Intel China apologises over Xinjiang supplier statement
U.S. chip maker Intel apologised on Thursday to Chinese customers, partners and the public for telling its suppliers not to source products or labour from the region of Xinjiang, following a backlash in China.
The company recently published what it described as an annual letter to suppliers, dated December, that it had been "required to ensure that its supply chain does not use any labour or source goods or services from the Xinjiang region", following restrictions imposed by "multiple governments".
That letter, on the company's website and in several languages, sparked a backlash in China from state and social media, with calls for a boycott of the company's products.
In a Chinese-language statement on Thursday on its official WeChat account, Intel said that its commitment to avoid supply chains from Xinjiang was an expression of compliance with U.S. law, rather than a statement of its position on the issue.
U.S. chip maker Intel apologised on Thursday to Chinese customers, partners and the public for telling its suppliers not to source products or labour from the region of Xinjiang, following a backlash in China.
The company recently published what it described as an annual letter to suppliers, dated December, that it had been "required to ensure that its supply chain does not use any labour or source goods or services from the Xinjiang region", following restrictions imposed by "multiple governments".
That letter, on the company's website and in several languages, sparked a backlash in China from state and social media, with calls for a boycott of the company's products.
In a Chinese-language statement on Thursday on its official WeChat account, Intel said that its commitment to avoid supply chains from Xinjiang was an expression of compliance with U.S. law, rather than a statement of its position on the issue.
'Keep the defender guessing': Russia's military options on Ukraine
Russia's deployment of tens of thousands of troops to the north, east and south of Ukraine is fuelling fears in Kyiv and Western capitals that Moscow is planning a new attack. Russia denies any such plans.
Western military analysts have suggested that Russia cannot keep such troops deployed where they are indefinitely due to financial and logistical issues and would need to pull them back by the summer of next year.
Estimates of the numbers of new Russian troops moved closer to Ukraine vary from 60,000-90,000, with a U.S. intelligence document suggesting that number could be ramped up to 175,000.
U.S. officials have warned Russia might launch a new attack against Ukraine as early as the second half of next month when the ground will be harder, making it easier for tanks and other armour to move swiftly.
Russia's deployment of tens of thousands of troops to the north, east and south of Ukraine is fuelling fears in Kyiv and Western capitals that Moscow is planning a new attack. Russia denies any such plans.
Western military analysts have suggested that Russia cannot keep such troops deployed where they are indefinitely due to financial and logistical issues and would need to pull them back by the summer of next year.
Estimates of the numbers of new Russian troops moved closer to Ukraine vary from 60,000-90,000, with a U.S. intelligence document suggesting that number could be ramped up to 175,000.
U.S. officials have warned Russia might launch a new attack against Ukraine as early as the second half of next month when the ground will be harder, making it easier for tanks and other armour to move swiftly.
U.S. SEC rejects Valkyrie, Kryptoin bitcoin trusts
The U.S. Securities and Exchange Commission vetoed two proposals to offer bitcoin exchange-traded funds, dealing a blow to market participants who had hoped the agency would green light the effort after approving futures-backed bitcoin funds in October.
In a notice dated Wednesday, the markets regulator said both of the proposals to list and trade shares of Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust failed to be approved because they did not meet its standard.
The U.S. Securities and Exchange Commission vetoed two proposals to offer bitcoin exchange-traded funds, dealing a blow to market participants who had hoped the agency would green light the effort after approving futures-backed bitcoin funds in October.
In a notice dated Wednesday, the markets regulator said both of the proposals to list and trade shares of Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust failed to be approved because they did not meet its standard.
Russian court fines Alphabet's Google 7.2 bln roubles
A Moscow court on Friday said it was fining Alphabet's Google (GOOGL.O) 7.2 billion roubles ($98 million) for what it said was a repeated failure to delete content Russia deems illegal, the first revenue-based fine of its kind in Russia.
Moscow has increased pressure on big tech this year in a campaign that critics characterise as an attempt by the Russian authorities to exert tighter control over the internet, something they say threatens individual and corporate freedom.
Google said in an email it would study the court ruling before deciding on further steps.
Russia has imposed small fines on foreign technology companies throughout this year, but Friday's penalty marks the first time it has exacted a percentage of a company's annual Russian turnover, greatly increasing the sum of the fine.
A Moscow court on Friday said it was fining Alphabet's Google (GOOGL.O) 7.2 billion roubles ($98 million) for what it said was a repeated failure to delete content Russia deems illegal, the first revenue-based fine of its kind in Russia.
