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☆ U.S. solar energy company explains decision to set up a factory in the Philippines
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. solar energy company explains decision to set up a factory in the PhilippinesScott McHugo, founder and CEO of Sol-Go, discusses U.S. Secretary of Commerce Gina Raimondo's delegation to the Philippines, which his company is part of.

Persons: Philippines Scott McHugo, Commerce Gina Raimondo's Organizations: U.S, Sol, Commerce Locations: Philippines

☆ U.S. and China are working to make the business environment less volatile, Beijing says
▼ + stars: | 2024-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

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

Some users and analysts who bought the Mate 60 Pro say it uses a Chinese-made chip and is capable of 5G speeds. We are working overtime urgently to manufacture more so that more people can buy our products," Yu said. [1/4]People check a Huawei Mate 60 smartphone displayed at a Huawei flagship store in Beijing, China September 25, 2023. Huawei updated its official website after the event to add prices for its Mate 60 Pro+, which will start from 8,999 yuan ($1,230), and the Mate 60 RS Ultimate Design version, which is priced from 12,999 yuan. One shopper in the Beijing store, 29-year-old engineer Zhang Nianrong, said he saw the Mate 60 Pro as "carrying significance far beyond its value" and planned to buy it.

Persons: Gina Raimondo's, Apple's, Yu Chengdong, Yu, Maniler, Nelson Mandela, Florence Lo, Bryan Ma, Meng Wanzhou's, Washington . Meng, Ren Zhengfei, Zhang Nianrong, Yelin Mo, Brenda Goh, Sophie Yu, Himani Sarkar Organizations: Huawei Technologies, Huawei, U.S . Commerce, Weibo, REUTERS, IDC, Thomson Locations: BEIJING, SHANGHAI, China, Hong Kong, South Africa, Beijing, Iran, U.S, Washington

☆ US Treasury launches US-China economic, financial working groups
▼ + stars: | 2023-09-22 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 22 (Reuters) - The U.S. Treasury Department on Friday said it was formally launching two new U.S.-China working groups on economic and financial issues aimed at providing a regular policy communications forum between the world's two largest economies. In a statement, the Treasury said the two groups would "meet on a regular cadence" and report to Yellen and Chinese Vice Premier He Lifeng. China's Ministry of Finance will be Treasury's counterpart for the Economic Working Group, while the People's Bank of China will be its counterpart for the Financial Working Group. China's Finance Ministry and central bank both issued statements confirming the establishment of the economic and financial working groups but gave few details beyond saying they were aimed at strengthening communication and collaboration on these issues. Establishment of the two working groups also follows Commerce Secretary Gina Raimondo's agreement with Chinese officials in August to establish a working group on U.S. export controls aimed at explaining U.S. policies.

Persons: Yellen, Gina Raimondo's, Donald Trump, David Lawder, Christina Fincher Organizations: U.S . Treasury Department, Treasury, China's Ministry, Finance, Economic, People's Bank of, Financial, China's Finance Ministry, State, Thomson Locations: China, China's, People's Bank of China, Beijing, U.S, Washington

☆ Yellen says U.S. 'soft landing' can weather strike, govt shutdown, student loan risks
▼ + stars: | 2023-09-19 | by ( David Lawder | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during an interview in New York City, U.S., September 18, 2023. President Joe Biden's administration is working to encourage both sides to resolve the strike quickly, Yellen said. The U.S. Treasury market "continues to function pretty well" despite higher rates and some volatility, she said. But nothing that is really out of line with what you would expect given the volatility in the underlying market," Yellen added. CHINA "DE-RISKING"She said China's economic slowdown would have a limited impact on U.S. growth, echoing recent comments from Deputy Treasury Secretary Wally Adeyemo.

