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☆ South Korea Hosts Japan, China as US Allies Try to Reassure Beijing
▼ + stars: | 2023-09-25 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Japan and South Korea have an interest in avoiding conflicts and maintaining a stable security relationship with China, and Beijing's assistance in slowing down, if not halting, North Korea's extensive nuclear development program, he added. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Josh Smith, Hyonhee Shin, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean, Carnegie Endowment, International Peace Locations: Hyonhee Shin SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

☆ CreditNinja, which has charged loan customers an interest rate of 447%, is complaining that their $1 million PPP loan forgiveness request was rejected
▼ + stars: | 2023-09-23 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Short-term lending company CreditNinja is mad about the SBA denying them loan forgiveness. The company charges interest rates as high as 447% in Texas, per KHOU. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. According to Forbes, Kanye West's fashion company Yeezy received over $2 million in PPP loans. Artist Jeff Koons, also notably rich, received a $1.1 million PPP loan in April 2020, according to ProPublica.

Persons: Seamus Hughes's CourtWatch, CreditNinja, CreditNinja wasn't, —, Kanye, Yeezy, Jeff Koons Organizations: SBA, Service, Court, Southern Division, Small Business Association, Relief, Economic, Forbes Locations: Texas, Wall, Silicon, Illinois

☆ Student-loan borrowers aren't waiting for payments to resume to start paying off their debt
▼ + stars: | 2023-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Treasury recorded a $1 billion cash flow into the Education Department on September 1. Borrowers are already starting to make payments before bills are due next month. On September 1, interest began accruing on millions of federal student-loan borrowers' balances, marking the end of the over three-year payment pause introduced at the start of the pandemic. AdvertisementAdvertisementWhile the influx of cash into the Education Department might not solely be from student-loan payments, it's clear it was a major contributor this month, based on Treasury data. While some borrowers have been using the time to prepare for repayment, the Education Department previously said 4 million borrowers are enrolled in the new SAVE income-driven repayment plan, intended to lower monthly payments.

Persons: James Kvaal, Kvaal, Bobby Scott Organizations: Treasury, Education Department, Service, Politico, Republican Locations: Wall, Silicon

☆ The Rise of Single-Parent Families Is Not a Good Thing - The New York Times
▼ + stars: | 2023-09-17 | by ( Melissa S. Kearney | ) www.nytimes.com time to read: +3 min

College-educated adults have seen their earnings rise over recent decades, and they have continued to get married at relatively high rates, typically to one another. One-parent homes generally do not have the same income as two-parent homes, even when we compare the homes of mothers of the same age, education level, race and state of residence. What are the odds that the government will start providing one-parent families with, say, benefits equal to the median earnings of an adult with a high school degree, which comes to around $44,000 a year? As long as that’s the case, income gaps between one- and two-parent homes will be substantial, and income matters a lot for kids’ prospects and futures. But again, it is highly unlikely that government or community programs could ever provide children from one-parent homes with a comparable amount of the supervision, nurturing, guidance or help that children from healthy two-parent homes receive.

Locations: United States

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China August 28, 2018. "This will skyrocket our demand for lithium-ion batteries, fuel cells and electrolysers, which is expected to multiply between 10 and 30 times in the coming years," the paper, prepared by the Spanish presidency of the EU, said. While the EU has a strong position in the intermediate and assembly phases of making electrolysers, with a more than 50% global market share, it relies heavily on China for fuel cells and lithium-ion batteries crucial for electric vehicles. Lithium-ion batteries and fuel cells were not the only area of EU vulnerability, the Spanish presidency paper said. "The EU has a relatively strong position in the latter, but it shows significant weaknesses in the other areas," it said.

