LOCATION/TYPE

NEWS HOME

[ exact phrase in "" • results by date ]

[ Google-powered • results by relevance ]


Archive
RSS

Add NWW headlines to your site (click here)

Get weekly updates

WHAT TO DO
when your community is targeted

RSS

RSS feeds and more

Keep Wind Watch online and independent!

Donate via Paypal

Donate via Stripe

Selected Documents

All Documents

Research Links

Alerts

Press Releases

FAQs

Campaign Material

Photos & Graphics

Videos

Allied Groups

Wind Watch is a registered educational charity, founded in 2005.

News Watch Home

Obama bans wind-farm purchases by Chinese company 

Credit:  By James O'Toole | CNNMoney | money.cnn.com 28 September 2012 ~~

President Obama vetoed the acquisition of four wind-farm companies in the U.S. by a Chinese-owned firm on Friday, citing national security concerns.

The companies’ projects are all located near a U.S. military site in Oregon, the Naval Weapons Systems Training Facility Boardman, the Treasury Department said in a statement.

The firm in question is Ralls Corporation, which is owned by two Chinese nationals and affiliated with a Chinese construction company that makes wind turbines. It acquired the projects earlier this year, but has now been ordered to sell them.

Obama’s decision marks the first time since 1990 that a president has blocked a business deal for national security reasons, according to a Treasury official.

“The President’s action demonstrates the Administration’s commitment to protecting national security while maintaining the United States’ longstanding policy on open investment,” the Treasury Department said.

“The President’s decision is specific to this transaction and is not a precedent with regard to any other foreign direct investment from China or any other country.”

Tim Xia, a lawyer for Ralls Corporation, said it “poses no national security threat whatsoever.”

“The President’s order is without justification, as scores of other wind turbines already operate in the area where Ralls’ project is located,” Xia said in a statement. He added that the company hopes to mount a legal challenge, though a Treasury official said the President’s decision was not reviewable.

Obama’s move follows a complaint lodged last week with the World Trade Organization alleging that China has illegally subsidized automotive exports and undercut American suppliers. The White House has attempted to project an image of being “tough on China” in economic matters, filing more trade cases against Beijing than the Bush administration did.

Source:  By James O'Toole | CNNMoney | money.cnn.com 28 September 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

Wind Watch relies entirely
on User Funding
   Donate via Paypal
(via Paypal)
Donate via Stripe
(via Stripe)

Share:

e-mail X FB LI TG TG Share


News Watch Home

Get the Facts
CONTACT DONATE PRIVACY ABOUT SEARCH
© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.

 Follow:

Wind Watch on X Wind Watch on Facebook

Wind Watch on Linked In Wind Watch on Mastodon