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September
EXCLUSIVE China sends regulators to Hong Kong to assist U.S. audit inspection-sources
Written by Nur Yasmin
Beijing has sent a team of regulatory officials to Hong Kong to assist the U.S. audit watchdog with onsite audit inspections involving Chinese companies, four people familiar with the matter said, as part of a landmark deal between the two countries.
A China-U.S. agreement last month allows U.S. regulators, for the first time, to inspect China-based accounting firms that audit New York-listed companies, a major step towards resolving an audit dispute that threatened to boot more than 200 Chinese companies from U.S. exchanges.
About 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the audit inspection, which started on Monday, three of the people said.
The officials will assist a team of inspectors from the Public Company Accounting Oversight Board (PCAOB), the U.S. audit watchdog, who are in Hong Kong for the onsite inspection, the four people said.
All of the sources declined to be named due to the sensitivity of the matter.
Representatives at CSRC and MOF did not immediately respond to Reuters requests for comment. The PCAOB did not respond to Reuters queries sent outside U.S. business hours.
The gathering of U.S. and Chinese officials together in Hong Kong marks a major step forward in what was expected to be a fraught process implementing the audit deal, the most detailed agreement the PCAOB has ever reached with China.
State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said.
China Southern Airlines and GDS did not respond to requests for comment.
Reuters reported last month that U.S. regulators had picked a number of U.S.-listed Chinese companies including e-commerce majors Alibaba Group Holding Ltd (9988.HK) and JD.com Inc (9618.HK) for audit inspection.
FULL ACCESS
Officials from the CSRC, which has been leading negotiations with U.S. authorities to resolve the audit dispute, are expected to be present when the PCAOB conducts interviews with and takes testimony from the audit firms' staff, one of the four people familiar with the audit process said.
The whole inspection process will last about eight to 10 weeks, said two of the four sources, in line with comments by U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in a meeting with lawmakers last week.
It was not clear whether the Chinese officials would be present for every step of the inspection process with PCAOB representatives.
A separate source familiar with the matter said that involvement by the Chinese regulators was consistent with the way the PCAOB conducts inspections elsewhere around the world and that the U.S. watchdog was not giving China any special consideration.
U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let U.S. regulators inspect its accounting firms, citing national security concerns.
Despite the audit deal, legal experts and China watchers last month warned they could still clash over how it is interpreted and implemented, with the U.S. side seeking full access to Chinese audit papers without any consultation or input from Chinese regulators.
Beijing's statement on the deal last month, however, emphasised that the U.S. watchdog will have to obtain documents through the Chinese regulators, and must involve the China side during interviews and testimony taking.
The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.
The PCAOB will spend the first week inspecting the auditors' compliance and internal control systems and move to review the audit working papers of selected companies from the second week, they added.
In line with the U.S. regulators' statements, the PCAOB inspectors can see complete audit work papers without any redactions, and they will adopt view-only procedures for personally identifiable information, the two sources said. (Reuters)
September
U.N. rights envoy warns that Myanmar's election will be a 'fraud'
Written by Nur Yasmin
The United Nations human rights expert on Myanmar said on Thursday that an election planned by the country's junta will be a "fraud" and warned other countries against offering assistance that would help legitimise it.
The junta declared a state of emergency after seizing power from the elected government of Aung San Suu Kyi in a coup in February last year, and has tentatively planned for elections by August 2023.
"What is very important is that countries in the world don't fall into the trap of trying to provide technical assistance or support for what is going to clearly be a fraud. If you do that, you are actually making things worse," said Andrews, saying this would give the polls a "mirage of legitimacy".
Asked to elaborate on his views on the election, he said that repression of the opposition had made a free and fair election impossible. State media in Myanmar have said India was cooperating with the electoral process.
The junta has said it has held consultations with political parties but has yet to announce the rules under which the election would be held and if all parties would be allowed to take part. A military spokesperson did not immediately answer a call seeking comment.
Andrews also said that he was concerned about the current conflict between the junta and armed opposition expanding, citing an attack by army helicopters at a school in Myanmar earlier this week that killed 13 people, including 7 children, according to media and residents.
"There is a horrible, horrible cycle of violence that is fully underway and my fear is that this is going to snowball out of control," he said.
Andrews also called for a more coordinated international response to the Myanmar crisis.
The U.N. Security Council is considering a British-drafted resolution but Andrews said he had "no hope" that a meaningful resolution would pass, saying what was required was an arms embargo and targeted economic sanctions.
"It will almost certainly be vetoed," he said. "Horror is happening everywhere and it is happening without the world seeming to know or care about what's going on."
