Shares advance…Scaling back environmental reviews
BEIJING (AP) – Shares advanced in global markets today as investors took heart from news that an experimental COVID-19 vaccine had revved up people’s immune systems just as desired. In early trading, Germany’s DAX climbed 0.9% while the CAC 40 in Paris advanced 1.1%. Britain’s FTSE 100 picked up 0.6%. In Asia, Tokyo’s Nikkei closed 1.6% higher and Hong Kong’s Hang Seng was nearly unchanged, while the Shanghai Composite Index slipped 1.6%. Kospi in South Korea added 0.8%. Wall Street futures are higher.
WASHINGTON (AP) – President Donald Trump is expected to announce a new federal rule to speed up the environmental review process for proposed highways, gas pipelines and other major infrastructure. Critics are describing the move as a dismantling of a 50-year-old environmental protection law. Trump will travel to Atlanta today to announce the federal rule as he tries to make it easier to meet some of the country’s infrastructure needs.
BEIJING (AP) – China is accusing Britain of colluding with Washington to hurt Huawei after the tech giant was blocked from working on a next-generation mobile phone network. A government spokeswoman says Beijing will protect Chinese companies but gave no indication of possible retaliation. The British government says Huawei Technologies Ltd. will be excluded from work on the network because U.S. sanctions made it impossible to ensure the safety of Chinese-supplied equipment. A Chinese foreign ministry spokeswoman says Britain used “unfounded risks” to discriminate, suppress and exclude Chinese companies.” Washington accuses Huawei of being a security risk, which the company denies.
BRUSSELS (AP) – A European Union high court has ruled in favor of technology giant Apple and Ireland in its dispute with the EU over 13 billion euros ($15 billion) in back taxes. The Luxembourg-based General Court said that the multinational does not need to pay the 13 billion euros that the EU Commission called for. The EU Commission had claimed that Apple had an illegal sweetheart tax deal with Irish authorities.
NEW YORK (AP) – The New York Times says it will transfer some of its staff out of Hong Kong because of the uncertainties about practicing journalism in the Chinese territory under its new security law. Hong Kong has long been seen as China’s last bastion of press freedom and is a base office for many news outlets reporting on Asia and mainland China. The Times says it will move its digital team of journalists, about a third of its Hong Kong staff, to South Korea over the next year. The law that took effect June 30 says the Hong Kong government will work to strengthen its regulation of institutions including the media and internet.