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France, Germany and Italy to join China-backed bank - FT

Turkey applies to join AIIB
2015/03/26 18:05
The Ministry of Finance announced that Turkey has submitted the written confirmation letter to China to express their interest to be the founder of the Asian Infrastructure Investment Bank (AIIB).
 
Look like the domino is falling.....??
You can't keep a good thing down, not even the US.:yahoo::victory::china:

France, Germany and Italy to join China-backed bank - FT | Daily Mail Online
By Reuters
Published: 19:07 EST, 16 March 2015 | Updated: 19:07 EST, 16 March 2015


(Reuters) - France, Germany and Italy have agreed to follow Britain's lead and join a China-led international development bank, dealing another blow to U.S. efforts to keep Western nations out of the new institution, the Financial Times said on Tuesday

The newspaper, quoting European officials, said the decision by the four countries to become members of the Asian Infrastructure Investment Bank (AIIB) was a major setback for Washington, which has questioned if the new bank will have high standards of governance and environmental and social safeguards.

The AIIB was launched in Beijing last year to spur investment in Asia in transportation, energy, telecommunications and other infrastructure. It was seen as a rival to the Western-dominated World Bank and the Asian Development Bank.

China said earlier this year a total of 26 countries were founder members, mostly from Asia and the Middle East.

Japan, Australia and South Korea remain notable absentees in the region, though Australian Prime Minister Tony Abbott said at the weekend he would make a final decision on AIIB membership soon.

South Korea has said it is still in discussions with China and other countries about its possible participation.

Japan, China's main regional rival, has the biggest shareholding in the Asian Development Bank along with the United States. (Writing by Mark Bendeich; Editing by Dean Yates)

Well we(U.K) are the most open/less restrictive country in Europe, reason we joined first, the others are just following our lead. If it serves our national interests in the long run, why not?:) Just to prove my point read this as well:


Huawei does not pose risk to UK national security, report finds
Daniel Thomas, Telecoms Correspondent

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©AFP
Huawei, the Chinese telecoms company, has been given the all-clear over fears it may compromise UK national security.

Risks from using equipment provided by the company have been “sufficiently mitigated”, according to the first report into the operation that vets its technology in the UK.

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Huawei is one of the UK’s largest providers of telecoms equipment, with deals in place to provide critical national infrastructure as well as the technology behind services from companies such as BT, EE, Virgin Media, O2 and Sky.

However, concerns have been raised in countries such as the US and Australia about potential links to the Chinese government and the People’s Liberation Army in spite of strong denials from the group.

A cyber security evaluation centre in Banbury was established in 2010 by Huawei to take apart the physical equipment and software used in the UK to mitigate risks to national security.

In the report for the national security adviser, the centre’s oversight board said the “technical assurance” provided by Banbury was of “sufficient scope and quality to meet its obligations”.

Huawei has also pledged further funds to expand the centre.

A management audit by Ernst & Young showed the centre was sufficiently independent from Huawei, which will address concerns about the centre and its staff being fully funded by the Chinese group.

Three concerns were identified by the report, although these were rated as “low risk”. They included difficulties in recruiting staff owing to a lack of cyber security skills as well as the reluctance of potential new recruits to complete security clearance.

Ernst & Young found some staff working at the centre without developed vetting clearance — the most comprehensive type of security vetting — although this has now been reduced to just two.

The report also found “tensions” between teams working in the centre and the Huawei response team in Shenzhen, but decided they did not have a “detrimental effect on the security of the UK networks”.

Senior government representatives visited Huawei in Shenzhen in January 2015, according to the report, when the company provided further reassurances.

David Pollington, former Microsoft cyber security expert, has been lined up to replace retiring chief Andy Hopkins at the Banbury centre.

Huawei has also sought to alleviate concerns over corporate governance with the appointment of former BP chief executive Lord Browne to head a UK board of directors to oversee British operations.

In a statement, Huawei said it was “pleased to be playing its part in providing reassurance to its UK customers of the quality of our products and solutions”.


http://www.ft.com/cms/s/0/70592668-d2e4-11e4-a792-00144feab7de.html#axzz3VXQWnBZu

My country at its best.:enjoy::usflag:(british flag).:cheers:
 
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