Persons: Stringer, Jan Strupczewski, Conor Humphries Organizations: REUTERS, Rights, European, EU, Reuters, European Commission, European Central Bank, Thomson Locations: Huzhou, Zhejiang province, China, Rights MADRID, Russia, Ukraine, Granada, Spain, Europe, Africa, Latin America, Spanish

☆ Ukraine security agency confirms new allegations against magnate Kolomoisky
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Ukrainian business tycoon and one of Ukraine's most prominent billionaires Ihor Kolomoisky appears at a court session about a preventive measure against him, amid Russia's attack on Ukraine, in Kyiv September 2, 2023. REUTERS/Vladyslav Musiienko/File Photo Acquire Licensing RightsKYIV, Sept 15 (Reuters) - Ukrainian business magnate Ihor Kolomoisky has been served with notice of a third set of allegations following his detention on suspicion of fraud and money laundering, the Security Service of Ukraine (SBU) said on Friday. Kolomoisky is suspected of having set up an organised group, which comprised employees of the bank, to obtain the funds from 2013 to 2014, it said. Reuters could not immediately reach Kolomoisky or his lawyers for comment on the new allegations. Zelenskiy is trying to root our corruption and restrict the influence of business magnates as Ukraine strives for membership of the European Union.

Persons: Ihor Kolomoisky, Vladyslav, Serhiy Leshchenko, Volodymyr Zelenskiy's, Kolomoisky, Zelenskiy, Anna Pruchnicka, Timothy Heritage, Mark Potter Organizations: REUTERS, Rights, Security Service of Ukraine, Ukraine's Economic Security Bureau, Reuters, Soviet Union, National, European Union, Thomson Locations: Ukraine, Kyiv, Soviet, U.S, Kolomoisky, Ukrainian, PrivatBank

☆ New allegation against detained Ukrainian magnate Kolomoisky, official says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Ihor Kolomoisky, a Ukrainian business tycoon and one of Ukraine's most prominent billionaires, arrives at court in Kyiv, September 2, 2023. REUTERS/Vladyslav Musiienko/File Photo Acquire Licensing RightsSept 14 (Reuters) - Detained Ukrainian business magnate Ihor Kolomoisky, already facing fraud charges, has been served with notice of a third set of allegations, a Ukrainian official said on Thursday. Leshchenko said the new allegations resulted from an investigation by Ukraine's Bureau of Economic Security. They included forging documents, illegal takeovers of property by an organised group and property acquisition in questionable circumstances. Kolomoisky is among the tycoons who built their fortunes in the ashes of the Soviet Union and amassed political power in Ukraine's fragile democracy.

Persons: Ihor, Vladyslav, Ihor Kolomoisky, Serhiy Leshchenko, Volodymyr Zelenskiy's, Kolomoisky, Leshchenko, Ron Popeski, Nick Starkov, Lincoln Organizations: REUTERS, Ukraine's Bureau of Economic Security, of Economic Security, National, European Union, Soviet Union, Thomson Locations: Ukrainian, Kyiv, Privatbank, Ukraine, PrivatBank, Soviet, U.S

☆ The GOP is moving forward with a bill that would force student-loan borrowers into 'payments they can't afford' by blocking Biden's new repayment plan, a top Democrat says
▼ + stars: | 2023-09-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Republicans began marking up a bill that would overturn Biden's new SAVE income-driven repayment plan. Over 4 million borrowers are already enrolled in the plan, the Education Department said. In his opening statement during the markup, he said that the GOP bill would "undermine the economic security of millions of student borrowers." AdvertisementAdvertisement"With the return to student loan repayment underway, student loan borrowers and their families are already anxious," he said. Student-loan payments are resuming in October, and the Education Department has touted its SAVE plan as an option for borrowers who are worried about affording their monthly payments.

Persons: Bobby Scott, Joe Biden's, isn't, Biden, Sen, Bill Cassidy Organizations: Democratic, Education Department, Service, Republicans, Senate, GOP, SAVE, Republican Locations: Wall, Silicon

☆ AOC calls out Republicans for threatening to shut down the government and disrupt 'everyday people's paychecks'
▼ + stars: | 2023-09-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Conservative lawmakers are threatening a government shutdown over a range of demands. Rep. Ocasio-Cortez called out the lawmakers for risking Americans' paychecks with their conditions. Congress has until September 30 to reach an agreement on government funding before a shutdown. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. However, some Senate Republicans think opening this inquiry might just be what it takes to keep the government funding conversation moving.

