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China Condemns Huawei, ZTE Ban Move in Canada, Calls Security Risks ‘Groundless Without Any Solid Evidence’

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By Agence France-Presse | Updated: 20 May 2022

Beijing hit out at Canada for banning telecoms giants Huawei and ZTE from Canadian 5G networks on Friday, calling Ottawa’s concerns for security risks “groundless” and warning of retribution.

Canada’s long-awaited measure on Thursday follows the United States and other key allies, and comes on the heels of a diplomatic row between Ottawa and Beijing over the detention of a senior Huawei executive on a US warrant, which has now been resolved.

The United States has warned of the security implications of giving Chinese tech companies access to telecommunications infrastructure that could be used for state espionage.

Both Huawei and Beijing have rejected the allegations.

“China is firmly opposed to this and will conduct a comprehensive and serious assessment,” foreign ministry spokesman Wang Wenbin told reporters in response to the 5G block.

“The Canadian side has excluded these Chinese companies from the Canadian market under the pretext of groundless security risks and without any solid evidence.”

He added that Beijing would “take all necessary measures” to protect Chinese companies.

“This move runs counter to market economy principles and free trade rules,” he said, accusing the Canadian government of “seriously damaging the legitimate rights and interests of Chinese companies.”

Canada had been reviewing the 5G technology and network access for several years, repeatedly delaying a decision that was first expected in 2019.

It remained silent on the telecoms issue after China jailed two Canadians – diplomat Michael Kovrig and businessman Michael Spavor – in what observers believed was in retaliation for the arrest of Huawei chief financial officer Meng Wangzhou in Vancouver in December 2018 at the request of the United States.

All three were released in September 2021 after Meng reached a deal with US prosecutors on the fraud charges, ending her extradition fight.

But Canadian Industry Minister Francois-Philippe Champagne made the 5G announcement on Thursday, citing the “intention to prohibit the inclusion of Huawei and ZTE products and services in Canada’s telecommunication systems.”

Champagne said Canadian telecommunications companies “will not be permitted to include in their networks products or services that put our national security at risk.”

“Providers who already have this equipment installed will be required to cease its use and remove it,” he said.

‘Hostile actors’

Huawei already supplies some Canadian telecommunications firms with 4G equipment.

Most, if not all, had held off using Huawei in their fifth-generation (5G) wirelesss networks that deliver speedier online connections with greater data capacity. Others have looked to other suppliers while Ottawa hemmed and hawed.

Canadian Public Safety Minister Marco Mendicino warned Thursday of “many hostile actors who are ready to exploit vulnerabilities” in telecom networks.

The United States, Australia, Britain, New Zealand, Japan, and Sweden have already blocked or restricted the use of Huawei technology in their 5G networks.

The US government considers Huawei a potential security threat due to the background of its founder and CEO Ren Zhengfei, a former Chinese army engineer who is Meng’s father.

The concern escalated as Huawei rose to become the world leader in telecoms networking equipment and one of the top smartphone manufacturers.

Beijing also passed a law in 2017 obliging Chinese companies to assist the government in matters of national security.

The decision could prove to be “a major expense for Canada,” Kendra Schaefer, tech policy researcher at consultancy Trivium China, told AFP.

“Not only have local telecom providers already invested… in Huawei equipment, but additionally they are going to go back and have to rip out everything they’ve already installed,” she added.

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EV maker Rivian beats Q3 delivery estimates after raising production

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By Reuters | Updated: October 2, 2023

SAN FRANCISCO, Oct 2 (Reuters) – Electric-vehicle maker Rivian Automotive (RIVN.O) on Monday reported third-quarter deliveries above analysts’ estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs).

The Irvine, California-based startup said it was on track to produce 52,000 vehicles in 2023 – a target it raised in August from 50,000 vehicles as supply-chain bottlenecks eased.

The stronger-than-expected numbers from Rivian come amid concerns of softening demand for electric vehicles in the U.S. due to higher borrowing costs, which has prompted price cuts and discounts by rivals including Tesla.

Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 15,564 vehicles in the quarter ended Sept. 30, compared with Visible Alpha estimates of 14,740 vehicles and up 23% from the second quarter.

It produced 16,304 vehicles at its facility in Normal, Illinois, up from 13,992 in the second quarter. That means Rivian has to make just more than 12,300 vehicles in the current quarter to hit its full-year target.

