Author: Press Room

A worker at a chips factory in Chongqing, China, on March 30, 2022.Future Publishing | Future Publishing | Getty ImagesThe U.S. said it would grant a temporary license from Oct. 21 through to April next year to allow businesses to manufacture some of the high-tech products in China for use outside the country.Chinese chips stocks tumbleChina’s largest chipmaker, Semiconductor Manufacturing International Corporation, traded 3% lower Monday afternoon in Hong Kong, amid a broader market sell-off.Hua Hong Semiconductor was down by about 9%, while Shanghai Fudan Microelectronics plunged by more than 20% as of Monday afternoon.Shares of U.S. chipmakers Nvidia and…

WIth an increasingly condensed schedule ahead of the World Cup, Chelsea are once more in mid-week Champions League action, travelling to Italy to face AC Milan at the San Siro. The game will kick-off at 20:00 UK time. In last week’s tie between the pair at Stamford Bridge, the Blues took advantage of a depleted Milan team to run riot with a 3-0 victory, goals coming from Wesley Fofana, Pierre-Emerick Aubameyang and Reece James. Following the win, Group E is absolutely wide open. With RB Salzburg beating Dinamo Zagreb, they are now top on five points. Chelsea and Milan follow…

The Bank of England has just announced a new raft of measures to support the gilt market, with the headline points that it is going to double the cap of its daily auctions this week to £10bn, but still halt all gilt purchases on Oct 14.To some this might seem a bit like rolling out an extra bottle of booze just before forcing everyone to go cold turkey. Anyway, the bank’s actual purchases have only come to about £5bn, compared to the £40bn on offer from the so-far eight daily auctions.But we think the crucial bit is actually the new…

close Video A San Antonio teenager’s grandmother turned him in to police after discovering he allegedly shot his sister’s boyfriend while on drugs.Officials found the victim with a gunshot wound in his right thigh at around 6 a.m. on Sunday morning, according to FOX 29 San Antonio. The victim, who was found in his apartment, was sent to a local hospital.The 16-year-old was reportedly doing drugs with the victim when they got into a verbal dispute. Officials believe the teenager shot the victim and immediately fled the scene.Police said that moments later, the assailant’s grandmother brought him to a police…

International investigators claim that North Korea stole “hundreds of millions of dollars worth of cryptoassets” to pay for its nuclear weapons programs” – while a row has broken out in South Korean political circles over politicians’ alleged ties to the crypto developer Virgil Griffith.The development comes as Pyongyang claimed that recent missile launches were a “simulation” for nuclear attacks on South Korea. The North is set to conduct its first nuclear weapons test for five years in the coming days, per South Korean-United States intelligence reports. And all this – Seoul and Washington say – is being funded, at least…

CONCERNS OVER ESCALATING PRICES This has prompted the government to intervene to control the price of rice locally. “If we see India’s context, in the entire global scenario, our share and exports have been rising,” said Mr Pushan Sharma, a director at analytics firm Crisil.  “Over the last few years, we used to account for about 24 per cent of global exports from 2018 to 2019. That has risen to 40 per cent.” Mr Pushan added: “So the fear is that, given the decline in domestic production, global production, and India’s rising share in exports, the prices locally could start…

The biggest US banks will signal their worries about the US economy in third-quarter earnings reports starting next week, with analysts expecting they will set aside more than $4bn to cover potential losses from bad loans.The anticipated provisions will be far smaller than the ones made by lenders at the start of the pandemic in 2020, when they increased reserves by tens of billions of dollars to brace themselves for an economic shock that was largely avoided thanks to unprecedented monetary and fiscal stimulus.Now, with loan demand still growing, banks are preparing for the possibility that rising interest rates will…

CNN  —  Emily Sisson set a new record for an American woman when she finished second at the Bank of America Chicago Marathon Sunday. Sisson finished with a time of 2:18:29, beating Keira D’Amato’s record by 43 seconds, the Chicago Marathon tweeted. D’Amato set the previous record at the Houston Marathon earlier this year, finishing at 2:19:12. The two women, as well as record holders from 2006 and 1985, Deena Kastor and Joan Benoit Samuelson, all came together for a photo Sunday. All four women who have held the American Marathon Record since 1985, including the latest in the lineup:…

DEARBORN, Mich. — A man accused of killing a suburban Detroit hotel employee and barricading himself in a room for hours was charged Sunday with murder and other crimes.Reichard Williams-Lewis, 34, was denied bond during an appearance in court.He is accused of fatally shooting a 55-year-old employee on the third floor of a Hampton Inn in Dearborn, Michigan. Williams-Lewis also shot at another employee Thursday, striking an office door on the first floor, and pointed a rifle at a guest and another worker, according to the prosecutor’s office.In court, police said the incident began when Williams-Lewis was confronted by staff for being…

Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. Hong Kong CNN Business  —  Holiday spending during China’s Golden Week has plunged to its lowest level in seven years, as broad Covid curbs discouraged people from traveling or spending, while a darkening economic outlook continues to erode consumer confidence. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.2 billion yuan ($40.4 billion) year-on-year, according to figures from…