Tag Archives: M:2CX

Business

SoftBank says no stake sale plans linked to Alibaba U.S. filing

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People walks past a logo of SoftBank Corp on a street in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino

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  • Son said he was surprised by registration -source
  • SoftBank stake in Alibaba worth about $82 billion
  • Shares in Alibaba and SoftBank jumped on Wednesday
  • Focus on potential asset sales after Arm deal collapse
  • Group’s LTV ratio is rising as value of assets fall

TOKYO, Feb 9 (Reuters) – Japan’s SoftBank Group Corp (9984.T) said on Wednesday there was no link between Alibaba registering a U.S. share facility and any specific plans to sell down its stake in the Chinese e-commerce giant.

SoftBank’s shares jumped almost 6% in Tokyo, while Alibaba’s Hong Kong-listed shares were up almost 7%.

“The registration of the ADR conversion facility, including its size, is not tied to any specific future transaction by SBG,” SoftBank said in a statement to Reuters.

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SoftBank has previously used its Alibaba shares as collateral for loans and trimmed its stake using derivatives to capture upside from any rise in the company’s stock price.

After Alibaba (9988.HK), last week filed to register an additional 1 billion American Depository Shares (ADS), Citigroup analysts had said this might “suggest potential selling intention by SoftBank”.

In a fresh research note on Wednesday, Citi said Alibaba might have registered in advance a large number of ADS to support future plans of shareholders to convert the company’s Hong Kong stocks to those listed in New York.

SoftBank Chief Executive Masayoshi Son told analysts he was “surprised” and had not requested the Alibaba filing, a person familiar with the matter said on condition of anonymity.

Despite its 25% stake in Alibaba being worth about $82 billion, SoftBank is valued at just $84 billion and there has been speculation that the Japanese firm may monetize more of the holding, which began with a $20 million investment in 2000.

Alibaba’s shares have fallen about 60% from highs in October 2020, amid a regulatory crackdown against tech firms in China.

SoftBank’s fund raising plans were dealt a major setbackthis week after it abandoned plans to sell chip designer Arm to Nvidia (NVDA.O). The group is still investing through its Vision Fund unit and buying back shares.

SoftBank’s shares are down by about half from highs in March last year. The group squeezed out a profit in the October-December quarter after an upswing in valuations in Vision Fund’s private assets offset falling shares in its listed portfolio.

The group’s loan-to-value ratio is being closely watched after it rose to 22% from 19% three months earlier as the net value of SoftBank’s assets fell and debt rose. Son has pledged to keep the ratio below 25% in normal times.

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Reporting by Sam Nussey; Editing by Gerry Doyle and Alexander Smith

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World

‘This is an end’: Serbia revokes Rio Tinto’s lithium project licences

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BELGRADE, Jan 20 (Reuters) – Serbia revoked Rio Tinto’s (RIO.L) lithium exploration licences on Thursday, bowing to protesters who opposed the development of the project by the Anglo-Australian mining giant on environmental grounds.

Serbian Prime Minister Ana Brnabic said the government’s decision came after requests by various green groups to halt the$2.4 billion Jadar lithium project which, if completed, would help make Rio a top 10 lithium producer.

“All decisions (linked to the lithium project) and all licences have been annulled,” Brnabic told reporters after a government session. “As far as project Jadar is concerned, this is an end.”

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Earlier this week, Rio had pushed back the timeline for first production from Jadar by one year to 2027, citing delays in key approvals. read more

Rio Tinto said it was “extremely concerned” by Serbia’s decision and was reviewing the legal basis for it.

The company committed to the project just last year, as global miners pushed into the metals needed for the green energy transition, including lithium, which is used to make electric vehicle batteries.

Brnabic accused Rio Tinto of providing insufficient information to communities about the project. In a statement, Rio said “it had always operated in compliance” with Serbian laws.

Thousands of people blocked roads last year in protest against the government’s backing of the project, demanding Rio Tinto leave the country and forcing the local municipality to scrap a plan to allocate land for the facility. read more

Thursday’s decision comes as Serbia approaches a general election in April and as relations between Belgrade and Australia have soured after the high-profile deportation of tennis star Novak Djokovic from Australia over the country’s COVID-19 entry rules. read more

Djokovic himself spoke out in support of “clean air” in a December Instagram story post captioning a picture of the protests, which was published by digital sports platform The Bridge.

