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☆ US risks 'funding our own destruction' if investor capital flows to Chinese defense firms, key lawmaker says
▼ + stars: | 2023-08-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Forthcoming restrictions should cover US participation in Chinese public markets, he said. "If American capital continues to flow to Chinese military companies, we are at risk of funding our own destruction." A "sizable portion" of that money goes directly to tech companies with ties to China's military and the Chinese Communist Party, he added. His comments follow earlier US efforts to curb Chinese access to critical technologies, such as semiconductors, quantum computing, and artificial intelligence. Meanwhile, foreign investors have been souring on China in recent months as the country's post-COVID economic rebound has disappointed.

Persons: Mike Gallagher, Biden, —, Gallagher, BlackRock Organizations: Service, Financial Times, White, Chinese Communist Party, Communist, Government, Wall Street, BlackRock Locations: China, Wall, Silicon, Wisconsin, MSCI

☆ China's sprawling spy agencies are designed to root out the 'five poisons' at home and abroad, British intelligence says
▼ + stars: | 2023-08-03 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Yin Gang/Xinhua via Getty) (Xinhua/Xinhua via Getty ImagesIn a recent report to parliament, the British intelligence services detailed the operations and goals of the Chinese intelligence services. The Chinese intelligence services are also collecting information on the Chinese democracy movement at home and abroad — including in the US — in an attempt to subvert it. According to the British intelligence report, Xi has sought to make Chinese intelligence activity more professional through reform and investment. "In more ways than one, the broad remit of the Chinese Intelligence Services poses a significant challenge to Western attempts to counter their activity," the report said, citing assessments by British intelligence officers. "To compound the problem, it is not just the Chinese Intelligence Services: the Chinese Communist Party co-opts every state institution, company and citizen.

Persons: Yin, Ma Ying, Xi Jinping, Chuang, Gong, Dalai Lama, Murad Sezer, Xi, Xie Huanchi, hoover, Stavros Atlamazoglou Organizations: Chinese Communist Party, intel, Beijing, Service, Ministry of Public Security, Yin Gang, Getty, Xinhua, of State Security, of Public Security, Force, NSA, REUTERS, CCP, of, People, US National Counterintelligence and Security Center, Chinese Intelligence Services, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins, School, International Locations: China, Wall, Silicon, Beijing, Xinhua, Taipei, Singapore, Xinjiang, Taiwan, Tibet, Bhutan, Nepal, India, Istanbul, Johns

☆ He Raised Millions for Bibles but Spent It on Gambling and Gold, U.S. Says
▼ + stars: | 2023-08-03 | by ( Chang Che | More About Chang Che | ) www.nytimes.com time to read: +1 min

To Amish and Mennonite communities in Ohio, North Carolina and Pennsylvania, Jason Gerald Shenk was a devout missionary spreading the word of God overseas. With their financial help, he would send Bibles and other Christian literature to China, where Christianity has long been curtailed by the Chinese Communist Party. A federal investigation into Mr. Shenk’s whereabouts is underway in conjunction with authorities in other countries, said Barry L. Paschal, a spokesman for the Southern District of Georgia. Prosecutors said Mr. Shenk renounced his citizenship in 2016 to avoid reporting his finances, and he is believed to be residing outside of the United States. It is not clear if Mr. Shenk has a lawyer.

Persons: Jason Gerald Shenk, Shenk, Barry L, Paschal, Prosecutors Organizations: Chinese Communist Party, Federal, United States Attorney’s Office, Southern, Southern District of, Southern District of Georgia Locations: Ohio , North Carolina, Pennsylvania, China, Santiago , Chile, United, Southern District, Southern District of Georgia, Georgia, United States

The announcement was the first time either of the two – who had both been in military positions outside the Rocket Force – were named as the force’s leadership. Beijing gave no reason for the change, making the case yet another example of the lack of transparency in China’s political system. The newly appointed Rocket Force leadership both previously held deputy positions in other parts of the military. New missile silosThe leadership change comes as evidence points to an expanding Chinese nuclear force – creating an even more important role for the Rocket Force, which until 2016 was known as the PLA Second Artillery Force. They are responsible for handling and delivering China’s nuclear weapons,” said Drew Thompson, a senior research fellow at the Lee Kuan Yew School of Public Policy at the National University of Singapore.

