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☆ Japan to give Toyota $854 million support for domestic EV battery output, Nikkei reports
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 15 (Reuters) - Japan will give Toyota (7203.T) around 120 billion yen ($854 million) support towards the automaker's plan to invest in domestic production of the lithium ion batteries used in electric vehicles (EV), the Nikkei newspaper said. The government help would also come as Japan and other U.S. allies increasingly look to secure supply chains away from China, which is a major player in EV batteries. Japan's trade ministry has designated storage batteries, including car batteries, as critical to economic security and has earmarked 330 billion yen in its second supplementary budget to support their supply and development, the Nikkei said. In Toyota's case the total amount of the project to be subsidised is seen reaching 330 billion yen, the newspaper said. ($1 = 140.4500 yen)Reporting by David Dolan; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: David Dolan, Hugh Lawson Organizations: Toyota, Nikkei, Thomson Locations: TOKYO, Japan, China

☆ McCarthy, US House hardliners reach deal to allow votes
▼ + stars: | 2023-06-12 | by ( David Morgan | ) www.reuters.com time to read: +3 min

[1/2] U.S. House Speaker Kevin McCarthy (R-CA) speaks to reporters on Capitol Hill in Washington, U.S., June 8, 2023. If we don't have that, there are going to be fights," Representative Ralph Norman told reporters after he and several other members of the House of Representatives met with McCarthy. "We had a very productive meeting tonight," McCarthy told reporters after the meeting. The House is scheduled to begin voting on delayed Republican bills on Tuesday, starting with a floor rule governing debate and votes on passage. But the hardliners are also looking to expand their influence over the House Republican agenda.

Persons: Kevin McCarthy, Amanda Andrade, Rhoades, McCarthy, Ralph Norman, Joe Biden, Matt Gaetz, David Morgan, Andy Sullivan, Mary Milliken, Matthew Lewis Organizations: ., Capitol, REUTERS, Republican, Freedom Caucus, Congress, Democratic, Thomson Locations: Washington , U.S, WASHINGTON, Washington

☆ Ex-Samsung Elec executive indicted over alleged data theft for China factory
▼ + stars: | 2023-06-12 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

SEOUL, June 12 (Reuters) - South Korean prosecutors said they indicted a former Samsung Electronics (005930.KS) executive on Monday on suspicion of stealing the company's technology to build a chip factory in China. He worked a combined 28 years at the South Korean chipmakers, prosecutors said. The attempt to build the new plant using Samsung data, however, ended in failure due to funding issues, a prosecutor said. South Korean President Yoon Suk Yeol has described competition in the industry as an "all-out war" amid heightened Sino-U.S. tensions. South Korea's Samsung and SK Hynix, the world's top two makers of memory chips, have invested billions of dollars in chip factories in China.

Persons: Prosecutors, Yoon Suk, 1,291.7700, Soo, hyang Choi, Raju Gopalakrishnan, Jason Neely Organizations: Samsung Electronics, SK Hynix, Samsung, Prosecutors, Reuters, Korea's Samsung, Thomson Locations: SEOUL, China, Xian, Suwon, Korean, South Korea, U.S

☆ Biden heads to North Carolina while Republicans Trump, DeSantis court state
▼ + stars: | 2023-06-09 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +2 min

WASHINGTON, June 9 (Reuters) - U.S. President Joe Biden travels to North Carolina on Friday to tout his economic agenda and pledge support to military families, spending time in a political swing state while Republican presidential candidates woo voters there, too. Biden's trip comes as Republican presidential candidates are converging on North Carolina for the state's Republican convention. The White House has said previously it would not comment on actions taken by the Justice Department. North Carolina is an important political swing state that Trump won, though only with a slim margin in 2020, while still losing the presidency to Biden, who won with 306 electoral votes to Trump's 232. During his trip, Biden will announce a series of executive actions to "increase the economic security of military and veteran spouses, caregivers, and survivors," the White House said.

Persons: Joe Biden, Biden, Jill, Donald Trump, Ron DeSantis, Trump, Jeff Mason, Kim Coghill Organizations: Republican, Nash Community College, Liberty, Florida, Justice Department, Trump, White, Fort Liberty, U.S . Army, Thomson Locations: North Carolina, Rocky Mount, Fort Bragg

Republican hopefuls have alleged, without evidence, that the investigation into Trump, who is running to unseat Biden from the White House in 2024, is politically motivated. As the charges against Trump were unsealed, Biden was in North Carolina, where he was discussing his economic agenda and had plans to meet with military members. BIDEN, TRUMP IN SWING STATENorth Carolina is a key political swing state that Republicans are courting this weekend during a state convention. North Carolina, with 15 electoral votes, is an important political swing state that Trump won, though only with a slim margin, in 2020. He leads the North Carolina Republican field with 44% of the vote, followed by DeSantis at 22%, the poll shows.