Twitter users were quick to make jokes about Rio being deported from Serbia.

Serbia’s populist ruling coalition, led by the Serbian Progressive Party (SNS), had initially showed support for lithium and copper mining, a stance that made it come under fire, helping erode the comfortable majority the party enjoyed in a 2020 vote.

Sasa Djogovic of the Belgrade-based Institute for Market Research said that the ruling elite “is losing popularity and because of that it is forced to fulfil the demands by activists.”

The SNS-led coalition is expected to hold parliamentary and presidential elections on April 3, although the date is yet to be officially confirmed by President Aleksandar Vucic.

“We are listening to our people and it is our job to protect their interests even when we think differently,” Brnabic said on Thursday.

Earlier this month, Brnabic said Rio’s Jadar development would be likely paused at least until after the elections.

“A compromise will be probably reached after the elections, so that there could be a renegotiation of royalties or value-sharing,” said a Rio Tinto shareholder, who declined to be named.

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Reporting by Ivana Sekularac, additional reporting by Clara Denina; editing by David Evans, Amran Abocar and Jonathan Oatis

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World

China says it warned away U.S. warship in South China Sea

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BEIJING, Jan 20 (Reuters) – Chinese forces followed and warned away a U.S. warship which entered waters near the Paracel Islands in the South China Sea, the country’s military said on Thursday, in the latest uptick in tensions in the disputed waterway.

The Southern Theatre Command of the People’s Liberation Army said the USS Benfold “illegally” sailed into Chinese territorial waters without permission, violating the country’s sovereignty, and that Chinese naval and air forces tracked the ship.

“We solemnly demand that the U.S. side immediately stop such provocative actions, otherwise it will bear the serious consequences of unforeseen events,” it added.

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The U.S. Navy said the Benfold “asserted navigational rights and freedoms in the vicinity of the Paracel Island, consistent with international law”.

“At the conclusion of the operation, USS Benfold exited the excessive claim and continued operations in the South China Sea,” 7th Fleet spokesman Mark Langford said.

The United States frequently carries out what it calls freedom of navigation missions in the South China Sea to challenge Chinese territorial claims.

China has established military outposts on artificial islands in the waters, which are crossed by vital shipping lanes and also contain gas fields and rich fishing grounds.

The South China Sea has become one of many flashpoints in the testy relationship between China and the United States, with Washington rejecting what it calls unlawful territorial claims by Beijing.

China claims vast swaths of the South China Sea. Taiwan, Vietnam, Malaysia, Brunei and the Philippines all have overlapping claims.

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Reporting by Beijing newsroom; Writing by Ben Blanchard; Editing by Himani Sarkar and Kenneth Maxwell

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Business

China cuts key rates, stepping up monetary stimulus effort to underpin economy

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A man checks phone at Lujiazui financial district in Pudong, Shanghai, China March 14, 2019. REUTERS/Aly Song

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SHANGHAI, Jan 20 (Reuters) – China stepped up its monetary easing efforts to prop up a slowing economy this week by lowering a set of key policy rates and lending benchmarks, and markets believe Beijing could ease further before growth bottoms out.

With the property downturn seen persisting into 2022 and fast-spreading Omicron variant dampening consumer activity, many analysts expect more easing measures will be necessary, despite other major economies, including the United States, appearing set to tighten their monetary policies this year.

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.70% from 3.80%. And the five-year LPR was reduced by 5 basis points to 4.60% from 4.65%, the first reduction since April 2020.

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The LPR cuts were expected after official comments called for more monetary easing to prop up the broad economy.

All 43 participants in a snap Reuters poll predicted a cut to the one-year LPR for a second straight month. Among them, 40 respondents also forecast a reduction to the five-year LPR rate. read more

The cut to the 5-year LPR suggested that “the Chinese authorities are keen to lower the cost of credit lending, so the total credit growth is expected to rebound after the Spring Festival to ease the pressure on macro economy,” said Marco Sun, chief financial analyst at MUFG.

“China’s monetary policy still has some room for easing in the first half of this year, depending on the policy transmission effect and the growth target set by annual parliamentary meeting in March.”

