Reporting by Michael Martina; Editing by Sharon Singleton
Investment
Former U.S. officials urge Congress to enhance Biden’s China investment order
WASHINGTON, Aug 16 (Reuters) – A bipartisan group of former senior U.S. national security officials urged Congress on Wednesday to dedicate resources to President Joe Biden’s recent order restricting some outbound U.S. investment to China, calling it a top priority.
Twenty-one veteran officials – including former deputy national security advisor during the Trump administration Matt Pottinger, and Colin Kahl, who stepped down in July as undersecretary of defense for policy – sent a letter to congressional leaders, calling the order “a positive step in the overdue process of limiting adversaries’ access to American capital.”
“The United States must ensure that [China] and other foreign adversaries aren’t able to use our financial dynamism and openness against us in ways that continue to threaten our national security and prosperity,” they wrote in the letter seen by Reuters, sent to Democratic Senate Majority Leader Chuck Schumer and Republican House Speaker Kevin McCarthy.
The further development of outbound investment transparency and review should be “among your top foreign policy priorities”, they wrote, calling it essential that Congress commit resources to implementation.
Biden’s order, issued last week but expected to be implemented next year, is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security.
It authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
Peter Harrell, a former Biden National Security Council official, and former commanders of the U.S. Indo-Pacific Command Harry Harris and Philip Davidson, were among the other officials who endorsed the letter.
China has said it is “gravely concerned” by the order, though some U.S. lawmakers have criticized it as having too many loopholes.
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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.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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