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ISTANBUL, June 6 (Reuters) - An Air India plane flying from Delhi to San Francisco was forced to divert and land at an airport in Russia's Far East after it developed a technical issue with one of its engines, the airline said on Tuesday. The 216 passengers and 16 crew onboard were being offered support on the ground and accommodated in local hotels for the night, Air India said. Air India said it could not share any passenger details. GE Aerospace said it was aware of the diversion and working with Air India to resolve the issue. However, Air India and some Gulf-based, Chinese and African carriers continue to fly over Russia, making flying times shorter and American rivals uncompetitive.

Persons: Rosaviatsia, Campbell Wilson, Biden, Aditi Shah, Tim Hepher, Joanna Plucinska, David Shepardson, Valerie Insinna, Alexnader Marrow, Gleb Stolyarov, Josephine Mason, Emelia Sithole, David Evans, Mark Potter Organizations: An, Boeing, United Airlines, Air, General Electric, Union, Norwegian Air Boeing, Washington, GE, U.S . Treasury, U.S . Department of Commerce, GE Aerospace, International Air Transport Association, Reuters, Thomson Locations: ISTANBUL, An Air India, Delhi, San Francisco, Russia's Far, Russia, Air India, Magadan, Okhotsk, Iran, Shiraz, India, Washington, United States, Moscow, Ukraine, American, U.S

☆ Air India plane from Delhi to San Francisco lands in Russia after engine problem
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: +3 min

A bird flies over a logo of Air India airlines at the corporate headquarters in Mumbai, India, October 19, 2021. An Air India plane flying from Delhi to San Francisco was forced to divert and land at an airport in Russia's Far East after it developed a technical issue with one of its engines, the airline said on Tuesday. The 216 passengers and 16 crew onboard were being offered support on the ground and accommodated in local hotels for the night, Air India said. Air India said it could not share any passenger details. GE Aerospace said it was aware of the diversion and working with Air India to resolve the issue.

Persons: Vedant Patel, Patel, Rosaviatsia Organizations: Air India, An, Boeing, United Airlines, Air, . State Department, General Electric, Union, Norwegian Air Boeing, Washington, GE, U.S . Treasury, U.S . Department of Commerce, GE Aerospace Locations: Mumbai, India, An Air India, Delhi, San Francisco, Russia's Far, Russia, Air India, U.S, Magadan, Okhotsk, Iran, Shiraz, United

"The risk of a downgrade is exacerbated every time Congress flirts with the debt ceiling," said Calvin Norris, Portfolio Manager & US Rates Strategist at Aegon Asset Management, who sees another downgrade as still a risk. Economic damage from the 2011 and 2013 debt ceiling battles had a chilling impact. Rating agency Fitch and other smaller agencies recently placed the U.S. credit rating under review. Reuters GraphicsCASCADE EFFECTInvestors use credit ratings as one of the metrics to assess the risk profiles of governments and companies. In the 2013 debt ceiling crisis the legislative standoff did not cause a rating downgrade, although Fitch placed its rating under review.

Persons: Kevin McCarthy, Joe Biden, Leah Millis, Calvin Norris, Wendy Edelberg, Edelberg, Fitch, William Foster, ”, Andy Sparks, Olivier d'Assier, Peter Crane, MSCI's Sparks, Davide Barbuscia, Megan Davies, Nick Zieminski Organizations: U.S, White, REUTERS, Senate, Republicans, Aegon Asset Management, AAA, Government, Office, The, Brookings Institution, Moody's, Moody’s Investors Service, Applied Research, Crane, Treasury, Thomson Locations: Washington , U.S, U.S, United States, Washington, APAC, Qontigo

Relations between the superpowers are increasingly acrimonious, with friction over issues from Taiwan and China's military activity in the South China Sea to U.S. efforts to hold back China's semiconductor industry. China's leaders, by contrast, have been slow to establish military contacts and quick to shut them down during periods of diplomatic tension. This has frustrated the United States. Then there is China's view of how military talks fit into the broader U.S.-China relationship. From that perspective, military talks are something to bargain with.