China’s central bank “should hurry up, make our operations forward-looking, move ahead of the market curve, and respond to the general concerns of the market in a timely manner,” People’s Bank of China Vice Governor Liu Guoqiang said on Tuesday, heightening market expectations for more stimulus to help economic stability. read more

Sheana Yue, China economist at Capital Economics, expects a further 20 basis point cut to the one-year LPR during the first half of this year.

Liu’s comments followed unexpected cuts to borrowing costs for short- and medium-term loans this week, after December economic data showed further weakening in consumption and the troubled property sector, both major growth drivers. read more

Interest rates on medium-term lending facilities (MLF) now serve as a guide to the LPR. Market participants believe moves to the LPR should mimic adjustments to MLF rates.

Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.

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Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman, Christopher Cushing and Gerry Doyle

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World

EXCLUSIVE G7 warns Russia of ‘massive consequences’ if Ukraine attacked

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Italian Foreign Minister Luigi Di Maio, Canadian Foreign Minister Melanie Joly, French Foreign Minister Jean-Yves Le Drian, U.S. Secretary of State Antony Blinken, British Foreign Secretary Liz Truss, German Foreign Minister Annalena Baerbock, and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell Fontelles attend a plenary session of the G7 summit of foreign and development ministers at the Museum of Liverpool, in Liverpool, Britain, December 11, 2021. REUTERS/Phil Noble/Pool

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  • G7 condemns Russian military build-up near Ukraine -draft
  • Calls on Putin to de-escalate
  • Warns of severe cost and massive consequences
  • Russia denies it plans to invade Ukraine

LIVERPOOL, England, Dec 12 (Reuters) – Russia faces massive consequences and severe costs if President Vladimir Putin attacks Ukraine, the Group of Seven warned in a draft statement seen by Reuters on Sunday.

U.S. intelligence assesses that Russia could be planning a multi-front offensive on Ukraine as early as next year, involving up to 175,000 troops.

The Kremlin denies it plans to invade and says the West is gripped by Russophobia. Moscow says the expansion of NATO threatens Russia and has contravened assurances given to it as the Soviet Union collapsed in 1991.

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At a meeting in the northern English city of Liverpool, the G7 delegates said they were united in their condemnation of Russia’s military build-up near Ukraine and they called on Moscow to de-escalate.

“Russia should be in no doubt that further military aggression against Ukraine would have massive consequences and severe cost,” the draft statement said, confirmed by G7 sources.

“We reaffirm our unwavering commitment to Ukraine’s sovereignty and territorial integrity, as well as the right of any sovereign state to determine its own future,” the draft said.

A statement released by the Russian Embassy in London on Saturday evening, before the joint G7 document was reported, said that Britain’s frequent use of the phrase “Russian aggression” during the Liverpool meeting was misleading and designed to create a cause for the G7 to rally round.

“Russia has made numerous offers to NATO on ways to decrease tensions. The G7 forum could be an opportunity to discuss them, but so far we hear nothing but aggressive slogans,” the embassy statement said.

‘RED LINE’

For Moscow, the growing NATO embrace of a neighbouring former Soviet republic – and what it sees as the nightmare possibility of alliance missiles in Ukraine targeted against Russia – is a “red line” it will not allow to be crossed.

Putin has demanded legally binding security guarantees that NATO will not expand further east or place its weapons close to Russian territory; Washington has repeatedly said no country can veto Ukraine’s NATO hopes.

In 2014 Russia seized the Black Sea peninsula of Crimea from Ukraine, prompting the West to impose sanctions on Russia.

The Kremlin said on Sunday that Putin told U.S. President Joe Biden that Russian troops posed no threat and that Moscow was being demonised for moving troops around its own territory.

Kremlin spokesman Dmitry Peskov said there were very serious conceptual differences between Russia and the United States on Moscow’s “red lines”. read more

The G7 comprises Britain, France, Germany, Italy, Japan, Canada and the United States, as well as a representative from the European Union.

“We call on Russia to de-escalate, pursue diplomatic channels and abide by its international commitments on transparency of military activities,” the G7 said in the draft.

“We reconfirm our support for the efforts of France and Germany in the Normandy Format to achieve full implementation of the Minsk Agreements in order to resolve the conflict in eastern Ukraine.”

