Australian Prime Minister Anthony Albanese said Canberra will co-operate with Beijing where it can, but stressed that it will stand up for its values. EPA
Australian Prime Minister Anthony Albanese said Canberra will co-operate with Beijing where it can, but stressed that it will stand up for its values. EPA
Australian Prime Minister Anthony Albanese said Canberra will co-operate with Beijing where it can, but stressed that it will stand up for its values. EPA
Australian Prime Minister Anthony Albanese said Canberra will co-operate with Beijing where it can, but stressed that it will stand up for its values. EPA

Australia reports no progress on China trade sanctions but is set on holding its ground


  • English
  • Arabic

Australia vowed on Saturday to stand up for itself in dealing with China, after reporting no breakthroughs in high-level talks where it pressed Beijing to drop punitive trade sanctions.

Prime Minister Anthony Albanese described a meeting between the two countries' foreign ministers the previous day — the first since 2019 — as “just a first step”.

“We should co-operate where we can. But we will stand up for Australian values where we must,” the prime minister said at a news conference.

China — Australia's biggest trading partner — imposed tariffs and disrupted more than a dozen key industries, including barley and coal, as relations deteriorated over the past two years.

Canberra had irked Beijing by calling for an independent investigation into the origins of the coronavirus pandemic and by banning telecom giant Huawei from taking part in the construction of Australia's 5G network.

Australia's Foreign Minister Penny Wong said she raised the trade dispute on Friday, when she met Chinese Foreign Minister Wang Yi on the sidelines of a Group of 20 meeting in Bali, Indonesia.

It “remains the government's position those trade blockages should be removed”, the minister said in Bali.

China had responded during the talks by stating its “well-known” position and perspective on the dispute, she said.

Ms Wong said she had also raised the cases of journalist Cheng Lei and democracy campaigner Yang Hengjun, Australian citizens detained in China.

“I think all of these issues will take some time,” she said. “There is a path we are walking. And we will take one step at a time in the interest of the country.”

Ms Wong said Australia and China had gained much through their economic and people-to-people ties.

“We do have our differences,” she said, adding, however: “We believe it is in the interest of both countries for the relationship to be stabilised.”

Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Updated: July 09, 2022, 3:20 PM