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Overseas figures reject prosecution accusations in Hong Kong trial of Jimmy Lai

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Overseas figures reject prosecution accusations in Hong Kong trial of Jimmy Lai
© Reuters. Media tycoon Jimmy Lai, founder of Apple Daily, looks on as he leaves the Court of Final Appeal by prison van, in Hong Kong, China February 1, 2021. REUTERS/Tyrone Siu/File Photo

By Jessie Pang and Edward Cho

HONG KONG (Reuters) – Several overseas activists, right campaigners and politicians named in Hong Kong’s national security trial of democrat Jimmy Lai have rejected claims by a government prosecutor that they colluded with the newspaper publisher.

Lai, 76, founder of now-shuttered pro-democracy paper Apple (NASDAQ:) Daily and a leading critic of the Chinese Communist Party, faces two counts of conspiracy to collude with foreign forces – including calling for sanctions against Hong Kong and Chinese officials – under a national security law China imposed in 2020.

He is also charged with conspiracy to publish seditious publications.

“Hang in there,” a supporter shouted to Lai before Wednesday’s proceedings began, as he sat in a glass-enclosed dock surrounded by prison guards.

Earlier, prosecutor Anthony Chau accused Lai of conspiring with activist Andy Li, a paralegal, Chan Tsz-wah, exiled activist Finn Lau, Britain-based rights campaigner Luke de Pulford, Japanese politician Shiori Yamao, U.S. financier Bill Browder and others to lobby foreign countries for sanctions.

Some of these individuals rejected the accusations.

“Jimmy had nothing whatsoever to do with any of my work on Hong Kong at all,” Luke de Pulford, the head of the Inter-Parliamentary Alliance on China (IPAC), said on social network X.

“But Jimmy’s case isn’t about truth. It’s about delivering Beijing’s narrative.”

IPAC, a group of more than 300 lawmakers in 33 countries, condemned attempts to implicate several of its members in the “sham” trial, saying in a statement these were an “unacceptable infringement of the rights of foreign citizens”.

Self-exiled Hong Kong activist Finn Lau, now based in Britain, also said on X that Lai was not involved in any of his advocacy work for human rights and democracy, while calling for the immediate release of Lai and others.

At least seven others have been accused of being Lai’s agents or intermediaries in requesting sanctions.

These include former U.S. Army General Jack Keane, former U.S. deputy defense secretary Paul Wolfowitz, former U.S. consul general to Hong Kong James Blair Cunningham and the founder of Hong Kong Watch, Benedict Rogers (NYSE:).

“The idea that it is a crime for him (Lai) to speak to politicians, business leaders, international media and activists, as well as myself as a former diplomat, is ludicrous in the extreme,” Cunningham said in a statement.

Rogers said on X that Lai’s alleged criminal interactions with various foreigners “ought to be regarded as entirely normal legitimate activity” for a newspaper publisher.

The trial demonstrated “just how dramatically and extensively Hong Kong’s basic freedoms and the rule of law have been dismantled,” he added.

At Wednesday’s hearing, Chau showed the court videos, scanned Apple Daily articles and Whatsapp messages from Lai’s personal phone.

He said they showed Lai directed one of his executives on how to mobilise more protesters and contacted former British governor Chris Patten.

Chau said Lai directed an assistant to liaise with Wall Street Journal columnist Bill McGurn to invite Patten to make a video appealing to people to subscribe to Apple Daily in May 2020.

Chau also accused Lai of launching an English-language news website that month, in a push to get foreign countries to “impose sanctions” against China and Hong Kong.

Chau added that Lai directed one of his executives to launch a “One Hongkonger, One Letter to Save Hong Kong” campaign.

Such letters were meant to be sent to Donald Trump, then president of the United States, to ask him to confront China over the June 2020 national security law that outlawed crimes like collusion with foreign forces, setting jail terms of life.

In a statement on Wednesday, the commissioner’s office of China’s foreign ministry in Hong Kong described Lai as an “agent and pawn of foreign anti-China forces, who has blatantly colluded with external forces to endanger national security.”

It also criticised some foreigners named in the trial for “rebelling against China”, slandering its policies in the city and “interfering with Hong Kong’s judicial justice”.

Both the United States and Britain have called for Lai’s immediate release, saying his trial is politically motivated.

Hong Kong authorities dispute claims that Lai will not receive a fair trial, saying all are equal before the law and the national security law has brought stability to the city after mass protests in 2019.

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Adidas seals turnaround year with strong fourth-quarter sales

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LONDON (Reuters) -Adidas reported what it said were better than expected preliminary fourth-quarter results on Tuesday, with strong sales and profitability for the important holiday shopping period, sealing a successful turnaround year.

The German sportswear brand focused in the past year on fuelling a trend for its retro multicoloured, three-striped shoes like the Samba and Gazelle to reboot its brand and boost sales, and has benefited from weaker performance at its bigger rival Nike (NYSE:).

It said revenue was up 19% year on year in currency-neutral terms in the fourth quarter, while its gross margin increased by 5.2 percentage points to 49.8%.

Adidas (OTC:) reported sales of 5.956 billion euros ($6.2 billion), up from 4.812 billion a year ago.

For the full year, revenue was up 12% in currency-neutral terms, hitting 23.683 billion euros ($24.7 billion). Profitability improved with the gross margin rising by 3.3 percentage points to 50.8%.

The results mark a significant recovery for Adidas from an annual loss in 2023 for the first time in more than 30 years, bruised by cutting ties with disgraced rapper Ye, formerly known as Kanye West, leading to the abrupt ending of its lucrative Yeezy shoe line.

© Reuters. FILE PHOTO: An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photo

Operating profit for 2024 increased to 1.337 billion euros, from 268 million euros in 2023.

($1 = 0.9593 euros)

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ABB increasing U.S. investment to raise local production, CFO says

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DAVOS, Switzerland (Reuters) – ABB (ST:) is increasing its investments in the United States as a way to deal with tariff hikes expected from the new Trump administration and to benefit from the country’s economic growth, Chief Financial Officer Timo Ihamuotila said on Tuesday.

“We will be investing more to compensate for this,” Ihamuotila told Reuters when asked about the impact of higher import duties.

“We will be investing more because it’s a good growth market,” the CFO said in an interview on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, Switzerland.

During his election campaign, new U.S. President Donald Trump vowed to impose steep tariffs of 10% to 20% on global imports into the U.S. and 60% on goods from China to help reduce a U.S. trade deficit that now tops $1 trillion annually.

Ihamuotila said local production for local customers was the best way to deal with the situation, noting that ABB currently produces around 80% of its products completely in the U.S., the engineering company’s biggest market.

“We have about 30 manufacturing locations in the U.S. and we will continue to expand these and probably even add something,” Ihamuotila said.

As well as spending more on its factories and facilities, ABB would also consider U.S.-based acquisitions, although many potential targets had high valuations at present, he said.

© Reuters. FILE PHOTO: The logo of ABB is pictured at the Global Industrie exhibition in Villepinte near Paris, France, March 26, 2024. REUTERS/Benoit Tessier/File Photo

Outside the United States, Ihamuotila said about 90% of ABB’s products sold in Europe are produced there, while China has about 85% local production.

“It doesn’t fully insulate you, but it helps a lot,” Ihamuotila said. “In general, we are for free trade; we would like to see no tariffs, but it is what it is.”

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US SEC forms cryptocurrency task force

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© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) – The U.S. Securities and Exchange Commission said on Tuesday it was forming a new cryptocurrency task force “dedicated to developing a comprehensive and clear regulatory framework for crypto assets.”

The task force’s focuses “will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” the SEC said in a statement.

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