Persons: Janet Yellen, Shannon Stapleton, Yellen, Joe Biden's, Biden, Kevin McCarthy, Wally Adeyemo, Gina Raimondo's, David Lawder, Chizu Organizations: Treasury, REUTERS, . Treasury, Reuters, United Auto Workers, Federal Reserve, UAW, Detroit automakers, Republicans, U.S . Senate, U.S . Treasury, Thomson Locations: New York City, U.S, Detroit, United States, CHINA, China

The Fund will strongly urge Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate, she said. "Our advice to China is use your policy space in a way that helps you shift your growth model towards more domestic consumption," Georgieva said. "We actually project that without structural reforms, medium term growth in China can fall below 4%," Georgieva said. ANEMIC GLOBAL GROWTHThe IMF is preparing to issue a new set of global growth forecasts ahead of IMF and World Bank annual meetings Oct. 9-15. With China generating about a third of global growth this year, its growth rate "matters to Asia, and it matters to the rest of the world," Georgieva said.

Persons: Yuri Gripas, Kristalina Georgieva, Georgieva, Gina Raimondo's, Andrea Shalal, David Lawder, Chris Reese, Tom Hogue Organizations: Monetary Fund, REUTERS, Rights, Reuters, IMF, World Bank, U.S . Commerce, Thomson Locations: Washington , U.S, China, Beijing, United States, Europe, Morocco, Asia

U.S. Commerce Secretary Gina Raimondo's trip to China last month had promised some economic and trade detente between the two superpowers now at loggerheads. And none of the 222 funds polled expected China economic growth to be any higher next year than this - mirroring a recent Reuters survey of domestic and overseas banks and investors. As these sorts of surveys go, there's an awful lot in there that could spell "peak gloom". Indeed, shorting China equities was deemed the second "most crowded trade" behind long exposure to supercharged Big Tech stocks. Even if the economy turns, political catalysts for a return to China may be slow in coming.

Persons: Aly, Gina Raimondo's, it's, Jamie Dimon, Jay Clayton, Jenny Johnson, Franklin Templeton, Willem Sels, Mike Dolan, Sharon Singleton Organizations: REUTERS, . Commerce, Bank of, Big Tech, Reuters, Reuters Graphics Reuters, JPMorgan, Investments, The Ontario Teachers, Caisse, Franklin, HSBC Private Banking, Thomson Locations: Shanghai, Shenzhen, China, loggerheads, Wall, Asia, Silicon Valley, Hong Kong, Temasek, Bridgewater, Blackrock, India, Indonesia, Washington, United States

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it." Huawei and SMIC did not immediately respond to requests for comment.

Persons: Yelin, they've, Dan Hutcheson, TechInsights, chipmaker SMIC, Hutcheson, Gina Raimondo's, it's, China's, Brenda Goh, Joyce Lee, David Kirton, Miyoung Kim, David Evans Organizations: Huawei, REUTERS, Rights, Huawei Technologies, Reuters, The, HK, U.S . Commerce, SMIC, Apple, South Korea's SK Hynix Inc, SK Hynix, U.S, Thomson Locations: Beijing, China, The Ottawa, Huawei's, U.S, Seoul, Shenzhen

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. REUTERS/Yelin Mo/File Photo Acquire Licensing RightsSHANGHAI, Sept 7 (Reuters) - Huawei Technologies' new high-end smartphone contains more China-made chip components than previous models in a sign of Beijing's advances in the semiconductor sphere, according to research firm TechInsights, which is taking the device apart. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it."

The difficulty of this achievement also shows the resilience of the country’s chip technological ability," TechInsights analyst Dan Hutcheson said. EUV refers to extreme ultraviolet lithography and is used to make 7 nm or more advanced chips. LIMITED ACHIEVEMENTThe most advanced chip SMIC had previously been known for making was 14nm, as it was barred by Washington in late 2020 from obtaining an EUV machine from Dutch firm ASML (ASML.AS). But TechInsights last year said it believed SMIC had managed to produce 7 nm chips by tweaking simpler DUV machines it could still purchase freely from ASML. Jefferies analysts reckon Huawei is preparing to ship ten million units of the Mate 60 Pro, though it may struggle to support that quantity with China-made 7 nm chips.

