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US slams China’s plan for Hong Kong as ‘death knell’ for autonomy

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US slams China’s plan for Hong Kong as ‘death knell’ for autonomy

Mike Pompeo, US secretary of state, has slammed China’s move to impose a new national security law on Hong Kong, saying it would be a “death knell” for autonomy in the financial hub and former British colony.

The top US diplomat condemned the move by the National People’s Congress, the Chinese rubber-stamp parliament, to “unilaterally and arbitrarily impose national security legislation on Hong Kong”.

The plan marks the latest effort by China to clamp down on political expression in Hong Kong, which was guaranteed a high degree of autonomy under the “one country, two systems” model agreed by London and Beijing when Britain returned the territory to China in 1997.

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“The decision to bypass Hong Kong’s well-established legislative processes and ignore the will of the people of Hong Kong would be a death knell for the high degree of autonomy Beijing promised for Hong Kong,” Mr Pompeo said, adding that it would “impact our assessment of one country, two systems and the status of the territory”.

China has become a wide target in Washington in recent months as Democrats and Republicans become increasingly angry at Beijing. The White House has also taken a tougher position on a range of issues from Huawei, the Chinese telecoms equipment company, to a recent effort to prevent the main US federal pension fund from investing in Chinese companies.

The commerce department on Friday restricted access to US technology for nine Chinese organisations, including the Ministry of Public Security’s Institute of Forensic Science, by adding them to the so-called entity list.

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The department said they were “complicit in human rights violations” as part of China’s “campaign of repression, mass arbitrary detention, forced labour and high-technology surveillance against Uighurs” and other minorities in Xinjiang.

In a separate action, it added 24 Chinese government and commercial groups to the entity list for “engaging in activities contrary to the national security or foreign policy interests of the United States”. The entities included Beijing Computational Science Research Center, Harbin Institute of Technology and Chengdu Fine Optical Engineering Research Center.

Marco Rubio, a Republican senator from Florida, said the Chinese move would “push Hong Kong’s autonomy to the breaking point”. He urged Donald Trump to “respond swiftly” and suggested the US president use the tools provided by Congress when it passed the Hong Kong Human Rights and Democracy Act last year.

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The act, which was passed with very strong bipartisan support, allows the administration to impose sanctions on individuals who are deemed to have suppressed human rights in Hong Kong.

It also makes it easier for Mr Trump to revoke special economic and trading relations that the US extends to Hong Kong but not to mainland China, which could result in the territory being subject to US tariffs.

Mr Rubio, a leading China hawk who co-authored the act, wrote on Twitter that Hong Kong received special treatment because it was guaranteed a measure of autonomy under the 1984 Sino-British Joint Declaration.

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He wrote that any Chinese implementation of the national security law would leave “no choice but to certify HK is no longer autonomous”.

Hong Kong’s stock market suffered its worst one-day fall in almost five years on Friday after Beijing’s move blindsided traders and prompted concerns over the financial hub’s future.

Mr Trump has yet to comment on the Chinese decision, beyond saying that he would address the issue “very strongly”. He has previously given tepid support for pro-democracy protesters in Hong Kong, which critics attributed to his reluctance to jeopardise talks with China that led to an easing of the Sino-US trade war earlier this year.

But in recent months, President Trump has taken a much harsher stance towards China, blaming Beijing for the global spread of coronavirus. Experts expect anti-China sentiment to rise ahead of the US presidential election in November.

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Joe Biden, the presumptive Democratic presidential nominee, criticised Mr Trump for not speaking out forcefully, saying the US president’s silence would embolden authoritarian regimes around the world.

“All it does is encourage thugs and dictators,” he told CNBC television. “We should be calling the rest of the world to condemn their actions.”

China has provided limited detail about the new law, which would allow its national security agencies to set up operations directly in Hong Kong.

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The move has fuelled concern among multinational companies about the growing influence of Beijing, which has accelerated changes that were not expected until the “one country, two systems” model expires in 2047.*

Under that model, Hong Kong has authority over its own policies, except for foreign affairs and defence. But China has curtailed its autonomy in an effort to curb the pro-democracy protests that sprang up in 2014.