Persons: Lloyd Austin, China's, ", Ely Ratner, National Defense Li Shangfu, Li, Zhu Feng, Zhu, Jacob Stokes, Yun Sun, ”, Daniel Russel, William Burns, it’s, Idrees Ali, Phil Stewart, David Brunnstrom, Michael Martina, Yew Lun Tian, Martina Pollard, Laurie Chen, Don Durfee, Alistair Bell Organizations: Pentagon . U.S . Defense, U.S . Army, U.S, National Defense, School of International Studies, Nanjing University, Center, New, New American Security, Stimson, East Asia, Obama, Asia Society Policy Institute, CIA, Washington, Pentagon, Thomson Locations: WASHINGTON, BEIJING, Singapore, Beijing, United States, China, Taiwan, South, U.S, Austin, New American, East Asia, Washington, Ukraine, States, East, Hainan

☆ Taiwan, U.S. to sign first deal under new trade framework
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 1 (Reuters) - Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island. Taiwan and the United States started talks under what is called the U.S.-Taiwan Initiative on 21st Century Trade last August, after Washington excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework. The U.S. Trade Representative's office said Deputy United States Trade Representative Sarah Bianchi would attend the event, but also did not elaborate. Last month, the two sides reached agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small business. Beijing has denounced the trade talks as it does with all forms of high level engagement between Taiwan, which it claims as its own territory, and the United States.

Persons: Sarah Bianchi, Ben Blanchard, Jacqueline Wong, Michael Perry Organizations: U.S ., Taiwan Initiative, Century Trade, Trade Negotiations, U.S . Trade, United States Trade, Thomson Locations: TAIPEI, Taiwan, United States, China, U.S, Washington, Beijing, Taipei

☆ Chinese tech entrepreneurs keen to 'de-China' as tensions with US soar
▼ + stars: | 2023-05-30 | by ( David Kirton | ) www.reuters.com time to read: +7 min

But he's dismayed by the U.S.-China trade spats and the restrictions on a growing number of Chinese companies that have been imposed, or are being proposed, by U.S. lawmakers. "It's very unfair," he said, lamenting that competitors from other countries did not face similar issues when trying to expand into the United States. Reuters spoke to seven tech entrepreneurs from mainland China, most of them educated overseas, who would like to expand their businesses in the United States. Geopolitical tensions have meant a far less friendly atmosphere for mainland Chinese companies wanting to operate or gain funding in the United States, the entrepreneurs and consultants say. The U.S. Commerce Department did not respond to a request for comment on attitudes towards Chinese companies within the United States.

Persons: Florence Lo, Ryan, Trump, Joe Biden, Major flashpoints, James McGregor, Xi, Wilson, Chris Pereira, Shein, PDD, Pereira, Tommy, David Kirton, Eduardo Baptista, Casey, Brenda Goh, Edwina Gibbs Organizations: REUTERS, Huawei, U.S ., U.S, Micron Technology, Washington DC, Chinese Communist Party, Greater, APCO Worldwide, U.S . Commerce Department, Reuters, of Information, American Ecosystem Institute . Companies, PDD Holdings, U.S . Customs, Border Protection, Casey Hall, Thomson Locations: China, SHENZHEN, U.S, Washington, United States, Shenzhen, East Asia, North America, Hong Kong, Canada, Japan, Singapore, Montana, Greater China, Beijing, China's, Shanghai, Dublin

☆ Samsung, SK Hynix shares rise after China fails U.S. rival Micron in security review
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 22 (Reuters) - Shares in South Korea's Samsung Electronics <005930.KS> and SK Hynix (000660.KS) rose in morning trade on Monday after China failed U.S. memory chip rival Micron Technology (MU.O) in a security review. China's cyberspace regulator said on Sunday that products made by Micron had failed its network security review, and it would bar operators of key infrastructure from buying from the company. Samsung shares were up 0.7%, while SK Hynix shares rose 1.1% versus the wider market's (.KS11) 0.8% gain. China had announced its review of Micron's products in late March, after Washington imposed a series of export controls on chipmaking technology to China. SK Hynix had no comment.

