trade
Ex-Coca-Cola chemist sentenced for stealing $120 million trade secret for Chinese government-supported company
- Xiaorong “Shannon” You, a 59-year-old chemical engineer, was sentenced to 14 years in prison by a federal judge on Monday in Greeneville, Tennessee, for stealing trade secrets on drink can coatings to establish a Chinese company backed by the Chinese government.
- You stole valuable information related to bisphenol-A-free (BPA-free) coatings found inside beverage cans.
- The trade secrets cost coating companies about $120 million to develop.
- She hoped to establish a BPA-free coating company in China and to benefit Shandong Province, the city of Weihai and the Chinese Communist Party.
- In addition to her sentencing, she is ordered to pay a $200,000 fine and serve three years of supervised release.
A Chinese chemical engineer was sentenced to 14 years in prison for stealing trade secrets on drink can coatings to establish a Chinese company backed by the Chinese government.
Xiaorong “Shannon” You, 59, was sentenced on Monday by a federal judge in Greeneville, Tennessee, on the charges of conspiracy to commit trade secret theft, conspiracy to commit economic espionage, possession of stolen trade secrets, economic espionage and wire fraud. In addition, she is ordered to pay a $200,000 fine and serve three years of supervised release.
Japan May Cut Off a Major Trade Relationship With South Korea Over Comfort Women Issue
Japan has decided to remove South Korea from its trade list, also known as a “white list,“ of favored trade partners that enjoy some export controls.
Upon implementation, South Korea would be the first country to be removed from Japan’s white list, which currently includes 27 countries including Germany, Britain and the U.S., reports Reuters.
Donald Trump Says China Respects Him For His ‘Very, Very Large Brain’
Donald Trump is convinced that China respects his intelligence.
In a press conference on Wednesday, the U.S. president told reporters about hearing China’s respect for his “very, very large brain” from Michael Pillsbury, the director of the Center on Chinese Strategy at the Hudson Institute.
The Chinese Government is Now Taking Out Newspaper Ads in Iowa to Bash Trump
Iowa, a state that has been especially hard hit by Trump’s trade policies, was greeted with a four-page advertising supplement from China in the local Sunday newspaper.
Des Moines Register, Iowa’s largest newspaper, carried the ad paid for by the Chinese government, which provided China’s take on the escalating trade war between China and the United States, according to Bloomberg.
We Started With A Napkin and Ended Up With An Nintendo Wii
We met at our local ice cream shop to get a napkin and begin our quest.
The day before, Vaibhav shared with Brandon and me a famous TED talk about how Kyle Macdonald played this game called Bigger or Better where he would offer an item to trade for something bigger or better.
China Suddenly Bans Stinky European Cheeses Due to ‘Too Much Bacteria’
China has recently imposed a ban on soft European cheese as local officials say they contain “too much bacteria”.
According to CNN, customs officials have now begun blocking the importation of popular French cheeses, such as brie, camembert, and roquefort, to the country. Suppliers of such cheeses lament that there is no compelling reason for the ban, as the products have been safely imported and consumed in China for decades.
Why North Korea is Now Exporting Clothes to China
After United Nations Security Council imposed its latest sanctions on North Korea earlier this year, Q2 figures showed that the country shifted to exporting clothing — instead of coal — to China.
According to the data sourced from Chinese Customs, garments accounted for $147.5 million, or 38%, of the total goods China imported from North Korea, which amounted to $385.2 million. Three months earlier, the figure was significantly lower at $120 million.
Donald Trump is Trying to Make iPhones, Jeans, and Sex Toys Way More Expensive
A looming trade war between the United States and China has been speculated since Donald Trump claimed that the east Asian giant is “stealing” American jobs. That comment, among other remarks, pushed many to contemplate consequences for both countries, whether favorable or not.
What exactly happens in such an event remains to be seen, but with available data, it’s not too difficult to imagine changes for both nations under the new administration. For one, Trump told The New York Times about placing a 45% tax on Chinese imports.
China Launches Freight Train Service That Travels to London
Keen on further developing trade and investment connections with Europe, China has officially initiated a direct rail freight service to London.
According to the BBC, China Railway, which is set to carry cargo such as clothes, bags, and other products, links China to other European cities as well, such as Madrid and Hamburg.
Apple May Soon Dump Asia to Make iPhones in the U.S.
Apple products, which have long been made in factories in Taiwan and China, may soon be assembled in the United States, a recent report revealed.
Foxconn Technology Group, a major iPhone assembler, has reportedly been considering the possibility of moving its production plants to America, according to the Nikkei Asian Review.
