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☆ Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +13 min

Youth unemployment, income inequality, regional disparities, and Russian oil remain big problems. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil. "The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. Indian demand for Russian oil has cooled in recent months as new sanctions have made it more expensive, but the buying remains controversial. Alexandr Demyanchuk/AFP/Getty ImagesIndia the IT hubUnder Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.

Persons: Narendra Modi, Elon Musk, Jamie Dimon, Tim Cook, —, Modi, Goldman Sachs, JPMorgan's Dimon, He's, Musk, Apple's Cook, Joe Biden, Sundar Pichai, Anna Moneymaker, Jensen Huang, Satya Nadella, Alphabet's Sundar Pichai, Richard Rossow, Demonetisation, Kunal Sen, Sen, Tim Graham, Rossow, tycoons Mukesh Ambani, Gautam Adani, Mukesh Ambani, Isha Piramal, Rihanna, Shloka Mehta Ambani, Akash Ambani, Radhika Merchant, Anant, Radhika, Ambani, they'd, Neelima Jain, Vladimir Putin, Alexandr Demyanchuk, Sanjay Shetty, Shetty Organizations: Service, titans, Monetary Fund, Gross, World Bank, Economic, of New, Google, Apple, Nvidia, Microsoft, India, Studies, Center for Strategic & International Studies, United Nations, United Nations University World Institute for Development Economics, University of Manchester, International Labor Organization, Oxfam, Bloomberg, Reliance Industries, Adani, CSIS, Indian, Shanghai Cooperation Organisation, Getty, Modi, Big Tech, Randstad, Economic Times Locations: India, Britain, Japan, Germany, China, of New York, Nimaj, Rajasthan, North Korea, Bihar, Uttar Pradesh, Russia, Ukraine, Europe, Moscow, Western, Samarkand, AFP, Randstad India

☆ Saudi Arabia is becoming a hot spot for global technology manufacturing with sustainable practices in mind. Here's how.
▼ + stars: | 2024-04-23 | by ( Sponsor Post | ) www.businessinsider.com time to read: +5 min

AI and industry 4.0 technology presents an unprecedented opportunity for manufacturers to transform their operations. Alat has already partnered with several global leaders in advanced manufacturing to work together on these challenges. Alongside advanced technology, another critical element of Alat is the use of clean energy and sustainable practices to become a leader in sustainable manufacturing. Alat will also implement sustainability best practices into every facet of its processes, which integrate the most up-to-date industry 4.0 thinking to enable sustainable manufacturing. Through the combination of advanced technology, best practices, and commitment to sustainability, Alat is reimagining manufacturing, for a better tomorrow.

Persons: Alat Organizations: Saudi Arabia's Public Investment Fund, Alat, SoftBank Group, Saudi, Sustainable Technology, Insider Locations: Saudi, Saudi Arabia

☆ Biden to give Taiwan’s TSMC $6.6 billion to ramp up US chip production
▼ + stars: | 2024-04-08 | by ( Sam Fossum | Anna Cooban | ) edition.cnn.com time to read: +3 min

Washington, DC/London CNN —The US government plans to give $6.6 billion to the world’s biggest manufacturer of semiconductor chips to help it build three factories in Arizona as part of President Joe Biden’s efforts to secure the supply of advanced chips. “America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10%, and none of the most advanced chips,” Biden said in a statement. The company’s total $65 billion investment represents the largest foreign direct investment in Arizona’s history, the White House said. Securing supply chainsThe US government has emphasized the need to bring more chip production onshore to limit potential supply disruptions. Taiwan is also in a vulnerable position: Supply chain experts and US officials worry that US-China trade tensions and potential military aggression against the island by Beijing could disrupt its vital chip-making industry.

Persons: Joe Biden’s, ” Biden, Mark Liu, Gina Raimondo, Biden, “, Juliana Liu Organizations: London CNN, White, Taiwan Semiconductor Manufacturing Company, US Locations: Washington, DC, Arizona, ”, America, Taiwan, China, Beijing, United States of America, Hong Kong

☆ Nvidia supplier SK Hynix plans to invest $3.87 billion in U.S. chip facility
▼ + stars: | 2024-04-04 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

SK Hynix logo displayed on a phone screen as seen in this illustration photo taken in Krakow, Poland on January 30, 2023. SK Hynix , one of the world's largest memory chipmakers, said it would invest $3.87 billion in its first chip packaging facility in the U.S., marking another victory for the Biden administration's efforts to onshore chip production. SK Hynix said the facility, slated for operation in 2028, will house a production line for SK Hynix's cutting-edge high-bandwidth memory chips — important components in the Nvidia GPUs used to train AI systems like ChatGPT. "We are excited to become the first in the industry to build a state-of-the-art advanced packaging facility for AI products in the United States," said SK Hynix CEO Kwak Noh-Jung in a statement, adding it would "strengthen supply-chain resilience and develop a local semiconductor ecosystem." The project will also bring more than a thousand new jobs to the region and will include an R&D facility to develop future generations of chips, according to the company.

