GACA fixes startup date of Air Navigation Services Company

Updated 05 June 2016

GACA fixes startup date of Air Navigation Services Company

JEDDAH: The General Authority of Civil Aviation (GACA) announced July 1 as the startup date of its Saudi Air Negation Services Company.
Faisal Alsugair, head of the Saudi Civil Aviation Holding Company, pointed out that the launching of Saudi Air Negation Services Company is in accordance with GACA board of directors’ resolution to transform the air navigational services sector into a company in early July of this year.
He said transforming the air navigation sector into a company aims to raise operating efficiency and to achieve financial independence and integration between strategic units, adding that all staff members at the air navigational sector are qualified Saudi young men who are highly efficient in air navigation.
Some have been trained at the Saudi Aviation Academy, while others have been sent to study abroad in countries, including New Zealand and Canada. They are by far the best in their chosen field in the region.
Alsugair stated that the next phase requires all air navigation employees to make every effort to ensure the success of the Air Navigation Services Company in order to develop its services and raise the performance levels efficiently and effectively to meet airspace user requirements.
He stressed that transforming this sector into a company comes in sync with Saudi Vision 2030, a vision that aims to develop the services provided and bolster the national economy.


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

Updated 30 min 37 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.