Business
US Lawmaker Says SMIC’s Huawei Chip May Violate Sanctions
US Congressman Michael McCaul says China’s top chipmaker, Semiconductor Manufacturing International Corp., “warrants investigation” as the company appears to have violated US sanctions by supplying components to Huawei Technologies Co. Peter Elstrom reports on Bloomberg Television.
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Starbucks is pushing forward with plans for an office for thousands of workers in Nashville, even as the coffee chain struggles to persuade the first round to relocate from its Seattle headquarters.
The company is spending $100 million on its new Nashville corporate office, Starbucks said on Tuesday in a letter to workers. In the next five years, the hub is expected to be home to 2,000 jobs, including some technology positions currently based in Seattle. Here’s what CEO Brian Niccol had to say about the move
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Treasury yields are surging past 5%, threatening to push up borrowing costs on everything from mortgages and car loans to credit cards. Ruth Carson explains why the impact is being felt far beyond Wall Street and the US.
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Jul.29 — Tara Joseph, Hong Kong president at AmCham, discusses the Hong Kong protests and how they’re impacting business. She speaks exclusively on “Bloomberg Markets: Asia.”
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Bridgewater Associates Founder Ray Dalio warns that the US is approaching the limits of its debt cycle, predicting a potential crisis within three years as spending outpaces revenue. He cautions that rising borrowing costs and weakening demand from key foreign buyers may squeeze lower-income borrowers first.
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Bloomberg understands that OpenAI is on track to generate annualized revenue of more than $40 billion based on its current performance, roughly doubling its run rate from the end of 2025 and bolstering the company’s plans for a Wall Street debut.
The US will soon announce unprecedented economic measures against Iran, Treasury Secretary Scott Bessent said, intensifying the Trump administration’s effort to force Tehran’s capitulation after almost six months of war.
The Trump administration is imposing tariffs of as much as 100% on imported drones and their components, escalating efforts to reduce US reliance on foreign suppliers and potentially accelerating a decoupling of drone supply chains with China.
Reform UK leader Nigel Farage is returning to parliament after an election win in the English constituency of Clacton-on-Sea. Farage got 62.8% of the vote, comfortably defeating his main competitor — the satirical candidate Count Binface, who received a personal-best 26.7%. The governing Labour Party and the opposition Conservatives both boycotted the special election.
Today’s guests: Patrick Armstrong, Plurimi Wealth Chief Investment Officer; Livia Paggi, JS Held Head of Political Risk
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:32 – OpenAI’s revenue run rate said to top $40 billion
00:03:12 – US to roll out ‘economic isolation’ plan for Iran
00:05:16 – Patrick Armstrong, Plurimi Wealth Chief Investment Officer
00:14:55 – Aviva 1H adjusted operating profit beats estimates
00:19:37 – Nigel Farage wins UK special election
00:23:47 – Friday headlines
00:24:14 – Trump imposes 100% tariffs on some drones
00:27:55 – Livia Paggi, JS Held Head of Political Risk
00:34:28 – Jane Street prices $14.6 billion debt deal
00:39:30 – Swiss parliament panel fails to reach UBS capital rules deal
00:41:30 – Europe gripped by 5th heat wave of this summer
00:45:23 – Traders pare back Fed rate hike bets
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@cwd5736
December 26, 2023 at 2:55 pm
US phone CEO: Blah blah blah blah blah blah from US.🤥🤥🤥
Most people think: Huawei should build their own Chip making machine to stop these bullying bullshit.
Audiences: Oh Not again with all this bullshit politics to stop consumers making choices for what they wanted!🥱
@ibzman1393
December 26, 2023 at 2:55 pm
Western world is sanctioning 3rd world countries the use of fossil fuels and now sanctioning technology to china. This means western world doesnt feel confident playing on a level playing field.
@Phlegethon
December 26, 2023 at 2:55 pm
Like the bozo in class that complains the kid that studied all night and got an A on the test is cheating
@Lululemon2023
December 26, 2023 at 2:55 pm
Inside the mind of the US only US has the knowledge to make chips.
@whitemerlin5737
December 26, 2023 at 2:55 pm
This only show how desperate usa in competition with china. You guys really have no chance to compete with china duh
@zeppirl
December 26, 2023 at 2:55 pm
Free market but only if it suits the US!. I wish the US would stop picking fights around the world, especially with China. Why won't they work together instead. US is so fearful for losing its global dominance in may areas is alway chooses a fight instead of working on national infrastructure upgrades and reforms to help itself compete in the free market it champions so much.
Spend less on a fancy expensive military and more on infrastructure and industrial upgrades to compete.
@liewnteck9250
December 26, 2023 at 2:55 pm
when usa think can saction china on export chips to china and expect china to do what nothing ??????
what a.loser and naive attitude
@liewnteck9250
December 26, 2023 at 2:55 pm
why us have no dignity to even say any words with no proof or whatso ever us think just it words can take action so dame naive but us are good at creating trouble even without evidence that is usa lawmaker meant for usa only
@EmmanuelNatera
December 26, 2023 at 2:55 pm
Wow! This means they could have been trying to hold back other countries from progressing as well. Feel kind of betrayed. Wow
@absurdlyawesome5101
December 26, 2023 at 2:55 pm
Who gives a rat flip….
