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Most markets rose in Asia on Tuesday on hopes China will unveil fresh measures to boost the world’s number two economy following reports that authorities will hold a key meeting next week.The gains, which followed another record day on Wall Street, came as traders were also left assessing Washington’s decision to impose fresh tech export restrictions on Beijing in the latest volley in a long-running standoff between the rival powers.Meanwhile, the euro continued to struggle on concerns of political and economic upheaval in France, with the country’s government facing collapse.Investors are also looking ahead to the release of US jobs data at the end of the week which could play a key role in the Federal Reserve’s decision on whether to cut interest rates again.The positive performance in Asia followed a recent run-up that was helped Monday by manufacturing activity data suggesting China’s economic struggles may be coming to an end.Bloomberg said Tuesday that China’s top leaders, including President Xi Jinping, would hold a two-day economic work conference next week to outline their targets and stimulus plans for next year.The gathering comes after figures Monday suggested the country’s economy could be turning around after almost two years of malaise, and following a raft of support measures unveiled at the end of September.Hong Kong and Shanghai rose in the afternoon, having retreated in the morning after Washington announced new export restrictions taking aim at Beijing’s ability to make advanced semiconductors.The moves step up existing US efforts to tighten curbs on exports of state-of-the-art AI chips to China.Beijing hit back, saying the United States “abuses export control measures” and has “hindered normal economic and trade exchanges”.There were also healthy gains in Tokyo, Sydney, Seoul, Singapore, Mumbai, Bangkok and Jakarta, though Wellington and Manila retreated.Investors remain wary about the prospect of a second term for Donald Trump as US president, particularly after he warned last month that he would hit China, Canada and Mexico with heavy tariffs.”Although recent (manufacturing) data revealed that November saw the fastest expansion in factory activity in months — likely boosted by exporters rushing to get ahead of Trump’s anticipated tariff storm — the broader economic outlook remains fraught with uncertainty,” said Stephen Innes at SPI Asset Management.”This complex tapestry of market dynamics — China’s manufacturing uptick, the deepening economic concerns, and the dollar’s assertive rally — are all intricately linked to Trump’s aggressive trade posturing. “His vows of imposing hefty tariffs as soon as he enters the Oval Office next month cast long shadows over the Asian markets, making investors both wary and watchful.”The euro weakened against the dollar and was sitting at lows not seen since October last year, owing to a brewing political crisis in France, the eurozone’s second-largest economy.Prime Minister Michel Barnier faces the risk of being deposed in a no-confidence vote, expected on Wednesday, after he used executive powers to force through controversial social security legislation without a vote.The left wing as well as the far-right National Rally of Marine Le Pen both said they would back a motion bringing down the minority government, which has been in power for just three months.The yield on French government debt rose in another sign of investor concern. France must now pay as much as Greece to borrow for 10 years.London opened higher, while Paris and Frankfurt also rose.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 1.9 percent at 39,248.86 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 19,746.32 (close)Shanghai – Composite: UP 0.4 percent at 3,378.81 (close)London – FTSE 100: UP 0.3 percent at 8,333.89Euro/dollar: UP at $1.0500 from $1.0499 on MondayPound/dollar: UP at $1.2666 from $1.2654Dollar/yen: UP at 149.95 yen from 149.54 yen Euro/pound: DOWN at 82.94 from 82.97 penceWest Texas Intermediate: UP 0.4 percent at $68.36 per barrelBrent North Sea Crude: UP 0.5 percent at $72.16 per barrelNew York – Dow: DOWN 0.3 percent at 44,782.00 (close)

China has fully lifted suspensions on Australian red meat, Canberra said Tuesday, dismantling one of the final barriers in a four-year trade war that hammered US$13 billion of exports.A slew of Australia’s most lucrative export commodities were effectively banned from China starting in 2020, as relations between the two nations started to fray.But China has been gradually unwinding these barriers as Australia steps up efforts to mend ties on the diplomatic front. Red meat and lobster were the last two commodities subject to some form of barrier or export ban. Australian Prime Minister Anthony Albanese said Tuesday that China had paved the way for “full resumption of red meat exports”.Meanwhile, full lobster trade is expected to resume by the end of the year.”We are close to the point where China’s trade impediments — which impacted Aus$20 billion (US$13 billion) worth of Australian