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A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies. “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn. The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.
Persons: Biden, Elise Stefanik, Trump, Critics, SMIC Organizations: Singapore Reuters, Intel, Qualcomm, Huawei Technologies, U.S . Commerce Department, Huawei, Republican, Commerce Department, , Reuters, US Locations: Washington, Singapore, United States, Republican China, American, Communist, Qualcomm’s
Specifically, the servers contained some of Nvidia's most advanced chips, according to the previously unreported tenders fulfilled between Nov. 20 and Feb. 28. While the U.S. bars Nvidia and its partners from selling advanced chips to China, including via third parties, the sale and purchase of the chips are not illegal in China. Contacted by Reuters, Nvidia said the tenders specify products that were exported and widely available before the restrictions. Daniel Gerkin, a Washington-based partner at law firm Kirkland & Ellis, said Nvidia chips could have been diverted to China without a manufacturer's knowledge, given a lack of visibility into downstream supply chains. It did not respond to subsequent questions about tenders that identified its products as a source of banned Nvidia chips.
Persons: Wong Yu Liang, Daniel Gerkin, Kirkland, Ellis, Clare Locke, Gigabyte Organizations: Nvidia, Getty, Super Micro Computer Inc, Dell Technologies Inc, Gigabyte Technology, Reuters, Chinese Academy of Sciences, Shandong Artificial Intelligence, Hubei Earthquake Administration, U.S, U.S . Commerce Department, Industry, Security, Super Micro, Dell Locations: China, U.S, Shandong, Hubei, Southwest, Heilongjiang, Washington
China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.
Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Sec. Raimondo on Samsung award: Goal is to make 20% of the world's semiconductorsU.S. Commerce Secretary Gina Raimondo joins 'Power Lunch' to discuss Samsung's award of $6.4 billion to boost semiconductor output at its facility in Texas.
Persons: Raimondo, Gina Raimondo Organizations: Commerce, Samsung Locations: Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Commerce Sec. Carlos Gutierrez: We're going to outcompete China with innovation, not sanctionsFormer U.S. Commerce Secretary and Kellogg CEO Carlos Gutierrez joins 'Squawk Box' to discuss China's high-level meetings with U.S. business leaders, the state of U.S.-China relations, China's national security threat, and mroe.
Persons: Carlos Gutierrez, We're, Kellogg Organizations: U.S . Commerce Locations: China, U.S
Philippine Department of Trade and Industry Secretary Alfredo Pascual (R) and US Commerce Secretary Gina Raimondo attend a press conference in the Philippines on March 11, 2024. Chinese electric cars can one day drive on U.S. roads if there are enough government controls on software and sensors, U.S. Commerce Secretary Gina Raimondo told CNBC's Eunice Yoon in an exclusive interview Tuesday. I could see a day when we have those vehicles on roads in the United States," Raimondo said, "but not unless we have very significant controls and conditions around the software and sensors in those cars." "Because at the end of the day we must protect the American people from the threat that China poses," Raimondo said, claiming that Beijing could access data about location or personal messages transmitted through Chinese-made cars. China's Foreign Ministry has said that "the Chinese government has never asked and will never ask any company or individual to collect or provide data, information or intelligence located abroad against local laws."
Persons: Alfredo Pascual, Gina Raimondo, CNBC's Eunice Yoon, " Raimondo Organizations: Philippine Department of Trade, Industry, US, . Commerce, Department of Commerce Locations: Philippines, U.S, United States, China, Beijing, Mexico
U.S. Commerce Secretary Gina Raimondo speaks during a Senate hearing in Washington, D.C., on May 16, 2023. American companies are set to announce investments amounting to more than $1 billion in the Philippines, U.S. Commerce Secretary Gina Raimondo said during an official visit to Manila on Monday. Raimondo is heading a two-day trade and investment mission, the first of its kind for the Philippines. The delegation includes executives from 22 companies including United Airlines , Alphabet's Google , Visa , KKR Asia Pacific, and Microsoft . United said last week it would launch new flights from Tokyo-Narita to Cebu, Philippines starting July 31.
