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World breaking news today (November 13): Trump bans U.S. investments in firms linked to Chinese military

November 13, 2020 | 09:37

World breaking news today (November 13): Trump bans U.S. investments in firms linked to Chinese military. Meanwhile, Falling helicopters kill 7 American soldiers and allies, and gold price also make headlines today.

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The Trump administration on Thursday unveiled an executive order prohibiting U.S. investments in Chinese firms
The Trump administration on Thursday unveiled an executive order prohibiting U.S. investments in Chinese firms (Photo: Straits Times)

Trump bans U.S. investments in firms linked to Chinese military

The Trump administration on Thursday unveiled an executive order prohibiting U.S. investments in Chinese firms that Washington says are owned or controlled by the Chinese military, ramping up pressure on Beijing after the U.S. election.

The order, which was first reported by Reuters, could impact some of China’s biggest companies, including telecoms firms China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision.

The move is designed to deter U.S. investment firms, pension funds and others from buying shares of 31 Chinese companies that were designated by the Defense Department as backed by the Chinese military earlier this year.

Starting Jan. 11, the order will prohibit purchases by U.S. investors of the securities of those companies. Transactions made in order to divest ownership in the companies will be permitted until Nov. 11, 2021.

China is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses,” said the order released by the White House.

The Chinese embassy in Washington did not immediately respond to a request for comment.

White House trade adviser Peter Navarro estimated that at least half a trillion dollars in market capitalization was represented by the Chinese companies and their subsidiaries.

The move is the first major policy initiative by President Donald Trump since losing the Nov. 3 election to Democratic rival Joe Biden and indicates that he is seeking to take advantage of the waning months of his administration to crack down on China, even as he has appeared laser-focused on challenging the election result.

Falling helicopters, 7 American soldiers and allies were killed

EgyptA helicopter carrying U.S. peacekeepers and their allies crashed near the city of Sharm el-Sheikh, killing 7 out of 8 people on board.

The U.S. military said the accident happened during a normal flight and is opening an investigation into the cause of the incident to see if it might have been caused by a technical problem. The Czech Defense Ministry issued a statement confirming that a soldier was killed in the accident, adding that the cause was a technical problem.

2029 falling
(Photo: News Breezer)

The MFO is a multinational force mobilizing troops from 13 countries to oversee the demilitarization process in an area of ​​more than 10,000 square kilometers in the Sinai Peninsula since the peace agreement was signed by Egypt and Israel was signed in 1979. The size of this force has decreased in recent years as the regional nations tightened their security cooperation in dealing with self-proclaimed rebels of the Islamic State (IS).

However, both Israel and Egypt rejected the US proposal to reduce their armed forces. Washington deploys 452 of the MFO’s 1,154 troops. Cairo sees MFO as part of its relationship with Tel Aviv, helping Egypt receive billions in military aid from the US, while Israel sees MFO as strategic security in the volatile Middle East – North Africa region, News Beezer reported.

Gold price forecast – gold markets continue to attract support

Gold markets have rallied slightly during the trading session on Thursday, as we continue to see the $1850 level as somewhat supportive.

Gold markets have rallied slightly during the trading session on Thursday, showing signs of life again just above the $1850 level. That being said, the market has been interested in this area more than once. If we do break down below here, the $1800 level then becomes the next focus of support, as it is a large, round, psychologically significant figure in the scene of the major breakout previously.

2530 gold
(Photo: Nairametrics)

If the market does in fact reach that area, you should also pay attention to the fact that the 200 day EMA is sitting right there as well. This offers an opportunity for longer-term traders to get involved, and at this point in time I think there would be a lot of people interested in trying to pick up gold “on the cheap”, as central mix around the world are certainly going to be flooding the markets with liquidity given enough time. Ultimately, I do not have any interest whatsoever in trying to short this market, because the longer-term outlook for this market will continue to be positive due to central bank intervention and of course concerns about safety in general, as reported by FX Empire.

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Jasmine Le