DIRS.INFO The most relevant business & tech news

☆ Exclusive: China plans $500 million subsea internet cable to rival US-backed project
▼ + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, and Hengtong did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.

☆ US senators defend push to give Biden new tools to ban TikTok
▼ + stars: | 2023-04-06 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The White House and 26 senators support the Restrict Act that would apply to foreign technologies from China, Russia, North Korea, Iran, Venezuela and Cuba. Critics say the bill is overbroad and hurts civil liberties of Americans including the more than 150 million U.S. TikTok users. The senators denied targeting individual users or people using a virtual private network to access TikTok. Last week, Republican Senator Rand Paul blocked a bid to fast-track a separate bill to ban TikTok introduced by Senator Josh Hawley, who said the Restrict Act "doesn’t ban TikTok. Then President Donald Trump's attempts in 2020 to ban TikTok were blocked by U.S. courts.

☆ Wind and solar power generators wait in yearslong lines to put clean electricity on the grid, then face huge interconnection fees they can't afford
▼ + stars: | 2023-04-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +18 min

The local utility in charge of overseeing the interconnection process told Pine Gate it would be more than $30 million. Pine Gate had to terminate the project because it couldn't afford the new fees, its vice president of regulatory affairs, Brett White, told CNBC. "Those projects ended up withdrawing from the queue or terminating, because they don't pencil anymore," White told CNBC. "There is Texas, and then there's the rest of the country with respects to interconnection," White of Pine Gate told CNBC. And that means getting those engineers out of some of the rote manual data entry and into the actual analysis," White told CNBC.

☆ Exclusive: China plans $500 mln subsea internet cable to rival U.S.-backed project
▼ + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, Hengtong and China’s Foreign Ministry did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.

☆ South Africa fights to keep phone networks up as lights go out
▼ + stars: | 2023-04-05 | by ( Nqobile Dludla | ) www.reuters.com time to read: +8 min

A bank of expensive backup batteries, theft-proofed within a block of concrete. "Our costs have gone through the roof," lamented Sitho Mdlalose, managing director of Vodacom South Africa (VODJ.J). President Cyril Ramaphosa in February declared a national state of disaster, calling the crisis an existential threat to South Africa's social fabric. While most network towers in South Africa are equipped with a battery for backup power, more advanced systems are less common. That risks delaying South Africa's pivot to the digital economy and could leave rural areas, which already suffer from sparse coverage, lagging even further behind.

☆ S.African utility Eskom's interim profit drops almost two-thirds
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies State-owned utility posts profit of 3.84 bln randProfit drop due to power cuts, plant performanceEskom needs 60 bln rand for operations in 2023JOHANNESBURG, March 31 (Reuters) - South African power utility Eskom said on Friday its half year profit fell by nearly two-thirds, driven by rolling power cuts and poor plant performance. Debt-saddled Eskom has struggled for years to meet electricity demand in the country, plunging Africa's most developed economy into hours of power cuts, hurting industry output and impacting households. The state-owned utility's profit for the six months ended Sept. 30 fell to 3.84 billion rand ($216.5 million) from 10.61 billion rand in the year earlier period. The government, which has struggled for years to overhaul the power firm, said in February it planned to take on 254 billion rand of Eskom's 423 billion rand debt as of Sept. 30. For 2023, Eskom said it would need 60 billion rand for operations, three quarters of which has already been arranged with the remainder to be secured through a private share placement.

The lobbying comes amid a sustained effort by TikTok to play down fears raised by lawmakers who want to ban the app, which has 150 million monthly active users in the U.S. She defended the work of TikTok's team in Washington and said the company is trying to address lawmakers' privacy and safety concerns. At the furthest end of the extreme is the legislation from Hawley and Buck that simply seeks to ban TikTok outright by directing the president to block transactions with ByteDance. Hawley has not eased his campaign to ban TikTok. But after, "our phones were ringing off the hook," with the majority of callers voicing opposition to a TikTok ban.

