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☆ Oil edges up on strong U.S. GDP data but Asia economic woes limit gains
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer. But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains. At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand. Still, continued signs of trouble in parts of Asia limited oil price gains.

Organizations: Brent, . West Texas, Commerce Department, Reuters, Federal Reserve Locations: Fort Stockton , Texas, China, Japan, U.S, Asia

☆ US sanctions have tanked Russian semi-chip imports from China and Hong Kong, new data shows
▼ + stars: | 2024-07-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Illicit Russian semiconductor imports have fallen this year, Reuters reported. So-called transshipments bypass US sanctions by first exporting illicit goods to an secondary destination. Transshipments through Hong Kong fell 28%, and 19% through mainland China, Commerce Department data shows. AdvertisementChinese trade flows of restricted technology into Russia have wavered this year, with semiconductor imports losing ground amid US sanctions, Reuters reported. Transshipments of advanced components through mainland China fell 19% between January and May, while shipments through Hong Kong dropped 28%, the outlet said.

Persons: — Organizations: Reuters, Commerce Department, Service, The Commerce Department, Business Locations: Hong Kong, China, Russia

☆ Kaspersky: Biden administration bans Americans from using Russian-made cybersecurity software over national security concerns
▼ + stars: | 2024-06-20 | by ( Zachary Cohen | Sean Lyngaas | ) edition.cnn.com time to read: +4 min

CNN —The Biden administration is taking the unprecedented step of banning US companies and citizens from using software made by a major Russian cybersecurity firm because of national security concerns, Commerce Department Secretary Gina announced Thursday. Thursday’s announcement comes after CNN reported in April that the Biden administration was preparing to issue an order that would prevent US companies and citizens from using Kaspersky software. US government agencies are already banned from using Kaspersky Lab software, but action to prevent private companies from using the software is unprecedented. Founded in Moscow in 1997, Kaspersky Lab grew into one of the world’s most successful anti-virus software companies alongside American rivals like McAfee and Symantec. Some of the speculation and suspicion from US officials about the Russian company centers around Eugene Kaspersky, a charismatic computer expert who co-founded Kaspersky Lab in Moscow in 1997.

Persons: CNN —, Biden, Gina, Joe Biden, Donald Trump, ” Raimondo, “ We’re, Kaspersky, Raimondo, we’ve, Russian government’s, Eugene Kaspersky, ” Kaspersky Organizations: CNN, Commerce, Commerce Department, Kaspersky, McAfee, Symantec, Lab, —, Russian Ministry of Defense, West Locations: Russian, United States, Russia, Moscow, Israel, Eugene, Ukraine

☆ Inflation isn’t keeping Americans from having fun this Memorial Day weekend
▼ + stars: | 2024-05-24 | by ( Alicia Wallace | Krystal Hur | ) edition.cnn.com time to read: +5 min

And this Memorial Day weekend could be a case in point: Travelers are expected to come out in record-setting droves. Three-plus years of high inflation have taken their toll on Americans’ budgets and, especially, their mindsets. Inflation has slowed during the past couple of years, pulling back significantly from its peak of 9.1% in June 2022. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. Pandemic-era savings have been spent while sticky inflation and high inflation rates eat into household budgets.

Persons: ” Gus Faucher, Price, ” Faucher, Taylor, it’s, ”, Ed Bastian, Swift, Delta, Taylor Swift’s, That’s, Kathleen Oberg, “, Peter Kern Organizations: New, New York CNN, Transportation Security, TSA, PNC Financial Services, CNN, Consumer, Mickey Consumer, Commerce Department, Disney, Delta Air, ” United Airlines, Mastercard, Institute, Marriott International, Marriott, Expedia Group Locations: New York, United States, Hong Kong, Europe

☆ All the data so far is showing inflation isn't going away, and is making things tough on the Fed
▼ + stars: | 2024-04-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Finally, consumers are dipping into savings to fund those purchases, creating a precarious scenario, if not now then down the road. With unemployment under 4%, it shouldn't be that surprising that prices aren't" going down, said Joseph LaVorgna, chief economist at SMBC Nikko Securities. So you might have a sticky inflation scenario." "If inflation remains higher, the Fed will be faced with the difficult choice of pushing the economy into a recession, abandoning its soft-landing scenario, or tolerating inflation higher than 2%," Sanders said. "To us, accepting higher inflation is the more prudent option."