☆ Analysis: China's Micron ban highlights chipmakers' dilemma as Sino-U.S. tensions grow
▼ + stars: | 2023-05-22 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

SEOUL, May 22 (Reuters) - China's ban on the use of U.S.-based Micron Technology's (MU.O) chips in certain sectors, announced on Sunday, is a stark reminder of risks facing the global chip industry as it braces for escalating Sino-U.S. trade tensions. China's move against Micron, the biggest U.S. memory chipmaker, was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Such tit-for-tat policies will make investment decisions difficult for all chipmakers, said Kim Sun-woo, analyst at Meritz Securities in Seoul. Analysts recommended accepting the rounds of Sino-U.S. trade war as status quo, while roundabout ways of importing memory chips may emerge in response to any further geopolitical pressure. "(Korean chipmakers) are stuck in the middle and being bothered by all sides," said Kim at Meritz.

☆ China Bans Some Sales of Chips From U.S. Company Micron
▼ + stars: | 2023-05-21 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

Beijing on Sunday told Chinese companies that deal with critical information to stop purchasing products from Micron Technology, the U.S.-based manufacturer of memory chips used in phones, computers and other electronics. Many analysts viewed the move as retaliation for Washington’s efforts to cut off China’s access to high-end chips. The decision to bar Micron from selling its chips to key companies could have a ripple effect through China’s supply chains as Micron’s Chinese customers seek to replace the U.S. memory chips with homegrown or Korean versions. South Korean chip makers like Samsung and SK Hynix are Micron’s competitors and already do significant business with China. Micron said at the time that it was “cooperating fully” with the investigation and that its China business was operating as normal.

☆ Stock futures are little changed as traders hope for a debt ceiling deal: Live updates
▼ + stars: | 2023-05-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat on Wednesday night as Wall Street hoped that the debt ceiling crisis would soon see a resolution. Futures linked to the S&P 500 and Nasdaq 100 futures declined by 0.05% and 0.02%, respectively. Investors' sentiment seemed to rise after Washington leaders indicated that they are moving forward on debt ceiling talks. Meanwhile, Wells Fargo's head of equity strategy Chris Harvey was skeptical that progress has been made in Washington on the debt ceiling talks. We think people are getting too excited about the debt ceiling in the short term.

☆ MLB roundup: Mets post 8-run inning, whip Nats in Max Scherzer's return
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +12 min

For seven innings, the game was a pitchers' duel between Cleveland rookie Tanner Bibee and the Angels' Patrick Sandoval. Zach Elfin (5-1) got the win after allowing four runs on seven hits in his six innings, striking out nine and walking one. Royals starter Jordan Lyles (0-7) was tagged for seven runs in 2 1/3 innings, allowing four hits and three walks. The loss overshadowed another strong outing by Giants starter Logan Webb, who allowed one run on three hits over seven innings. Boston's Corey Kluber (2-5) surrendered four runs on seven hits in five innings.

☆ Joint Philippines-U.S. patrols in South China Sea may begin by third quarter - envoy
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 8 (Reuters) - Joint patrols between the Philippines and the United States in the South China Sea may begin later this year, a top diplomat said on Monday, just days after Washington clarified its commitment to defend Manila from an attack at sea. Discussions were continuing on the joint maritime patrols, which were announced in February, said Philippine ambassador to the United States, Jose Manuel Romualdez. U.S. Defense Secretary Lloyd Austin announced in February he and his Philippine counterpart, Carlito Galvez, have agreed to restart joint maritime patrols in the South China Sea, which former President Rodrigo Duterte, who sought warmer ties with China, had suspended after he took office in 2016. But Philippine Defense Secretary Galvez told reporters on Monday there were no formal discussions on the joint patrols with the United States and Australia. China claims most of the South China Sea, through which more than $3 trillion of world trade is shipped every year.

