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REUTERS/Elizabeth Frantz/File PhotoNEW YORK/WASHINGTON, Aug 8 (Reuters) - The White House on Wednesday will detail its plans to prohibit some U.S. investments in sensitive technology in China, and require that the government be notified of other investments, a senior government source told Reuters. Reuters reported on Friday that President Joe Biden was expected to soon issue the long-awaited executive order to screen outbound investments in sensitive technologies to China this week. The administration is expected to target active investment such as U.S. private equity, venture capital and joint venture investments in China in semiconductors, quantum computing and artificial intelligence. Most investments captured by the order will require that the government be notified about them, sources have said. The details are still a work in progress, but it is unlikely to cover passive or securities investments, the person said.
Persons: Joe Biden, Elizabeth Frantz, Biden, Jake Sullivan, Gina Raimondo, Emily Benson, Benson, David Shepardson, Karen Freifeld, Lincoln, Jonathan Oatis Organizations: White, REUTERS, Reuters, National, . Commerce, The New York Times, U.S . Department of Commerce, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Beijing, United States
U.S. President Joe Biden delivers remarks on access to mental health care in the East Room of the White House in Washington, U.S., July 25, 2023. REUTERS/Elizabeth Frantz/File PhotoNEW YORK/WASHINGTON, Aug 8 (Reuters) - The White House on Wednesday will detail its plans to prohibit some U.S. investments in sensitive technology in China, and require that the government be notified of other investments, a senior government source told Reuters. Reuters reported on Friday that President Joe Biden was expected to soon issue a the long-awaited executive order to screen outbound investments in sensitive technologies to China this week. The White House declined to comment on Tuesday. Most investments captured by the order will require that the government be notified about them, sources have said.
Persons: Joe Biden, Elizabeth Frantz, Biden, Jake Sullivan, Gina Raimondo, Emily Benson, Benson, David Shepardson, Karen Freifeld, Lincoln Organizations: White, REUTERS, Reuters, National, . Commerce, The New York Times, U.S . Department of Commerce, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Beijing, United States
President Biden escalated his confrontation with China on Wednesday by signing an executive order banning American investments in key technology industries that could be used to enhance Beijing’s military capabilities, the latest in a series of moves putting further distance between the world’s two largest economies. The order will prohibit venture capital and private equity firms from pumping money into Chinese efforts to develop semiconductors and other microelectronics, quantum computers and certain artificial intelligence applications. Administration officials stressed that the move was tailored to guard national security, but China is likely to see it as part of a wider campaign to contain its rise. “The Biden administration is committed to keeping America safe and defending America’s national security through appropriately protecting technologies that are critical to the next generation of military innovation,” the Treasury Department said in a statement. A series of expanding export controls on key technologies to China has already triggered retaliation from Beijing, which recently announced the cutoff of metals like gallium that are critical for the Pentagon’s own supply chain.
Persons: Biden, , Richard M, Nixon, Henry Kissinger Organizations: Treasury Department, U.S . Locations: China, U.S, Beijing
The White House on Wednesday will detail its plans to prohibit some U.S. investments in sensitive technology in China. The White House on Wednesday will detail its plans to prohibit some U.S. investments in sensitive technology in China, and require that the government be notified of other investments, a senior government source told Reuters. Reuters reported on Friday that President Joe Biden was expected to soon issue a the long-awaited executive order to screen outbound investments in sensitive technologies to China this week. The White House declined to comment on Tuesday. Biden administration officials have stressed for months any restrictions on U.S. investment in China will be narrowly targeted.
Persons: Joe Biden, Biden, Jake Sullivan, Gina Raimondo Organizations: Reuters, . Commerce Locations: China, U.S, Beijing
Aug 10 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Lingering concern over China's slide into deflation and caution ahead of U.S. inflation data will keep markets in check on Thursday, as investors also eye India's interest rate decision, wholesale inflation from Japan and Philippine GDP data. Although Chinese stocks fell for a third day on Wednesday the rest of Asia shrugged off the Chinese deflation figures, and the MSCI Asia ex-Japan index rose 0.5% for its best performance so far this month. Also on the inflation front, the annual rate of Japanese wholesale price inflation is expected to have fallen to 3.5% in July from 4.1% in June. Interest rate markets are pricing in a decent chance of a quarter-point hike, if not this week then certainly by the end of the year.