Persons: Justin Sullivan, Joseph LaVorgna, LaVorgna, Donald Trump, Biden, Mike Sanders, Sanders Organizations: Getty, Federal Reserve, Commerce Department, Nikko Securities, National Economic Council, Madison Investments Locations: San Rafael , California, U.S

☆ Biden gives Samsung $6.4 billion in grants to boost Texas chip output
▼ + stars: | 2024-04-15 | by ( ) edition.cnn.com time to read: +3 min

Reuters —The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung Electronics to expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday. The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters. It will also enable Samsung to expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters. Samsung is expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials. Intel won $8.5 billion in grants last month while Taiwan’s TSMC clinched $6.6 billion in April to build out its American production.

Persons: Reuters —, Biden, Gina Raimondo, ” Raimondo, Kyung Kye Hyun, “, Samsung, ”, John Cornyn, Taiwan’s TSMC Organizations: Reuters, South, Samsung Electronics, Department of Commerce, Samsung, Commerce, Samsung Electronics Co, Analysts, Semiconductor Industry Association, SIA, Lawmakers, Texans, Republican, US Commerce Department, ” SIA, Intel Locations: Texas, Taylor , Texas, Austin , Texas, United States, China, Taiwan, Republican U.S

☆ US finalizes rules to prevent China from benefiting from $52 billion in chips funding
▼ + stars: | 2023-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The regulation is the final hurdle before the Biden administration can begin awarding $39 billion in subsidies for semiconductor production. The landmark "Chips and Science" law provides $52.7 billion for U.S. semiconductor production, research and workforce development. The regulation prohibits funding recipients from significantly expanding semiconductor manufacturing capacity in foreign countries of concern for 10 years. The final rules prohibit material expansion of semiconductor manufacturing capacity for leading-edge and advanced facilities in foreign countries of concern for 10 years. The final rule ties expanded semiconductor manufacturing capacity to adding cleanroom or other physical space, defining material expansions as increasing production capacity by more than 5%.

Persons: Florence Lo, Biden, Gina Raimondo, Raimondo, David Shepardson, Kim Coghill Organizations: REUTERS, Rights, U.S . Commerce Department, Commerce Department, Thomson Locations: China, U.S, Russia

WASHINGTON (AP) — The U.S. Treasury Department and China's Ministry of Finance launched a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations. Led by Treasury Secretary Janet Yellen and Vice Premier He Lifeng, the working groups will be divided into economic and financial segments. The working groups will “establish a durable channel of communication between the world’s two largest economies,” Yellen said in a series of planned tweets shared with The Associated Press ahead of Friday's announcement. The groups' launch also comes after Secretary of State Antony Blinken met with China’s vice president on Monday on the sidelines of the U.N. General Assembly. China is one of the United States' biggest trading partners, and economic competition between the two nations has increased in recent years.

Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Biden, Xi, Antony Blinken Organizations: WASHINGTON, U.S . Treasury Department, China's Ministry of Finance, The Associated Press, Pacific Economic, Treasury Department, Democratic, General Assembly, ”, Communist, The U.S, Commerce Locations: U.S, China, Asia, San Francisco, Bali, United States, Carolina, North America, Xinjiang, Hong Kong, Tibet, Russia, Ukraine, The

☆ Morning Bid: Time for tech
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The American flag flies over the U.S. Treasury building in Washington, U.S., January 20, 2023. U.S. Treasury yields and the dollar are clinging to nine-month peaks, while the VIX is headed for its biggest week-on-week gain since March. This will shift investors' focus to the use of artificial intelligence to augment Apple's growth. Policy makers are attempting a balancing act; trying to fight inflation without fanning recession risk. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jim Bourg, Karin Strohecker, BoE, Thomas Barkin, Christina Fincher Organizations: U.S . Treasury, REUTERS, Apple, U.S, Treasury, Nasdaq, Services, Bank of England, Moderna, Hasbro, Labor Department, Commerce Department, PMI, Federal Reserve Bank of Richmond, Graphics Reuters, Reuters, Thomson Locations: Washington , U.S, U.S, Europe

☆ U.S. blacklists two firms that built Meta, iOS and Android spyware
▼ + stars: | 2023-07-18 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The Commerce Department blacklisted two European cyber firms that build spyware software, the Commerce Department announced Tuesday, including technology hawked by both firms that was used to surveil Meta users and reportedly at least one Meta employee. The software exploited vulnerabilities in Android and iOS software and deployed hundreds of spoof Meta accounts to surveil activists, politicians and journalists around the world. Meta in December 2021 warned thousands of Facebook users that they'd been targeted by spyware-for-hire software, including Predator. The New York Times reported extensively on Intellexa's Predator product, and the company's efforts to sell it to a Ukrainian intelligence agency. Intellexa's Predator was also used by Greek intelligence to spy on a Meta trust and safety employee, the Times reported.