Persons: Xi Jinping, Wang Houbin, Xu Xisheng, Li Yuchao, Qin Gang, Li, Xu Zhongbo, Xu, China’s, ”, Yun Sun, Li Gang, Xi, “, Qin, Wang Yi, Carl Schuster, “ Xi, ” Schuster, Wang, Neil Thomas, Roderick Lee, Drew Thompson, Lee, ” Thompson Organizations: CNN, Liberation Army Rocket Force, Rocket Force, Xinhua, Communist Party, Stimson, Communist Party’s, Military Commission, People’s Liberation Army, PLA, Pacific Command’s Joint Intelligence Center, PLA Navy, Southern Theater Command, Asia Society, Center for, USAF Air University China Aerospace Studies, ” CNN, China’s Ministry of Defense, PLA Second Artillery Force, US Defense Department, Lee Kuan Yew, of Public, National University of Singapore, “ Locations: China, Suzhou, Taiwan, Washington, Beijing, Xinhua, Hawaii, Center for China, United States

☆ The last time US debt was downgraded markets plummeted. Will it happen again?
▼ + stars: | 2023-08-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Fitch Ratings downgraded US long-term debt late on Tuesday from AAA to AA+, citing this spring’s debt ceiling standoff as a major reason. In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. “My sense is that the Fitch downgrade of the US credit rating is an insignificant development and will not move financial markets or the economy,” said Joseph Brusuelas, chief economist at RSM US. “The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: New York CNN — Fitch, Fitch, ”, Joseph Brusuelas, ” Fitch, Larry Summers, Janet Yellen, “, Dow, BlackRock, Larry Fink, Henry Fernandez, MSCI, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI Organizations: CNN Business, Bell, New York CNN, AAA, AA, RSM, Federal Reserve, Fitch, Treasury, US, Twitter, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Congressional, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “ Locations: New York, America, United States, States, Mike Gallagher of Wisconsin, Illinois, MSCI, China

☆ U.S. House committee flags MSCI, BlackRock for China investments
▼ + stars: | 2023-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. BEIJING — U.S. investments in around 50 blacklisted Chinese companies have drawn the attention of the U.S. House of Representatives Select Committee on the Chinese Communist Party. The committee on Tuesday announced it sent separate letters to MSCI and BlackRock asking for more information about the firms' facilitation of U.S. investments into those Chinese companies. The Chinese companies were blacklisted over claims of supporting China's military or alleged human rights abuses, the committee said. MSCI said in a statement it is reviewing the request for information, and that it doesn't "facilitate" investments in any country.

Persons: China’s renminbi, MSCI Organizations: U.S . House, Chinese Communist Party, BlackRock, U.S . Department, CNBC Locations: U.S, Bangkok, Thailand, BEIJING — U.S

☆ Taiwan boosts counter-espionage effort after suspected China infiltration
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

Taiwan's armed forces hold two days of routine drills to show combat readiness ahead of Lunar New Year holidays at a military base in Kaohsiung, Taiwan, January 11, 2023. REUTERS/Ann WangTAIPEI, Aug 2 (Reuters) - Taiwan's military vowed on Wednesday to step up counter-espionage efforts as authorities investigated several serving and former military officers suspected of spying for China. China, which is pressing the island to accept its sovereignty, has in recent years mounted a sustained espionage campaign to undermine democratically governed Taiwan's military and civilian leadership, a Reuters investigation has found. "Betraying your own fellow soldiers and country should be punished by law strictly," he said, adding that authorities had been working hard to prevent such incidents happening again. China's Taiwan Affairs Office did not immediately respond to a request for comment.

Persons: Ann Wang, Hsiao, Alex Huang, Yimou Lee, Robert Birsel Organizations: REUTERS, Reuters, army's Aviation, Special Forces Command, Central News Agency, CNA, Chinese Communist Party, Taiwan Affairs Office, Thomson Locations: Kaohsiung, Taiwan, Ann Wang TAIPEI, China, Taoyuan, Taipei

☆ A Uyghur’s Lament for a Persecuted People
▼ + stars: | 2023-08-01 | by ( Barbara Demick | ) www.nytimes.com time to read: +2 min

WAITING TO BE ARRESTED AT NIGHT: A Uyghur Poet’s Memoir of China’s Genocide, by Tahir Hamut Izgil. The Uyghur poet Tahir Hamut Izgil’s new memoir, “Waiting to Be Arrested at Night,” is an outlier among books about human rights. When the book opens, in 2009, Izgil is living in Urumqi, a city of nearly five million in China’s northwestern Xinjiang region, the traditional homeland of the country’s persecuted Muslim Uyghur minority. At 40, Izgil is happily married with two daughters, his own home and a robust circle of friends. In short, he’s at the top of his game, a precarious position to maintain and one that requires constant vigilance.