Persons: Gina Raimondo, Raimondo, United, Joe Biden, Ferdinand Marcos Jr Organizations: Commerce, Washington , D.C, U.S . Commerce, United Airlines, Google, Visa, KKR Asia Pacific, Microsoft, U.S, Philippine Locations: Washington ,, Philippines, U.S, Manila, Tokyo, Narita, Cebu, China, South, Taiwan
CNBC Daily Open: Conflicting signals on U.S. jobs market
  + stars: | 2024-03-11 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China warns property developersChina's housing minister signaled real estate developers must go bankrupt if required and won't get a major bailout. Minister of Housing and Urban-Rural Development Ni Hong also warned that those who "harm the interests of the masses" will be punished. India's 'watershed' FTAIndia signed a 'watershed' $100 billion free trade deal that will remove most tariffs with four non-EU nations.
Persons: Hong, Piyush Goyal, Tony Fernandes, Tasha Keeney Organizations: CNBC, Nikkei, CSI, Nasdaq, Dow, Housing, India, EU, Commerce, Industry, AirAsia Locations: Asia, Japan, China, Malaysian
NEW YORK (AP) — A federal judge in Texas has ordered a 55-year-old U.S. agency that caters to minority-owned businesses to serve people regardless of race, siding with white business owners who claimed the program discriminated against them. The agency, which helps minority-owned businesses obtain financing and government contracts, now operates in 33 states and Puerto Rico. Justice Department lawyers representing Minority Business Development Agency declined to comment on the ruling, which can be appealed to the conservative-leaning 5th U.S. John F. Robinson, president of the National Minority Business Council, said the ruling is “a blow against minority owned businesses," and does nothing to help majority-owned businesses because they already enjoy access to federal resources through the Small Business Administration. "It has the potential of damaging the whole minority business sector because there will be less service available to minority-owned businesses,” Robinson said.
Persons: Mark T, Pittman, Donald Trump, Nixon, Biden, ” Pittman, Dan Lennington, ” Lennington, John F, Robinson, ” Robinson, Arian Simone, Alphonso David, David, Stanley Goldfarb, , , , David Glasgow, Graham Lee Brewer, Haleluya Hadero Organizations: , U.S, Northern, Northern District of, U.S . Commerce Department, Infrastructure Investment, Jobs, Black, Wisconsin Institute for Law & Liberty, Justice Department, Business, Agency, Circuit, National Minority Business Council, Small Business Administration, Economic, Pfizer, The, Appeals, American Alliance for Equal Rights, Meltzer Center for Diversity, New York University’s School of Law, Supreme, AP Locations: Texas, Northern District, Northern District of Texas, Puerto Rico, New Orleans, Tennessee, Atlanta, The New York, Florida, New
Megan Jelinger | ReutersA flood of foreign solar components threatens efforts to build a domestic manufacturing base in the U.S. to support the clean energy transition, according to First Solar CEO Mark Widmar. A common type of solar panel used in the U.S. is excluded from Section 201 tariffs designed to protect domestic solar manufacturing, and a moratorium on tariffs against solar components imported from several Southeast Asian nations is in place. Biden vetoed legislation last spring that would have imposed tariffs on solar components from Cambodia, Malaysia and Thailand. "What this is doing is it's not allowing these domestic companies to scale," Widmar said. The company has intentionally overbooked to provide a buffer against the volatility in the solar market, he said.
