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REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsWASHINGTON, Nov 29 (Reuters) - U.S. budget wrangling could further delay funding approval for new agreements with Pacific island nations meant to counter Chinese influence, creating an opportunity for Beijing in the strategically vital region, congressional and other sources say. But congressional sources say this looks impossible as lawmakers argue over spending priorities, raising concerns that a further delay could create an opening for China, which has been wooing financially strapped Pacific economies. "It's feeling pretty dead in the NDAA context," the source said, adding that focus had turned to finding other legislation to secure the COFA funding. "It is really incomprehensible given the amount we're talking about ... why Congress cannot get its act together," Yun said. "What we risk is China getting in where we really don't want them – in places like Palau, RMI, FSM.
Persons: Mike Pompeo, Jonathan Ernst, Biden, Mike Johnson's, Joseph Yun, Yun, David Brunnstrom, Michael Martina, Patricia Zengerle, Don Durfee, Daniel Wallis Organizations: U.S, Pohnpei International, REUTERS, Rights, Federated, Marshall, RMI, Washington, Free Association, National Defense, Reuters, Republicans, Natural Resources, Foreign Affairs, New Republican, Biden, State Department, White House National Security Council, Thomson Locations: Pohnpei, Kolonia, States, Micronesia, Pacific, Beijing, Federated States, Palau, China, Ukraine, U.S, Hawaii, Philippines, Washington
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.
Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs
Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."
"This falls into the category of a game changing view of Chinese companies because the threat of their delisting seems to have been eliminated," said Art Hogan, chief market strategist at B. Riley Financial. However, the relief was not seen in Thursday's trading for U.S.-listed shares of Chinese companies, which were higher amid the news, but gave up gains and some ended sharply lower. Washington and Beijing reached a landmark deal in August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. U.S. lawmakers in 2020 agreed to legislation that would oust Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards.
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