Persons: Tahir Hamut Izgil, Joshua L, Freeman, Tahir Hamut, Izgil, he’s Organizations: Chinese Communist Party Locations: Urumqi, Xinjiang, Kyrgyzstan, Turkey

☆ BlackRock, MSCI draw scrutiny from US House Committee on China
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Carlo Allegri/File Photo License this content on Reuters ConnectAug 1 (Reuters) - A U.S. congressional committee on China said asset management giant BlackRock (BLK.N) and index provider MSCI (MSCI.N) were facilitating investments into blacklisted Chinese companies. The firms have facilitated American capital flow into the companies the U.S. government had found guilty of fueling China's military advancement or human rights abuses, the House of Representatives' Select Committee on the Chinese Communist Party (CCP) said on Monday. "With all investments in China and markets around the world, BlackRock complies with all applicable U.S. government laws. We will continue engaging with the Select Committee directly on the issues raised," BlackRock said. Republicans formed the Select Committee when they took control of the House in January, as part of an effort to convince Americans why they should care about competing with China.

Persons: Carlo Allegri, BlackRock, MSCI, Mike Gallagher, Niket Nishant, Jaiveer Singh Shekhawat, Michael Martina, Don Durfee, Krishna Chandra Eluri, Shinjini Ganguli, Jonathan Oatis Organizations: REUTERS, Reuters, U.S, Chinese Communist Party, CCP, BlackRock, Republicans, China, Congress, Republican, Wall Street, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Taiwan, Ukraine

☆ BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns
▼ + stars: | 2023-08-01 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

BlackRock and MSCI are facing probes by lawmakers for facilitating investments in Chinese firms, the WSJ reported. The probes are related to investments in companies flagged by the US over security risks or human rights violations. The congressional panel said it found that American investors have funded 60 such companies and BlackRock has invested $429 million through five of its funds. The majority of our clients' investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies. With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: MSCI Organizations: BlackRock, Service, Wall Street, Chinese Communist Party, WSJ, US Locations: MSCI, China, Wall, Silicon, Xinjiang, US

☆ BlackRock and MSCI under investigation by House Committee for investments in China
▼ + stars: | 2023-08-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

“The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised.”MSCI did not respond to requests for comment. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. The committee launched an official investigation last month into US venture-capital companies that help fund Chinese artificial intelligence and semiconductor efforts.

Persons: BlackRock, Larry Fink, Henry Fernandez, MSCI, ”, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI, Biden, Gallagher Organizations: New, New York CNN, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “, Chinese Communist Party, Wall Street Locations: New York, Mike Gallagher of Wisconsin, Illinois, MSCI, United States, China, Beijing, Washington, Ukraine, BlackRock

☆ BlackRock, MSCI face probe for allegedly facilitating China investments - WSJ
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File PhotoAug 1 (Reuters) - Asset manager BlackRock (BLK.N) and index provider MSCI are being investigated by a congressional committee for allegedly facilitating China investments, Wall Street Journal reported on Tuesday, citing letters to the companies from the panel. BlackRock, MSCI and the Committee did not immediately respond to Reuters requests for comment outside normal business hours. Last month, China curbed exports of some metals widely used in the semiconductor industry, in a move it said was aimed at protecting national security. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Niket, Krishna Chandra Eluri Organizations: REUTERS, BlackRock, Wall Street, Chinese Communist Party, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, MSCI, Taiwan, Ukraine, Bengaluru

☆ China wants to mobilise entire nation in counter-espionage
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Aug 1 (Reuters) - China should encourage its citizens to join counter-espionage work, including creating channels for individuals to report suspicious activity as well as commending and rewarding them, the state security ministry said on Tuesday. Australian journalist Cheng Lei, accused by China for providing state secrets to another country, has been detained since September 2020. China's declaration that it is under threat from spies comes as Western nations, most prominently the United States, accuse China of espionage and cyberattacks, a charge that Beijing has rejected. The United States itself is the "empire of hacking," a Chinese foreign ministry spokesperson has said. In protecting itself from espionage, China would need the participation of its people in building a defence line, the state security ministry wrote in its WeChat post.

