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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina war games: Select committee members discuss risks from war over TaiwanRep. Mike Gallagher, and Rep. Raja Krishnamoorthi, joins 'Squawk Box' to discuss the potential that China's not the risk Congress thinks it is, Rep. Krishnamoorthi's thoughts on how to engage with China going forward, and how top U.S. businessmen can operate in China.
Persons: Mike Gallagher, Raja Krishnamoorthi Organizations: China, Taiwan Rep Locations: China
Apple’s Chip Struggles Add Time to Qualcomm’s Clock
  + stars: | 2023-09-11 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
What China’s new smartphone means for Wall Street
  + stars: | 2023-09-11 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
Huawei’s feat could mean that Chinese technology has been progressing much faster than previously thought. Before the Bell spoke to Zino about what’s happening and what it means for Wall Street. Huawei’s new smartphone uses an internally developed, very powerful chip that’s manufactured by the Semiconductor Manufacturing International Corporation (SMIC), a partially state-owned Chinese semiconductor foundry. In the long term, this is probably a good thing for the leading semiconductor companies like Nvidia (NVDA) and Qualcomm (QCOM). Furniture companies are in a rutPeople aren’t buying furniture like they used to, reports my colleague Samantha Delouya.
Persons: there’s, Mike Gallagher, Michael McCaul, Angelo Zino, Bell, There’s, they’ve, They’ve, it’s, Anna Cooban, Samantha Delouya, Hooker, , ” Williams, Laura Alber Organizations: CNN Business, Bell, New York CNN —, Huawei, House, Skyworks, Materials, Semiconductor Manufacturing International Corporation, Nvidia, Qualcomm, Intel, Federal Reserve, West Elm Locations: New York, China, Taiwan, Korea, United States, Asia, Saudi Arabia, Europe, Virginia, Wayfair, Williams, Sonoma
"I don't know if that's true," Mike Gallagher, chair of the U.S. House of Representatives' select committee on competition with China, told a Council on Foreign Relations event in New York. China's military in recent years has stepped up activity around Taiwan, which Beijing claims as its territory. Gallagher said he was visiting New York partly to work with financial industry experts to assess the risk to the global financial system if China were to invade or blockade Taiwan. Fears of an economic slowdown have gripped China, and Xi skipped the G20 summit this past weekend. U.S. officials have said Beijing has the resources to deal with its economy short-term but must face longer-term structural economic issues such as demographics and high debt.
Persons: Mike Gallagher, Amanda Andrade Rhoades, Joe Biden, Biden, Xi Jinping, Gallagher, William Burns, Xi, Michael Martina, Josie Kao Organizations: U.S, Rep, Chinese Communist Party, Capitol, REUTERS, Rights, Democratic, U.S . House, Representatives, Foreign, U.S . Central Intelligence Agency, Thomson Locations: United States, Taiwan, Washington , U.S, Beijing, China, Asia, New York, U.S
Apple Becomes the Biggest U.S.-China Pawn Yet
  + stars: | 2023-09-08 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
Sino-U.S. friction has worsened in recent years as Washington tries to restrict China's access to key technologies including cutting-edge chip technology, and Beijing looks to reduce its reliance on American tech. A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "This is textbook Chinese Communist Party behavior - promote PRC (People's Republic of China) national champions in telecommunications, and slowly squeeze Western companies' market access," Gallagher, a Republican, told Reuters. The drop in the technology sector weighed on the three main U.S. stock indexes, particularly the tech-heavy Nasdaq Composite, which closed down 0.9%. IPHONE SLOWDOWNChina has been a bright spot for Apple in an otherwise tough period for iPhone sales.