The junta has repeatedly accused the United Nations of interference in its affairs and says it is fighting "terrorists" determined to destabilise the country. (Reuters)
September
Russia's invasion of Ukraine tramples U.N. charter: Japan PM
Written by Nur Yasmin
Japanese Prime Minister Fumio Kishida, addressing the United Nations General Assembly on Tuesday, condemned Russia's invasion of Ukraine as destabilising the international order to its core and said the rule of law, not coercion by power, should prevail.
"Russia's invasion of Ukraine is a conduct that tramples the philosophy and principles of the U.N. charter ... It should never be tolerated," Kishida said.
Kishida, who hails from Hiroshima, the first city to ever suffer an atomic bombing, also denounced the threat of nuclear weapons by Russia.
Russia invaded Ukraine on Feb. 24, and, shortly after, Russian President Vladimir Putin had obliquely raised the possibility of a nuclear strike.
Last month, a Russian diplomat said at the United Nations that the conflict in Ukraine did not warrant Russia's use of nuclear weapons, but Moscow could decide to use its nuclear arsenal in response to "direct aggression" by NATO countries over the invasion.
"The threat of nuclear weapons, like what Russia did this time, let alone the use of them, are serious threats to peace and safety of the international community, and are never be acceptable," Kishida said.
Kishida reiterated that he was ready to meet North Korean leader Kim Jong Un to resolve issues concerning Pyongyang's nuclear weapons and missiles programs as well as the abduction of Japanese citizens decades ago, and to normalise diplomatic ties. (Reuters)
September
Japan weighs plan for ban on hotel guests without masks -media
Written by Nur Yasmin
Japan's government is considering allowing hotels to refuse entry to guests who do not wear masks and follow other measures to control infection during an outbreak, Fuji News Network said on Wednesday.
The government will submit a bill at an extraordinary session of parliament next month that would revise the law governing hotels and inns, allowing them more power to enforce infection measures, the network said.
The move would come at a time when Japan is expected to further ease its COVID-19 border controls, waiving visa requirements for certain tourists and removing a limit on daily arrivals.
The ruling Liberal Democratic Party is scheduled to debate border easing measures on Thursday.
Japanese Prime Minister, who departed on Tuesday for the United Nations General Assembly Meeting, may announce the border easing during a speech at the New York Stock Exchange, the Yomiuri newspaper reported.
Currently, the wearing of masks is not compulsory in Japan but is strongly recommended indoors and on public transport. (Reuters)
September
At U.N., emotional appeals for world leaders to protect Afghan girls' education
Written by Nur Yasmin
After pleading with world leaders at the United Nations to protect the education and rights of women in Afghanistan a year after the Taliban took over, Somaya Faruqi, former captain of the Afghan girls robotics team, broke down in tears backstage.
"I was in classroom last year, but this year girls are not in classroom. Classrooms are empty, and they are at their homes. So it was too hard to control myself, control my feelings," Faruqi, 20, told Reuters.
Faruqi, who now attends the Missouri University of Science and Technology, left Afghanistan in August last year, when the Islamist Taliban seized power and the United States and allies withdrew forces after a 20-year war.
Speaking at the United Nations in New York this week as world leaders gather for the high-level meeting of the U.N. General Assembly, she urged them to unite and demand the reopening of girls' schools and protection of their rights.
"Most of you know what exactly needs to be done. You must not make small, stingy and short-term pledges, but commit to uphold the right to complete education and close the funding gap once and for all," Yousafzai said on Monday. Last year, she pleaded with the world not to compromise on the protection of Afghan women's rights following the Taliban takeover.
'LIFT ALL RESTRICTIONS'
The Taliban have said women should not leave the home without a male relative and must cover their faces, though some women in urban centers ignore the rule.
In March, the Taliban made a U-turn on a promise to open girls' high schools. Most teenage girls now have no access to classrooms and thousands of women have been pushed out of the workforce because of tighter restrictions and Afghanistan's economic crisis, international development agencies said.
The Taliban say they respect women's rights in accordance with their interpretation of Islamic law and that since March they have been working on a way of opening girls' high schools.
At the Transforming Education Summit on Monday, U.N. Secretary-General Antonio Guterres appealed to the Taliban to "lift all restrictions on girls’ access to secondary education immediately."
"Girls' education is among the most important steps to deliver peace, security and sustainable development, everywhere," said Guterres.
U.S. Secretary of State Antony Blinken on Tuesday opened the Alliance for Afghan Women’s Economic Resilience, a partnership between the State Department and Boston University aimed at advancing Afghan women's entrepreneurship and educational opportunities and expanding workplace opportunities, both in Afghanistan and elsewhere.