Persons: Gina Raimondo's, chipmaker SMIC, Dan Hutcheson, EUV, Jefferies, TechInsights, SMIC, Tilly Zhang, Dragonomics, Zhang, Doug Fuller, David Kirton, Max Cherney, Brenda Goh, Miyoung Kim, Nick Zieminski Organizations: FRANCISCO, Huawei Technologies, U.S, Huawei, U.S . Commerce, Kirin, HK, U.S . Commerce Department's, of Industry, Security, China, U.S . Department of Commerce, China's State Council, Reuters, Copenhagen Business School, Thomson Locations: SHENZHEN, China, California, Washington, Ottawa, U.S, China's, Netherlands

☆ We will probably get a government shutdown, but markets will look past it: Stifel's Brian Gardner
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe will probably get a government shutdown, but markets will look past it: Stifel's Brian GardnerBrian Gardner, Stifel Financial chief Washington policy strategist, joins 'Squawk Box' to discuss the return of Congress after Labor Day, whether the U.S. can avoid a government shutdown, the impact on markets and investors, Commerce Secretary Gina Raimondo's trip to China, and more.

Persons: Brian Gardner Brian Gardner, Gina Raimondo's Organizations: Stifel Financial, Labor Locations: Washington, U.S, China

☆ China says drop in trade with the U.S. is 'a direct consequence of U.S. moves'
▼ + stars: | 2023-08-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Jason Lee | ReutersBEIJING — China's ambassador to the U.S., Xie Feng, has blamed U.S. tariffs and export controls for a drop in trade between the two countries. "This is a direct consequence of U.S. moves to levy Section 301 tariffs on Chinese imports, abuse unilateral sanctions and further tighten up export controls," he said. China's trade partnersThe U.S. is China's largest trading partner on a single country basis. Following her meetings with Chinese government officials, the U.S. and China agreed to establish regular communication channels on commerce, export controls and protecting trade secrets. Xie claimed that average U.S. tariffs on Chinese products were 19%, while the Chinese tariffs on U.S. goods averaged 7.3%.

Persons: Jason Lee, Xie Feng, Xie, Gina Raimondo's, Raimondo, Trump, Joe Biden, Janet Yellen Organizations: Reuters, Reuters BEIJING —, Forbes, U.S, China Business Forum, European Union and Association of Southeast, . Commerce Secretary, . Commerce, The Locations: Washington, Beijing, Taiwan, South China, Reuters BEIJING, U.S, China, New York, U.S . China, United States, Nations, France, Japan, The U.S

☆ Chinese officials have yet to grasp the enormity of recent changes and its impact, says Jeff Moon
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese officials have yet to grasp the enormity of recent changes and its impact, says Jeff MoonJeff Moon, China Moon Strategies founder and former assistant U.S. trade representative for China, joins 'Squawk on the Street' to discuss Commerce Secretary Gina Raimondo's visit to China, whether the Secretary's visit was helpful to spur investment in the country, and more.

Persons: Jeff Moon Jeff Moon, Gina Raimondo's Organizations: China Moon Locations: China

☆ U.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham China
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham ChinaMichael Hart, president of the American Chamber of Commerce in China, discusses U.S. Commerce Secretary Gina Raimondo's China visit and explains why she's in an "interesting position."

Persons: Raimondo, Michael Hart, Gina Raimondo's Organizations: American Chamber of Commerce, U.S, Commerce Locations: China, Gina Raimondo's China

☆ There's a 'window of opportunity' for U.S. and China to stabilize relations, analyst says
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a 'window of opportunity' for U.S. and China to stabilize relations, analyst saysGabriel Wildau, managing director of Teneo, says "that window is set to close later this year," and discusses U.S. Commerce Secretary Gina Raimondo's visit to China.

Persons: Gabriel Wildau, Teneo, Gina Raimondo's Organizations: U.S, Commerce Locations: China

☆ U.S. wants to persuade China that it's not trying to constrain its growth, strategist says
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. wants to persuade China that it's not trying to constrain its growth, strategist saysAndy Rothman, investment strategist at Matthews Asia and former head of macroeconomics and domestic policy at the U.S. embassy in Beijing, discusses U.S. Commerce Secretary Gina Raimondo's visit to China and says President Joe Biden began to "recalibrate" his approach to China in April.

