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☆ A Speedo vs 'outdated swimwear' analogy has officially entered the US-China tech war conversation
▼ + stars: | 2023-07-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Xie Feng, the Chinese ambassador to the US, said Washington isn't playing fair in its tech race with China. Restrictions on China are like forcing it to wear outdated swimwear while the US wears Speedos, he said. The tech war between the world's two largest economies has been intensifying. On Wednesday, Xie Feng, the Chinese ambassador to the US, found the most unexpected analogy to the US-China tech competition by comparing American restrictions on China to different types of swimwear. It also wants to slap further export restrictions on AI chips to China, the Wall Street Journal reported on June 27.

Persons: Xie Feng, Washington isn't, Xie, we've, Biden, China's Organizations: Aspen Security, Wall Street, Micron Locations: China, Colorado, Netherlands, Beijing

A woman walks past a Taiwan Semiconductor Manufacturing Company (TSMC) logo at the Hsinchu Science Park in Hsinchu on July 5, 2023. (Photo by Sam Yeh / AFP) (Photo by SAM YEH/AFP via Getty Images)Taiwan Semiconductor Manufacturing Company , the world's largest chipmaker, posted a second-quarter profit plunge Thursday as demand for consumer electronics continues to slump. TSMC said business was impacted by macroeconomic headwinds "which dampened the end market demand, and led to customers' ongoing inventory adjustment." This is the company's first quarterly net income decline since the second quarter of 2019. Apple typically releases its latest iPhone in September so it is likely ordering chips from TSMC in the third quarter.

Persons: Sam Yeh, TSMC, Wendell Huang Organizations: Taiwan Semiconductor Manufacturing Company, Hsinchu Science, SAM YEH, Getty Images, Apple Locations: Hsinchu, Hsinchu Science Park, AFP, Taiwan

☆ 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

☆ Stocks making the biggest moves premarket: Netflix, Tesla, United Airlines and more
▼ + stars: | 2023-07-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Netflix posted earnings of $3.29 a share on $8.19 billion in revenue. However, IBM reported earnings that topped analysts' estimates as the company expanded its gross margin. United Airlines — Shares rose 3% after United Airlines reported record quarterly earnings and said it expects a strong third quarter as travel demand surges. During the period, the company reported a rebound in customer deposits. The company reported earnings of 92 cents a share on $2.35 billion in revenue.

Persons: Refinitiv, it's, Johnson, Horton —, Horton, Blackstone, Blackstone — Blackstone, Morgan Stanley, Bud Light, —, Macheel, Alex Harring, Jesse Pound, Yun Li Organizations: Netflix, IBM, Vegas Sands, Refinitiv, Taiwan Semiconductor, Taiwan Semi, Revenue, Discover, Discover Financial, United Airlines, Bancorp, American Airlines —, Airlines, Blackstone —, Anheuser, Busch Locations: Los Angeles , California, Vegas, Taiwan

☆ Shein and Temu are slapping each other with lawsuits as their epic battle for Gen Zers heats up
▼ + stars: | 2023-07-19 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Shein alleged Temu infringed on its trademark and Temu alleged Shein violated antitrust laws. Now Temu is fighting back with its own lawsuit against Shein, filed last week. In Shein's lawsuit against Temu, the company alleged that Temu attempted a deliberate scheme to impersonate the Shein brand by creating fraudulent Twitter accounts. Shein also alleged that Temu contracted influencers to make disparaging comments about Shein. In Temu's lawsuit against Shein, the company alleged that Shein forced clothing manufacturers to sign agreements not to work for its rival.

Persons: Shein, Temu, Gen, they've, influencers Organizations: Service, Twitter, Reuters, Wall Street Journal, Bloomberg, Temu, Shein Locations: Wall, Silicon, Chinese, Singapore, China, Shein, Temu

☆ Critical chip firm ASML, caught in China export restrictions, posts 38% rise in profit
▼ + stars: | 2023-07-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Dutch firm ASML makes one of the most important pieces of machinery required to manufacture the most advanced chips in the world. Here's how ASML did in the second quarter versus Refinitiv estimates:Net sales : 6.9 billion euros ($7.7 billion), compared with 6.72 billion euros expected. : 6.9 billion euros ($7.7 billion), compared with 6.72 billion euros expected. Net profit: 1.9 billion euros, versus 1.82 billion euros expected. ASML said it expects net sales in the third quarter of this year to sit between 6.5 billion euros and 7 billion euros.