Carrie Lam, Hong Kong’s chief executive, was last year forced to abandon a separate effort to introduce security legislation following mass protests that echoed the so-called umbrella revolution six years ago.

Additional reporting by Michael Peel in Brussels

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*This article has been amended to correct the expiry date of the “one country, two systems” model

Follow Demetri Sevastopulo on Twitter: @dimi

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(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

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Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Who is Stephen M. Ross?

Stephen M. Ross, the Chairperson of The Related Companies, is a distinguished figure in the real estate sector, renowned for his significant contributions and profound impact. Born on May 10th, 1940, in Detroit, Michigan, Ross embarked on his journey into real estate at a young age, demonstrating remarkable diligence and entrepreneurial spirit. Despite initially pursuing a career as a tax attorney, Ross soon discovered his genuine passion for real estate investment, laying the foundation for his illustrious career.

Stephen M. Ross Career

Ross’s career trajectory is marked by pioneering ventures and transformative projects. In 1972, he founded The Related Companies, which initially focused on subsidized low and moderate-income apartments. Over the years, Ross transitioned to higher-profile projects, including the iconic Hudson Yards development, valued at over $7 billion. His visionary approach and strategic partnerships have cemented his reputation as a prominent figure within the real estate industry.

Stephen M. Ross Net Worth

As of 2024, according to Celebrity Net Worth, Stephen M. Ross’s net worth stands at an impressive $10 billion, solidifying his status as one of the wealthiest individuals globally. Ross’s wealth accumulation is attributed to his unparalleled success as a real estate mogul, with an estimated annual income of nearly $700 million derived from royalties on his diverse property holdings. His continued involvement in the real estate sector, with ongoing projects in New Jersey and Florida, further contributes to his substantial net worth.

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Stephen M. Ross Age

Currently, Stephen M. Ross is 83 years old, born on May 10th, 1940. Despite his age, Ross remains actively engaged in his professional pursuits, demonstrating resilience and dedication to his craft.

Stephen M. Ross Family: Wife and Children

Ross’s personal life is characterized by familial bonds and enduring relationships. He is happily married to Kara Ross and is the proud father of four children. Ross’s commitment to family values underscores his holistic approach to life and business.

Stephen M. Ross Height and Weight

Physically, Stephen M. Ross stands at a height of 6 feet 2 inches (1.88m) and maintains a healthy body weight of around 72 kg. Despite his busy schedule, Ross prioritizes his health and well-being, engaging in activities such as volleyball and tennis.

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Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

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Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

Who is Mike Markkula?

Mike Markkula, born Armas Clifford “Mike” Markkula Jr. on February 11, 1942, in Los Angeles, California, is an American entrepreneur renowned for his pivotal role in the early days of Apple Inc. After graduating from the University of Southern California with degrees in electrical engineering, Markkula amassed considerable wealth through stock options while working at Fairchild Semiconductor and Intel.

Mike Markkula Career

Markkula’s career trajectory took a significant turn in 1977 when he was introduced to Steve Jobs by Venture Capitalist Don Valentine. Recognizing the immense potential of the Apple II computer, Markkula became the company’s first major angel investor, providing $250,000 in funding. He subsequently served as Apple’s CEO from 1981 to 1983, overseeing critical phases in the company’s growth and development.

Mike Markkula’s Net Worth

As of 2024, according to Celebrity Net Worth, Mike Markkula boasts an estimated net worth of $1.2 billion. His wealth stems from astute investments, particularly in Apple Inc., where he played a foundational role as an early investor and executive.

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Mike Markkula Age

Born on February 11, 1942, Mike Markkula is currently [age] years old.

Mike Markkula Family: Wife and Children

Markkula is married to Linda, and together they have made significant real estate investments, including properties in Carmel Valley, Woodside, and Hawaii. They have engaged in philanthropy, with notable donations to Santa Clara University’s Markkula Center for Applied Ethics.

Mike Markkula Height and Weight

Unfortunately, information regarding Mike Markkula’s height and weight is not readily available.

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