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The Jakarta Post HEADLINES TUESDAY May 14, 2024 3
US sanctions test China’s ‘no No fear
limits’ friendship with Russia
Chinese banks tighten scrutiny over trade with Moscow
Matthew Walsh “At the moment, it’s tough to were imposed to [hinder] the ex- “Finding out whether the pay-
and Oliver Hotham get money in from Russia,” said port of certain items from China, ments are related to the Russian
one Chinese clothing wholesal- they have some impact on ordi- military-industrial complex […]
Agence France-Presse/Beijing er as he sat outside his store at a nary trade,” Pavel Bazhanov, a is creating a considerable chal-
Chinese banks are tightening cavernous trade center in down- lawyer serving Russian business- lenge for Chinese companies and
scrutiny over trade with Russia town Beijing this week. es in China, told AFP. banks,” said Alexander Gabuev,
for fear of incurring strict new “The banks don’t give a rea- The slowdown in payment director of the Carnegie Russia
United States sanctions over the son […] but it’s probably due to processing contrasts “starkly” Eurasia Center in Berlin.
Ukraine war, testing the “no lim- the threat [of sanctions] from with the rapid handling of yuan- “They are operating on better-
its” friendship between the two America,” he said, as a handful of denominated transactions in the be-safe-than-sorry principles, Reuters/Vyacheslav Madiyevskyy
countries. Russian visitors browsed shelves past, he said. which reduces the volume of A teacher and pupils are seen in a classroom during a first lesson at
China’s trade with Russia has of Chinese electronics, leather transactions,” he told AFP. the first heavily fortified underground school that allows children to
hit record highs in recent years, bags and tea. ‘Better safe than sorry’ safely return to in-person studies, amid Russia’s attack on Ukraine, in
drawing accusations that it is Traders said banks are impos- Trade between China and Mending US ties Kharkiv, Ukraine, on Monday.
helping buoy its longtime ally’s ing extra checks on cross-border Russia has boomed since the President Xi Jinping and Putin
economy, with President Vladimir settlements to rule out any risk Ukraine invasion and hit US$240 have made much of their coun-
Putin due to visit Beijing in May. of exposure to sanctions, screen- billion in 2023, according to Bei- tries’ “no limits” friendship, and
UN sets sail
But Washington’s recent vow ing that can take months and has jing’s customs figures. the Russian leader told a busi-
to go after financial institutions jacked up costs, sparking cash But reports that Russian com- ness forum last month a visit to
that help Moscow fund the con- flow crises at smaller import-ex- panies were struggling to clear China had been planned for May.
flict has tested the boundaries of port businesses. payments with Chinese banks But slowing domestic growth in
for battle with
Beijing’s bonhomie, and left its Another business owner told first emerged in the Russian me- China has created incentives for
banks fearful of getting cut off AFP on condition of anonym- dia at the start of the year. Beijing not to invite further dam-
themselves. ity they had been forced to close The Kremlin admitted the age to its economy, the Wilson
‘biopirates’
An executive order by Presi- their China operations and re- problem in February, with Center’s William Pomeranz said.
dent Joe Biden in December per- turn to Russia as they “cannot spokesperson Dmitry Peskov lat- Other experts said the banks’
mits secondary sanctions on for- get any money from customers”. er slamming “unprecedented” newfound caution reflected Bei-
eign banks that deal with Russia’s The traders declined to be US pressure on China. jing’s desire to manage its rivalry
war machine, allowing the US identified due to the sensitivity Beijing has not publicly ac- with the US ahead of this year’s
Treasury to cut them out of the of discussing Beijing and Mos- knowledged the delays but its election.
dollar-led global financial system. cow’s trading relationship. foreign ministry told AFP it op- Ties between the world’s two Agnes Pedrero would increase legal certainty,
Since then, several Chinese The payment hold-ups have posed “unilateral and illegal US largest economies have stead- transparency and efficiency in the
banks have halted or slowed coincided with a fall in Chinese sanctions”. ied in recent months after years- Agence France-Presse/Geneva, patent system.
transactions with Russian cli- exports to Russia during March Behind the scenes, however, long spats over trade, technology Switzerland They say it will “help ensure
ents, according to eight people and April, down from a surge Chinese banks are ensuring they and other issues. The appropriation of traditional that such knowledge and resourc-
from both countries involved in early in the year. do not put targets on their backs, knowledge surrounding genetic es are used with the permission
cross-border trade. “Even though the sanctions analysts said. Related story page 9 resources is in the crosshairs at of the countries and/or commu-
the United Nations, with a fort- nities from which they originate,
night of talks opening Monday enabling them to benefit in some
on putting an end to so-called way from the resulting inven-
biopiracy. tions”, according to Wend Wend-
Egypt to back After more than 20 years of
negotiations, the UN’s World In-
land, the director of WIPO’s tradi-
tional knowledge division.