Persons: ASML, Peter Wennink, Wennink Organizations: U.S . Locations: U.S, Dutch, China

☆ Shein and Temu’s battle for US bargain shoppers is getting nasty
▼ + stars: | 2023-07-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Temu has sued Shein in the United States, accusing its rival of violating antitrust laws by trying to monopolize suppliers and engaging in other allegedly illegal behavior. It follows another complaint from Shein, which sued Temu in December for allegedly mobilizing social media influencers to disparage Shein online. Shein has also “forced” exclusivity deals on clothing manufacturers to prevent them from working with Temu, the complaint states. A new ‘war’In its lawsuit filed last week, Temu claimed its recent entry into the United States had rattled Shein. It claimed that Temu had required them to make statements such as: “Shein is not the only cheap option for clothing!

Persons: Hong Kong CNN — Temu, Shein, Temu, Tomas Stevens, ”, Michael Felice, ” Temu, influencers, “, Shein “, Felice Organizations: Hong Kong CNN, Temu, Consumers, AP, PDD, CNN Locations: Hong Kong, United States, Massachusetts, Shein, Paris, China, Zara, Illinois

☆ South Korea challenges arbitration ruling that found for Elliott in Samsung merger case
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 18 (Reuters) - South Korea said on Tuesday it would challenge an arbitration ruling that ordered it to pay U.S. hedge fund Elliott Investment Management $108.5 million in a case involving the merger of two Samsung Electronics (005930.KS) affiliates. The Permanent Court of Arbitration in the Hague last month found in favour of Elliott, though the compensation ordered was much less than the $770 million the hedge fund had sought. South Korea will argue that the Hague-based tribunal did not have jurisdiction to make the ruling under a free trade agreement it has with the United States, and will challenge the ruling at a UK arbitration body, the Justice Ministry said in a statement. It did not name the UK arbitration body. ($1 = 1,260.1300 won)Reporting by Hyunsu Yim; Editing by Ed Davies and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Elliott, 1,260.1300, Hyunsu Yim, Ed Davies, Edwina Gibbs Organizations: Elliott Investment, Samsung Electronics, South, Pension Service, Samsung, Hague, Ministry, Thomson Locations: SEOUL, South Korea, U.S, Hague, United States

☆ White House partners with Amazon, Google, Best Buy to secure devices from cyberattacks
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 18 (Reuters) - The White House on Tuesday along with companies such as Amazon.com Inc (AMZN.O), Alphabet's Google (GOOGL.O) and Best Buy (BBY.N) will announce an initiative that allows Americans to identify devices that are less vulnerable to cyberattacks. A new certification and labeling program would raise the bar for cybersecurity across smart devices such as refrigerators, microwaves, televisions, climate control systems and fitness trackers, the White House said in a statement. Retailers and manufacturers will apply a "U.S. Cyber Trust Mark" logo to their devices and the program will be up and running in 2024. The Federal Communications Commission will seek public comment before rolling out the labeling program and register a national trademark with the U.S. Patent and Trademark Office, the White House said. In March, the White House launched its national cyber strategy that called on software makers and companies to take far greater responsibility to ensure that their systems cannot be hacked.

Persons: Nandita Bose, Jacqueline Wong Organizations: Amazon.com Inc, Google, Cyber, Federal Communications Commission, U.S . Patent, LG Electronics, Logitech, Cisco Systems, Samsung, White House, Federal Bureau of Investigation, Defense Department, Microsoft, Thomson Locations: U.S, Washington

☆ Americans have gotten bigger raises than other rich countries over the last few years
▼ + stars: | 2023-07-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Real wages have grown on an annual basis over the last two months for the first time in 26 months. The US also leads the G7 countries in GDP growth and one measure of inflation. Real wages in the US were 5.8% higher in 2022 compared with 2019, followed by Canada at 4.7%. The other G7 countries were all in the negatives for this time period. Other European countries including Spain and Greece have also seen real wages fall, according to the OECD.

Persons: Darren Grant Organizations: Service, US, Organisation for Economic Co, OECD, Sam Houston State University, Federal, Consumers Locations: Wall, Silicon, Canada, Italy, Germany, Spain, Greece

☆ US retail sales miss expectations; underlying sales strong
▼ + stars: | 2023-07-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Retail sales increased 0.2% last month, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast retail sales gaining 0.5%. Retail sales are mostly goods and are not adjusted for inflation. Clothing store sales increased 0.6% in June, while online sales surged 1.9%. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June.