Persons: chipmaker SMIC, Jake Sullivan, Sullivan, Thomas Peter, Biden, Mike Gallagher, Gallagher, Mark Warner, Rick Meckler, Susannah Streeter, Hargreaves Lansdown, Streeter, Aditya Soni, Jaspreet Singh, Shristi Achar, Diane Bartz, David Gaffen, Shounak Dasgupta, Devika Organizations: Apple, Street, Washington, Huawei, HK, U.S . Commerce Department, National, Air Force, BofA Global Research, Qualcomm, REUTERS, Beijing, Communist Party, People's, Republican, Reuters, U.S, Senate Intelligence Committee, planemaker Boeing, Micron, Broadcom, Texas, Nasdaq, Cherry Lane Investments, Hargreaves, Thomson Locations: Beijing, US, China, U.S, Kirin, People's Republic of China, Bengaluru
Hong Kong/Seoul CNN —SK Hynix, a South Korean chipmaker, is investigating how two of its memory chips mysteriously ended up inside the Mate 60 Pro, a controversial smartphone launched by Huawei last week. “The significance of the development is that there are restrictions on what SK Hynix can ship to China,” G Dan Hutcheson, vice chair of TechInsights, told CNN. The big question is whether any laws were violated.”A Hynix spokesperson told CNN Friday that it was aware of its chips being used in the Huawei phone and had started investigating the issue. “SK Hynix is strictly abiding by the US government’s export restrictions,” the company said. Industry insiders said it was possible that Huawei had purchased the memory chips from the secondary market and not directly from the manufacturer.
Persons: ” G Dan Hutcheson, It’s, TechInsights, Mike Gallagher, Michael McCaul Organizations: Seoul CNN — SK Hynix, Huawei, SK Hynix, CNN, “ SK Hynix, US, Industry, 5G Kirin, chipmaker Semiconductor Manufacturing International Corporation, White Locations: Hong Kong, Seoul, Korean, Hynix, Canada, China, United States, Shenzhen
A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsSept 7 (Reuters) - A wider ban on China state employees from using Apple's (AAPL.O) iPhones is not surprising and seeks to limit a Western company's market access, the chairman of the U.S. House panel on China told Reuters on Thursday. "American tech companies seeking to cozy up to the CCP must realize the clock is ticking,” added Gallagher, a Republican. Apple's shares have slipped amid the reports amid fears of tit-for-tat action as Sino-U.S. tension rise. Apple and China's State Council Information Office, which handles media queries on behalf of the government, have not responded to requests for comment on the reported ban.
Persons: Thomas Peter, iPhones, Mike Gallagher, , Gallagher, Apple's, Karen Freifeld, Jasper Ward, Ismail Shakil, Susan Heavey Organizations: Apple, REUTERS, U.S ., Reuters, Communist Party, CCP, People's, U.S, Republican, Wall Street Journal, Bloomberg, China's, Information Office, Thomson Locations: Beijing, China, People's Republic of China, Jasper
How Much Is Too Much for a Smartphone?
  + stars: | 2023-09-07 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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Wall Street firms and retired generals will discuss a hypothetical Chinese invasion of Taiwan. The "tabletop exercise" will take place next week in New York, sources told the New York Times. It comes as the congressional China committee plans to meet with top Wall Street investors. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. It comes as the congressional China committee plans to go to New York, where lawmakers will meet with banks, hedge funds and venture capital firms, according to the New York Times.
Persons: Jay Clayton, Jim Chanos, Anne Stevenson, Yang, Mike Gallagher, Biden, BlackRock Organizations: New York Times, Wall, Service, Chinese Communist Party, Council, Foreign Relations, Communist, Financial, Securities and Exchange, Kynikos Associates, J Capital Research, Financial Times, Wall Street Locations: Taiwan, New York, China, Wall, Silicon, Wisconsin, MSCI, Xinjiang
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
Arm Still Trying to Punch Above Its Weight
  + stars: | 2023-09-06 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
The Right to Bare Arms at the U.S. Open
  + stars: | 2023-09-06 | by ( Jacob Gallagher | ) www.wsj.com   time to read: 1 min
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Jonathan Newton/Pool via REUTERS Acquire Licensing RightsWASHINGTON, Sept 6 (Reuters) - Federal Communications Commission Chairwoman Jessica Rosenworcel asked U.S. government agencies to consider declaring that Chinese companies including Quectel (603236.SS) and Fibocom Wireless (300638.SZ) pose unacceptable national security risks, according to letters seen by Reuters. Federal funds cannot be used to purchase equipment from companies on the list, and the FCC will not authorize new equipment from companies deemed national security threats. Rosenworcel wrote the FBI, the Justice Department, the National Security Agency, the Defense Department and other agencies on Sept. 1, forwarding the request from the lawmakers. She added the FCC can update the Covered List "only at the direction of national security authorities." Last year the FCC voted to revoke China Unicom’s U.S. unit, Pacific Networks and ComNet’s authorization to operate in the United States, citing national security concerns.
