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☆ China's chip metal export curbs are 'a wake up call' for countries to diversify their supply chains
▼ + stars: | 2023-07-13 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Luisa Moreno, President of mining company Defense Metals Corp, expects China to further restrict metal exports which could include rare earths. Jakub Porzycki | Nurphoto | Getty ImagesChina's metal export curbs on gallium and germanium could spur some countries to diversify their supply chains away from China. Rare earths are essential for high-tech consumer products like smartphones and military equipment like radar systems. Rare earths make up a group of 17 elements composed of scandium, yttrium, and the lanthanides. China also threatened to stop rare earths exports to the U.S. in 2019.

Persons: Luisa Moreno, Jakub Porzycki, Stewart Randall, Intralink, Randall, Brady Wang, Moreno, Counterpoint's Wang, Intralink's Randall, Ross Berntson Organizations: Defense Metals Corp, Nurphoto, Getty, CNBC, Alliance, Europe Commission, Counterpoint Research, Indium Corporation Locations: China, Shanghai, Europe, Japan

[1/4] An exterior view of the proposed site for the new China Embassy, near to Tower Bridge in London, Britain, June 23, 2023. That has led officials in Britain, which is trying to forge deeper economic ties post-Brexit, to fear it could also halt their own plans to rebuild its embassy in Beijing. Chinese officials told Reuters they suspected the British government had plotted to stop the embassy plans and orchestrated the local opposition. British officials, who declined to be identified, said they feared that London's plan to rebuild its embassy in Beijing would be affected. Residents say they are also worried about more local security issues.

Persons: Hannah McKay, Rishi Sunak, David Cameron, Xi Jinping, Michael Gove, Xi, Iain Duncan Smith, Dave Lake, Martin Quin Pollard, Kate Holton, Andrew Heavens Organizations: China Embassy, REUTERS, of, Reuters, British, Royal Mint, Conservative Party, Uyghur, Royal Mint Court Residents Association, Thomson Locations: London, Britain, Beijing London, of London, Beijing, China, Europe, Washington, United States, Hong Kong, Xinjiang, Sunak

☆ China opposes UK's 'discriminatory actions' against China-linked deals
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING/LONDON, July 12 (Reuters) - China firmly opposes what it called the British government's "discriminatory actions" against Chinese firms, the country's embassy in the UK said after London intervened in Chinese-linked takeovers eight times in the last year. The British government said in a report that it had blocked or imposed conditions on eight transactions involving China-linked investment in domestic companies under its National Security and Investment Act in the last year. "We strongly urge the British side to stop its unreasonable suppression of Chinese enterprises and provide a fair, just and non-discriminatory business environment for them," the Chinese embassy in London said on Wednesday. In November Britain ordered Chinese-owned technology company Nexperia to sell at least 86% of Britain's biggest microchip factory, Newport Wafer Fab, following a national security assessment under the law. Britain is attempting something of a reset of relations with China, working together on areas of agreement while balancing national security concerns.

Persons: Ella Cao, Ethan Wang, Bernard Orr, Alistair Smout, Andrew MacAskill, Kate Holton Organizations: London, National Security and Investment, Thomson Locations: BEIJING, LONDON, China, London, Britain, Newport, Beijing

☆ Approximately 10 factories can turn on production for gallium right now, says metals manufacturer
▼ + stars: | 2023-07-12 | 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 EmailApproximately 10 factories can turn on production for gallium right now, says metals manufacturerRoss Berntson of Indium Corporation discusses China's plans to restrict exports of gallium and germanium.

Persons: Ross Organizations: Corporation

☆ World's biggest gallium buyer says clients stockpiling
▼ + stars: | 2023-07-11 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, July 11 (Reuters) - China's planned export controls on gallium have caused frantic stockpiling of speciality semiconductor wafers made from the metal, according to the world's largest gallium buyer. Freiberger Compound Materials relies almost entirely on Chinese suppliers for its gallium needs to make wafers that go into mobile phone radio signal amplifiers and optical electronics. Chinese gallium companies have driven most rivals elsewhere out of the market by undercutting them on price over the last decade. Harz said his Chinese suppliers were providing authorities with data needed to obtain export licences. Harz does not believe that China will disrupt gallium trade flows over the next few years because that would quickly damage its own electronics industry.

