Browsing Tag

trade

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Ex-Coca-Cola chemist sentenced for stealing $120 million trade secret for Chinese government-supported company

coca cola trade secrets
  • 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.

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.

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.

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