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☆ China opposes Canada's order on lithium mining investments
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 6 (Reuters) - China on Sunday said it will take the necessary steps to safeguard the rights and interests of its companies after Canada last week ordered three Chinese companies to divest their investments in Canadian critical minerals, citing national security. In a statement, China's commerce ministry said it urged Canada to stop politicising economic and trade issues. Reporting by Ella Cao and Tony Munroe; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ DuPont scraps $5.2 bln Rogers buyout due to China hurdles
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

DuPont said the termination of the deal was agreed with Rogers as they have been unable to obtain timely clearance from all the required regulators. Shares of engineering materials maker Rogers plunged 43% in extended trading on Tuesday, while those of DuPont rose about 6%. The collapsed Rogers deal is the most prominent global acquisition to be called off in four years due to Chinese regulatory hurdles. In 2018, Qualcomm Inc (QCOM.O) walked away from a $44 billion deal to buy NXP Semiconductors (NXPI.O) after failing to secure Chinese regulatory approval amid China-U.S. trade tensions. DuPont added it would pay Rogers a termination fee of $162.5 million.

The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s. If effective, they could hobble China's chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers. The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems. "The U.S. should stop the wrongdoings immediately and give fair treatment to companies from all over the world, including Chinese companies." On Saturday, China's foreign ministry spokesperson Mao Ning called the move an abuse of trade measures designed to reinforce the United States' "technological hegemony".

Companies are added to the unverified list because the United States could not complete on-site visits to determine whether they can be trusted to receive sensitive technology exports from the United States. U.S. inspections of Chinese companies require the approval of China's commerce ministry. Under the Biden administration's new policy, if a government prevents U.S. officials from conducting site checks at companies placed the unverified list, Washington will start the process for adding them to the entity list after 60 days. The United States removed a unit of Wuxi Biologics, maker of ingredients for AstraZeneca's COVID-19 vaccine, from the unverified list. The company looks forward to scheduling an inspection of its Shanghai subsidiary, which also was placed on the unverified list in February, she added.

☆ China says U.S. should correct abuse of security review
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterBEIJING, Sept 22 (Reuters) - China's commerce ministry said on Thursday the United States should correct the abuse of a security review, after U.S. President Joe Biden directed a foreign investment panel to screen deals for data and cyber risks. Biden last week directed the committee that reviews foreign investment for national security risks to sharpen its focus on threats to sensitive data, cyber security and areas such as microelectronics and artificial intelligence. Register now for FREE unlimited access to Reuters.com RegisterReporting by Beijing newsroom; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

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