"Women, no matter where they live, should have equal rights in every facet of their lives," Blinken said.
"This should be, in the year 2022, self-evident to everyone on this planet. But of course, it’s not, and we have to fight for it. We have to struggle for it every single day," Blinken added.
Rina Amiri, U.S. Special Envoy for Afghan Women, Girls and Human Rights, said the initiative would face a lot of challenges. Instability, a lack of security and financial chaos will weigh on any attempts to support women's re-entry into Afghan society.
"What we want to show is that there's resilience," she said.
Fereshteh Forough, CEO of Code to Inspire, the first coding school for women and girls in Afghanistan, said at the alliance's event that she had to close her school and move to online learning after the Taliban took over.
She broke down in tears as she said that 80% of the students were back to school remotely, and that as of Monday, the school was able to get a permit from the Taliban to reopen conditionally.
"We were able to get 300 girls to get an entrance exam and come to our graphic design school. It’s just unbelievable how difficult it's been this year," she said, in tears.
"The text messages I received from the girls, it was heartbreaking." (Reuters)
September
Nepal in fresh political conflict as president declines to sign citizenship law
Written by Nur Yasmin
A clash between Nepal's government and its head of state over controversial citizenship legislation threw the nascent republic into turmoil on Wednesday, after President Bidhya Devi Bhandari refused to sign proposed amendments in the law.
The bill proposed, among other changes, to give citizenship certificates to children whose parents' whereabouts were not known. Under the amendments, children born to a Nepali mother but whose father is unknown could get citizenship documents after the mother makes a declaration.
The changes would have entitled more than 500,000 people to citizenship certificates and eventually given them voting rights.
It would also give citizenship documents to Nepalis who are citizens of foreign nations to do business and conduct economic activities in the country.
The deadline for Bhandari, a ceremonial head of state under the 2015 constitution, to approve the amendment to the 16-year-old Nepal Citizenship Act, expired at midnight.
"Since the government and parliament did not address her concerns, the president has refused to approve the bill," Bhesh Raj Adhikari, an aide to Bhandari, told Reuters without giving details.
Legal experts said the president was required to approve the changes, passed twice by a majority of parliament.
Five top leaders of the political parties in the ruling centre-left alliance said the president had deprived many Nepalis of their right to citizenship by failing to approve the bill.
"The unconstitutional move of the president has seriously insulted and devalued the federal parliament elected by the people," they said in a joint statement.
Not doing so was a serious and grave violation of the constitution by a ceremonial head of state, said Balaram K.C., a retired judge of the Supreme Court.
“She should either resign as president or somebody should file a case against her in the Supreme Court,” he said.
Additionally, under the existing citizenship provisions, a foreign woman married to a Nepali men can get a citizenship certificate after she shows proof of her marriage and that she has initiated action to relinquish her foreign citizenship.
Surya Thapa, a senior leader of the main opposition Communist Unified Marxist Leninist (UML) party, said the amendment must include a provision requiring foreign women to wait for seven years before getting the Nepali citizenship.
"We think such a sensitive and important issue should be decided on the basis of consensus among all political parties and not only by a majority," he said. (Reuters)
September
Malaysia says 2023 economic growth to be lower than 2022
Written by Nur YasminMalaysia's economy will grow at a slower pace in 2023 compared to this year, finance minister Tengku Zafrul Aziz said in a statement on Wednesday.
Zafrul cited slowing global growth, rising commodity and food prices, U.S.-China tensions and China's strict COVID-19 containment measures that were affecting supply chains.
Malaysia had earlier forecast its economy would grow 5.3% to 6.3% this year, with the central bank saying last month that it could be in the upper end of the range.
Zafrul also said growth in the fourth quarter of this year will be more challenging.
He reiterated that Malaysia had no plans to peg the ringgit currency to the U.S. dollar amid a drop in value.
The Malaysian ringgit has dropped nearly 9% this year and hit a 24-year low this week. (Reuters)
September
Taiwan denounces China's peaceful 'reunification' pledge
Written by Nur Yasmin
Taiwan will never allow China to "meddle" in its future, the government said on Wednesday, after a Chinese government spokesperson said Beijing was willing to make the utmost effort to strive for a peaceful "reunification" with the island.
China claims democratically-governed Taiwan as its own territory. Taiwan's government rejects China's sovereignty claims.
China has been carrying out military drills near Taiwan since early last month, after U.S. House Speaker Nancy Pelosi visited Taipei, including firing missiles into waters near the island, though the activities have since scaled back.