Persons: Biden, SK Hynix, Noh, Jung Organizations: SK Hynix, Purdue University, Wednesday, Indiana State, U.S, SK, SK Hynix's, Nvidia Locations: Krakow, Poland, U.S, West Lafayette , Indiana, United States

☆ China making 'concerted effort' to dominate critical US ports equipment, Biden official says
▼ + stars: | 2024-02-29 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

SUZHOU, CHINA - FEBRUARY 27: A gantry crane hoists vehicles for export at Taicang Port's International Container Terminal on February 27, 2024 in Suzhou, Jiangsu Province of China. Gene Seroka, executive director of the Port of Los Angeles, told CNBC that Biden's executive order is a wake-up call for the port and supply chain industry. "The bottom line is that today's high-tech cranes can collect data and that is why this executive order is so important," said Seroka. "It's no secret that China has both the capability and the intent to challenge the rules based trade system. The Biden administration has positioned the executive order as part of a "whole government approach" in securing the nation's ports.

Persons: Biden, Christa Brzozowski, ZPMC, Gene Seroka, Brzozowski, Carlos Gimenez, John Vann, Vann, Wayne R, Arguin Jr, Arguin Organizations: Taicang, Getty, Department of Homeland Security, Homeland Security, Coast Guard, Transportation, Maritime Security, Shanghai Zhenhua Heavy Industries Co, Capitol, CNBC, Cyber Security Operations Center, Guard, White, Resilience, of Commerce, Defense, Coast Guard Cyber Command, US Coast Guard, U.S Locations: SUZHOU, CHINA, Suzhou, Jiangsu Province, China, Capitol, United States, U.S, Republic of China, Shanghai, Beijing, Capitol Hill, of Los Angeles, Los Angeles

☆ Biden to sign executive order on US port cybersecurity targeting Chinese-manufactured shipping cranes
▼ + stars: | 2024-02-21 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

An executive order to be signed by President Biden will bolster maritime cybersecurity by making sure all critical port infrastructure that is owned and operated adheres to international and industry recognized safety regulations. The Biden official said that the new Supply Chain Resilience Center, announced last November, will be included in efforts to enhance port security. In addition to the new rules and regulations, $20 billion will be used to strengthen U.S. port infrastructure through the Investing in America Agenda. These cranes have been a focus of debate among national security experts and port officials in recent years. Over the long term, senior Biden administration officials said they would like to invest in the onshoring of port crane manufacturing.

Persons: Biden Organizations: Coast Guard Cyber Command, Coast Guard, & Infrastructure Security Agency, CNBC, Biden, Chain Resilience, Shanghai Zhenhua Heavy Industries, Capitol, Port, Reshoring, American Association of Port Authorities Locations: U.S, China, Shanghai, Beijing, Capitol Hill, America, Japan, Austria, Finland, Germany, Nagoya

WASHINGTON (AP) — U.S. lawmakers are raising alarms about what they see as America’s failure to compete with China in biotechnology, warning of the risks to U.S. national security and commercial interests. Bills have been introduced in the House and Senate to bar “foreign adversary biotech companies of concern” from doing business with federally funded medical providers. Photos You Should See View All 33 ImagesCritics of the legislation warn that restrictions on Chinese companies would impede advances that could bring a greater good. “It’s not just a supply chain battle or a national security battle or an economic security battle; I would submit it’s a moral and ethical battle,” Gallagher said. He said any restrictive U.S. measures should be tailored to address military concerns and concerns about genomic data security.

