Summary List Placement
Tesla shares continued to slump Thursday, a day after its largest outside shareholder announced it had cut its stake because of the recent blistering rally.
Shares of Tesla fell as much as 9% in intraday trading Thursday, extending a 6% loss from Wednesday. Baillie Gifford, the automaker’s largest shareholder, on Wednesday announced that it had trimmed its stake in the company because of internal rules limiting the weight of a single stock in client portfolios.
Baillie Gifford said it’s still a Tesla fan and would welcome the opportunity to increase its stake once again if the stock were to fall further. Tesla shares have been on an epic rally this year, surging more than 430% through Wednesday’s close.
The slump comes just after Tesla’s 5-for-1 stock split went into effect Monday. On Tuesday, to take advantage of the stock’s epic rally, Tesla announced plans to raise as much as $5 billion in a share sale.
Tesla is officially in correction territory, marked as a drop of more than 10%, after falling this week. The stock shed more than 10% between Monday and Wednesday’s close.
Source: – Business Insider
US Reportedly Curbs Exports From Chinese Chipmaker SMIC For ‘Unacceptable Risks’ – Sputnik International
Previously, reports suggested the US Department of Defense was considering adding Semiconductor Manufacturing International Corporation (SMIC) to an Entity List along with Huawei, ZTE and more than 70 Chinese tech firms, barred from doing business with US firms without a licence, as part of the ongoing trade war between Washington and Beijing.
The United States Department of Commerce has reportedly sanctioned China’s biggest chipmaker, Semiconductor Manufacturing International Corporation (SMIC), curbing exports from the company, according to a letter cited by the Wall Street Journal (WSJ) on Saturday.
According to the Commerce Department’s dispatch to the Shanghai-based firm, the WSJ reports, US companies will now need a licence to export certain products to China’s largest chipmaker, because of the “unacceptable risk” that SMIC products could be used for military purposes.
An SMIC spokeswoman cited by the WSJ said in an emailed statement that the firm had not yet received an official notice of the sanctions and was looking into the situation.
The chipmaker reiterated that it has no relationship with the Chinese armed forces and does not manufacture goods for any military end-users or uses.
There has not been any official comment on the report from the US Commerce Department.
Escalated US Attack
Earlier reports in September suggested the Trump administration was considering adding the firm to a government Entity List along with Huawei, ZTE and more than 70 Chinese tech firms which are barred from conducting business with US firms.
Adding SMIC to the Commerce Department’s so-called entity list would in effect target exports from a broader set of companies.
“The military end-use rules only apply to a subset of listed US origin items. The Entity List rules apply to all US origin and some foreign-origin items,” said Kevin Wolf, an export control lawyer at Akin Gump and senior Commerce Department official in the Obama administration, as cited by Bloomberg.
Around 50 per cent of SMIC’s equipment originates from the US, with the company having a market value of more than $29 billion, according to Bloomberg data, with US chipmakers Qualcomm Inc. and Broadcom Inc. among SMIC’s customers.
“Should the US export ban on SMIC materialise, it will signal an escalated attack by the US on China’s semiconductor industry and more Chinese companies will likely be included,” analyst Edison Lee of the American multinational independent investment bank and financial services company Jefferies said.
In the wake of the above-mentioned reports, the Chinese semiconductor company reiterated that it strictly abides by the laws and regulations of relevant nations while having maintained cooperative relations with global chipmaking equipment suppliers for years.
“Any assumptions of the company’s ties with the Chinese military are untrue statements and false accusations. The Company is in complete shock and perplexity at the news. Nevertheless, SMIC is open to sincere and transparent communication with the US Government agencies in hope of resolving potential misunderstandings,” SMIC said in a statement on its website.
Chinese Foreign Ministry spokesman Zhao Lijian slammed Washington over “blatant bullying.”
“What it has done is violated international trade rules, undermined global industrial supply and value chains and will inevitably hurt US national interests and its own image,” Zhao told a news briefing in Beijing.
