Investment
US Senate backs measure requiring reporting on China tech investments
WASHINGTON, July 25 (Reuters) – The U.S. Senate overwhelmingly backed legislation on Tuesday that would require U.S. companies to notify federal agencies of investments in Chinese technologies such as semiconductors and artificial intelligence.
The 100-member Senate backed the amendment to the National Defense Authorization Act (NDAA) by 91 to 6. The NDAA sets policy for the Department of Defense and is expected to become law later this year.
The desire for a hard line on China is one of the few truly bipartisan sentiments in the divided U.S. Congress, and lawmakers have introduced dozens of bills seeking to address competition with China’s communist government and industries.
The amendment is a version of the Outbound Investment Transparency Act, offered by Democratic Senator Bob Casey and Republican John Cornyn to address the risks of U.S. investment going to foreign adversaries like China.
“We need this type of outbound investment notification to understand just how much… critical technology we are transferring to our adversaries via these capital flows. With this information in hand, we can begin to take control of our economic future,” Casey said in remarks urging senators to support the amendment.
Unlike a version of the legislation the senators introduced in 2021 that failed to become law, the latest measure requires notification of some outbound investments, rather than review or prohibition of certain deals, and targets fewer industries.
The Senate also passed, by a vote of 91 to 7, an amendment to the NDAA boosting federal reviews of foreign purchases of U.S. farmland and, in some cases, barring Chinese, Russian, Iranian or North Korean purchases of U.S. farmland.
The final form of the NDAA, which authorizes $886 billion in defense spending, will not be determined until later this year.
The Senate is expected to pass its version, including amendments, this week. The Senate bill must then be reconciled with a bill passed in the House of Representatives earlier this month. That compromise measure must pass both chambers and be signed by President Joe Biden to become law.
Reporting by Patricia Zengerle; Editing by Jamie Freed
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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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