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It is not clear what derailed GM and the UAW's progress toward an agreement patterned after earlier deals at Ford and Chrysler-owner Stellantis (STLAM.MI). Pension costs and issues involving the use of temporary workers were among the points of contention at GM, sources said. GM said it was disappointed by the UAW decision to strike Spring Hill. Last month, UAW workers at Mack Truck's U.S. operations overwhelmingly rejected a deal recommended by Fain. In 2015, UAW members at what is now Stellantis voted down a contract endorsed by union leadership.

Persons: Shawn Fain, Rebecca Cook, Fain, management's, Stellantis, Joe White, David Shepardson, Lisa Shumaker Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Ford, General Motors, Chrysler, GM, UAW, Detroit, Saturday, Union, Mack, Reuters, Thomson Locations: Wayne , Michigan, U.S, Hill , Tennessee, Detroit, Taylor , Michigan, Mack Truck's, Stellantis, Washington

☆ Charlie Javice says JPMorgan is trying to use 'red tape' to avoid paying her legal bill of $3.8 million and growing
▼ + stars: | 2023-10-26 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

JPMorgan and prosecutors claim Charlie Javice fraudulently inflated the value of her startup. But JPMorgan was ordered to pay her legal fees – totaling almost $3.8 million, new filings show. AdvertisementAdvertisementLawyers for indicted startup founder Charlie Javice say JPMorgan Chase is defying a court order to pay almost a fifth of the nearly $3.8 million in legal bills they've racked up. But a Delaware judge said JPMorgan still had to honor its commitment to advance Javice's legal fees under agreements it made when it acquired Frank. AdvertisementAdvertisementThe bank's unpaid tab totals more than $835,000, Javice's lawyers claimed, amounting to about 22% of the total amount they've sought.

Persons: Charlie Javice, —, JPMorgan Chase, they've, Olivier Amar, Frank, Abrams, Bayliss, Quinn Emanuel Urquhart, Sullivan, Michael Barlow, Mintz Levin, wasn't Organizations: JPMorgan, Service, Javice, Securities and Exchange Commission Locations: Delaware

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

Fain confirmed the Detroit Three had converged on a 23% wage hike offer and made progress on other issues. But he told UAW members "there is more to be won". While warning of possible expanded strikes, Fain also told UAW members the talks were closing in on an end. Walkouts began at the three automakers on Sept. 15 and now more than 34,000 union members are waging the UAW's first simultaneous strikes against the Detroit Three. Fain declared "the days of the UAW and Ford being a team to fight other companies are over."

Persons: Rebecca Cook, Shawn Fain, we've, Fain, Walkouts, Bill Ford, Henry Ford, Ford, Tesla, Stellantis, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, Detroit Three, UAW, Chrysler, Detroit, Ford, GM, Toyota, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Ford's, Kentucky, Detroit, Bengaluru

Fain acknowledged some union members want to vote on the offers the union bargainers have in hand. He urged UAW members not to give in to what he called "fear, uncertainty, doubt and division" sowed by the companies. More than 34,000 union members working at the three automakers are on strike since the walkouts began on Sept. 15. The demand included a 20% immediate increase, elimination of different pay scales among UAW workers and restoration of defined benefit pension plans. The GM offer "suggests we may be in the endgame," said University of California Berkeley labor professor Harley Shaiken.

Persons: Rebecca Cook, Shawn Fain, Fain, General Motors GM.N, Harley Shaiken, Ford, We've, Stellantis, Ford hasn't, Shaiken, it's, Tesla, Bill Ford, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, UAW, General, Chrysler, GM, Ford, Bloomberg News, Detroit Three, of California, Ford's, Toyota, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, of California Berkeley, Kentucky, Arlington , Texas, Detroit, Bengaluru

☆ GM makes new offer to UAW, sees movement in all key areas
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. "We have made substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work," the company said in a statement. The automaker said the new 23% general wage increase offer represents a 25% compounded wage rise over the life of the agreement, with 10% hike in the first year. The UAW had no immediate comment ahead of a planned Facebook address by its president, Shawn Fain, at 4 PM ET. The total economic losses from the UAW strike have reached $7.7 billion, according to the latest data from economic consultancy Anderson Economic Group, with the Detroit Three suffering losses of $3.45 billion.

