Canada Restricts Dealings With Hong Kong Over New Security Law
OTTAWA—Foreign Affairs Minister Francois−Philippe Champagne says Canada is suspending its extradition treaty with Hong Kong as part of a package of responses to the new security law China has imposed on the territory. In a statement, Champagne says Canada will also treat sensitive goods being exported to Hong Kong as if they were being sent to mainland China. That means outright banning some military−related goods from being traded there. China imposed strict new controls on Hong Kong this week, in what Champagne calls a violation of the “one country, two systems” philosophy that was supposed to last 50 years after Britain returned Hong Kong to China in 1997. Champagne’s statement says Hong Kong’s place in the global economy was based on that promise and needs to be reassessed. Canada’s moves…
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Following the city-wide inundation of Yichang in Hubei Province, the floods hit downstream cities the following day on June 28.
Many neighborhoods in Wuhan were soaked in water one after another from 8 a.m. to 1 p.m.
Yichang is the second largest city of Hubei Province, and is the first city immediately downstream of the Three Gorges Dam, while Wuhan is the capital and largest city of Hubei, located 200 miles further downstream from Yichang.
Focus News: Wuhan Submerged in Water as Floods Hit Downstream Yangtze River
Nasdaq-Listed Chinese Company Cheated Creditors by Using Fake Gold as Loan Collateral
Nasdaq-listed Chinese jeweler Kingold Jewelry Inc. (KGJI) has received 20 billion yuan ($2.8 billion) loans by claiming to use tons of gold as collateral in the past five years. However, the creditors discovered that some of the gold bars are gilded copper alloy. The loans were protected by insurance issued by Chinese state-run PICC Property and Casualty Company (PICC) and some smaller insurers. But the insurers refuse to pay for the loss of Kingold’s creditors by claiming that the insurance contracts defined that they won’t take care of the loss that was created by the policyholder. However, the creditors emphasized that the insurance agreement ruled that insurers will take responsibility if the gold that is supplied by the policyholder doesn’t meet the standard. Kingold designs and manufactures jewelry. It was…