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☆ Biden calls for a tripling of tariffs on Chinese steel as he makes economic pitch in Pittsburgh
▼ + stars: | 2024-04-17 | by ( Betsy Klein | Michael Williams | ) edition.cnn.com time to read: +6 min

CNN —President Joe Biden called on his administration to ratchet up pressure on the Chinese steel industry as he brings his economic competition pitch to Pittsburgh, the heart of the American steel industry, on Wednesday, part of a three-day campaign trail swing through battleground Pennsylvania. The trip comes after Biden last month publicly opposed a controversial $14 billion deal for Japan’s Nippon Steel to purchase US Steel. President Biden will not impose ineffective, across-the-board tariffs that would increase costs and harm hundreds of thousands of jobs,” the official said. The United Steelworkers, a key union representing workers in the steel industry, endorsed Biden’s reelection campaign last month. Trump made tariffs against China a central feature of his global economic strategy, and Biden has largely maintained them, despite external criticism.

Persons: Joe Biden, ” Biden, Biden, Donald Trump, Katherine Tai, “, Tai, Lael Brainard, ” Brainard, “ They’re, ” , ”, Biden’s, he’s, Trump, Xi Jinping, Lloyd Austin, CNN’s Chris Isidore, Arlette Saenz, Kevin Liptak Organizations: CNN, United Steelworkers, United States Trade, National Economic, of, Japan’s Nippon Steel, US Steel . US Steel, Justice Department, Foreign Investment, US Steel, ”, American, steelworkers, Biden, Trump Locations: Pittsburgh, Pennsylvania, China, America, Scranton, Philadelphia, New York City, United States, American

☆ Copenhagen stunned by devastating stock exchange fire, as police launch probe into blaze
▼ + stars: | 2024-04-17 | by ( Rob Picheta | ) edition.cnn.com time to read: +3 min

CNN —Police launched an investigation Wednesday into the fire that tore through Copenhagen’s famous stock exchange building, causing the collapse of its spire and damaging centuries-old artwork and architecture. “It gives me hope because we have decided to rebuild the stock exchange because it’s part of European history as a trading continent,” he said. The old stock exchange – located only a few minutes walk from Christiansborg Palace – dates back to 1625. It was built in the Dutch Renaissance style at the request of King Christian IV and had recently been undergoing renovations with its facade covered in scaffolding and protective coverings. It has been at the heart of Danish business since then; while it no longer houses the Danish stock exchange, it serves as the headquarters of the Chamber of Commerce.

Persons: Brian Belling, Liselotte, ” Belling, “, it’s, Eva Simoni Lomholdt, Ida Marie Odgaard, Ritzau Scanpix, Brian Mikkelsen, King Christian IV, Mette Frederiksen, ”, Jakob Engel, Schmidt Organizations: CNN — Police, Firefighters, ” Police, Ritzau Scanpix, Reuters, Residents, Notre Dame Cathedral, Getty, Danish Chamber of Commerce, Chamber of Commerce Locations: Copenhagen, Danish, Ritzau, Ritzau Scanpix Denmark, Børsen, Paris, Denmark, AFP, Palace

CNN —Denmark’s old stock exchange was engulfed in a massive fire on Tuesday morning, with video from the scene showing flames ripping violently through the historic building in the center of the capital. Footage showed huge plumes of black smoke billowing from the Copenhagen landmark as emergency responders worked below. Ida Marie/Ritzau Scanpix/AFP/Getty ImagesPeople salvage a painting from the old stock exchange after a violent fire broke out on Tuesday morning. Ida Marie Odgaard/Ritzau Scanpix/AFP/Getty ImagesThe old stock exchange – located only a few minutes walk from Christiansborg Palace – dates back to 1625. The Danish Chamber of Commerce, which is based in the building, described the scene as “a terrible sight.”File photograph of the Old Stock Exchange building.

