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☆ China's July factory activity swings back to contraction - Caixin PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Aug 1 (Reuters) - China's factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods. Employment across the manufacturing sector fell for the fifth straight month in July, although the pace of job shedding eased from June. But Wang Zhe, senior economist at Caixin Insight Group, said current monetary settings would only have a limited effect on boosting supply.

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight, Thomson Locations: BEIJING, Beijing, Shenzhen

☆ Indian factory growth eased for second month in July, but kept healthy pace
▼ + stars: | 2023-08-01 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

BENGALURU, Aug 1 (Reuters) - Growth in India's manufacturing activity eased in July for a second month, with some moderation in output and new orders, although the pace of expansion remained healthy, a private business survey showed on Tuesday. The sector has remained resilient despite declines in manufacturing activity in other major producers, suggesting Asia's third-largest economy is still on robust footing. "The Indian manufacturing sector showed little sign of losing growth momentum in July as production lines continued to motor on the back of strong new order growth." New orders remained robust in July, and while output growth moderated to a three-month low it remained strong. With input prices rising at the quickest pace since October, output prices also rose, but at a slower pace compared with the previous month, highlighting uncertainty regarding inflation.

Persons: Andrew Harker, Harker, Anant Chandak, Kim Coghill Organizations: Manufacturing, P, P Global Market Intelligence, Bank of, Thomson Locations: BENGALURU, Bank of India

uncovered at least part of the answer: It was the F.B.I. The deal for the surveillance tool between the contractor, Riva Networks, and NSO was completed in November 2021. This particular tool, known as Landmark, allowed government officials to track people in Mexico without their knowledge or consent. now says that it used the tool unwittingly and that Riva Networks misled the bureau. Once the agency discovered in late April that Riva had used the spying tool on its behalf, Christopher A. Wray, the F.B.I.

Persons: Biden, Riva, Christopher A, Wray Organizations: New York Times, NSO, U.S ., White, Riva Networks, Commerce Department Locations: Mexico

☆ US 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

☆ 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

Semiconductors are a key focus in the technology trade war taking place between the U.S. and China. The Senate overwhelmingly backed legislation Tuesday that would require U.S. firms to notify the Treasury when investing in advanced Chinese technology on national security concerns. The latest legislation, which does not require review or investment curbs, still faces a process before it can become law. The bill comes as President Joe Biden has long been expected to issue an executive order that would restrict U.S. investment in high-end Chinese tech. The aide told CNBC that this executive order could be more far-reaching than what legislators are able to pass at this time.

Persons: Joe Biden Organizations: U.S, CNBC Locations: China

☆ US willing to take 'targeted' actions against China for national security, Treasury official says
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +4 min

"When necessary, we will use a suite of tools to achieve our national security goals. It is our core mission to protect the American people from national security risks while also clearly communicating our position and intent to China to reduce the risk of misunderstanding," said Shambaugh, who heads Treasury's international affairs. The Biden administration is weighing new restrictions on outbound private investment into China and other countries of concern. "To be clear: neither targeted national security actions nor attempts to build diversified supply chains represent decoupling," Shambaugh said in the prepared remarks. He said the Treasury also has been troubled by China's recent punitive actions against U.S. firms and export controls on critical minerals for semiconductors.

Persons: Jay Shambaugh, Biden, Shambaugh, Janet Yellen, David Lawder, Paul Simao Organizations: . Treasury, U.S . Senate Foreign Relations, U.S, U.S . Treasury, Treasury, International Monetary Fund, World Bank, Thomson Locations: China, U.S, Beijing, Zambia, Ghana, Sri Lanka

Media and entertainment deal-making has slowed, but private equity players are still betting big on the space. Middle Eastern sources are still providing funding to media, which could fuel deals in the months ahead. Media deal volume has actually increased, just not as fast; PwC recorded media deals rose 3% (to 326) in the six months through May, down from a 7% increase in the previous six months. And beyond private equity, legacy players could shed properties they consider non-core: Paramount is trying to offload BET while Warner Bros. Insider's list of top private equity players in media and entertainment highlights 17 firms, from heavy hitters to smaller upstarts, based on our reporting and conversations with investors and insiders.

Persons: PwC, Hollywood —, Ryan, Morgan Stanley, Sherrese Clarke Soares Organizations: Media, Hollywood, RedBird Capital Partners, NFL, Company, Qatar Investment Authority, Yahoo, ESPN, Paramount, BET, Warner Bros, Discovery, Equity Partners Locations: Providence, BlackRock

☆ India should cash in on 'China plus one' strategy - World Bank chief
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

In recent years, many companies have adopted a "China Plus One" strategy to build new manufacturing units outside the People's Republic. India has a window of three-to-five years to seize this opportunity to attract investment, said Ajay Banga, the former Mastercard CEO who became World Bank chief last month. "I think India's opportunity currently is to cash in on the 'China plus one' opportunity. The World Bank chief also called for private capital investments to aid global efforts for renewable energy funding. We will also need different forms of multilateral bank capital and government capital and philanthropy capital to take first risk positions or help enable the blended finance to come through," Banga said.