Persons: Rebecca Cook, Shawn Fain, Fain, Tesla, Bill Ford, Pratyush Thakur, Sriraj Organizations: General Motors, REUTERS, UAW, Ford's, Motors, Chrysler, Detroit Three, Toyota, Ford, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, Kentucky, Arlington , Texas, Bengaluru

☆ How the US will cut off China from more AI chips
▼ + stars: | 2023-10-17 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

CAPTURING MORE CHIPSThe original rules last year restricted chips if they met a two-pronged test for how much computing power the chips contained and how fast they could talk to other chips. Nvidia (NVDA.O) , the top AI chip supplier, responded by creating chips that stayed just under the communication limits for the Chinese market but that still proved useful for AI work. BLACKLISTING CHINA'S NVIDIA CHALLENGERSChip industry watchers believe that if U.S. AI chips are banned in China, Chinese firms will seek to fill the void in the market. On Tuesday, U.S. officials added two leading Chinese chip startups, Biren and Moore Threads, to a U.S. trade blacklist. That threshold would encompass nearly all advanced AI chips and is aimed at helping chip factories spot efforts to work around the rules.

Persons: Florence Lo, Biden, Moore, Stephen Nellis, Marguerita Choy Organizations: REUTERS, Nvidia, Taiwan Semiconductor Manufacturing, San, Thomson Locations: China, U.S, Macau, San Francisco

The Commerce Department, which oversees export controls, is working on an update of export restrictions first released last year. "The PRC has been expecting an update around the one year anniversary, based on conversations with administration officials," the U.S. official said, using the abbreviation for People's Republic of China. U.S. officials provided the information to Chinese counterparts in recent weeks, the official said, which Reuters is reporting for the first time. The Biden administration has also sent a series of high-level officials to China, including Commerce Secretary Gina Raimondo in August. Treasury Secretary Janet Yellen also gave Chinese officials a warning in July about restrictions on U.S. investment in China released in August.

Persons: Florence Lo, Biden, Gina Raimondo, Jake Sullivan, Wang Yi, Liu Pengyu, Peter Harrell, Janet Yellen, Xi, ASML, Alexandra Alper, Karen Freifeld, Chris Sanders, Anna Driver Organizations: REUTERS, Beijing, U.S, Commerce Department, People's, Reuters, National, Foreign, of Commerce, White House, Economic Cooperation, Thomson Locations: China, WASHINGTON, People's Republic of China, Beijing, U.S, United States, Washington, Asia, San Francisco, Bali, India, Netherlands, Japan

The launch event became the most discussed topic on Chinese social network Weibo, racking up six billion views and 1.6 million posts. Huawei quietly started selling the Mate 60 Pro in August, without a formal launch event or sharing full technical specifications. The company “knows everyone wants to know more about the chip [in the Mate 60 Pro], so them not talking about it is almost like defiance,” he said. Its share of the Chinese market rose from 6.9% to 11.3% over that period. The Shenzhen-based company has seen a recent “surge in sales” for its Mate 60 series, with weekly sales almost tripling to 225,000 units, according to Counterpoint.

Persons: Richard Yu, Tesla, ” trended, “, ”, Yu, Andy Lau, Ben Sin, Andrea Verdelli, Ivan Lam, Lam, Tesla Yu, ” Yu Organizations: Hong Kong CNN, Huawei, United, Weibo, Bloomberg, Research, Tesla’s Locations: China, Hong Kong, United States, Washington, Weibo, Beijing, Shenzhen

☆ Getir emerged as a tentative winner in Europe's pandemic-fueled rapid-delivery sector. But it still faces sizable threats.
▼ + stars: | 2023-09-18 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In March 2022, Nazım Salur invited thousands of Getir employees to a Zoom meeting to celebrate its newfound "decacorn" status. However, as soaring inflation and rising interest rates began to hobble the tech sector, investors became far less forgiving of businesses that had oriented themselves more toward growth than sustainability. In December 2021, The Guardian reported that Getir had offered customers a deal where they could get £15 off if they spent £16. About 21 rapid-delivery startups were operating across Europe in 2021, with Getir joined by the German outfits Gorillas and Flink, as well as the British startup Zapp. Getir tentatively emerged as the winner in the rapid-delivery sector when it bought its main competitor, Gorillas , in a heavily discounted deal for $1.2 billion in December.

