US Says Will Investigate India, Other Nations Over Taxes on Tech Giants

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

Jul 17: US President Donald Trump has said that he wants to do everything possible to keep peace for the people of India and China, according to his spokesperson

Over the past several weeks, the Trump administration has come out in support of India against China.

“He (Trump) said I love the people of India and I love the people of China and I want to do everything possible to keep the peace for the people,” White House Press Secretary Kayleigh McEnany told reporters at a news conference here on Thursday.

She was responding to a question on Trump’s message to India, which recently had a standoff with China in eastern Ladakh along the Line of Actual Control.

Earlier in the day, White House Economic Advisor Larry Kudlow described India as a great ally, saying President Trump is a great friend of Prime Minister Narendra Modi.

On Wednesday, Secretary of State Mike Pompeo said that India has been a great partner of the US.

“India has been a great partner… They are an important partner of ours. I have a great relationship with my foreign minister counterpart. We talked frequently about a broad range of issues. We talked about the conflict they had along the border with China. We've talked about the risk that emanates from the Chinese telecommunication infrastructure there,” Pompeo told reporters in response to a question.

Travelling in Europe, US National Security Advisor Robert O’Brien told reporters that China has been very aggressive with India.

O’Brien said that India is a democracy and is a great friend of the United States. Prime Minister “Modi and President Trump have a super relationship,” he said.

“In fact, it was the last foreign trip that I took with the president before the COVID-19 crisis hit, was to India, and we had a great reception of the Indian people there. We have a lot in common with them, we speak English, we're democracies. We've got a growing, very strong relationship with India,” O’Brien said.

Welcoming the White House statement, Al Mason, co-chair of the Trump Victory Indian American Finance Committee, said that unlike his predecessor, President Trump has come out openly in support of India.

“Most of the Indian-Americans have observed that every earlier president - be it a Democrat or Republican, like Clinton or Bush Senior or Bush Jr or Obama have been very scared to side with India openly, for fear of hurting China.

“Only President Trump has had the courage to say that… I love India, America respects India… US stands with India - and that also, to over one billion Indians in India at the Namaste Trump rally held in India… and that too… near India’s neighbour China,” Mason said in a statement.

“And he is consistent in his love for India and Indian-Americans,” he added.

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.