Persons: CNN —, Ida Marie, Ritzau Scanpix, Ida Marie Odgaard, King Christian IV, Jakob Engel, Schmidt, Luke MacGregor, Frank Trier Mikkelsen, Mikkelsen Organizations: CNN, Getty, Danish, of Commerce, Old Stock Exchange, Bloomberg Locations: Copenhagen, AFP, Palace, Danish

☆ Pregnant Workers Fairness Act: Employers now have to give workers time off for an abortion or pregnancy care
▼ + stars: | 2024-04-16 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

CNN —Most employers must offer “reasonable accommodations” to workers related to pregnancy or childbirth, including providing time off for an abortion, according to a final rule issued Monday by the Equal Employment Opportunity Commission. The rule clarifies the provisions of the Pregnant Workers Fairness Act, which became law last June after Congress passed it as part of a federal government spending package in late 2022. The measures apply to employers with at least 15 workers unless the accommodations would cause “undue hardship” for the employer. It also provides many examples of accommodations and encourages employers and workers to communicate early and frequently about the requests. “The Pregnant Workers Fairness Act is a life-changing protection for pregnant and postpartum workers nationwide, ensuring they aren’t forced off the job or denied the accommodations they need for their health.”

Persons: ” Dina Bakst, “, ” Organizations: CNN, Commission, US, of Commerce

☆ Op-ed: There's a potential tax increase coming. Here's what you need to know
▼ + stars: | 2024-04-15 | by ( Ivory Johnson | ) www.cnbc.com time to read: +5 min

Eva-katalin | E+ | Getty ImagesIt is common folklore, a fairy tale of sorts, that middle-class Americans received perpetual relief in the Tax Cuts and Jobs Act of 2017. First, property taxes generate 32% of state and local income, and U.S. median single-family home property taxes have risen by more than 25% since 2019. Congress will be motivated to etch all the tax cuts in stone, but it would only add fuel to the debt bonfire. watch nowThere is also the qualified business income deduction that offers a 20% tax break for small businesses provided they are below certain income thresholds. All of this is in addition to crippling cost-of-living challenges from excessive government spending, the well our Treasury would have to revisit to make these tax cuts permanent.

Persons: Eva, katalin, he's, Peter G, Uncle Sam, Roth, depreciate — Organizations: Taxation, Economic, Peterson Foundation, Chamber, Commerce, Treasury, Hope Congress, Real, IRS Locations: U.S, United States

☆ Regional banks may be underpriced due to fear, says Commerce Street Holdings CEO Dory Wiley
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional banks may be underpriced due to fear, says Commerce Street Holdings CEO Dory WileyDory Wiley, president and CEO of Commerce Street Holdings, and Christopher Marinac, director of research at Janney Montgomery Scott, join CNBC's 'The Exchange' to share their outlooks on bank trades, Tesla, and more.

Persons: Dory Wiley Dory Wiley, Christopher Marinac, Janney Montgomery Scott, CNBC's Organizations: Street Holdings, Commerce Street Holdings

☆ Biden gives Samsung $6.4 billion in grants to boost Texas chip output
▼ + stars: | 2024-04-15 | by ( ) edition.cnn.com time to read: +3 min

Reuters —The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung Electronics to expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday. The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters. It will also enable Samsung to expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters. Samsung is expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials. Intel won $8.5 billion in grants last month while Taiwan’s TSMC clinched $6.6 billion in April to build out its American production.

Persons: Reuters —, Biden, Gina Raimondo, ” Raimondo, Kyung Kye Hyun, “, Samsung, ”, John Cornyn, Taiwan’s TSMC Organizations: Reuters, South, Samsung Electronics, Department of Commerce, Samsung, Commerce, Samsung Electronics Co, Analysts, Semiconductor Industry Association, SIA, Lawmakers, Texans, Republican, US Commerce Department, ” SIA, Intel Locations: Texas, Taylor , Texas, Austin , Texas, United States, China, Taiwan, Republican U.S

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ China says EU subsidy probes interfere with China, Europe cooperation
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +1 min

Subsidy investigations started by the European Union interfere with the mutually beneficial cooperation between China and Europe, and China resolutely opposes them, a Chinese commerce ministry official said. Subsidy investigations started by the European Union interfere with the mutually beneficial cooperation between China and Europe, and China resolutely opposes them, a Chinese commerce ministry official said. The official, who was not identified in a statement released by the department on Thursday, believes the probes launched by the European Union so far are all aimed at Chinese new energy-related enterprises, which will seriously damage the confidence of its firms in carrying out investment and trade cooperation in the EU. The remarks came from the head of the Trade Remedies Bureau of the Chinese Ministry of Commerce in a meeting with Martin Lukas, director general of the trade defense department of the European Commission, in Brussels, according to the statement.