Persons: Ajay Banga, Banga, Narendra Modi, Nirmala Sitharaman, Nikunj Ohri, Shivam Patel, Sharon Singleton, William Maclean Organizations: World Bank, chipmaker Micron Technology, Mastercard, Indian, India's, Thomson Locations: DELHI, India, China, United States, Asia, People's Republic, New Delhi

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

☆ Iranian Oil Is Stuck Off Coast of Texas, but U.S. Firms Won’t Touch It
▼ + stars: | 2023-07-18 | by ( Ian Talley | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/iranian-oil-is-stuck-off-coast-of-texas-but-u-s-firms-wont-touch-it-20f70753

Persons: Dow Jones Locations: texas

☆ Iranian Oil Is Stuck off Coast of Texas, but U.S. Firms Won’t Touch It
▼ + stars: | 2023-07-18 | by ( Ian Talley | ) www.wsj.com time to read: 1 min

Persons: Dow Jones Locations: texas

"U.S.-China competition is on the same starting line," Chipuller chairman Yang Meng said about chiplet technology in an interview with Reuters. "They can still develop 3D stacking or other chiplet technology to work around those restrictions. Beijing is rapidly exploiting chiplet technology in applications as diverse as artificial intelligence to self-driving cars, with entities from tech giant Huawei Technologies to military institutions exploring its use. About a quarter of the global chip packaging and testing market sits in China, according to Dongguan Securities. Huawei, China’s tech and chip design giant that has been put on the U.S.'s most restricted list, has been actively filing chiplet patents.

Persons: Yang Meng, Charles Shi, Needham, Yang, Needham's Shi, Chipuller, Laura Black, Melissa Mannino, Perry Bechky, Rowe, Mike Gallagher, Biden, ”, Chipuller's Yang, zGlue, CFIUS, Shayne Phillips, MIIT, Jane Lanhee Lee, Eduardo Baptista, Echo Wang, Stephen Nellis, Kenneth Li, Brenda Goh, Lincoln Organizations: Chipuller, Industry, Reuters, Huawei Technologies, Intel, Dongguan Securities, People’s Liberation Army, PLA, Acclaim, British, Islands, Sea Investment Co, Foreign Investment, Treasury, Akin's Trade, Berliner Corcoran, Department of Commerce, Huawei, U.S, TongFu Microelectronics, JCET, Beijing ESWIN Technology Group, China’s Ministry of Industry, Information Technology, Thomson Locations: Shenzhen, China, U.S, United States, Japan, South Korea, Taiwan, Beijing, Dongguan, BakerHostetler, People's Republic of China

☆ Trade between the US and China is drying up. That could be bad news for American consumers.
▼ + stars: | 2023-07-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Mexico is now the US's top trade partner. Mexico surpassed China as the US's top manufacturing trade partner in 2023. In 2001, China joined the World Trade Organization, a group that grants members preferential tariffs when trading with one another. That access opened the door to China to become a leading trade and manufacturing hub, as the Dallas Fed pointed out. Mexico, for its part, benefits from increased trade with the US — beating out China in US trade volume means it's climbing on the world stage.

Persons: Luis Torres Organizations: Service, Dallas Fed, World Trade Organization, China, U.S, Dallas Locations: China, Mexico, Wall, Silicon, Washington, Beijing

LONDON, July 12 (Reuters) - Companies around the globe took on a record $456 billion of net new debt in 2022/23, although higher interest rates should reduce appetite for new borrowing ahead, Janus Henderson said in a report published on Wednesday. The net new debt taken on in 2022/23 pushed outstanding net debt up by 6.2% on a constant-currency basis to $7.80 trillion, surpassing a previous peak in 2020/21, at the height of the COVID pandemic, Janus Henderson's annual corporate debt index showed. One fifth of the net-debt increase reflected companies such as Alphabet and Meta (META.O), which owns Facebook and Instagram, spending some of their "vast cash mountains", Janus Henderson said. Higher interest rates were also expected to dampen appetite for further corporate borrowing and Janus Henderson said it expected net debt to decline by 1.9% in 2023/2024, falling to $7.65 trillion on a constant-currency basis. "The increase in interest rates will feed through into the weaker cohort of credit quality much quicker than in investment grade (bonds)," Briggs said.

Persons: Janus Henderson, Janus, James Briggs, Briggs, We're, Chiara Elisei, Dhara Ranasinghe, Sharon Singleton Organizations: Companies, Verizon, Thomson Locations: U.S, Europe

☆ Yellen's China trip yields long meetings, 'cordial' tone, but no consensus
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +5 min

"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

☆ Yellen sees 'progress' in rocky U.S.-China ties, expects more communication
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

