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☆ ‘No force’ can stop China’s tech progress, Xi Jinping tells Dutch PM
▼ + stars: | 2024-03-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

There was a surge in sales of ASML’s advanced chipmaking tools to China last year — ahead of the Dutch ban. In the fourth quarter of 2023, China accounted for 39% of ASML’s total revenue, according to the company. For 2023 as a whole, China’s share of ASML’s revenue was 29%, doubling from 14% in 2022. “China’s access to [these high-end chipmaking] machines is key to its commercialization of 7-nanometer logic chips,” they added. “China has been aggressively buying semiconductor equipment to build out production lines in both advanced and mature nodes,” according to Jefferies.

Persons: Xi Jinping, Mark Rutte, ASML, ” Xi, Rutte, Wang Wentao, Geoffrey van Leeuwen, ” Wang, “, ” Jefferies, Jefferies Organizations: Hong Kong CNN, Dutch, United, ”, Dutch Trade, Huawei, China’s Semiconductor Manufacturing International Corporation Locations: Hong Kong, China, Netherlands, Beijing, United States, Europe

☆ Walmart cut starting pay for some new jobs
▼ + stars: | 2023-09-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

The pay change did not apply to any existing employees. Walmart’s starting pay ranges from $14 to $19 depending on the store and local market. Walmart said it made the change so its starting pay was consistent across store jobs, whether workers were cashiers, shelf stockers or helped with online orders. “Consistent starting pay results in consistent staffing and better customer service,” a Walmart spokesperson said in a statement. While Walmart reduced pay for future hires, it increased the pay scale for some existing employees.

Persons: ” Jefferies, Corey Tarlowe, “ Organizations: New, New York CNN, Walmart, Street Journal, Federal Reserve Locations: New York

☆ SMIC stock plunges as US calls for further sanctions of China's top chipmaker over Huawei smartphone
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip that is believed to have been made by SMIC. TechInsights, a research organization based in Canada specializing in semiconductors, revealed shortly after the launch that the smartphone contained a new 5G Kirin 9000s processor developed specifically for Huawei by SMIC. Gallagher was quoted as saying SMIC may have violated US sanctions, as this chip likely could not be produced without US technology. Hua Hong Semiconductor, China’s second largest chip foundry, tumbled 4.8%.

Persons: SMIC, ” Jefferies, Qilai Shen, Mike Gallagher, Gallagher, ”, Texas Republican Michael McCaul, “, Gina Raimondo, Raimondo, SMIC’s, Biden Organizations: Hong Kong CNN —, House, Huawei Technologies, Kirin, Huawei, SMIC, Semiconductor Manufacturing International Corp, Bloomberg, Getty, US Commerce Department, Reuters, Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor, Texas Republican, Foreign Affairs Committee, US, US Commerce, Huahong Semiconductor, CNN, Jefferies Locations: China, Hong Kong, SMIC, China’s, Chinese, Shanghai, United States, Canada

Many companies have complained about poor railroad service over the past couple years as the industry worked to recover from the depths of the pandemic. It, however, welcomed regulators establishing some clear minimum service standards for railroads that never existed before and requiring railroads to report more details about their performance. Getting the rule right is important because roughly 75% of refineries and petrochemical manufacturers are only served by a single railroad. Canadian regulators have long had similar rules that allow companies to hire other railroads to deliver their goods. The Canadian rules don't require companies to prove they are getting poor service like the proposed new U.S. rules.

Persons: Scott Jensen, Martin Oberman, ” Oberman, Rob Benedict, Benedict, Ian Jefferies, ” Jefferies, Jeremy Ferguson, ” Ferguson Organizations: — Companies, Surface Transportation, American Chemistry Council, Chemistry, American, and Petrochemical Manufacturers, Association of American Railroads, Transportation Division, International Association of, Rail, Transportation Workers Locations: OMAHA, Neb, U.S, North America, Canada, Mexico

☆ China just played a trump card in the chip war. Are more export curbs coming?
▼ + stars: | 2023-07-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Beijing hit back Monday by playing a trump card: It imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. Beyond China, Australian rare earths producers also advanced, as investors expected Beijing might extend export curbs to that group of strategically important minerals. “If this action doesn’t change the US-China dynamics, more rare earth export controls should be expected,” Jefferies analysts said. China cut its rare earths export quota in 2010 amid tensions with the United States.

