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Spokespeople for Micron and the Indian government, including its technology ministry, did not respond to requests for comment. A senior Biden administration official said the White House was "encouraged" by the number of U.S. firms considering India investments. An Indian industry source familiar with Micron's approvals said the so-called Assembly Testing Marking and Packaging will be built in the city of Sanand. Micron could procure and package chip for clients at the plant, or other companies could send their chips for testing before shipping. The source added that Micron's India plant would boost Modi's vision of making India a semiconductor base but true success would require actual manufacturing.

Persons: Narendra Modi's, Modi, Biden, Aditya Kalra, Aftab Ahmed, Trevor Hunnicutt, Conor Humphries, David Goodman Organizations: chipmaker Micron, U.S, Micron, FedEx, MasterCard, House, White House, Reuters, Biden, United, U.S . Commerce Department, Thomson Locations: India, DELHI, WASHINGTON, Gujarat, China, Sanand

☆ Exclusive: Xi Jinping tells Bill Gates he welcomes U.S. AI tech in China
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

[1/2] Microsoft Corp co-founder Bill Gates delivers his speech at the National Assembly in Seoul, South Korea, August 16, 2022. Xi also discussed Microsoft's (MSFT.O) business development in China during their meeting in Beijing, one of the sources said. When asked for comment, the Bill & Melinda Gates Foundation directed Reuters to the post. His meeting with Gates comes as U.S.-China relations are at their lowest point in decades, with AI a key flashpoint. Microsoft is a backer of OpenAI, whose chatbot ChatGPT ignited a global AI buzz last year that has spread to China.

Persons: Bill Gates, Kim Hong, Xi Jinping, Xi, Gates, Melinda Gates, Jason Neely, Jan Harvey Organizations: Microsoft Corp, National Assembly, REUTERS, U.S, Microsoft, Melinda Gates Foundation, Reuters, Information Office, chipmaker Micron, LinkedIn China, Thomson Locations: Seoul, South Korea, HONG KONG, China, Beijing, China's, U.S, Hong Kong

☆ Micron says committed to China, invests $602 mln in existing plant
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Micron made no mention of the review's decision in its Friday statement, posted on WeChat. "This investment projects demonstrates Micron's unwavering commitment to its China business and team," it quoted CEO Sanjay Mehrotra as saying. Micron and Powertech did not immediately respond to requests for comment. This would bring Micron's workforce in China to more than 4,500 people, the company added. ($1 = 7.1337 yuan)Reporiting by Beijing newsroom; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanjay Mehrotra, Muralikumar Anantharaman, Gerry Doyle Organizations: Micron, Technology Inc, Powertech, Thomson Locations: BEIJING, China, Xian, United States, Powertech's, Beijing

☆ Blinken to fly to Beijing for high-stakes diplomacy after spy balloon saga
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

U.S. Secretary of State Antony Blinken boards his plane for travel to Berlin at Joint Base Andrews, Maryland, June 22, 2021. Andrew Harnik | Pool | ReutersBEIJING — U.S. Secretary of State Antony Blinken is set to travel to Beijing this weekend in his first trip to China under the Biden administration. watch now"And so I think that the administration's goals are, at this point unrealistic because of the way Beijing has framed its interest in its strategy." Its appearance had forced Blinken to indefinitely postpone his Beijing trip at the time. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.

Persons: Antony Blinken, Andrew Harnik, Biden, Joe Biden, Xi Jinping, Scott Kennedy, Blinken, Matthew Miller, Drew Thompson, Lee, Thompson, they're, there's, TikTok, Kennedy, Jia Qingguo, Jia Organizations: Joint Base Andrews, Reuters, Reuters BEIJING —, U.S, Center for Strategic, International Studies, CNBC, U.S . Department of State, People's, U.S ., China's Ministry of Foreign Affairs, U.S . Defense Department, Lee Kuan Yew, of Public Policy, Congress, chipmaker Micron, Washington , D.C, Pacific Command, Peking University, Asia Vision Locations: Berlin, Joint Base Andrews , Maryland, Reuters BEIJING, Reuters BEIJING — U.S, Beijing, China, People's Republic of China, U.S, Singapore, Washington ,, Taiwan, South China, Taiwan Strait, Asia, Russian, Ukraine

