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☆ Chinese chip stocks tumble after U.S. calls for new curbs on high-end tech
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Chinese chip stocks fell Monday after the U.S. announced new export controls aimed at limiting Beijing's ability to produce advanced military systems. The rules, effective this month, expand on prior U.S. attempts to crimp Chinese companies' access to key tech. Chinese chips stocks tumbleChina's largest chipmaker, Semiconductor Manufacturing International Corporation, traded 3% lower Monday afternoon in Hong Kong, amid a broader market sell-off. "It will not only harm Chinese companies' legitimate rights and interests, but also hurt the interests of U.S. The U.S. government previously put Chinese companies Huawei and SMIC on a blacklist that requires suppliers to obtain a license before selling to them.

☆ U.S. aims to hobble China’s chip industry with sweeping new export rules
▼ + stars: | 2022-10-07 | by ( ) www.nbcnews.com time to read: +4 min

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 set China’s chip manufacturing industry back years 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. On Friday, the Biden administration applied the expanded restrictions to China’s IFLYTEK, Dahua Technology, and Megvii Technology, companies added to the entity list in 2019 over allegations they aided Beijing in the suppression of its Uigher minority group. The “unverified list” is a potential stepping stone to tougher economic blacklists, but companies that comply with U.S. inspection rules can come off the list. On Friday, U.S. officials removed nine such firms, including China’s Wuxi Biologics, which makes ingredients for AstraZeneca’s Covid-19 vaccine.

☆ Grief and shock over Thailand attack on 'tiny angels' at preschool
▼ + stars: | 2022-10-07 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

The coffin of a victim is placed in an air-conditioned coffin at Sri Uthai temple in Na Klang district, following a mass shooting in the town of Uthai Sawan in the province of Nong Bua Lam Phu, Thailand October 7, 2022. REUTERS/Athit Perawongmetha

☆ Ticktock starts on Twitter’s board, too
▼ + stars: | 2022-10-07 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 7 (Reuters Breakingviews) - Like sands through the hourglass, so are the days of Twitter (TWTR.N) board members’ jobs. If he doesn’t close by Oct. 28, the judge will set a new trial for November. Investors in the social media firm are arguably worse off than they were last week. The delay gives Musk time to finance his $44 billion deal for the social media company. If Musk doesn’t close the deal by Oct. 28, the judge will schedule a trial for November.

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".

☆ Corporate America may be overstuffed with workers
▼ + stars: | 2022-10-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Oct 7 (Reuters Breakingviews) - The U.S. job market is still hot, and that could be a weakness. This shows some strength in the economy, just as Federal Reserve Chairman Jay Powell furiously hikes interest rates to fight inflation. As interest rates have risen rapidly, making people feel less wealthy, consumers have pulled back on their buying. Corporate America was caught off guard with a sudden change in demand. (By Jennifer Saba)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ 'Amsterdam' review: Christian Bale, John David Washington and Margot Robbie head the star-studded cast in David O. Russell's historical satire
▼ + stars: | 2022-10-07 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +4 min

CNN —“Amsterdam” certainly doesn’t suffer from a lack of ambition, and the star-studded cast merely adds to that sense of grandeur. Burt (Christian Bale), a part-Jewish Park Avenue doctor whose in-laws disapprove of him, and Harold (John David Washington) bonded while serving together during World War I, where they met up with a free-spirited nurse, Valerie (Margot Robbie) who fell for Harold, forging a seemingly inseparable trio. Recovering from their war injuries, they took refuge in Amsterdam, a place where the world’s concerns – including those involving race – appeared to shrink away. Christian Bale, Margot Robbie and John David Washington in 'Amsterdam.' “This is so strange,” Burt mutters at one point, which turns out to be an inadvertent commentary on the film itself.

Oct 7 (Reuters) - Deciding who gets hurt by sweeping new U.S. curbs on selling technology to China will come down in part to what constitutes a "supercomputer," experts told Reuters. Around the world, the semiconductor industry on Friday began to wrestle with wide-ranging U.S. restrictions on selling chips and chip manufacturing equipment to China. Shares of chip equipment makers drooped, but industry experts said a new U.S. definition of a supercomputer could be pivotal to the new rules' impact on China. The new definition is unlikely to change as industry technology improves. "The issue is that the definition of a supercomputer will change over time," he said by email.

☆ Twitter’s future isn’t just Elon Musk’s problem
▼ + stars: | 2022-10-06 | by ( John Foley | ) www.reuters.com time to read: +6 min

Buying Twitter is financially onerous, too, but compared with buying a bank, it’s pretty simple stuff. Social media companies, conversely, are a place where people tweet poop emojis and exchange cat GIFs. Congress isn’t blind to the legal vacuum in which large social media companies operate. But while politicians squabble, social media continues to shape society in ways that may only become apparent years later. In a tweet later that day, the Tesla chief said that buying Twitter would accelerate the creation of X, an "everything app."

