CHINA SAYS AUSSIE SCRIBE IS A SPY, SIX MONTHS AFTER DETAINING HER
BEIJING: An Australian journalist who worked for China’s national broadcaster for years has been formally charged with supplying state secrets abroad, the Chinese foreign ministry said on Monday, months after she was detained.
A presenter for China’s only official English news channel, CGTN, Chinese-born Cheng Lei was taken away by authorities on August 14.
Beijing confirmed her arrest on Monday, saying her legal rights would be guaranteed. Earlier in the day, Australian authorities in Sydney confirmed that Cheng, 49, was arrested on February 5 on suspicion of illegally supplying state secrets overseas. “We are absolutely convinced of her innocence,” a family representative said in an emailed statement to Reuters.
Cheng’s two young children live in Australia.
In Beijing, Chinese foreign ministry spokesperson Wang Wenbin confirmed the arrest at the regular ministry briefing.
Chinese judicial authorities are handling the case in accordance with laws, and Cheng’s rights are fully guaranteed, he said. The spokesperson added: “Australia should respect China’s judicial sovereignty and stop interfering in China’s lawful handling of cases in any way.”
A report on the announcement of Cheng’s arrest on her former employer CGTN’S website didn’t mention that she was a journalist.
CGTN had wiped its websites of Cheng’s work profile soon after she was detained last year.
MUMBAI: JSW Steel Ltd joined the elite ₹1 lakh crore market capitalisation club on Monday as its shares surged more than 200% from their March 2020 lows. Intraday, the stock hit a record high of ₹418.95 on the BSE, gaining 4% from its previous close. At closing, the scrip settled at ₹417.35 on the BSE, up 3.75% with a market cap of ₹1.01 lakh crore. JSW Steel posted a 21% rise from the year earlier in consolidated revenue in the December quarter to ₹21,859 crore. Net profit rose to ₹2,681 crore in the quarter from ₹211 crore a year earlier. Operating profit grew 2.5 times to ₹5,946 crore, while Ebitda margin expanded from 13.5% to 27.2%. The better-than-expected earnings was led by robust steel prices and higher output.
“The stock trades at 5.9x our revised FY22E Ev/ebitda. We value the stock at 6.5x FY22E EV/ Ebitda. With the steel cycle on an upswing, volume growth at Dolvi and downstream projects commissioning in the next six months, we believe that there is an upside risk to our estimate,” Emkay Research said in a 25 January report. According to brokerage Sharekhan, commissioning of Dolvi and downstream projects will expand JSW’S earnings, growing at a 20% CAGR between FY21E and FY23E, with return on equity improving to 15-15.6% from 10.5% in FY20. The JSW management has indicated that domestic steel prices are expected to remain range-bound in the near term and could moderate as long steel products have witnessed price correction recently due to improved supply.
MILAN: Zlatan Ibrahimovic’s brace was key in setting AC Milan on the way to a 4-0 win over Crotone that kept them two points clear of Inter atop Serie A, but it also saw the former Sweden striker reach a remarkable milestone. The goals were his 500th and 501st at club level since starting out with Malmo in 1999. Now 39, he is in his second spell with Milan and his hoping to win a second Scudetto with the Rossoneri, after starring in their 2011 title triumph. Ibrahimovic scored 14 goals that season and already has 14 this season, in 11 appearances.