WASHINGTON (Reuters) – A U.S. House of Representatives committee has launched an investigation into investments by four U.S. venture capital firms into Chinese artificial intelligence and semiconductor companies.
The House Select Committee on the Chinese Communist Party sent letters on Tuesday to GGV Capital, GSR Ventures, Walden International and Qualcomm Ventures, the investment arm of Qualcomm Inc, asking for information on their investments in China and setting an Aug. 1 deadline for the firms to respond.
In the letters, the committee alleged that investments by U.S. firms directly contribute to China’s human rights abuses, military modernization and its effort to supplant U.S. technological leadership.
The committee said the probe is the first in a series of investigations into the relationship between the investment world and the Chinese Communist Party.
The Biden administration is considering new rules that would restrict the flow of U.S. investments in Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing.
In its letter to GGV, the panel said the firm had invested in Megvii Technology, a Chinese company “which actively supports the surveillance of Uyghurs,” a Muslim minority group. The U.S. blacklisted Megvii in 2019 over its alleged links to China’s treatment of Uyghurs.
Beijing has denied U.S. allegations of human rights abuses against Uyghurs.
The committee said Walden had invested in Intellifusion, an AI company the U.S. blacklisted in 2020 for allegedly enabling surveillance of Uyghurs.
GSR Ventures, the committee said, has invested in companies linked to the Chinese military, such as Horizon Robotics, which specializes in AI chips.
Qualcomm Ventures invested in SenseTime, a company the U.S. blacklisted in 2019 over its alleged role China’s efforts to profile and track Uyghurs, the committee said.
GGV, Walden, GSR and Qualcomm did not immediately respond to requests for comment on the investigation.
(Reporting by Eric Beech; Editing by Lincoln Feast)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
