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Chris Hondros | Getty Images News | Getty ImagesBEIJING — The Biden administration's long-awaited executive order on U.S. investments in Chinese companies leaves open plenty of questions on how it will be implemented. "The executive order obviously gives an outline of what the program's scope is going to be like," said Brian P. Curran, a partner, global regulatory at law firm Hogan Lovells in Washington, D.C. "It's not even a proposed rule. U.S. President Joe Biden on Wednesday signed an executive order aimed at restricting U.S. investments into Chinese semiconductor, quantum computing and artificial intelligence companies over national security concerns. This week's announcements don't explicitly prohibit U.S. investments into Chinese businesses, but the documents indicate what policymakers are focused on. But the Treasury said it may request information about transactions completed or agreed to since the issuance of the executive order.
Persons: Goldman Sachs, Chris Hondros, Biden, Brian P, Curran, Hogan Lovells, It's, Joe Biden, Janet Yellen, Winston Ma, what's, We've, Anne Salladin, Jonathan Levy, Pitchbook Organizations: U.S, Getty, Wednesday, Treasury Department, NYU Law, CIC, Treasury, University, Bank, Global, University of Chicago, China VC, China Locations: New York, BEIJING, Washington ,, China, U.S, Greenfield, United States, Pitchbook
The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. China said on Thursday it is "gravely concerned" about the order and that it reserves the right to take measures. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data.
Persons: Joe Biden, Elizabeth Frantz, Biden's, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Liz Lee, Lincoln, Jonathan Oatis, Cynthia Osterman, Michael Perry Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Chinese Commerce Ministry, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington, Beijing
The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data. The restrictions will hurt both Chinese and American businesses, interfere with normal cooperation and reduce investor confidence in the U.S., he said.
Persons: Joe Biden, Elizabeth Frantz, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Lincoln, Jonathan Oatis, Cynthia Osterman Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington
Morning Bid: No respite from China woes
  + stars: | 2023-08-10 | by ( ) www.reuters.com   time to read: +2 min
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 8, 2023. Futures indicate that European stocks are set for a much higher open. Japan's Sony (6758.T) reported a lacklustre first quarter, with the entertainment conglomerate posting dour performances in its movie and financial divisions. The main event of the day, however, will be the U.S. inflation data. Key developments that could influence markets on Thursday:Economic events: Inflation data from Norway, Italy, Portugal and the United StatesReporting by Ankur Banerjee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Ankur Banerjee, Italy's, Joe Biden, Walt Disney, Japan's, Muralikumar Organizations: REUTERS, Staff, Ankur, Japan's Sony, U.S, CPI, Reserve, United, Thomson Locations: Frankfurt, Germany, U.S, Asia, Pacific, Japan, China, Norway, Italy, Portugal
America’s new China curbs eschew scale for smarts
  + stars: | 2023-08-10 | by ( Ben Winck | ) www.reuters.com   time to read: +4 min
The White House on Wednesday took the wraps off its proposal for screening investments U.S.-based funds make abroad, giving President Joe Biden a new tool for “de-risking” from China. But while the government’s inbound-investment reviews have often proven onerous, the pitch for outbound screening should placate investors and even diplomats. If recipients boast close ties to Chinese military or intelligence capabilities, the department could then block the transaction. Follow @BenWinck on TwitterCONTEXT NEWSU.S. President Joe Biden on Aug. 9 issued an executive order that tasks the Treasury Department with forming an outbound investment screening program. In response to the executive order the Treasury Department issued an Advanced Notice of Proposed Rulemaking seeking comment on the program.
Persons: Joe Biden, Jonathan Ernst, Janet Yellen’s, Antony Currie, Katrina Hamlin Organizations: Auburn Manufacturing, REUTERS, Reuters, Washington, Wednesday, Biden, Regulators, Treasury, Department, Treasury Department, Thomson Locations: U.S, Auburn , Maine, WASHINGTON, China, Washington
REUTERS/Elizabeth Frantz/File PhotoNEW YORK/WASHINGTON, Aug 9 (Reuters) - President Joe Biden on Wednesday signed an executive order that will narrowly prohibit certain U.S. investments in sensitive technology in China and require government notification of funding in other tech sectors. The long-awaited order authorizes the U.S. Treasury secretary to prohibit or restrict certain U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems. Senate Democratic Leader Chuck Schumer praised Biden's order, saying "for too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Most investments captured by the order will require the government be notified about them.
