Connect with us

Business

U.S. Scrambles to Prevent Export Curbs on China Chips From Disrupting Supply Chain

Avatar

Published

on

U.S. scrambles to prevent export curbs on China chips from disrupting supply chain By Reuters

Breaking News

‘;

Economy 20 hours ago (Oct 12, 2022 02:16AM ET)

(C) Reuters

By Jane Lanhee Lee, Karen Freifeld and Alexandra Alper

OAKLAND, Calif./NEW YORK (Reuters) -The U.S. is scrambling to tackle unintended consequences of its new export curbs on China’s chip industry that could inadvertently harm the semiconductor supply chain, people familiar with the matter said.

By late Tuesday, hours before a new restriction took effect, South Korean memory chipmaker SK Hynix Inc said it got authorization from the United States to receive goods for its chip production facilities in China without additional licensing imposed by the new rules.

The Biden administration had planned to spare foreign companies operating in China such as SK Hynix and Samsung Electronics (OTC:SSNLF) Co from the brunt of new restrictions, but the rules published Friday did not exempt such firms.

As published, the rules require licenses before U.S. exports can be shipped to facilities with advanced chip production in China as part of a U.S. bid to slow China’s technological and military advances.

And as of midnight Tuesday, vendors also cannot support, service and send non-U.S. supplies to the China-based factories without licenses if U.S. companies or people are involved.

As a result, even basic items like light bulbs, springs, and bolts that keep tools running may not have been able to be shipped until vendors are granted licenses. And without the minute-by-minute support the foundries need, they could begin shutting down, one source said.

“Our discussions with the Department of Commerce led to an approval to supply equipment and items needed for development and production of DRAM semiconductors in Chinese facilities without additional licensing requirements,” SK Hynix said in a statement.

The company said the change would help avoid disruptions to the supply chain and that the authorization is for a year.

Samsung (KS:005930) Electronics declined to comment.

Another source said the temporary fix was until a longer-term solution could be worked out.

At least one other non-Chinese company received a similar authorization, a third source said.

A U.S. Commerce Department spokesperson did not directly respond to a request for comment on the authorizations, but said the department hopes to get input from stakeholders about the rule and may consider changes.

A White House spokesperson also did not respond to a request for comment.

“Unless the authorization was issued, a variety of equipment and other suppliers would have had to pull their personnel from the fabs in China,” one of the sources said.

The U.S. planned to review licenses for non-Chinese factories in China hit by the new restrictions on a case-by-case basis, but even if approved that could create delays in shipments. Licenses for Chinese chip factories were likely to be denied.

Taiwan Semiconductor Manufacturing Co. and Intel Corp (NASDAQ:INTC) also operate chip factories in China.

The Chinese chip facilities are not expected to get any reprieve.

U.S. scrambles to prevent export curbs on China chips from disrupting supply chain

Japan wholesale prices rise the most in 5 months, put squeeze on corp profitsBy Reuters – Oct 12, 2022

By Tetsushi Kajimoto TOKYO (Reuters) -Japanese corporate goods prices grew the most in five months in September, Bank of Japan data showed on Thursday, highlighting the squeeze on…

Fragile yen tests 1998 low, sterling cautiously steadyBy Reuters – Oct 12, 2022

By Rae Wee SINGAPORE (Reuters) – The yen floundered near a fresh 24-year low on Thursday, while sterling held onto overnight gains as investors skittishly await an impending…

Analysis-Worries over global financial stability mount as central banks tighten policyBy Reuters – Oct 12, 2022

By Davide Barbuscia and Lewis Krauskopf (Reuters) – Signs of stress are growing in the global financial system, sparking worries over everything from contagion between markets to…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Original Source: investing.com

Business

Sri Lanka Central Bank Holds Rates Steady, Says Mkt Interest Rates Must Fall

Avatar

Published

on

By

Sri Lanka cenbank holds rates steady as expected amid slowing inflation By Reuters

Breaking News

‘;

Economy 8 minutes ago (Nov 23, 2022 09:31PM ET)

(C) Reuters. FILE PHOTO: People walk past the main entrance of the Sri Lanka’s Central Bank in Colombo, Sri Lanka March 24, 2017. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) – Sri Lanka’s central bank held rates on Thursday, adding it expects a moderation in market interest rates in line with the prevailing policy interest rates.

The Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%.

“The Board was of the view that the prevailing tight monetary policy stance is necessary to rein in any underlying demand pressures in the economy,” the central banks said in a statement.

