A U.S. Navy Officer, his wife and two Chinese nationals were charged with conspiracy to smuggle military-style inflatable boats and Evinrude military outboard motor engines to China.
The four defendants charged in the indictment are Lt. Fan Yang, 34; his wife Yang Yang, 33; Ge Songtao, 49; and Zheng Yan, 27. They have been charged with "conspiring to submit false export information and to fraudulently attempt to export articles from the United States," the Department of Justice announced.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.