Persons: walling, ”, Abigail Coplin, Rachel King, Mike Gallagher, Gallagher, “ It’s, ” Gallagher, “ we’re, Biden, Tom Bollyky, Bollyky, Ray Yip, Yip, “, Anna Puglisi, Puglisi, ” Puglisi, BGI, WuXi AppTec, Dake Kang Organizations: WASHINGTON, — U.S, Biotechnology, Bills, Embassy, Biden, Vassar College, Biotechnology Innovation Organization, National Security Commission, Emerging Biotechnology, U.S . Senate, Chinese Communist Party, Wisconsin Republican, “, Bloomberg, Council, Foreign Relations, U.S . Centers for Disease Control, Georgetown University’s Center for Security, Emerging, The Defense Department, Commerce Department, Associated Press Locations: China, U.S, ”, South China, Wisconsin, Boston, United States, WuXi, Beijing

☆ Jobs and geopolitical threats will keep climate tech in spotlight even if Biden is voted out, insiders say
▼ + stars: | 2024-02-08 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +6 min

Read previewPresident Biden has won quite a few fans in the climate tech sector during this time in office. Legislation, including the IRA, the Bipartisan Infrastructure Law, and the CHIPS and Science Act, has unlocked enormous amounts of capital that bolsters climate tech innovation and adoption. The Swiss company would have expanded Stateside eventually, but such policies helped it pick up pace, said Andrew Fishbein, Climeworks' senior policy manager in the US. For example, Regeneration VC doesn't factor subsidies into its investment decisions or portfolio companies' financial projections. Advertisement"Who knows, maybe 2024 is going to be a banner year for climate tech," he said.

Persons: —, Biden, Sierra Peterson, Anna, Alexia Basile, Katie Hoffman, Hoffman, Climeworks, Andrew Fishbein, We're, Kevin Stevens, Trump, VC's Hoffman, Energize Capital's Stevens, Ben Wolkon Organizations: Service, Business, Voyager Ventures, Infrastructure Law, Regeneration, Battery, Trump, Future, Department of Energy, Energize Capital, MUUS Climate Partners Locations: Paris, Nevada , Arizona, Louisiana, North Dakota, California, Swiss, Washington

☆ Biden criticizes US companies for keeping raised prices high 'even as inflation has come down'
▼ + stars: | 2023-11-28 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

President Biden criticized companies that have failed to bring prices down even as inflation eases. The White House has blamed inflation on issues like supply chain disruptions and Russia's invasion of Ukraine. The president also said companies that are taking advantage of inflation to boost profits are "price gouging." The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. The supply chain group is co-chaired by Lael Brainard, the White House National Economic Council director, and Jake Sullivan, the White House national security adviser.

Persons: Biden, —, Joe Biden, we've, Democrat Biden, Lael Brainard, Jake Sullivan Organizations: Service, Monday, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White, National Economic Council, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Ukraine, United States, U.S

☆ The Biden administration wants to make supply chains so strong that you don't have to think about them
▼ + stars: | 2023-11-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The Biden administration is taking action to keep supply chains strong after their pandemic woes. That includes forming a council on supply chain resilience, and pouring money into domestic drug production. To help keep supply chains strong, the White House is forming a new Council on Supply Chain Resilience and pouring money into alleviating drug shortages. Other new supply chain actions include creating a new data-driven Supply Chain Center with the Department of Commerce, which will analyze potential supply chain risks, and $275 million from the Department of Energy in grants towards clean energy supply chains. "Honestly, I think if we're successful, Americans won't have to think about supply chains," Gamble said, "because that means that they're more resilient, they're more stable."

Persons: Biden, —, frustratingly —, Joelle Gamble, Gamble Organizations: Service, White, National Economic Council, Department of Commerce, Department of Energy, Federal Reserve Bank of New Locations: United States

☆ Biden will convene his new supply chain council and announce 30 steps to strengthen U.S. logistics
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden listens during a meeting with his administration's Supply Chain Disruptions Task Force and private sector CEOs in the South Court Auditorium of the White House December 22, 2021 in Washington, DC. "We're determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future," said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Besides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, We're, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: Force, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Washington , DC, United States, U.S

☆ ‘Stop the price-gouging’: Biden hits corporations over high consumer costs
▼ + stars: | 2023-11-27 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

President Joe Biden took aim at corporations Monday for charging prices he said were artificially high even though the rate of inflation has slowed and some shipping costs have fallen. "We understand that people are still not feeling it, we get that," White House Press Secretary Karine Jean-Pierre said Monday, ahead of the president's supply chain event. The price hikes were driven by a combination of pent-up consumer demand, pandemic-era ecomonic stimulus and ongoing supply chain snarls. Biden's new Supply Chain Resilience Council, launched Monday, will aim to help keep the momentum of that recovery going. As part of the council's creation, Biden also announced 30 different initiatives to help ease supply chain pressures and and prevent future shortages for products like drugs and semiconductors.

