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Washington ramps up its war on chips with China

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Washington is teaming up with Dutch and Japanese officials to limit China’s chip advancement

American, Dutch and Japanese officials are reportedly getting close to finalising an agreement which will limit China’s access to the tech required to make computer chips.

ASML is a leading maker of semiconductor production equipment in The Netherlands.

The company says it’s possible a deal has already been reached but the details have not been made public.

The company is the world’s only producer of machines which use extreme ultraviolet lithography to make advanced semiconductor chips.

While Dutch officials banned ASML from exporting this equipment to China in 2019, it continues to ship lower-quality systems to the country.

In October, Joe Biden’s administration announced a range of export controls to prevent China from accessing advanced chips.

The U.S. says these chips can be used to make weapons, commit human rights abuses and improve the speed and accuracy of military logistics.

White House National Security Council spokesman John Kirby said Friday that Dutch and Japanese officials were in Washington.

“We’re grateful that they were able to come to D.C. and to have these talks,” Kirby said. #trending #featured

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France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.
The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.
President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.Banner

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.


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Trump moves to fast-track removal of Fed governor Lisa Cook

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The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

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ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

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ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.


ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews


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