"But President (Joe) Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. Secretary of State Antony Blinken visited Beijing last month, the first visit by the top U.S. diplomat of the Biden presidency, while climate envoy John Kerry is expected to visit China this month. Yellen met with senior Chinese officials during her visit, including Premier Li Qiang, as well as U.S. companies doing business in China, climate finance experts and women economists. But I expect that this trip will help build a resilient and productive channel of communication," Yellen said. Reporting by Andrea Shalal; Writing by Andrea Shalal and John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Joe, Biden, Antony Blinken, John Kerry, Xi, they're, Washington, Li Qiang, Andrea Shalal, John Geddie, William Mallard Organizations: . Treasury, U.S ., U.S, Biden, Economic Cooperation, Thomson Locations: BEIJING, Beijing, United States, China, U.S, Taiwan, New Delhi, Asia, San Francisco, Washington, Brazil, India, Russia, Ukraine

During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

The official said Yellen and her Chinese interlocutors had a "substantive conversation," without giving any further details. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding," Yellen wrote. U.S. firms in China hope Yellen's visit will ensure trade and commercial lanes between the two economies remain open, regardless of the temperature of geo-political tensions. "I think if there was another year of no visits by top U.S. government leaders, the market would get colder," he added. Reporting by Joe Cash, Ellen Zhang and Ryan Woo; Editing by Himani Sarkar and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yi Gang, Liu, Yellen, interlocutors, Xi Jinping, Yellen's, Michael Hart, Joe Cash, Ellen Zhang, Ryan Woo, Himani Sarkar, Kim Coghill Organizations: . Treasury, Treasury, Twitter, American Chamber of Commerce, U.S, Thomson Locations: BEIJING, U.S, Beijing, Zurich, China

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

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

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

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

☆ Yellen, in Beijing, Criticizes China’s Treatment of U.S. Companies
▼ + stars: | 2023-07-07 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen on Friday criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China. Ms. Yellen delivered the forceful defense of American industry on her first day of meetings in Beijing during a high-stakes trip to ease tension between the United States and China. Her comments, to a group of executives from American businesses operating in China, underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences. In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The next month, the authorities questioned employees in the Shanghai office of Bain & Company, the U.S. management consulting firm.

Persons: Janet L, Yellen, I’ve, Ms, “ I’ve Organizations: Biden, American Chamber of Commerce, U.S, ”, Boeing, Bank of America, Cargill, Group, Bain & Company Locations: China, Beijing, United States, American, Shanghai, U.S

☆ The Contentious U.S.-China Relationship, by the Numbers
▼ + stars: | 2023-07-07 | by ( Ana Swanson | More About Ana Swanson | ) www.nytimes.com time to read: +6 min

The U.S.-China Business Council estimated that U.S. exports to China supported nearly 1.1 million jobs in the United States in 2021. Also in the survey, 46 percent of American companies thought that U.S.-China relations would deteriorate in 2023, while only 13 percent thought they would improve. Personal and cultural connectionsThe United States is home to nearly 2.4 million Chinese immigrants, making it the top destination for Chinese immigrants worldwide. China had more than 80,000 movie screens by late 2021, compared with roughly 39,000 in the United States. Air carriers are running only 24 flights a week between the United States and China, compared with about 350 before the pandemic.

Persons: Janet L, Yellen, Germany —, China’s, Long, ByteDance, Maheshwari, Nicole Sperling Organizations: Economic, International Monetary Fund, Initiative, China . Trade, China Business Council, United, Commerce Department, Financial, American Chamber of Commerce, Columbia University Locations: China, United States, Beijing, U.S, Canada, Mexico . U.S, The U.S, Japan, Britain, Germany, China’s, American, Comscore

Reuters GraphicsAnalysts said the data underlined that once-booming ESG funds were no longer immune from wider market dynamics. BELOW PEAKNet assets across ESG funds fell in the second quarter and to below recent peaks, according to Refinitiv. Morningstar's global director of sustainability research, Hortense Bioy, said their preliminary data suggested demand for more stringent ESG funds appeared resilient. However, she said that managers' desire to meet European Union regulations had encouraged some firms to reclassify their ESG funds as traditional products, impacting investor flows. The anti-ESG backlash had also hit U.S. firms' appetite for marketing sustainable funds, "which has had an impact on sales," Bioy said on the sidelines of a conference this week.

Persons: outpacing, Edward Glyn, ESG, Hortense Bioy, Bioy, Tommy Reggiori Wilkes, Patturaja, David Holmes Organizations: Equity, Reuters, Reuters Graphics Analysts, outflows, ESG, Reuters Graphics, Thomson Locations: Europe, United States, Calastone

☆ Threads, Meta's Twitter competitor, is not yet available in the EU due to regulatory concerns
▼ + stars: | 2023-07-06 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

While Meta's debut of its Twitter competitor, Threads, is making a splash in the U.S., consumers in the European Union are not yet able to join the platform. "We don't want to launch anything that isn't forward-compatible with what we know and what we think is coming," Mosseri told The Verge. The DMA establishes a set of competition rules for the largest digital gatekeepers, including many U.S. tech giants such as Meta. Under the rules, digital gatekeepers must not preference their own services on their platforms and must ensure their instant messaging services are functional with those of competitors. WATCH: Higgins: Can Threads siphon away the community aspect Twitter has built around cultural events?

Persons: Adam Mosseri, Mosseri, It's, Higgins Organizations: Markets, Meta, Apple, Twitter Locations: U.S, European Union, EU, Europe

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