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Breakingviews - Corona Capital: Satellites, Shoes
  + stars: | 2021-01-15 | by ( Breakingviews Columnists | ) www.reuters.com + 0.00   time to read: +6 min
LONDON/NEW YORK/HONG KONG (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. OneWeb now claims $1.4 billion of funding, including $50 million from America’s Hughes Network Systems, which implies SoftBank is putting in $350 million. The charitable interpretation is that Son always liked OneWeb, but his hands were tied because of a Covid-19 cash crunch. Even so, the risk is that SoftBank gets stuck funding an asset that has historically incinerated cash. OneWeb, which has launched 110 of its planned 650-satellite constellation, will need over $2 billion to finish the job.
Persons: Regis Duvignau, OneWeb, SoftBank, Liam Proud, Anna Szymanski, Xi Jinping, queasy, Katrina Hamlin, Ed Cropley, Christian Klein, Klein Organizations: Reuters, Corona, Airbus, REUTERS, telco Bharti Global, America’s Hughes Network Systems, U.S . Commerce Department, NPD Group, South African Breweries, Anheuser, Busch InBev, SAB, SAP, ServiceNow Locations: HONG KONG, Blagnac, Toulouse, France, OneWeb, U.S, China
U.S. business inventories rise in November
  + stars: | 2021-01-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
WASHINGTON, Jan 15 (Reuters) - U.S. business inventories increased in November, supporting expectations that inventory investment was likely the main driver of economic growth in the fourth quarter. Business inventories rose 0.5% in November after increasing 0.8% in October, the Commerce Department said on Friday. Retail inventories rose 0.7% in November as estimated in an advance report published last month. Inventories added to GDP growth in the third quarter after being a drag for five straight quarters. At November’s sales pace, it would take 1.32 months for businesses to clear shelves, unchanged from October.
Persons: Jan, Stocks, Lucia Mutikani Organizations: Commerce Department
Walmart head of U.S. e-commerce to retire
  + stars: | 2021-01-15 | by ( Reuters Staff | ) www.reuters.com + 0.96   time to read: +1 min
FILE PHOTO: Marc Lore, president and CEO of Walmart eCommerce U.S. and former founder and CEO of Jet.com, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake(Reuters) - Walmart Inc Chief Executive Officer of U.S. e-commerce Marc Lore will be stepping down from his role at the end of the month, a regulatory filing showed on Friday. Lore was the co-founder of Jet.com, which Walmart acquired in 2016 to bolster its e-commerce ambitions and was later absorbed into the retail giant’s own online business. The company said it has unified its store and e-commerce teams, and the combined U.S. omni-channel business will report to Walmart U.S CEO John Furner from Feb. 1. Lore will serve in a consulting role with Walmart through September.
Persons: Marc Lore, Mike Blake, Lore, John Furner Organizations: Walmart, Jet.com, Wall Street Journal Digital, REUTERS, Walmart Inc, omni Locations: Walmart eCommerce, Laguna Beach , California, U.S
U.S. retail sales decline; manufacturing output rises
  + stars: | 2021-01-15 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +4 min
FILE PHOTO: A Saint Laurent store in SoHo is closed, as retail sales suffer record drop during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 15, 2020. Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 1.9% last month after a downwardly revised 1.1% decline in November. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. JOB LOSSESThe continued weakness in core retail sales prompted economists to cut their consumer spending and GDP growth estimates for the fourth quarter. In a separate report on Friday, the Federal Reserve said manufacturing production rose 0.9% last month after advancing 0.8% in November.
Persons: Saint Laurent, Bryan R Smith, Joe Biden, , Lydia Boussour, , Ryan Sweet Organizations: WASHINGTON, REUTERS, Oxford Economics, Commerce Department, Data, Consumers, Treasury, Federal Reserve, , Manufacturers Locations: COVID, SoHo, New York City , New York, U.S, New York, West Chester , Pennsylvania
COVID-19 pressures U.S. retail sales; manufacturing shines
  + stars: | 2021-01-15 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +6 min
WASHINGTON (Reuters) - U.S. retail sales fell for a third straight month in December as renewed measures to slow the spread of COVID-19 triggered job losses, further evidence that the wounded economy lost considerable speed at the end of 2020. FILE PHOTO: A Saint Laurent store in SoHo is closed, as retail sales suffer record drop during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 15, 2020. Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 1.9% last month after a downwardly revised 1.1% decline in November. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. JOB LOSSESThe steep declines in core retail sales prompted economists to cut their consumer spending and GDP growth estimates for the fourth quarter.