Persons: Nazım Salur, Nazım, Getir, Blok, London's, Alexi Rosenfeld, they've, Adam Neumann, Michael Moritz Organizations: Tiger Global, Mubadala, Financial Times, Getir, TechCrunch, Guardian, DST Global, Gorillas, Abu Dhabi Growth Fund, Google, PayPal Locations: Spanish, Berlin, Turkey, Turkish, Germany, Netherlands, Istanbul, Turkey's, Europe, British, Abu Dhabi

Autoworkers put down their toolsThousands of autoworkers walked off the job on Friday morning at three Midwest plants in an unprecedented strike, as the United Automobile Workers and Detroit’s three big carmakers remained miles apart on contract talks. A lengthy strike could dent the Big Three’s profits, analysts say, at a time when the companies are investing heavily in electric vehicles to catch up to Tesla and Chinese rivals. Mary Barra, G.M.’s chief, warned that meeting all or most of the union’s demands could hobble the company’s prospects. “Make no mistake: If we don’t continue to invest, we will lose ground, and it will happen fast,” she said. “Nobody wins in a strike.”

Persons: Autoworkers, autoworkers, Biden, Ford, Mary Barra, ’, “, ” Organizations: United Automobile Workers, General Motors, Dodge, Chrysler Locations: Stellantis, Amsterdam, G.M

Finland is a European Union member that supports sanctions on Russia and the most recent to join NATO. Both Turkey and the UAE have condemned Russia’s invasion of Ukraine but have not joined Western sanctions and sought to maintain ties with Russia. The latest sanctions package targets Russian companies that repair, develop and manufacture weapons, including the Kalibr cruise missile. Turkey, meanwhile, has tried to balance its close ties with both Russia and Ukraine, positioning itself as a mediator. Including the latest sanctions, the U.S. has targeted almost 3,000 businesses and people since Russia invaded Ukraine in February 2022, according to State.

Persons: Vladimir Putin’s, ” James O’Brien, Putin, O’Brien, “, ” O’Brien, ”, Richard Connolly, Alexander, Lukashenko, ” Connolly, Denis Manturov, Connolly, Tom Keatinge, Andrei Bokarev, Sergei Shoigu, Iskander Makhmudov, Alexei Krivoruchko, Wagner, Otar, Partskhaladze, Antony Blinken, Suzan Fraser, Jon Gambrell, Antony Blinken’s Organizations: United Arab, State, Treasury, NATO, State Department’s Office, Associated Press, State Department, European Union, The State Department, Russia’s Ministry of Defense, Oxford, Western, Russian Industry, Trade, Centre for Financial, Security, Royal United Services Institute, “, U.S, Russian Defense, Russian, Federal Security Service Locations: States, Russia, Turkey, United Arab Emirates, Georgia, Ukraine, U.S, UAE, Russia’s, Moscow, Finland, European, Belarus, Russian, ”, London, North Korea, Georgian, State, Ankara, Dubai

☆ Russia's massive brain drain is ravaging the economy - these stunning figures show why it will soon be smaller than Indonesia's
▼ + stars: | 2023-09-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Russia's war on Ukraine has fueled a massive brain drain that will hobble Putin's economy. Russia's GDP, as measured by purchasing power parity, will fall behind Indonesia's in 2026. "But Russia's slide and Indonesia's ascent are both driven in large part by the same thing: people. Russia is suffering from acute brain drain while Indonesia's labor force is growing," the Council wrote. Not only is Indonesia's labor force increasing, but the influx of highly skilled workers has helped boost private consumption standards in the country, it added.