Persons: Joe Biden, Elizabeth Frantz, Biden, Chuck Schumer, Biden's, Emily Benson, Benson, David Shepardson, Andrea Shalal, Karen Freifeld, Idrees Ali, Lincoln, Jonathan Oatis Organizations: White, REUTERS, Wednesday, U.S, Treasury, Democratic, Embassy, Reuters, Group, U.S . Department of Commerce, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, United States, U.S, Washington, States
A central processing unit (CPU) semiconductor chip is displayed among flags of China and U.S., in this illustration picture taken February 17, 2023. Following are some key details:'COUNTRIES OF CONCERN'The order lays out plans to regulate investments in certain "countries of concern," with a separate annex naming China, Hong Kong and Macau as initial targets. The outbound investment program would require notification of many investments while prohibiting only a few. It was considering requiring notification for investments in firms working on the design, fabrication, and packaging of less advanced integrated circuits. U.S. investments in Chinese production of quantum computers, development of certain quantum sensors, and quantum networking and communication systems could also be banned.
Persons: Florence Lo, Joe Biden, Janet Yellen, Andrea Shalal, Karen Freifeld, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: REUTERS, Wednesday, U.S . Treasury Department, Reuters, China, United, Treasury, European Union, Thomson Locations: China, U.S, Hong Kong, Macau, United States, Beijing, Washington, Britain, New York
Lawyers gather to protest following the arrest of Pakistan's former Prime Minister Imran Khan, outside his residence in Lahore, Pakistan August 5, 2023. REUTERS/Mohsin Raza/File PhotoISLAMABAD, Aug 6 (Reuters) - Pakistani former Prime Minister Imran Khan's lawyers could not reach him on Sunday after he spent the night in a jail near the capital following his arrest the previous day on a corruption conviction, a spokesperson said. Pakistan's information minister referred a request for comment on Khan's access to his lawyers to provincial authorities in Punjab, where the jail is located. Thousands of Khan's aides and supporters have been arrested since May, according to the interior minister. Pakistan's government denies Khan's arrest was related to the election.
Persons: Imran Khan, Mohsin Raza, Imran Khan's, Khan, Naeem Haider Panjotha, Shah Mahmood Qureshi, Charlotte Greenfield, Mubasher Bukhari, William Mallard Organizations: REUTERS, PTI, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Islamabad, Attock, Punjab
[1/4] Former Pakistani Prime Minister Imran Khan speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. Khan's political party, Pakistan Tehreek-e-Insaf (PTI), said in a statement it had already filed another appeal to the Supreme Court earlier on Saturday. Khan, 70, is a former cricket star who went on to forge a political career and who was prime minister from 2018 to 2022. Information Minister Marriyum Aurangzeb said in a broadcast statement that Khan's arrest followed a full investigation and proper legal proceedings in a trial court. Khan was convicted by the court in a case that was first investigated by the election commission, which found him guilty of unlawfully selling state gifts while prime minister.
Persons: Imran Khan, Akhtar Soomro, Shehbaz Sharif's, Intezar Panjotha, Bilal Siddique Kamiana, Khan, Marriyum Aurangzeb, Sharif, Shah Mehmood Qureshi, Khan's, Qamar Javed Bajwa, Asim Munir, Mubasher Bukhari, Gibran Naiyyar Peshimam, Charlotte, William Mallard, Simon Cameron, Moore, Frances Kerry, Giles Elgood Organizations: Pakistani, Reuters, REUTERS, Police, " Police, Central Adiala, wilfully, PTI, Thomson Locations: Lahore, Pakistan, LAHORE, Islamabad, Central, Rawalpindi, Toshakhana, Khan's, Karachi, Charlotte Greenfield
[1/2] Hsiao-Wei Lee, Afghanistan country director for World Food Programme (WFP), speaks during an interview with Reuters in Kabul, Afghanistan, March 20, 2023. "It's five million people we are able to serve for another couple of months but then beyond that we don't have the resources," WFP Afghanistan Country Director Hsiao-Wei Lee told Reuters. Around 15 million Afghans in danger from lack of food are in need of assistance, according to WFP. WFP needs $1 billion in funding to provide food aid and carry out planned projects between now until March, Lee said. WFP would stay in Afghanistan and carry out its other work such as nutrition projects, Lee said, even if the projected cuts took place.