Persons: Cortez, Alexandria Ocasio, Cortez isn't, Joe Biden's, holdouts, Biden, Kevin McCarthy, Matt Gaetz, McCarthy, paychecks, Don Bacon, GOP Sen, Mike Braun, Ralph Norman Organizations: Service, Lawmakers, Social Security, SNAP, Democratic, Republicans, GOP, Politico, Caucus Locations: Wall, Silicon, Alexandria

☆ US jobless aid programs bilked of up to $135 bln during COVID, watchdog says
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. After several extensions, the PUA - which provided benefits to jobless individuals who would not typically have been eligible for them - expired in September 2021. Fraudulent claims activity has periodically distorted the data reported weekly by the Labor Department, befuddling economists who count on the data for gauging the wherewithal of the job market. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: REUTERS, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department, Thomson Locations: Manhattan, New York City , New York, U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ Japan PM to Include Five Women in Cabinet - Media
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida's cabinet will include five female ministers, the same number as in two previous administrations, Japanese media reported on Wednesday, as the premier seeks to boost his sagging ratings with fresh faces. About 43% of respondents disapproved of Kishida's leadership while 36% approved, according to a poll by public broadcaster NHK conducted last week. Yoko Kamikawa, a former justice minister who oversaw the execution of the Aum Shinrikyo doomsday cult that carried out a deadly sarin gas attack on the Tokyo subway in 1995, will become foreign minister, the media outlets said. The number of women in cabinet is the same as previous cabinets led by former premiers Junichiro Koizumi and Shinzo Abe. Kishida has also appointed pro-Taiwan politician Minoru Kihara to head the defence ministry, while retaining Shunichi Suzuki as finance minister and Yasutoshi Nishimura as economic minister, the media outlets said.

Persons: Fumio Kishida's, Kishida, Yoko Kamikawa, Sanae, Junichiro Koizumi, Shinzo Abe, Minoru Kihara, Suzuki, Yasutoshi Nishimura, Sakura Murakami, Miral Fahmy Organizations: NHK Locations: TOKYO, Tokyo, Taiwan

☆ US Jobless Aid Programs Bilked of up to $135 Billion During COVID, Watchdog Says
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

(Reuters) - Up to $135 billion of jobless benefits paid out by U.S. states during the coronavirus pandemic may have arisen from fraudulent claims, Washington's top government watchdog said on Tuesday in a report suggesting the problem is much bigger than previously estimated. But a new General Accountability Office report estimates the problem is much bigger: Between $100 billion and $135 billion of the roughly $900 billion in jobless benefits payouts from April 2020 through May 2023 may have been fraudulent. At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: Reuters, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department Locations: U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ GlobalFoundries opens $4 billion Singapore expansion fab to meet 'demand for essential semiconductor chips'
▼ + stars: | 2023-09-12 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

A robotic arm moves 300 mm silicon semiconductor wafers inside a sorting machine in a cleanroom at a Globalfoundries Inc. semiconductor fabrication plant. Liesa Johannssen | Bloomberg | Getty ImagesU.S.-headquartered GlobalFoundries announced Tuesday the opening of its $4 billion expansion fabrication plant in Singapore as the contract chipmaker expects "growth in demand for essential semiconductor chips." Singapore supplies 11% of the world's semiconductors, according to the Singapore Semiconductor Industry Association. GlobalFoundries acquired Singapore's Chartered Semiconductor Manufacturing and took over its fabs in 2010. The following June, the Nasdaq-listed semiconductor manufacturer said its first tool had been moved into the Singapore facility.

Persons: Johannssen, GlobalFoundries, chipmaker, Thomas Caulfield, Caulfield, CNBC's Organizations: Inc, Bloomberg, Getty, CNBC, Qualcomm, MediaTek, NXP Semiconductors, 5G, Singapore Semiconductor Industry Association, Partnership, Samsung, Semiconductor Manufacturing, Economic, Board, Nasdaq, CNBC's Sri Locations: Singapore, U.S, Germany

☆ The G7 is least bad group for a troubled world
▼ + stars: | 2023-09-04 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

In this troubled world, the Group of Seven rich democracies is the best bet for keeping the peace and protecting the planet. The Group of 20 large economies and the United Nations, both of which hold summits this month, are broken. India and Brazil may also be out of place in an expanded group which China seems to be dominating. G7 BY DEFAULTThat leaves the G7, which brings together the U.S., Japan, Germany, the United Kingdom, France, Italy and Canada. But to see off challenges from other groups, the G7 needs a more ambitious offer for the Global South.