Moscow has increased pressure on big tech this year in a campaign that critics characterise as an attempt by the Russian authorities to exert tighter control over the internet, something they say threatens individual and corporate freedom.
Google said in an email it would study the court ruling before deciding on further steps.
Russia has imposed small fines on foreign technology companies throughout this year, but Friday's penalty marks the first time it has exacted a percentage of a company's annual Russian turnover, greatly increasing the sum of the fine.
Iran says war games in Gulf were warning to Israel
War games conducted this week by Iran in the Gulf were intended to send a warning to Israel, the country's top military commanders said on Friday, amid concerns over possible Israeli plans to target Iranian nuclear sites.
The Revolutionary Guards' war games included firing ballistic and cruise missiles. State television showed missiles flattening a target which resembled Israel's Dimona nuclear reactor at the conclusion of the exercises on Friday.
"Through a simulation of the Dimona atomic facilities, the Revolutionary Guards successfully practiced attacking this critical centre of the Zionist regime in its missile exercise," the semi-official news agency Tasnim said.
"These exercises had a very clear message: a serious, real ... warning to threats by the Zionist regime's authorities to beware of their mistakes," Guards chief General Hossein Salami said on state TV.
War games conducted this week by Iran in the Gulf were intended to send a warning to Israel, the country's top military commanders said on Friday, amid concerns over possible Israeli plans to target Iranian nuclear sites.
The Revolutionary Guards' war games included firing ballistic and cruise missiles. State television showed missiles flattening a target which resembled Israel's Dimona nuclear reactor at the conclusion of the exercises on Friday.
"Through a simulation of the Dimona atomic facilities, the Revolutionary Guards successfully practiced attacking this critical centre of the Zionist regime in its missile exercise," the semi-official news agency Tasnim said.
"These exercises had a very clear message: a serious, real ... warning to threats by the Zionist regime's authorities to beware of their mistakes," Guards chief General Hossein Salami said on state TV.
On Santa tracking call, Biden is told 'Let's go Brandon' - and says he agrees
A vulgar anti-Biden slogan made for an awkward moment on Friday during President Joe Biden's phone calls with children tracking Santa's flight when a father said, "Let's Go Brandon."
The refrain, a sanitized version of "Fuck Joe Biden," has been an internet sensation since a television journalist told race car driver Brandon Brown that a NASCAR crowd shouting the vulgarity was actually saying, "Let's go Brandon."
Biden and his wife Jill Biden were taking calls into the North American Aerospace Defense Command Santa Tracker, which follows the progress of Santa’s reindeer-guided sleigh for millions of children.
At the end of one call, a parent who gave his name as Jared said, "Merry Christmas and Let's go Brandon."
"Let's go Brandon, I agree," a relaxed Biden responded, before asking Jared if he was in Oregon. By that point, the call was disconnected.
A vulgar anti-Biden slogan made for an awkward moment on Friday during President Joe Biden's phone calls with children tracking Santa's flight when a father said, "Let's Go Brandon."
The refrain, a sanitized version of "Fuck Joe Biden," has been an internet sensation since a television journalist told race car driver Brandon Brown that a NASCAR crowd shouting the vulgarity was actually saying, "Let's go Brandon."
Biden and his wife Jill Biden were taking calls into the North American Aerospace Defense Command Santa Tracker, which follows the progress of Santa’s reindeer-guided sleigh for millions of children.
At the end of one call, a parent who gave his name as Jared said, "Merry Christmas and Let's go Brandon."
"Let's go Brandon, I agree," a relaxed Biden responded, before asking Jared if he was in Oregon. By that point, the call was disconnected.
Turkish unit of crypto exchange Binance fined, news agency says
Turkey's Financial Crimes Investigation Board (MASAK) imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections, the Anadolu news agency said on Saturday.
The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May, the state-owned news agency said, without elaborating on the violations or inspections.
A Binance spokesperson said the company did not discuss publicly its communications with the authorities and regulators. MASAK could not be reached for comment at the weekend.
Turkey's Financial Crimes Investigation Board (MASAK) imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections, the Anadolu news agency said on Saturday.
The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May, the state-owned news agency said, without elaborating on the violations or inspections.
A Binance spokesperson said the company did not discuss publicly its communications with the authorities and regulators. MASAK could not be reached for comment at the weekend.
Foxconn India iPhone plant extends closure, workers' hostels inspected
A Foxconn (2317.TW) iPhone factory in India at the centre of a mass food-poisoning incident will extend a week-long closure by an extra three days, a senior official for the state of Tamil Nadu told Reuters.
