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Good morning. The White Home is searching for detailed info on Huawei’s newest flagship smartphone, which analysts have described as an essential milestone for the Chinese language tech group 4 years after US restrictions crippled its handset enterprise.
US nationwide safety adviser Jake Sullivan stated on Tuesday that Washington wanted to get “extra info” on the exact “character and composition” of a chip powering Huawei’s newly launched Mate 60 Professional, in reply to a briefing query on whether or not US controls on exports of superior semiconductor know-how have been being thwarted.
Whereas Huawei has declined to disclose particulars of its suppliers for the Mate Professional, a dismantling of the telephone by the consultancy TechInsights final week recommended it contained a 7-nanometre processor made by Semiconductor Manufacturing Worldwide Corp.
The partially state-owned Chinese language chipmaker turned topic to export restrictions three years in the past, when the US commerce division stated there was an “unacceptable threat” of chip know-how being diverted to it for “army finish use”. Learn the total story on Huawei’s “Made in China” smartphone — and what it may imply for the US-China tech conflict.
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Extra on chips: US personal fairness group KKR is planning an preliminary public providing for a chip tools maker on Tokyo’s alternate within the fourth quarter, in what can be the market’s greatest IPO since 2018.
Right here’s what else I’m maintaining tabs on at this time:
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EU GDP: Second-quarter development figures are set to be launched at this time.
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Tencent: The Chinese language tech big will unveil its synthetic intelligence chatbot, becoming a member of the worldwide race to dominate generative AI.
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Australia LNG strike talks: Staff at Chevron’s Western Australian pure gasoline amenities agreed to pause deliberate industrial motion till Friday, simply hours earlier than they have been anticipated to start strike motion amid a dispute over pay and circumstances. Chevron’s Gorgon and Wheatstone operations in Australia account for greater than 5 per cent of world liquefied pure gasoline capability. (Reuters)
Our Lengthy Story Brief publication gives a number of the most effective work throughout the Monetary Instances and an perception into reporting life, written by a unique feminine journalist every week. Don’t miss this Friday’s version from Roula Khalaf, editor of the FT. Enroll now.
5 extra prime tales
1. WeWork is searching for to renegotiate practically all of its leases all over the world, weeks after the SoftBank-backed workplace house group warned that there was “substantial doubt” about its potential to proceed as a going concern. The corporate’s drive to chop lease prices threatens a industrial actual property business that’s already affected by the surplus capability that adopted a coronavirus pandemic-driven surge in working from house. Learn the total story.
2. Unique: Common Music has struck a take care of French streaming service Deezer to direct extra royalties to artists and away from a “sea of noise” that features amateurs, bots and white-noise soundtracks. The settlement is the most important shift to the streaming enterprise mannequin for the reason that launch of Spotify in 2008. Right here’s how this deal may reshape streaming economics.
3. Turkish president Recep Tayyip Erdoğan has deserted his life-long hostility to rate of interest rises, vowing to make use of “tight financial coverage” to counter hovering inflation, which the federal government stated would hit 65 per cent by the top of this yr. The remarks from Erdoğan, who had beforehand lashed out on the “rate of interest foyer”, are an indication he’s backing the extra orthodox financial coverage of his new financial staff. FT’s Adam Samson stories from Ankara.
4. Officers in China and Japan are pushing again in opposition to the energy of the US greenback as a rally by the dollar threatens to drive each the renminbi and the yen to historic lows. The Individuals’s Financial institution of China set the buying and selling band for the Chinese language forex increased than anticipated on Wednesday whereas Japan’s prime forex diplomat issued his sharpest warning but in opposition to the yen’s fall. Right here’s what analysts are saying.
5. Indonesia has threatened to curb TikTok’s buying platform, months after the Chinese language-owned viral video app stated it could make investments billions of {dollars} within the fast-growing south-east Asian nation. The minister of co-operatives and small and medium enterprises, Teten Masduki, accused TikTok Store of “monopolistic” enterprise practices, and stated Indonesia ought to comply with the lead of different international locations together with the US and India in limiting the corporate’s actions.
The Huge Learn
Greater than 100 international locations are exploring the concept of a central financial institution digital forex, starting from China’s “e-yuan” to the UK’s “digital pound”. However as plans for digital money acquire momentum, so have the conspiracy theories. A rising throng of tradition warriors have decried CBDCs as a instrument designed by international elites and the World Financial Discussion board to destroy freedom or impose unwelcome environmental and social agendas.
We’re additionally studying . . .
Chart of the day
Warmth information within the 2023 northern hemisphere summer season have been “not simply damaged however smashed”, scientists from the EU earth statement company reported. Learn extra on the world’s hottest season on report.
Take a break from the information
Our ancestors have been on the point of extinction round 900,000 years in the past, in response to a brand new scientific report, with little greater than a thousand breeding people eking out a lonely existence for greater than 100,000 years. However this new principle has been met with scepticism, highlighting the problem of reconstructing the story of our personal species.
Extra contributions from Tee Zhuo and Gordon Smith
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