The White House has condemned the Chinese regime for its ban on purchases of memory chips from the American company Micron on May 24, saying it’s retaliation over the recent G7 statement. However, the White House expressed that Beijing’s sanction won’t affect Washington’s efforts to improve communication with China. White House national security spokesperson John…
White House Condemns China for Micron Ban But Will Keep Communications Open
May 25, 2023
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Asia & PacificBusiness & MarketsChina Business & EconomyChina NewsChinese RegimeCompaniesCXMTGlobal ExpansionInfiltrating the WestKirbyMicro ChipmicronSpecial TopicsTech Competitiontech WarUSUS NewsUS-China relationsWhite HouseWorld
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Kohl’s Reports Surprise Profit in Q1 Helped by Inventory Cuts
NEW YORK—Kohl’s posted a surprise profit for the fiscal first quarter, helped by the department store chain’s moves to cut inventory in the wake of weak sales. The company, based in Menomonee Falls, Wisconsin, also affirmed its annual financial guidance, pushing up shares 11 percent higher in premarket trading on Wednesday. Kohl’s said that it…
Abercrombie & Fitch Reports Surprise Profit, Raises Sales Forecast
Abercrombie & Fitch Co. on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29 percent. The apparel retailer has worked to increase its stock across all its labels and lure…
Executive Behind PwC Tax Scam Referred to Police Over Release of Confidential Information
Peter-John Collins, the former Australian head of the international tax department at consulting firm giant PricewaterhouseCoopers (PwC), has been referred to the Australian Federal Police (AFP) over the improper use of confidential government information. In a statement released on May 25, the Secretary to the Treasury, Dr. Steven Kennedy, said that the emails from the Tax…
Fitch Warns Continued Partisanship on Debt Ceiling Will Hurt AAA Credit Rating
May 25, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchFitch ratingMarketsPolicies & ImpactsPoliticsUSUS News
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Fitch Ratings placed the United States’ AAA credit rating on “rating watch negative” on May 25, citing concerns about a possible downgrade due to the ongoing political deadlock over the debt ceiling. As negotiations between House Republicans and The White House stretch into a third week, Fitch expressed concern about brinkmanship in the debt ceiling talks…
South Korean Supplier Plans $40 Million Auto Parts Plant in Georgia Near New Hyundai Complex
STATESBORO, Ga.—A South Korean company will build a $40 million factory in coastal Georgia to make heating and cooling systems near a Hyundai Motor Group auto assembly plant. Hanon Systems announced Tuesday that it would build the plant in Statesboro, with plans to hire at least 160 new employees. Hanon Systems is the eighth major…
Australians to Face New Wave of Electricity Bill Surges
May 25, 2023
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Australiaaustralian energy regulatorBusiness & MarketsChris Boweneconomyelectricity pricesenergyinflationWorld
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Hundreds of thousands of Australian households will see their electricity bills surge by up to $600 (US$390) this July 1 in the latest wave of price increases. The Australian Energy Regulator (AER) has released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in three…
China-Backed Hackers Targeting Critical US Infrastructure, Microsoft and Five Eyes Warn
May 25, 2023
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Business & MarketsChina NewsChinese cyber espionageChinese RegimeCompaniesInfiltrating the WestInternational RelationsMedia & Big TechNational SecuritySpecial TopicstechnologyThreat from Communist ChinaUSUS NewsUS-China relationsVolt TyphoonWorld
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A Chinese cyber espionage group has been targeting a wide range of networks across U.S. critical infrastructure sectors, from telecommunications to transportation hubs, since at least mid-2021, according to Microsoft and various cybersecurity agencies under the Five Eyes alliance. Microsoft announced on Wednesday that the “stealthy and targeted malicious activity” is carried out by Volt Typhoon,…
Rep. McClain Rips Financial Regulators for SVB Collapse
May 25, 2023
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Business & Marketseconomic policieseconomyLisa McClainPeter SchiffPoliticsrecessionRepublicansSilicon Valley BankUSUS News
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The swift demise of Silicon Valley Bank (SVB) has raised serious concerns about the bank’s management and, more importantly, the failure of oversight. These issues were highlighted during Wednesday’s hearing of the Oversight Subcommittee on Health Care and Financial Services, where Chairwoman Lisa McClain (R-Mich.) expressed her apprehensions. “The speed that it failed raised immediate…
Inquiry into Regional Bank Closure Reveals Shocking Shortfalls in Decision Making
A senate inquiry into bank closures in regional Australia has revealed shortfalls in banks’ decision-making leading to the branch shutdown, including the lack of consultation with the local community and the inadequacy in ground knowledge of senior decision-makers. The inquiry, which Senator Matt Canavan oversees, held public hearings on May 17 and 18 in regional…
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