exports — have all been removed,” trade minister Don Farrell said Tuesday.Over the past two years, Beijing has dropped tariffs on Australian barley and wine, halted an import ban on timber and resumed shipments of coal.China lifted suspensions on eight Australian slaughterhouses in May this year but kept barriers in place for two facilities. – ‘Great outcome’ -Those final two beef-processing plants were now able to resume exports to China.China is Australia’s second-most lucrative beef export market, behind the United States.Australian Meat Industry Council spokesman Tim Ryan said it was a “great outcome”. “After four years of hard work on behalf of red meat exporters, this is a fantastic and very welcome result,” he said.Lobster exports are the last major Australian commodity awaiting the full resumption of trade with China.Beijing had agreed to a “timetable to resume full lobster trade by the end of this year”, Albanese said in October.The sanctions are expected to be lifted in time for Lunar New Year next year when delicacies such as rock lobster are in hot demand.Australia’s relationship with China began unravelling in 2018 when Canberra excluded telecommunications giant Huawei from its 5G network on security grounds and later passed laws on foreign interference. Then in 2020, Australia called for an international investigation into the origins of Covid-19 — an action China saw as politically motivated.Australia has spent much of the past two years trying to insulate the vital trade relationship with China — its biggest trade partner — from geopolitical headwinds.Australia is part of a loose US-led alliance that has aggressively pushed back against China’s bid for primacy in the Pacific region.Tuesday’s announcement comes as Beijing eyes deepening trade rifts with Europe and the United States. Brussels and Washington have slapped punitive tariffs on China’s electric vehicle exports, semiconductors, solar panels and a range of other goods. 

US President-elect Donald Trump on Monday said he would “block” a planned takeover of US Steel by Japanese company Nippon Steel, a deal worth $14.9 billion including debts.”I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his Truth Social platform. “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening.”Embattled US Steel has argued that it needs the Nippon deal to ensure sufficient investment in its Mon Valley plants in Pennsylvania, which it says it may have to shutter if the sale is blocked.Nippon Steel said after Trump’s comments that it was “determined to protect and grow US Steel in a manner that reinforces American industry, domestic supply chain resiliency, and US national security.””We will invest no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that American steelworkers at US Steel can manufacture the most advanced steel products for American customers,” the Japanese firm said in a statement.Days after the US election last month, Nippon Steel said it expected to close its takeover of the company before the end of the year, while US President Joe Biden was still in office.Biden, too, has opposed the deal, saying it was “vital” for US Steel “to remain an American steel company that is domestically owned and operated.”The deal is being reviewed by a body helmed by Treasury Secretary Janet Yellen that audits foreign takeovers of US firms, called the Committee on Foreign Investment in the United States (CFIUS).In September, Biden’s administration extended their review, pushing a conclusion on the politically sensitive deal until after the November 5 presidential election.A Nippon Steel earnings presentation on November 7 maintained that “the transaction is expected to close in… calendar year 2024″ pending a US national security review.”Unless the situation changes dramatically, I believe the conclusion will come by the end of the year,” during Biden’s time in office, vice chairman Takahiro Mori told reporters.Trump will be inaugurated on January 20.- Protectionist policies -On the campaign trail, he vowed to install protectionist economic policies to help support US businesses, including threats to restart a trade war with the world’s second largest economy, China.While running for the White House, he specifically promised to block Nippon’s takeover of US Steel, which is based in the key political battleground state of Pennsylvania.Trump’s vice presidential pick J.D. Vance also led congressional opposition to the takeover in the US Senate, where the deal has been criticized by both Republicans and Democrats.Analysts had suggested Trump’s position could soften after the election was over, but Monday’s statement indicated that was not the case.Major Japanese and American business groups have urged Yellen not to succumb to political pressure when reviewing the proposed acquisition.The steelworkers union has fought the deal, and criticized a September arbitrators’ ruling that Nippon had proven it could assume US Steel’s labor contract obligations.In September, however, some US Steel workers rallied in support of the deal, arguing it would help keep plants open.