Persons: Joe Biden, Eisenhower, Biden, Karine Jean, Pierre, they're Organizations: White House Council, Resilience, White, House Press, Bureau of Labor Statistics, Chain Resilience Locations: United States, Washington , U.S

☆ Biden to invoke Cold War-era law to boost medical supplies
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

U.S. President Joe Biden speaks at a dinner hosted by the Human Rights Campaign at the Washington Convention Center in Washington, U.S., October 14, 2023. REUTERS/Ken Cedeno/File Photo Acquire Licensing RightsWASHINGTON, Nov 27 (Reuters) - President Joe Biden will invoke a Cold War-era measure to boost investment in U.S. manufacturing of medicines and medical supplies that he has deemed important for national defense, the White House said. Biden will authorize the Department of Health and Human Services to use powers under the Cold War-era Defense Production Act to enable investments in "essential medicines," the White House said in a statement. The areas of investment also include "medical countermeasures," which include supplies that diagnose, prevent, or treat diseases related to chemical, biological, radiological, or nuclear attacks. He is holding his first meeting of a new White House Council on Supply Chain Resilience on Monday.

Persons: Joe Biden, Ken Cedeno, Biden, Lael Brainard, Jason Lange, Jeff Mason, Sonali Paul Organizations: Human, Washington Convention Center, REUTERS, Rights, of Health, Human Services, White, Democrat, White House Council, Economic Council, Thomson Locations: Washington , U.S, U.S

WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event to announce 30 actions to improve access to medicine and needed economic data and other programs tied to the production and shipment of goods. “We’re determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future,” said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Political Cartoons View All 1265 ImagesBesides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, “ We’re, ”, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: WASHINGTON, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: United States, U.S

“President Biden this coming week will be doing a lot more than just meeting with President Xi,” White House national security adviser Jake Sullivan told reporters in Washington on Monday. White House officials say they are cognizant that fellow APEC nations want to see better dialogue between the U.S. and China because it reduces the risk of regional conflict. Biden on Monday welcomed Indonesian President Joko Widodo, a fellow APEC leader, to the White House for talks before both travel to San Francisco. Israel's retaliatory operations in Gaza have killed more than 11,000, sparking outrage from a slew of world leaders. The stopgap measure excludes the roughly $106 billion funding requested by Biden for Israel, Ukraine and the U.S. border with Mexico.

Persons: Joe Biden, Xi Jinping, Xi, what's, Biden, Russia's, “, Jake Sullivan, Donald Trump, Obama, ”, Neils Graham, Joshua Kurlantzick, TPP, Trump, Joko Widodo, “ We’re, Matt Murray, Fumio Kishida, Yoon Suk Yeol, Ferdinand Marcos, Jr, Mike Johnson, Sullivan, ” Sullivan, ___ Long, Josh Boak, Chris Megerian, Darlene Superville, Zeke Miller Organizations: FRANCISCO, Economic Cooperation, U.S, Republican, House, White, APEC, Economic Forum, Pacific Partnership, Atlantic Council GeoEconomics, Southeast, Council, Foreign Relations, Biden, Administration, Indonesian, The, Office, Georgetown University, Hamas, Associated Press Locations: Asia, Pacific, United States, San Francisco, China, Israel, Washington, Beijing, U.S, Southeast Asia, Japan, South Korea, Gaza, Indonesian, Ukraine, Japanese, South, Philippine, Philippines, South China, Mexico

☆ GOP lawmakers call for VA to slash reliance on China for medical supplies
▼ + stars: | 2023-11-08 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —A pair of Republicans leading powerful House committees are calling for the Department of Veterans Affairs to speed up efforts to decrease the agency’s reliance on China for medical supplies, CNN has learned. The Covid-19 pandemic laid bare a dangerous vulnerability in America’s medical supply chains that resulted in shortages of masks, respirators and other life-saving gear. “The COVID-19 pandemic exposed the national security and public health risks of failing to guarantee adequate medical supplies. As the biggest buyer of medical supplies among federal agencies, it has considerable influence. Congress has attempted to take steps to boost the resilience of the nation’s medical supply chain by easing dependence on goods from less friendly nations like China.