The factory, which employs some 17,000 people, had been due to resume some operations on Monday but is now expected to restart production with 1,000 workers on Thursday, the official said, adding that the state government had conducted inspections of workers' hostels.
Last week, protests erupted after more than 250 women who work at the plant and live in one of the hostels had to be treated for food poisoning. Some of the protestors were rounded up by the police but later released.
The incident has thrown a spotlight on living conditions for the workers - most of them women - who reside in hostels near the factory which is located in the southern city of Chennai.
A Foxconn (2317.TW) iPhone factory in India at the centre of a mass food-poisoning incident will extend a week-long closure by an extra three days, a senior official for the state of Tamil Nadu told Reuters.
The factory, which employs some 17,000 people, had been due to resume some operations on Monday but is now expected to restart production with 1,000 workers on Thursday, the official said, adding that the state government had conducted inspections of workers' hostels.
Last week, protests erupted after more than 250 women who work at the plant and live in one of the hostels had to be treated for food poisoning. Some of the protestors were rounded up by the police but later released.
The incident has thrown a spotlight on living conditions for the workers - most of them women - who reside in hostels near the factory which is located in the southern city of Chennai.
Moscow sees threat of new missile crisis as serious - RIA cites formin
Moscow considers the threat of a new missile crisis as serious, the RIA news agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Monday amid a standoff between Russia and Western powers over Ukraine.
Throughout the crisis, Russia has veered between harsh rhetoric, calls for dialogue and dire warnings, with Ryabkov repeatedly comparing the situation to the 1962 Cuban missile crisis when the world stood on the brink of nuclear war.
Moscow considers the threat of a new missile crisis as serious, the RIA news agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Monday amid a standoff between Russia and Western powers over Ukraine.
Throughout the crisis, Russia has veered between harsh rhetoric, calls for dialogue and dire warnings, with Ryabkov repeatedly comparing the situation to the 1962 Cuban missile crisis when the world stood on the brink of nuclear war.
India refuses to renew foreign funding OK to charity; religious protests
The Indian government on Monday "refused" to renew a permission that is vital for Mother Teresa's Missionaries of Charity (MoC) to be able to secure foreign funds, cutting off a key source the charity has depended on to run its programs for the impoverished.
Nobel-laureate Mother Teresa, a Roman Catholic nun who died in 1997, founded the MoC in 1950. The charity has more than 3,000 nuns worldwide who run hospices, community kitchens, schools, leper colonies and homes for abandoned children.
The government of Prime Minister Narendra Modi refused permission to the charity under the Foreign Contribution Regulation Act (FCRA) on Saturday after it received some "adverse inputs", a government statement said.
"While considering the MoC's renewal application, some adverse inputs were noticed," the home ministry said, without providing details.
The Indian government on Monday "refused" to renew a permission that is vital for Mother Teresa's Missionaries of Charity (MoC) to be able to secure foreign funds, cutting off a key source the charity has depended on to run its programs for the impoverished.
Nobel-laureate Mother Teresa, a Roman Catholic nun who died in 1997, founded the MoC in 1950. The charity has more than 3,000 nuns worldwide who run hospices, community kitchens, schools, leper colonies and homes for abandoned children.
The government of Prime Minister Narendra Modi refused permission to the charity under the Foreign Contribution Regulation Act (FCRA) on Saturday after it received some "adverse inputs", a government statement said.
"While considering the MoC's renewal application, some adverse inputs were noticed," the home ministry said, without providing details.
India’s tech stock bubble is poised to deflate
India’s newly listed startups are set to discover their limits. Buyers of stocks in the giant emerging market will increasingly give money-losing digital companies a short leash on dizzying valuations. Some mix of rampant competition and higher mobile data tariffs will crash the party.
A pandemic-induced flood of easy money and mom-and-pop investors have lifted stocks around the world, but Indian tech companies hit extremes read more in 2021. One97 Communications’ financial super-app Paytm (PAYT.NS), Falguni Nayar’s online beauty retailer Nykaa (FSNE.NS), and food delivery giant Zomato (ZOMT.NS) fetch more than 30 times sales as of Dec. 8, per Refinitiv, after listing their enterprises in Mumbai.
India’s newly listed startups are set to discover their limits. Buyers of stocks in the giant emerging market will increasingly give money-losing digital companies a short leash on dizzying valuations. Some mix of rampant competition and higher mobile data tariffs will crash the party.
A pandemic-induced flood of easy money and mom-and-pop investors have lifted stocks around the world, but Indian tech companies hit extremes read more in 2021. One97 Communications’ financial super-app Paytm (PAYT.NS), Falguni Nayar’s online beauty retailer Nykaa (FSNE.NS), and food delivery giant Zomato (ZOMT.NS) fetch more than 30 times sales as of Dec. 8, per Refinitiv, after listing their enterprises in Mumbai.