A Vietnamese property tycoon sentenced to death in a multi-billion-dollar fraud case arrived in court Tuesday, as she awaits the verdict of her appeal in one of the biggest corruption prosecutions in history. Property developer Truong My Lan, 68, was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totalling $27 billion.In her official handwritten appeal of more than five pages seen by AFP, Lan said the death sentence was “too severe and harsh”, asking the court to consider a more “lenient and humane approach”.On Tuesday, Lan sat in the front row of the courtroom, waiting to hear if her life would be spared. Next to her was her husband, who is appealing a nine-year sentence for violating banking regulations.The month-long appeal was attended by more 100 lawyers, according to state media. Tens of thousands of people who invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims.  According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have cooperated sufficiently with authorities.But prosecutors have argued she has not met the conditions, and emphasised her crime’s consequences were “huge and without precedent”.Lan, who founded real estate development group Van Thinh Phat, told the court in Ho Chi Minh City “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV (State Bank of Vietnam) and the people”.”I feel pained due to the waste of national resources,” Lan said last week, adding she felt “very embarrassed to be charged with this crime”. Lan owned just five percent of shares in SCB on paper, but at her trial, the court concluded that she effectively controlled more than 90 percent through family, friends and staff. The State Bank said in April that it pumped funds into SCB to stabilise it, without revealing how much.Among the assets that Lan and Van Thinh Phat own are a shopping mall, a harbour and luxurious housing complexes in business hub Ho Chi Minh City.During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent of the country’s 2023 GDP.Lan and dozens of defendants, including senior central bank officials were arrested as part of a national corruption crackdown dubbed the “burning furnace” that has swept up numerous officials and members of Vietnam’s business elite.A total of 47 other defendants have requested reduced sentences at the appeal.Last month, Lan was convicted of money laundering and jailed for life in a separate case.

Asian traders shifted tentatively Tuesday as they battled to track another record on Wall Street owing to fresh China-US worries, while the euro extended losses on concerns of political and economic upheaval in France.A tech-led rally in the Dow and S&P 500 helped New York stocks to a strong start to the month, having enjoyed a healthy November on hopes that US President-elect Donald Trump will usher in more business-friendly measures.Investors are also looking ahead to the release of US jobs data at the end of the week which could play a key role in the Federal Reserve’s decision on whether to cut interest rates again.The mixed performance in Asia followed a recent run-up that was helped Monday by manufacturing activity data suggesting China’s economic struggles may be coming to an end.In early trade on Tuesday, Tokyo, Sydney, Seoul, Singapore and Manila were all higher but Hong Kong, Shanghai and Wellington retreated.Fuelling uncertainty was news that Washington had announced new export restrictions taking aim at Beijing’s ability to make advanced semiconductors in the latest volley in the tech standoff between the world’s leading economies.The moves step up existing US efforts to tighten curbs on exports of state-of-the-art AI chips to China.Beijing hit back, saying the United States “abuses export control measures” and has “hindered normal economic and trade exchanges”.The mood was also tinted by worries over Trump’s second term in the White House, particularly after he warned last month that he would hit China, Canada and Mexico with heavy tariffs.”Although recent (manufacturing) data revealed that November saw the fastest expansion in factory activity in months — likely boosted by exporters rushing to get ahead of Trump’s anticipated tariff storm — the broader economic outlook remains fraught with uncertainty,” said Stephen Innes at SPI Asset Management.”This complex tapestry of market dynamics — China’s manufacturing uptick, the deepening economic concerns, and the dollar’s assertive rally — are all intricately linked to Trump’s aggressive trade posturing. “His vows of imposing hefty tariffs as soon as he enters the Oval Office next month cast long shadows over the Asian markets, making investors both wary and watchful.”On currency markets, the euro weakened against the dollar and was sitting at lows not seen since October last year, owing to a brewing political crisis in France, the eurozone’s second-largest economy.Prime Minister Michel Barnier faces the risk of being deposed in a no-confidence vote, expected on Wednesday, after he used executive powers to force through controversial social security legislation without a vote.The left wing and the far-right National Rally of Marine Le Pen said they would back a motion bringing down the minority government, which has been in power for just three months.The yield on French government debt rose in another sign of investor concern. France must now pay as much to borrow for 10 years as Greece.