Persons: Saint Laurent, Bryan R Smith, Joe Biden’s, , Steven Blitz, Lydia Boussour, , Donald Trump’s, Ryan Sweet, Rubeela Farooqi Organizations: WASHINGTON, REUTERS, Commerce Department, U.S, Congress, TS Lombard, Consumers, Oxford Economics, Capitol, University of Michigan, Treasury, Federal Reserve, , Manufacturers, Labor Department Locations: COVID, SoHo, New York City , New York, U.S, New York, West Chester , Pennsylvania, White Plains , New York
UK economy pushed into reverse by November lockdown
  + stars: | 2021-01-15 | by ( David Milliken | William Schomberg | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - Britain’s economy shrank in November for the first time since the initial COVID-19 lockdown last spring, hit by a tightening of social-distancing rules. FILE PHOTO: Workers cross London Bridge with The Shard skyscraper seen behind on a foggy morning, in the City of London financial district, amid the spread of the coronavirus disease (COVID-19), London, Britain, December 7, 2020. Britain’s economy, which shrank more sharply than any other major advanced economy in the first half of 2020, is now 8.5% smaller than it was before the start of the coronavirus pandemic in February. Friday’s data showed Britain’s economy in November was 8.9% smaller than a year earlier, a smaller drop than the 12.1% fall forecast in a Reuters poll. In October the economy had been 6.8% smaller than a year before.
Persons: Toby Melville, , Rishi Sunak, Sunak, , Thiru, BoE Governor Andrew Bailey, BoE, Ben Broadbent Organizations: REUTERS, Reuters, Chambers of Commerce, National Statistics, European Union, ONS Locations: City, London, Britain, Europe, England, United Kingdom
The problems stem from a confluence of factors as auto manufacturers compete against the sprawling consumer electronics industry for chip supplies. In at least one case, the shortage ties back to President Donald Trump’s policies aimed at curtailing technology transfers to China. Huawei stockpiled chips ahead of the ban in order to keep building what products it could after it took effect. An AutoForecast Solutions report estimated the global auto industry had already experienced lost volume of 202,000 vehicles as of Jan. 13. Executives at automakers and suppliers said they are adapting production schedules to protect chips used in higher-profit vehicles.
Persons: Kamil Krzaczynski, Donald Trump’s, TSMC, , SMIC, C.C, Wei, Ford, Mike Hogan, Trump, eyeing, Daniel Goehl, Organizations: Reuters, Trump, Ford, Plant, REUTERS, Ford Motor Co, Subaru Corp, Toyota Motor Corp, Volkswagen, Nissan Motor Co Ltd, Fiat Chrysler Automobiles, Consumers, China’s Semiconductor Manufacturing, U.S, Taiwan Semiconductor Manufacturing Co, TSMC, Lexus, HUAWEI, House, Huawei Technologies Co, Huawei, UltraSense Systems, Commerce, Huawei blacklistings, Analysts Locations: Chicago , Illinois, U.S, United States, China, Taiwan, TSMC, Kentucky, Saarlouis, Germany
SINGAPORE — Shares in Asia-Pacific edged higher in Friday morning trade as investors regionally react to the release of U.S. President-elect Joe Biden's $1.9 trillion coronavirus rescue package. In Japan, the Nikkei 225 gained 0.17% while the Topix index dipped 0.1%. Meanwhile, shares in Australia were higher, with the S&P/ASX 200 up 0.17%. MSCI's broadest index of Asia-Pacific shares traded 0.18% higher. Hong Kong-listed shares of CNOOC will be monitored by investors on Friday.
Persons: Joe Biden's Organizations: Nikkei, U.S . Commerce Department Locations: SINGAPORE, Asia, Japan, Australia, Pacific, Hong Kong, U.S
The ethnic Uighurs, who live mostly in China's west, have been identified by the United Nations, United States, United Kingdom and others as a repressed group. Huawei told CNBC it is "taking proactive steps" to amend its patent application. Megvii cites patent 'misunderstanding'Another patent highlighted by IPVM was filed by Chinese AI giant Megvii in 2019. "The patent application pertains to portrait retrieval and technology to re-label images that have been labeled incorrectly in existing databases. All images and underlying databases are provided and held by third parties," a Megvii spokesperson told CNBC over WeChat.