Persons: Mike Gallagher, Mike Bost, Denis McDonough, Bost, Gallagher, “, ” Terrence Hayes, Joe Biden, Health Richard Stone, ” Bost, McDonough, Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, ” Organizations: New, New York CNN, Department of Veterans Affairs, CNN, Veterans ’, Chinese Communist Party, CCP, Department of Veteran Affairs, Defense Department, Department of Homeland Security, Department of Health, Human Services, Republicans, Health, World Trade Organization, Congress, Democratic, Republican Locations: New York, China, United States, America, Covid, Mexico, Malaysia

WASHINGTON (AP) — President Joe Biden is gathering leaders from countries across the Americas on Friday in the U.S. capital to discuss the tightening of supply chains and addressing migration issues. Kirby said the summit would also involve the “shared migration challenge” and the building of “meaningful economic opportunity” among the countries in the region. Political Cartoons View All 1233 ImagesBy contrast, the U.S. imported $562.9 billion worth of goods and services from China last year. Treasury Secretary Janet Yellen outlined the Biden administration's goals in a Thursday speech at the Inter-American Development Bank. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs.

Persons: Joe Biden, John Kirby, Kirby, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Economic Prosperity, ’, White, National Security, Western, U.S . Trade, Biden, Inter, American Development Bank, The Locations: Americas, U.S, Los Angeles, United States, China, Canada, Mexico, The U.S, America, Caribbean, South America

WASHINGTON (AP) — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. But if you’re not involved, this opens the door for anybody” to invest in Latin America. Latin America will be a region of increased focus in the next year, as Brazil takes the presidency of the Group of 20 international forum. A Treasury official told the AP that Yellen will be traveling frequently to South America and Latin America over the next year, due to Brazil's G-20 presidency.

Persons: Janet Yellen, Yellen, ” Yellen, Ilan Goldfajn, you’re, ” Organizations: WASHINGTON, —, Inter, American Development Bank, Partnership, Economic Prosperity, ’, White, “, Boston University Global Development, El, Associated Press, Treasury Department, Treasury, AP Locations: America, United States, U.S, Caribbean, Peru, Chile, Ecuador, Uruguay, Dominican Republic, Costa Rica, China, South America, American, Honduras, Taiwan, El Salvador, Nicaragua, Panama, Brazil, Latin America

☆ With eye on China, EU maps out de-risking, economic security strategies
▼ + stars: | 2023-10-05 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

EU also relied on China during the COVID pandemic for protective equipment and now for medicines and pharmaceutical raw materials. ECONOMIC SECURITY STRATEGYA reassessment of risk due to rising geopolitical tensions is also a key part of the European Economic Security Strategy unveiled in June. The strategy focuses on risks to supply chain resilience, physical and cyber security of critical infrastructure, technology security and leakage and weaponisation of economic dependencies or economic coercion. However, while the economic strategy does not name China, it talks of partnering with link-minded countries and de-risking, its policy of reducing reliance on China. The Commission, which oversees EU trade policy, has said the strategy, including the assessments, will be carried out with EU governments.

Persons: Philip Blenkinsop, Nick Macfie Organizations: European Union, EU, European Economic Security, European Commission, Commission, The, Thomson Locations: BRUSSELS, China, Ukraine, U.S, Russia, EU, Moscow, Brussels

WASHINGTON (AP) — This probably wasn't how President Joe Biden envisioned his big foreign policy week ending. Biden on Thursday hosted Ukraine President Volodymyr Zelenskyy at the White House. "There’s no alternative.”Biden has stepped up his attacks on Trump's foreign policy record, casting the former president and his close Republican allies as lackeys for Russian President Vladimir Putin. White House national security adviser Jake Sullivan on Thursday said the U.S. has had and will continue to have “high-level” contact with New Delhi on the matter. White House press secretary Karine Jean-Pierre declined to comment Friday on the indictment.