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.7 percent at 39,180.06 (break)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,478.28Shanghai – Composite: DOWN 0.3 percent at 3,354.50Euro/dollar: DOWN at $1.0491 from $1.0499 on MondayPound/dollar: DOWN at $1.2649 from $1.2654Dollar/yen: UP at 149.82 yen from 149.54 yen Euro/pound: DOWN at 82.93 from 82.97 penceWest Texas Intermediate: UP 0.2 percent at $68.21 per barrelBrent North Sea Crude: UP 0.2 percent at $71.97 per barrelNew York – Dow: DOWN 0.3 percent at 44,782.00 points (close)London – FTSE 100: UP 0.3 at 8,312.89 (close)

Surrounded by racks of colourful dresses and blazers in China’s manufacturing hub of Guangzhou, plus-size clothing brand owner and influencer Amanda Yao is on a mission to promote body positivity.She is part of a small but growing number of women in China challenging restrictive beauty standards, including thinness, pale skin and childlike features.Online, a frequently circulated saying claims that “there are no good women over 50 kilograms (110 pounds)”, while recent social media challenges have women squeezing into children’s clothes or showing off the coins they can stack on their collarbones.Yao makes fashionable, high-end clothing for plus-size women, offering a vibrant contrast to the poorly cut offerings normally available in “slimming” dark colours.”I want my customers to have clothes that express who they are inside, rather than soulless pieces that exist only to make them look thinner,” the 35-year-old told AFP.When it comes to clothing, most Chinese retailers focus on smaller sizes and “think that larger people don’t need fashion and don’t need beautiful clothes”, Yao said. “But we have work, we have families, we have respectable lives, and we also need some fancy clothes sometimes.”To promote her online store, Yao posts pictures of her outfits on the Instagram-like Xiaohongshu app, often sporting leggings and tight-fitting workout tops she wears to climb the hills near her office.”Reject body anxiety,” Yao, who openly talks about weighing 100 kilograms, wrote in one post to her more than 15,000 followers. “So what if I wear a strappy top and have big arms?”- Embracing colour -Yao began selling plus-size clothing four years ago after returning to China from the United Kingdom, where she had worked for several years.”I found it especially hard to buy clothing here,” she told AFP.Items ordered online often failed to match sellers’ photos, and Yao grew sick of “very ugly clothes”.In her Guangzhou office and showroom this month, Yao showed off a Chinese-style pink silk jacket from her brand Yue Design, while modelling a bright green cardigan and skirt set.”I never post photos of myself wearing black online,” Yao said.By avoiding the colour traditionally recommended for larger women, she has also encouraged some of her customers to embrace brighter, more cheerful designs.While clothing options for plus-size shoppers remain limited, some Chinese brands have taken steps to be more inclusive in recent years.Lingerie brand Neiwai and loungewear company An Action A Day have featured larger models in their ads, though most of their items only cater to women up to 70 kilograms.- Body scrutiny -Aside from Yao, other influencers in China have found an audience eager for their posts about self-acceptance and photos of themselves enjoying clothing and food, despite the pressure to diet.On Xiaohongshu, the hashtag “reject body anxiety” appears in nearly 200,000 posts. But this is still a marked deviation from most body image content on Chinese social media.One recent popular format involves someone posting a photo of themselves and asking viewers for makeover tips.These posts often draw extreme scrutiny from commenters, who pick on people for flaws as specific as having a square jaw rather than the “ideal” pointed chin.With constant exposure to idealised body types, people “start to conflate the meaning of their own worth with what they look like,” Stephanie Ng, who runs Hong Kong-based mental health organisation Body Banter, told AFP.That has dangerous consequences, including extreme dieting and eating disorders, Ng said. There is little official data on eating disorders in China, but the prominent Shanghai Mental Health Center reported an increase from eight such patients in 2002 to 3,000 in 2021, according to state broadcaster CGTN.Even though Yao has built a loyal following, her posts can also attract cruel comments.”Daring to post an ugly photo showing your ring-shaped torso fat doesn’t equal confidence,” one commenter wrote under one of Yao’s workout posts.She told AFP that the criticism has only made her more determined.”I want to help women who are feeling self-hatred to look at themselves in a new way,” she said.