☆ In the Market: For firms, China policy semantics are not the point
▼ + stars: | 2023-06-12 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

June 12 (Reuters) - 'De-risk, not decouple' are the new buzzwords for Western policy toward China, drawing skepticism from Beijing about whether there is any difference between the two. Whether that involves a complete separation or something short of that depends on the business and its direct and indirect exposure to China, the executives said. So while Sequoia took the route of separation, many other major business executives have traveled to China in recent weeks to meet staff, clients and officials. SMALL YARD, TALL FENCEWashington is putting export controls on sensitive technologies and encouraging Western companies to reassess supply chains. The financial firm's CEO said there had not been enough focus on the costs of the new policy.

Persons: ”, Henrietta Fore, “, Sequoia, Jamie Dimon, Jane Fraser, Tesla's, Elon Musk, he's, they'd, Paritosh Bansal, Anna Driver Organizations: UNICEF, Sequoia, JPMorgan's, chipmaker Micron Technology, Companies, Thomson Locations: China, Beijing, Russia, Taiwan, U.S, Washington

☆ Elon Musk: CEOs flock to China as risks to trade and investment rise
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +8 min

To drum up business, Chinese leaders have urged foreign companies to invest more in the country, promising them an open and level playing field. “The interests of the United States and China are intertwined like conjoined twins,” he was quoted as saying by the foreign ministry. Over time, “there will be less trade” between China and the United States, Dimon predicted. The move was seen as retaliation for restrictions the United States has imposed on Chinese chipmakers. The interests of the United States and China are intertwined like conjoined twins.

Persons: Elon, Laxman, Jamie Dimon, Qin Gang, Tesla, Elon Musk, Musk, ”, Warren Buffett, Dimon’s, Dimon, That’s, Bain, “ who’s, ” Michael Hart, Ben Cavender, Nick Marro, Tim Cook, Cook, Marro, ‘, ” —, Sophie Jeong, Martha Zhou Organizations: Hong Kong CNN, Tesla, Starbucks, JPMorgan, Apple, Samsung, Aramco, Volkswagen, HSBC, Standard Chartered, Foreign, China's Ministry of Foreign Affairs, Reuters, China’s Foreign, Shanghai’s Communist Party, Bloomberg, Group, American Chamber of Commerce, CNN, British, of Commerce, China Market Research Group, US, Micron, Economist Intelligence Unit, “ Companies, China Development Forum Locations: Hong Kong, China, Beijing, United States, Shanghai, Taiwan, Washington, New York, American, Xinjiang

☆ Elon Musk meets China's foreign minister as Tesla boss touts expansion in the country
▼ + stars: | 2023-05-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Elon Musk met with China's Foreign Minister Qin Gang on Tuesday as Beijing pushed to show it is open to foreign business and the Tesla CEO reportedly signaled further expansion in China. According to the Chinese foreign ministry statement, Musk praised Chinese the Chinese people and China's achievements. Tesla did not immediately respond to a CNBC request to verify the Chinese foreign ministry's statement. The meeting between Musk and Qin comes at a time of continued tensions between the U.S. and China over technology. The Chinese foreign minister on Tuesday said that a "constructive" U.S. and China relationship is in the interest of both countries and the world.

☆ China urges Japan to end curbs on chip exports
▼ + stars: | 2023-05-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries. In March, Japan announced it would tighten rules on exports of 23 types of advanced semiconductor manufacturing equipment, joining the United States and the Netherlands in curbing the sale of key technology to China. On May 23, the commerce ministry issued a statement calling on Japan to “immediately” stop the export restrictions and said China would take measures to defend its interests. China's commerce minster, Wang Wentao, left, met Yasutoshi Nishimura, Japan's trade minister, in Detroit last week. China has its own chip manufacturers, but they supply mostly low- to mid-end processors used in home appliances and electric vehicles.

As Japan and the United States place fresh curbs on Chinese technology firms, local investors are scooping up shares of those firms and state companies, and reaping handsome rewards. New fund launches will potentially channel money into China's technology and chipmaking leaders, including ZTE Corp (000063.SZ), Unisplendour Co (000938.SZ), Montage and Cambricon Technologies (688256.SS). Cutting-edge innovation requires huge and long-term investment, which is beyond the ability of private companies, "but SOEs can do it," Yang said. For example, China's chipmaking sector is now trading at 60 times earnings, compared with 16 for the broad market. But "China needs high valuation in some sectors ... Why don't you put down your wager, while also supporting the country's development?"