Persons: State Security Chen Yixin, Chen, Cheng Lei, Ryan Woo, Raju Gopalakrishnan Organizations: of State Security, State Security, Communist Party of China, Astellas Pharma, Thomson Locations: BEIJING, China, United States, Beijing

In his address, Xi said the military must broaden its combat capability and readiness, the official Xinhua news agency reported. "We need to push for new equipment and new forces to accelerate forming combat capabilities and integrate into the combat system," Xi told the Peoples Liberation Army Air Force's western theatre command during a visit last Wednesday, Xinhua reported on Sunday. Marking the anniversary on Tuesday, an editorial in the official PLA Daily newspaper said the military had "enhanced its ability to carry out diversified military tasks in a wider space". "When the Chinese military conducts an exercise, it is showing force - it is bestowing or sending a message to other countries," he said. At sea, China is readying its aircraft carriers to extend and assert its power beyond its home waters.

Persons: Xi Jinping, Florence, HONG KONG, Xi, Song Zhongping, Drew Thompson, National University of Singapore's Lee, Thompson, Tsai Ing, Kevin McCarthy, China's J, Shi Yunjia, Greg Torode, Albee Zhang Organizations: Communist Party of China, Military Museum of, REUTERS, People's Liberation Army, PLA, Xinhua, Peoples Liberation Army Air, PLA Daily, National University of Singapore's, National University of Singapore's Lee Kuan Yew, of Public, Reuters, People's, of Army, U.S, House, China Morning Post, Western, Thomson Locations: Beijing, China, HONG, Tuesday's, Russia, United States, U.S, Washington, Taiwan, Japan, Shandong, Fujian, South Korea, Guam

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

☆ Most of what we've heard about the yuan dethroning the dollar is from the West. Here's what China's actually said about it.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

China wants the yuan to play a bigger global role but hasn't called for it to replace the dollar. China wants to make the yuan the global currency," The Washington Post reported in May. Meanwhile, the Chinese currency is in fourth place, after the Japanese yen. In April this year, Xi again raised China's goal of yuan internationalization in Qiushi magazine, a Chinese Communist Party journal. In Qiushi, Xi said that China was committed to promoting yuan internationalization "in an orderly manner."

Persons: Xi Jinping, Niall Ferguson, hasn't, dollarization, China's, Rory Green, Xi, SWIFT, Liqing Zhang, Zhang Organizations: Service, NPR, Washington Post, Stanford, CNBC, European Central Bank, Communist, TS Lombard, Communist Party, Green, Central Bank of, Media, Communist Party's, Daily, Chinese Communist Party, Securities Times, Central University of Finance, Economics Locations: China, Wall, Silicon, Beijing, Russia, London, Xinhua

BEIJING, July 31 (Reuters) - China's manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed on Monday, threatening growth prospects for the third quarter. Construction sector activity for July was its weakest since COVID-19-related workplace disruptions dissipated around February, data from the National Bureau of Statistics showed. The non-manufacturing PMI, which incorporates sub-indexes for service sector activity and construction, dropped to 51.5 from June's 53.2. "Meanwhile, we're seeing improvements in inventory levels, suggesting that with destocking nearing its end, China's manufacturing sector bottomed out in the second quarter," he added. "Unless concrete support is rolled out soon, the recent downturn in demand risks becoming self-reinforcing."

Persons: Xu Tianchen, Julian Evans, Pritchard, Joe Cash, Sam Holmes, Edmund Klamann Organizations: National Bureau, Statistics, Communist Party, PMI, Economist Intelligence Unit, destocking, China, State, Capital Economics, Thomson Locations: BEIJING, China

☆ 'Not found': China's ex-foreign minister is gone but wait for explanation goes on
▼ + stars: | 2023-07-31 | by ( Yew Lun Tian | ) www.reuters.com time to read: +6 min

BEIJING, Aug 1 (Reuters) - Hours after China's top legislature convened a special meeting last week to remove foreign minister Qin Gang, photos and mentions of the 57-year-old started disappearing from his former ministry's website. China named veteran diplomat Wang Yi to replace Qin, but gave few further clues on the reason for the change. Foreign ministry spokeswoman Mao Ning on Thursday said Beijing will release information in a timely matter regarding Qin and opposes "malicious hype". The foreign ministry removed all online traces to its former chief protocol officer Zhang Kunsheng who was found guilty of corruption and using his position of power to obtain sex in 2016. He then made a triple jump from director of protocol to U.S. ambassador and then to foreign minister and state councillor in five years, bullet-train speed by China standards.