Persons: Jessica Rosenworcel, Jonathan Newton, Mike Gallagher, Krishnamoorthi, Rosenworcel, David Shepardson, Jonathan Oatis, David Gregorio Our Organizations: U.S . Senate Commerce, Science, Transportation Committee, Federal Communications Commission, REUTERS Acquire, Rights, Federal Communications, U.S, Fibocom Wireless, Reuters, Republican, China, FCC, FBI, Justice Department, National Security Agency, Defense Department, Huawei, ZTE, Hytera Communications Corp, Hangzhou Hikvision Digital Technology, Zhejiang Dahua Technology, Pacific Networks, Embassy, Thomson Locations: Washington , U.S, Quectel, Hangzhou, Zhejiang, China, U.S, United States, Washington
The phone contains a chip that analysts believe was made with a technology breakthrough by Semiconductor International Manufacturing Corp (SMIC) (0981.HK). "This chip likely could not be produced without US technology and thus SMIC may have violated the Department of Commerce’s Foreign Direct Product Rule," Gallagher said in a statement. SMIC was added to the so-called entity list in December 2020, over fears it could divert advanced technology to military users. The trade restrictions imposed on Huawei and SMIC include the Foreign Direct Product Rule meant to bar any company anywhere in the world from using tools from the United States to manufacture a chip for Huawei. But suppliers to Huawei and SMIC have received billions of dollars' worth of licenses to sell U.S. technology to the companies despite their being on the trade lists, Reuters has previously reported.
Persons: Mike Gallagher, Biden, Gallagher, SMIC, Stephen Nellis, Leslie Adler Organizations: U.S . Commerce, Huawei, Representatives, Republican, Semiconductor International Manufacturing Corp, HK, of Commerce’s, SMIC, Foreign, Reuters, U.S, Commerce Department's, Thomson Locations: China, United States, San Francisco
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - S&P Global has raised its view of the global reinsurance sector to stable from negative, it said on Tuesday, due to higher reinsurance rates and increasing investment income, while rival Moody's kept its outlook for the sector stable. The COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes have put upward pressure on reinsurance rates in recent years. S&P Global said this "resulted in the hardest market in decades" in some lines of business. "Challenges such as elevated natural disasters, increasing cost of capital, financial market volatility, and inflation risk persist," S&P Global added.
Persons: Brendan McDermid, Moody's, Gallagher Re, reinsurers, Laline Carvalho, Neff, Re, Carolyn Cohn, Jason Neely, Alex Richardson, Sharon Singleton Organizations: REUTERS, Global, P Global, P, reinsurer, Thomson Locations: New York City, U.S, California, Florida, Monte Carlo
Employers added 187,000 jobs in August, above expectations and in line with a labor market that is rebalancing back to normal, the Labor Department reported on Friday. Other labor market data released this week showed a gradual softening of demand for workers from employers. And private payroll firm ADP’s monthly jobs survey for August found employers added 177,000 jobs in the month, below expectations. “Clearly, the labor market is softening,” says Tony Welch, chief investment officer at Signature FD. The downshift reverses a period of high growth for the labor market coming out of the pandemic.
