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US launches a new “suppression” on Chinese companies

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US vs China covid-19 vaccine

SEC requires more disclosure of company structure and contact with Beijing.

China-based companies will have to disclose more about their structure and contacts with the Chinese government before listing in the US.

The Securities and Exchange Commission (SEC) revealed this information on Friday 30th July 2021.

Gary Gensler, chairman of the US Markets and Business Administration, has asked staff to ensure more transparency

from Chinese companies following controversies surrounding the ride-hailing group’s public offering China Didi Chuxing.

“I asked staff to seek certain disclosures from foreign issuers affiliated with China-based operating companies before declaring their registration.”

Gensler said.

The SEC’s new rules are triggered by Beijing’s announcement earlier this month that it will tighten restrictions on overseas listings, including stricter regulations on what happens to data held by such companies.

Beijing reiterated its intention to increase scrutiny of overseas listings on Friday, with the Politburo of the Communist Party of China saying it was determined to “improve” the regulatory framework.

China’s internet regulator specifically accused Didi, which had raised US$4 billion just days before, of violating personal data laws and demanded that its apps be removed from the app store.

Beijing’s crackdown has spooked American investors, sending the company’s shares down nearly 50% in recent weeks.

However, they have risen slightly over the past week, up 15% over the past two days based on reports that the company is considering moving back to private operations just weeks after listing.

The controversy has raised questions about whether Didi has told investors enough about the regulatory risks

the company faces in China, and especially about its frequent contacts with the company.

Several US law firms have now filed class-action lawsuits against the company on behalf of shareholders,

while two members of the Senate banking committee have called on the SEC to investigate the company.

The SEC has yet to say whether it is conducting an investigation or intends to do so. However, its new rules announced on Friday will require companies to be more explicit about how their services are structured.

Many China-based companies, including Didi, circumvent China’s restrictions on listing abroad by selling their shares through a shell company.

Gensler said Friday that such companies should clearly distinguish what the shell company does from what

the China-based operating company does, as well as the exact financial relationship between the two companies.

And they could also be delisted if they don’t allow the US Public Companies Accounting Oversight Board

to examine their accounting three years after listing.

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Ronaldo Asks Man Utd board to Replace Solskjaer with Zidane

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C.Ronaldo requests for zidane as coach
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Ronaldo Asks Man Utd board to Replace Solskjaer with Zidane

According to El Chiringuito, Cristiano Ronaldo has advised Manchester United’s board to replace Ole Gunnar Solskjaer with Zinedine Zidane.

Following a 4-2 loss to Leicester City on Saturday, Solskjaer has been under greater scrutiny.

The Red Devils have lost three matches in the Premier League.

United’s leadership is said to have given Solskjaer their full support, believing the 48-year-old would enhance the team’s performance.

Senior officials at Old Trafford, on the other hand, are weighing their alternatives and have identified him as a viable contender, based on Ronaldo’s proposal.

According to the report, Zidane has met with United’s management, but he is interested in succeeding Didier Deschamps as France’s new head coach.

It’s also been reported that Zidane was approached by both PSG and Newcastle United, but the former Real Madrid manager declined both offers.

 

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Tinubu will be a presidential candidate for the APC, according to a lawmaker

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BOLAJI TINUBU AND PRESIDENT MUHAMMADU BUHARI
Photo credit: STEFAN HEUNIS/AFP via Getty Images

Tinubu will be a presidential candidate for the APC, according to a lawmaker.

Hon Gbolahan Yishawu, a member of the Lagos State House of Assembly, has stated that the state chapter of the All Progressives Congress, APC, is ready to nominate Bola Tinubu, the party’s national leader, as its presidential candidate in 2023.

The outcome of Saturday’s State Congress, according to Yishawu, demonstrated that they were ready to appoint Tinubu the APC’s flag bearer.

The legislator, who represents Eti-Osa II, made the statement immediately after the congress, which took place at Lagos State’s Mobolaji Johnson Arena Stadium.

The success of the Congress, according to Yishawu, demonstrated that internal democracy was here to stay.

He praised party members for maintaining peace and order throughout the congress’s conclusion.

“As you can see here, everything is peaceful and orderly, and the rules and regulations of the party are being played according to the party’s constitution, and we are upholding all democratic and pragmatic stakeholders of today, internal democracy is working in the All Progressive Congress party,”

he said.

“For us in Lagos State, the Congress demonstrates that we are one and unified, and that we can galvanize ourselves, and by God’s help, our wish is for our leader, Aisiwaju Bola Tinubu, to be the party’s presidential candidate in 2023.”

Tinubu is rumored to be eyeing the presidency in 2023.

Posters have been seen in certain states, and a campaign office has been established in Abuja.

Despite the outpouring of support from his fans, the former governor of Lagos State has stayed mute about his presidential ambitions.

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Oko Chukwu, the Deputy Governor of Abia, salutes Ikpeazu, at 57 and pledges his support.

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Okezie Ikpeazu deputy Oko Chukwu
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Oko Chukwu, the Deputy Governor of Abia, salutes Ikpeazu, at 57 and pledges his support.

Rt. Hon Ude Oko Chukwu, the Deputy Governor of Abia State, has praised his boss, Governor Okezie Ikpeazu, for their overall cordial relationship and synergy.

He restated his sincere commitment to continue to support and collaborate with Ikpeazu in all of his efforts to provide the people of the state and Nigeria with a strong and effective democratic government.

The praise was contained in a statement issued by the Deputy Governor and made available to journalists in Umuahia on Sunday by his Chief Press Secretary, Obasi Okibeh Onwukah, congratulating Governor Ikpeazu on his 57th birthday on Monday.

Oko Chukwu said it was thrilling to be a part of the Abia administration, which has been led by Governor Ikpeazu since 2015, especially because of the state’s historic successes in all areas of the economy, which have substantially improved the state’s face and fortunes.

According to him, there are a thousand and one plausible reasons to thank and appreciate God for the clean bill of health he has bestowed upon the State Chief Executive, adding that his entire family is relying on God’s divine assurance to confidently declare that Kinetic Governor will continue to celebrate many more glorious birthdays ahead in stronger and healthier condition.

While congratulating him on his 57th birthday, the Abia Deputy Governor prayed that God Almighty would sustain and empower him in everything that he does in order to positively and effectively lead Abia State to higher heights for the glory of God and the common welfare of humanity.

Meanwhile, President Muhammadu Buhari congratulated Governor Ikpeazu on his 57th birthday milestone on Sunday.

To honor the Abia Governor, the President joined the whole Ikpeazu family, their friends, and acquaintances.

Femi Adesina, the Special Adviser to the President on Media and Publicity, made the announcement on Sunday.

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