Persons: Qilai Shen, mistreating Uighurs, IPVM, , Megvii, Han, It's Organizations: Bloomberg, Getty Images, Huawei, United Nations, Authorities, BBC, Chinese Academy of Sciences, CNBC, Amnesty, UN, U.S . Commerce Department, Uighurs Locations: Beijing, China, Getty Images GUANGZHOU, China's, United States, United Kingdom, U.S, Washington, Xinjiang, Tibet, China's Xinjiang
Democratic Party members are largely unified in their support for President-elect Biden's COVID-19 stimulus. The issue of $2,000 checks – now reduced to $1,400 — has caused some complaints, but the party appears to be largely backing Biden's plan. Congressional Democrats are largely unified in their support for President-elect Joe Biden's COVID-19 stimulus plan, contrasting sharply with the GOP divisions on the previous package. This third stimulus plan includes $1,400 relief checks for Americans, which would make a total of $2,000 when combined with the $600 in the most recent package. There has nonetheless been dissent over the $1,400 checks from progressives, who argue that the new stimulus checks should be $2,000 by themselves.
Persons: Biden's COVID, Mitch McConnell, Joe Biden's COVID, Donald Trump, Sen, Bernie Sanders, Nancy Pelosi, Pennsylvania Sen, Bob Casey, Andrew Cuomo, Elect Biden, Sanders, Rep, Alexandria Ocasio, Cortez, Cori Bush, Joe Biden, Mitch McConnell —, , Trump, Biden, Kamala Harris, NBC's Garrett Haake Organizations: Democratic Party, Chamber, GOP, Trump, Congressional, US Chamber of Commerce, New York Gov, Democratic, Commerce, Washington Post, Republican Senators, Georgia Locations: Pennsylvania, Alexandria, Washington Post . Missouri
ET PepsiCo Suspends Political Donations, Citing Capital Rampage: Live Updates RIGHT NOW Stocks slip as Joe Biden’s spending plan gives investors pause. PepsiCo joined companies that have suspended all political donations after the attack on the Capitol. The brokerage firm Charles Schwab said this week that it was shutting down its PAC, citing the divisive political environment. Stocks slip as Joe Biden’s spending plan gives investors pause. Joe Biden’s spending plans have provided a lift to markets in recent days, but that good feeling lost steam on Friday.
Persons: Joe Biden’s, Joshua Bright, , ” Pepsi’s, Young, Charles Schwab, “ I’ve, Kenneth Gross, Skadden, , ‘ Let’s, ’ ”, Amr Alfiky, Joseph R, Biden, DAX, Jeff Buchbinder, Brent, Mario Tama, , passholders, Ken Potrock, Rishi Sunak, Andrew Bailey Organizations: PepsiCo, Capital, Capitol ., The New York Times PepsiCo, Capitol, ” Pepsi’s PAC, Center for Responsive Politics, Pepsi, Walmart, Marriott, Republicans, Ernst, ., New York Times, quicken, Investors, Treasury, LPL, Reuters, Commerce Department, Retail, West Texas, Apple, Microsoft, Getty, Walt Disney Company, Orange County Register, Disneyland, Disney, Walt Disney, Gross, Office, National Statistics Locations: American, London, Germany, U.S, Orange, passholders, Florida, Anaheim , Calif, England, Britain,
This will enable the etailer to grow its footprint in the expanding autonomous checkout space. These types of changes have further escalated the need for frictionless commerce technology like Amazon's autonomous checkout solution. These types of changes have further the need for frictionless commerce technology like Amazon's autonomous checkout solution. Meanwhile, other autonomous checkout players, like AiFi and Standard , have ramped up offerings to give customers a frictionless checkout experience. Amazon's partnership with Hudson will help it expand its autonomous checkout solution and extend its reach into different sectors.
Persons: Hudson Organizations: Amazon, Intelligence, Payments & Commerce, Payments, Commerce, Hudson, Dallas Love Field Airport, North, Forbes, Hudson Nonstop, Gourmet, Toshiba Locations: Hudson
U.S. retail sales fall again in December
  + stars: | 2021-01-15 | by ( ) www.cnbc.com sentiment -1.00   time to read: +2 min
Retail sales dropped 0.7% last month, the Commerce Department said on Friday. Data for November was revised down to show sales declining 1.4% instead of 1.1% as previously reported. Economists polled by Reuters had forecast retail sales unchanged in December. Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 1.9% last month after a downwardly revised 1.1% decline in November. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Persons: Joe Biden Organizations: Commerce Department, Reuters Locations: COVID
Walmart's U.S. e-commerce business leader Marc Lore is leaving the big-box retailer, nearly five years after it looked to the serial entrepreneur to help accelerate its online business, according a filing on Friday. Lore joined the company in 2016 when Walmart acquired Jet.com, the start-up that he co-founded, for $3.3 billion. With the pricey acquisition, the legacy brick-and-mortar retailer sought to jumpstart its digital business and play catch-up to rival Amazon. Walmart CEO Doug McMillon credited Lore for the pace of the retailer's e-commerce growth in a company-wide email sent on Friday. Since the acquisition of Jet.com, Walmart's U.S. e-commerce business has grown dramatically — even prior to the pandemic.