Persons: Jamie McGeever, Asia shrugged, Fitch Organizations: Reserve Bank of India, Thomson, Reuters Locations: Japan, Philippine, United States, China, Asia, India, Philippines
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan hasn't been able to make a dent in Big Tech companies, says Axios' Dan PrimackAxios business editor Dan Primack joins 'Squawk Box' to discuss Amazon's meeting with FTC Chair Lina Khan next week in a last-ditch attempt to avoid an antitrust lawsuit, whether the recent string of high-profile losses will shift Khan's tactics in her crusade against Big Tech, President Biden's expected executive order to ban some U.S. investments in China, and more.
Persons: Lina Khan hasn't, Axios, Dan Primack, Lina Khan, Biden's Organizations: Big Tech Locations: China
A researcher works inside a superconducting quantum computing laboratory at Beijing Academy of Quantum Information Sciences (BAQIS) on February 26, 2021 in Beijing, China. WASHINGTON — President Joe Biden signed an executive order on Wednesday aimed at regulating new U.S. investments and expertise that supports Chinese development of sensitive technologies. Senior administration officials, who spoke on the condition of anonymity, said the executive order involves semiconductors, quantum computing and certain artificial intelligence systems. The measure is expected to be implemented next year. The executive order will also require outbound U.S. investors to provide notifications to the federal government.
Persons: Joe Biden Organizations: Beijing Academy of Quantum Information Sciences, U.S Locations: Beijing, China, WASHINGTON, Republic of China
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
Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.
Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India
In a call with investors on Thursday, Andy Jassy, Amazon’s chief executive, said work on generative A.I. And during recent calls with analysts, Google, Meta and Microsoft also said they would increase investments to support A.I. Generative A.I. The number of customers using Microsoft’s Azure OpenAI Service, a tool to build on the generative A.I. models developed by its partner OpenAI, has increased this year to more than 11,000, from 250.
Persons: Andy Jassy, Tim Cook, Stacy Rasgon, Bernstein, OpenAI, “ It’s, , Gavin Baker Organizations: Google, Meta, Microsoft, McKinsey, OpenAI, Management Locations: Boston
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
Reuters analysis shows a massive jump in the assets of emerging market (EM) mutual funds and exchange traded funds (ETFs) that exclude China as U.S. and European investors turn more wary of being exposed to the Asian giant. Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI.
Persons: Aly, Malcolm Dorson, John Lau, Goldman Sachs, Jeffrey Jaensubhakij, , Benjamin Low, Donald Trump, Joe Biden's, Biden, Wong Kok Hoi, Summer Zhen, Vidya Ranganathan Organizations: REUTERS, Global, China ETF, China, Asia Pacific, SEI, Stock Connect, Morningstar, China Opportunity Equity Fund, Fund, Boston, Cambridge Associates, CSI, Nikkei, Investors, Reuters Graphics, APS Asset Management, Thomson Locations: Shanghai, China, HONG KONG, U.S, Mexico, India, Vietnam, Brazil, New York, Taiwan, South Korea, Asia, Singapore, Indonesia, Japan, Hong Kong, Canada, “ U.S
Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI. “U.S., Canadian, and some European investors are exiting China due to political pressure.