Persons: David Russell, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Commerce Department, Reuters, Market Intelligence, Consumers, Reuters Graphics, Federal Reserve, Thomson Locations: WASHINGTON, U.S

☆ White House teams with Amazon, Google, and Qualcomm on cyber security labels for gadgets
▼ + stars: | 2023-07-18 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

To receive the U.S. Cyber Trust Mark, companies will have to follow cybersecurity standards set by the National Institute of Standards and Technology (NIST), such as requiring strong passwords and software updates. Other agencies across the executive branch also plan to get involved in making connected devices more secure, according to the announcement. For example, the Department of Energy will collaborate with National Labs and industry to create cybersecurity labeling standards for smart meters and power inverters. And the Department of State plans to engage allies in syncing up cybersecurity labeling standards and creating international recognition of such labels. Once completed, the FCC could choose to use the standards to apply the new label to these products as well.

Persons: Biden Organizations: U.S, U.S . Cyber, Federal Communications Commission, Google, LG Electronics, Logitech, Samsung, National Institute of Standards, Technology, NIST, FCC, Infrastructure Security Agency, Department of Energy, National Labs, Department of State, CNBC, YouTube Locations: cyberattacks, U.S

HONG KONG, July 18 (Reuters) - China plans to appoint the CEO of state-owned telecoms giant China Unicom (0762.HK), (600050.SS), Liu Liehong, as the head of its new national data bureau, four sources said, putting him in charge of efforts to make the country a digital superpower. China announced plans for the data bureau in March as part of a sweeping government reshuffle. Its formation is part of efforts to achieve President Xi Jinping's vision of a "digital China", where data is managed alongside labour and capital as a key economic driver. China's internet regulator, the Cyberspace Administration of China (CAC), will also transfer some staff to the data bureau, said one source. "Whether Mr. Liu Liehong will take up any role in the National Data Bureau shall be subject to the decision of the PRC government," it added.

Persons: Liu Liehong, Liu, Xi, China Unicom, Julie Zhu, Kevin Huang, Jane Xu, Brenda Goh, Sam Holmes Organizations: HK, National Data Bureau, Reuters, China, Tech Development Department, Cyberspace Administration of China, CAC, Information Office, National, Bureau, China Electronics Technology Group Corporation, Ministry of Industry, Information Technology, Communist Party, Committee, Thomson Locations: HONG KONG, China, Hong Kong, Chengdu, Sichuan province

☆ ASML to hire 100 researchers leaving Philips
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 18 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) will hire 100 researchers who are leaving Philips (PHG.AS), the companies said on Tuesday. ASML was founded as a joint venture between Philips and ASM International (ASMI.AS) in 1984 and has become Europe's largest technology company by market capitalisation. Philips, a former industrial conglomerate that now focuses on medical technology, has been retrenching and cutting staff after a major recall of respiratory devices. The employees switching companies are from Philips' Engineering Solutions division, including staff working on "mechatronics", the integration of mechanical control systems into electronics. ASML hired a net 7,000 employees in 2022, adding almost 20% to its global workforce, but it is expected to slow that pace this year.

Persons: ASML, Toby Sterling, David Goodman, Jonathan Oatis Organizations: Philips, ASM International, Engineering Solutions, Thomson Locations: AMSTERDAM, Financieele Dagblad, ASML

☆ I used TSA PreCheck for the first time this summer. I only travel a few times a year, but for $78, I think it's worth it.
▼ + stars: | 2023-07-17 | by ( Jules Rogers | ) www.businessinsider.com time to read: +4 min

She decided to get TSA PreCheck before a trip to California this summer. Here's how the TSA PreCheck process went for me as a first-time user. Like a plebeian, he had to go through the regular security line at the Portland airport, while I used the PreCheck line. For me, TSA PreCheck is worth itI paid $78 and about an hour of my time for TSA PreCheck, which is good for five years. Even as a casual summer traveler, I think TSA PreCheck is worth it for me, and I'll most likely renew it when it expires.

