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Biden Issues An Executive Order Restricting US Investments In Chinese Technology

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WASHINGTON – President Joe Biden signed an executive order Wednesday to restrict and regulate high-tech U.S.-based investments flowing to China, a move the administration claimed was targeted but also reflected the world’s two largest powers’ escalating competition.

The contract calls for advanced computer chips, microelectronics, quantum information technologies, and artificial intelligence. According to senior administration officials, the initiative was motivated by national security goals rather than economic reasons, and the categories included were purposefully limited in scope. The directive aims to limit China’s capacity to utilize U.S. investments in its technology firms to strengthen its military while keeping larger levels of trade critical to both countries’ economies.

In an early Thursday statement, the Chinese Ministry of Commerce expressed “serious concern” over the decision and stated that it “reserves the right to take measures.”

The U.S. and China are increasingly involved in a geopolitical struggle based on opposing ideals. Officials in the Biden administration have stated that they have no intention of “decoupling” from China, while the U.S. has also prohibited the sale of advanced computer chips and maintained the enhanced tariffs imposed by President Donald Trump. In response, China accused the United States of “using the cover of ‘risk reduction’ to carry out ‘decoupling and chain-breaking.'” China has cracked down on international enterprises.

As the United States has reenergized partnerships with Japan, South Korea, Australia, and the European Union, Biden has claimed that China’s economy is failing and its global ambitions have been curbed. In developing the executive order, the administration spoke with allies and industry.

“Worry about China, but don’t worry about China,” Biden said during a fundraiser gathering in California in June.

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President Joe Biden signed an executive order Wednesday to restrict and regulate high-tech U.S.-based investments flowing to China.

According to the individuals who previewed the order, China has used U.S. investments to bolster weapon development and modernization. The new restrictions were designed to avoid disrupting China’s economy, but they would supplement last year’s export limitations on advanced computer chips, which drew criticism from Chinese officials. The Treasury Department, overseeing the investments, will issue a proposed rulemaking with definitions that comply with the presidential directive, followed by a public comment period.

The order’s goals would require investors to notify the U.S. government about certain transactions with China and restrict certain investments. According to officials, the directive is focused on industries such as private equity, venture capital, and joint ventures, where investments might potentially provide countries of concern, such as China, with increased information and military capabilities.

According to J. Philip Ludvigson, a former Treasury official and lawyer, the directive is a starting point that can be expanded over time.

“Today’s executive order represents the beginning of a conversation between the United States government and industry about the details of the ultimate screening regime,” Ludvigson added. “While the executive order is initially limited to semiconductors and microelectronics, quantum information technologies, and artificial intelligence, it explicitly provides for future broadening to other sectors.”

This is a nonpartisan issue as well. The Senate added provisions to monitor and prohibit investments in countries of concern, including China, to the National Defence Authorization Act in July by a vote of 91-6.

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President Joe Biden signed an executive order Wednesday to restrict and regulate high-tech U.S.-based investments flowing to China.

However, the reaction to Biden’s order on Wednesday indicated a determination to exert greater pressure on China. According to Rep. Raja Krishnamoorthi, D-Ill., the directive is an “essential step forward,” but it “cannot be the final step.” Republican presidential contender Nikki Haley, a former United Nations ambassador, said Biden should be tougher, adding, “we have to stop all U.S. investment in China’s critical technology and military companies — period.”

Biden referred to Chinese President Xi Jinping as a “dictator” in the aftermath of the U.S. shooting down a Chinese surveillance balloon flying over the U.S. The status of Taiwan has been a point of contention, with Biden claiming that China has grown forceful in terms of its independence.

China-backed Russia during its invasion of Ukraine in 2022, though Biden has underlined that the partnership does not include the sale of weaponry.

The U.S. Chamber of Commerce stated that it met with the White House and government agencies several times during the order’s preparation and that its goal throughout the feedback period will be “to ensure the measure is targeted and administrable.”

U.S. officials have long hinted at a forthcoming executive order on Chinese investment, but it’s uncertain whether financial markets will view it as a gradual step or a further escalation of tensions at a critical juncture.

“The message it sends to the market may be far more decisive,” Elaine Dezenski, senior director at the Foundation for the Defence of Democracies, said. “American and multinational corporations are already reconsidering the risks of investing in China.” Beijing’s so-called ‘national security’ and ‘anti-espionage’ measures, which restrict regular and necessary corporate due diligence and compliance, dampened US FDI. That chill is about to turn into a deep freeze.”

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President Joe Biden signed an executive order Wednesday to restrict and regulate high-tech U.S.-based investments flowing to China.

The Chinese Ministry of Commerce stated that the executive order “seriously deviates from the market economy and fair competition principles that the United States has always advocated.” It impacts normal business decisions, upsets the international economic and trade system, and gravely jeopardizes the security of global industrial and supply chains.”