Persons: Aly, Malcolm Dorson, John Lau, Goldman Sachs, Jeffrey Jaensubhakij, , Benjamin Low, Donald Trump, Joe Biden's, Biden, Wong Kok Hoi, Summer Zhen, Vidya Ranganathan Organizations: REUTERS, Global, China ETF, China, Asia Pacific, SEI, Stock Connect, Morningstar, China Opportunity Equity Fund, Fund, Boston, Cambridge Associates, CSI, Nikkei, Investors, Reuters Graphics, APS Asset Management, Thomson Locations: Shanghai, China, HONG KONG, U.S, Mexico, India, Vietnam, Brazil, New York, Taiwan, South Korea, Asia, Singapore, Indonesia, Japan, Hong Kong, Canada, “ U.S
The House Select Committee on the Chinese Communist Party sent letters to four separate U.S. venture capital firms, including Qualcomm's venture arm, expressing "serious concern" about their investments in Chinese tech startups. The letters, which were made public on Wednesday, were sent to GGV Capital, GST Ventures, Qualcomm Ventures, and Walden International. Qualcomm Ventures, for example, made 13 investments in Chinese A.I. Walden, a smaller firm, was identified as a particularly significant backer of Chinese AI companies. He said at the time he found there was "broad support" among venture capitalists and others to keep U.S. asset managers from investing in Chinese AI firms.
Persons: Mike Gallagher, Wisconsin Republican Mike Gallagher, Raja Krishnamoorthi, Janet Yellen, Antony Blinken, Gallagher, Krishnamoorthi, SenseTime, GGV, Didi, Megvii, Abu, Walden, Intellifusion, Neil Shen helming Organizations: U.S, Capitol, Chinese Communist Party, GGV, Ventures, Qualcomm Ventures, Walden International, Wisconsin Republican, Treasury, New York Times, Qualcomm, Tiger Global Management, Tiger Global, Denglin Technology, Georgetown's Center for Security, Emerging Technology, Macquarie Group, GSR Ventures, Center for Security, Horizon Robotics, Silicon Valley, CNBC, U.S . Commerce Department, Street, Sequoia Capital, Sequoia Locations: Illinois, China, U.S, Silver, Denglin, Silicon Valley, San Francisco, Shanghai, Beijing, Singapore, Megvii, Sequoia China
July 14 (Reuters) - Two U.S. senators are pursuing a legislative plan to track U.S. investments in China, as the White House works to complete long-awaited action that would also restrict investment in certain, highly targeted sectors. The Biden administration, meanwhile, is finalizing an executive order that would also restrict certain investment in sectors including advanced semiconductors, quantum computing and artificial intelligence. A senior administration official, who spoke on condition of anonymity, said the aim was to wrap up legal and other reviews of the outbound investment order by Labor Day. Reuters reported in February that the proposed order was likely to track restrictions on artificial intelligence chips, chipmaking tools and supercomputers, among other technologies, imposed on exports to China in October. The senators' proposed legislation was filed as an amendment to the annual National Defense Authorization Act.
Persons: Bob Casey, Republican John Cornyn, Casey, Biden, Janet Yellen, Joe Biden, Karen Freifeld, Andrea Shalal, Susan Heavey Organizations: White, Democratic, Republican, Labor, Treasury, Reuters, National Defense, U.S . House, Republicans, Thomson Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflection A.I. 's Reid Hoffman: A.I. is the new industrial revolution, the 'cognitive revolution'CNBC's Julia Boorstin sits down with LinkedIn Co-Founder Reid Hoffman in Sun Valley, Idaho to talk his A.I. investments, the future of the A.I. space and more.
Persons: Reid Hoffman, Julia Boorstin Organizations: LinkedIn Locations: Sun Valley , Idaho
"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.
Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska
North Dakota Governor Doug Burgum reacts during an event for announcing he enters the 2024 presidential race, joining a growing field of candidates hoping to topple Donald Trump and secure the Republican nomination, in Fargo, North Dakota, U.S. June 7, 2023. North Dakota governor and Republican presidential candidate Doug Burgum (R-N.D.) discussed his 2024 platform in a Sunday interview on NBC's "Meet the Press" in his latest effort to gain recognition with voters. Burgum believes in limited government and has stressed his focus on repairing the U.S. economy, energy policy and national security rather than engaging in "every culture war topic." Burgum is vying against 11 other Republican presidential bids including frontrunner and former president Donald Trump, who Burgum noted in the interview he would not do business with. The meetings have been aimed at stabilizing relations between the two countries amid talks of tightening U.S. investments in China.
