DIA417.40+2.46 0.59%
SPX5,633.09+7.07 0.13%
IXIC17,592.13-91.85 -0.52%

UPDATE 3-US bans imports from five more Chinese companies over Uyghur forced labor

Reuters·08/08/2024 13:47:13
Listen to the news
UPDATE 3-US bans imports from five more Chinese companies over Uyghur forced labor

Adds comment from Chinese embassy spokesperson in last paragraph

By Karen Freifeld

- The United States on Thursday banned imports from five more Chinese companies over alleged human rights abuses involving the Uyghurs, according to a government posting, as part of its effort to eliminate goods made with forced labor from the U.S. supply chain.

The companies include Hong Kong-based Rare Earth Magnesium Technology Group Holdings 0601.HK and its parent, Century Sunshine Group Holdings 0509.HK, which manufacture magnesium fertilizer and magnesium alloy products. Also included is Zijin Mining Group Co 601899.SS subsidiary Xinjiang Habahe Ashele Copper Co, which mines metals.

The targeted companies did immediately respond to requests for comment.

The companies were added to the Uyghur Forced Labor Prevention Act Entity List, which restricts imports tied to what the U.S. government characterizes as an ongoing genocide of minorities in China's western Xinjiang region.

The list includes over 70 entities tied to products including cotton apparel, automotive parts, vinyl flooring and solar panels.

The list identifies those who work with the government of the Xinjiang Uyghur Autonomous Region to recruit and transport Uyghurs, Kazakhs, Kyrgyz or members of other persecuted groups out of the region, and those who source material from the region or from people who work with the government of Xinjiang.

U.S. officials say Chinese authorities have established labor camps for Uyghurs and other Muslim minority groups in Xinjiang. Beijing denies any abuses.

"The so-called 'forced labor in Xinjiang is but an egregious lie propagated by anti-China forces and a tool for US politicians to destabilize Xinjiang and contain China’s development," a spokesperson for the Chinese embassy in Washington said on Thursday in a statement. "China will continue to firmly safeguard the legitimate and lawful rights and interests of Chinese companies."


(Reporting by Karen Freifeld; additional reporting by Alexandra Alper in Washington, Editing by Franklin Paul)

((karen.freifeld@thomsonreuters.com; +1(646) 223-6921;))

Risk Disclosure: The content of this page is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances. All investments involve risk and the past performance of securities, or financial products does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing. For more details, please refer to risk disclosure.
During the campaign period from July 1, 2023 to June 30, 2024 US stocks, US stocks short selling, US stock options, Hong Kong stocks, and A-shares trading will maintain at $0 commission, and no subscription/redemption fees for mutual fund transactions. For more information, please visit:  https://www.webull.hk/pricing
More than 40M Downloads Globally : data based on Webull Technologies Limited's internal statistics as of July 14, 2023.
Pre-market (4:00 AM - 9:30 AM ET) , after-hours (4:00 PM - 8:00 PM ET) .
Webull Securities Limited is licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out Type 1 License for Dealing in Securities, Type 2 License for Dealing in Futures Contracts and Type 4 License for Advising on Securities.
Language

English

©2024 Webull Securities Limited. All rights reserved.