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Writing by Andy Bruce and Guy Faulconbridge
Editing by Raissa Kasolowsky and David Goodman

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World

U.S. imposes sweeping human rights sanctions on China, Myanmar and N Korea

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The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder

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WASHINGTON, Dec 10 (Reuters) – The United States on Friday imposed extensive human rights-related sanctions on dozens of people and entities tied to China, Myanmar, North Korea and Bangladesh, and added Chinese artificial intelligence company SenseTime Group to an investment blacklist.

Canada and the United Kingdom joined the United States in imposing sanctions related to human rights abuses in Myanmar, while Washington also imposed the first new sanctions on North Korea under President Joe Biden’s administration and targeted Myanmar military entities, among others, in action marking Human Rights Day.

“Our actions today, particularly those in partnership with the United Kingdom and Canada, send a message that democracies around the world will act against those who abuse the power of the state to inflict suffering and repression,” Deputy Treasury Secretary Wally Adeyemo said in a statement.

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The North Korean mission at the United Nations and China’s, Myanmar’s and Bangladesh’s embassies in Washington did not immediately respond to requests for comment.

Biden gathered over 100 world leaders at a virtual summit this week and made a plea for bolstering democracies around the world, calling safeguarding rights and freedoms in the face of rising authoritarianism the “defining challenge” of the current era. The U.S. Treasury Department has taken a series of sanctions actions this week to mark the summit.

The Treasury on Friday added Chinese artificial intelligence company SenseTime to a list of “Chinese military-industrial complex companies,” accusing it of having developed facial recognition programs that can determine a target’s ethnicity, with a particular focus on identifying ethnic Uyghurs.

As a result the company will fall under an investment ban for U.S. investors. SenseTime is close to selling 1.5 billion shares in an initial public offering (IPO). After news of the Treasury restrictions earlier this week, the company began discussing the fate of the planned $767 million offering with Hong Kong’s stock exchange, two people with direct knowledge of the matter said.

U.N. experts and rights groups estimate more than a million people, mainly Uyghurs and members of other Muslim minorities, have been detained in recent years in a vast system of camps in China’s far-west region of Xinjiang.

China denies abuses in Xinjiang, but the U.S. government and many rights groups say Beijing is carrying out genocide there.

The Treasury said it was imposing sanctions on two Myanmar military entities and an organization that provides reserves for the military. The Directorate of Defense Industries, one of the entities targeted, makes weapons for the military and police that have been used in a brutal crackdown on opponents of the military’s Feb. 1 coup.

The Treasury also targeted four regional chief ministers, including Myo Swe Win, who heads the junta’s administration in the Bago region where the Treasury said at least 82 people were killed in a single day in April.

Canada imposed sanctions against four entities affiliated with the Myanmar military government, while the United Kingdom imposed fresh sanctions against the military.

Myanmar was plunged into crisis when the military overthrew leader Aung San Suu Kyi and her government on Feb. 1, triggering daily protests in towns and cities and fighting in borderlands between the military and ethnic minority insurgents.

Junta forces seeking to crush opposition have killed more than 1,300 people, according to the Assistance Association for Political Prisoners (AAPP) monitoring group.

The Treasury also blacklisted North Korea’s Central Public Prosecutors Office had been designated, along with the former minister of social security and recently assigned Minister of People’s Armed Forces Ri Yong Gil, as well as a Russian university for facilitating the export of workers from North Korea.

North Korea has long sought a lifting of punishing U.S. and international sanctions imposed over its weapons programs and has denounced U.S. criticism of its human rights record as evidence of a hostile policy against it.

The Biden administration has repeatedly called on North Korea to engage in dialogue over its nuclear and missiles programs, without success.

The U.S. State Department on Friday also barred 12 people from traveling to the United States, including officials in China, Belarus and Sri Lanka.

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Reporting by Daphne Psaledakis, Simon Lewis, David Brunnstrom, Matt Spetalnick, Alexandra Alper, Tim Ahmann and David Ljunggren
Editing by Chris Sanders, Alistair Bell and Jonathan Oatis

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Business

China regulator says govt policies not necessarily linked to overseas IPOs

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BEIJING, Dec 5 (Reuters) – China’s securities regulator said on Sunday that Beijing’s recent policy moves were not aimed at specific industries or private firms, and were not necessarily linked to companies seeking to list in overseas markets.

