WASHINGTON — The United States on Monday said it was slashing the number of Chinese employees permitted to work at the U.S. offices of major Chinese state-owned media outlets to retaliate against Beijing over its “long-standing intimidation and harassment of journalists.”
Citing a “deepening crackdown” on all forms of independent reporting inside China, administration officials said Beijing’s attack on free speech was worse than it was a decade ago, comparing it to that of the Soviet Union at the height of the Cold War.
China last month revoked the visas of three Wall Street Journal reporters in Beijing after the newspaper declined to apologize for a column with a headline calling China the “real sick man of Asia.” Another reporter with the paper had to leave last year after China declined to renew his visa.
“For years, the government of the People’s Republic of China has imposed increasingly harsh surveillance, harassment, and intimidation against American and other foreign journalists operating in China,” U.S. Secretary of State Mike Pompeo said in a statement.
Effective March 13, Washington will be capping the number of U.S. based employees of Xinhua News Agency, China Global Television Network, China Radio International, China Daily Distribution Corp to a total of 100, from 160.
Monday’s decision was not particularly linked to the Wall Street Journal case, senior state Department officials, speaking on the condition of anonymity, told reporters.
“We’ve been imploring the Chinese for years and years now to improve their treatment of journalists in China. So, this is not linked to any one particular incident,” one U.S. official said, but added that the expulsion of Journal reporters was a “fairly egregious” example.
The four outlets were among five designated by the United States as foreign embassies earlier this month, as a first step of this move.
Tensions between the two superpowers have escalated since President Donald Trump came to office three years ago, with disputes over issues ranging from trade to accusations of Chinese spying in the United States and to U.S. support for Taiwan.
On Monday, the Foreign Correspondents Club of China said in a report that the Chinese government has “weaponised” visas as part of a stepped-up campaign of pressure on foreign journalists.
“It is our hope that this action will spur Beijing to adopt a more fair and reciprocal approach to U.S. and other foreign press in China,” Pompeo said, while State Department officials said Washington was ready to take further action if Beijing retaliated.
“If in fact they decide to take this in a further negative direction however of course..all options would be on the table. I can’t tell you what in particular we would do, but we’d sit down review the circumstances and then consider all of our options,” the official said.
The personnel caps would be placed on the entities as opposed to people hence it would be up to the media outlets to decide the necessary staffing cuts, the officials said.
While the United States will not be sending anyone back, the officials acknowledged that the Chinese individuals whose visas are contingent on their ability to work in the United States may be forced to leave the country.
The United States would also be announcing in near future limits on duration of stay for Chinese citizens, administration officials said. (Reporting by Humeyra Pamuk and Steve Holland Editing by Alistair Bell)
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Donald Trump is set to secure on Tuesday a stock bonus worth US$1.3-billion from the company that operates his social media app Truth Social (DJT-Q), equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. president’s overall stake in the company, Trump Media & Technology Group (TMTG), to US$4.1-billion.
While Mr. Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at US$4.7-billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Mr. Trump’s legal fees and fines pile up, including a US$454.2-million judgment in his New York civil fraud case he is appealing.
The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.
Mr. Trump will be entitled to the stock bonus under the terms of the SPAC deal once TMTG’s shares stay above US$17.50 for 20 trading days after the company’s March 26 listing. They ended trading on Monday at US$35.50, and they would have to lose more than half their value on Tuesday for Mr. Trump to miss out.
TMTG’s current valuation of approximately US$5-billion is equivalent to about 1,220 times the loss-making company’s revenue in 2023 of US$4.1-million.
No other U.S. company of similar market capitalization has such a high valuation multiple, LSEG data shows. This is despite TMTG warning investors in regulatory filings that its operational losses raise “substantial doubt” about its ability to remain in business.
A TMTG spokesperson declined to comment on the stock award to Mr. Trump. “With more than $200 million in the bank and zero debt, Trump Media is fulfilling all its obligations related to the merger and rapidly moving forward with its business plan,” the spokesperson said.
While Mr. Trump’s windfall is rich for a small, loss-making company like TMTG, the earnout structure that allows it is common. According to a report from law firm Freshfields Bruckhaus Deringer, stock earnouts for management were seen in more than half the SPAC mergers completed in 2022.
However, few executives clinch these earnout bonuses because many SPAC deals end up performing poorly in the stock market, said Freshfields securities lawyer Michael Levitt. TMTG’s case is rare because its shares are trading decoupled from its business prospects.
“Many earnouts in SPACs are never satisfied because many SPAC prices fall significantly after the merger is completed,” Mr. Levitt said.
To be sure, TMTG made it easier for Mr. Trump to meet the earnout threshold. When TMTG agreed to merge with the SPAC in October, 2021, the deal envisioned that TMTG shares had to trade above US$30 for Mr. Trump to get the full earnout bonus. The two sides amended the deal in August, 2023 to lower that threshold to US$17.50, regulatory filings show.
Had that not happened, Mr. Trump would not have yet earned the full bonus because TMTG’s shares traded below US$30 last week. The terms of the deal, however, give Mr. Trump three years from the listing to win the full earnout, so he could have still earned it if the shares traded above the threshold for 20 days in any 30-day period during this time.