Persons: There's, Michael Harz, Ludwig Burger, Matt Scuffham, Mark Potter Organizations: Reuters, Japan's Sumitomo Electric, Thomson Locations: FRANKFURT, East Germany, Harz, China, United States

☆ EU and Belgium invest $1.6 billion in chip technology firm Imec
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 7 (Reuters) - The European Union and Belgium's regional Flemish government will together invest 1.5 billion euros ($1.6 billion) in Belgian chip technology firm Imec, the Flemish government said on Friday. Imec will use the investment to expand its "clean room" test facility with the most advanced equipment and processes, the company said in a statement. Von der Leyen, who was visiting Imec, stressed the EU's stance that it should de-risk its supply chains for chips. While Von der Leyen did not directly address China's planned curbs on exports of strategic metals widely used in the semiconductor industry, she said the EU should reduce its dependency "on too few suppliers from East Asia". ($1 = 0.9195 euros)Reporting by Charlotte Van Campenhout; editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Imec, Jan Jambon, Ursula von der Leyen, Alexander De Croo, Von der Leyen, Charlotte Van Campenhout, Mark Potter Organizations: European Union, Flemish, European, Belgian, Thomson Locations: BRUSSELS, East Asia

[1/4] U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, July 7, 2023. REUTERS/Thomas PeterBEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for market reforms in China and criticized the world's second-largest economy for its recent "punitive" actions against U.S. companies and new export controls on some critical minerals. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China’s interests," the former top U.S. central banker told the U.S. business executives. Yellen noted that China's enormous and growing middle-class provided a big market for American goods and services, and stressed that Washington's targeted actions against China were based on national security concerns.

Persons: Janet Yellen, Thomas Peter BEIJING, Yellen, Liu He, Xi Jinping, Yi Gang, Premier Li Qiang, Yellen's, Michael Hart, Joe Biden, Xi, Antony Blinken, John Kerry, Washington, Andrea Shalal, Michael Perry, Toby Chopra Organizations: . Treasury, REUTERS, U.S, American Chamber of Commerce, Treasury, Premier, BIDEN, Economic Cooperation, Thomson Locations: China, Beijing, United States, Washington, U.S, TEEING, New Delhi, Asia, San Francisco, Ukraine

Yellen is due to meet with Chinese Vice Premier He Lifeng -- her direct counterpart as China's top economic official -- on Saturday, a U.S. Treasury official said. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China's interests," she told the AmCham event. Yellen dismissed the idea of decoupling the U.S. and Chinese economies, nothing that China's enormous and growing middle-class provided a big market for American goods and services. A Treasury official said the vibrant U.S. business community in China was "a living embodiment that we are not decoupling."

Persons: Yellen, Li, Janet Yellen, Li Qiang, Washington, Liu He, Xi Jinping, Yi Gang, Mark Schiefelbein, Yellen's, Michael Hart, BIDEN, Joe Biden, Xi, Antony Blinken, John Kerry, Andrea Shalal, Joe Cash, David Lawder, Catherine Evans, Heather Timmons, Alistair Bell Organizations: China, . Treasury, U.S, Treasury, American Chamber of Commerce, of, People, REUTERS U.S, Economic Cooperation, Thomson Locations: U.S, BEIJING, China, Beijing, United States, Washington, New Delhi, Asia, San Francisco, Ukraine

☆ EU concerned over China export controls on metals used in chips
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - The European Commission expressed concern on Tuesday over China's planned curbs on exports of strategic metals widely used in the semiconductor industry and doubt that the move was related to security. China said the control on exports of gallium and germanium products from Aug. 1 was aimed at protecting national security. "The Commission is concerned that these export restrictions are unrelated to the need to protect global peace and also stability and the implementation of China's non-proliferation obligations arising from international treaties," a Commission spokesperson told a daily briefing. The EU executive, which is assessing the potential impact on global supply chains and European industry, said it called on China to limit export restrictions to "clear security considerations" in line with World Trade Organization rules. The metals are used in semiconductors, electric vehicles and high-tech industries.