Persons: Gina Raimondo, —, Cytrox —, they'd, Tal Dilian, Intellexa, Biden, Trump Organizations: Commerce, The Commerce Department, Commerce Department, Industry, Security, Citizen Lab, Export, Meta, Facebook, Israel Defense Forces, The New York Times, Times, Huawei Locations: Davos, Switzerland, Greece, Ireland, Hungary, North Macedonia, Ukrainian

☆ The US could restrict Chinese companies from using cloud service providers like Amazon and Microsoft
▼ + stars: | 2023-07-04 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +2 min

Chinese companies currently cannot purchase advanced chipsets from companies like Nvidia. The Biden administration could restrict block US-based cloud providers from supplying their services to Chinese companies, the Wall Street Journal reported. These new restrictions could curb American cloud providers like Amazon Web Services and Microsoft from selling cloud access to AI developers in China. Chinese companies could still train complex AI programs by renting resources from the likes of AWS or Microsoft, both of which offer cloud services in China and compete with Chinese cloud providers like Alibaba. The White House, Commerce Department, Nvidia, Microsoft, and Amazon did not immediately respond to Insider's requests for comment.

Persons: Biden Organizations: Wall Street Journal, Nvidia, US, Morning, Amazon Web Services, Microsoft, Huawei, , Commerce Department, Amazon Locations: China, American, Montana

☆ US seeks to curb investment in Chinese chips, AI and quantum computing
▼ + stars: | 2023-05-31 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

WASHINGTON, May 31 (Reuters) - New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday. Reuters reported in February that the Biden administration plans to ban investments in some Chinese technology companies and increase scrutiny of others, three sources said, as part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. China hawks in Washington blame U.S. investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military. Separately, Republican Senator Bill Hagerty asked about efforts to restrict the supply of U.S. origin goods to Chinese telecommunications company Huawei. Reporting by David Shepardson and Daphne Psaledakis in Washington, and Karen Freifeld in New York; Writing by Chris Sanders; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Rosen, Biden, Bill Hagerty, Thea Rozman Kendler, Kendler, David Shepardson, Daphne Psaledakis, Karen Freifeld, Chris Sanders, Daniel Wallis Organizations: Treasury, Reuters, Republican, Huawei, Exports, Commerce, Thomson Locations: U.S, China, Washington, New York

☆ 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

☆ U.S. Commerce Dept. names financial sector, government experts to chips team
▼ + stars: | 2023-02-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 17 (Reuters) - The U.S. Commerce Department said Friday it is naming more than a dozen members to a team overseeing $52.7 billion in government funding to boost semiconductor manufacturing and research. The new team members include officials with experience managing large federal programs, experts from the semiconductor industry, and executives with financial sector experience, the department said. The department said Todd Fisher - a Commerce official who previously worked for nearly 25 years at KKR & Co. Inc - will serve as chief investment officer. The department plans to release its first Notice of Funding Opportunity this month, a key step to beginning the process of making funding awards. In September, Commerce Department chief economist Aaron "Ronnie" Chatterji was named White House Coordinator for CHIPS Implementation while former Treasury official Michael Schmidt was named Commerce Department CHIPS Program Office director.

☆ DOJ, Commerce Department announce strike force to harden supply chains
▼ + stars: | 2023-02-16 | 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 EmailDOJ, Commerce Department announce strike force to harden supply chainsCNBC's Eamon Javers joins 'Squawk Box' to report on the House Judiciary Committee's investigation into big tech's political bias, the Department of Justice alleging Apple abuses its monopoly power, and a new initiative to detect intellectual property infringements.

☆ Apple and Google’s app stores wield ‘gatekeeper’ power and should be reined in, Commerce Department says
▼ + stars: | 2023-02-01 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —The Biden administration on Wednesday took its biggest swipe yet at app stores run by Apple and Google, with a new report accusing the two tech giants of exercising “gatekeeper” power that has led to “suboptimal” levels of competition in digital markets. In a statement, Apple said its app store has benefited developers and supports hundreds of thousands of jobs. In the past, Apple has argued that its control over iOS app distribution helps promote users’ privacy and security. Many of the report’s recommendations echo provisions in federal legislation that received bipartisan support last Congress, but that failed to become law. The findings had been informed by public comments submitted to the Department in the months leading up to the report.

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