Persons: Joe Biden, Volodymyr Zelenskiy, Vladimir Putin, Lehman Brothers, Narendra Modi, What’s, Putin won’t, Xi Jinping, haven’t, Donald Trump’s, Joe Biden’s, Putin, Peter Thal Larsen, Thomas Shum Organizations: Reuters, U.S, United Nations, UN, Security, Lehman, Indian, United, International Monetary Fund, Freedom House, U.S ., American, European Union, Global, Thomson Locations: Ukraine, Hiroshima, Japan, China, U.S, Soviet Union, Russia, United Kingdom, France, New Delhi, India, loggerheads, Brazil, South Africa, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, United Arab Emirates, UAE, Mexico, Indonesia, Turkey, Thailand, Nigeria, Vietnam, Malaysia, Philippines, Bangladesh, Germany, Italy, Canada, Iraq, Britain, Europe, Asia, South Korea, Australia

CNN —One of Ukraine’s most powerful oligarchs has been arrested in a fraud investigation, state media in the country are reporting. A Kyiv court on Saturday ordered Ihor Kolomoisky, a key supporter of Ukrainian President Volodymyr Zelensky’s 2019 presidential campaign, to 60 days in pre-trial detention while authorities investigate fraud charges against him, reported Ukrinform. Kolomoisky’s media and banking businesses have made him one of the richest men in Ukraine. Video and photos showed Kolomoisky being led away from the district court in Kyiv. Earlier this year Zelensky fired a slew of senior Ukrainian officials over a corruption scandal linked to the procurement of war-time supplies.

Persons: Ihor Kolomoisky, Volodymyr Zelensky’s, Kolomoisky, Ukrinform, –, ”, Vasyl Maliuk, Zelensky, Arsen Avakov, Avakov Organizations: CNN, US State Department, State Department, Security Service of Ukraine, of Economic Security, General’s, Kolomoisky, “ Locations: Ukraine, Shevchenkivskyi, Kyiv, Europe, Russia

☆ A Russian police lieutenant colonel was killed by a drone while mowing his lawn on his day off, local reports say
▼ + stars: | 2023-08-30 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

A senior Russian police officer was killed by a drone while mowing his lawn on Saturday, reports say. The local governor confirmed a man was killed by a drone while mowing grass at a country house. He was on his day off and mowing grass in Shchetinovka, a rural locality in Belgorod, when the drone attack struck, per Baza. Vyacheslav Gladkov, the governor of Belgorod, wrote on Sunday that a man was killed by a drone while mowing a lawn at a country house in Shchetinovka. Ukrainian drone attacks caused the capital's airports to temporarily shut at least three times this week, and Russia said on Monday that it shot down a Ukrainian drone approaching Moscow.

Persons: Alexey Ch, Baza, Vyacheslav Gladkov, Gladkov, Volodymyr Zelenskyy Organizations: Service, Russian Telegram, Russian Defense Ministry, Ukrainian Defense Ministry Locations: Russian, Wall, Silicon, Russia's, Shchetinovka, Belgorod, Ukraine, Kharkiv, Ukrainian, Moscow, Russia

☆ Labor Department Proposes Vast Expansion of Overtime Eligibility
▼ + stars: | 2023-08-30 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

In a move that could affect millions of workers, the Biden administration announced Wednesday that it was proposing to substantially increase the cutoff below which most salaried workers automatically receive time-and-a-half overtime pay. Under the proposed rule, issued by the Labor Department, the cutoff for receiving overtime pay after 40 hours a week would rise to about $55,000 a year from about $35,500, a level that was set during the Trump administration. About 3.6 million salaried workers who fall between the current cutoff and the new one would effectively gain overtime pay eligibility under the proposed rule, the department said. Some employers may choose to raise workers’ pay above $55,000 to avoid paying overtime. Julie Su, the department’s acting secretary, said in a statement that the rule “would help restore workers’ economic security by giving millions more salaried workers the right to overtime protections.”