Persons: ROCKY, Joe Biden, General Merrick Garland, Department's, Donald Trump, I’m, Biden, White, Olivia Dalton, Garland, Jack Smith, Trump, BIDEN, Jill, Ron DeSantis, DeSantis, Nandita Bose, Jeff Mason, Sarah Lynch, Jarrett Renshaw, Heather Timmons, Alistair Bell, Daniel Wallis, Diane Craft Organizations: Trump, White House, DOJ, Air Force, FBI, TRUMP, Nash Community College, Fort Liberty, Diagnostics, North Carolina Republican, White, Liberty, Thomson Locations: N.C, North Carolina, Carolina, Rocky Mount, Florida, Philadelphia . North Carolina, Fort Bragg

☆ Biden and UK's Sunak sign 'Atlantic Declaration,' pledging agreements on A.I. and critical minerals
▼ + stars: | 2023-06-09 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

President Joe Biden and Prime Minister of the United Kingdom Rishi Sunak arrive for a joint press conference in the East Room of the White House on June 08, 2023 in Washington, DC. Despite a U.S.-U.K. trade deal remaining very much elusive, British Prime Minister Rishi Sunak and President Joe Biden signed a new "Atlantic Declaration" aiming to bolster economic security in the face of threats coming from Russia and China. The agreement, announced Thursday at a joint press conference in the East Room of the White House, is a series of mini deals looking artificial intelligence, critical minerals, clean energy and security. He highlighted £14 billion ($17.5 billion) of new U.S. investment that has been committed into the U.K., with the two sides also undertaking joint research in areas like quantum, semiconductors and AI. The same document said Biden would ask Congress to label Britain as a "domestic source" within the U.S. Defense Production Act, giving suppliers in the country more favorable terms.

Persons: Joe Biden, United Kingdom Rishi Sunak, Rishi Sunak, Biden Organizations: White House, British, White, U.S . Defense Locations: United Kingdom, Washington , DC, U.S, Russia, China, Britain, People's Republic of China

[1/3] Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoWASHINGTON, June 7 (Reuters) - Britain will host a global summit on artificial intelligence safety later this year and Prime Minister Rishi Sunak and U.S. President Joe Biden will discuss the technology at their Thursday meeting, the UK government said. That includes China, where the government is seeking to initiate artificial intelligence regulations, according to billionaire Elon Musk who met officials during his recent trip to China. Sunak is on a trip to the United States and will meet Biden at the White House on Thursday. Reporting by Kanishka Singh and Andrea Shalal in Washington; editing by Deepa Babington and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rishi Sunak, Joe Biden, Biden, Sunak, Elon Musk, Kanishka Singh, Andrea Shalal, Deepa Babington, Stephen Coates Organizations: REUTERS, WASHINGTON, Palantir Technologies, Regulators, White, Thomson Locations: Britain, British, China, United States, Washington

☆ As Republican contenders start to line up for the White House in 2024, Social Security may be key issue
▼ + stars: | 2023-06-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Proposal for 'modern version' of Social SecurityThe Social Security plan Laffey would implement throws out the traditional approaches of tax increases or benefit cuts. Currently, workers and employers each pay 6.2% on up to $160,200 in wages toward Social Security. "It's a modern version of Social Security," Kotlikoff said. The idea of rethinking the way Social Security funds are invested has come up before. Andrew Biggs, who worked in the White House on Social Security reform at the time and who is now a senior fellow at the American Enterprise Institute, remembers the proposal did not come close to succeeding, even as Social Security still had surpluses and Republicans controlled both houses of Congress.