Persons: Marc Lore, Lore, Doug McMillon, McMillon, That's, Jet.com, Organizations: Walmart, Amazon Locations: Walmart's U.S, U.S
Marc Lore, the head of Walmart eCommerce US, will leave the company at the end of January, Recode reported. Walmart's e-commerce boomed under Lore's leadership. Lore originally joined the company when he sold his startup, Jet.com, to Walmart for $3 billion in cash in 2016. Marc Lore, the president and CEO of Walmart eCommerce US, told Recode he will leave Walmart at the end of January. Lore announced an overhaul of Jet.com the next year that sent all its employees to Walmart's e-commerce wing.
Persons: Marc Lore, Recode, Lore, Doug McMillon, Marc, Lore butted, Greg Foran, I'm Organizations: Walmart Locations: Walmart eCommerce, ecommerce
ET Retail Sales Slump as Economic Recovery Shows Signs of Stalling: Live Updates RIGHT NOW Banks are starting to release their rainy-day reserves, giving their earnings a boost. JPMorgan Chase reported earnings of just over $12 billion, although the increase was attributed mostly to the newly freed funds. Still, the economic recovery that many thought would come once vaccinations began has been postponed, at least until the spring. Those gains have come even as fresh data shows the economic damage being done by the pandemic. On Friday, the Commerce Department said retail sales fell for a third-straight month in December, despite the holiday shopping season.
Persons: Banks, Ruth Fremson, Biden, JPMorgan Chase, Justin Lane, pare, , Jamie Dimon, Wells Fargo, Wells, Dimon, Wells Fargo’s, Charles W, Scharf, Mr, Joshua Bright, ” Pepsi’s, Young, Charles Schwab, “ I’ve, Kenneth Gross, Skadden, , ‘ Let’s, ’ ”, J, Scott Applewhite, Emanuel Cleaver, Cleaver, ” Scott Talbott, Rick Wilking, ” Christopher Padilla, “ Rather, hasn’t, Gary Cohn, Trump’s, ” Mr, Padilla, George Floyd’s, Floyd’s, Rishi Sunak, Andrew Bailey, Mario Tama, , passholders, Ken Potrock, Joe Biden’s, Stocks, Joseph R, Brent Organizations: Dow, Commerce Department, New York Times Consumer, Retail, JPMorgan, Credit, Citigroup, Citi, Stock, PepsiCo, Capitol ., The New York Times PepsiCo, Capitol, ” Pepsi’s PAC, Center for Responsive Politics, Pepsi, Walmart, Marriott, Republicans, Ernst, Press, United States Capitol, Missouri Democrat, Financial Services, Electronic, Association, Visa, JPMorgan Chase, Liberty, IBM, Reuters IBM, Employees, Gross, Office, National Statistics, Getty, Walt Disney Company, Orange County Register, Disneyland, Disney, Walt Disney, quicken, Treasury, Britain, West Texas Locations: Asheville, N.C, U.S, American, Washington, Missouri, United States, England, Britain, , Orange, passholders, Florida, Anaheim , Calif
Consumer spending fell for the third-consecutive month in December, confirming what many economists had predicted would be a disappointing holiday season for many retailers and restaurants. Retail sales fell 0.7 percent last month, the Commerce Department said on Friday, as the economic recovery showed signs of stalling and virus cases surged across the country, prompting shoppers to avoid stores amid a new wave of restrictions. For the second-straight month, the drop was worse than what most economists had predicted, showing that the deterioration of the broader economy in the final quarter of 2020 was deeper than expected. “In one line: grim,” is how Ian Shepherdson, the chief economist at Pantheon Macroeconomics, described December’s retail sales in a research note on Friday.
