Australia Threatens Legal Action On Mining Contracts

Australian Prime Minister Julia Gillard has warned that Australia will bring proceedings at World Trade Organisation level if it is confirmed by industry that Australian suppliers are unfairly being shut out of lucrative supply deals as has been alleged.

US Urged To Pressure China On Currency

The United States Senate Finance Committee Chairman Max Baucus and House of Representatives Ways and Means Committee Chairman Dave Camp have called on the Administration, at the World Trade Organization next month, to pressure China to stop unfairly undervaluing its currency.

WTO Finds Against China’s Raw Materials Export Restraints

A World Trade Organization Appellate Body has upheld a previous panel's ruling, made in July last year, against the duties, quotas, and price and licensing requirements, that China imposes on its exports of raw materials.

Hong Kong To Set Up Insurance Fund

Hong Kong’s government has announced the consultation conclusions and final proposals on the proposed establishment of an insurance policyholders' protection fund.

Hong Kong Reduces Taxes To Support Growth

Hong Kong’s Financial Secretary, John C Tsang, has unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown.

China Pushes Shanghai As International Financial Centre

China’s National Development and Reform Commission and the Shanghai Municipal Government have disclosed that it is intended that Shanghai will be a centre for onshore renminbi trading, clearing and pricing by 2015, before it becomes an international financial centre by 2020.

WTO Establishes Three Trade Dispute Panels

The World Trade Organization has confirmed the creation of two panels to mediate on cases relating to Chinese anti-dumping and countervailing duties, and a third to examine Canadian support to local manufacturers of clean-tech products in cases brought by the European Union and Japan.

Hong Kong To Implement AML Guidelines

Following the release of a set of consultation conclusions, Hong Kong’s Securities and Futures Commission has announced the gazetting of a new set of guidelines on anti-money laundering and counter-terrorist financing, which will take effect on April 1, 2012.