Persons: , Venkat Balakrishnan, Scott Hamilton, Tony Welch Organizations: Labor Department, Federal Reserve, Resources, Compensation Consulting Locations: Washington
Rep. Mike Gallagher said Trump is simply too old to be the GOP's presidential nominee. Gallagher, who is 39, told a Milwaukee TV station that he has "a no-boomer policy right now." "You know, obviously, I prefer someone younger to be the nominee," Gallagher, who represents Wisconsin, told WISN 12 NEWS, a local Milwaukee TV station. Gallagher said he "intend[s] to support the nominee" when repeatedly pressed on what he would do if Trump reclaims the title. When asked what he would do if Trump won the nomination, Gallagher would only say "I intend to support the nominee."
Persons: Mike Gallagher, Trump, Gallagher, Biden, Donald Trump, Ron DeSantis, Trump's, There's, Barack Obama's, Vivek Ramaswamy, Democratic Sen, Tammy Baldwin, Gallagher's Organizations: Milwaukee TV, Service, GOP, Trump, Florida Gov, Democratic Locations: Milwaukee, Wall, Silicon, Wisconsin, China
A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.
Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington
‘Oppenheimer’ Should Leave IMAX Glowing for a While
  + stars: | 2023-08-31 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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Salesforce Needs to Play Its AI Chips Wisely
  + stars: | 2023-08-31 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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A vehicle drives on a flooded road after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 30, 2023. Hurricane Idalia plowed into Florida's Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning its fury on southeastern Georgia, where floodwaters trapped some residents in their homes. At about $10 billion, Idalia would cost insurers less than 10 of the costliest hurricanes to hit the United States. Higher reinsurance rates can affect the premiums that insurers charge their customers. FLORIDA PAINFlorida has a large number of very small, thinly capitalized insurers, insurance experts have said.
Persons: Hurricane Idalia, Julio Cesar Chavez, Thomas Hayes, Gallagher Re, Michael Peltier, Berkshire Hathaway, Ajit Jain, Noor Zainab Hussain, Manya, Chibuike Oguh, Jon Stempel, Devika Syamnath, Megan Davies, Cynthia Osterman Organizations: REUTERS, Hurricane, UBS, Global, Great, Great Hill Capital, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Florida Office, Insurance, Bankers, Property Insurance Corp, Property Insurance, Berkshire, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Coast, Georgia, United States, Ukraine, California, Great Hill, New York, FLORIDA, USA, Lexington, Berkshire, Bengaluru, Chibuike
Idalia to boost Florida apartment insurance costs further
  + stars: | 2023-08-31 | by ( Matt Tracy | ) www.reuters.com   time to read: +5 min
Costs have risen the most on multifamily properties such as apartments and condos, according to industry executives and data from credit ratings agency Moody's. Property insurance costs to multifamily assets in Florida have gone up anywhere from 30% to 70% in the past year, and are even higher for those with prior losses, non-renewing insurance carriers or valuation issues, she said. Nationally, CRE properties' insurance costs have grown roughly 7.6% annually on average since 2017, according to an August Moody's report. RENTS, CAP RATESRising insurance premiums on multifamily properties have contributed, among other factors, to rent increases in Florida and elsewhere, said three industry executives. Insurance costs are also forcing CRE lenders to boost due diligence on refinancing and when pricing deals on apartment blocks, executives said.
Persons: Daniel Hokanson, Ian, Kevin, Idalia, Walker, Dunlop, you’re, Willy Walker, multifamily, Ryan Barber, Marsh, Martha Bane, Gallagher, Bane, Matt Tracy, Michelle Price, Marguerita Choy Organizations: U.S . Army National Guard, . National Guard Bureau, REUTERS, Florida, Carolinas, Reuters, Walker, UBS, Insurance, Thomson Locations: Fort Myers, Fort Myers , Florida, U.S, Hawaii's, Maui, Lahaina, California, Florida, Miami, Tampa, Orlando
Instacart IPO Isn’t Offering Empty Calories
  + stars: | 2023-08-28 | by ( Dan Gallagher | ) www.wsj.com   time to read: 1 min
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