@nitroxide17
December 26, 2023 at 2:55 pm
The US won't stop until it has forced Chinese companies to be completely self sufficient. Doesn't this benefit the Chinese companies in the long run?
@sweepohquek4463
December 26, 2023 at 2:55 pm
USA has blantantly violate WTO rules by unilaterallly impose commercial sanction
@liquiddream
December 26, 2023 at 2:55 pm
They are using american and dutch machines, LAM Research, ASML etc. Stolen EDA from Synopsys, Cadance, Mentor Graphics, etc. Stolen core tech From ARM. Stolen Memory chips from SK Hynix! etc etc. People who think they became self reliant over night don’t know this industry. Chip making is the most complex manufactering an d design process humans ever achieved! It is the fruit of over the 100 years of progress in research and development!
@user-fo8lw2cm4o
December 26, 2023 at 2:55 pm
In order to stop the economic and technological development of other countries, it comes up with a lot of lies and unreasonable bans and sanctions. What is the greatness of the United States other than shamelessness and laughter?
@tkktan11
December 26, 2023 at 2:55 pm
Means to say they can still make chips after being sanctioned n blacklisted….so?
@frankfeng4728
December 26, 2023 at 2:55 pm
I recall Raimondo says that Huawei's chips efforts and achievements are not scalable, not a real concern.
@yuzihao8777
December 26, 2023 at 2:55 pm
It has been over a month 😅
@teatree6228
December 26, 2023 at 2:55 pm
SMIC is owned by China govt
China can sanction Pentagon too
@kencherno6330
December 26, 2023 at 2:55 pm
That's right. Throw all the shit US people can at Huawei. That's what democracy means.
@Lululemon2023
December 26, 2023 at 2:55 pm
By now every country should understand relying on US technology is a national security.
@Lululemon2023
December 26, 2023 at 2:55 pm
This accusation on SMIC is awful and unbelievable. Well, use US technology at your own peril.
@LionCity7
December 26, 2023 at 2:55 pm
Come visit us again Raimondi😂😂😂
@spy_balloon
December 26, 2023 at 2:55 pm
To hell with your threat ~ Huawei
@mcc9102
December 26, 2023 at 2:55 pm
😂 chinese companies don't give a fxxx about US sanctions. Just like chinese government can not do much about Lockheed Martin except rare earths sanctions
@zoperxplex
December 26, 2023 at 2:55 pm
How dare a Chinese company violate an American law preventing a company based in China from making advance chips?
@JuanSanchez-tu3dc
December 26, 2023 at 2:55 pm
Sanction SMIC. No more parts or repairs for SMIC litho machines. Cut Huawei from app stores.
@GraniteInTheFace
December 26, 2023 at 2:55 pm
US lawmakers are kinda full of shit on this one just saying
@maylyfanko369
December 26, 2023 at 2:55 pm
America is repeating Edison’s despicable tradition of suppressing Telsa. Shame to USA!
@JD-yz4kr
December 26, 2023 at 2:55 pm
American legislators and media personalities seem to be language illiterate. Export control rules are just that, rules for EXPORTING goods. End users & buyers do not export anything. If there are any entities that violated the sanctions, that would be the SELLERS of the equipment. The US can try holding ASML accountable but I doubt if the Dutch government will allow anyone to destroy one of their crown jewels.
@akoto3378
December 26, 2023 at 2:55 pm
poor us-ians.
@cac1504
December 26, 2023 at 2:55 pm
The Americans have passed a law for all Qualcomm and TSMC chips, all American made chips to have a backdoor to spy on the users. This is not available or possible in Huawei's phones. The Americans are really pissed by this handicap. So, in order to monitor and spy on everyone, they pressurised their allies and cronies and the rest of the world to use their compromised mobile phones and chips. They did not want anyone else to use Huawei phones. Wish they might, but all the sensible leaders in EU and the rest of the world are using Huawei phones to escape from being listened in by the Americans.
In a way, this devious American legislation would kill all American chips and mobile phones now that Huawei is up and selling better phones than Apple. And it is likely that all Chinese Made mobile phone makers would use Huawei chips to keep the Americans away. This American legislation is as good as weaponising the mobile phones.
Who wants to be monitored by the Americans and lose their privacy?
@dhdmsh
December 26, 2023 at 2:55 pm
Usa behaving like a sick puppy 🫵🇺🇸😂😂😂
@WSaem-im4fu
December 26, 2023 at 2:55 pm
Yes. Chinese people should not produce any high-tech products. Chinese people should not make high-tech products better than the United States. Chinese people should not eat.
@BSnicks
December 26, 2023 at 2:55 pm
Does it mean that uncle sam will arrest everyone working for SMIC and confiscate all the assets from this company? This must be the American dream!
@philiptam7208
December 26, 2023 at 2:55 pm
It's so funny u.s become panicky in everything that come from china i thought u.s so strong nation no other country can beat them went it comes to technologies but now everything changes that's only proves china is ways ahead of the u.s
@pipilu3240
December 26, 2023 at 2:55 pm
How dare Huawei ! How dare SMIC!