Persons: Philip Blenkinsop, Charlotte Van Campenhout, Estelle Shirbon, Mark Potter Organizations: European Commission, EU, World Trade Organization, Thomson Locations: BRUSSELS, China

☆ Gulf bourses end mixed on China growth concerns
▼ + stars: | 2023-06-20 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

China on Tuesday cut two benchmark lending rates by 10 basis points each. Dubai's benchmark index (.DFMGI) extended losses to a second straight session, ending 0.3% lower. Saudi Arabia's benchmark index (.TASI) inched up 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 0.7% and Company for Cooperative Insurance (8010.SE) climbing 2.3%. "Oil prices remained volatile as Chinese economic recovery continues to fuel concerns among traders, affecting oil demand expectations," said Daniel Takieddine, CEO MENA at BDSwiss. Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, extending previous session losses with financial and materials sectors trading in the red.

Persons: Dr Sulaiman Al, Daniel Takieddine, Brent, Md Manzer Hussain, Eileen Soreng Organizations: Emaar, Emirates Central Cooling Systems, Emirates, Qatar National Bank, Ezdan, Habib Medical Services, Company, Cooperative Insurance, Jamjoom Pharmaceuticals, Alpha, Commercial International Bank, Ezz, Thomson Locations: Dubai, Qatar, Saudi, Abu Dhabi, China, Beijing, Alpha Dhabi, Burjeel

☆ Reports say China plans to set up a spy base in Cuba. The Pentagon says no, but it's closely watching what Beijing is up to.
▼ + stars: | 2023-06-09 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +5 min

China is reportedly in talks with Cuba about setting up a spy base on the island roughly 100 miles from Florida. It's a move that would follow in the footsteps of the Soviet Union, which operated a spy base on the island for decades. The Soviet spy facility in Lourdes was operational until 2001, when it closed down. The Pentagon responded to the reports of China's plan for a spy facility in Cuba Thursday afternoon, with spokesman Brig. Update: 6/9/2023 — This article has been updated with new statements from the Pentagon, the White House National Security Council, Cuba, and China.

Persons: —, Laura Richardson, Mike Waltz, Brig, Pat Ryder, he'd, John Kirby, Kirby Organizations: Pentagon, Service, Privacy, Department of Defense, White, Politico, Central Command, Cape Canaveral, Wall Street Journal, CNN, The New York Times, Senior, US Southern Command, Florida Republican, House Intelligence, Armed Services, Chinese Communist Party, Soviet Union, National Security, Cuban, White House National Security Council Locations: China, Cuba, Florida, Soviet Union, Beijing, Havana, Cape, America, Soviet, Lourdes

☆ The sell-off in Estee Lauder has been overdone, so we're snapping up more shares
▼ + stars: | 2023-05-17 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

We are buying 25 shares of Estee Lauder at roughly $196. Following the trade, Jim Cramer's Charitable Trust will own 325 shares of EL, increasing its weighting to 2.38% from 2.20%. As discussed in the May Monthly Meeting on Wednesday, we think the recent sell-off in Estee Lauder (EL) has gotten overdone. Indeed, it will take time for Estee Lauder's retail partners in Travel Retail in Asia to work down their excess inventory. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

☆ Biden is trying to lure Saudi Arabia's crown prince away from China with lucrative promises, despite once threatening to make him a 'pariah'
▼ + stars: | 2023-05-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

The US has replaced its threats with lucrative contracts for the crown prince as part of a high stakes power game being waged over dominance of the region. Biden last weekend dispatched his national security advisor, Jake Sullivan, to Saudi Arabia, for discussions with Saudi officials. Last year, Crown Prince Mohammed and Xi agreed to deepen their cooperation across a range of economic and security issues. Chinese President Xi Jinping holds talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud at the royal palace in Riyadh, Saudi Arabia, Dec. 8, 2022. "It is important to note that Saudi Arabia is not seeking to burn its bridges with the United States.