Persons: Ian Shepherdson Organizations: Commerce Department, Pantheon
ET Stocks Slip as Investors Weigh Challenges to Biden Plan: Live Updates RIGHT NOW Stocks slip as investors consider political prospects of Biden’s spending plan. S&P 500 - % Dow - % Nasdaq - %Stocks slip as investors consider political prospects of Biden’s spending plan. Investors expressed some disappointment that Mr. Biden’s plan seemed to push off action on infrastructure spending. PepsiCo joined companies that have suspended all political donations after the attack on the Capitol. IBM has forbidden corporate political donations for more than a century.
Persons: Ella Koeze, Stocks, Joseph R, Biden, , , , Goldman Sachs, Biden’s, J, Scott Applewhite, Emanuel Cleaver, Mr, Cleaver, ” Scott Talbott, Regis Duvignau, Trump, Trump’s, Robinson West, Rishi Sunak, Andrew Bailey, Joshua Bright, ” Pepsi’s, Young, Charles Schwab, “ I’ve, Kenneth Gross, Skadden, ‘ Let’s, ’ ”, Rick Wilking, ” Christopher Padilla, “ Rather, hasn’t, Gary Cohn, ” Mr, Padilla, George Floyd’s, Floyd’s, Mario Tama, , passholders, Ken Potrock Organizations: Dow, quicken, Senate, Democratic, Strategas Research, Investors, Commerce Department, Treasury, Capitol, Press, United States Capitol, Missouri Democrat, Financial Services, Electronic, Association, Visa, JPMorgan Chase, Liberty, American Petroleum Institute, Royal, Shell, Energy, Gross, Office, National Statistics, PepsiCo, Capitol ., The New York Times PepsiCo, ” Pepsi’s PAC, Center for Responsive Politics, Pepsi, Walmart, Marriott, Republicans, Ernst, IBM, Reuters IBM, Employees, Getty, Walt Disney Company, Orange County Register, Disneyland, Disney, Walt Disney Locations: Georgia’s, United States, Washington, Missouri, U.S, Bordeaux, France, Paris, Europe, England, Britain, , American, Orange, passholders, Florida, Anaheim , Calif
Aerie leggings have been flying off shelves faster than employees can restock them, a phenomenon the American Eagle-owned brand has TikTok to thank. According to Stacey McCormick, senior vice president of marketing at Aerie, the leggings sold out "immediately after the post went live" on November 20. AerieThanks in part to the impact of Schlenker's post, Aerie is now doubling down on its already existing efforts to reach TikTok's more than 100 million monthly active users in the US. "Know you loved my last Offline by @aerie Crossover leggings but these new styles are so awesome! Schlenker's original post has had a "halo effect" on several of Aerie's legging styles, which have collectively received more than 3 million impressions and 500,000 clicks since her November post, McCormick said.
Persons: Hannah Schlenker, Stacey McCormick, Aerie, Schlenker, Justin Bieber's, Boy, Aerie —, McCormick, Read, Justin Bieber, We've, Charli D'Amelio, Denise Mercedes, Nadia Aboulhosn Organizations: Google, Eagle, Iskra Locations: Aerie, influencers
Ulta Beauty declined to comment about the program. Ulta Beauty is getting into advertising. The cosmetic company has pitched ad buyers in recent months about a new advertising arm, according to two ad buyers with direct knowledge of the program. With people shopping more from home in the pandemic, e-commerce advertising rose 39% year-over-year to $17.4 billion in 2020, according to eMarketer. Ulta Beauty has relied on its customer experience and the loyalty program to compete with Amazon's beauty ambitions.
Persons: Kroger, Chris Shuptrine, Sally Beauty, Ulta, Forbes, Criteo, Dyson Organizations: Walgreens, CVS, Target, Walmart, Epsilon, Facebook, YouTube, eMarketer, Retailers, Ulta Locations: Target
A progressive group is urging corporations to stop contributing to the Federalist Society after one of the conservative legal organization's leaders was featured at last week's rally that preceded the deadly riot on Capitol Hill. The Federalist Society's 2019 annual report shows that the five companies combined to give up to $400,000 to the group. That report is the most recent available on the Federalist Society's website. The Federalist Society did not return CNBC's requests for comment. The Federalist Society lists Eastman as chairman of its Federalism & Separation of Powers practice group.