Nepal’s prime minister was in Beijing on Tuesday to meet Chinese leaders, seeking to expand infrastructure cooperation after breaking with the longstanding tradition of new leaders making their first official visit to neighbouring India.Khadga Prasad Sharma Oli, who returned to power in July after two previous terms in the top job, arrived in Beijing to kick off the trip Monday evening, footage on Chinese state broadcaster CCTV showed.The leader of the Himalayan republic is scheduled to meet with Chinese President Xi Jinping and Premier Li Qiang during his visit, which will last until Thursday.Beijing’s foreign ministry said last week that Xi and Oli would “have in-depth exchanges of views on deepening our traditional friendship”.That includes expanding cooperation under the Belt and Road project — Xi’s flagship international infrastructure initiative — and “exchanges and cooperation in various fields”, ministry spokeswoman Mao Ning said.Pradeep Gyawali, deputy secretary of Oli’s Communist Party of Nepal Unified Marxist-Leninist (CPN-UML), told AFP the visit would centre on prior investment deals — including for the recently finished construction of an international airport in tourist hub Pokhara.Oli has sought to walk a fine line between neighbours China and India, the world’s two most populous nations, but has favoured Beijing in an effort to cut Kathmandu’s historical reliance on New Delhi.Nepali media reported that Oli likely chose Beijing as his first destination due to the absence of a formal invitation from New Delhi.Nepal’s foreign ministry said Oli will “exchange views on matters of mutual interest” with his Chinese counterparts during the trip.He will also deliver a keynote address at China’s prestigious Peking University and speak at a bilateral business forum, the ministry said.India accounted for nearly 65 percent of Nepal’s total trade in the 2023-24 fiscal year, according to customs data.China’s trade share was about 15 percent, though Chinese companies lead in some industries — including a 70 percent share of Nepal’s burgeoning electric vehicle market.India has the highest foreign investment in Nepal, pumping in more than $750 million last year, with China investing more than $250 million, according to Nepal’s central bank.

Paris stocks wobbled and the euro fell Monday as a budget standoff in France fueled concern about the eurozone’s second-biggest economy.Positive data from China helped boost equity markets elsewhere, with Germany’s DAX index hitting a record above 19,900 points.Oil prices rose on hopes of higher Chinese demand, while on Wall Street, the S&P 500 and Nasdaq logged fresh records too.The euro sat near 14-month lows as opposition to France’s belt-tightening draft budget threatens to topple the government.Prime Minister Michel Barnier faces the risk of being deposed by a hostile parliament as his government presents a social security financing plan Monday that has the opposition up in arms.Lacking a majority, Barnier used executive powers to force through the legislation without a vote.The move exposes him to a no-confidence vote, likely on Wednesday, with the left wing and the far-right National Rally of Marine Le Pen saying they will back a motion bringing down the government.Le Pen “has the power to destroy Barnier and his mission to get France on a sustainable fiscal track,” said Kathleen Brooks, research director at traders XTB.The yield on French government debt rose in another sign of investor concern. France must now pay as much to borrow for 10 years as Greece.Paris stocks, which wobbled in afternoon trading, ended the day flat.They were also weighed down by Stellantis, the multi-brand auto giant, whose shares fell more than six percent after chief executive Carlos Tavares abruptly resigned.US stocks closed mostly higher, with Jack Ablin of Cresset Capital noting the market remains in good shape.Among individual companies, Super Micro Computer surged 28.7 percent after a committee found “no evidence” of misconduct at the firm. Shares in Intel slipped 0.5 percent after the chipmaker, which has struggled to tap into the growth of artificial intelligence that has fueled the rise of rival Nvidia, announced that chief executive Pat Gelsinger had retired.Asian traders began the month on the front foot after a rollercoaster ride since Donald Trump’s reelection warning that he would hit China, Canada and Mexico with hefty tariffs on his first day in office as US president.Hong Kong and Shanghai were among the best performers after data showed that Chinese manufacturing activity expanded at a faster clip than expected in November.The figures provided some hope that the world’s number-two economy was turning a corner after a lengthy slowdown, with analysts pointing to a raft of support measures unveiled at the end of September.”The big unknown is whether the stimulus efforts will have a long-lasting effect or just a short-term boost,” said Dan Coatsworth, investment analyst at AJ Bell.Tokyo rose and the yen held recent gains at around 150 per dollar on increasing bets of another Bank of Japan interest rate increase, after last week’s forecast-topping Tokyo inflation report.BoJ Governor Kazuo Ueda said in an interview with the Nikkei business daily published Sunday that increases were “nearing in the sense that economic data are on track.”- Key figures around 2130 GMT -New York – Dow: DOWN 0.3 percent at 44,782.00 points (close)New York – S&P 500: UP 0.2 percent at 6,047.15 (close)New York – Nasdaq Composite: UP 0.8 percent at 19,403.95 (close) London – FTSE 100: UP 0.3 at 8,312.89 (close)Paris – CAC 40: FLAT at 7,236.89 (close) Frankfurt – DAX: UP 1.6 percent at 19,933.62 (close)Tokyo – Nikkei 225: UP 0.8 percent at 38,513.02 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,550.29 (close)Shanghai – Composite: UP 1.1 percent at 3,363.98 (close)Euro/dollar: DOWN at $1.0499 from $1.0580Pound/dollar: DOWN at $1.2654 from $1.2739Dollar/yen: DOWN at 149.54 yen from 149.60 yen on FridayEuro/pound: DOWN at 82.97 from 83.04 penceBrent North Sea Crude: FLAT at $71.83 per barrelWest Texas Intermediate: UP 0.2 percent at $68.10 per barrelburs-rl/rlp/bys/

