The US has announced new export controls aimed at limiting Chinese technology giant Huawei’s access to semiconductor technology.
The new rule bars semiconductor-makers that use US technology and software in chip design from shipping to Huawei without US government permission.
It is the latest US action to target Huawei, which US officials view as a national security threat.
China threatened to retaliate against US tech firms.
The tightened controls come a year after the US moved to cut off Huawei, the world’s second largest smart phone maker, from access to US-made semiconductor chips, which form the backbone of most computer and phone systems.
In response, the company and others in China accelerated efforts to manufacture such chips domestically.
US Commerce Department Secretary Wilbur Ross said that those efforts were “still dependent on US technologies”, and accused Huawei of taking steps “to undermine” earlier export controls.
“This is not how a responsible corporate citizen behaves,” Mr Ross said. “We must amend our rules exploited by Huawei… and prevent US technologies from enabling malign activities contrary to US national security and foreign policy interests.”
The new US rule, to be published on Friday, applies to foreign-made items, using US technology. It exempts equipment or software made or shipped within the next 120 days – a move meant to limit economic harm.
In a background briefing for reporters, the US said officials would consider licence applications to do business with Huawei on a “case by case” basis.
“This is a licensing requirement. It does not necessarily mean that things are denied,” a senior State Department official said. “We tend to approach Huawei with some concern but this is a measure that gives the US government visibility into what is moving.”
Also on Friday, the US extended waivers that allow US companies, many of them rural internet providers, to use some kinds of Huawei technology for another 90 days.
‘Cut off the relationship’
Donald Trump, who is campaigning for re-election in November, has stepped up his attacks on China in recent weeks, blaming it for the spread of Covid-19.
This week, he moved to restrict US government pension funds from investing in Chinese companies. He said on Wednesday he could “cut off the whole relationship”.
The US has said Huawei’s technology could be used for spying by the Chinese government.
It has pressured allies, including the UK and Germany, to bar Huawei from their networks and sued the company for technology theft and doing business with Iran, in violation of US sanctions.
Huawei has contested the US government’s claims and said American efforts are likely to backfire, hurting the ability of US tech firms to do business.
China on Friday threatened to place US companies on an “unreliable entity list”, according to a report in the country’s Global Times.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
