micron doesn't have that _ have on micron. micron doesn't have that much _ have on micron.t have that much of _ have on micron. micron doesn't have that much of a _ have on micron. micron doesn't have that much of a share - have that much of a share inside china but that my main force is where in a tit—for—tat war basically the cyberspace administration in china is saying we've seen some cure rarity rest but we can explore what they are. we're about to get on the us side when a leading maker of chips in china, which will be the biggest beneficiary if micron pulls out a child is not allowed to be used, what we're seeing mike gallagher come in and saying we should actually be restricting them as well. now we've got tit—for—tat on—chip so that we're trying to de—escalate. the idea is that we're driving down tension so we're driving down tension so we don't continue with the chipboard and hopefully will make progress. right now this is a sideshow in the middle of these negotiations.— these negotiations. indian prime minister _ these negotiations. indian prime minister is - thes

and of course, i'm going back to micron real quick. it can, we imagine a rift, there is other companies to try and rush in potentially including from american allies such as samsung and south korea. they would actually fit that profile pretty well of what micron is doing there. i don't know if that's intentional from china or if that's just something that the dollars will have to deal with. is it realistic as well? it, it certainly creates 2 kinds of incentives, the grades and incentives, the chinese semi conductor companies to try to fill the gap. and in fact, the shares of some of that, a semi conducted companies that rises in the way to be my current announcement. it also creates an incentive for microns from cartridges to kind of steel bit of a market as well. um, but um i was same time. i mean, the lots of nuances she had at the same time because the united states government, the south korean government, the japanese government, um, are, you know, all in negotiations and talks to try to reinforce america's regulations that were in

china. recently accounted for 11 percent of microns revenue. so much of it in the area of consumer tech at the move allows last week's g 7, excuse me, follows last week's g 7 meeting in japan or countries bound to the risk their economies from china, of more than 4 decades. earlier i asked george magnus of the oxford university of oxford university of china center, why beijing was so upset by the communicate or statement released by g 7 countries at the end of that meeting take listen. so the communicate refers to a number of things which are clearly pointers of china. so for example, among the many paragraphs that were included with those that involved and an approach just like well known market policies, which is basically how they describe china. and that was a non market economy about co version of other countries in terms of trade and commercial policy. they object to or don't like the harmful effects that are quote, some countries adopt with regards to certain sectors like grab the judges digital sector. and there's plenty in there about

micron on a blacklist for major projects in the country. also on our show is a new wind blowing in a fight between communities and wind turbine developers. we look at some new initiatives to give residents a call to the prophets. hello, and welcome to the show. obviously, beardsley in berlin and we'd begin an ireland where regulators have hit meta with a 1200000000 euro fine, largest such penalties since the strict data privacy rules inter entered effect 5 years ago on the data regulator. so the parent company of facebook, what's up and instagram continues to run a file of rules governing data transfers to the us. they said meta has 5 months to bring its policies into line. the company says that it expects the u. s. and e regulators to work out a broader data privacy agreement in the coming months of the fine is the latest chapter and a decade long dispute. going back to revelations, the us intelligence agencies were accessing personal data from facebook as well as other social media companies. for more on this, i'm joined by rosie birch ar

that micron products has security risks. cyber watch dog is barring micron products. this is going to have limited impact to micron because it has 10% of the global sales here there is some concern, however, because of the overall political environment with the latest move and some companies will decide to excise myron from the supply chains that impacted the competitors like samsung in south korea. no details on how the cyber watch dog made the decision which is one reason why the u.s. was so fiercely opposed to it saying it firmly opposed restrictions and no basis in fact the chinese reacted and tentatively, frank, they said all companies need to abide by chinese law. not necessarily making people feel comfortable >> not investors of micron shares down 5% this morning. eunice, we heard from president biden on this. he said two sides would talk soon how do you see this impacting the u.s. and china tensions? >> reporter: he made the comments at the g7 summit. a lot of people hoping that the u.s. and china would have discussi

as alex was setting up, it's curious this ban on micron products.hat kind of history does micron have with china specifically? is it significant? >> there are a number of things but the big thing to point out is that micron and its south korean competitors doesn't have a production plant in china. those guys do which makes them a little bit closer to beijing in terms of what that country wants to do with domesticating its own ship industry. the negative thing in the past for micron is they went to court with a taiwanese country, -- comfort -- court saying that company was stealing its ip to give to china. there is real tension there in the past. scarlet: micron is caught in the middle of this political banter. if you are qualcomm or intel, should you be worried you are next but and if not, why is micron on the hot seat? >> china needs qualcomm, china needs intel, china needs broadcom but it doesn't need micron. the chips that micron makes are basically exactly the same as the ones that samsung makes. literally, you can drop them into a piece of elec