☆ Peloton races tough economic cycle
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Oct 6 (Reuters Breakingviews) - Peloton Interactive (PTON.O) is pedaling as fast as it can. The maker of connected bikes plans to cut 500 more jobs, or about 12% of its workforce, according to the Wall Street Journal. And even though McCarthy has steadily trimmed the cash burn, free cash flow was a hefty negative $412 million in the three months to June 30. Peloton, whose market value has plummeted 90% in a year, is coming precariously close to the end of a wild ride. (By Sharon Lam)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

☆ Apple tests idea of discretionary spending
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apple (AAPL.O) may learn that its moat isn’t as wide during times of high inflation. When wallets are pinched, a new iPhone probably isn’t a must-have. As other currencies have weakened relative to the dollar, Apple has had to raise prices to keep the cost steady relative to America. Already Apple’s share of the global smartphone market has declined sharply to 16% in the second quarter from 23% penetration in the fourth quarter last year, according to research firm IDC. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Wall Street’s banking-as-a-service has a problem
▼ + stars: | 2022-09-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. The nature of the buyout business means there are asset flips, equity offerings, follow-ons, and recapitalizations that all generate recurring fees. Private equity clients are ideal for investment banks that otherwise have to schmooze large companies like Microsoft (MSFT.O) for years before receiving a one-off deal. Follow @JMAGuilford on TwitterCONTEXT NEWSPrivate equity firms accounted for 26% of M&A deals in the first six months of 2022, according to Refinitiv, a record-high share. During that time, investment banks earned $6.5 billion in fees worldwide from providing services to financial sponsors, Refinitiv data show.

☆ Navy bribery case fugitive 'Fat Leonard' tried to get to Russia, officials say
▼ + stars: | 2022-09-23 | by ( ) www.cnbc.com time to read: +4 min

In a photo released Sept. 21, 2022, Interpol Venezuela said it captured Malaysian fugitive Francis Leonard Glenn, known as Fat Leonard. Interpol Venezuela | AFP | Getty ImagesSince escaping two weeks ago, officials say the fugitive Malaysian defense contractor nicknamed "Fat Leonard" — who orchestrated one of the U.S. Navy's largest bribery scandals — zipped between countries to find a place where he could become virtually untouchable for American authorities. Francis was planning to travel to Russia, according to Interpol Venezuela Director General Carlos Garate Rondon, who disclosed the arrest in a statement posted Wednesday on Instagram. Among those he befriended was a Russian diplomat, Francis told podcaster Tom Wright, who created a nine-part series on the case. The official said Francis later told authorities his final destination was Russia.

☆ ESPN would help Disney and Comcast settle a score
▼ + stars: | 2022-09-23 | by ( Jennifer Saba | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 23 (Reuters Breakingviews) - When it comes to modern corporate sagas, few deliver the drama between Walt Disney (DIS.N) and Comcast (CMCSA.O). Comcast Chief Executive Brian Roberts is in position to let his counterpart squirm, but there’s a neat solution to help settle the score: ESPN. He feared Comcast “would have paid more later.”Register now for FREE unlimited access to Reuters.com RegisterBefore long, Comcast clashed again with Disney. To settle the matter, the two parent companies agreed that in January 2024 Comcast could force Disney to buy its stake or Disney could require Comcast to sell based on a minimum valuation of $27.5 billion. Disney owns two-thirds of Hulu and Comcast owns the rest.

☆ The Luxury Home Market Posts Its Biggest Decline in a Decade. ‘It’s Like Crickets.’
▼ + stars: | 2022-09-22 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

When Nancy Lam upgraded in January to a home closer to her child’s school in the San Francisco Bay Area, she thought she had plenty of time to list her old house, a five-bedroom modern home in the sought-after suburb of Lafayette. After all, the pandemic had sent the luxury housing market soaring, and homes across the country were seeing aggressive bidding wars and selling for sky-high prices. Ms. Lam, a business professor, and her husband, who works in healthcare and declined to be named, took their time sprucing up the house in a bid to get the best possible price for the home, which they had bought for $1.67 million in 2014.