Persons: Qin Gang, Qin, Gang, Xi Jinping, Wang Yi, Mao Ning, Ian Johnson, Wu Qiang, Wu, Xiao Yaqing, Zhang Kunsheng, Mao Zedong, Mao, Xi, Xi's, Alfred Wu, Lee Kwan, Yew Lun Tian, John Geddie Organizations: Foreign Ministry, State, Information Office, Council, Foreign Relations, Industry, Committee, Communist, Xinhua, Lee Kwan Yew, of Public Policy, Thomson Locations: BEIJING, China, Beijing, Washington, Singapore, Lincoln

☆ China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's tech crackdown wiped $1.1 trillion off the valuation of its Big Tech firms. China's economy is struggling to recover after three years of on-off COVID-19 lockdowns. China cracked down on the country's tech sector in 2020, taking down its Big Tech, whose market value has been wiped by $1.1 trillion. But now, authorities are laying out the red carpet for the same firms because the economy is in deep trouble. Local governments in China are wooing tech giants with at least five recent deals to build on the so-called "platform economy," the South China Morning Post reported on Sunday.

Persons: NetEase, Yin Li, Kuaishou, Yin Yong, Daniel Zhang, Lei Jun, Alibaba, Jack Ma Organizations: Big Tech, Morning, China Morning Post, Sunday, Communist Party Locations: China, Beijing, Hangzhou, Tianjin, Shenzhen

☆ The FBI surveilled J. Robert Oppenheimer for months on one man's suggestion. During the surveillance, interviewees alleged he was feeding nuclear secrets to the Soviet Union.
▼ + stars: | 2023-07-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

The FBI watched J. Robert Oppenheimer for months after he helped make the WWII-ending atomic bomb. Reports from the FBI show Oppenheimer was accused of Communism and spreading information to Russia. During the investigation, though, Pitzer said he had new doubts about Oppenheimer's loyalty to the country, due to his initial reservations about the development of the H-bomb. The Atomic Heritage Foundation does consider Oppenheimer likely to have held communist sympathies, but maintains that information in the report was exaggerated. At the end of the inquest, Oppenheimer's top-level security clearances were revoked, a devastating blow to the scientist.

Persons: Robert Oppenheimer, Oppenheimer, J, Christopher Nolan's, Edgar Hoover, Lewis Strauss, Hoover, Strauss, Kenneth Pitzer, Pitzer, Ward Evans, Jean Tatlock, Bernard Peters, Oppenheimer's, Jennifer Granholm, Granholm, AHF Organizations: FBI, Congress, Service, US Atomic Energy, Los Alamos National Laboratory, UC, Loyola University , Chicago, Atomic Energy, German Communist Party, Atomic Heritage Foundation, USA, US, Department of Energy, DOE Locations: Russia, Wall, Silicon, Soviet Union, UC Berkeley's

☆ U.S. lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

The October 2022 rules impose two performance caps on exporting AI chips to China - one on how fast the chips can talk to one another, and the second on the chips' processing speeds. After the rules took effect, Nvidia created special chips for China with lower interconnect speeds. Intel this month also said it has created an AI chip that can be sold in China. Nvidia at the time said that restricting sales of its AI chips to China "would result in a permanent loss of opportunities for the U.S. On Friday, Gallagher and Krishnamoorthi urged an even tighter approach than the one Reuters previously reported officials are considering.