Persons: it's, Andy Rothman, Matthews, Gina Raimondo's, Joe Biden Organizations: Matthews Asia, U.S, Commerce Locations: China, Beijing

☆ Raimondo meets Chinese officials in 'tricky' visit as countries seek a more stable relationship
▼ + stars: | 2023-08-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

U.S. Commerce Secretary Gina Raimondo speaks during a Reuters interview at the Department of Commerce in Washington, September 23, 2021. U.S. Secretary of Commerce Gina Raimondo is set to meet with senior Chinese officials and U.S. business leaders in Beijing as the two countries continue high-level talks. Her trip is a crucial but also a tough one to tread with U.S.-China economic ties hanging in the balance, according to a former senior U.S. diplomat. Thornton previously served as acting assistant secretary for East Asian and Pacific Affairs at the State Department. She said Raimondo would want to "get some business done for U.S. businesses," on top of promoting and stabilizing trade relations with China.

Persons: Gina Raimondo, Gina Raimondo's, Susan Thornton, CNBC's, Thornton, She, Raimondo, Paul Tsai Organizations: Commerce, Department of Commerce, East Asian, Pacific Affairs, State Department, Paul Tsai China Center, Yale Law School Locations: Washington, Beijing, China, U.S

☆ Secretary Raimondo's trip to China needs to rebuild habits of cooperation, says Longview Global
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSecretary Raimondo's trip to China needs to rebuild habits of cooperation, says Longview GlobalDewardric McNeal, Managing Director & Senior Policy Analyst at Longview Global, discuss Secretary Gina Raimondo's trip to Beijing and what it means for U.S.-China relations.

Persons: McNeal, Gina Raimondo's Organizations: Longview Global, U.S Locations: China, Longview, Beijing

☆ China needs investments now to help improve its economic situation: Asia Society's Wendy Cutler
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina needs investments now to help improve its economic situation: Asia Society's Wendy CutlerWendy Cutler, Asia Society vice president and former Acting Deputy U.S. Trade Representative under President Obama, joins 'Squawk Box' to preview Commerce Secretary Gina Raimondo's visit to China, what it means for U.S.-China relations, and more.

Persons: Wendy Cutler Wendy Cutler, Obama, Gina Raimondo's Organizations: China, Asia Society, . Trade, U.S Locations: Asia, China

☆ We shouldn't have high expectations from U.S. Commerce secretary's visit to China: Brookings' Dollar
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe shouldn't have high expectations from U.S. Commerce secretary's visit to China: Brookings' DollarDavid Dollar, Brookings Institute senior fellow, and Stefan Selig, former Under Secretary of Commerce for International Trade, join 'The Exchange' to discuss why the U.S. should 'proceed with caution' in its relationship with China, the important parts of U.S. Secretary of Commerce Gina Raimondo's trip to China, and more.

Persons: David Dollar, Stefan Selig, Commerce Gina Raimondo's Organizations: . Commerce, Brookings, Brookings Institute, Commerce for International Trade, Commerce Locations: China, U.S

LONDON, Aug 23 (Reuters) - The United States and China may feel some financial detente is wise at this point - even if goading one another plays well domestically. But elements of the once-feared bind of 'mutally-assured financial destruction' (MAFD) still apply. Pulling the rug out from under either - battering U.S. and Chinese demand in effect - seems to make little economic sense at least. America had new markets and investments and a seemingly durable new creditor that kept borrowing rates low and consumption up. Falling China Share of Foreign US Treasury HoldingsChina FX Reserves vs Global ReservesUS Treasury Debt Climbs as Fed Pulls Back'MAFD'But is that where the situation has landed post-pandemic?