South Africaʼs tellectual Property Organization
(WIPO) hopes to conclude a trea-
Wendland said adoption of the
instrument “would conclude over
case at ICJ ty that will protect such knowl-
edge from exploitation by enforc-
two decades of negotiations on
a matter of great significance for
against Israel ing greater transparency in the
patenting system.
many countries”.
WIPO hopes countries can find
“This is a historic moment,” a consensus.
said WIPO chief Daren Tang, as Disagreements persist, notably
Agence France-Presse the agency’s more than 190 mem- on setting up sanctions, and the
ber states gather at its Geneva conditions for revoking patents.
Cairo headquarters for talks that run “The text has been narrowed
Egypt on Sunday announced its until May 24. down a lot in order to arrive at
intention to formally support “It’s about fighting biopiracy, some potential compromise,” ex-
South Africa’s case at the Inter- that’s to say the use of tradition- pert Viviana Munoz Tellez of the
national Court of Justice (ICJ) al knowledge or genetic resources South Centre, an intergovernmen-
against Israel, alleging geno- without the agreement of those tal think-tank representing the in-
cide in its war against Hamas who held them and without them terests of 55 developing countries,
in Gaza. being able to benefit from them,” told AFP.
Pretoria brought its case to said Christophe Bigot, who is lead-
the ICJ in December, calling on Reuters/Francis Mascarenhas ing the French delegation. Overcoming
the United Nations court to or- Cast your ballot: A voter walks inside a polling station during the fourth phase of the general While natural genetic resourc- North-South clashes
der Israel to suspend its mili- election, in Beed, Maharashtra, India, on Monday. es, such as those found in medici- The proposed treaty has “sym-
tary operations in Gaza. nal plants, agricultural crops and bolic value because it’s the first
In its most recent appeal to animal breeds, cannot be directly time that there will be some ref-
the ICJ on Friday, South Africa
again accused Israel of “con- Campaign rhetoric sharpens in India poll protected as international prop-
erty, inventions developed using
erence for example to traditional
knowledge in an IP instrument”,
tinuing violations of the Geno- them can be patented. said Munoz Tellez.
cide Convention” and of being These resources are increas- It will have a direct effect in
“contemptuous” of interna- Rishika Sadam southern and eastern states of “An individual cannot be big- ingly used by companies in ev- terms of transparency, even if it
tional law. and Fayaz Bukhari Telangana, Andhra Pradesh and ger than the country. So, Modi erything from cosmetics to seeds, does not resolve every problem,
Egypt on Sunday said its Odisha where the BJP is not is not the country, a country is medicines, biotechnology and food she said.
move to back the case comes Reuters/Hyderabad/Srinagar, as strong as other parts of the way bigger than any politician,” supplements. More than 30 countries have
“in light of the worsening se- India country. he said. NGOs cite the cases of maca such disclosure requirements in
verity and scope of Israeli at- India voted on Monday in the Srinagar, the main city of the Modi has said that he does plants from Peru, hoodia from their national laws. Most of these
tacks against Palestinian ci- fourth phase of a seven-week troubled Kashmir Valley, is also not oppose Muslims and his South Africa and neem from India. are emerging economies, includ-
vilians in the Gaza Strip”, long general election, as cam- voting for the first time since government does not discrimi- ing China, Brazil, India and South
according to a Foreign Ministry paign rhetoric became more stri- Modi’s 2019 move to remove its nate against them. Search for consensus Africa, but there are also European
statement. dent over economic disparities semiautonomy. The BJP, how- Although arduous, there have states, such as France, Germany
It further pointed to Israel’s and religious divisions, while ever, is not contesting there, as Hindus vs. Muslims been victories, as with neem. In and Switzerland.
systematic “targeting of civil- soaring summer temperatures analysts said the outcome was Analysts have raised doubts 1995, the properties of this tree, However, these procedures vary
ians and destruction of infra- were a challenge for some voters. likely to contradict Modi’s nar- over whether BJP and its allies used in India for thousands of and are not always mandatory.
structure” and “pushing Pales- The world’s most populous rative of a peaceful, more inte- can win the landslide predicted years in agriculture, medicine and “It is important to get beyond
tinians into displacement and nation began voting on April grated Kashmir since 2019. by opinion polls, and said that cosmetics, were the subject of a clashes that are too sterile” be-
expulsion”. 19 in a seven-phase election in Police imposed restrictions the lower turnout had prompted series of patents filed in particu- tween the global North and South,
Hamas expressed its “appre- which nearly 1 billion people are on gatherings ahead of the vote Modi to change the tack of his lar by the United States chemicals said one diplomat, on condition of
ciation” to Egypt in a statement eligible to vote, with ballots set in the militarized region, while campaign after the first phase. giant WR Grace. anonymity.
