the report by the WTO secretariat, prepared at the request of members.

EU, U.S., Latin America initial banana deal to end decades-old dispute

By Jonathan Lynn

GENEVA, Dec 15 (Reuters) – The European Union and United States initialled a deal on Tuesday with Latin American, African and Caribbean nations ending a decades-old trade war over bananas.

The pact ends the world’s longest-running trade dispute and also removes a potential obstacle to a new deal to open global commerce in the World Trade Organisation’s 8-year-old Doha round. Final signature is expected to take place next year.

“I’m very happy to see the longest-running trade dispute finally solved,” said European Trade Commissioner Benita Ferrero-Waldner. “History is being made today because this dispute has soured global trade relations for too long,” she told Reuters.

Republicans urge Obama to roll back “Buy American” public-works mandates

A 'Buy American Made' billboard promoting American made vehicles is seen along a business district in Taylor, Michigan June 9, 2009. Picture taken June 9, 2009.  REUTERS/Rebecca Cook  (UNITED STATES TRANSPORT BUSINESS EMPLOYMENT) WASHINGTON, Oct 8 (Reuters) – Republicans urged President Barack Obama on Thursday to roll back “Buy American” provisions of this year’s economic stimulus package that they said were delaying public works projects and costing American jobs.
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EU, US eye green goods tax pact in climate fight

Vanes are lift onto a windmill at Beijing's first wind farm which starts installing wind turbine generators on the outskirts of Huailai, north China's Hebei province July 23, 2007. Thanks to the rapid development in 2001-2005 period, China's total installed capacity of windmill generators has reached 1.26 million kW, ranking 10th in the world and third in Asia. With 44 wind power grounds built so far, China has become one of the main wind-driven power market in the world after Europe, the United States and India,the official Xinhua News Agency said. REUTERS/Jason Lee (CHINA) By Darren Ennis
NEW YORK, Sept 28 (Reuters) – The European Union and the United States are holding talks on forging a pact with OECD countries and China to eliminate duties on environmentally friendly goods as part of incentives to Beijing in a potential global climate deal.

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HIGHLIGHTS-Officials’ comments at end of G20 summit

U.S. President Barack Obama (R) and White House trip director Marvin Nicholson arrive at the Phipps Conservatory for an opening reception and working dinner for heads of delegation at the Pittsburgh G20 Summit in Pittsburgh, Pennsylvania September 24, 2009. REUTERS/Philippe Wojazer (UNITED STATES POLITICS BUSINESS) PITTSBURGH, Sept 25 (Reuters) – Following are excerpts of comments by leaders and other officials from the Group of 20 on Friday at the end of their two-day meeting in Pittsburgh. (more…)

EU leaders at G20 to seek bonus curbs, retained stimulus

Romania's President Traian Basescu (L) is welcomed by Sweden 's Prime Minister Fredrik Reinfeldt  at an informal summit of European Union heads of state and government in Brussels September 17, 2009. EU leaders met to coordinate the EU's position ahead of the G20 Summit in Pittsburgh.   REUTERS/Yves Herman By Darren Ennis and Jan Strupczewski
BRUSSELS, Sept 17 (Reuters) – European Union leaders agreed on Thursday to seek curbs on bankers’ bonuses at next week’s G20 summit and said they wanted evidence the recession is over before they stop spending to prop up their economies.

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U.S. tyre duties fuel trade tension with China

By Chris Buckley
BEIJING, Sept 14 (Reuters) – A U.S. decision to impose special duties on Chinese tyres could open the door to a host of trade complaints against Chinese products, creating tensions as Western nations seek Beijing’s support at a G20 meeting. (more…)

E.U. business group says China backslides on access reforms

BEIJING, Sept 2 (Reuters) – China is backsliding on reforms to open up its economy to foreign business, thereby hindering competition and imperilling its shift to a new model of sustainable growth, the European Union Chamber of Commerce in China said on Wednesday.

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G8 plus G5 agree to conclude Doha in 2010 – draft

World Trade Organization Director-General Lamy    (The following story contains no dateline to protect the sources of the information) 
    July 7 (Reuters) – G8 leaders plus Brazil, India, China, Mexico and South Africa will agree at a summit on Thursday to conclude the Doha round of world trade talks successfully in 2010, according to a draft communique seen by Reuters. (more…)

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