Persons: Larry Summers, Summers, Goldman Sachs, Jim O'Neill, O'Neill, Gina Raimondo's, Stephen Jen, Eurizon SLJ, Treasuries, Deepa Babington Organizations: U.S . Treasury Securities, ., Treasury, Foreign US Treasury Holdings China FX, Global Reserves, U.S ., Commerce, U.S, Reuters Graphics Reuters, Reuters, Thomson Locations: United States, China, Washington, Ukraine, Taiwan, Hong Kong, U.S, Beijing, America

☆ Chinese Premier Li: Sino-U.S. relations, trade cooperation face difficulties
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Chinese Premier Li Qiang attends a meeting with U.S. Special Presidential Envoy for Climate John Kerry (not pictured) at the Great Hall of the People in Beijing, China July 18, 2023. REUTERS/Florence Lo/Pool/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - Bilateral relations and economic and trade cooperation between China and the United States are facing difficulties, Chinese Premier Li Qiang told the chair of the U.S.-China Business Council heading a USCBC delegation on a visit to Beijing. "At present, China-U.S. relations and economic and trade cooperation are facing some difficulties, which require both sides to show sincerity, move towards each other and make joint efforts," Li told USCBC chair Marc Casper on Monday, according to the Chinese state news agency Xinhua. Li added that China is willing to work with the U.S. to jointly safeguard international trade rules and ensure the stability of global industrial chains. Reporting by Ella Cao, Liangping Gao in Beijing and Meg Shen in Hong Kong, editing by Ed Osmond and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, John Kerry, Florence Lo, Li's, Gina Raimondo's, Li, Marc Casper, Casper, Jin Zhuanglong, Ella Cao, Liangping Gao, Meg Shen, Ed Osmond, Mark Heinrich Our Organizations: U.S, of, People, REUTERS, Rights, U.S ., China Business Council, U.S . Commerce, Bloomberg, Xinhua, Chinese Industry, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, Rights BEIJING, United States, U.S, Hong Kong

☆ Chinese hackers breached email accounts of top U.S. diplomats
▼ + stars: | 2023-07-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

(Photo by Leah MILLIS / POOL / AFP) (Photo by LEAH MILLIS/POOL/AFP via Getty Images)China-linked hackers breached the email account of U.S. The hackers also accessed the email account of Daniel Kritenbrink, the assistant Secretary of State for East Asia, who recently travelled with Secretary of State Antony Blinken to China, said NBC, citing two U.S. officials familiar with the matter. CNBC reached out to China's Foreign Ministry for comment but has yet to hear back. The beach was limited to the diplomats' unclassified email accounts, NBC said adding that Secretary of Commerce Gina Raimondo's email account was also accessed in the breach, as previously reported. The news, first reported by the Wall Street Journal, further fuels the fallout for the U.S. of the alleged Chinese hack first revealed last week.

Persons: Antony Blinken, Central Foreign Affairs Commission Wang Yi, Leah MILLIS, LEAH MILLIS, China Nicholas Burns, Daniel Kritenbrink, Commerce Gina Raimondo's Organizations: Central Foreign Affairs Commission, Getty Images, NBC News, State, NBC, CNBC, China's Foreign, Commerce, Wall Street Journal, U.S Locations: Diaoyutai, Beijing, China, East Asia

☆ Nikki Haley heads to fundraiser hosted by Wall Street executives
▼ + stars: | 2023-02-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Nikki Haley, a Republican who jumped into the 2024 presidential race this month, is set to attend a fundraising event for her campaign hosted by Wall Street executives in New York on Tuesday, according to an invitation first reviewed by CNBC. The Tuesday fundraiser for Haley's campaign is one of her first trips to New York as a candidate for president. Morning Consult's GOP primary tracker shows Haley has 6% of support from potential Republican voters. Former President Donald Trump garners support from about 50% of GOP primary voters, according to Morning Consult. Finance executives have played key fundraising roles for political campaigns of both parties for well over a decade.

☆ Rhode Island Gov. Daniel McKee faces off against Republican Ashley Kalus in gubernatorial election
▼ + stars: | 2022-11-08 | by ( Hanna Kang | ) www.businessinsider.com time to read: +2 min

Daniel McKee is running against Republican Ashley Kalus in Rhode Island's gubernatorial race. Daniel McKee faces off against Republican Ashley Kalus in Rhode Island's gubernatorial election. Rhode Island's gubernatorial candidatesMcKee was sworn in as governor following former Rhode Island Gov. Kalus, McKee's challenger, is a relative newcomer to Rhode Island, which prompted McKee's campaign to slam her as an outsider. Rhode Island's voting historyRhode Island went for President Joe Biden over Trump by nearly 20 percentage points in 2020.

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