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The B.C. government is putting its proposed online harms legislation on hold after reaching an agreement with some of the largest social media platforms to make people safer online.
Premier David Eby says in a joint statement with representatives of the firms Meta, TikTok, X and Snap that they will form an online safety action table, where they’ll discuss “tangible steps” towards protecting people from online harms.
Eby says the social media companies have “agreed to work collaboratively” with the province on preventing harm, while Meta will also commit to working with B.C’s emergency management officials to help amplify official information during natural disasters and other events.
“We have had assurance from Facebook on a couple of things. First, that they will work with us to deliver emergency information to British Columbia in this wildfire season that (people) can rely on, they can find easily, and that will link into official government channels to distribute information quickly and effectively,” Eby said at a Tuesday press conference.
“This is a major step and I’m very appreciative that we are in this place now.”
The announcement to put the bill on hold is a sharp turn for the government, after Eby announced in March that social media companies were among the “wrongdoers” that would pay for health-related costs linked to their platforms.
At the time, Eby compared social media harms to those caused by tobacco and opioids, saying the legislation was similar to previous laws that allowed the province to sue companies selling those products.
Last August, Eby criticized Meta over its continued blackout of Canadian news outlets as wildfires forced thousands from their homes. Eby said it was “unacceptable” for the tech giant to cut off access to news on its platforms at a time when people needed timely, potentially life-saving information.
“I think it’s fair to say that I was very skeptical, following the initial contact (with Meta),” Eby said Tuesday.
Eby said one of the key drivers for legislation targetting online harm was the death of Carson Cleland, the 12-year-old Prince George, B.C., boy who died by suicide last October after falling victim to online sextortion.
The premier says in announcing the pause that bringing social media companies to the table for discussion achieves the same purpose of protecting youth from online harm.
“Our commitment to every parent is that we will do everything we can to keep their families safe online and in our communities,” the premier said in his statement.
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VICTORIA — Premier David Eby has pushed the pause button on a contentious bill that would have allowed the province to recover health care and other costs attributed to the marketing of risky products in B.C.
Two dozen business and industry groups had called for the New Democrats to put the bill on hold, claiming it was so broadly drafted that it could be used to go after producers, distributors and retailers of every kind.
“It is safe to say that we got the attention of these major multinational companies,” the premier told reporters on Tuesday, citing the deal with Meta, Snapchat, TikTok and X, the major players in the field.
“They understand our concern and the urgency with which we’re approaching this issue. They also understand the bill is still there.”
The New Democrats maintain that the legislation was never intended to capture the many B.C. companies and associations that complained about it.
Rather it was targeted at Facebook owner Meta and other social media companies and the online harm done to young people. A prime example was the suicide of a Prince George youth who was trapped by an online predator.
Still, there was nothing in the wording of Bill 12, the Public Health Accountability and Cost Recovery Act, to indicate its application would be confined to social media companies or their impact on young people.
Some critics wondered if the bill’s broad-based concept of harms and risks could be used to prosecute the liquor board or the dispensers of safer-supply drugs, products with proven harms greater than any sugary drink.
Perhaps thinking along those lines, the government specifically exempted itself from prosecution under the Act.
This week’s announcement came as a surprise. As recently as Monday, Attorney General Niki Sharma told reporters the government had no intention of putting the bill on hold.
Tuesday, she justified her evasion by saying the talks with the social media companies were intense and confidential.
She said the pause was conditional on Meta and the other companies delivering a quick response to government concerns.
“British Columbians expect us to take action on online safety,” she told reporters. “What I’ll be looking for at this table is quick and immediate action to get to that better, safety online.”
A prime goal is addressing online harassment and “the online mental health and anxiety that’s rising in young people,” she said
“I want to sit down with these companies look at them face to face and see what they can do immediately to improve the outcomes for British Columbians.”
Meta has already committed to rectifying Eby’s concern that it should relay urgent news about wildfires, flood and other disasters in B.C. Last year, those were blocked, collateral damage in the company’s hardball dispute with the federal government over linking to news stories from Canadian media companies.
Eby says he was very skeptical about the initial contact from the companies. Now he sees Meta’s willingness to deliver emergency information as a “major step” and he’s prepared to give talks the benefit of the doubt.
Not long ago he was scoring political points off the social media companies in the harshest terms.
“The billionaires who run them resist accountability, resist any suggestion that they have responsibility for the harms that they are causing,” said the premier on March 14, the day Bill 12 was introduced.
Given those characterizations, perhaps the big, faceless billionaires will simply direct their negotiating team to play for time until the legislation adjourns as scheduled on May 16.
“The legislation is not being pulled and we’re not backtracking,” said Sharma. “We can always come back and bring legislation back.”
The government could schedule a quick makeup session of the legislature in late May or June or even in early September, before the house is dissolved for the four-week campaign leading up to the scheduled election day, Oct. 19.
More likely, if the New Democrats feel doublecrossed, they could go back to war with the faceless billionaires with a view to re-enacting Bill 12 after a hoped-for election victory.
Even if the New Democrats get some satisfaction from the social media companies in the short term, they have also framed Bill 12 as a way to force the marketers of risky products to help cover the cost of health care and other services.
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