China has implemented a sweeping regulatory crackdown in recent months on internet companies, for-profit education, and real estate developers, among others.

“The main purpose of (those moves) is to regulate monopoly, to protect the interests and data security of small- and medium-sized firms, as well as personal information security,” the China Securities Regulatory Commission (CSRC) said in a statement.

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The cyberspace regulator had proposed companies with more than one million users in China undergo a security review before sending user-related data abroad or listing shares overseas. read more

Chinese ride-hailing giant Didi Global (DIDI.N) said on Friday it planned to delist from the New York Stock Exchange, just five months after its debut, and pursue a Hong Kong listing. read more

The securities regulatory commission said it had taken note of new rules rolled out by the U.S. Securities and Exchange Commission (SEC) asking Chinese companies to detail their ownership structure and audits. read more

Some media reports stating that China will likely ban companies with a VIE (Variable Interest Entity) structure from U.S. listing is a case of “total misunderstanding and (is) misreading”, the CSRC said.

The VIE structure, used widely by tech firms, was created two decades ago to circumvent rules restricting foreign investment in sensitive industries such as media and telecoms.

The CSRC policies are not meant to crack down on specific industry or private firms and “have no necessary connections with companies’ overseas listings,” the commission said.

It said the commission had learnt some Chinese companies are actively communicating with domestic and foreign regulators to go public in the United States. The CSRC will respect firms’ choice of listing venues on the basis of compliance, it said.

The securities commission said it has held candid, constructive communications with SEC and the Public Company Accounting Oversight Board, and has achieved positive progress in promoting cooperations on some key issues.

It noted, however, that some forces in the U.S. have “politicized” capital market supervision and threatened Chinese companies to delist from the country in recent years, which goes against principles of a market economy and hurts global investors, according to the statement.

The CSRC said it will continue to communicate with its U.S. counterpart to resolve remaining issues in audit and regulatory areas as soon as possible.

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Reporting by Min Zhang, Samuel Shen and Norihiko Shirouzu. Editing by Gerry Doyle and David Evans

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World

New Zealand sets date for reopening to tourists after nearly two years

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A pedestrian weariing a face mask walks past a storefront reading “Welcome Back!” as shoppers return to the Newmarket retail district in the wake of coronavirus disease (COVID-19) lockdown restrictions being eased in Auckland, New Zealand, November 10, 2021. REUTERS/Fiona Goodall

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WELLINGTON, Nov 24 (Reuters) – New Zealand will keep its borders closed to most international travellers for a further five months, the government said on Wednesday, outlining a cautious easing of coronavirus border curbs that have been in place for nearly two years.

Along with its geographic isolation, the South Pacific country enforced some of the tightest pandemic restrictions among OECD nations, limiting the spread of COVID-19 and helping its economy bounce back faster than many of its peers.

But an outbreak of the highly contagious Delta variant earlier this year has forced a shift in strategy, with the main city of Auckland now only gradually opening up as vaccination rates climb.

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Fully vaccinated international travellers will be allowed to enter the country from April 30, COVID-19 Response Minister Chris Hipkins told a news conference. The travellers will have to self-isolate for seven days on arrival.

Vaccinated New Zealanders and residence visa holders in neighbouring Australia can travel to New Zealand from Jan. 16, while vaccinated New Zealanders and residence visa holders most from other countries will be allowed in from Feb. 13.

“A phased approach to reconnecting with the world is the safest approach to ensure risk is carefully managed,” Hipkins said.

“This reduces any potential impacts on vulnerable communities and the New Zealand health system.”

Travellers will no longer be required to stay at state quarantine facilities, he said, but other measures will be put in place including self-isolation, a negative pre-departure test, proof of being fully vaccinated, and a COVID-19 test on arrival.

Pressure has been mounting on Prime Minister Jacinda Ardern to reopen international borders ahead of the Christmas holidays so that expatriate New Zealanders could return home.

Air New Zealand (AIR.NZ) said last week it had cancelled about 1,000 flights to Australia due to border uncertainty.