Persons: Alex Durante, Durante, Laurence Kotlikoff, Kotlikoff, Laffey, Morgan Keegan, Steve Laffey, Ed Jones, Cranston, George W, Bush, Andrew Biggs, Biggs, Biden Organizations: iStock, Social Security, Social Security's, Lawmakers, Washington, Tax, Foundation, Social, Boston University, U.S, Senate, Republican, Afp, Getty, Wall, today's Social Security, American Enterprise Institute, Democratic, Lake Research Partners, Trump, Alafaya Locations: Cranston , Rhode Island, Rhode Island, Colorado, America, Cranston, Orlando , Florida

☆ California Democrat who opposed anti-tech bills is top contender for key role on antitrust subcommittee
▼ + stars: | 2023-06-02 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

A California lawmaker who has opposed efforts to crack down on the tech industry is the leading contender to become the highest ranking Democrat on the House Judiciary subcommittee on antitrust. One senior Democratic aide described the prospect of Correa becoming ranking member as a "great windfall for the tech companies." Several senior members of the subcommittee who support tech antitrust reform would have seemed more likely candidates for the top Democratic seat not long ago. But the field is complicated by the fact that many of them already have ranking member positions on other subcommittees they may not wish to give up. WATCH: Here's why some experts are calling for a breakup of Big Tech after the House antitrust report

Persons: Lou Correa, David Cicilline, Cicilline, Correa, Correa's, Thomas Massie, Ken Buck, Buck, Joe Neguse, Mary Gay Scanlon, Pramila Jayapal, They're Organizations: Rep, Apple, Google, Facebook, Democratic, Colo, Big Tech, Federal Trade Commission, Department of Justice Antitrust Division, Democrats, CNBC, Chamber of Commerce, FTC, Meta, Progress Education Fund, Economic Security, Future, House Judiciary, White Locations: California, Southern California, Ky, U.S, House

☆ Biden and McCarthy's plan to change SNAP work requirements in the debt-ceiling deal could actually expand benefits — but not employment
▼ + stars: | 2023-05-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

She led some of her Democratic colleagues in introducing an amendment to remove the new SNAP work requirements from the debt-ceiling bill. "Come see me in a year, and I'll show you how much we actually saved," McCarthy told reporters on Tuesday night. How the work requirements will impact employmentDespite McCarthy and Republicans' belief that work requirements will bolster employment, some experts aren't so sure. Work requirements in SNAP have increased employment less; in Medicaid, they appear to have had little effect on employment." "I think it goes to the principle of this bureaucratic red tape that we call work requirements," Jayapal said.

Persons: —, Joe Biden, Kevin McCarthy, Biden, McCarthy, — McCarthy, Cori Bush, Lauren Bauer, there's, Bauer, Bernard Yaros, it's, Yaros, Congressional Progressive Caucus Pramila Jayapal, Jayapal Organizations: SNAP, CBO, Service, Supplemental, Assistance, Democratic, Office, White, Economic, Brookings Institution, The, Brookings, Moody's, Congressional Progressive Caucus Locations: Missouri, TANF

☆ US clamps down on sensitive export requests to China
▼ + stars: | 2023-05-30 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nearly 700 Chinese parties are subject to the government's export controls on what is known as the "Entity List," Assistant Secretary of Commerce for Export Enforcement Matthew Axelrod said in written testimony. The goal is to counter China's "military modernization, human rights abuses, and other activities contrary to our national security and foreign policy interests," he said. The hearing is titled "Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy". The administration's plans to restrict certain U.S. outbound investments in specific sensitive technologies are still under discussion, said testimony from Treasury Department official Paul Rosen. Commerce Secretary Gina Raimondo said in March the Biden administration was considering a pilot program to address risks about investment in China.

Persons: Beijing's, Thea Rozman Kendler, Export Enforcement Matthew Axelrod, Biden, Paul Rosen, Gina Raimondo, Raimondo, David Shepardson, Karen Freifeld, Chris Reese, Sonali Paul Organizations: U.S, Commerce, Export Enforcement, . National Security, Economic Security, Treasury Department, Thomson Locations: China

☆ EU, US to weigh China, AI, trade strains at high-level Sweden talks
▼ + stars: | 2023-05-30 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

U.S. Commerce Secretary Gina Raimondo, Trade Representative Katherine Tai and European Commission vice president and trade chief Valdis Dombrovskis will also take part. China will be a major focus of the meeting, even if the word "China" only features twice in the draft joint statement - on non-market practices and disinformation. The gathering in northern Sweden comes just as the European Commission presents its "Economic Security Strategy", expected to contain measures to prevent rivals such as China gaining access to its most sensitive technology. Brussels wants to see cooperation to boost green trade, such as mutual recognition of products, even though the U.S. and EU do not have and do not plan to forge a free-trade agreement. The EU is seeking progress with the U.S. towards an accord on critical minerals used for electric vehicles.