China’s Tech Giants in the Crosshairs
The US Department of Commerce added dozens of internationally based Huawei affiliates to its Entity list in August 2020, restricting their ability to do business with American firms. The decision expanded on rules issued in May subjecting companies to enhanced licensing requirements if they sold third-party computer chips or chip designs to Huawei that rely on US software or manufacturing equipment.
Back in 2019 the department essentially banned US companies from selling parts and components to 68 Huawei affiliates, allowing, however, for temporary waivers that enabled limited transactions to ease the transition for American suppliers.
Those waivers expired in August 2020, with a fresh order subjecting an additional 38 Huawei affiliates around the world to similar restrictions.
Fresh measures on the part of Washington could block Huawei from gaining access to chipsets, in yet another stinging blow to the Shenzhen-based tech giant.
REUTERS / Dado Ruvic
Earlier this month China had launched plans to boost the mainland chipmaker and others, seeking to distance itself from US technologies.
Sanctions targeting the Chinese partially state-owned publicly-listed semiconductor foundry company, SMIC, would come as yet another step in the escalating tensions between the US and China, that have been exchanging invective on issues ranging from trade, their respective governments’ handling of the coronavirus pandemic, and perceived threats to intellectual property and national security.
The Trump administration began its onslaught by blacklisting Huawei Technologies Co., preventing the giant Chinese telecommunications provider from buying components from American suppliers and pressuring allies to follow suit.
REUTERS / Florence Lo/Illustration
Subsequently, President Donald Trump threatened to ban the video app TikTok from China’s ByteDance Ltd. if the service weren’t sold to American owners, sparking indignation among Chinese executives and government officials, who have repeatedly dismissed all allegations of spying and presenting a security threat.
Recall notice issued on spaghetti sauce that could cause botulism – Montreal Gazette
A brand of spaghetti sauce sold in Quebec has been recalled by the Canadian Food Inspection Agency.
The sauce, made by Érablière Godbout, could cause botulism, according to an advisory by the agency.
The sauce did not have a “keep refrigerated” label on the jars.
The spaghetti sauce, which was sold in 500 millilitre and one litre jars, should be returned to the store or thrown out.
No one has fallen ill after eating the sauce, but the recall has been ordered as a precaution, the agency said in a news release.
Symptoms in adults can include facial paralysis or loss of facial expression, fixed pupils, difficulty swallowing, drooping eyelids, blurred or double vision, slurred speech and hoarseness.
Symptoms of botulism in children can include difficulty swallowing, slurred speech, generalized weakness and paralysis.
'Netwalker' ransomware attacks pose challenge for businesses, organizations in Canada – Global News
Despite pandemic-imposed rules, the lights of the Liquid Zoo are still on until 2 a.m., which is causing confusion for some residents in Kelowna.
The business, which is known for featuring strippers, is downtown on Kelowna’s Lawrence Avenue.
In early September, Dr. Bonnie Henry ordered businesses to stop operating as nightclubs.
She also said that last call must be at 10 p.m., and unless a full meal service is provided, businesses must close by 11 p.m.
A bouncer at Liquid Zoo’s door on Friday night could be heard telling guests that they could order a bunch of drinks for last call at 10 p.m. and keep drinking until 2 a.m.
The Liquid Zoo was not available for an on-camera interview with Global News on Sunday.
However, the business said guests are restricted to ordering two drinks at last call but can sip them until 2 a.m.
The business also said that it has stopped operating as a nightclub and isn’t doing anything illegal.
Liquid Zoo said it offers a full food menu, which means it can remain open until 2 a.m.
The business said it’s had scrutiny from RCMP, Interior Health and bylaw officers.
Although the public health order does say that liquor must not be consumed on premises by owners, operators or staff after 11 p.m., it doesn’t explicitly say that guests must finish their drinks before then.
Interior Health said its public health teams will be investigating the situation.
© 2020 Global News, a division of Corus Entertainment Inc.
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