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U.S. issues advisory to businesses warning of Hong Kong risks

Saturday, July 17, 2021
U.S. issues advisory to businesses warning of Hong Kong risks © Reuters. FILE PHOTO: Flags of China, Hong Kong and the U.S. fly next to each other along Fenwick Pier, in Hong Kong June 27, 2013. REUTERS/Tyrone Siu

WASHINGTON (Reuters) - The Biden administration on Friday issued an advisory to warn U.S. businesses about risks to their operations and activities in Hong Kong after China's imposition of a new national security law there last year.

The advisory from the departments of State, Treasury Commerce and Homeland Security warns businesses in Hong Kong that they are subject to the territory's laws, including the national security law, under which foreign nationals, including one U.S. citizen, have been arrested.

It says businesses face risks associated with electronic surveillance without warrants and the surrender of corporate and customer data to authorities.

It adds that individuals and businesses should be aware of potential consequences of engaging with sanctioned individuals or entities and warns that they could face Chinese retaliation for complying with U.S. and other international sanctions.

The advisory comes just over a year after former President Donald Trump ordered an end to Hong Kong's special status under U.S. law to punish China for what he called "oppressive actions" against the former British colony.

The advisory says businesses should consider the potential reputational, economic, and legal risks of maintaining a presence or staff in Hong Kong, and should carry out due diligence.

"Developments over the last year in Hong Kong present clear operational, financial, legal, and reputational risks for multinational firms," a senior Biden administration official said.

"The policies which the PRC government and the Government of Hong Kong have implemented undermine the legal and regulatory environment that is critical for individuals and businesses to operate freely and with legal certainty in Hong Kong," the official said, using the acronym for the People's Republic of China.

The warning came days after Washington strengthened its warnings to businesses about the growing risks of having supply chain and investment links to China's Xinjiang region, citing forced labor and human rights abuses there.

Last week, the administration added 14 Chinese companies and other entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang.

On Thursday, sources told Reuters Washington was preparing to impose sanctions on Friday on seven Chinese officials in its latest effort to hold the Chinese government accountable for what Washington calls an erosion of rule of law in the former British colony that returned to Chinese control in 1997.

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29-03-2024 22:22:42 (UTC+7)

EUR/USD

1.0791

+0.0004 (+0.04%)

Summary

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Sell (10)

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EUR/USD

1.0791

+0.0004 (+0.04%)

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1.2637

+0.0015 (+0.12%)

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151.24

-0.12 (-0.08%)

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0.6527

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 EUR/USD1.0791↑ Sell
 GBP/USD1.2637↑ Buy
 USD/JPY151.24Sell
 AUD/USD0.6527↑ Buy
 USD/CAD1.3537↑ Sell
 EUR/JPY163.18↑ Sell
 EUR/CHF0.9731↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 22:22:44
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$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
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Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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