(Bloomberg) — The UK is considering new curbs on outward investment in emerging technologies such as artificial intelligence and semiconductors, citing the potential security risks of aiding hostile states such as Russia and China.
Britain’s deputy prime minister Oliver Dowden, who oversees the UK’s investment regime, said he’s planning to work with other Group of Seven nations to assess the risks and consider whether to introduce extra restrictions.
The government’s concern is that some outbound investments may be used to “facilitate and support and aid strategic uplift of adversaries,” Dowden said in an interview, citing areas such as semi-conductor manufacturing, cryogenic equipment and facial recognition technology. Nevertheless, “there’s a high bar for the imposition of any form of restrictions,” he said.
The UK’s focus on the issue follows President Joe Biden’s order last year to limit US investment in some Chinese advanced technology companies, as Western nations try to strike a balance between protecting national security while encouraging free trade and innovation. Dowden said he will also review Britain’s approach to export controls and clarify the circumstances in which the government would review inward investment in sensitive sectors like critical minerals and semiconductors.
Read More: UK Weighs Measures to Crimp Investment in China After Biden
“The risk landscape is increasing all the time,” Dowden said, referring to Russia’s invasion of Ukraine, Chinese aggression in the South China Sea and the threat of ransomware attacks. “We are in a state of cyber and economic contestation with an increasing range of state and non-state actors.”
The move by Biden last year regulated US investments in some Chinese semiconductor, quantum computing and AI firms, and the British government said at the time that it would consider its own next steps.
Yet whether the Conservative Party will be in power to see through changes in this area is far from certain, given the opposition Labour Party’s commanding poll lead ahead of a general election that must be called by January 2025 at the latest.
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.
