China has reacted furiously to President Donald Trump signing two bills on Hong Kong human rights and said the US will bear the unspecified consequences.
A foreign ministry statement on Thursday repeated heated condemnations of the laws and said China will counteract. It said all the people of Hong Kong and China oppose the move.
It’s still unclear, however, how China will respond exactly.
Chinese vice foreign minister Le Yucheng lodged a "strong protest" with US Ambassador Terry Branstad, with the ministry saying that he “stressed that China strongly urges the US side to correct mistakes and change course."
Mr Le also urged the United States to "refrain from putting the bill into practice, and immediately stop interfering in Hong Kong affairs and China's internal affairs, so as to avoid further damage to China-US relations and bilateral cooperation in important areas".
Mr Trump signed the bills, which were approved by near-unanimous consent in the House and Senate, even as he expressed some concerns about complicating the effort to work out a trade deal with China’s President Xi Jinping.
“I signed these bills out of respect for President Xi, China, and the people of Hong Kong,” Mr Trump said. “They are being enacted in the hope that Leaders and Representatives of China and Hong Kong will be able to amicably settle their differences leading to long term peace and prosperity for all.”
Congress approved the bills last week following months of unrest in the semi-autonomous Chinese city. Before Wednesday’s signing announcement, Mr Trump would only commit to giving the measures a “hard look.”
The Hong Kong Human Rights and Democracy Act requires the US president to annually review the city's favourable trade status and threatens to revoke it if the semi-autonomous territory's freedoms are quashed. It also mandates sanctions on Chinese and Hong Kong officials who carry out human rights abuses.
Mr Trump also signed legislation banning sales of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down the protests.
China’s foreign ministry called the laws a “naked hegemonic action” that seriously interfered in Hong Kong and China’s internal affairs, violated international law and “fundamental norms of international relations.”
“The US side ignored facts, turned black to white and blatantly gave encouragement to violent criminals who smashed and burned, harmed innocent city residents, trampled on the rule of law and endangered social order,” the statement said.
The laws’ basic intent is to undermine Hong Kong’s prosperity and stability along with the “historical progress of the great rejuvenation of the Chinese nation.”
It called the measures “extremely evil in nature and dangerous in motive.”
“We advise the US not to act incautiously, otherwise China will be required to counteract resolutely and all the consequences created by this will have to be borne by the U.S. side,” the statement said.
The two countries are currently locked in a trade war and have deep differences over China’s claims to the South China Sea and Taiwan, human rights issues and accusations of Chinese industrial espionage.
Mr Trump acknowledged last week that he was weighing the ramifications of signing the bill.
"Look, we have to stand with Hong Kong," Mr Trump said in an interview on Fox & Friends. "But I'm also standing with President Xi. He's a friend of mine. He's an incredible guy."
Activists hailed Mr Trump’s action.
“I know that many people in Hong Kong are happy that the US government has passed a new bill,” said Figo Chan, a 23-year-old Hong Kong protester who was honoured with the John McCain Prize for Leadership at the Halifax International Security Forum in Canada last weekend.
“No one wants to die and no one wants to be hurt,” Mr Chan said. “I hope that citizens of many different countries can in their own way fight for democracy.”
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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Company Profile
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