Canada, Britain Reportedly Very Close to Deal to Avoid Post-Brexit Tariffs

Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges: US SEC

China-based startup Luckin Coffee Inc. has agreed to pay a $180 million penalty to settle accounting fraud charges for “intentionally and materially” overstating its 2019 revenue and understating a net loss, U.S. regulators said on Wednesday. The U.S. Securities and Commission (SEC) fine on the China-based rival to Starbucks comes after it said earlier this year that much of its 2019 sales were fabricated, sending its shares plunging and sparking an investigation by China’s securities regulator and the SEC. The SEC said it found that Luckin “intentionally and materially overstated its reported revenue and expenses and materially understated its net loss in its publicly disclosed financial statements in 2019.” Luckin has not admitted or denied the charges, the SEC said. The company has agreed to pay the penalty, which may…

OTTAWA鈥擟anada and Britain are on the verge of a deal to ensure that free trade between the two, post-Brexit, can continue until the Canadian Parliament approves a new bilateral agreement, according to four well-placed sources.

The two sides are discussing a bridging mechanism allowing them to temporarily waive tariffs, the sources said. This would likely take the form of a memorandum of understanding that Ottawa could agree to without needing approval from legislators.

This means both sides can avoid imposing tariffs on each other when Britain leaves the European Union on Dec 31.

The two nations struck a roll-over trade deal on Nov 21 to protect the flow of $29 billion worth of goods between them.

But the Canadian House of Commons ended its fall session on Dec 11 without approving the agreement, meaning the two nations would in theory have to start imposing tariffs on each other’s exports on Jan 1.

“Something should be announced in the next couple of days. This is a story of continuity鈥攂usinesses will not have to pay tariffs,” said one of the sources, who requested anonymity given the sensitivity of the situation.

A second source said the talks had been very positive and also ruled out tariffs.

Canada’s House of Commons is due to return on Jan 25.

As Britain prepares to end its transition out of the European Union, it has negotiated multiple rollover bilateral deals to maintain trade, with many simply replacing the terms the bloc had already agreed.

A spokeswoman for Canadian Trade Minister Mary Ng said Ottawa was “actively working with Britain on mitigation measures to ensure that there is a smooth transition.”

A spokesman at the British high commission – or embassy – in Ottawa was not immediately available for comment.

By David Ljunggren

Focus News: Canada, Britain Reportedly Very Close to Deal to Avoid Post-Brexit Tariffs

Half of Australia’s Largest Chinese Media Outlets Linked to Beijing’s United Front: Report

A new report has confirmed long-standing concerns that Australia’s Chinese-language media landscape is dominated by outlets “friendly towards the Chinese Communist Party (CCP).” “The influence environment” by the Australian Strategic Policy Institute (ASPI) analysed the content, political stances, business ties, and management structures of 24 of the largest Chinese-language media (print and online), located mainly in the country’s capital cities. It found that executives from 12 media outlets have been members of organisations controlled by the United Front Work Department, Beijing’s foremost overseas infiltration organ. At the same time, four outlets were directly owned or received financial support from the CCP. One of the largest online Chinese language media is Sydney Today, who had an alleged 670,000 followers in 2019. The co-founder of Sydney Today, Stan Chen was also listed…