Japanese, Saudi businessmen vow to boost cooperation

Updated 24 February 2013

Japanese, Saudi businessmen vow to boost cooperation

The Japan-Saudi Arabian Industrial Cooperation Task Force (JSAICTF) co-Chairman Abdulraham Al-Jeraisy, and members of Japan Cooperation Center for the Middle East (JCCME), met recently to discuss cooperation between Japanese and Saudi businessmen.
“This meeting leads to a win-win situation for Japan and Saudi Arabia,” Tadatsuna Koda, JCCME president, told some 120 Saudi businessmen attending the meeting.
Dr. Tariq Mohammed Al-Sallowm, Vice-President of the National Industrial Cluster Development Program (NICDP), also addressed the meeting.
“This meeting certainly provides business opportunities for Japan’s top companies in terms of best products, technologies, systems and solutions to their local counterparts,” he said.
Representatives from eight Japanese companies introduced products and technologies that elicited a lot of enthusiasm from Saudi businessmen.
Heavy industrial and electrical firms such as Hitachi, JFE Engineering, Mitsubishi Heavy Industries, and Torishima Pump made presentations. They focused on the latest environmental and energy saving technologies and solutions.
They were followed by health care companies such as Tanita Corporation, Arkray, and Nikkiso.
Dr. Akira Yamami, medical attache at the Japanese Embassy, also made a presentation on diabetes.
Additionally, the Japanese companies had individual meetings with local businessmen in which they briefed about their products.


Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

Updated 23 min 54 sec ago

Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

  • Growing pressure to crack down on Chinese companies that avail themselves of US capital markets but do not comply with rules
WASHINGTON: Trump administration officials have urged the president to delist Chinese companies that trade on US exchanges and fail to meet US auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect US investors from Chinese companies whose audit documents have long been kept from US regulators.
It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of US capital markets but do not comply with US rules faced by American rivals.
“We are simply leveling the playing field, holding Chinese firms listed in the US to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report.
The US Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations.
Democratic Senator Chris Van Hollen, who sponsored the bill described the recommendations as “an important first step,” but said that “without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.”
The administration’s recommendations, if implemented via an SEC rulemaking process, would give Chinese companies already listed in the United States until Jan. 1, 2022, to ensure the US auditing watchdog, known as the PCAOB, has access to their audit documents.
They can also provide a “co-audit,” for example, performed by a US parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
A State Department official told Reuters the administration plans soon to scrap a 2013 agreement between US and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
China said on Friday that the two countries have “good cooperation” in monitoring publicly listed firms.
“The current situation is that some US monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation — they are trying to force Chinese companies to delist from US markets,” foreign ministry spokesman Wang Wenbin told a media briefing.
The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on US exchanges.
The report also recommends requiring greater disclosure by issuers and registered funds of the risk of investing in China, as well as mandating more due diligence by funds that track indexes and issuing guidance to investment advisers about fiduciary obligations surrounding investments in China.
The moves come amid rising tensions between Washington and Beijing over China’s handling of the coronavirus and its moves to curb freedoms in Hong Kong, among other issues.