☆ Republicans are starting to split over exactly how — and whether — to ban TikTok
▼ + stars: | 2023-03-30 | by ( Bryan Metzger | Eliza Relman | ) www.businessinsider.com time to read: +7 min

Republicans generally support banning TikTok, but they're beginning to disagree on how. Sen. Rand Paul has also come out against a TikTok ban, blocking a bill from Sen. Josh Hawley. But even among Republicans who favor a TikTok ban, there are growing concerns about the RESTRICT Act — arguably the most prominent proposal put forward to deal with the issue. "So, I think we should ban TikTok. "It's worse than banning TikTok, because it can be applied to lots of other companies," said Paul.

☆ Republican Senator Rand Paul blocks bid to ban Chinese-owned TikTok
▼ + stars: | 2023-03-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

WASHINGTON, March 29 (Reuters) - U.S. Republican Senator Rand Paul on Wednesday blocked a bid to fast-track a ban of popular Chinese-owned social media app TikTok, which more than 150 million Americans use, citing concerns about free speech and uneven treatment of social media companies. Republican Senator Josh Hawley had sought unanimous consent for a TikTok ban bill. We're going to be just like China and ban speech we're afraid of?" Democratic Representative Alexandria Ocasio-Cortez in a TikTok video on Friday opposed a TikTok ban, calling it "unprecedented" and said Congress has not gotten classified TikTok briefings. Then President Donald Trump's attempts in 2020 to ban TikTok were blocked by U.S. courts.

☆ Republican Senator Rand Paul opposes TikTok ban push in Congress
▼ + stars: | 2023-03-29 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, March 29 (Reuters) - Republican Senator Rand Paul on Wednesday opposed efforts in Congress to ban popular Chinese-owned social media app TikTok, which is used by more than 150 million Americans. Republican Senator Josh Hawley said this week he hoped to get unanimous consent for a TikTok ban bill. TikTok Chief Executive Shou Zi Chew appeared before Congress last week and faced tough questions about national security concerns over the ByteDance-owned app. Democratic Representative Alexandria Ocasio-Cortez in a TikTok video Friday opposed a TikTok ban, calling it "unprecedented" and said Congress has not gotten classified TikTok briefings. Last week, three Democrats in the House of Representatives opposed a TikTok ban, as do free speech groups like the American Civil Liberties Union.

☆ Ongoing supply shortages threaten U.S. infrastructure and war efforts
▼ + stars: | 2023-03-29 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

"One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. On the other hand, ongoing demand for auto and farm equipment has kept stocks of microchips that act as electronic brains in that machinery tight. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

The supply chain woes that sent costs soaring and spurred shortages of everything from toilet paper to passenger cars are easing for retail-focused industries, but remain stubbornly persistent in important growth sectors like autos, machinery, defense and non-residential construction, experts said. "One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

☆ Sen. Rand Paul says the GOP would 'permanently lose elections for a generation' if TikTok is banned
▼ + stars: | 2023-03-29 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Rand Paul is speaking out against a possible ban on TikTok, contradicting much of his own party. He said a ban amounts to a "national strategy to permanently lose elections for a generation" for the GOP. "Before banning TikTok, these censors might want to discover that China's government already bans TikTok," wrote Paul. In recent weeks, calls to ban TikTok over concerns over Chinese government surveillance have only grown in Washington. Marco Rubio of Florida and Josh Hawley of Missouri, who have both introduced nationwide TikTok ban bills.

☆ Daniel Ellsberg, the Man Who Leaked the Pentagon Papers, Is Scared - The New York Times
▼ + stars: | 2023-03-24 | by ( Alex Kingsbury | ) www.nytimes.com time to read: +2 min

The media as a whole has never really investigated the secrecy system and what it’s for and what its effects are. Q. What’s it like to live surrounded by thoughts of nuclear war and unaccountable government? I think about nuclear war not because I find it fascinating but because I want to prevent it, to make it unthinkable, because I care about the world that it would destroy. Q. Robert McNamara, who was secretary of defense during the Cuban missile crisis, once said, “The indefinite combination of human fallibility and nuclear weapons will destroy nations.” Why haven’t we seen nuclear weapons used since 1945? We have seen nuclear weapons used many times.