☆ Why First Republic Bank may not be the end of the crisis
▼ + stars: | 2023-05-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —After a six-week spiral, First Republic bank finally collapsed in the wee hours of Monday morning. Everyone on Wall Street appears to be drinking from the same punch bowl as Jamie Dimon, who framed the sale as a bookend to the crisis. To his mind, the sale just makes JPMorgan, already the nation’s largest bank, even bigger, and the power of the biggest Wall Street banks more concentrated. That idea got an extra boost on Monday, when the FDIC itself released a report advocating for an increase in the deposit insurance limit for business payment accounts. “You can think of federal deposit insurance as being a bit like nuclear weapons,” he said.

☆ EU's Dombrovskis sees some progress on steel, battery minerals talks with U.S.
▼ + stars: | 2023-04-14 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Dombrovskis, the EU's top trade official, told reporters that he could not provide any details on timing for reaching a U.S.-EU deal after Washington and Tokyo's quick agreement in late March. "We're making some progress, but also we're seeing that those are not easy discussions," Dombrovskis said of the minerals talks, adding that the EU was pursuing its own competing subsidies for clean energy technologies. That deal included new U.S. import quotas for specific duty-free volumes of EU steel and launched talks on a global arrangement to combat "dirty" metals production aimed at excluding Chinese capacity. Dombrovskis said, however, that the key parameters from the EU side was that the agreement would have to result in "complete withdrawal" of U.S. tariffs on EU metals as well as the quota arrangement. Creation of a green metals club would also need to be compliant with World Trade Organization rules, he added.

☆ EU's Dombrovskis: U.S.-Japan battery minerals deal a good basis for U.S-EU talks
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 14 (Reuters) - European Commission Executive Vice President Valdis Dombrovskis said on Friday that the bloc was willing to move quickly on a trade agreement with the United States for critical minerals used in electric vehicles and a recent U.S.-Japan deal was a "good basis for discussions." Dombrovskis told reporters he could not provide any details on timing for a U.S.-EU deal after Washington and Tokyo's quick agreement. The U.S. Treasury on Tuesday is expected to reveal which vehicles would see reduced access to U.S. tax credits of up to $7,500 based on their minerals and components content. "We see this U.S.-Japan agreement as a good basis for discussions, a good basis for the decisions and essentially we don't see reasons why we should be treated worse than Japan," Dombrovskis said during International Monetary Fund and World Bank meetings in WashingtonReporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ China's Huawei says 'out of crisis' mode as revenue edges up
▼ + stars: | 2023-03-31 | by ( David Kirton | ) www.reuters.com time to read: +3 min

But it posted net profit of 35.6 billion yuan ($5.18 billion), down some two-thirds from 2021 when profit was helped by the sale of its Honor mid-range smartphone business. INDUSTRY SUPPORTR&D spending over the year rose 13.2% to 161.5 billion yuan ($23.50 billion), equivalent to a quarter of company revenue. Such spending helped Huawei with replacing components in its products that were hit by U.S. trade sanctions, Meng said. Revenue for 2022 came in at 642.3 billion yuan. Huawei's asset-to-liability ratio was 58.9% and it had a net cash balance of 176.3 billion yuan.

Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his office said was the biggest trade deal since Brexit. Britain has been looking to build global trade ties following its departure from the EU in 2020 and has looked to pivot toward geographically distant but fast-growing economies. The overall impact of the trade deal is set to be modest. Japan has asked the U.S. to return to the trans-Pacific trade pact after Washington in 2017 formally withdrew from the Trans-Pacific Partnership trade deal, the predecessor to the CPTPP. Japan's chief cabinet secretary Hirokazu Matsuno said it was "desirable" for the U.S. to rejoin the trade pact and Tokyo would persist in pressing Washington to become a member.

☆ Huawei says it’s ‘out of crisis mode’ even as profit plunges 69%
▼ + stars: | 2023-03-31 | by ( ) edition.cnn.com time to read: +2 min

Shenzhen, China Reuters —China’s Huawei Technologies said it was “out of crisis mode” as it posted a small increase in annual revenue Friday, though that was accompanied by a nearly 69% collapse in net profit. R&D spending over the year rose 13.2% to 161.5 billion yuan ($23.50 billion), equivalent to a quarter of company revenue. Such spending helped Huawei with replacing components in its products that were hit by US trade sanctions, Meng said. Revenue for 2022 came in at 642.3 billion yuan ($93.48 billion). While that represented mild growth over 2021, it was still far below the record 891.3 billion yuan ($129.72 billion) logged in 2019 when Huawei was the top Android smartphone vendor globally.