Persons: ”, Biden, China’s, Janet Yellen, Jefferies, ” Jefferies, CNN’s Hanna Ziady, Xiaofei Xu Organizations: Hong Kong CNN, Jefferies, Micron Technology, Micron, China, Geological Survey, Eurasia Group, Group, United, Analysts Locations: Hong Kong, China, United States, Beijing, Washington, Netherlands, Japan, Australian, States, United Kingdom, Germany, Belgium

☆ Nvidia says US curbs on AI chip sales to China would cause ‘permanent loss of opportunities’
▼ + stars: | 2023-06-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Nvidia warned Wednesday that if the United States imposes new restrictions on the export of AI chips to China, it would result in a “permanent loss of opportunities” for US industry. The rules, as reported, could make it harder for companies like Nvidia (NVDA) to sell advanced chips to China. Fueled by a boom in demand for its AI chips, the company briefly hit a market capitalization of $1 trillion in late May. We do not anticipate any immediate material impact on our financial results,” Kress added. Chinese AI stocks suffered much heavier losses.

Persons: Colette Kress, “, ” Kress, ”, Biden, ” Jefferies Organizations: Hong Kong CNN, Nvidia, Wall Street, Financial Times, US Department of Commerce, CNN, Bloomberg, Chengdu Information Technology, Chinese Academy of Sciences, Baidu, Biden, Micron Technology Locations: Hong Kong, United, China, Washington, Shenzhen, Chengdu, ChatGPT, Beijing

☆ Go First bankruptcy isn’t the end of the Indian airline, says owner
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +2 min

His comments came a day after the cash-strapped Indian airline filed for bankruptcy, blaming “faulty” Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The airline owed financial creditors 65.21 billion Indian rupees ($797 million), its bankruptcy filing showed. Boon for rivalsGo First’s bankruptcy may boost airfares in India and give other domestic airlines a chance to grab a larger chunk of the market share, analysts said. Share prices of India’s largest airline, IndiGo, were up 5.1% on Wednesday, after rising as much as 8.2% earlier. Lenders to Go First, including Central Bank of India, Bank of Baroda, IDBI Bank and Axis Bank, fell on Wednesday.

☆ SVB fallout: Is my money safe?
▼ + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +6 min

New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.

☆ Gucci Launches Sustainability Drive as European Fashion Regulation Looms
▼ + stars: | 2023-02-22 | by ( Joshua Kirby | ) www.wsj.com time to read: +6 min

It will boost transformation in the Italian fashion industry’s production models, said Gucci in a joint release with French parent Kering. “Luxury brands generally have strong and transparent supply chains and an opportunity to better communicate sourcing quality,” they said. “Luxury brands have the burden to stand for our better selves, as they embody people’s aspirations and ideals,” Mr. Solca said. In 2018, U.K. luxury fashion house Burberry said it would stop burning unsold inventory amid pressure from environmental groups, but some peers continue the practice. The hub’s activities will later be extended to Kering’s other brands, before opening to the wider fashion sector.

New York CNN Buiness —With a crippling freight rail strike looming in two weeks, leaders of four railroad unions and management of the major US freight railroads are due back at the negotiating table Tuesday afternoon. It will be the first joint negotiating session for the four unions, whose rank-and-file members rejected the five-year labor agreements similar to deals accepted by the eight other rail unions in recent months. If any one of the unions goes on strike, it would be honored by all 12 unions, which would bring US freight rail service to a halt. Union members also would receive cash bonuses of $1,000 a year. All told, the backpay and bonuses would give union members an average payment of $11,000 per worker once the deal is ratified.

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