Persons: Biden, Trump, Julie Su Organizations: Labor Department

☆ Japan says may take China to WTO over Fukushima-driven seafood import ban
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Japanese Foreign Minister Yoshimasa Hayashi told reporters that Japan would take "necessary action (on China's aquatic product ban) under various routes including the WTO framework". Filing a WTO complaint might become an option if protesting to China through diplomatic routes is ineffective, Economic Security Minister Sanae Takaichi said separately. Japan's National Police Agency has received 225 reports of harassment calls to date, Jiji News reported, and the government said it was seeking help from telecommunications companies to block the calls. NTT and other phone companies including KDDI (9433.T) and SoftBank Corp (9434.T) are discussing measures following the government's request. "It is extremely regrettable and concerning about the large number of harassment calls that have likely come from China," Trade Minister Yasutoshi Nishimura said during a news conference.

Persons: Tom Bateman, Yoshimasa Hayashi, Sanae Takaichi, Yasutoshi Nishimura, Nishimura, Kantaro Komiya, Mariko Katsumura, Sakura Murakami, Chang, Ran Kim, Simon Cameron, Moore, Jacqueline Wong Organizations: REUTERS, Rights, World Trade Organization, Economic, Japan's National Police Agency, Jiji News, NTT Communications, Nippon Telegraph, Telephone, NTT, SoftBank Corp, Thomson Locations: Fukushima, Fukushima Prefecture, Japan, China, WTO

☆ South Korea to toughen punishments for technology leaks in chips, displays
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

South Korea has been cracking down on technology leaks in recent months, as the country seeks to maintain its dwindling lead in memory chips and displays against competitors. South Korea's Sentencing Commission, overseen by the Supreme Court of Korea, decided this month to toughen punishments and lengthen jail times for leaking South Korean technology, the industry ministry said in a statement on Monday. The industry ministry did not say which country it is targeting, but analysts said China is the suspected destination of the bulk of South Korean technology leaks. This led to acquittal in 30% and suspended sentences in 54% of such cases before South Korean courts, it said. South Korean police said in June they had arrested 77 people in 35 cases of suspected industrial espionage in a nationwide investigation over the past four months.

Persons: Kacper, Joyce Lee, Tom Hogue Organizations: REUTERS, Rights, Samsung, South, Thomson Locations: Rights SEOUL, South Korea, Korea, China, South Korean, Korean

☆ Germany wants tighter foreign investment controls amid China 'de-risking'
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +1 min

The effort comes as Berlin urges companies to reduce their reliance on China and as the government examines whether its current set of regulations is sufficient to encourage this. Germany has at times been seen as a weak link in the Western approach to China, given the strong business ties with its single biggest trading partner. "Investment reviews have gained enormously in importance in Germany, Europe and internationally in recent years," the document said. In addition, the ministry is also considering checking the security significance of new factories built in Germany by foreign companies, as well as whether security-critical research cooperation deals need to be scrutinized. Reporting by Andreas Rinke; Writing by Tom Sims; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Habeck, China's Cosco, Andreas Rinke, Tom Sims, David Holmes Organizations: Reuters, Sunday, Thomson Locations: Berlin, China, West, Germany, Hamburg, Europe

☆ Yellen upbeat on US economy, says Bidenomics is driving investment, job growth
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. Yellen said China's slowing growth, Russia's war in Ukraine and climate change could still pose risks to the U.S. economy and did not rule out a recession, but she felt upbeat. "I feel very good about U.S. prospects overall," Yellen told reporters, noting that inflation and the unemployment rate had both dropped below 4%, and that the U.S. economy was continuing to expand. "These are real Americans back at work – able to put food on the table, support their families, and save for retirement." Reporting by Andrea Shalal in Las Vegas; Editing by Diane Craft, Matthew Lewis and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Thomas Peter, Joe Biden's, Yellen, Biden, Andrea Shalal, Diane Craft, Matthew Lewis, Sonali Paul Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, International Brotherhood of Electrical Workers, National Conference of State Legislators, Workers, International Energy Agency, Thomson Locations: Beijing, China, Nevada, Vegas, United States, Ukraine, U.S, Las Vegas

☆ Yellen warns of risks of over-concentration of clean energy supply chains
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

"As we move away from fossil fuels, we remain concerned about the risks of over-concentration in clean energy supply chains," she said in excerpts of the speech obtained by Reuters. "Today, the production of critical clean energy inputs – from batteries to solar panels to critical minerals – is concentrated in a handful of countries." "The IRA is helping re-shore some of the production that is critical to our clean energy economy," she said. "Accelerating these transitions can mean greater demand for U.S. clean energy technologies produced by American workers. It can also bolster global clean energy supply chains.”Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union.