Persons: Megan Jelinger, Mark Widmar, Widmar, Biden, Trump, Joe Biden, wasn't Organizations: Reuters, Solar, CNBC, U.S . Commerce Department, Commerce Locations: Perrysburg , Ohio, U.S, Cambodia, Malaysia, Thailand, Vietnam
The U.S. Commerce Department probe is because Chinese assembled smart vehicles could collect sensitive data about U.S. citizens and infrastructure and send the data to China, the White House said. "China's policies could flood our market with its vehicles, posing risks to our national security," President Joe Biden said in a statement. Commerce Secretary Gina Raimondo said the administration was taking action "before Chinese manufactured vehicles become widespread in the United States and potentially threaten our privacy and national security." The White House also said vehicles could "be piloted or disabled remotely" and added the investigation will also look at autonomous vehicles. The Commerce Department will seek comments for 60 days on the potential risks of Chinese connected vehicles and then consider drafting regulations to address concerns.
Persons: Joe Biden, I'm, Biden, Gina Raimondo, Raimondo Organizations: U.S . Commerce Department, Commerce Department, Embassy, The Commerce Department, United, Huawei, U.S Locations: United States, China, Asia, East, Europe, U.S, Mexico, Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Sec. Raimondo says she is confident U.S. will lead world in leading edge chip manufacturingU.S. Commerce Sec. Gina Raimondo joins 'Closing Bell Overtime' to talk the CHIPS Act, a wave of funding for GlobalFoundries, supply chain struggles and more.
Persons: Raimondo, Gina Raimondo Organizations: Commerce
Oil prices roughly flat as unclear demand scenario weighed
  + stars: | 2024-02-16 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.
Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Commerce Secretary Carlos Gutierrez: Rate of inflation is down, but prices are still going upFormer U.S. Commerce Secretary and Kellogg CEO Carlos Gutierrez joins 'Squawk Box' to discuss the hotter-than-expected CPI data, state of inflation, impact on corporations and the economy, and more.
Persons: Carlos Gutierrez, Kellogg Organizations: Former, U.S . Commerce Locations: U.S
The company's net loss of $27.9 million, or 8 cents per share, narrowed from $45.9 million in the year-ago quarter. On a conference call with analysts, Prince mentioned business from the U.S. Commerce Department. Analysts surveyed by LSEG had expected 12 cents per share in adjusted earnings and revenue of $372.3 million. The company sees 58 cents to 59 cents in adjusted earnings per share and revenue from $1.648 billion to $1.652 billion. Analysts polled by LSEG were looking for 56 cents in adjusted earnings per share and $1.652 billion in revenue.
Persons: Matthew Prince, David Paul Morris, Cloudflare's, Cloudflare, Prince, Mark Anderson, Marc Boroditsky, Michelle Zatlyn wouldn't, LSEG Organizations: Cloudflare Inc, Bloomberg, Getty, LSEG, U.S . Commerce Department, Clearlake Capital, Insight Partners Locations: San Francisco , California, Israel
WASHINGTON (AP) — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion. The last time that Mexican goods imported to the United States exceeded the value of China's imports was in 2002. The Trump administration began imposing tariffs on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. Supply-chain disruptions related to the COVID-19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring'').
Persons: Trump, Joe Biden, Biden, Organizations: WASHINGTON, U.S . Commerce Department, Democrats, Canada Trade, United States Locations: Mexico, China, United States, Washington, Beijing, U.S, Canada, North America, United
A labourer works inside a mill of refined wheat flour at Khanna in India's Punjab state on May 18, 2022. "Hunger is the biggest problem in India," a representative of global agribusiness Bunge told CNBC on the sidelines of the Commodity Trading Week held in Singapore. If they are getting the food, it's not nutritious," said Amit Sharma, Bunge's global trade execution team leader. India's Department of Food and Public Distribution did not immediately respond to CNBC's request for comment. Vipin Kumar | Hindustan Times | Getty ImagesIndia's food problem is also compounded by the fact that the rising middle class is on course to demand for more food — and better quality food as well.
Persons: Sajjad Hussain, Bunge, There's, Amit Sharma, Sharma, India's, Garima, Louis Dreyfus, Vipin Kumar, Jain, It's Organizations: AFP, Getty, CNBC, Logistics, International Trade Administration, U.S . Commerce Department, India's Department of Food, ITA, Hindustan Times Locations: Khanna, India's Punjab, India, Singapore
Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.
Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France
By Mike StoneWASHINGTON (Reuters) - Congressional Democrats, including Senator Elizabeth Warren, again asked the U.S. Commerce Department to curb assault weapon exports and increase oversight of gun exports after a Trump-era rule change eased firearms export laws, according to a letter sent on Tuesday and seen by Reuters. The Commerce Department began a 90-day pause in an October order to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." The Commerce Department could decide to make the halt on export licenses permanent, return to previous practices, or impose other permanent restrictions. The letter, which was signed by Warren and Senator Richard Durbin as well as U.S. It voiced support for returning export authority oversight to the Department of State from Commerce - something which changed under then-President Donald Trump's tenure.
Persons: Mike Stone WASHINGTON, Elizabeth Warren, Richard Durbin, Representatives Joaquin Castro, Norma Torres, Gina Raimondo, Donald Trump's, Mike Stone, Jonathan Oatis Organizations: Congressional, U.S . Commerce Department, Reuters, The Commerce Department, Commerce Department, Warren, Representatives, Department of State from, Commerce Locations: Department of State from Commerce, Washington
(Reuters) - The Biden administration is seeking to reduce the use of U.S.-made guns in foreign crimes and human rights violations by tightening oversight and rules governing commercial exports of semiautomatic weapons, Bloomberg reported on Wednesday.This follows a review by the U.S. Commerce Department of its support for American gunmakers after a Bloomberg investigation linked increasing civilian gun exports to higher rates of global gun crime, according to the report, which cited draft rules obtained by Bloomberg. Commerce Department officials described the proposed changes to advocacy groups and others last week, telling them that the U.S. State Department would have more influence over vetting exports to countries with poor human-rights records, the Bloomberg report said, citing people who were briefed. Under the draft rules, officials would create distinct trade categories for semiautomatic firearms - including pistols, rifles and shotguns, making it easier for federal regulators to scrutinize exports of those weapons, Bloomberg said. In October last year, the Commerce Department stopped issuing export licenses for most civilian firearms and ammunition for 90 days to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." (Reporting by Devika Nair in Bengaluru; editing by Mark Heinrich)
Persons: Biden, Devika Nair, Mark Heinrich Organizations: Reuters, Bloomberg, U.S . Commerce Department, Bloomberg . Commerce Department, U.S . State Department, Commerce Department Locations: U.S, Bengaluru
Meanwhile, Jim Cramer's interview with an influential member of President Joe Biden's cabinet proved encouraging for Club holding Nvidia . It's been a two-session roller-coaster ride that illustrates the importance of staying disciplined and not chasing stocks while they're surging for non-fundamental reasons. Traders were trying to front-run the official announcement, pushing Linde stock up 4.53% Tuesday, to an all-time high of $426.72 per share. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Nvidia CEO Jen-Hsun Huang at the Consumer Elctronics Show (CES) in Las Vegas, USA, 04 January 2017.
Persons: Linde, Jim Cramer's, Joe Biden's, It's, Pfizer's, drugmaker Seagen, there's, Gina Raimondo, Jim, Biden, Raimondo, " Raimondo, Cigna, Humana's, , Humana, Aetna's, Jim Cramer, Jen, Hsun Huang, Huang, Andrej Sokolow Organizations: Club, Nvidia, LIN, Linde, Nasdaq, Traders, . Commerce, U.S, Bank of America, Wall Street Journal, Humana, CNBC, Consumer, Audi, Getty Locations: China, U.S, Wall, Las Vegas, USA
BEIJING — More controls on tech exports to China will be coming as needed, despite business concerns, U.S. Commerce Secretary Gina Raimondo told CNBC in an exclusive interview. "We have to change constantly," Raimondo told CNBC's Morgan Brennan over the weekend on the sidelines of the Reagan National Defense Forum. They want a clear line in the sand," the commerce secretary said. "The truth of it is though, technology changes, China changes and we have to keep up with it." In October 2022, the U.S. Department of Commerce's Bureau of Industry and Security announced sweeping export controls that restrict the ability of companies to sell certain advanced computing semiconductors or related manufacturing equipment to China.