☆ China says its newest aircraft carrier will be able to launch 'new-type aircraft'
▼ + stars: | 2023-04-26 | by ( Jack Lau | South China Morning Post | ) www.businessinsider.com time to read: +4 min

The Chinese navy currently operates two aircraft carriers. Neither carrier features the Fujian's signature catapult system, which allows planes to launch more frequently and carry more fuel and munitions. Despite plans for the navy to gain the ability to operate globally, the CCTV report only referred to operations in domestic waters when saying that China would build more aircraft carriers. "But due to China's vast oceans, the demand cannot be met with only three aircraft carriers — the Liaoning, Shandong and Fujian. Therefore, new aircraft carriers are bound to be built in the future."

☆ Leaked documents reveal China's plans to launch a supersonic spy drone that could fly 3 times the speed of sound, WaPo reports
▼ + stars: | 2023-04-19 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Some of the documents showed China's plans for a supersonic drone, The Washington Post reported. China's WZ-8 rocket-propelled reconnaissance drones can travel three times the speed of sound. The drones could assist China in real-time mapping that would inform strategy or enable high-speed missile strikes in a future conflict, The Washington Post reported. The documents reported on by the outlet included flight paths for the drone, as well as the bomber plane used to launch the device. Representatives for the Department of Defense and China's Ministry of National Defense did not immediately respond to Insider's requests for comment.

☆ Taiwan says China's no-fly zone will affect around 33 flights
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, April 13 (Reuters) - China's plan to set up a no-fly zone to the north of Taiwan on April 16 will affect about 33 flights, Taiwan's official Central News Agency (CNA) reported, citing the island's transport minister, Wang Kwo-tsai. The impact on flights was greatly reduced after Taiwan said it had successfully urged China to drastically narrow its plan to close air space north of the island, Wang was reported as saying. Reuters first reported that Beijing had initially notified Taipei it would impose a no-fly zone from April 16-18, but Taiwan's transport ministry said this was later reduced to a period of just 27 minutes on Sunday morning after it protested. Taiwan's transport ministry on Wednesday published a map showing what it labelled China's "aerospace activity zone" to the northeast of Taiwan and near a group of disputed islets called Diaoyu by China and Senkaku by Japan. Reporting By Yimou Lee and Ben Blanchard; Editing by Jacqueline Wong & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine appears to be trying to capitalize on cracks in China and Russia's alliance after a nuclear snub from Putin
▼ + stars: | 2023-03-30 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Ukraine's President Volodymyr Zelenskyy has invited China's Xi Jinping to Ukraine. It comes after cracks emerged in Xi's alliance with Russia's Vladimir Putin. Xi has proposed a plan to end the war between Russia and Ukraine. Putin last weekend said he planned to station nuclear weapons in neighboring Belarus, breaking an agreement Russia had signed only days before at the summit with China. The US has warned that China may be preparing to arm Russia, a claim China has denied.

☆ Xi and Putin share a deep resentment of the US, but China's new dominance over Russia could eventually shatter the alliance
▼ + stars: | 2023-03-28 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Russia and China have formed closer ties to counter the power of the US. But China is the dominant one in the partnership, with Russia weakened by the Ukraine war. At last week's summit, Xi proposed a peace plan in Ukraine that critics said mainly reflected Russian demands. Russian President Vladimir Putin and China's President Xi Jinping at the Kremlin in Moscow on March 21, 2023. But despite such tensions, the Russia-China alliance will likely persist because of the deep resentment Putin and Xi share over the US' status as the world's top superpower.