Following pandemic lockdowns, China’s rapid economic development has slowed. On Wednesday, the country’s National Bureau of Statistics announced a 0.3% drop in consumer prices in July compared to the previous year. This deflation indicates a lack of consumer demand in China, which could hinder growth.

According to figures issued by the State Administration of Foreign Exchange, foreign direct investment into China decreased 89% yearly in the second quarter of this year to $4.9 billion.

According to Chinese experts, most foreign investment is considered to be brought in by Chinese enterprises and disguised as foreign money to obtain tax cuts and other benefits.

However, foreign business organizations report that global corporations are moving their investment plans to other economies.

Foreign firms have lost faith in China due to tougher security restrictions and a failure to follow through on reform promises. Investors are concerned about their future in the state-dominated economy due to Xi and other leaders’ calls for more economic self-reliance.

SOURCE – (AP)

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Disney Plus Announces Crackdown On Password Sharing In Canada In 2023

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NEW YORK — Today, password-sharing crackdowns are becoming increasingly prevalent in the streaming industry. In addition, Disney Plus follows suit.

In an email sent to Canadian users this week, Disney announced restrictions on the “ability to share your account or credentials outside of the household.”

The updated Canadian Subscriber Agreement for Disney Plus stipulates that users may only share a subscription within their domicile if permitted by their account tier and that violations may result in Disney Plus limiting or terminating service. According to the streamer’s help center, “Household” refers to the collection of devices associated with a subscriber’s principal residence and used by the residents.

These password-sharing restrictions are part of multiple revisions to the Disney Plus Subscriber Agreement that will go into effect on November 1 for most Canadian users. According to this week’s email, annual subscribers in Quebec may see the changes a bit later, depending on their billing cycle, while users who alter their plan before November 1 will see the changes take effect immediately.

As previously disclosed in August, Disney Plus will launch its ad-supported tier offerings in Canada and select European markets on November 1. The ad-supported tier of Disney Plus has been available in the U.S. since December 2022.

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Disney Plus Announces Crackdown On Password Sharing In Canada

When contacted by The Associated Press, a Disney Plus spokesperson declined to comment on whether similar domestic restrictions could be anticipated in countries other than Canada.

In a recent earnings call, Walt Disney Co. CEO Bob Iger pledged to make the company’s streaming services profitable, notably through an October price increase on its ad-free Disney+ and Hulu plans in the U.S. and a restriction on password sharing that is expected to last through 2019.

At the time, Iger did not elaborate on the password-sharing crackdown beyond stating that Disney could reap some benefits in 2024, although he added that the work “might not be completed” by then and that Disney could not predict how many password-sharing users would switch to paid subscriptions.

New restrictions on streaming extend far beyond Disney. Netflix, for instance, made headlines when it began clamping down on password sharing. Freeloading viewers are now required to open their accounts in the United States unless a subscriber with a standard or premium plan agrees to pay a $8 monthly surcharge to enable more people from different households to watch.

SOURCE – (AP)

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Man Wanted In Killing Of Baltimore Tech Entrepreneur Pava LaPere Is Arrested, Police Say

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BALTIMORE — Officials said Thursday that police had been searching for the man arrested in a Baltimore tech entrepreneur slaying since last week as a suspect in a separate rape and arson.

Jason Billingsley, charged with first-degree murder in the death of Pava LaPere, 26, was released from prison in October 2016 after accumulating good behavior credits to reduce his sentence for a 2013 sexual assault.

Commissioner of the Baltimore Police Department Richard Worley stated at a news conference on Thursday that detectives believe LaPere was murdered on Friday evening, even though her body was not discovered until after she was reported missing on Monday. The Johns Hopkins University graduate, who founded the tech startup EcoMap Technologies while still a student, was discovered deceased in her flat complex with signs of blunt force trauma.

Brandon Scott, the mayor of Baltimore, questioned why Billingsley was released from prison so soon after his sexual assault conviction, but he noted that police are only one component of a larger system that includes prosecutors, courts, and prisons.\

“We are aware that we are discussing a system with which we must also contend,” he said.

Worley stated that investigators are evaluating all open cases since Billingsley’s release in October 2022 to determine whether any connections exist.

This violent criminal offender and repeat offender will be returned to prison, where he belongs, Worley stated. Now, let’s all collaborate to ensure that he stays there.
The family of LaPere thanked the city police and their law enforcement colleagues for their “tireless efforts” during the investigation and capture of the suspect.

lapere

Man Wanted In Killing Of Baltimore Tech Entrepreneur Pava LaPere Is Arrested, Police Say.

“We’re relieved to know he can no longer hurt other innocent victims,” the family said. While this does not alter the fact that Baltimore lost one of its most devoted and influential admirers, we will continue to honor Pava Marie’s life, achievements, and legacy.