Persons: John Eastman, Brian Fallon, Eastman, Tiffany Muller, we'll, Muller, Leonard Leo, Donald Trump, Trump, William Barr, Rudy Giuliani, Liz Harrington, Joe Biden, Trump's, Pence, they've, Justice's, Mike Pence Organizations: Federalist Society, Capitol, Demand Justice, CNBC, Chapman University, Facebook, Google, Mobile, Verizon, U.S . Chamber of Commerce, Federalist, Demand, Citizens, U.S . Capitol, Eastman, U.S, Republican National Committee, House Democrats Locations: Federal
WASHINGTON (Reuters) - The U.S. Commerce Department on Thursday issued interim rules aimed at the securing the nation’s communication and technology supply chain that would prohibit certain transactions with Russia, China, Iran, Venezuela, North Korea and Cuba. The rule will become effective in 60 days, it said in a statement.
Organizations: WASHINGTON, U.S . Commerce Department Locations: Russia, China, Iran, Venezuela, North Korea, Cuba
U.S. business formation tumbles 28.5% in fourth quarter
  + stars: | 2021-01-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: People walk by a store going out of business along 125th street in the Harlem neighborhood of New York City, New York, U.S., August 7, 2020. REUTERS/Shannon StapletonWASHINGTON (Reuters) - Applications to start new U.S. businesses plunged in the fourth quarter as COVID-19 continued to ravage the economy, supporting views that it could take years to recover the millions of jobs lost during pandemic. The Commerce Department said on Thursday business applications dropped 28.5% to a seasonally adjusted 1.115 million last quarter. The economy has recovered 12.4 million of the 22.2 million jobs lost in March and April, when the crisis started in the United States. The Commerce Department’s Census Bureau, which compiles the business formation data, said the report will no longer be released on a quarterly basis.
Persons: Shannon Stapleton WASHINGTON Organizations: REUTERS, Commerce Department Locations: Harlem, New York City , New York, U.S, Midwest, South, United States, Department’s
U.S. adds CNOOC to black list, saying it helps China intimidate neighbors
  + stars: | 2021-01-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: Logos of China National Offshore Oil Corporation (CNOOC) are displayed at a news conference on the company's interim results in Hong Kong, China, March 23, 2017. REUTERS/Bobby Yip//File PhotoWASHINGTON (Reuters) - The U.S. Commerce Department said Thursday it added Chinese National Overseas Oil Corporation (CNOOC) to a U.S. economic blacklist, saying it had helped China intimidate neighbors in the South China Sea. CNOOC and a legal representative of Skyrizon did not immediately respond to emailed requests for comment. “China’s reckless and belligerent actions in the South China Sea and its aggressive push to acquire sensitive intellectual property and technology for its militarization efforts are a threat to U.S. national Security and the security of the international community,” Commerce Secretary Wilbur Ross said. “CNOOC acts a bully for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from government civil-military fusion policies for malign purposes,” he said.
Persons: Bobby Yip, Skyrizon, Donald Trump, , Wilbur Ross, , CNOOC, ” Ross Organizations: China National Offshore Oil Corporation, REUTERS, WASHINGTON, U.S . Commerce Department, Overseas Oil Corporation, Commerce Department, Security, People’s Liberation Army, The Commerce Department, Communist Locations: China, Hong Kong, U.S, South China, South, Communist Chinese, Vietnam
WASHINGTON (Reuters) - The United States announced sanctions on Chinese state-owned enterprise and military officials on Thursday and added Chinese oil giant CNOOC to a blacklist, accusing them using coercion against states with rival claims in the South China Sea. The United States has long opposed China’s extensive territorial claims on the South China Sea, a potentially resource-rich area that is also a strategic trade route. China says Washington has sought to stir up controversy over maritime sovereignty claims and tried to destabilize the region by sending warships and planes to the South China Sea. He said the sanctions were directed against those “responsible for, or complicit in, either the large-scale reclamation, construction, or militarization of disputed outposts in the South China Sea, or (China’s) use of coercion against Southeast Asian claimants to inhibit their access to offshore resources in the South China Sea.”The restrictions could also apply to immediate family members, he said. Commerce Secretary Wilbur Ross said China’s “reckless and belligerent actions in the South China Sea” were a threat to the security of the United States and of the international community.
Persons: Bobby Yip, Trump, Joe Biden, Mike Pompeo, Pompeo, planemaker, CNOOC, Skyrizon, Donald Trump’s, Wilbur Ross, China’s, , ” Ross Organizations: WASHINGTON, United, China National Offshore Oil Corporation, REUTERS, Chinese Communist Party, The Commerce Department, Reuters, Washington, South China, People’s Liberation Army Locations: United States, South China, China, Hong Kong, Asia, Washington, Beijing, Vietnam, Philippines, South
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