Persons: John Podesta’s, Snowden, Steven Aftergood, Steve, ”, Robert McNamara, They’re Organizations: Federation of American Scientists, WikiLeaks, National Security, RAND Corporation, Cuban Locations: Russian, California, Berkeley, Ukraine

2:30 p.m. Dance to the township beatJohannesburgers love their cars, and on Sunday afternoons, many get them buffed and polished. In Soweto, the Sunday-afternoon car wash regularly turns into a party to close out the weekend. The club is built around an open parking lot where people, dressed in edgy street fashion, arrive to be seen. There is, of course, plenty of barbecued meat, which you can wash down with anything from South Africa’s favorite cider, Savanna, to Moët. Entrance fees vary from 200 to 500 rand, and the party goes all day and into the night.

Britain and Norway hiked rates by 25 bps each, the Swiss National Bank jacked up rates by 50 bps. The European Central Bank hiked rates by 50 bps a week ago. ClearBridge strategist Jeffrey Schluze said, European banking regulation since the global financial crisis has been more stringent than in the United States, making the outlook for European lenders relatively strong. While banking stocks have been battered globally, the S&P 500 is up 0.5% this month (.SPX), while Europe's STOXX 600 index down 3.2% (.STOXX). CHANGE IN TONEBefore the banking turmoil, markets were driven by one-way moves as high inflation pressured U.S. and European markets.

☆ Fact Check-A video clip does not show John McCain confronting Rand Paul for opposing Ukraine joining NATO
▼ + stars: | 2023-03-20 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A video from 2017 shows U.S. senator John McCain characterizing fellow senator Rand Paul as “working for” Russian President Vladimir Putin, after Paul said he objected to Montenegro joining NATO. The clip was shared on social media (here), (here), (here) with captions such as: “The late Sen. John McCain called out Rand Paul for objecting to the proposal for Ukraine join NATO. So, I repeat again, the senator from Kentucky is now working for Vladimir Putin.”But McCain and Paul were referring to the possibility of Montenegro, not Ukraine, joining NATO. A second video (here) from March 27 shows Paul saying that he opposed the U.S. committing to defend “yet another country” (at timecode 02:08:17). A clip shows John McCain confronting Rand Paul about his objection to Montenegro, not Ukraine, joining NATO.

☆ South African rand weakens ahead of anti-government protest
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 20 (Reuters) - The South African rand weakened against the dollar on Monday ahead of planned protests by the Marxist Economic Freedom Fighters (EFF) party. At 0743 GMT the rand traded at 18.4350 against the dollar, 0.16% weaker than its previous close. South African security forces on Monday said 87 people had been arrested over the past 12 hours over public violence. The Marxist Economic Freedom Fighters (EFF) party has called for a national shutdown to protest crippling power cuts and demand the resignation of President Cyril Ramaphosa. "This constitutes a risk event for the country and could harm sentiment on South African markets if the outcome is bad," ETM Analytics said in a note.

☆ Dozens of Senate Republicans oppose overturning the law that made the disastrous 2003 Iraq invasion possible
▼ + stars: | 2023-03-16 | by ( Bryan Metzger | John Haltiwanger | ) www.businessinsider.com time to read: +7 min

The Senate began the process on Thursday to repeal the 1991 and 2002 Iraq War AUMFs. "It should be easy to remove," quipped Republican Sen. Rand Paul of Kentucky, a supporter of repeal. "I don't want to do anything that reduces the President's ability to kill somebody like Soleimani," said Republican Sen. Rick Scott of Florida. For Sen. Paul, repealing the Iraq War AUMFs — which he called "symbolic" — isn't going far enough. The 2001 AUMF opened the door for the invasion of Afghanistan, launching the longest war in US history.