According to an application for an arrest warrant, the victim in the 2013 case told police that during the assault, he displayed a knife and strangled her. Ivan Bates, the state’s attorney for Baltimore City, stated that Billingsley pleaded guilty in 2015 to first-degree sex assault, for which state guidelines prescribe a sentence of 15 to 25 years, but Billingsley received a sentence of 30 years with all but 14 years suspended as part of a plea agreement.

Bates stated that the judge who sentenced Billingsley hesitated before approving the plea agreement reached between prosecutors and Billingsley’s counsel. However, the judge ultimately approved the terms of the agreement.

According to court documents, Billingsley was convicted of second-degree assault in 2011 and first-degree assault in 2009.

Police say Billingsley is also a suspect in a rape, attempted murder, and arson that occurred in Baltimore on September 19. Within hours of the crime, a warrant was issued for Billingsley, and detectives have been actively searching for him ever since, including through his mobile and social media use, interviewing witnesses and monitoring his known addresses, according to Worley.

“When we held a press conference about the death of LaPere, we were approximately 88 metres away from capturing the suspect, but he was able to evade capture,” Worley said.

According to Worley, Billingsley knew the victims of the September 19 incident, which was not a random act, but the department did not warn the public about Billingsley at the time. According to him, the police have no reason to suspect LaPere knew Billingsley.

lapere

Man Wanted In Killing Of Baltimore Tech Entrepreneur Pava LaPere Is Arrested, Police Say.

“I hope this sends a message to anyone else who enjoys committing these kinds of cowardly, heinous acts that we will not tolerate it and will remove you from the streets of Baltimore,” said the mayor of Baltimore, Brandon Scott.

The public defender’s office, which has previously represented Billingsley, told The Associated Press on Tuesday that it was too soon to comment on this case. Thursday morning, the office waited to respond to an email seeking comment on behalf of Billingsley.

Bates stated that if a grand jury returns an indictment, his office will pursue a life sentence without parole.

“If this person is found guilty in a court of law, he or she will never again be able to harm any of the citizens of our fine city,” Bates said.

LaPere, named to Forbes’ 30 under 30 list for social impact earlier this year, was remembered at a vigil on Wednesday evening as someone who remained committed to building community and using entrepreneurship to create meaningful social change even as her national profile increased.

LaPere remained committed to the philanthropic endeavors that initially inspired her as she developed EcoMap, a platform that uses technology to curate data and make it more accessible throughout social ecosystems.

Frank LaPere, her father, told the crowd of more than 100 people assembled for the vigil, “She knew exactly what she wanted to accomplish, and nothing could stand in her way.”

according to Taboola

SOURCE – (AP)

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Netflix’s DVD-By-Mail Service Bows Out As Its Red-And-White Envelopes Make Their Final Trip

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Netflix’s once-iconic DVD-by-mail service is finally coming to an end, a quarter century after two Silicon Valley visionaries came up with the idea that destroyed Blockbuster video stores while paving the way for video streaming, which has revolutionized the entertainment industry.

After its five remaining distribution centers in California, Texas, Georgia, and New Jersey mail their final discs on Friday, the DVD service that has consistently declined in the shadow of Netflix’s video streaming service will cease operations.

Less than one million remaining DVD service subscribers can retain the final discs that arrive in their mailboxes.

Longtime Netflix DVD subscriber Amanda Konkle said on Thursday as she awaited the arrival of her final disc, the 1971 British horror film “The Nightcomers” starring Marlon Brando, “It’s sad.” “It makes me feel sentimental. Acquiring these DVDs has been an integral part of my regimen for decades.

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Netflix’s DVD-By-Mail Service Bows Out As Its Red-And-White Envelopes Make Their Final Trip

Some of the remaining DVD enthusiasts will receive up to ten discs as a farewell gift, including 41-year-old Konkle, who has viewed more than 900 titles since joining the service in 2006. In the hopes of being selected for the 10 DVD giveaway, Konkle prioritized Brando films and older films that are difficult to locate on streaming services in her queue.

At its height, the DVD had 16 million subscribers who could choose from more than 100,000 titles. But in 2011, Netflix decided to separate its DVD business from its streaming business, which now claims 238 million subscribers worldwide and generates $31.5 billion in annual revenue.

On the other hand, the DVD service generated only $146 million in revenue last year, making its eventual closure inevitable against the backdrop of intensifying competition in video streaming, which has compelled Netflix to cut costs to increase profits.

“It’s bittersweet,” Netflix’s CEO Marc Randolph said when the company delivered its first DVD, “Beetlejuice,” in April 1998. “We knew this day was coming, but the miraculous thing is that it didn’t come 15 years ago.”

SOURCE – (AP)

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