Persons: Jules Rogers, I'd, Marshall, — Organizations: TSA, Morning, TSA PreCheck Locations: California, Portland, San Diego

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

☆ The U.S. Must Look Past Chips and A.I. to Compete Against China - The New York Times
▼ + stars: | 2023-07-16 | by ( Dan Wang | ) www.nytimes.com time to read: +2 min

And while there’s no denying the potential significance of large language models, it remains far from obvious that America’s mastery of A.I. While China has suffered serious setbacks in chip production, its companies are vaulting ahead in other sectors. Industry estimates put Chinese companies at owning around 80 percent of the supply chain for solar manufacturing. The passage of the Inflation Reduction Act will help build up domestic production capacity in solar and in car batteries. China produces much of the supply of active pharmaceutical ingredients, and American manufacturers had trouble making masks and cotton swabs early in the pandemic.

Persons: Jake Sullivan, it’s Organizations: Communist Party, Industry Locations: U.S, China, Beijing, United States, Japan

☆ Jana brought an aerospace rock star to Mercury Systems. These next steps could help build value
▼ + stars: | 2023-07-15 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Mercury Systems is a manufacturer of essential components, products, modules and subsystems. On July 6, Bill Ballhaus, Mercury Systems' interim president and CEO, was also named chairman. Mercury Systems has been a successful manufacturer of small electronic components with many favorable attributes. Further, unlike many peers, it pays for its own R&D, making Mercury Systems more nimble and allowing it to have higher operating margins. In June 2022, Jana and Starboard each won a seat on the company's board: Bill Ballhaus (Jana) and Howard L. Lance (Starboard).

Persons: it's, Jana, Barry Rosenstein, Rosenstein, Scott Ostfeld, Gerard J, DeMuro, Roger A ., Bill Ballhaus, Starboard's 13D, Howard L, Ballhaus, Ozzy Osbourne, Steven Tyler, Ken Squire Organizations: Mercury Systems, U.S, Starboard's, Computer Sciences, 13D Locations: U.S

☆ Accused Russian intelligence officer pleads not guilty to US smuggling charges
▼ + stars: | 2023-07-14 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +1 min

NEW YORK, July 14 (Reuters) - An alleged Russian intelligence officer pleaded not guilty on Friday to U.S. charges of smuggling U.S.-origin electronics and ammunition to Russia to help its war against Ukraine. Vadim Konoschenok, who was extradited on Thursday from Estonia, entered the plea at a hearing in federal court in Brooklyn. U.S. Magistrate Judge Ramon Reyes ordered Konoschenok detained pending trial, after prosecutors called him a flight risk. Konoschenok was initially charged last September, as U.S. authorities sought to ramp up enforcement of export controls and sanctions designed to hamper Moscow's war effort. Reporting by Luc Cohen; editing by John Stonestreet and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Vadim Konoschenok, Judge Ramon Reyes, Konoschenok, Sabrina Shroff, Luc Cohen, John Stonestreet, Sandra Maler Organizations: YORK, Ukraine, U.S, Attorney, Thomson Locations: Russian, Russia, Estonia, Brooklyn . U.S, Brooklyn, U.S, Washington

☆ A newly surfaced image of Prigozhin hints at where the Wagner boss may have finally ended up after his failed mutiny
▼ + stars: | 2023-07-14 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

But a new photo of the mercenary boss offers a hint that he may be at a military camp in Belarus. A Skyfi satellite image of the training base at Tsel outside Asipovichy in Belarus where Wagner forces are training Belarusian troops. But the new image of Prigozhin suggests that he may be at the same military camp where his Wagner mercenaries are training Belarusian soldiers. The windows in the photo appear to match those on tents at the military camp being used by Wagner and Belarusian soldiers. Although the rebellion left questions about where Wagner fighters would end up, US officials have since said that they aren't fighting in Ukraine anymore.