Persons: Vladimir Putin, That's, would've, Putin, Indonesia's Organizations: Service, Workers, French Institute of International Relations, Kremlin, Atlantic Council Locations: Ukraine, Russia, Indonesia's, Wall, Silicon, Russian, Soviet, Indonesia, China, Beijing

Ever since members of the North Atlantic Treaty Organization sprang into action to help Ukraine try to thwart Russia’s invasion last year, China has warned about a similar U.S.-led security alliance forming in Asia that would seek to hobble Beijing’s ambitions and provoke a confrontation. President Biden’s Camp David summit on Friday with the leaders of Japan and South Korea most likely reinforces Beijing’s perception. The talks saw Japan and South Korea put aside their historical animosities to forge a defense pact with the United States aimed at deterring Chinese and North Korean aggression. Mr. Biden, who met with Prime Minister Fumio Kishida of Japan and President Yoon Suk Yeol of South Korea, sought to emphasize at a news conference that the summit was not “anti-China.” But Beijing will almost certainly find Mr. Biden’s assertion unpersuasive. China’s leader, Xi Jinping, has accused the United States of leading Western countries in the “all-around containment, encirclement and suppression of China.”

Persons: hobble, Biden’s, David, Mr, Biden, Fumio Kishida, Yoon Suk, Xi Jinping, ” Organizations: Atlantic Treaty Locations: Ukraine, China, U.S, Asia, Japan, South Korea, United States, ”, Beijing

Google (GOOGL.O) had asked for summary judgment on all the government's claims in the case, which is to go to trial next month. Google said Friday it appreciated the court's "careful consideration and decision to dismiss claims regarding the design of Google Search" in the case brought by the state attorneys general. Connecticut Attorney General William Tong praised the decision to allow the states Google search antitrust suit to proceed to trial. Mehta noted Google LLC operates the largest U.S. internet general search engine whose "brand name has become so ubiquitous that dictionaries recognize it as a verb." He noted Google in 2020 had nearly 90% market share and advertisers spend over $80 billion annually alone to reach general search users.

Persons: Gonzalo Fuentes, Judge Amit Mehta, Google's, Mehta, William Tong, Tong, Trump, Judge Mehta, Diane Bartz, David Shepardson, Mark Porter, Diane Craft Organizations: Google, Viva Technology, Porte de, REUTERS, Justice Department, Big Tech, Microsoft Corp, Apple, LG, Motorola, Samsung, Verizon, Mozilla, Justice, Department, Thomson Locations: Porte, Paris, France, WASHINGTON, U.S, Washington, Connecticut, Virginia

☆ Niger coup leaders blamed insecurity; conflict data paints a different picture
▼ + stars: | 2023-08-03 | by ( Edward Mcallister | ) www.reuters.com time to read: +6 min

In Burkina Faso, where there were two coups last year, deaths rose 80% to more than 4,000 in 2022. Military spokespeople in Mali and Burkina Faso did not respond to requests for comment. Military leaders in Mali and Burkina Faso kicked out French forces after their coups. Niger army operations could falter, he said. "You saw it in Burkina Faso after the second coup.

Persons: Abdourahmane Tiani, Balima, Mohamed Bazoum, Ibrahim Yahaya Ibrahim, Wagner, Leonardo Santos Simao, Tiani, Simao, Bazoum, Ulf Laessing, Konrad Adenauer, Edward McAllister, Michelle Nichols, Alexandra Zavis, Giles Elgood Organizations: REUTERS, Security, Islamic, Crisis, Wagner Group, Reuters, spokespeople, United Nations, Economic, West, Sunday, Local, Military, Burkina Faso, European Union, Konrad Adenauer Foundation, Thomson Locations: Niger, Niamey, DAKAR, U.S, Mali, Burkina Faso, al Qaeda, Islamic State, West Africa's, Brussels, Boko, Nigeria, West Africa, West African States, Burkina, French, France, New York

☆ US commerce chief says China export controls will hit companies' revenue
▼ + stars: | 2023-07-27 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/IllustrationWASHINGTON, July 26 (Reuters) - Commerce Secretary Gina Raimondo said on Wednesday the Biden administration is seeking to carefully target U.S. controls on exports to China, but rules will cost firms some revenue. Restrictions should not be so broad "that you deny American companies revenue and China can get the product elsewhere, or China can get the product from other countries," Raimondo said at a forum. Rules "will deny some revenue to American companies, but we think it's worth it." Raimondo said the administration is meeting with companies "to get to the right place so we don't damage American business but quite frankly protect American national security." The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment.