Ma Xiaoguang, a spokesperson for China's Taiwan Affairs Office, told a news conference in Beijing ahead of next month's once-in-five-years Communist Party congress that China was willing to make the greatest efforts to achieve peaceful "reunification".
"The motherland must be reunified and will inevitably be reunified," Ma said.
Taiwan's Mainland Affairs Council said the island's future was up to its 23 million people to decide.
"It allows no meddling by the other side of the Taiwan Strait," it said in a statement.
China uses illegal military exercises and legal and economic retaliation to attempt to coerce Taiwan's people, the council added, labelling Beijing's behaviour as "abominable".
China has proposed a "one country, two systems" model for Taiwan, similar to the formula under which the former British colony of Hong Kong returned to Chinese rule in 1997.
Ma said Taiwan could have a "social system different from the mainland" that ensured their way of life was respected, including religious freedoms, but that was "under the precondition of ensuring national sovereignty, security, and development interests".
All mainstream Taiwanese political parties have rejected that proposal and it has almost no public support, according to opinion polls, especially after Beijing imposed a national security law on Hong Kong in 2020 after the city was rocked by sometimes violent anti-government and anti-China protests.
"The Taiwanese people have already clearly rejected it," the Mainland Affairs Council said.
China has also never renounced the use of force to bring Taiwan under its control, passing a law in 2005 giving the country the legal basis for military action against Taiwan if it secedes or seems about to do so.
China has refused to talk to Taiwan President Tsai Ing-wen since she first took office in 2016, believing she is a separatist. She has repeatedly offered to talk on the basis of equality and mutual respect.
But Tsai's predecessor Ma Ying-jeou held a landmark meeting Chinese President Xi Jinping in Singapore in 2015.
Speaking at the same news conference, Qiu Kaiming, head of the research department at the Communist Party's Taiwan Work Office, said the Xi-Ma meeting showed their "strategic flexibility" towards Taiwan.
That "showed the world that Chinese people on both sides of the Strait are absolutely wise and capable enough of solving our own problems", he added.
Taiwan's government says that as the island has never been ruled by the People's Republic of China, its sovereignty claims are void. (Reuters)
September
'Never forget': Filipino activists mark 50th anniversary of martial law declaration
Written by Nur Yasmin
Hundreds of Filipino activists on Wednesday took to the streets to mark the 50th anniversary of the late strongman Ferdinand Marcos Sr's declaration of martial law.
Marcos Sr assumed emergency powers on September 21, 1972, commencing what many remember as one of the darkest periods in the Southeast Asian country's history. He was ousted 14 years later after a popular uprising.
Activists chanted "never forget" and held banners condemning the crimes allegedly committed by the regime during martial law including extra-judicial killings, human rights abuses and forced disappearances.
His son and namesake, current President Ferdinand Marcos Jr has defended the decision to impose martial law at that time, claiming it was done to protect the country from communist rebels and insurgents. (Reuters)
September
World won't let Putin use nuclear weapons, says Ukraine's Zelenskiy
Written by Nur Yasmin
Ukrainian President Volodymyr Zelenskiy said on Wednesday he did not believe the world would allow Vladimir Putin to use nuclear weapons and vowed to press on with liberating Ukrainian territory captured by Russian forces.
Zelenskiy was speaking to Germany's BILD TV in an interview published hours after the Russian president announced a partial mobilisation and warned that Moscow would respond to what he called the West's "nuclear blackmail".
It was Russia's first such mobilisation since World War Two and signified the biggest escalation of the Ukraine war since Moscow's invasion in February.
"I don't believe that he (Putin) will use these weapons. I don't think the world will allow him to use these weapons," Zelenskiy said, according to a text published by the newspaper.
"Tomorrow Putin can say: apart from Ukraine, we also want a part of Poland, otherwise we will use nuclear weapons. We cannot make these compromises."
Ukraine has recaptured swathes of its territory after a lightning counter-offensive in recent weeks, inflicting mounting casualties on Russian troops.
Putin's mobilisation has come in response to Russia's failings on the battlefield, Zelenskiy said.
"He sees that his units are simply running away," Zelenskiy said, adding that Putin "wants to drown Ukraine in blood, including the blood of his own soldiers".
Zelenskiy also brushed off plans by four Russian-occupied regions of Ukraine to hold referendums on Sept. 23-27 on joining Russia, saying they were a "sham" that would not be recognised by most countries.
"We will act according to our plans step by step. I'm sure we will liberate our territory," he said. (Reuters)