☆ China's internet giants bet big on A.I. as Beijing looks to rival U.S. on tech 'paradigm shift'
▼ + stars: | 2023-05-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

"This kind of computing power needs to be provided as a kind of public service or infrastructure. China, specifically, "has some of the most advanced AI tech in the world," he added. "We believe this is a Game of Thrones also playing out in the China Tech market as the gloves are on for this battle," Ives said. Many innovative vendors are going after this market and China tech is now in the midst of a secular shift around AI." The comments from some of China's top tech companies last week hint at how Beijing is seeking to ramp up its rivalry with the U.S. on AI.

Persons: BABA BABA, Robin Li, Baidu, Ernie Bot, OpenAI's ChatGPT, Tencent, Martin Lau, Lau, Alibaba, Daniel Zhang, Dan Ives, Ives, Hao Hong, CNBC's, —, Tencent's Lau, Baidu's Li, Didi, Meituan Organizations: HK, Microsoft, Google, Wedbush Securities, CNBC, China Tech, Big Tech, Baidu, U.S, Nvidia, chipmaker Micron, Grow Investment Locations: China, Beijing, U.S, Alibaba

China's chip stocks rallied on Monday morning following Beijing's announcement to bar some purchases of products from U.S. memory chipmaker Micron . China's Cyberspace Administration barred operators of "critical information infrastructure" in China from buying products from the U.S. chip giant following a security review conducted by the Cyberspace Administration of China. Chinese authorities said Micron products have failed its network security review, and cited "serious potential network security issues." The firm poses a "major security risk" to China's critical information infrastructure supply chain and affects [its] national security," a statement said. Shares of Chinese chipmakers largely rose on Monday following the move: Hong Kong-listed Hua Hong Semiconductor rose as much as 3.14% on Monday, while SMIC rose 2.64%.

☆ Isolating China will be 'impossible and dangerous,' analyst says, as the G-7 gets tough on Beijing
▼ + stars: | 2023-05-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The G-7 issued its strongest ever message to China over the weekend, but an analyst warned that isolating Beijing is "impossible" and "dangerous." The coronavirus pandemic shed light on the intricacies of critical supply chains, but the ongoing war in Ukraine has further exacerbated this reality. In the wake of the G-7 announcement, China summoned the Japanese ambassador and ordered companies to stop buying from American chipmaker Micron. Giuliano Noci, vice-rector for China for Politecnico di Milano, on Monday told CNBC's "Squawk Box Europe" that the G-7 showed a "unitarian" perspective against China. "It should be clear that isolating China will be not only, on the one hand, impossible but also, on the other hand, dangerous," Noci said.

SummarySummary Companies U.S. debt limit talks to kick off at 5:30 p.m. President Joe Biden and House Republican Speaker Kevin McCarthy will meet for talks on Monday after their discussions almost fell apart on Friday. The fresh talks come less than two weeks before a deadline after which the Treasury warned that the federal government will struggle to pay its debts. Reuters Graphics Reuters GraphicsAdvancing issues outnumbered decliners by a 1.71-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq. The S&P index recorded 13 new 52-week highs and three new lows, while the Nasdaq recorded 46 new highs and 35 new lows.

☆ G7 says “de-risking”, China hears “containment”
▼ + stars: | 2023-05-22 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Irked by the G7 statements, Xi’s government has already called Japan’s ambassador on the carpet. To be sure, China, with a $90 billion monthly trade surplus hovering near record highs, cannot easily retaliate against its opponents. But it is not in Xi’s, or Chinese companies’, interests to sit back and let the G7 “de-risk”, and that makes the euphemism more threatening than it sounds. China firmly opposes the G7 joint statement and has complained to summit organiser Japan, the Chinese foreign ministry said on the same day. The ministry said that the G7, disregarding China's concerns, had attacked it and interfered in its internal affairs, including Taiwan.

☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

☆ Debt ceiling optimism helps lift S&P 500, Nasdaq
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.

President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

☆ It's riskier than ever to be a foreign business in China, as evidenced by a series of recent sanctions, detentions, and an updated anti-espionage law that has watchdogs on edge
▼ + stars: | 2023-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The updated law doesn't clearly define what constitutes China's national security or interests. The new law follows a recent spate of sanctions, probes, and detentions into foreign firms in China. Even now, the terms relating to national security and interest are still "not explicitly defined," the Eurasia Group wrote. The updated law is also particularly concerning because of the recent developments surrounding foreign firms in China. China's recent crackdown on foreign businesses is spurring concernsIn April, Chinese police questioned staff at American consultancy Bain in Shanghai.

☆ Micron case causing concern for US companies in China, business chamber says
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 26 (Reuters) - Leaders from a top U.S. business lobbying group said on Wednesday that Beijing's probe against U.S.-based chipmaker Micron Technology Inc (MU.O) marked a "major concern" for other companies operating in the country. "It is a major concern because China lacks transparency in many conventions of law and policy, and this is one," Ross said. The survey results showed respondents were more optimistic about the business outlook in China compared to the previous survey conducted in late 2022, before the government lifted COVID-19 controls. Michael Hart, president of AmCham China, said the survey showed that American companies feel the overall environment for investment in China is becoming less predictable than before. Micron has said it would cooperate with the probe and that its shipments and operations in China remain unaffected.

☆ Factbox: What's on the agenda at the South Korea-US summit?
▼ + stars: | 2023-04-24 | by ( Ju-Min Park | ) www.reuters.com time to read: +4 min

Yoon has been pushing to increase South Korea's say in operating "extended deterrence" while calls are growing in South Korea for it to develop its own nuclear weapons. At the summit, Biden will pledge "substantial" steps to underscore the U.S. commitment to deter a North Korean nuclear attack, a senior U.S. official said. South Korea's defence ministry said the allies have been exploring ways to support Ukraine but declined to confirm specific discussions. His comments prompted an angry exchange of words between Beijing and Seoul with South Korea summoning the Chinese ambassador. South Korea's comment on Taiwan was "the worst" since the establishment of diplomatic relations between China and South Korea in 1992, China's state-run Global Times said on Sunday.

☆ US urges South Korea not to fill China shortfalls if Beijing bans Micron chips, Financial Times reports
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

April 23 (Reuters) - The United States asked South Korea to urge its chipmakers not to fill any market gap in China if Beijing bans memory chipmaker Micron (MU.O) from selling chips, the Financial Times reported on Sunday. The United States made the request as South Korean President Yoon Suk Yeol prepares to travel to Washington on Monday, the newspaper reported, according to four people familiar with the talks. China's cyberspace regulator Cyberspace Administration of China (CAC) said in March that it would conduct a cybersecurity review of products sold in the country by Micron. In a response, Micron said that it is cooperating with the Chinese government and that its operations in China are normal. It has blacklisted a number of China's largest chip firms, including Micron rival Yangtze Memory Technologies Co Ltd.

WASHINGTON, April 20 (Reuters) - The U.S. Justice Department said on Thursday it reached a settlement with memory chipmaker Micron Technology Inc (MU.O) to resolve an allegation of immigration-related employment discrimination. The investigation began when a U.S. citizen worker complained that Micron unfairly denied him employment because of his citizenship status. The Justice Department said it determined that Micron unlawfully preferred a temporary visa worker for the position, failing to meaningfully consider the U.S. citizen's qualifications. The amount of the civil penalty was not specified in the Justice Department statement. The Justice Department also released a fact sheet on Tuesday to help employers avoid immigration-related discrimination.

☆ China reluctantly keeps sanctions powder dry
▼ + stars: | 2023-04-12 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Yet most trade measures Xi has taken so far are best seen as defensive tactics to protect market share from aspirant rivals in the West and India. The easiest option is picking on America’s $120-billion-plus of direct investment stock in China. Of course, that is no way for China to revive the decaying quantity and quality of the investment it receives. Chinese officials consistently say they welcome U.S. trade and investment and there is no reason to doubt them. The move comes after the United States implemented multiple restrictions on sales of chipmaking tools and components to China.

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