☆ US economy on the brink as time runs low to avert debt default
▼ + stars: | 2023-05-22 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

After a weekend of acrimony between negotiators for House Republicans and the White House, Biden will meet House Speaker Kevin McCarthy Monday for critical talks on pulling the economy back from the precipice. Biden and McCarthy to meet MondayThe rhetoric eased a little, however, after Biden and McCarthy spoke as the president flew home on Air Force One. McCarthy already passed a bill raising the debt ceiling in exchange for a wish list of Republican demands. This is a balance of power that ought to drive both sides towards a compromise, but extremist elements in the House GOP could make that impossible. Like McCarthy, Biden also faces political pressure within his own party after some progressive Democrats expressed fears he would offer the speaker too much in any deal.

☆ Inflation has eroded U.S. households' financial security, Fed survey shows
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

The Fed launched the "Survey of Household Economics and Decisionmaking" in 2013. Fed officials have raised interest rates aggressively in response and have repeatedly expressed their determination to bring inflation to heel by whatever means necessary. Indeed, overall one-third of households cited inflation as their main financial challenge, up more than fourfold from 2016. Sixty-three percent said they would use cash for such a cost, down from a record high 68% in 2021. Meanwhile, the survey's measures of household incomes and respondents' sense of the job market showed more adults last year received or asked for a pay increase or promotion.

☆ South Korea, EU agree to boost security ties amid Ukraine, North Korea tension
▼ + stars: | 2023-05-22 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, May 22 (Reuters) - South Korea and the European Union agreed on Monday to step up cooperation on security amid tension over Russia's invasion of Ukraine and North Korean nuclear threats. He also wants cooperation to curb North Korea's nuclear ambitions. They also criticised North Korea's ongoing efforts to develop its nuclear arsenal and Pyongyang's threats of the possible use of nuclear weapons against South Korea. South Korea is a staunch U.S. ally and hosts some 28,000 U.S. troops. It has also developed a crucial economic relationship with China, South Korea's largest trading partner.

☆ Australian PM backs G7 on 'de-risking' trade with China
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 21 (Reuters) - Australian Prime Minister Anthony Albanese said on Sunday that he backed a Group of Seven (G7) joint statement out of Japan stressing the need to ease reliance on trade with China. Albanese said Australia had "for some time" expressed concern about China's activity, pointing to the "chafing" of an Australian aircraft. In May 2022, a Chinese fighter aircraft dangerously intercepted an Australian military plane in the South China Sea region, according to Australia's defence department. China, firmly opposing the G7 statement, has complained to summit organiser Japan, the Chinese foreign ministry has said. "That clarity should be there before the Prime Minister entertains a formal state visit to Beijing," Shadow Foreign Minister Simon Birmingham told ABC television.

☆ Russia and China hit back at a G7 that saw them as a threat
▼ + stars: | 2023-05-21 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

CNN —Moscow and Beijing lashed out against the Group of Seven (G7) summit in Hiroshima, where leaders of major democracies pledged new measures targeting Russia and spoke in one voice on their growing concerns over China. Russian Foreign Minister Sergey Lavrov on Saturday slammed the G7 for indulging in their “own greatness” with an agenda that aimed to “deter” Russia and China. G7 member countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Concern about such incidents was reflected in the G7 statement on ensuring economic security and countering economic coercion, which did not explicitly mention China. “The bottom line is that the G7 has shown it will increasingly focus on China and will try to maintain a coordinated policy approach.

HIROSHIMA, Japan, May 20 (Reuters) - Ukraine's Volodymyr Zelenskiy brought his call for support against Russia's invasion to a Group of Seven (G7) summit on Saturday to Japan, where leaders agreed to tighten sanctions against Moscow and pare back exposure to China. 'MEETINGS WITH FRIENDS'[1/7] Ukrainian President Volodymyr Zelenskiy arrives at Hiroshima airport for attending the G7 leaders' summit in Mihara, Hiroshima prefecture, western Japan May 20, 2023., in this photo released by Kyodo. As well as bilateral meetings with G7 leaders, Zelenskiy will also meet the leaders of India and Brazil, two countries that have not distanced themselves from Moscow. Zelenskiy is due to hold a session on Sunday with the G7 before a broader session with the Global South attendees. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

G7 members - the United States, Japan, Germany, France, Britain, Italy and Canada - are grappling with the immense challenges posed by Russia's invasion of Ukraine and tensions with China, notably over Taiwan and economic security. The communique was issued shortly after the French government aircraft that brought Zelenskiy to Hiroshima touched down. Zelenskiy will hold bilateral meetings with G7 leaders, but significantly also the leaders of India and Brazil, two countries that have not distanced themselves from Moscow. He is due to hold a session on Sunday with the G7 before a broader session with the Global South attendees. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Excerpts from G7 leaders' statement on economic coercion
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +5 min