Sri Lanka cenbank holds rates steady as expected amid slowing inflation

Dollar slips as risk sentiment improves after Fed minutesBy Reuters – Nov 23, 2022

By Ankur Banerjee SINGAPORE (Reuters) – The U.S. dollar was broadly weaker on Thursday as investors, encouraged the prospect of a slower pace of interest rate hikes from the…

Brazil’s electoral court rejects Bolsonaro election challengeBy Reuters – Nov 23, 2022

BRASILIA (Reuters) -The head of Brazil’s electoral court Alexandre de Moraes on Wednesday rejected a complaint from President Jair Bolsonaro’s allies to challenge the presidential…

S.Korean central bank hikes rates by 25 bps, slows tightening paceBy Reuters – Nov 23, 2022

By Cynthia Kim and Jihoon Lee SEOUL (Reuters) – South Korea’s central bank raised interest rates by a more modest 25 basis points on Thursday, slowing the pace of policy…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Original Post: investing.com

Continue Reading

Business

China’s Country Garden Gets New Credit Line of up to $7 Billion – Securities Times

Avatar

Published

on

By

China’s Country Garden gets new credit line of up to $7 billion – Securities Times By Reuters

Breaking News

‘;

Economy 2 minutes ago (Nov 23, 2022 09:55PM ET)

(C) Reuters. FILE PHOTO: The logo of property developer Country Garden is seen on a building in Dalian, Liaoning province, China May 7, 2017. REUTERS/Stringer

HONG KONG (Reuters) – Major Chinese developer Country Garden has signed a contract with the Postal Savings Bank of China for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday.

The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country’s embattled property sector.

($1 = 7.1429 Chinese yuan renminbi)

China’s Country Garden gets new credit line of up to $7 billion – Securities Times

Sri Lanka central bank holds rates steady, says mkt interest rates must fallBy Reuters – Nov 23, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held interest rates steady on Thursday, as widely expected, but said it expected a moderation in…

Asian shares higher on signs of U.S. Fed slowdown, China stimulusBy Reuters – Nov 23, 2022

By Stella Qiu SYDNEY (Reuters) – Asian shares tracked Wall Street higher on Thursday, buoyed by signals the U.S. Federal Reserve may slow the pace of interest rate hikes and news…

Dollar slips as risk sentiment improves after Fed minutesBy Reuters – Nov 23, 2022

By Ankur Banerjee SINGAPORE (Reuters) – The U.S. dollar was broadly weaker on Thursday as investors, encouraged the prospect of a slower pace of interest rate hikes from the…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Original Article: investing.com

Continue Reading

Business

North Korea Slams South Korea’s Yoon, Warns Sanctions Will Fuel More Hostility

Avatar

Published

on

By

North Korea cautions sanctions and pressure will fuel more hostility By Reuters

Breaking News

‘;

World 4 hours ago (Nov 23, 2022 05:11PM ET)

(C) Reuters. FILE PHHOTO: A North Korean flag flutters at the propaganda village of Gijungdong in North Korea, in this picture taken near the truce village of Panmunjom inside the demilitarized zone (DMZ) separating the two Koreas, South Korea, July 19, 2022. REUTE

By Soo-hyang Choi

SEOUL (Reuters) – North Korea on Thursday denounced Seoul’s push to impose additional sanctions on Pyongyang following its repeated missile launches, saying such measures will add to the North’s “hostility and anger,” state media KCNA reported.

North Korean leader Kim Jong Un’s powerful sister, Kim Yo Jong, made the remarks in a statement carried by KCNA, calling South Korean President Yoon Suk-yeol “and other idiots” a “faithful dog” of the United States.

South Korea’s foreign ministry said on Tuesday it was reviewing independent sanctions on Pyongyang. It said sanctions on the cyber sector were among those considered in case the North pushes ahead with a nuclear test.

North Korea has conducted an unprecedented number of ballistic missile launches this year. For months Washington has said North Korea could conduct a nuclear bomb test, the first since 2017, at any time.

“If they think that they can escape from the present dangerous situation through ‘sanctions,’ they must be really idiots as they do not know how to live in peace and comfort,” Kim Yo Jong said in the statement.

The United States has urged the United Nations Security Council to hold North Korea accountable for its missile tests in one voice, accusing China and Russia of “emboldening” Pyongyang by blocking Security Council action.

China and Russia backed tighter sanctions following Pyongyang’s last nuclear test in 2017, but in May both vetoed a U.S.-led push for more U.N. penalties over its renewed missile launches.

“We warn the impudent and stupid once again that the desperate sanctions and pressure of the U.S. and its South Korean stooges against the DPRK will add fuel to the latter’s hostility and anger,” Kim Yo Jong said, using the initials of the North’s official name.

North Korea cautions sanctions and pressure will fuel more hostility

Walmart supervisor opens fire on Virginia co-workers, killing 6 and himselfBy Reuters – Nov 23, 2022

By Jay Paul and Nathan Layne CHESAPEAKE, Va. (Reuters) -A Walmart (NYSE:WMT) supervisor armed with a handgun and several magazines of ammunition opened fire on fellow employees in…

Ukrainians suffer in cold, darkness as president implores U.N. to punish RussiaBy Reuters – Nov 23, 2022

By Simon Lewis and Dan Peleschuk WASHINGTON/KYIV (Reuters) -Ukrainian President Volodymyr Zelenskiy urged the United Nations Security Council to act against Russia over air…

Malaysia’s former ruling bloc may back Anwar in PM raceBy Reuters – Nov 23, 2022

KUALA LUMPUR (Reuters) – Malaysia’s former ruling coalition indicated that it may support opposition leader Anwar Ibrahim as prime minister, reversing a decision to stay neutral…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Original Article: investing.com

Continue Reading

Trending

EZA.io