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

Clayton Lee

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

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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

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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…

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Alaska’s Murkowski, Peltola Win Reelection in Latest Trump Rebuke

Clayton Lee

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Alaska Republican Lisa Murkowski wins re-election to U.S. Senate By Reuters

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Politics 8 minutes ago (Nov 23, 2022 08:30PM ET)

(C) Reuters. FILE PHOTO: Republican U.S. Senator Lisa Murkowski from Alaska, running for re-election to the U.S. Senate in the 2022 U.S. midterm elections, appears in an undated handout photo received October 5, 2022. Lisa Murkowski/Handout via REUTERS

WASHINGTON (Reuters) -Republican Senator Lisa Murkowski of Alaska has won reelection, defeating Kelly Tshibaka, a former Republican state official who was endorsed by former President Donald Trump, a tabulation carried out by state officials showed on Wednesday.

Murkowski, 65, has represented Alaska in the Senate since 2002 and has built an independent profile as one of the chamber’s few centrists. Her victory is another setback for Trump, who saw several of his preferred candidates defeated in the Nov. 8 midterm elections.

Murkowski defeated Tshibaka after Alaska finished tabulating all ballots in a publicly broadcast session using its new “ranked choice” system, which allows voters to list candidates in order of preference.

In each round of counting, the candidate with the lowest share of votes is eliminated and the ballots which ranked them first are then redistributed. The candidate with a majority of votes after all ballots have been counted wins.

She would have won even under the old system, as she had a slight edge on Tshibaka after the first round of counting.

Murkowski was the first Republican senator to call for Trump’s resignation after his supporters attacked the U.S. Capitol on Jan. 6, 2021, in an attempt to prevent Congress from certifying Democrat Joe Biden’s 2020 election victory. She later voted to impeach him.

She won reelection as a write-in candidate in 2010 after her party nominated a more right-wing contender.

Alaska Republican Lisa Murkowski wins re-election to U.S. Senate

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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.

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

Clayton Lee

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

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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

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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…

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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.

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U.S. FDA Denies Australian Dairy Accelerated Approval to Sell Infant Formula

Clayton Lee

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U.S. FDA denies Australian Dairy accelerated approval to sell infant formula By Reuters

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World 12 minutes ago (Nov 16, 2022 09:45PM ET)

(Reuters) -Australian Dairy Nutritionals Group said on Thursday its application for accelerated approval to vend the dairy firm’s branded infant formula in the United States has not been accepted by the country’s Food and Drug Administration (FDA).

Antipodean dairy companies have been queuing up for necessary approvals since May after the United States faced a nationwide shortage of baby food.

The FDA’s temporary approval process was only available until Nov. 14, but the dairy firm can now apply for registration via a normal process to sell the infant milk formula products, it said.

“We are advanced in preparing our toddler milk – stage 3 – for launch in the United States next year,” it added.

New Zealand’s a2 Milk Co earlier this month received approval to export infant milk formula to the United States.

U.S. FDA denies Australian Dairy accelerated approval to sell infant formula

Democrat Bass wins race for Los Angeles mayor, defeating CarusoBy Reuters – Nov 16, 2022

By Dan Whitcomb LOS ANGELES (Reuters) – Karen Bass, a Democratic U.S. congresswoman, was projected on Wednesday to beat Rick Caruso in the race for Los Angeles mayor, becoming the…

Ukraine conflict intensifies in east; NATO, Poland say missile likely not from RussiaBy Reuters – Nov 16, 2022

By Dan Peleschuk, Anna Jaworska-Guidotti and Sabine Siebold KYIV/PRZEWODOW, Poland/BRUSSELS (Reuters) -Ukraine said it faced fierce fighting in the east from Russian troops that…

North Korea vows ‘fiercer’ military responses to U.S., alliesBy Reuters – Nov 16, 2022

By Hyonhee Shin SEOUL (Reuters) -North Korea warned on Thursday of “fiercer military responses” to U.S. efforts to boost its security presence in the region with its allies, state…

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(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.

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