Persons: Hsiao, Wei Lee, Sayed, Lee, it's, Charlotte Greenfield, Andrew Mills, Aurora Ellis Organizations: Food Programme, Reuters, REUTERS, United Nations, WFP, Afghanistan, Thomson Locations: Afghanistan, Kabul, Islamabad, Doha
In the face of an unprecedented semiconductor shortage, Europe is offering billions of euros in subsidies to reduce its dependence on Asia. In return, Intel is committing big sums and with Germany already bagging a 30 billion euro investment, Poland decided to crash the party. Poland initially impressed Intel executives with the speed in which it responded to queries and addressed concerns, Intel said. "When we began the process, we hadn't considered Poland," Intel CEO Pat Gelsinger told Reuters. But when Intel announced its European investments in March 2022, Germany was awarded a major factory in Magdeburg while Intel told Poland it would only expand its existing facility in Gdansk.
Persons: chipmaker, hadn't, Pat Gelsinger, Gelsinger, Marcin Fabianowicz, Fabianowicz, Sroda Slaska Adam Ruciński, TSMC, Jakub Mazur, Karol Badohal, Supantha Mukherjee, Matt Scuffham, Elaine Hardcastle Organizations: Wroclaw, Intel, Reuters, Polish Investment and Trade Agency, Industrial Development Agency, PepsiCo, Taiwan Semiconductor Manufacturing Corp, Thomson Locations: WROCLAW, Poland, STOCKHOLM, Europe, Asia, Germany, U.S, Wroclaw, Polish, Magdeburg, Gdansk, Sroda Slaska, Wrocław, Taiwan, Stockholm
The facility in Poland will employ 2,000 workers and create several thousand additional jobs during the construction phase and hiring by suppliers, the company said in a statement. "Poland was just a little bit hungrier to win this site," Intel CEO Pat Gelsinger said in a news conference. Handelsblatt newspaper reported on Thursday that the German government and Intel were close to an agreement for 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion. The level of any subsidy offered to Intel by Poland was not made public during Friday's announcement. Mateusz Morawiecki, prime minister of Poland, called Intel's factory "the largest greenfield investment in the history of Poland".
Persons: chipmaker, Pat Gelsinger, Gelsinger, Olaf Scholz, Mateusz Morawiecki, Karol Badohal, Supantha Mukherjee, Jason Neely, Conor Humphries Organizations: Intel, Labour, AMD, Nvidia, Samsung, Thomson Locations: Poland, WROCLAW, STOCKHOLM, Wrocław, Europe, U.S, Germany, Ireland, France, Berlin, Wroclaw, Stockholm
REUTERS/Ali Khara/File photoJune 16 (Reuters) - The Taliban's acting governor of the Afghan central bank met China's ambassador this week to discuss banking relations and business, the bank's spokesperson told Reuters on Friday. Afghanistan's banking system has been severely hampered by U.S.-led sanctions, a drop in liquidity from frozen central bank assets and a cut in development spending. Regulatory risk concerns of international banks have also largely cut off the country's formal banking sector from the global financial system. "China has always supported the peaceful reconstruction of Afghanistan, provides sincere help to Afghanistan, and welcomes Afghanistan to join the Belt and Road Initiative," it said. Badri is a senior Taliban figure who became acting head of the central bank in March after stepping down as acting finance minister.
Persons: Mullah Abdul Ghani Baradar, Wang Yu, Ali Khara, Hassibullah Noori, Mullah Hidayatullah Badri, Badri, Charlotte Greenfield, Laurie Chen, Raju Gopalakrishnan, Frances Kerry Organizations: Afghan, REUTERS, U.S, Reuters, Initiative, Thomson Locations: China, Islamic Emirate, Afghanistan, Kabul, Afghan, Beijing, Taliban, Islamabad
But rival European battery groups are still scarce, and global carmakers have more to gain than lose. Chinese battery suppliers like Contemporary Amperex Technology (CATL), SVOLT, Envision, and most recently EVE Energy (300014.SZ), are shaking up Europe’s e-mobility supply chains. At 4.5 billion euros, investments in projects to build new plants in Europe overtook spending on mergers and acquisitions. European battery makers will struggle to compete. Given the chance, Chinese battery makers can power up Europe’s own supply chains, and its auto companies too.