Persons: Joe Biden, Biden, Donald Trump, Sen, Bob Menendez, Menendez, ”, Ross Baker, “, Volodymyr Zelenskyy, Zelenskyy, ” Biden, Vladimir Putin, Putin, I’ve, Hardeep Singh, Justin Trudeau, Jake Sullivan, Narendra Modi, Richard Rossow, Karine Jean, Pierre, hasn't, Nicolás Maduro's, Barack, Trump, John Feeley, Feeley, Joshua Goodman Organizations: WASHINGTON, General Assembly, Republican, Ukraine, Senate Foreign Relations, Senate Democratic, Rutgers University, White, Capitol, Republican Party, Trump, United States Congress, Vancouver . Canadian, Nijjar, House, Indian, U.S ., Center for Strategic, Independent Studies, Biden, Associated Press Locations: Canada, India, Ukraine, Russian, New Jersey, U.S, United States, Russia, New York City, Vancouver, Ottawa, New Delhi, China, Washington, Caracas, Iran, America, Havana, Nicaragua, Panama, Miami

Afterward the summit, Biden and Vietnamese General Secretary Nguyen Phu Trong will meet in Hanoi and are expected to announce plans to tighten economic cooperation. The Chinese economy is weighed down by a property bubble, local government debt, high youth unemployment and a broader inability to rebound as expected from pandemic lockdowns. But so far this year, the U.S. economy has outperformed expectations as the Chinese economy has underperformed. Still, China’s economic challenges could create more geopolitical risk as economics can often inform national security strategies. At an August fundraiser in Utah, Biden called China's economy a “ticking time bomb.”“When bad folks have problems, they do bad things,” the president said.

Persons: Joe Biden, Biden, Xi Jinping, Li Qiang, Nguyen Phu Trong, ”, Colleen Cottle, Gina Raimondo, Raimondo, ” Raimondo, ” Biden, Xi, Kamala Harris, Jake Sullivan, ” Sullivan, Yun Sun, Narendra Modi, Modi, Tracy Brown Organizations: WASHINGTON, Group, World Bank, International Monetary Fund, Biden, South China, White, Associated Press, U.S, Association of Southeast Asian Nations, White House, IMF, Stimson, Indian Locations: India, Vietnam, United States, China, White, New Delhi, Hanoi, Malaysia, Philippines, Taiwan, Brunei, South, Washington, U.S, Beijing, Jakarta, Indonesia, The U.S, Pakistan, Kenya, Zambia, Laos, Mongolia, Utah, Ukraine

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ White House hails the end of the supply chain nightmare
▼ + stars: | 2023-06-08 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —White House officials on Thursday hailed the unclogging of supply chains and suggested that further easing of bottlenecks will help cool inflation. “Critical supply chains are significantly more fluid and resilient than they were when the President took office,” White House officials wrote in a supply chain scorecard shared first with CNN. The traffic jam of vessels backed up ports, once a symbol of the supply chain crisis, has all but disappeared. The White House economists said it is a “positive development for consumers” and struck a hopeful tone it will continue. The blog post said there is a high correlation between producer prices and supply chain pressures, suggesting the easing in supply chain pressure may continue to cool inflation.

Persons: ”, Biden, Biden’s, ” Lael Brainard, ” Torsten Slok, “ Organizations: New, New York CNN, White, CNN, National Economic Council, Consumers, IRI, Shipping, New York Federal, Apollo Global Management, Defense, EV, White House Council, Economic Advisers, Institute of Supply, Federal Reserve Locations: New York, Ukraine

☆ Washington and Tokyo vow closer chip cooperation
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Nishimura Yasutoshi, Minister of Economy, Trade and Industry (METI), talks during an interview with Reuters in Tokyo, Japan, April 5, 2023. In a joint statement, the two countries agreed to increase cooperation between their research and development hubs, as they map out future technology collaboration. The statement came after Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura met in Detroit with U.S. Secretary of Commerce Gina Raimondo. The two countries agreed to work together "to identify and resolve geographic concentrations of production undermining semiconductor supply chain resilience". Raimondo on Thursday met China's Minister of Commerce Wang Wentao in Washington where the pair exchanged views on trade, investment and export policies.

☆ UK plans 1 bln pounds of semiconductor investment in new strategy
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 19 (Reuters) - Britain announced 1 billion pounds ($1.26 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains. Britain will invest 200 million pounds in 2023-25, growing to up to 1 billion pounds in the next decade. The emphasis of Britain's strategy was on design and research, rather than making the semiconductors, although Britain said it would announce plans to support investment in the chip manufacturing sector by the autumn. The UK strategy comes after chip shortages worldwide during the COVID-19 pandemic disrupted a range of industries and hit car production, though they have now started to ease. The United States announced $52.7 billion in chip subsidies last year, while a European Union chips law proposes to bring about 43 billion euros ($47 billion) in investments.

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