Day: May 15, 2020

U.S. gave no assurances to Taiwan’s TSMC for license to sell to Huawei: official

WASHINGTON (Reuters) – Taiwan Semiconductor Manufacturing Co Ltd, which unveiled a $12 billion investment plan in Arizona on Friday, has not been given any assurances that it will be granted a license to allow it to sell U.S. technology to China’s Huawei, a senior U.S. official said.

TSMC, the world’s biggest contract chipmaker, announced its plans on Friday just hours before the Trump administration outlined a proposal to amend tech export rules that could restrict TSMC’s sales to Huawei, which is blacklisted by the United States because it is considered a national security threat.

The new rule, unveiled by the Commerce Department and first reported by Reuters, expands U.S. authority to require licenses for sales to Huawei of semiconductors made abroad with U.S. technology, vastly expanding Washington’s reach to halt exports to the world’s No. 2 smartphone maker.

“There’s no assurance whatsoever on that,” Keith Krach, the U.S. undersecretary for

Read More

U.S. funds rush to tech companies and battered energy stocks in first-quarter

BOSTON/NEW YORK (Reuters) – Prominent U.S. fund managers piled into big-name technology stocks and bottom-fished in the beaten-down energy sector as markets reeled from the coronavirus-fueled selloff in the first quarter, regulatory filings released on Friday showed.

They also cut exposure in restaurants, retail and airlines as the mounting number of deaths from the coronavirus — which have now topped 86,000 in the United States — forced shutdowns of virtually all nonessential businesses in most U.S. states.

The first quarter was marked by a 20% plunge in the Standard & Poor’s 500 index and a swelling of the jobless ranks by the millions. While the filings are backward-looking, they give a glimpse of what investors did during a historic stock market selloff and the start of an economic crisis that is being likened to the Great Depression of the 1930s.

Technology giants including Microsoft Corp, Amazon.com Inc, Apple Inc, Google

Read More

U.S. state attorneys general likely to bring antitrust lawsuits against Google: source

FILE PHOTO: A 3D printed Google logo is seen in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) – A group of state attorneys general led by Texas are likely to -file an antitrust lawsuit against Alphabet Inc’s (GOOGL.O) Google and are working on potential litigation for later this year, a person familiar with the situation said on Friday.

The Justice Department is also moving toward bringing a case as soon as this summer, The Wall Street Journal reported on Friday.

Shares of Alphabet fell about 1.5% in after-hours trading.

Google did not immediately respond to a Reuters request for comment.

Google – along with Facebook Inc (FB.O), Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) – are under a series of probes into allegations that the tech behemoths use their clout to defend their market share or expand into adjacent markets.

Read More

California officials reject subsidies for Musk’s SpaceX over Tesla spat

FILE PHOTO: SpaceX founder and chief engineer Elon Musk speaks at a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper

(Reuters) – A California state panel on Friday rejected a request from Elon Musk’s SpaceX for $655,500 in state job and training funds, citing the chief executive’s recent threats to move Tesla, the electric carmaker that he also runs, out of the state.

The snub comes as Musk has sparred with officials in Alameda County over his plans to resume production at the Tesla plant there, which was stopped because of the coronavirus.

Five members of California’s Employment Training Panel voted to reject the proposal and two voted for it, with one member absent, after discussing Musk’s tweets on Tesla’s reopening and media reports of layoffs at SpaceX’s Hawthorne,

Read More