Persons: Martin Lukas Organizations: European Union, EU, Chinese Ministry of Commerce, European Commission Locations: European, China, Europe, Brussels

☆ Kishida US visit: Japan seeks investment in AI, semiconductors from American companies
▼ + stars: | 2024-04-10 | by ( Junko Ogura | Juliana Liu | ) edition.cnn.com time to read: +4 min

Speaking in Washington at a lunch with American CEOs, Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways. Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs. It is reportedly the company’s largest ever investment in Asia’s second largest economy. Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. It comes as Washington adds increasing restrictions on the types of semiconductors that American companies are able to sell to China.

Persons: Hong Kong CNN —, Fumio Kishida, ”, Kishida, Joe Biden, Brad Smith, Gary Cohn, Sanjay Mehrotra, Ted Colbert, Albert Bourla, Mayumi Maruyama Organizations: Hong Kong CNN, Microsoft, Microsoft Research Asia, IBM, Micron Technology, Boeing, Defense, Space & Security, Pfizer, CNN, US Chamber of Commerce, “, Intel, Samsung, US Locations: Tokyo, Hong Kong, Japan, Washington, American, United States, America, Asia’s, Russia, South, Taiwan, Hokkaido, chipmaking, China, Europe, Asia, Germany

☆ Why gold prices are at record highs
▼ + stars: | 2024-04-09 | by ( John Towfighi | ) edition.cnn.com time to read: +6 min

Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. Higher oil prices are likely to stoke concerns over inflation, boosting gold prices, according to the UBS research note.

Persons: China —, Ulf Lindahl, Lindahl, Morgan, JP Morgan, Janet Yellen’s, Yellen, Mark Zandi, Jerome Powell, Wells, Richard Galanti, It’s Organizations: New, New York CNN, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, Research Associates, Moody’s, of Commerce, Costco Locations: New York, China, India, Turkey, Central, Wells Fargo

☆ EU's von der Leyen echoes Yellen's calls for tough stance on Chinese overcapacity
▼ + stars: | 2024-04-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

European Commission President Ursula von der Leyen speaks during a press conference, Nurphoto | Getty ImagesEuropean Commission chief Ursula von der Leyen on Tuesday said that Europe must talk tough with China on its perceived unfair trade practices, echoing calls a day earlier from U.S. Treasury Secretary Janet Yellen. Speaking ahead of German Chancellor Olaf Scholz's trip to Beijing later this week, von der Leyen said European companies should have the same market access in China as Chinese firms have in Europe, according to comments cited by Reuters. She also urged the German leader to take a hard stance with Chinese authorities about overcapacity and unfair competitive practices. Chinese overcapacity concernsChinese overcapacity has become a major point of diplomatic tension, with the U.S. and its allies contesting that excess production and subsidized goods from China are undercutting domestic businesses. It also contests that the U.S. — through initiatives such as the Inflation Reduction Act — is subsidizing its own manufacturing industry.

Persons: Ursula von der Leyen, Janet Yellen, Olaf Scholz's, von der Leyen, Yellen, CNBC's Sara Eisen, Commerce Wang Wentao Organizations: Getty, European Commission, Treasury, Reuters, Monday, CNBC, U.S, China's, Commerce Locations: Europe, China, U.S, Beijing

☆ U.S. offers TSMC up to $6.6 billion for Arizona factories as Biden pushes for chip security
▼ + stars: | 2024-04-08 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

