#Newspaper
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
//British financial services company Standard Chartered Plc and UK bank HSBC have both endorsed Chinaās proposed security law for Hong Kong... The Chinese Communist Party's official news platform, the Global Times, gave a veiled threat to British companies, such as HSBC, that if they chose to ally themselves with US and UK interests concerning the Huawei 5G rollout and the Hong Kong Security Law there would be consequences. On Tuesday the Global Times declared that if HSBC were to side with UK and US interests, "its image would bear an indelible stain and likely that its Chinese business would take a hitā.
//"Given its reliance on Chinese profits, it will be a life-or-death test for HSBCā¦And whether or not the bank can overcome its dilemma will really test the political wisdom of its management.āā¦ companies need to pay the price for the choices they have made."
//On Tuesday, Andrew Rosindell MP voiced many parliamentarian's āconcern and surpriseā at HSBC and Standard Chartered PLCās support of Chinaās newly proposed National Security Law in Hong Kong.
//"We cannot let UK owned and run businesses put profits above human rights and fundamental freedoms
//āThe actions of HSBC and Standard Chartered PLC undermine and devalue the UKās political warning shots fired at China.
//"We cannot simultaneously scorn and invest in a regime that so overtly breaches human rights laws.
//The Early Day Motion was signed by eleven cross-party MPs who have called on the Government to set forth measures to encourage HSBC and Standard Chartered Plc to review their support for National Security Law for Hong Kong, which will effectively criminalise freedom of expression in the city.
//Last week Beijing denounced British bank HSBC for supposedly funding "terrorists".
//By "terrorists" central communist authorities mean citizens involved in the pro-democracy demonstrations in Hong Kong.
//Chinese authorities then announced that HSBC had capitulated to their demands and were closing the accounts of those involved in Hong Kong pro-democracy protests.
//The Global Times wrote: "These are the accounts that channel funds to terroristsā¦āThey termed the bank's previous inaction a fence-sitting tactic."
//British banking giant HSBC reportedly makes most of its profits in the Hong Kong financial services market. Trades through the banking sector of Hong Kong contributed more than 80 percent to the company's profits during the first quarter of 2020.
//71 of the world's 100 largest banks have large bases in Hong Kong. The city's banking sector is the ninth-largest in the world and is the second-largest in Asia after Japan.
Full Article: Express, (21-Jun)
Further reading:
Kowtowing to Beijing does not help HSBC
https://t.me/guardiansofhongkong/22590
National security law: Britain urged to go āone step furtherā for Hong Kongās BN(O) passport holders alarmed by Beijing legislation
https://www.scmp.com/news/hong-kong/politics/article/3089455/national-security-law-britain-urged-go-one-step-further
#NationalSecurityLaw #UK #HSBC #StandardCharteredPlc #Kowtow #Bully #SharpPower #CCP #terrorists #Finance
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
//British financial services company Standard Chartered Plc and UK bank HSBC have both endorsed Chinaās proposed security law for Hong Kong... The Chinese Communist Party's official news platform, the Global Times, gave a veiled threat to British companies, such as HSBC, that if they chose to ally themselves with US and UK interests concerning the Huawei 5G rollout and the Hong Kong Security Law there would be consequences. On Tuesday the Global Times declared that if HSBC were to side with UK and US interests, "its image would bear an indelible stain and likely that its Chinese business would take a hitā.
//"Given its reliance on Chinese profits, it will be a life-or-death test for HSBCā¦And whether or not the bank can overcome its dilemma will really test the political wisdom of its management.āā¦ companies need to pay the price for the choices they have made."
//On Tuesday, Andrew Rosindell MP voiced many parliamentarian's āconcern and surpriseā at HSBC and Standard Chartered PLCās support of Chinaās newly proposed National Security Law in Hong Kong.
//"We cannot let UK owned and run businesses put profits above human rights and fundamental freedoms
//āThe actions of HSBC and Standard Chartered PLC undermine and devalue the UKās political warning shots fired at China.
//"We cannot simultaneously scorn and invest in a regime that so overtly breaches human rights laws.
//The Early Day Motion was signed by eleven cross-party MPs who have called on the Government to set forth measures to encourage HSBC and Standard Chartered Plc to review their support for National Security Law for Hong Kong, which will effectively criminalise freedom of expression in the city.
//Last week Beijing denounced British bank HSBC for supposedly funding "terrorists".
//By "terrorists" central communist authorities mean citizens involved in the pro-democracy demonstrations in Hong Kong.
//Chinese authorities then announced that HSBC had capitulated to their demands and were closing the accounts of those involved in Hong Kong pro-democracy protests.
//The Global Times wrote: "These are the accounts that channel funds to terroristsā¦āThey termed the bank's previous inaction a fence-sitting tactic."
//British banking giant HSBC reportedly makes most of its profits in the Hong Kong financial services market. Trades through the banking sector of Hong Kong contributed more than 80 percent to the company's profits during the first quarter of 2020.
//71 of the world's 100 largest banks have large bases in Hong Kong. The city's banking sector is the ninth-largest in the world and is the second-largest in Asia after Japan.
Full Article: Express, (21-Jun)
Further reading:
Kowtowing to Beijing does not help HSBC
https://t.me/guardiansofhongkong/22590
National security law: Britain urged to go āone step furtherā for Hong Kongās BN(O) passport holders alarmed by Beijing legislation
https://www.scmp.com/news/hong-kong/politics/article/3089455/national-security-law-britain-urged-go-one-step-further
#NationalSecurityLaw #UK #HSBC #StandardCharteredPlc #Kowtow #Bully #SharpPower #CCP #terrorists #Finance
Express.co.uk
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
BRITISH firms have been sent a powerful warning by Chinese state media with one firm told they face a "life or death test", in a stinging attack, as they respond to the new security law in Hong Kong.