Persons: Florence Lo, Gina Raimondo, Biden, Raimondo, hobble, we're, Antony Blinken, Lael Brainard, Jake Sullivan, David Shepardson, Leslie Adler Organizations: REUTERS, WASHINGTON, Biden, Semiconductor Industry Association, Nvidia, Qualcomm, Intel, Huawei, National Economic, National Security, Thomson Locations: of China, U.S, China, American, United States

☆ General Dynamics raises revenue outlook on private jet, military equipment demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] A General Dynamics NASSCO ship yard entrance is shown in San Diego, California, U.S., June 17, 2019. REUTERS/Mike Blake/File Photo/File PhotoJuly 26 (Reuters) - General Dynamics (GD.N) on Wednesday lifted its annual revenue forecast as demand for business jets and military equipment stays resilient, sending its shares up 3% at midday. Demand for business jets from U.S. corporations remains buoyant despite a recovery in commercial flights and pressure from environmentalists over emissions. "It's the Fortune 500 that are really driving the demand (for business jets). The company forecasts revenue in the segment to rise between $900 million and $1 billion to $11 billion in the year.

Persons: Mike Blake, Phebe Novakovic, Pratyush Thakur, Shilpi Majumdar, Maju Samuel Organizations: Dynamics, REUTERS, General Dynamics, Gulfstream, Thomson Locations: San Diego , California, U.S, Ukraine, Reston , Virginia, Bengaluru

☆ Grain Prices Climb After Russia Strikes Ukrainian Terminal on Danube River
▼ + stars: | 2023-07-24 | by ( ) www.wsj.com time to read: 1 min

Grain prices rose after Russia attacked a Ukrainian terminal on the Danube river, intensifying a campaign to hobble a key source of revenue for Kyiv. Wheat futures in Chicago rose more than 4.5% to $7.30 a bushel. Corn added 3%. “It looks like Russia is really doubling down. This is definitely deteriorating,” said Alexis Ellender, an analyst at Kpler with a focus on dry bulk commodities.

Persons: ”, Alexis Ellender Locations: Russia, Ukrainian, Kyiv, Chicago

☆ China's sagging economy looms over quarterly results around the world
▼ + stars: | 2023-07-20 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

July 20 (Reuters) - China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple (AAPL.O), big chipmakers and luxury retailers as they report quarterly results in the next few weeks. China accounted for 36% of NXP's revenue last year and half of Texas Instruments' revenue. Analysts estimate NXP reporting a 3.2% drop in quarterly revenue, with Texas Instruments' revenue tumbling 16%, which would be its steepest drop since 2009, according to Refinitiv. The specialty glass maker blamed "anticipated recession-level demand" for weak results in its previous quarterly report last April. Coffee maker Starbucks (SBUX.O) in May reported quarterly results that beat estimates, powered by recovering demand in China.

Persons: Ross Mayfield, Baird, Cartier, Richemont, Bernstein, Tesla, Jonathan Golub, hobble, David Klink, Noel Randewich, Chavi Mehta, Caroline Valetkovitch, Mimosa Spencer, David Gaffen, Nick Zieminski Organizations: Apple, U.S, Shanghai, ABB, HK, NXP Semiconductors, Texas, Texas Instruments, . Credit Suisse Chief, Equity, Corning Inc, Samsung Electronics, Huntington Private Bank, Reuters, Thomson Locations: China, U.S, Swiss, Asia, ., China . U.S, Washington, Beijing, Oakland , California, Bangalore, New York, Paris

WASHINGTON, July 17 (Reuters) - U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration. Secretary of State Antony Blinken talked with chip company chief executives about the industry and supply chains after his recent trip to China, a department spokesperson told reporters. The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. Last year, China accounted for $180 billion in semiconductor purchases, more than a third the worldwide total of $555.9 billion and the largest single market, according to Semiconductor Industry Association (SIA). The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Blinken, Matthew Miller, Commerce's Raimondo, Washington, hobble, Pat Gelsinger, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Chris Sanders, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, State Department, National Economic, National Security, Intel, Qualcomm, Nvidia, Reuters, Semiconductor Industry Association, SIA, Department, White, Commerce Department, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, San Francisco