Persons: Gina Raimondo, Raimondo, CNBC's Morgan Brennan, " Raimondo, it's Organizations: . Commerce, CNBC, Reagan National Defense, U.S . Department of Commerce's, of Industry, Security Locations: BEIJING, China
Meta and IBM have launched an alliance that's calling for an "open science" approach to AI development. Facebook parent Meta and IBM on Tuesday launched a new group called the AI Alliance that's advocating for an "open science" approach to AI development that puts them at odds with rivals Google, Microsoft and ChatGPT-maker OpenAI. AdvertisementPart of the confusion around open-source AI is that despite its name, OpenAI — the company behind ChatGPT and the image-generator DALL-E — builds AI systems that are decidedly closed. An increasingly public debate has emerged over the benefits or dangers of adopting an open-source approach to AI development. Biden's order described open models with the technical name of "dual-use foundation models with widely available weights" and said they needed further study.
Persons: , they're, That's, Darío Gil, Alliance —, Gil, OpenAI, Ilya Sutskever, there's, David Evan Harris, Harris, Oppenheimer, Camille Carlton, Yann LeCun, LeCun, fearmongering, Chris Padilla, Joe Biden's, Gina Raimondo Organizations: Meta, IBM, Google, Microsoft, Service, Tech, Alliance, Dell, Sony, AMD, Intel, Associated Press, Stanford University, University of California, for Humane Technology, Frontier Model, Windows, Commerce, European Locations: Berkeley
These two diverging camps — the open and the closed — disagree about whether to build AI in a way that makes the underlying technology widely accessible. "So it’s not like a thing that is locked in a barrel and no one knows what they are.”Political Cartoons View All 1277 ImagesWHAT'S OPEN-SOURCE AI? Part of the confusion around open-source AI is that despite its name, OpenAI — the company behind ChatGPT and the image-generator DALL-E — builds AI systems that are decidedly closed. An increasingly public debate has emerged over the benefits or dangers of adopting an open-source approach to AI development. Weights are numerical parameters that influence how an AI model performs.
Persons: they’re, That's, , Darío Gil, Alliance —, ” Gil, OpenAI, Ilya Sutskever, there's, David Evan Harris, Harris, , Oppenheimer ’, Camille Carlton, Yann LeCun, LeCun, fearmongering, ” LeCun, Chris Padilla, Joe Biden's, Gina Raimondo Organizations: Tech, Meta, IBM, Alliance, Google, Microsoft, Dell, Sony, AMD, Intel, Associated Press, Stanford University, University of California, for Humane Technology, Frontier Model, Windows, Commerce, European Locations: Berkeley
Taiwan Economy Minister Wang Mei-hua speaks during an interview with Reuters in Taipei, Taiwan, September 30, 2021. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 4 (Reuters) - U.S. officials plan to visit Taiwan to explain to companies details of new curbs, primarily aimed at China, on advanced chip exports, the island's economy minister said on Monday. Taiwan Economy Minister Wang Mei-hua said some details of the extremely long new U.S. rules needed explanation. Given the concentration of chip making in Taiwan it was "advantageous" for Taiwanese companies to hear the details of the new controls from the U.S. officials, Wang said. Taiwan's official Central News Agency said the U.S. officials, who it did not name, would visit Taiwan next month and hold events in the chip hubs of Hsinchu and Tainan.
Persons: Wang Mei, Ann Wang, Biden, chipmaker TSMC, Wang, Ben Blanchard, Jeanny, Bernadette Baum, Barbara Lewis Organizations: Reuters, REUTERS, Rights, Nvidia, Beijing, U.S, Central News Agency, The U.S . Commerce Department, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, U.S, Hsinchu, Tainan, The
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