May 20 (Reuters) - Leaders of the Group of Seven (G7) agreed on Saturday to establish an initiative to counter economic "coercion", pledging to take steps to ensure that any actors attempting to "weaponise" economic dependence would fail and face consequences. The initiative, dubbed Coordination Platform on Economic Coercion, will use early warning and rapid information sharing on economic coercion with members meeting regularly for consultations, the G7 leaders, meeting in Hiroshima, Japan, said in a statement. "We are taking additional steps today to enhance our ongoing strategic coordination on economic resilience and economic security by reducing vulnerabilities and countering malign practices that exploit and reinforce them. We will work together to ensure that attempts to weaponise economic dependencies by forcing G7 members and our partners, including small economies, to comply and conform will fail and face consequences. Within this Coordination Platform, we will use early warning and rapid information sharing, regularly consult each other, collaboratively assess situations, explore coordinated responses, deter and, where appropriate, counter economic coercion, in accordance with our respective legal systems.

The Hiroshima summit comes as G7 members are faced with the immense challenges posed by Russia's invasion of Ukraine and tensions with China. The G7 nations are looking to "de-risk, not decouple" from China, White House national security adviser Jake Sullivan told reporters in Hiroshima. In a draft of the final communique seen by Reuters, G7 leaders agreed that China's status as the world's second-largest economy meant they had to continue to cooperate. U.S. President Joe Biden told G7 leaders on Friday that Washington supports joint allied training programmes for Ukrainian pilots on F-16 fighter jets, in a significant endorsement for Kyiv. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ The G7 is accusing China of 'economic coercion.' Here's why.
▼ + stars: | 2023-05-20 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

The US has accused China of "economic coercion" and plans to take steps to counteract Beijing. What is "economic coercion" – and what can the West actually do about it? So what exactly is "economic coercion" – and what can the G7 do about it? According to Sullivan, this will involve measures that could enhance economic security for G7 nations. The West needs to work with Beijing on a range of issues that likely go beyond the countries' desire for economic security.

☆ Zelenskiy gets warm welcome at G7 summit
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +1 min

[1/4] Ukraine's President Volodymyr Zelenskiy and Indian Prime Minister Narendra Modi shake hands during the G7 leaders' summit in Hiroshima, Japan May 20, 2023. Ukrainian Presidential Press... Read moreHIROSHIMA, May 20 (Reuters) - Ukraine's President Volodymyr Zelenskiy received a warm welcome in Japan on Saturday after arriving to attend the Group of Seven (G7) summit in Hiroshima for back-to-back bilateral meetings with world leaders. Zelenskiy has so far met with Indian Prime Minister Narendra Modi, France's President Emmanuel Macron, and Britain's Prime Minister Rishi Sunak among others. We will be here to the very end," Macron told Zelenskiy. Modi also made clear his support for dialogue and diplomacy to find a way forward, according to a statement on his office's official Twitter account.

☆ G7 aims to bridge vast gap with emerging markets, awaits Zelenskiy
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Ukrainian President Volodymyr Zelenskiy speaks to the media at the Chancellery in Berlin, Germany, May 14, 2023. REUTERS/Fabrizio BenschHIROSHIMA, Japan, May 20 (Reuters) - Leaders of the world's richest democracies are looking to bridge a vast gap with emerging economies by focusing on infrastructure and debt relief, officials say, part of a strategy to blunt China's influence in lower-income countries. Russia's war in Ukraine has also unduly hurt low-income countries, the G7 members say. "Low- and middle-income countries are disproportionately affected by Russia's war of aggression against Ukraine," they said in the draft. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ EU's Michel calls for 'stable and constructive' cooperation with China
▼ + stars: | 2023-05-19 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

HIROSHIMA, Japan, May 19 (Reuters) - European Council President Charles Michel said on Friday it was in the EU's interest to maintain "stable and constructive" cooperation with China, as the Group of Seven countries met to consider China's "economic coercion" and other concerns. The EU wants to "de-risk to reduce over-dependencies and diversify to address unfair practices", Michel told a briefing in Hiroshima. "Stable and constructive relations with China is in our mutual interest," he said. Michel called on China to use its influence over its neighbour to end the war in Ukraine. "We call on China to press Russia to stop its military aggression," Michel said.

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