TSMC 's Arizona subsidiary is set to receive up to $6.6 billion in U.S. government funding under a preliminary agreement announced by the Biden administration on Monday. The funding, under the U.S. CHIPS and Science Act, will support Taiwan Semiconductor Manufacturing Co.'s more than $65 billion investment in three cutting-edge fabrication plants in Phoenix, according to the nonbinding agreement. The Taiwanese multinational semiconductor company is also eligible for around $5 billion in proposed loans under the CHIPS Act. According to Raimondo, the funds will include $50 million to train and develop local talent in Arizona, with TSMC Arizona having already created more than 25,000 jobs and attracted 14 semiconductor suppliers for the state. The CHIPS Act, passed in August 2022, is an almost $53 billion package aimed at building the U.S. domestic semiconductor industry to boost the country's economy and better compete with rivals such as China for national security purposes.

Persons: Gina Raimondo, TSMC, Biden, Raimondo Organizations: Science, Technology, Washington , D.C, Taiwan Semiconductor Manufacturing, U.S, Arizona Locations: Rayburn, Washington ,, Arizona, U.S, Phoenix, China

☆ China says innovations, not subsidies, are powering EV edge as Yellen raises 'overcapacity' concerns
▼ + stars: | 2024-04-08 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by BAY ISMOYO / AFP) (Photo by BAY ISMOYO/AFP via Getty Images)China's Minister of Commerce Wang Wentao said that the speedy rise of the country's electric vehicle firms was not because of subsidies, but due to "constant innovations." The allegations about "overcapacity" by the U.S. and Europe are without merit, he said, China's Ministry of Commerce reported Monday. Wang also attributed China's EV edge to "well-established supply chain system and market competition." The roundtable discussion centered around the European Union's anti-subsidy probe into electric vehicle imports from China, among other topics, according to the statement. Wang noted that the Chinese EV industry has "made an important contribution to the global response to climate change as well as green and low-carbon transformation."

Persons: ISMOYO, Commerce Wang Wentao, Wang Organizations: Getty, Commerce, U.S, China's Ministry of Commerce, EV, Commerce Ministry, EU Locations: Jakarta, Indonesia, AFP, Europe, Paris, China

☆ There is no loneliness epidemic
▼ + stars: | 2024-04-07 | by ( Eliza Relman | ) www.businessinsider.com time to read: +17 min

With the report, a steady trickle of headlines about the epidemic turned into a firehose: "Loneliness is at epidemic levels and it's killing Americans" (USA Today); "This Epidemic of Isolation Is as Harmful as Smoking" (Bloomberg); "America's Loneliness Epidemic Comes for the Restaurant" (The Atlantic). There's one problem: The loneliness epidemic doesn't exist. Even the authors caution in their meta-analysis that "the frequently used term 'loneliness epidemic' seems exaggerated." Calling it a "loneliness epidemic," then, may be a bit like calling COVID a "sneezing pandemic." "There are many, many surveys that are just making up questions about loneliness and are not using the UCLA Loneliness Scale or some other validated loneliness scale," she says.

Persons: Vivek Murthy, Murthy, Hillary Clinton, Donald Trump, Sen, Chris Murphy, Ruth, University of Michigan —, Eric Klinenberg, Julianne Holt, it's, Dave Sbarra, Holt, David Riesman, Lunstad, I've, —, Sbarra, Klinenberg, Adam Mastroianni, " Mastroianni, Mastroianni, Biden, isn't, Jill Lepore, voicemails, There's, Jerome Adams Organizations: Bloomberg, Business, York, Gallup, University of Michigan, New York University, Brigham Young University, University of Arizona, Bell, University of California Los, Commerce, UCLA, Republican, Democratic Locations: Connecticut, Brooklyn, University of California Los Angeles, America, Washington, DC, COVID

☆ Hungry at 3 am? You’re out of luck now
▼ + stars: | 2024-04-06 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Not even all of 24 Hour Fitness’ gyms — the promise is right in its name — are 24 hours. The city that never sleeps, New York, has lost 13% of its 24-hour restaurants. Around half of IHOP’s 1,800 locations are back to being open 24 hours on Friday and Saturday, at the very least. Ed Endicott/Alamy Stock Photo/FilePete’s was open 24 hours, seven days a week from the 1990s until the pandemic hit in 2020. Despite the signage, Mi Tierra is no longer open 24 hours in San Antonio, Texas.