Persons: CATL, It’s, Bernstein, Emmanuel Macron, Tesla, Elon, Lisa Jucca, Thomas Shum Organizations: Reuters, Volkswagen, BMW, Volvo, Technology, EVE Energy, Shanghai Putailai, Energy Technology, Mineral Intelligence, Companies, Wall Street, LG, Samsung SDI, Union, Commission, EU, United, Mercedes, Benz, Elon Musk’s, Mercator Institute for China Studies, Thomson Locations: HONG KONG, China, People’s Republic, Europe, Shanghai, People’s, Sweden, United States, EU, Hungary, Spain
BERLIN, May 9 (Reuters) - Chinese investment in Europe is shifting from mergers and acquisitions to greenfield projects mainly in battery production for electric vehicles, according to 2022 data analysed by independent research providers MERICS and Rhodium Group. Greenfield investment made up 57% of total foreign direct investment by China in Europe in 2022, overtaking mergers and acquisitions for the first time since 2008, according to the report released on Tuesday. "We are witnessing a major shift in how Chinese companies invest in Europe... Chinese firms have become major players in Europe's green transition," Agatha Kratz, director of the Rhodium Group, said in a statement. Setting up operations from scratch in Europe allows Chinese players to avoid tariffs and transport costs and shield themselves from political tension that could impede exports and imports, the report said. While screenings of Chinese investments in Europe have increased, the region still remains more open politically to China than the United States which has cracked down on Chinese battery imports via the Inflation Reduction Act, it added.
In recent months, Chinese investigators have detained employees of U.S. due-diligence firm Mintz Group, visited consultancy Bain & Company and suspended auditor Deloitte’s Beijing operations for three months. Security watchdogs have restricted overseas access to financial data providers like Wind Information, as well as academic database China National Knowledge Infrastructure. Local banks loaned 3.9 trillion yuan ($560 billion) in March alone while corporations issued 328 billion yuan of bonds. Besides Wind, other Chinese data providers including company databases Qichacha and TianYanCha have stopped opening to offshore users, according to three of the sources. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Emerson stock climbed roughly 4% in midday trading, to more than $85 a share. Quarterly commentary Amid mounting economic uncertainty, Emerson's end-markets remain healthy, with underlying sales expected to continue to grow about 7% for the remainder of the year. It's hybrid manufacturing business is seeing underlying sales grow at a high-single-digit percentage, driven by strong reshoring trends in life sciences and investment in lithium and battery metals. And in its discrete manufacturing business, Emerson continues to forecast mid-single-digit underlying sales growth thanks to battery manufacturing investments in the U.S. and Asia. Guidance For Emerson's fiscal third quarter, management expects net sales growth in the range of 10.5% to 12.5% and underlying sales growth in the range of 10% to 12%.
UN tells Afghan staff not to work for 48 hours - UN sources
  + stars: | 2023-04-04 | by ( ) www.reuters.com   time to read: 1 min
UNITED NATIONS/KABUL, April 4 (Reuters) - The United Nations has told all Afghan staff not to report to work in Afghanistan for 48 hours for security reasons while it seeks additional information from the Taliban authorities about a ban on Afghan women working for the world body, U.N. sources told Reuters on Tuesday. Reporting by Michelle Nichols at UN and Charlotte Greenfield in Kabul; Editing byDoina Chiacu;Our Standards: The Thomson Reuters Trust Principles.
The frozen central bank reserves were transferred from Washington into the "Fund for the Afghan People" last year where U.S. officials say it will be shielded from the Taliban. Trustee Shah Mehrabi, a U.S. academic who also remains on the Afghan central bank's Supreme Council, said a meeting of the four trustees was held virtually on Feb. 16. "The issue of disbursements of funds and the options for that was discussed," Mehrabi told Reuters. "The idea clearly here is the necessary steps to disburse funds and potential options for achieving monetary stability." Mehrabi said he believed the funds should only be used for achieving monetary stability and reducing volatility in Afghanistan's exchange rate.
Taliban criticises Prince Harry over Afghan killings comment
  + stars: | 2023-01-06 | by ( ) www.reuters.com   time to read: +3 min
Harry's highly personal book "Spare" went on sale in Spain days before its global launch on Jan. 10. When asked about Harry's comments, a spokesperson for Britain's Ministry of Defence said: "We do not comment on operational details for security reasons." Representatives of Prince Harry did not immediately respond to a request for comment. As is usual for the royal family, spokespeople for King Charles and Prince William have declined to comment. Some of those who were willing to talk said they thought Harry had gone too far.