U.S. SEC charges Medallion Financial Corp over alleged fraud
The U.S. Securities and Exchange Commission on Wednesday charged Medallion Financial Corp and President and Chief Operating Officer Andrew Murstein with allegedly engaging in fraudulent schemes to boost the company's stock price, the financial regulator said in a statement.
The U.S. Securities and Exchange Commission on Wednesday charged Medallion Financial Corp and President and Chief Operating Officer Andrew Murstein with allegedly engaging in fraudulent schemes to boost the company's stock price, the financial regulator said in a statement.
Women force change at Indian iPhone plant, sick from bad food, crowded dorms
For women who assembled iPhones at a Foxconn plant in southern India, crowded dorms without flush toilets and food sometimes crawling with worms were problems to be endured for the paycheck.
But when tainted food sickened over 250 of the workers their anger boiled over, culminating in a rare protest that shut down a plant where 17,000 had been working.
A close look by Reuters at the events before and after the Dec. 17 protest casts a stark light on living and working conditions at Foxconn (2317.TW), a firm central to Apple's (AAPL.O) supply chain.
The tumult comes at a time when Apple is ramping up production of its iPhone 13 and shareholders are pushing the company to provide greater transparency about labour conditions at suppliers.
For women who assembled iPhones at a Foxconn plant in southern India, crowded dorms without flush toilets and food sometimes crawling with worms were problems to be endured for the paycheck.
But when tainted food sickened over 250 of the workers their anger boiled over, culminating in a rare protest that shut down a plant where 17,000 had been working.
A close look by Reuters at the events before and after the Dec. 17 protest casts a stark light on living and working conditions at Foxconn (2317.TW), a firm central to Apple's (AAPL.O) supply chain.
The tumult comes at a time when Apple is ramping up production of its iPhone 13 and shareholders are pushing the company to provide greater transparency about labour conditions at suppliers.
China's Huawei says 2021 revenues down almost 30%, sees challenges ahead
Chinese telecoms equipment giant Huawei Technologies Co Ltd (HWT.UL), battered by U.S. sanctions, expects 2021 revenue to have declined nearly 30% and predicted continued challenges in the New Year.
Revenue for the year is expected to be 634 billion yuan ($99.48 billion), rotating chairman Guo Ping said in a New Year letter to employees on Friday.
That represents a fall of 28.9% from 2020 revenues of 891.4 billion yuan.
Guo said next year "will come with its fair share of challenges" but that he was satisfied with Huawei's 2021 business performance.
Chinese telecoms equipment giant Huawei Technologies Co Ltd (HWT.UL), battered by U.S. sanctions, expects 2021 revenue to have declined nearly 30% and predicted continued challenges in the New Year.
Revenue for the year is expected to be 634 billion yuan ($99.48 billion), rotating chairman Guo Ping said in a New Year letter to employees on Friday.
That represents a fall of 28.9% from 2020 revenues of 891.4 billion yuan.
Guo said next year "will come with its fair share of challenges" but that he was satisfied with Huawei's 2021 business performance.
North Korea's Kim talks food not nukes for 2022
North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries by state media on Saturday.
North Korea's main goals for 2022 will be jump starting economic development and improving people's lives as it faces a "great life-and-death struggle," Kim said in a speech on Friday at the end of the 4th Plenary Meeting of the 8th Central Committee of the Workers' Party of Korea (WPK), which began on Monday.
North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries by state media on Saturday.
North Korea's main goals for 2022 will be jump starting economic development and improving people's lives as it faces a "great life-and-death struggle," Kim said in a speech on Friday at the end of the 4th Plenary Meeting of the 8th Central Committee of the Workers' Party of Korea (WPK), which began on Monday.
Reuters: World pinned «North Korea's Kim talks food not nukes for 2022 North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries…»
Firefighters battle blaze at South African parliament building in Cape Town
A blaze erupted at the South African parliament early on Sunday, with flames bursting from the roof of a building and a plume of smoke that could be seen from miles away, and after several hours firefighters had partially contained the fire.
By mid-morning, smoke was still billowing from one of the several buildings that make up the parliament complex in the legislative capital, Cape Town.
A blaze erupted at the South African parliament early on Sunday, with flames bursting from the roof of a building and a plume of smoke that could be seen from miles away, and after several hours firefighters had partially contained the fire.
By mid-morning, smoke was still billowing from one of the several buildings that make up the parliament complex in the legislative capital, Cape Town.
