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Shares of Chinese chipmakers fall after US publishes new export rules By Reuters

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© Reuters. FILE PHOTO: Semiconductor chips appear on a computer circuit board in this illustrative photo taken February 25, 2022. REUTERS/Florence Low/Illustration/file photo

SHANGHAI (Reuters) – Shares of Chinese semiconductor companies fell on Monday in the wake of the latest US crackdown on China’s chip maker to slow Beijing’s technological and military advances.

The Biden administration published a comprehensive set of export controls on Friday, including a measure to cut China off some semiconductor chips made anywhere in the world with US equipment.

An index measuring semiconductor companies in China was down about 5%, and the technology-focused STAR Market in Shanghai was down about 3% in early morning trade.

The set of measures may amount to the largest shift in US policy toward shipping technology to China since the 1990s. If effective, it could hamper China’s chip industry by forcing US and foreign companies that use US technology to cut support from some of China’s leading factories and chip designers.

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China International Semiconductor Manufacturing Corporation (SMIC) was down about 5%, NAURA Technology Group Co. was down 10% by the daily limit, and Hua Hong Semiconductor Ltd. was down about 9% by 0154 GMT.

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A top aide to Ukrainian President Zelensky accuses BP of profiting from the war with a stake in the Russian oil company.

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Basic [hotlink ignore=true]energy[/hotlink] The company that pledged to sell its stake in Russia has yet to do so, and a senior Ukrainian official has accused it of siphoning off millions from the war.

British Petroleum is one of the largest oil and gas companies in the world announce Last February, it said it would sell its 19.75% stake in Russian energy company Rosneft in the aftermath of Vladimir Putin’s invasion of Ukraine.

But after nine months, [hotlink]BP[/hotlink] It has not yet emptied its stake, and one of the closest advisers to Ukrainian President Volodymyr Zelensky is demanding that the company cut ties immediately.

Zelensky’s chief economic adviser, Oleg Ustinko, wrote a letter – it’s been seen before BBC And the The guardian— to Bernard Looney, CEO of BP, urging the company to keep its pledge from the early days of the war, while accusing BP of complicity with Russia in violating international law and its abuses in Ukraine by holding on to its stake in Rosneft.

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“After nine months of Russian aggression, war crimes, and bombing of civilian infrastructure, all financed and supplied by Russian oil, gas, and coal, BP remains a Rosneft shareholder,” Ustenko wrote.

A BP spokesman said luck The difficulties in selling BP’s stake in Rosneft stem from complications related to Western sanctions against Russian companies.

Ustinko also accused BP of continuing to receive payments from Rosneft in the form of dividends, citing its latest Analytics From the NGO Global Witness. The analysis claimed that by failing to sell its stake in Rosneft, BP “continues to receive dividends to shareholders, known as dividends” from the Russian company.

Based on a Pay compensation to Rosneft shareholders Last month, Global Witness estimated that BP took in around £580 million (about $713 million) in the first nine months of 2022.

A BP spokesperson said that the company has not received any dividends from Rosneft shares since February, and does not expect to receive any dividends in the future, adding that the decision to sell Rosneft shares resulted in $24 billion in damage.

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They added that any payments made by a Russian company to “unfriendly countries” abroad would be strictly monitored by the Russian government.

But Ustinko claimed in his letter that BP’s inability to sell its stake still made it complicit with Rosneft. Huge profits This year, which supported the Russian war effort in Ukraine.

“BP will receive this money in a restricted Russian bank account, which is a clear indication of the historical error your company has made – but nevertheless, BP will receive the dividend,” Ostenko wrote.

No accounting mechanisms or data from BP will change this fact. This is blood money pure and simple.”

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Ustinko accused BP of “waiting out the storm, and going back to business as usual when the war is over”.

A BP spokesperson denied the accusation, saying the company had “absolutely no intention of going back to ‘business as usual’”.

Throughout the war, Russia resorted to using energy as a weapon against the West, especially Europe, which was dependent on Russia for energy Most of its supplies are oil and natural gas. Despite the sanctions, Russia managed to continue selling energy abroad this year. You win big From the very high oil and gas prices during the first few months of the war.

Russia’s fossil fuel exports earned Russian energy companies 158 billion euros ($166 billion) during the first six months of the war, according to study by the Clean Air and Energy Research Center. The study found that energy revenues have contributed about 43 billion euros ($45 billion) to the Russian federal budget since the start of the war, helping to fund the war in Ukraine.

This story originally appeared on Fortune.com

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The former US head of FTX is reportedly seeking $6 million in funding to launch Cointelegraph

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Just a month after the controversial fallout Sam Bankman FriedFTX’s FTX stock exchange and 130 affiliates, and a former high-profile CEO is reportedly looking for investors to launch a crypto company.

Former FTX US President Brett Harrison is looking for $6 million in funding to launch a startup that will build cryptocurrency trading software for major investors, depending to the information. Harrison’s funding round will be for $60 million.