Persons: Yevgeny Prigozhin, Wagner, Jens Stoltenberg, Adam Berry, ALEXANDER NEMENOV, Belta, Wagner's, Alexander Lukashenko, — Prigozhin, Vladimir Putin, Prigozin, —, Prigozhin, It's Organizations: Service, Wagner Group, Belarussian, NATO, Belarusian Defence Ministry, Getty, PMC Wagner, Kremlin, Twitter, Ukrainian, Pentagon, Bakhmut, Russian Armed Forces Locations: Belarus, Minsk, Wall, Silicon, Belarusian, Moscow, Tsel, Asipovichy district, Asipovichy, Asipovichy District, Mogilev Region, AFP, Russian, St . Petersburg, Ukraine

☆ The sun’s activity is peaking sooner than expected
▼ + stars: | 2023-07-14 | by ( Ashley Strickland | ) edition.cnn.com time to read: +11 min

Every 11 years or so, the sun experiences periods of low and high solar activity, which is associated with the amount of sunspots on its surface. Over the course of a solar cycle, the sun will transition from a calm to an intense and active period. During the peak of activity, called solar maximum, the sun’s magnetic poles flip. A solar activity spikeThe current solar cycle, known as Solar Cycle 25, has been full of activity, more so than expected. The solar storms generated by the sun can affect electric power grids, GPS and aviation, and satellites in low-Earth orbit.

Persons: ”, Mark Miesch, “, Alex Young, ” Miesch, Scott McIntosh, Robert Leamon, Leamon, Miesch, Young, auroras, Bill Murtagh, ” Murtagh, NASA’s Parker, “ We’ve Organizations: CNN, National Oceanic, Prediction, NASA's Solar Dynamics, NASA, SpaceX, Heliophysics, Goddard Space Flight, GPS, National Center for Atmospheric Research, Goddard Planetary Heliophysics, University of Maryland, College Park, American University, Dynamics, Geological Survey, Probe Locations: Boulder , Colorado, Greenbelt , Maryland, Baltimore County, New Mexico , Missouri, North Carolina, California, United States, England, United Kingdom, Alaska, Canada, Iceland, Norway, Scandinavia, Michigan, Upper Midwest, Pacific, Quebec

☆ Amazon reveals the top-selling item during its Prime Day extravaganza: Temptations cat treats.
▼ + stars: | 2023-07-14 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

A Numerator analysis found that cat treats were the top-selling item during Prime Day 2023. Numerator said that this year, the typical Prime Day shopper was a high-income suburban woman between the ages of 35 and 44. On top of being a long-time Prime member, she had been aware of Prime Day before shopping its sales and had participated in Prime Day shopping in previous years. The top five best-selling items during Prime Day, in order, were: Temptations Cat Treats, an Amazon Fire TV Stick, Liquid I.V. Most households placed at least two orders during this year's Prime Day and spent around $155.67 total during the two days.

Persons: Echo Organizations: Service, Amazon's, Amazon, Shoppers, Prime Locations: Wall, Silicon

NEW YORK, July 14 (Reuters) - Amazon shoppers snagged deals on food delivery, travel and healthcare during a two-day Prime Event that ended on Wednesday, highlighting the potential for growth in services at an e-retailing giant long focused on goods. Amazon did not immediately respond to a request for comment on the shift to include services. Amazon offered a 28% discount for a one-year subscription to its One Medical service for U.S. Prime members who signed up before the Prime Day event ended. Experimenting with more Prime Day deals on services and discounted memberships could bolster Amazon's advertising services, Lipsman said. Investors expect ad revenue to reach $11.2 billion in the third quarter, which will include Prime Day data, according to Refinitiv data.

Persons: David Klink, we’re, Klink, Amazon's Grubhub, Grubhub, Andrew Lipsman, Lipsman, Arriana McLymore, Howard Goller Organizations: YORK, Adobe Analytics, Huntington National Bank, Walmart, Paramount, Priceline, Booking Holdings, Priceline's Hotel Express, Amazon, Intelligence, Merchants, Thomson

☆ Europeans Are Capable of Defending Themselves Against Russia - The New York Times
▼ + stars: | 2023-07-14 | by ( Rajan Menon | ) www.nytimes.com time to read: +3 min

The contention that the wealthy, technologically advanced European nations cannot join forces to acquire enough military power to deter or defeat Russia strains credulity. But Russia has been unable to transform its massive advantage in troops and arms into anything resembling victory. Compare Europe and Russia on any metric typically used for gauging power, and Europe proves vastly superior. That means the European Union, even without Britain, has an economy more than seven times as large as Russia’s. The mixed record of some top-shelf Russian equipment used in Ukraine’s battlefields bears this out.

Persons: —, Russia’s Organizations: Kyiv School of Economics, United Nations, Press, NATO, Ukrainian Army, European Union Locations: Russia, Finland, Sweden, United States, Europe, Ukraine, Ukrainian, Kyiv, European, Japan, South Korea

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