☆ Moscow was likely trying to send a message by harassing a US drone, but officials say the Russian pilot ran into it because they're bad at flying
▼ + stars: | 2023-03-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

A Russian fighter jet harassed a US military MQ-9 Reaper drone over the Black Sea this week. But US officials said the fighter pilot demonstrated a "lack of competence" by clipping the drone. On Tuesday, two Russian Su-27 fighter jets intercepted a US military MQ-9 Reaper drone that was flying in international airspace above the Black Sea. A composite image showing the rear of a US MQ-9 Reaper drone before and after the US military says a Russian Su-27 fighter jet collided with it. The report consists of empirical research completed in 2020 that analyzes years of Russian military activity like intercepts and other engagements.

☆ South African township boys spin bikes to stay out of trouble
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

Ngwenya usually practises stunts with his friends in Kahlehong township, east of Johannesburg, where he is part of a club that encourages young boys to fix up old bikes and get into spinning so they stay away from crime and gang violence. This weekend, they were invited for the first time to "Revved up Sunday", a monthly event which is usually reserved for car spinning but has added a stunt bike exhibition for its younger participants. We don't only spin in our township anymore but we can now be seen by other people," said Ngwenya, who started spinning in 2016 after a friend introduced him to it. "What I love about spinning bikes is that when we are bored and not doing anything, we don't get into trouble but we spin," said Ngwenya. ($1 = 18.1923 rand)Reporting by Siyabonga Sishi; Writing by Nellie Peyton, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves after hours: Lennar, First Republic, Western Alliance and more
▼ + stars: | 2023-03-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines after the bell:Lennar — The homebuilding stock gained about 2% in extended trading. Lennar beat analysts' earnings and revenue expectations for the recent quarter, according to Refinitiv. First Republic — Shares of the regional bank stock were on the move once again after the bell, last up 12%. Other bank names Western Alliance and KeyCorp also rose, gaining about 10% and 3.5%, respectively. — The retail stock lost more than 7% after posting disappointing guidance for the first quarter and full year, according to FactSet.

☆ Morning Bid: Job runes, China offer sliver of rate hope
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +5 min

That certainly ups the ante for Friday's monthly employment report and next week's consumer price index releases. But the rate at which people were leaving jobs voluntarily was falling and layoffs were up. Another pause for thought came from China's February inflation numbers that show annual consumer price rises slowed to just 1%, the lowest rate in a year. More broadly on Thursday, interest rates markets retained their dramatic re-pricing and relatively resilient stock markets tilted negative again. The implied end-2023 rate is now above 5.50% - more than a full percentage point above where it was assumed on February 1.

☆ South African rand weakens to multi-year low after Powell testimony
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 8 (Reuters) - The South African rand dropped sharply overnight and hit its lowest level in almost three years early on Wednesday, after hawkish comments from U.S. Federal Reserve Chair Jerome Powell and South African data showed a sharp economic contraction. The rand's slide was compounded by gross domestic product (GDP) figures released on Tuesday that showed South Africa's economy contracted more than expected in the fourth quarter of last year. If it contracts again in the current quarter, South Africa will be in a recession. The government's benchmark 2030 bond was slightly weaker in early deals, with the yield up 2 basis points to 10.190%. Reporting by Nellie Peyton Editing by Alexander WinningOur Standards: The Thomson Reuters Trust Principles.

☆ Hightower's Stephanie Link sells Occidental Petroleum, says there are 'better places' in energy
▼ + stars: | 2023-03-07 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to take some profits from what was one of the best-performing energy stocks last year, according to investor Stephanie Link. The chief investment strategist and portfolio manager at Hightower said she sold shares of Occidental Petroleum , which outperformed last year on the back of rising oil prices. Occidental shares posted a return of 119% in 2022. Schlumberger shares are more than 1% higher in 2023. Another name the investor sold was D.R.

Search resuls for: "rând"

25 mentions found