PESHAWAR, Dec 3 (Reuters) - The Pakistani Taliban on Saturday claimed responsibility for a gun ambush that killed three police officers in northern Pakistan, the second attack claimed by the group just days after it announced an end to a ceasefire with the government. He said three police officers were killed on the spot and the identity of the attackers was unknown. The militant group Tehreek-e-Taliban Pakistan (TTP) claimed responsibility for the attack in a statement. The Afghan Taliban have been facilitating peace talks between local militants and the government since late last year. The Pakistan army has conducted several operations against the militants in their strongholds in lawless districts along Afghan border in recent months.
Pakistani embassy in Kabul attacked, one injured
  + stars: | 2022-12-02 | by ( ) www.reuters.com   time to read: +3 min
A spokesperson for Kabul police said the embassy compound was targeted by gunfire from a nearby building. Pakistan's Foreign Office said the attack had been aimed at the head of mission, Ubaid-ur-Rehman Nizamani. It said Nizamani was safe, but a Pakistani security guard, Sepoy Israr Mohammad, was critically wounded in the attack while protecting the ambassador. A spokesperson for Pakistan's foreign office said they had no plans to evacuate the embassy after the incident. "(The) Islamic Emirate of Afghanistan strongly condemns the attempted shooting and failed attack on the Pakistani embassy in Kabul," spokesperson Abdul Qahar Balkhi said on Twitter, adding that Taliban security agencies would investigate.
Swiss-based trust fund for frozen Afghan assets meets in Geneva
  + stars: | 2022-11-21 | by ( ) www.reuters.com   time to read: +2 min
GENEVA, Nov 21 (Reuters) - The board of a Swiss-based trust fund managing some $3.5 billion in frozen assets seized after the Taliban took power last year is meeting in Geneva for the first time on Monday, a Swiss government spokesperson confirmed. The frozen central bank reserves were recently transferred from Washington into the 'Fund for the Afghan People' where U.S. officials say it will be shielded from the Taliban. The fund's statutes says its purpose is to "receive, protect, preserve and disburse assets for the benefit of the Afghan people". The $3.5 billion forms part of an original $7 billion being held in the United States following the Taliban takeover in August 2021. Ambassador to Switzerland Scott Miller, Anwar Ahady, a former Afghan central bank chief and former finance minister, and Shah Mehrabi, a U.S. academic who remains on the DAB Supreme Council.
Thursday's activities began at around 8 a.m. when supporters of Khan's PTI party gathered in the streets, with crowds swelling into the thousands throughout the day. "Imran Khan arrived and we welcomed him, we never thought about any attack; people were chanting, workers were dancing,” said PTI supporter and witness Qadir Khan. "I heard a burst of shots after which I saw Imran Khan and his aides fall down on the truck," witness Qazzafi Butt said. In the chaos and confusion touched off by the gunfire, supporters clamoured to know what had happened to Khan. "People chanted that they would lay down their lives for Imran Khan," he added.
Associated PressGreenfield We began writing drafts, and the first drafts were the Pentagon Papers often mixed up with the writers’ own past reporting and commentary. If this is going to be called the Pentagon Papers, it can’t be the Pentagon Papers and The New York Times Papers.” So we came up with a system. So my job became to verify or discredit information in the Pentagon Papers. Who knows what goes on in hotel rooms in Manhattan?” We were just doing another strange thing in a hotel room in Manhattan. Amster I think it was Al who said the most impressive thing about the Pentagon Papers was that no one leaked anything.
Persons: Allan M, Hilton, Sheehan, Abe, Greenfield Abe, Neil —, “ Neil, Neil Sheehan, A.M . Rosenthal, James L, John Lent, Press Sheehan, Greenfield, Jerry Gold, Al Siegal, Fox Butterfield, Rick Smith, Ned Kenworthy, it’s Abe Rosenthal’s, “ Fox, Rosenthal, , , ” Hedrick Smith, Neil, Ngo Dinh Diem, Robert S, McNamara, Diem, ” Horst Faas, Robert J, We’d, “ Robert, there’s, ” Linda Amster, James Greenfield, Peter Millones, Jim, Peter, It’s, Associated Press Greenfield, , Jerry Gold’s, Weeks, Linda Amster, E.W, Kenworthy, Hedrick Smith, Renato Perez, The New York Times Butterfield, Smith, Greenfield I, Al, Greenfield Jerry Gold, ” Sheehan Organizations: Press, Fox, New York Hilton Hotel, South, Pentagon, ., The Times, Hilton, Times, American, Da Nang Air Base, Associated Press, New York Times, The New York Times Locations: Greenfield, Taipei, Vietnam, Saigon, United States, South Vietnam, Long, flabbergasted, Manhattan, Levittown
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