on Sunday evening, calling on to be counted on June 4. opposition parties said their Modi has shifted the cam- After 10 years of fighting, the “Several countries in the North
“all countries around the world Prime Minister Narendra Modi workers were arrested, which paign’s focus from his economic European Patent Office withdrew have genetic resources, like Aus-
to take similar steps in sup- is seeking a rare, third straight police denied. record to accusing the Congress a patent for the first time on the tralia or France, and several coun-
port of the Palestinian cause by term in a contest that pits his Former Jammu and Kash- of planning to extend welfare grounds of “biopiracy”. tries in the South have very large
joining the lawsuit”. Hindu nationalist Bharatiya mir state Chief Minister Farooq benefits to Muslims at the ex- The draft WIPO treaty stipulates laboratories and companies that
South Africa has called on Janata Party (BJP) against an alli- Abdullah, president of the Na- pense of disadvantaged tribal that patent applicants will be re- use genetic resources, like India or
the world’s top court to or- ance of more than two dozen op- tional Conference party, said groups and Hindu castes. quired to disclose which country Brazil,” the source added.
der Israel to “immediately position parties, including main Modi and Shah “will definitely Last month, he said the Con- the genetic resources in an inven- Two years ago, countries unex-
withdraw and cease its mili- rival the Congress Party. get defeated” nationally. gress planned to redistribute tion came from, and the indigenous pectedly agreed to convene a dip-
tary offensive” in Rafah, the “I appeal to all to vote for a Asaduddin Owaisi, a promi- the wealth of majority Hindus people who provided the associated lomatic conference in 2024 to con-
southernmost Gaza city where decisive government,” said Amit nent Muslim lawmaker contest- among Muslims, who he re- traditional knowledge. clude an agreement.
about 1.5 million Palestinians Shah, Modi’s powerful aide and ing from the southern city of ferred to as “infiltrators” who Opponents of the treaty fear it Only the United States and Ja-
had been pushed against the the country’s home or interior Hyderabad, which also voted on have “more children”. will hamper innovation. pan officially dissociated them-
Egyptian border. minister, as voting began. Monday, said the BJP had fewer Congress has denied making But proponents say an addi- selves from the decision, without
Israel on Monday sent Polling will be held on Mon- supporters after Modi’s recent any such promises and has said tional disclosure requirement however opposing the consensus.
ground troops and tanks into day for 96 seats in 10 states and “venomous” comments against Modi is rattled by the turnout,
eastern Rafah, later seizing and territories, largely covering the minority Muslims. which the BJP denies.
shutting the Palestinian side of
the Rafah crossing with Egypt.
UN Secretary-General An-
tónio Guterres said on Friday PT INDOMOBIL SUKSES INTERNASIONAL Tbk
that Gaza risked an “epic hu- Economic boost (”Company”)
manitarian disaster” if Israel
launched a full-scale ground ANNOUNCEMENT OF
operation in Rafah. THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
Egypt was the first Arab
country to sign a peace trea- In compliance with the provision of Article 22 paragraph (2.a) of the Articles of Association of
the Company, it is hereby announced to the shareholders of the Company that the Annual
ty with Israel in 1979, and has General Meeting of Shareholders (“Meeting”) of the Company will be held on Thursday, June
acted as a key mediator be- 20, 2024. Such Meeting will be held electronically with regard to the provision stipulated in
tween Israeli and Palestinian OJK’s Regulation No. 16/POJK.04/2020.
negotiators, including in the Pursuant to the provision of Article 22 paragraph (3.a) of the Articles of Association of the
current war. Company, the Summon of the Meeting along with its agenda (“Summon of the Meeting”)
will be announced on Wednesday, May 29, 2024 in daily newspapers Bisnis Indonesia and
It also shares the only bor- Jakarta Post, as well as Indonesia Stock Exchange’s website, PT Kustodian Sentral Efek
der with the Gaza Strip not Indonesia’s website and the Company’s website.
controlled by Israel, but has The shareholders entitled to attend in the Meeting are those whose names are recorded in the
refused to coordinate aid Register of Shareholders of the Company as of Tuesday, May 28, 2024.
access through the Rafah The Company suggests the shareholders to grant power of attorney electronically (e-Proxy)
crossing since Israeli forces through eASY.KSEI which will be available to the shareholders from the date of the Summon
seized it. of the Meeting until Wednesday, June 19, 2024 at 12.00 pm West Indonesian Time.
State-linked television chan- Any proposal from the shareholders could be included in the agenda of the Meeting if it
complies with the provision stipulated in Article 22 paragraph (7) of the Articles of Association
nel Al-Qahera News on Sunday of the Company and received by the Board of Directors of the Company at the latest 7 (seven)
reported a high-level source days prior to the date of the Summon of the Meeting.
denying Israeli media reports
Franck Robichon/Pool via Reuters Jakarta, May 14, 2024
of “coordination between Is- Board of Directors
rael and Egypt at the Rafah Japanese Prime Minister Fumio Kishida greets Kim Yoon, chairman of the Korea-Japan Economic PT INDOMOBIL SUKSES INTERNASIONAL Tbk
crossing”. Association before their meeting at the prime minister’s official residence in Tokyo on Monday.
Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Indonesia Stock Exchange
p.1
unresolved
org
PT Kustodian Sentral Efek
p.1
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