Persons: hasn’t, Waffle, ”, Alex Barakos, Ed Endicott, Pete’s, Barakos, “, Hudson Riehle, Edward Hopper’s, Harold, Kumar Go, Stephen Zagor, Pete Cortez, Michael Silver Geo, “ There’s, ” Cortez, ’ ” Cortez Organizations: New, New York CNN, Walmart, Hollywood, Alamy, Bureau of Labor Statistics, “, National Restaurant Association, Edward Hopper’s Nighthawks, Columbia Business School, of Locations: New York, Covid, Los Angeles, Chicago, Denver, Philadelphia, White, ”, New York City, San Antonio, Mi, San Antonio , Texas, Tierra, tuxedos

☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ CNBC Daily Open: Risk aversion in vogue
▼ + stars: | 2024-04-05 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hong Kong's Hang Seng Index edged up 0.1%., while mainland China markets remain shut for a public holiday. The Dow Jones Industrial Average closed down Thursday 1.35% at 38,596.98 in its biggest loss since March 2023 and fourth-straight daily loss. The profit guidance for 6.6 trillion Korean won ($4.89 billion) exceeded even LSEG's estimate of 5.24 trillion won.

Persons: Korea's Kospi, Brent, nonfarm payrolls, Dow, Janet Yellen, Yellen, hasn't Organizations: CNBC, Japan, Federal Reserve, Nikkei, West Texas, Dow Jones, U.S . Federal, Treasury, American, of Commerce, Chips, Samsung Electronics, Tech, Apple Locations: Asia, China, China U.S, Guangzhou, California

☆ Shopify has poached at least two dozen employees from Salesforce as it pushes into enterprise e-commerce
▼ + stars: | 2024-04-04 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

Holly Dresden joined Shopify as head of enterprise merchant success in December after six years with Salesforce Commerce Cloud. Evan AgostiniAs it moves further into enterprise, Shopify hasn't always been subtle about zeroing in on Salesforce as a competitor. It recently launched a webpage comparing its platform with Salesforce Commerce Cloud, encouraging merchants to "join the mass migration" of brands moving from Salesforce to Shopify. But winning over enterprise retailers requires a different approach, and it's one where Salesforce has more years of experience than Shopify. Talking the enterprise talkPoaching employees from Salesforce isn't the only way Shopify has made an effort to win over enterprise customers.

Persons: —, Shopify, Kal Stephen, Holly Dresden, Everlane, Marc Benioff, Evan Agostini, hasn't, Michael Affronti, we've, Affronti, Shopify's, Salesforce, We've, It's, Rick Watson, Watson, Demandware, Oppenheimer, Ken Wong, Wong, Harley Finkelstein Organizations: Service, Salesforce Commerce, Business, Salesforce, Adobe, SAP, Mattel, Commerce, RMW Commerce Consulting, Accenture, IDC, Manhattan Associates Locations: Salesforce, Demandware

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ Last-minute Brexit bill risks higher food prices, UK business groups warn
▼ + stars: | 2024-04-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —British business groups are warning that newly announced post-Brexit charges on plant and animal imports could push up food prices not long after food inflation came down from double-digit rates. The port and the undersea tunnel beneath the English Channel handle the majority of UK food imports. Annual UK food price inflation topped 19% in March 2023, the highest rate in 45 years, and stood at more than 10% as recently as in October. Some are already “deciding that it is too expensive or too much hassle to serve the UK,” he told CNN. A government spokesperson said the new charges “were at the bottom end of the range” discussed with UK businesses during a consultation period last summer.