London/Oakland, California CNN —First Citizens Bank is buying most of the business of Silicon Valley Bank, the US tech lender that failed earlier this month. Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” on Monday, First Citizens said. The FDIC said First Citizens was getting the $72 billion in SVB loans at a discount of $16.5 billion. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund to be approximately $20 billion. It had to be rescued a week ago by bigger rival UBS (UBS) in an emergency takeover orchestrated by the Swiss government.

☆ Silicon Valley Bank red flags: Why did almost everyone fail to predict its collapse?
▼ + stars: | 2023-03-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. To embrace a uniquely Silicon Valley ethos that champions boldness, growth and disruption. Silicon Valley Bank held 55% of its customers' deposits in long-dated bonds whose value eroded as interest rates went up. Silicon Valley Bank held an unusually large proportion (55%) of its customers’ deposits in long-dated Treasuries. And for most of that year, Silicon Valley Bank was operating with a massive vacancy in its corporate leadership team: a chief risk officer.

☆ North Korea claims that in 1 day, 800,000 youths just up and decided to voluntarily join its army and fight the US
▼ + stars: | 2023-03-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

North Korea on Sunday claimed that 800,000 young people signed up to join the military in one day. Even if this were true, it doesn't necessarily mean Pyongyang's army has 800,000 new soldiers, an expert says. Even if North Korea did recruit 800,000 army personnel in a day, it may not mean that its military strength will increase by that amount, Gordon Kang, who researches North Korea at the East Asia Institute in Singapore, told Insider. On Sunday, North Korea launched another missile test that flew an estimated 500 miles east and fell into the ocean. North Korea currently has an estimated 1.15 million active-duty troops, including 950,000 army personnel, according to the CIA.

On Tuesday, Boeing announced orders for 78 Dreamliners, split between state-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air. The $37 billion sale, which Boeing called its fifth-largest commercial order by value, followed a deal with United Airlines (UAL.O) in December for 100 Dreamliners and a purchase by Air India that included 20 787s. Planemakers are also grappling with the after-effects of the pandemic, which forced waves of layoffs and retirements of skilled workers. While Airbus outsold Boeing in the Air India deal, landing orders for 40 A350 widebodys, the U.S. planemaker swept both the United Airlines and Saudi orders. “Saudi Airlines is a government-owned airline, and so there are politics involved with this,” analyst Stallard said.

☆ Kremlin: relations with US in dire state amid drone incident
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - The Kremlin said on Wednesday that relations with the United States were in a "lamentable state" and at their lowest level, after Washington accused Russia of downing one of its reconnaissance drones over the Black Sea. Kremlin spokesman Dmitry Peskov told reporters there had been no high-level contact with Washington over the incident, and that he had nothing to add to a statement issued by Russia's Defence Ministry. He said bilateral relations were "at their lowest point, in a very lamentable state" but that "at the same time, Russia has never refused constructive dialogue, and is not refusing now". Russia's ambassador to the United States, Anatoly Antonov, said that the drone "deliberately and provocatively was moving towards Russian territory with transponders turned off". "The unacceptable activity of the U.S. military in close proximity to our borders is a cause for concern," Antonov said.

☆ The Fed says it will investigate its oversight of Silicon Valley Bank following the biggest bank failure since 2008
▼ + stars: | 2023-03-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The Fed will investigate its oversight of Silicon Valley Bank, Chairman Jerome Powell said Monday. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve." SVB became the biggest bank failure since 2008 after regulators closed it Friday. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Chairman Jerome Powell said in the statement. "For a $200 billion bank to have no interest rate risk controls is staggering," he said.

☆ Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse
▼ + stars: | 2023-03-11 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News. "We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said. "Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible." One affected Etsy seller told NBC News the deposits delay would have a "catastrophic" effect on his business. The FDIC has formed a separate entity where all insured SVB deposits — up to $250,000 per depositor — will be available by Monday morning.

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