Cricket Australia and Its Players Reach Peace on Reset Finances

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…

Cricket Australia and its players have brokered peace, with last month’s financial revenue forecast reset and postponed until a clearer picture is available.

Locked in a dispute since last month, when CA predicted a near 50 percent drop in revenue for the 2020-21 financial year – a projection the governing body removed on July 4.

Following the developments, the Australian Cricketers’ Association withdrew its notice of dispute relating to the Australian Cricket Revenue (ACR) forecast.

CA will retain the right to provide a new projection later in the financial year, given they were working off several models when the initial forecasting was done.

The move is seen as a win and common-sense approach from both sides of the fence, given the picture for the summer ahead still remains so unclear.

It also signals the first real progression between the two parties in months, and comes just weeks after Nick Hockley replaced Kevin Roberts as interim chief executive.

Officials are still hopeful of uncapped crowds for both the international summer – including four Tests against India – and the Big Bash League.

However the recent spike in Victoria has shown how unpredictable the coronavirus is and what affect it could have on the summer.

The Twenty20 World Cup – scheduled for Australia in October and November – is also still to be cancelled, in what is expected to be a $20 million blow to the organisation.

“Today’s agreement is a significant step forward in cricket’s response to the challenges presented by the COVID-19 pandemic.

Changes in the forecasting of the ACR happen on an annual basis, however naturally none have been as significant as during the coronavirus.

“This ‘reset’ is both welcome and sensible,” ACA Chief Executive Alistair Nicholson said.

Scott Bailey in Sydney

 

Focus News: Cricket Australia and Its Players Reach Peace on Reset Finances

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…