Persons: Mike Gallagher, Biden, Raja Krishnamoorthi, Gina Raimondo, Gallagher, Krishnamoorthi, " Gallagher, Stephen Nellis, Chris Sanders, Leslie Adler Organizations: U.S, Rep, Chinese Communist Party, Capitol, FRANCISCO, Republican, Nvidia, Devices, Intel, Reuters, Qualcomm, Semiconductor Industry Association, Microsoft, Google, Thomson Locations: United States, Taiwan, Washington , U.S, China, U.S, Washington, San Francisco

☆ Goldman names China stocks set for a bounce — and 2 make its list of top buy-rated picks
▼ + stars: | 2023-07-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has identified a number of Chinese stocks to buy after the government announced a number of major fiscal stimulus measures this week. The bank added that it expects Chinese stocks to "trade better" in the coming months. Goldman screened for buy-rated stocks in several areas related to China's policy announcement, including internet giants Tencent and JD , as well as its medical platform JD Health . In real estate, Goldman is buy-rated on property software company Beike and on mobile components company BYD Electronic as well as online recruitment firm Kanzhun . Search engine giant Baidu and drinks company China Resources Beer are also picks of the bank, and appear on its Asia-Pacific conviction list of top buy-rated stocks.

Persons: Goldman Sachs, Kinger Lau, Goldman, — CNBC's Michael Bloom, Clement Tan Organizations: country's Communist Party, Tencent, Baidu, China Resources Locations: China, Asia

☆ Oil prices are on track for their strongest run since before Russia invaded Ukraine
▼ + stars: | 2023-07-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. So why are oil prices climbing? Oil output cutsAccording to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month. That failed to materialize, a factor that weighed on oil prices earlier this year.

Persons: —, “, ” Giovanni Staunovo, Staunovo, Justin Sullivan, Edward Gardner, Gardner, Xi Jinping Organizations: London CNN —, Brent, International Energy Agency, Organization of, Petroleum, OPEC, UBS, CNN, Saudi, Getty, Capital Economics, Communist Party’s Locations: Ukraine, China, Russia, Saudi Arabia, Riyadh, Gulf, Europe, France, Spain, Germany, Europe’s

☆ North Korea's Kim vows to develop cooperation with China to 'new high'
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

[1/4] North Korean leader Kim Jong Un speaks with Chinese Communist Party politburo member Li Hongzhong during an event in Pyongyang, North Korea, July 28, 2023, in this image released by North Korea's Korean Central News Agency. KCNA via REUTERSSEOUL, July 29 (Reuters) - North Korean leader Kim Jong Un met with the Chinese delegation who visited Pyongyang to celebrate the 70th anniversary of the end of the Korean War and vowed to develop the two countries' relations to a "new high", the North's state media said on Saturday. Kim hosted a reception for the Chinese officials led by Communist Party Politburo member Li Hongzhong on Friday. The meeting took place after Chinese and Russian officials stood shoulder to shoulder with Kim on Thursday as they reviewed his newest nuclear-capable missiles and attack drones at a military parade in the capital. Reporting by Soo-hyang Choi; editing by Diane Craft and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Jong, Li Hongzhong, Kim Jong Un, Kim, Soo, hyang Choi, Diane Craft, Sandra Maler Organizations: Chinese Communist Party, North, Korean Central News Agency, KCNA, REUTERS, Communist Party, Thomson Locations: Pyongyang, North Korea, REUTERS SEOUL

The widely anticipated parade in the capital on Thursday night commemorated the 70th anniversary of the end of the Korean War, celebrated in North Korea as "Victory Day". Kim, Shoigu and Chinese Communist Party Politburo member Li Hongzhong talked, laughed and saluted as North Korean troops marched and weapons rolled below, photos released by North Korean state media showed. Kim hosted a reception and had a luncheon with Shoigu, where the North Korean leader vowed solidarity with the Russian people and its military. Shoigu praised the North Korean military as the strongest in the world, and the two discussed strategic security and defence cooperation, KCNA said. North Korea has been under U.N. sanctions for its missile and nuclear programs since 2006.

Persons: Kim Jong Un, Sergei Shoigu's, Kim, Li Hongzhong, Shoigu, KCNA, Vladimir Putin, Vedant Patel, Ankit, Panda, Kang Sun Nam, Leif, Eric Easley, Easley, U.N, Stephane Dujarric, Hyunsu Yim, Josh Smith, Ed Davies, Lincoln, William Mallard Organizations: North, Korean Central News Agency, KCNA, REUTERS, Russian, United Nations Security Council, Communist Party, State Department, Carnegie Endowment, International, Defence, Ewha Womans University, . Security, Security Council, Thomson Locations: Pyongyang, North Korea, REUTERS SEOUL, North Korean, Soviet Union, Beijing, Moscow, Korean, United States, PYONGYANG, MOSCOW, Shoigu, Russian, Ukraine, Washington, Russia, U.S, Korea, China, Seoul

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