☆ Estonia says China's peace plan to end Ukraine's war is 'extremely unfair'
▼ + stars: | 2023-03-24 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

watch nowChina's peace proposal to end the war in Ukraine is "extremely unfair," since the plan doesn't respect the territorial integrity of the country, said the permanent secretary of Estonia's Ministry of Defense. Beijing issued a 12-point peace plan in February. But China's plan hasn't been fair to Ukraine's people, he said. "That is something I would say [is] extremely unfair to Ukrainian people who have been fighting for their freedom." No breakthrough at Xi-Putin meetingChinese President Xi Jinping's three-day visit to Russia concluded on Wednesday.

☆ Ukraine wants to win China over as Russia's invasion continues. Some say it shouldn't bother trying
▼ + stars: | 2023-03-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Ukrainian servicemen head toward Bakhmut in a BMP infantry fighting vehicle, in eastern Ukraine on March 22, 2023. The Kremlin said Wednesday that Ukraine's "peace formula" had not been discussed by Xi and Putin. Russian President Vladimir Putin and China's President Xi Jinping leave after a reception following their talks at the Kremlin in Moscow on March 21, 2023. "I'm not confident that China's plans, and 12-point peace plan, is good for Ukraine — I think that this is a very bad deal for Ukraine, and that this is a plan for Russia. The proposed peace plan and latest talks between Xi and Putin offer little tangible substance on how a lasting peace could actually be achieved in Ukraine.

March 22 (Reuters) - Russian President Vladimir Putin hosted Chinese President Xi Jinping for a two-day summit in Moscow this week. UKRAINEPutin said Chinese proposals could be used as the basis of a peace settlement in Ukraine, but nothing emerged from the meeting to tie his hands militarily. Bottom line: The agreed summit language suits Putin's purposes, enabling him to continue fighting while saying he is open to talk peace. Bottom line: Russia is still waiting on a deal and China has powerful leverage to secure advantageous price terms. Putin said Chinese companies would be first in line to replace Western companies that have quit Russia.

"The reality is that China has more coal power capacity than it needs," said Zhang Shuwei, director at Draworld Energy Research Centre. That's equivalent to about a hundred large coal-fired plants and enough to supply the whole of Britain. China's big jump in coal power approvals has sparked fears that there will be backsliding on its climate goals. Share of coal in China's energy mixAnalysts note existing coal plants could provide sufficient backup for renewables if they were plugged into a nationwide market, but China's power sector remains fragmented. "It would be far cheaper... to incentivise provincial trading than incentivising new loss-making coal," he said.

☆ In praise of American finance’s regulatory mess
▼ + stars: | 2023-03-09 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, March 9 (Reuters Breakingviews) - There are many issues on which China and the United States are far apart. The People’s Republic this week proposed combining financial regulatory functions into a new super watchdog to govern its financial sector more effectively. China’s proposed new National Financial Regulatory Administration is roughly in this mold. Since 2008, officials in Beijing have criticized the United States’ financial excesses and its “warped conception” of financial discipline. The new National Financial Regulatory Administration would sit directly under the State Council, which serves as China’s cabinet.

☆ Most Asian equities see outflows in Feb as rate-hike jitters weigh
▼ + stars: | 2023-03-07 | by ( Gaurav Dogra | ) www.reuters.com time to read: +2 min

Foreigners sold equities worth a net $2.1 billion in Thai, Indian, the Philippine and Vietnam markets, data from stock exchanges showed. The trend of money flowing from South Asia into North Asian equities continued in February due to China's plans to reopen borders. Thai equities suffered $1.28 billion worth of foreign outflows, the biggest monthly net selling by outsiders since April 2020. Meanwhile, Indian and Philippine equities also recorded $647 million and $155 million worth of foreign outflows. On the other hand, Indonesian equities received $378 million in February after seeing outflows worth $1.55 billion in the previous two months.

☆ China's plan for Ukrainian peace has parts that Putin won't like
▼ + stars: | 2023-03-01 | by ( Ted Kemp | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's plan for Ukrainian peace has parts that Putin won't likeRussia's intermittent nuclear threats make many in the West "freak out," and the Kremlin likes creating that fear. But China's 12-point peace proposal makes Moscow's nuclear threats less credible, CNBC's Ted Kemp reports.

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