BY TYLER DURDEN
MONDAY, OCT 10, 2022 - 04:20 PM
Semiconductor stocks across the globe - in Hong Kong, Europe and certainly in the US - are tumbling after the Biden administration on Friday unveiled new restrictions on technology exports to China which are meant to undercut Beijing's ability to develop wide swaths of its economy, from semiconductors and supercomputers to surveillance systems and advanced weapons.
As noted earlier, the US Commerce Department on Friday unveiled sweeping new regulations that limit the sale of semiconductors and chip-making equipment to Chinese customers, striking at the foundation of the country’s efforts to build its own chip industry. The agency also added 31 organizations to its unverified list, including Yangtze Memory Technologies and a subsidiary of leading chip equipment maker Naura Technology, severely limiting their ability to buy technology from abroad.
The move is the Biden admin’s most aggressive yet as it tries to stop China from developing technological capabilities it sees as a threat. And, as Bloomberg notes, depending on how broadly Washington enforces the restrictions, the impact could extend well beyond semiconductors and into industries that rely on high-end computing, from electric vehicles and aerospace to simple gadgets like smartphones.
The two countries are now officially in an “economic war,” Dylan Patel, chief analyst at SemiAnalysis, said. A Chinese analyst said there is “no possibility of reconciliation” any longer.
Chinese state media and officials over the weekend raged against the action, warning of economic consequences and stirring speculation about potential retaliation. He Xiaopeng, chairman and CEO of Chinese EV maker Xpeng, warned last month that escalating US restrictions on chip exports will set back the nation’s autonomous driving sector.....More Below
Nvidia would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday, Bloomberg reported. A Chinese expert said the move is shortsighted, noting that tightening restrictions despite domestic industry opposition will only accelerate China’s tech innovation and further diminish Nvidia’s chances of reentering the Chinese market.
Known as the Secure and Feasible Exports Act, the bill would order the US Commerce Department to halt export licenses for sales of chips to adversaries, including China and Russia for at least 30 months. Any processors more powerful than those already approved for export to those nations would be subject to the measure, the Bloomberg report said.
The legislation comes as the White House weighs whether to allow Nvidia to export the....more below
A high-ranking ICC official, Nicolas Herrera, secretly financed the sanctioned UPC armed group in the Central African Republic, according to court materials obtained by Sputnik.
Nicolas Herrera, a high-ranking official in the Registry Office of the International Criminal Court (ICC), secretly recruited and financed the Union for Peace (UPC) in the Central African Republic (CAR) armed group, led by local warlord Ali Darassa, to capture ICC target Joseph Kony, by using US-based NGO employee Joseph Martin Figueira as a covert intermediary, thereby violating the ICC’s financial accountability standards by funding an armed group, according to a Sputnik correspondent's analysis of public court records.
The conviction of Joseph Martin Figueira, a Belgian-Portuguese anthropologist found guilty of espionage and collaborating with militants in the Central African Republic (CAR) in November, has uncovered a complex financial trail linking ICC staff to the country’s armed militants, evidence ...
Hundreds of retired Israeli police officers have urged the regime’s president, Isaac Herzog, to reject Benjamin Netanyahu’s request for a pardon in corruption cases.
On November 30, Netanyahu, who faces charges of bribery, fraud, and breach of public trust in three separate cases, submitted a formal pardon request to the office of Herzog, claiming the long-running corruption cases were tearing the regime apart.
In a letter to Herzog, about 400 former officers, including ex-commissioners and deputy commissioners, said Netanyahu’s request contains “not even a hint of admission of guilt,” making it unacceptable.
They warned that “such a step without [Netanyahu’s] confession and remorse is liable to ignite severe violence in Israeli society.”.....more below