☆ The Luxury Home Market Posts Its Biggest Decline in a Decade. “It’s Like Crickets.”
▼ + stars: | 2022-09-22 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

☆ Italy’s first female leader, Amazon’s monopoly: podcast
▼ + stars: | 2022-09-22 | by ( Aimee Donnellan | ) www.reuters.com time to read: +1 min

Giorgia Meloni, leader of the far-right Brothers of Italy party, speaks during a rally in Duomo square ahead of the Sept. 25 snap election, in Milan, Italy, September 11, 2022. REUTERS/Flavio Lo ScalzoLONDON, Sept 22 (Reuters Breakingviews) - Far-right leader Giorgia Meloni is favourite to become prime minister after Sunday’s election. In this Viewsroom podcast, Breakingviews columnists debate how she will handle Rome’s debt, which is expected to reach 148% of GDP. Listen to the podcastFollow @aimeedonnellan on TwitterRegister now for FREE unlimited access to Reuters.com RegisterEditing by Sharon Lam and Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The Tesla factory is seen in Fremont, California, U.S. June 22, 2018. REUTERS/Stephen Lam/File PhotoRegister now for FREE unlimited access to Reuters.com RegisterCompanies Tesla Inc FollowSept 22 (Reuters) - Tesla Inc (TSLA.O) on Thursday countersued the California agency that has accused the electric carmaker of tolerating widespread race discrimination at its flagship assembly plant. Tesla had made similar claims in a bid to dismiss the California agency's lawsuit, which was denied by a state judge last month. The CRD claims Tesla's flagship Fremont, California, plant is a racially segregated workplace where Black employees faced racist slurs and graffiti and were discriminated against in terms of job assignments, discipline and pay. Austin, Texas-based Tesla is also facing a series of race and sex discrimination cases by workers, most involving the Fremont plant.

☆ HSBC to raise best lending rate to 5.125% after HK rate hike
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. REUTERS/Lam YikHONG KONG, Sept 22 (Reuters) - HSBC Holdings (0005.HK), said on Thursday it raised its best lending rate in Hong Kong by 12.5 basis points to 5.125% effective Sept. 23 after the city's central bank raised the base rate charged through its overnight discount window by 75 basis points. The Hong Kong Monetary Authority earlier on Thursday raised the base rate charged through its overnight discount to 3.50% from 2.75%. read moreHong Kong tracks U.S. interest rate moves because its currency is pegged to the U.S. dollar, although local banks have some leeway to lag U.S. moves when setting prime rates. Register now for FREE unlimited access to Reuters.com RegisterReporting by Donny Kwok and Selena Li; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ $57 billion Millennium just tapped a Goldman Sachs alum to build out its Miami tech hub as the battle for talent in the Sunshine State heats up
▼ + stars: | 2022-09-21 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Millennium Management has tapped Olga Naumovich to lead its technology team in Miami. The war for local investing and tech talent is heating up as more hedge funds move South. Izzy Englander's $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund's plans told Insider. "I can see how there would be an increased demand for tech talent as firms start to run their footprint there." "Needless to say, the market for technology talent is intensely competitive at this time," Englander said.

☆ There are hundreds of millions in discrepancies, says fmr. U.S. Attorney
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are hundreds of millions in discrepancies, says fmr. U.S. AttorneyCarol Lam, former U.S. Attorney for the Southern District of California, joins Shep Smith to discuss the lawsuit filed against Donald Trump, his company and three oldest children, Don Jr. Ivanka and Eric.

☆ Asia shares gain ground, hefty Fed rate hike seen priced in
▼ + stars: | 2022-09-20 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

Even more so than the Ukraine war or corporate earnings, the actions of the U.S. central bank are driving market sentiment as traders position themselves for a rising interest rate environment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.2 % while Australian shares (.AXJO) climbed 1.2%. Markets are priced for rates to climb as high as 4.5% by early 2023, compared with the Fed's current 2.25%-2.5% policy rate range. It is not just in the United States that interest rate rises are expected. read moreChina's central bank went its own way though, cutting on Monday a repo rate by 10 basis points to support its ailing economy.

☆ First Boston deserves a selective revival
▼ + stars: | 2022-09-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. By 2006, Credit Suisse First Boston was once again just Credit Suisse. Register now for FREE unlimited access to Reuters.com RegisterFor today’s Credit Suisse, anything that conveys renewed ambition is worth a try. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978. The Swiss bank took full control in 1990 after First Boston incurred large losses on loans it had made to clients.

☆ U.S. trustbusters’ red faces match legal red tape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019. REUTERS/Lucy Nicholson/IllustrationNEW YORK, Sept 20 (Reuters Breakingviews) - America’s antitrust enforcers can’t catch a legal break. Unless they start scoring court wins, competition hawks’ legacy may be less stopping M&A than making it more painful. UnitedHealth’s victory, which followed 20 months of investigation and litigation, confirms that merger reviews generally are becoming more onerous. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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