The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment. Not every official is expected to meet with every company, the source who spoke on condition of anonymity added. Further rule-tightening by U.S. officials risks "disrupting supply chains, causing significant market uncertainty, and prompting continued escalatory retaliation by China," the industry group said. "The availability of Gaudi2 in China continues Intel’s nearly 40-year history of delivering innovative yet legally-compliant products to this key growth market," Intel said in a statement.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Matthew Miller, chafed, hobble, Blinken, Pat Gelsinger, Raimondo, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, National Economic, National Security, Intel, Qualcomm, Nvidia, Semiconductor Industry Association, SIA, Department, Administration, White, Reuters, Commerce Department, U.S, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, Intel’s, San Francisco

July 17 (Reuters) - The U.S.-based Semiconductor Industry Association trade group on Monday called on the Biden administration to "refrain from further restrictions" on chip sales to China as chief executives from the biggest U.S. semiconductor firms planned to visit Washington this week to press their views on China policy. The statement came as the Biden administration considers updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment. Reuters reported last week that the chief executives of Intel Corp (INTC.O) and Qualcomm Inc (QCOM.O) planned to meet with government officials to discuss their views on China policy. The statement also comes after China moved to restrict exports of raw materials such as gallium and germanium that are used in making chips. The industry group said that further rule-tightening by U.S. officials risks "disrupting supply chains, causing significant market uncertainty, and prompting continued escalatory retaliation by China."

Persons: Biden, hobble, Stephen Nellis, Karen Freifeld, Nick Zieminski Organizations: Semiconductor Industry Association, Reuters, Intel Corp, Qualcomm Inc, U.S, Thomson Locations: U.S, China, Washington, San Francisco, New York

The hardliners, including members of the House Freedom Caucus, also called on McCarthy to delay appropriations votes in the House of Representatives until all 12 government funding bills have been finalized and can be subjected to a side-by-side review. "Absent adhering to the $1.471 trillion spending level ... we see an impossible path to reach 218 Republican votes on appropriations or other measures," the letter said. House Republicans last month voted on a lower target of $1.47 trillion, which would cut spending for the environment, public assistance and foreign aid. House Republicans are also trying to use the legislation to rescind key Biden priorities in areas such as climate change and tax collection. DeLauro, the senior Democrat on the House Appropriations Committee, noted that House Republicans "know and have said publicly, that in the end they are going to need Democratic votes to keep the government open."

Persons: Kevin McCarthy, McCarthy, Joe Biden, Scott Perry, Chip Roy, McCarthy's, Biden, Patty Murray, Susan Collins, Rosa DeLauro, DeLauro, David Joyce, Joyce, David Morgan, Richard Cowan, Scott Malone, Jonathan Oatis, Leslie Adler Organizations: . House, Democratic, Caucus, Republican, Senate, House Republicans, White House, Republicans, Republican Governance Group, Reuters, Thomson Locations: United States

"July is going to have a lot of late-night votes and a lot of really big issues being tackled," House Majority Leader Steve Scalise, the chamber's No. House Republicans are aiming to craft a series of 12 detailed spending bills covering every aspect of government funding, an intricate feat Congress has not pulled off on time since fiscal 1997. House Republicans last month voted on a lower target of $1.47 trillion, which would cut spending for the environment, public assistance and foreign aid. "House Republicans really are committed to shrinking spending. House Republicans are also trying to use the legislation to rescind key Biden priorities in areas such as climate change and tax collection.

Persons: Kevin McCarthy, Joe Biden, Steve Scalise, Patty Murray, Susan Collins, Biden, McCarthy, Dusty Johnson, Rosa DeLauro, David Joyce, Joyce, David Morgan, Richard Cowan, Scott Malone, Jonathan Oatis Organizations: Republican, House, Democratic, Senate, Republicans, House Republicans, White House, Main Street Caucus, Reuters, Committee, Caucus, Republican Governance Group, Thomson Locations: United States

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