Many industries have also campaigned to reopen borders more quickly as they struggle to fill job vacancies.

New Zealand has recorded just over 10,000 COVID-19 cases since the pandemic began, and 40 deaths – far fewer than most comparable countries.

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Reporting by Praveen Menon; Editing by Tom Hogue and Lincoln Feast

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World

China says will more tightly regulate celebrities’ online information

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The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter

SHANGHAI, Nov 23 (Reuters) – China’s cyberspace regulator said on Tuesday it will more tightly regulate the online information of celebrities, including the publishing of their personal details and the placements of their advertisements on internet sites.

The Cyberspace Administration of China said this was aimed at creating a positive and healthy internet environment, describing the proliferation of gossip and star-chasing as impacting mainstream values.

Chinese authorities in recent months have moved to dampen what they have called the country’s “chaotic” celebrity fan culture, ordering broadcasters, online platforms and artists to help curb the phenomenon.

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Reporting by Brenda Goh and Wang Jing; Editing by Christopher Cushing

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World

Xi tells Southeast Asian leaders China does not seek ‘hegemony’

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Chinese President Xi Jinping speaks at a meeting commemorating the 110th anniversary of Xinhai Revolution at the Great Hall of the People in Beijing, China October 9, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

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  • China will not ‘bully’ smaller countries – Xi
  • Duterte slams Chinese behaviour in South China Sea
  • Myanmar not represented at summit

BEIJING, Nov 22 (Reuters) – Chinese President Xi Jinping told leaders of the 10-country Association of Southeast Asian Nations (ASEAN) at a summit on Monday that Beijing would not “bully” its smaller regional neighbours, amid rising tension over the South China Sea.

Beijing’s territorial claims over the sea clash with those of several Southeast Asian nations and have raised alarm from Washington to Tokyo.

But Xi said China would never seek hegemony nor take advantage of its size to coerce smaller countries, and would work with ASEAN to eliminate “interference”.

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“China was, is, and will always be a good neighbour, good friend, and good partner of ASEAN,” Chinse state media quoted Xi as saying.

China’s assertion of sovereignty over the South China Sea has set it against ASEAN members Vietnam and the Philippines, while Brunei, Taiwan and Malaysia also lay claim to parts.

The Philippines on Thursday condemned the actions of three Chinese coast guard vessels that it said blocked and used water cannon on resupply boats headed towards a Philippine-occupied atoll in the sea.

The United States on Friday called the Chinese actions “dangerous, provocative, and unjustified,” and warned that an armed attack on Philippine vessels would invoke U.S. mutual defence commitments. read more

Philippine President Rodrigo Duterte told the summit hosted by Xi that he “abhors” the altercation and said the rule of law was the only way out of the dispute. He referred to a 2016 international arbitration ruling which found China’s maritime claim to the sea had no legal basis. read more

“This does not speak well of the relations between our nations,” said Duterte, who will leave office next year and has been criticised in the past for failing to condemn China’s conduct in the disputed waters.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

MYANMAR NO SHOW

Xi told the summit that China and ASEAN had “cast off the gloom of the Cold War” – when the region was wracked by superpower competition and conflicts such as the Vietnam War – and had jointly maintained regional stability.

China frequently criticises the United States for “Cold War thinking” when Washington engages its regional allies to push back against Beijing’s growing military and economic influence.

U.S. President Joe Biden joined ASEAN leaders for a virtual summit in October and pledged greater engagement with the region. read more

The summit was held without a representative from Myanmar, Malaysia’s Foreign Minister Saifuddin Abdullah said on Monday. The reason for the non-attendance was not immediately clear, and a spokesperson for Myanmar’s military government did not answer calls seeking comment.

ASEAN sidelined Myanmar junta leader Min Aung Hlaing, who has led a bloody crackdown on dissent since seizing power on Feb. 1, from virtual summits last month over his failure to make inroads in implementing an agreed peace plan, in an unprecedented exclusion for the bloc.

Myanmar refused to send junior representation and blamed ASEAN for departing from its non-interference principle and caving to Western pressure.

China lobbied for Min to attend the summit, according to diplomatic sources. read more

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Reporting by Gabriel Crossley, Rozanna Latiff and Martin Petty; Editing by Stephen Coates

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