Persons: Janet Yellen, Thomas Peter, laud, Yellen, Joe Biden, Biden, Andrea Shalal, Diane Craft Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, Reuters, International Energy Agency, Democratic, International Brotherhood of Electrical Workers, Thomson Locations: Beijing, China, United States, U.S, Las Vegas, Democratic Republic of Congo, Indonesia, Australia, Chile, Nevada

☆ Japan eyes tax break for domestic EV battery, chip production - Nikkei
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File PhotoTOKYO, Aug 11 (Reuters) - Japan plans to create tax breaks for domestically-made electric vehicle (EV) batteries and semiconductors from April 2024 to enhance economic security, the Nikkei newspaper reported on Friday. For the government's fiscal 2024 tax code revision, the Ministry of Economy, Trade and Industry will propose the tax cuts for companies manufacturing strategically crucial items in Japan, Nikkei said. The ministry will draft the specifics including applicable items by end of this year, the report said. To secure supply chains for strategic goods, Japan has also unveiled billion-dollar subsidies for chipmakers such as Taiwan Semiconductor Manufacturing (2330.TW) and Micron Technology (MU.O) to build plants in Japan, and enacted the Economic Security Promotion Act last year.

Persons: Florence Lo, Akin, Kantaro Komiya, Kim Coghill Organizations: REUTERS, Nikkei, European Union, Ministry, Economy, Trade, Industry, U.S, Taiwan Semiconductor Manufacturing, Micron Technology, Economic, Thomson Locations: Japan, United States, China

☆ With eyes on Taiwan, new China ban shows the U.S. may be learning lessons from mistakes with Russia
▼ + stars: | 2023-08-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +7 min

Analysts said the U.S. was making such moves with an eye on rising tensions over Taiwan, given that the potential fallout from a conflict between China and Taiwan would be "unimaginable." Yurchenko, who spoke to CNBC ahead of the Wednesday announcement, dubbed the scale of the risks regarding Taiwan as "unimaginable." Beijing, meanwhile, has called for "reunification" with Taiwan, last year describing its status in a white paper as an "unalterable" part of China. watch nowElina Ribakova, senior fellow at the Peterson Institute for International Economics, said that China was watching the West's approach to Russia closely. Western sanctions against Moscow keep coming, almost 1½ years after Russian forces crossed Ukraine's borders.

Persons: Drew Angerer, Joe Biden, Olena, it's, Olena Yurchenko, Yurchenko, Kyle Bass, Xi Jinping, Biden, Ukraine's Yurchenko, they've, Elina Ribakova, Ribakova, Daniel Ferrie, I'm Organizations: Getty, Wednesday, Foreign Ministry, Economic Security, of, of Ukraine, CNBC, Peterson Institute for International Economics, Moscow, Ukraine, European, European Union, Hayman Capital Locations: China, disassociation, Beijing, U.S, Russia, Taiwan, United States, Washington, of Ukraine, India, Taiwan Strait, Ukraine, Ukraine's, Moscow

☆ EU to analyse US tech curbs in China, says issue also key to Europe
▼ + stars: | 2023-08-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Aug 10 (Reuters) - The European Commission will analyse the U.S. ban on new U.S. investment in China in sensitive technologies as the issue is also important to the European Union's economic security, the EU executive said on Thursday. U.S. President Joe Biden on Wednesday signed an executive order to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems. "We will be analysing the Executive Order closely. We are in close contact with the US administration and look forward to continued cooperation on this topic," a Commission spokesperson said in an email. "We recognise the significance of the topic, which was an important element in the recent Joint Communication on economic security."

Persons: Joe Biden, Foo Yun Chee, Andreas Rinke, Rachel More, Jason Neely, Matthias Williams, Christina Fincher Organizations: European, Wednesday, EU, Member States, Reuters, Thomson Locations: BRUSSELS, China, Russia, Berlin, Brussels

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