Secondary funds, commonly referred to as secondaries or continuation transactions, purchase existing interests or assets from primary private equity fund investors. For example, a primary private equity fund may purchase a stake in a private company, and then sell that interest to a secondary buyer. Sellers gain liquidity, while buyers may find the portfolio claim or asset (s) attractive for a …
China slams US proposal to bar its airlines from Russian airspace, urges Washington to take “a hard look” at its own policy
Beijing criticized Washington’s proposal to prohibit its airlines from flying through Russian airspace on routes to and from the United States, asserting that such measures would undermine “international travel and people-to-people exchanges,” reports 24brussels.
Responding to the US initiative, a spokesperson from China’s Ministry of Foreign Affairs remarked that restricting Chinese airlines from accessing Russian airspace would hinder travel and interactions between citizens. The Ministry urged the Trump administration to “take a hard look at its own policy and its impact on American businesses,” referencing the US’s unprecedented tariffs on various nations.
The US Transportation Department proposed this ban after multiple American airlines raised concerns, as US carriers have been compelled to take longer, more expensive routes around Russia. In contrast, Chinese carriers continue to utilize shorter paths, allowing them to provide faster and cheaper flights on major routes.
As reported by Fox News Business, the US administration has granted China two days to respond, with the potential for a final order to be implemented by early November. This proposal arises in the context of Russia’s ban on US and several European air carriers, a response to Western sanctions following its invasion of Ukraine in February 2022. Russian airspace serves as the most efficient route between Asia, Europe, and North America, leading to reduced fuel consumption and operational costs.
The situation reflects escalating tensions between Washington and Beijing across multiple economic domains. Earlier on Thursday, China announced stricter export controls on rare earth materials vital to US industries, a move interpreted as a counteraction to American trade restrictions.
Further intensifying the stalemate, US President Donald Trump declared a 100 percent tariff on Chinese goods, set to take effect on November 1, 2025, in addition to existing tariffs. In a post on Truth Social, Trump indicated that this decision followed what he described as an “extremely hostile letter” from Beijing, which announced plans for comprehensive export controls on nearly all products, labeling it “a moral disgrace in dealing with other nations.”