Persons: Tom Southall, William Bain ,, ”, James Barnes, “ Organizations: London CNN, European Union, Department for Environment, Food, Rural Affairs, Channel, Chain Federation, Chambers of Commerce, ”, CNN, EU . Trade, Horticultural Trades Association Locations: British, Port, Dover, Eurotunnel, Southall

☆ Europe opens competition probes covering Chinese solar panel makers over subsidies
▼ + stars: | 2024-04-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The European Union has launched investigations into two groups of companies that include Chinese solar panel makers in the latest salvo against what it suspects is unfair competition from China’s vast manufacturing sector. “There are sufficient indications that both (consortia) have been granted foreign subsidies that distort the internal (EU) market,” the European Commission said in a statement. The European Commission has said it may impose tariffs on Chinese biodiesel imports if dumping is confirmed. Like biodiesel, solar panels are an important part of Europe’s efforts to transition to an economy powered by clean technologies. Last month, Premier Li Qiang told the country’s parliament that China would focus on exporting more of its “new trio” of products, namely electric vehicles, solar panels and lithium batteries.

Persons: Thierry Breton, Jens Eskelund, Li Qiang Organizations: London CNN, European Union, European Commission, Green Energy Technology Co, Shanghai Electric Group Co, European, European Union Chamber of Commerce, EU Locations: Romania, EU, China, Europe

☆ FCC to vote to restore net neutrality rules, reversing Trump
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: 1 min

Jessica Rosenworcel, chairwoman of the Federal Communications Commission (FCC), speaks during the US Chamber of Commerce's Global Aerospace Summit in Washington, D.C., Sept 14, 2022. The U.S. Federal Communications Commission will vote to reinstate landmark net neutrality rules and assume new regulatory oversight of broadband internet that was rescinded under former President Donald Trump, the agency's chair said. The FCC told advocates on Tuesday of the plan to vote on the final rule at its April 25 meeting. The commission voted 3-2 in October on the proposal to reinstate open internet rules adopted in 2015 and reestablish the commission's authority over broadband internet. FCC Chair Jessica Rosenworcel confirmed the planned commission vote in an interview with Reuters.

Persons: Jessica Rosenworcel, Donald Trump Organizations: Federal Communications Commission, US Chamber of Commerce's Global Aerospace Summit, Washington , D.C, U.S . Federal Communications Commission, FCC, Reuters Locations: Washington ,

☆ Ray Dalio on why he is still investing in China
▼ + stars: | 2024-04-02 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Ray Dalio, founder of Bridgewater Associates, received an award from the China General Chamber of Commerce-USA in February 2022. Ray Dalio, chief investment officer at Bridgewater Associates, took to LinkedIn on Tuesday to defend his continued investments in China — a market he views as crucial to "understand the world" and for "diversification." In his follow-up, Dalio defended his decision not to abandon the Chinese market "when things get tough," claiming he is neither "a fair-weather friend" nor "a fair-weather investor." "[T]here is no such thing as a bad market; there is only bad decision making. I find the markets in China good for my type of decision making," he added.

Persons: Ray Dalio, Dalio Organizations: Bridgewater Associates, Chamber of Commerce, USA, LinkedIn Locations: China, Beijing

☆ US government review faults Microsoft for ‘cascade’ of errors that allowed Chinese hackers to breach senior US officials’ emails
▼ + stars: | 2024-04-02 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

Washington CNN —Microsoft committed a “cascade” of “avoidable errors” that allowed Chinese hackers to breach the tech giant’s network and later the email accounts of senior US officials last year, including the secretary of commerce, a scathing US government-backed review of the incident has found. In particular, the review board faulted Microsoft (MSFT) for not adequately protecting a sensitive cryptographic key that allowed the hackers to remotely sign into their targets’ Outlook accounts by forging credentials. The hackers downloaded about 60,000 emails from the State Department alone, department spokesman Matthew Miller has said. Microsoft has “mobilized our engineering teams to identify and mitigate legacy infrastructure, improve processes, and enforce security benchmarks,” the statement continued. Russian hackers allegedly infiltrated software made by US firm SolarWinds to steal emails from US government agencies in 2020.

Persons: ”, Joe Biden, “, China Nicholas Burns, Antony Blinken, Matthew Miller, Gina Raimondo, Raimondo, Cory Simpson, ” Simpson Organizations: Washington CNN, Microsoft, US, Department of Homeland Security, CNN, State Department, Institute, Infrastructure Technology Locations: Washington, China, Russia

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