China to cut new energy vehicle subsidies by 30% in 2022
China will cut subsidies on new energy vehicles (NEVs), such as electric cars, by 30% in 2022 and withdraw them altogether at the end of the year, the Finance Ministry said on its website on Friday.
The ministry had said in April 2020 that NEV subsidies would be cut from 2020 to 2022 by 10%, 20% and 30%, respectively.
For NEVs for public transport, subsidies would be cut by 10% in 2021 and by 20% in 2022.
China, the world's biggest auto market, has set a target for NEVs, including plug-in hybrids and hydrogen fuel cell vehicles, to make up 20% of auto sales by 2025.
China will cut subsidies on new energy vehicles (NEVs), such as electric cars, by 30% in 2022 and withdraw them altogether at the end of the year, the Finance Ministry said on its website on Friday.
The ministry had said in April 2020 that NEV subsidies would be cut from 2020 to 2022 by 10%, 20% and 30%, respectively.
For NEVs for public transport, subsidies would be cut by 10% in 2021 and by 20% in 2022.
China, the world's biggest auto market, has set a target for NEVs, including plug-in hybrids and hydrogen fuel cell vehicles, to make up 20% of auto sales by 2025.
Wall Street will find ways to satisfy crypto envy
Banks are gearing up to get in on the crypto craze in 2022. That sets them up to wrestle with a host of issues that differ from their core business, from murky regulation to a market that operates 24 hours a day, seven days a week read more . Fights over profit and customers may also obscure other risks.
The value of digital currencies outstanding has tripled to more than $2 trillion since the start of 2020. Traditional U.S. banks currently can’t trade such assets themselves, but their customers do and many bankers want in, despite skepticism from luminaries like JPMorgan (JPM.N) boss Jamie Dimon who dismissed bitcoin as "worthless" as recently as October. Dimon's bank, Goldman Sachs (GS.N), Morgan Stanley (MS.N) and others are helping wealth-management clients gain exposure through crypto derivatives. Those trade on regulated exchanges, one step removed from the underlying digital coins. But that's little more than dabbling.
Banks are gearing up to get in on the crypto craze in 2022. That sets them up to wrestle with a host of issues that differ from their core business, from murky regulation to a market that operates 24 hours a day, seven days a week read more . Fights over profit and customers may also obscure other risks.
The value of digital currencies outstanding has tripled to more than $2 trillion since the start of 2020. Traditional U.S. banks currently can’t trade such assets themselves, but their customers do and many bankers want in, despite skepticism from luminaries like JPMorgan (JPM.N) boss Jamie Dimon who dismissed bitcoin as "worthless" as recently as October. Dimon's bank, Goldman Sachs (GS.N), Morgan Stanley (MS.N) and others are helping wealth-management clients gain exposure through crypto derivatives. Those trade on regulated exchanges, one step removed from the underlying digital coins. But that's little more than dabbling.
Turkish inflation soars to 36%, highest in Erdogan era
Turkey's annual inflation rate surged to 36.1% last month, its highest in the 19 years Tayyip Erdogan has ruled, laying bare the depths of a currency crisis engineered by the president's unorthodox interest rate-cutting policies.
In December alone, consumer prices took a rare step into double-digits, rising 13.58%, Turkish Statistical Institute data showed on Monday, eating deeper into the earnings and savings of Turks rattled by the economic turmoil.
Turkey's annual inflation rate surged to 36.1% last month, its highest in the 19 years Tayyip Erdogan has ruled, laying bare the depths of a currency crisis engineered by the president's unorthodox interest rate-cutting policies.
In December alone, consumer prices took a rare step into double-digits, rising 13.58%, Turkish Statistical Institute data showed on Monday, eating deeper into the earnings and savings of Turks rattled by the economic turmoil.
U.S. judge blocks Pentagon from punishing Navy SEALs who refused COVID-19 vaccine
A federal judge on Monday barred the U.S. Department of Defense from punishing a group of Navy SEALs and other special forces members who refused COVID-19 vaccines on religious grounds.
U.S. District Judge Reed O'Connor, acting in response to a lawsuit filed on behalf of 35 special forces service members, issued a preliminary injunction blocking the Navy and Defense Department from enforcing the mandate.
A federal judge on Monday barred the U.S. Department of Defense from punishing a group of Navy SEALs and other special forces members who refused COVID-19 vaccines on religious grounds.
U.S. District Judge Reed O'Connor, acting in response to a lawsuit filed on behalf of 35 special forces service members, issued a preliminary injunction blocking the Navy and Defense Department from enforcing the mandate.