A Vietnamese property tycoon sentenced to death for a multi-billion-dollar fraud will learn Tuesday whether her life will be spared, as an appeal court reaches its verdict on one of the biggest corruption cases in history. Property developer Truong My Lan, 68, was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totalling $27 billion.In her official handwritten appeal of more than five pages seen by AFP, Lan said that the death sentence was “too severe and harsh”, asking the court to consider a more “lenient and humane approach”.Tens of thousands of people who had invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims.  According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have co-operated sufficiently with authorities.But prosecutors have argued that she has not met the conditions, and emphasised her crime’s consequences were “huge and without precedent”.Lan, who founded real estate development group Van Thinh Phat, told the court in Ho Chi Minh City that “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV and the people”.”I feel pained due to the waste of national resources,” Lan said last week, adding she felt “very embarrassed to be charged with this crime”. Lan owned just five percent of shares in SCB on paper, but at her trial the court concluded that she effectively controlled more than 90 percent through family, friends and staff. The State Bank said in April that it pumped funds into SCB to stabilise it, without revealing how much.Among the assets that Lan and Van Thinh Phat own are a shopping mall, a harbour and luxurious housing complexes in business hub Ho Chi Minh City.During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent of the country’s 2023 GDP.Lan and dozens of defendants, including senior central bank officials were arrested as part of a national corruption crackdown dubbed the “burning furnace” that has swept up numerous officials and members of Vietnam’s business elite.A total of 47 other defendants have requested reduced sentences at the appeal.Last month, Lan was convicted of money laundering and jailed for life in a separate case.

The United States announced new export restrictions Monday targeting China’s ability to make advanced semiconductors, drawing swift condemnation from Beijing as competition deepens between the world’s two biggest economies.The move expands Washington’s efforts to curb exports of state-of-the-art chips to China, which can be used in advanced weapons systems and in artificial intelligence.The announcement comes weeks before President-elect Donald Trump returns to the White House, where he is expected to bolster Washington’s hawkish stance on China.”The United States has taken significant steps to protect our technology from being used by our adversaries in ways that threaten our national security,” said National Security Advisor Jake Sullivan in a statement.He added that Washington will keep working with allies and partners “to proactively and aggressively safeguard our world-leading technologies and know-how so they aren’t used to undermine our national security.”Beijing vowed Monday to defend its interests, with a Chinese commerce ministry spokesperson saying the United States “abuses export control measures” and has “hindered normal economic and trade exchanges.”The latest US rules include a restriction of sales to 140 companies, including Chinese chip firms Piotech and SiCarrier, without additional permission.They also impact Naura Technology Group, which makes chip production equipment, according to the Commerce Department.Others include entities in Japan, South Korea and Singapore.The new US rules also include controls on two dozen types of chip-making equipment and three kinds of software tools for developing or producing semiconductors.”We are constantly talking to our allies and partners as well as reassessing and updating our controls,” noted Under Secretary of Commerce for industry and security Alan Estevez.- Military focus -Thibault Denamiel, a fellow at the Center for Strategic and International Studies, told AFP that the latest actions confirm “the trajectory of US policy rather than significantly stepping up control efforts.””The significance of the additions is lessened given proposals from the incoming Trump administration,” he added, noting the president-elect has vowed drastic actions that dwarf these latest restrictions on chip technologies.Monday’s restrictions further a policy that began under Trump’s first administration to prevent China from becoming a leading tech economy.On Monday, Commerce Secretary Gina Raimondo stressed that President Joe Biden’s administration has been especially tough in “strategically addressing China’s military modernization through export controls.”The Commerce Department said that the fresh restrictions are meant to slow China’s development of advanced AI that could “change the future of warfare,” and impair China’s development of its own semiconductor ecosystem.But the agency maintained that this is in line with Washington’s “small yard, high fence” policy, which targets restrictions strategically — an approach that Chinese President Xi Jinping criticized last month.Calls to further close the semiconductor supply chain have grown since the world became increasingly aware of the powers of AI, with the launch of ChatGPT.