Price cuts by Tesla to boost demand and responses from competitors have pushed average EV retail prices down to $53,376 in July 2023, from a high of nearly $70,000 a year ago, according to Cox Automotive.

Rivian has stayed away from cutting prices. Instead, it has been cutting cost and moved to building in-house Enduro powertrains to reduce its dependency on suppliers.

Despite a slowdown, there are positive signs of growth in the U.S. EV industry, which has become one of the fastest-growing EV markets, according to market research firm Canalys Research.

© Thomson Reuters 2023

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France’s Planisware IPO targets price range of 16 to 18 euros per share

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By Reuters | Updated: October 1, 2023

Oct 2 (Reuters) – French software company Planisware launched on Monday an initial public offering as part of its aim to become a leading provider of multi-specialist project management solutions.

The group said 15.1 million shares will be sold, priced between 16 and 18 euros each, and it hopes to raise 241 million euros ($254.52 million) from the share sale.

The pricing of the offering is expected to take place on Oct. 11.

($1 = 0.9469 euros)

© Thomson Reuters 2023

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Crypto exchange Coinbase obtains Monetary Authority Of Singapore licence

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By Reuters | Updated: October 1, 2023
By Reuters | Updated: October 1, 2023

Oct 2 (Reuters) – The Singapore arm of cryptocurrency exchange Coinbase (COIN.O) said on Monday that it had obtained a Major Payment Institution (MPI) licence from the city-state’s central bank.

The licence, granted by the Monetary Authority of Singapore (MAS), will allow the largest U.S. crypto exchange to offer digital payment token services to individuals and institutions in Singapore.

© Thomson Reuters 2023

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EU examines Nvidia-dominated AI chip market’s alleged abuses, Bloomberg reports

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By Reuters | Updated: October 1, 2023

Sept 29 (Reuters) – (This Sept. 29 story has been corrected to add ‘alleged’ in the headline)

The European Union is examining alleged anticompetitive practices in chips used for artificial intelligence, a market that Nvidia (NVDA.O) dominates, Bloomberg News reported on Friday, citing people familiar with the matter.

The European Commission has been informally collecting views on potentially abusive practices in the sector for graphics processing units (GPU), used for AI work as well for gaming, to understand if there’s need for future intervention, the report said.

The early-stage investigation may never result in a formal probe or penalties, the report added.

Nvidia, which has a near-monopoly on the GPU market with its 80% market share, declined to comment, while the European Commission did not immediately respond to a Reuters’ request for comment.

French authorities have also been interviewing market players on Nvidia’s key role in AI chips, its price policy, the shortage of chips and its impact on prices, the report added.

France’s competition authority on Tuesday conducted a raid on a company in the “graphics cards sector”, which a person with direct knowledge of the matter told Reuters was Nvidia.

Nvidia’s stock and demand for its chips shot up after generative AI chatbot ChatGPT’s stellar rise last year.

The company’s chips are found in almost all systems globally that power applications like ChatGPT, the reason Nvidia is the only trillion-dollar semiconductor firm in the world.

© Thomson Reuters 2023

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Robinhood sees $100 million finance costs tied to regulatory issues in third quarter

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By Reuters | Updated: 30 June 2022

Sept 29 (Reuters) – Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday.

The company has had several run-ins with regulators. It was also at the center of the “meme stock” trading frenzy in early 2021, when a group of retail investors on social media bought shares of highly-shorted stocks such as GameStop (GME.N).

However, a stormy economic climate last year spooked retail traders, Robinhood’s chief customer base.

The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August.

Robinhood’s shares were marginally higher after the bell.

© Thomson Reuters 2022

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UK’s CMA says examining Qualcomm’s buyout of Israel’s Autotalks

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By Reuters | Updated: 30 September 2023

Sept 29 (Reuters) – Britain’s antitrust regulator on Friday said it was examining whether Qualcomm’s (QCOM.O) purchase of Israeli auto-chip maker Autotalks would lessen competition in the UK market.

The Competition and Markets Authority (CMA) has invited comments on the deal, which was announced in May.

Qualcomm had said it would acquire Autotalks, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal.

Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive business.

Last month, EU regulators said that the U.S. chipmaker would have to seek antitrust approval for the planned takeover, while Politico reported that the U.S. Federal Trade Commission (FTC) is expected to open an in-depth probe into the deal.

Qualcomm and Autotalks did not immediately respond to Reuters’ request for comment.

© Thomson Reuters 2023

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