Persons: Doug Burgum, Donald Trump, Burgum, Elon Musk, Janet Yellen Organizations: Republican, RealClear, Quinnipiac University Locations: Dakota, Fargo , North Dakota, U.S, North Dakota, China, United States
She relocated from the US to Lisbon after giving up the American Dream of a corporate job and house. I'm a financial coach and run my seven-figure business full-time from Portugal, where I moved in May. I paid them one month's rent, too. The average rent in Portugal is around $1,000 and Lisbon is one of the most expensive areas – you could find lower. If you go to a nice restaurant in Lisbon, you're going to be paying 30 to 40 euros a plate.
Persons: Delyanne Barros, , I'd, I'm, I've, that's Organizations: Service, Investments Locations: Portugal, Lisbon, America, New York City, San Francisco, Portuguese
Pros Check mark icon A check mark. Five different account levels to choose from Check mark icon A check mark. GroundfloorA different type of real estate investing platform I found was Groundfloor, which specializes in debt-based real estate. Roofstock matches you with a property manager that helps oversee your investment(s) Check mark icon A check mark. Company offers the option to buy, sell, or bring your own property to the table Check mark icon A check mark.
Persons: , I'm, Roofstock Organizations: Service, Investments, Forbes, Reading Chevron, Company, Dash, Chevron, Roofstock
Bloomberg | Bloomberg | Getty ImagesU.S.-India relations entered a new chapter as Prime Minister Narendra Modi and President Joe Biden announced a slew of technology and defense deals. "We were strangers in defense cooperation at the turn of the century, but now the United States has become one of our most important defense partners." That includes more military agreements, according to Atul Keshap, president of the U.S.-India Business Council, and former charge d'affaires at the United States Embassy in New Delhi said. And that is not contingent upon India supporting the United States down the line. "The U.S. understands that the human tech capital is a very important part of U.S. global leadership in innovation," said Singh, who previously served as India's ambassador to the United States.
Persons: Joe Biden, Narendra Modi, Modi, Atul Keshap, CNBC's, Biden, Raymond Vickery, Pant, Arun Singh, Singh, ORF's Pant Organizations: Joe Biden India's, White, Bloomberg, Getty, U.S . Congress, CNBC, U.S ., India Business Council, United States Embassy, India's, Washington Post, The Washington Post, F414, . Navy, Washington, Center for Strategic, International Studies, Observer Research Foundation, Carnegie India Locations: Washington , DC, India, U.S, United States, New Delhi, Republic of India, Washington ,, China, Delhi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDS Smith CEO says there are still opportunities in the UK despite challengesDS Smith CEO Miles Roberts says his company still sees value in U.K. investments, despite domestic challenges.
Persons: Smith, Miles Roberts
SoftBank's billionaire CEO can't stop using ChatGPT. Masayoshi Son said during a shareholder meeting that he used the chatbot every day, per Reuters. SoftBank's billionaire CEO Masayoshi Son said he is "chatting with ChatGPT every day" as his company races to get ahead in the new era of AI. He made the comments on Tuesday during a shareholder meeting for the company's telecoms unit, per Reuters. However, the company's attempts to get ahead in the AI race through startup investing have fallen flat.
Persons: Masayoshi Son, Sam Altman, Altman, Son, SoftBank Organizations: Reuters, CNBC, Investments, Bloomberg Locations: Tokyo
HONG KONG, CHINA - JUNE 05: A pedestrian walks by an electronic screen displaying the numbers for the Hang Seng Index on June 5, 2023 in Hong Kong, China. The dual counter model covers securities listed in both Hong Kong dollar and renminbi counters only. The Hong Kong Exchange said all shares of the same securities in the two different trading counters will be "fully interchangeable between counters." The HKEX CEO noted that the initial batch of 24 companies make up about 40% of the average daily trading volume in the Hong Kong. Not the first tryThis is not the first time that such a scheme is being introduced in Hong Kong.
Persons: Chen Yongnuo, Nicolas Aguzin, Aguzin Organizations: China News Service, Getty Images, Getty, Hong Kong, Companies, Baidu, Hong Kong Exchange, Hong Kong Exchanges, Investments, Connect, Stock, Stock Connect, Reuters, Bloomberg Locations: HONG KONG, CHINA, Hong Kong, China, renminbi
Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.
Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco
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