of course, those are allegations, he rejects micron safe. these reforms are absolutely needed. francis population is aging. and of course, there are other countries in europe where the pension age is already higher than 60, for the age, which the pension of retirement will be raised to here in france, i spoke to one protester who said, well, we think we don't care what it's like in other countries, we want our rights to be maintained here, that women who we heard from you said we want to be able to see our grandchildren and grow old and to be able to live more. so what it looks like here is really, i kind of fractured social contractor, at least that's what we're hearing from the demonstrators, but it certainly will make for a tricky time ahead for president micron. is rosie burton with the latest and i from paris, mostly. thank you. from now to the war in ukraine, russia fired another barrage of missiles targeting cities across the country today keeps shows that its air defense is intercepted most of the rockets, but at least 34 people were injured. the strikes are expected to

we had breaking news from micron.p stocks that could benefit from that. shery: let's delve into that story that broke earlier today. we have learned that micron could be getting $1.5 billion in incentives from the japanese government. part of the effort to strengthen the chip supply chain. what do we know, what will be done with this billions of dollars of investment? steve: it is a big development, as the g7 has been pushing supply chain resilience, that is code word for relying less on china for key critical supply chain issues. ships are at the forefront of geopolitical concern. it is no secret that warren buffett's berkshire hathaway just invested -- because of its location in taiwan. there is a diversification with japan reaping the benefits. the prime minister's from hiroshima, he will be meeting with the heads of micron, as well as other chip companies, trying to lure them to come here. we are learning from sources there could be an announcement later today on that story where micron technologies of idaho will

micron says it is addressing its next steps. philippines finance chief is not inspecting food prices just -- to spike as the comedy races here. the extreme weather pattern is on the specter to cause a slight drop in foreign output. the government is preparing measures to mitigate the impact. john the is reportedly planning to lead a one-week delegation to singapore, malaysia and indonesia in july. the south china morning post reports that top government officials and hong kong has been pushing to join the economic partnership and global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. trade deal. >> all after he announced his plan to step down in the next 12 months. this after earlier discussing the succession plans was underway. >> at thought given my age, a five year time felt very reasonable. >> it takes a long time for talent to rise. >> will one of those women with -- will one of those women be that ceo? >> there is a distant possibility. i am givin

it was only two phumonths ago t china was going to review micron, and now the chips made by micron wereand, and they believe it will not include pc and smartphone chips, this is the biggest market in china when comparing infrastructure chips for the country. micron cfo said they anticipate the ban's impact to revenue will have a single-digit impact, so the impact could be about 25% of total revenues for now they have not changed their guidance for the quarter an overhang, though, scott, it could lead chinese smartphone customers to slowly change their supply chain away from microaffecting future sales. micron is one of the three players that build memory chips. the u.s. has asked the south chip makers not to do business with china for now, and they are going to ignore that request for now. a point of new negotiations for the u.s., all of these companies rely on equipment from u.s. semi cap suppliers, and many will have to play ball eventually, but you see how intertwined all of the supply chains are >> the types of chips micron has and the important segments to the over all bottom line

china bans micron semiconductors amid a technology clash with washington. biden says ties with beijing are set to improve. president biden has -- and speaker mccarthy do to discuss the debt ceiling in washington today as talks to avoid a default resume. a pause signaled -- a pause in the hiking may be appropriate, signaled by jay powell. ryanair come in in at 1.43 billion euros in the estimate was 1.38. we are trying to get a read on how the summer will be viewed the fuel bill will increase i more than one billion euros. summer demand is robust and affairs are trending. is ultracheap lower fares over? modest year on year profit increased in fiscal year 2024. they see the revenue growth cover the higher fair bill, one billion euros. the flame the oh ointment -- the fly in the ointment is boeing delays. elsewhere it is a strong summer that is pushing their adjusted profit higher and expectations for the full year. we will break that down later. we will speak to the cfo of ryanair around 6:40 a.m. u.k. time. the real star of the show is away from the anchor de

he's regulators bound to band some domestic purchases of chips made by us for micron technology. as a jane continued to register its displeasure over the outcome of the latest use of a meeting regulator saying us company failed a security re review, excuse me, beginning earlier this year. and it badging would now prohibit domestic operators of key industries from doing business with my crohn. china recently accounted for 11 percent of my cross revenue. so much of it in the area of consumer tech at the move allows last week's g 7, excuse me, follows last week's g 7 meeting in japan where countries bound to the risk their economies from china for more than 4 decades. earlier i asked george madness of the oxford university of oxford university is china center why beijing was so upset by the communicate or statement released by g 7 countries at the end of that meeting take listen. so the communicate refers to a number of things which were clearly pointed to china. so for example, among the many paragraphs that were included with those that involved and an approach just like well know

micron's chips go into consumer electronics.are saying this is critical infrastructure where the risk is but when you look at where these chips are going, it is not necessarily others pieces. as this battle continues, we heard from president biden on sunday that he thinks relations between the two countries are thawing. this does not look like a thought to have this kind of six week investigation by beijing into micron conclude with them pushing back by having the company sell it to the country. find or not, it seems like the next instrumental -- incremental escalation. alix: also, fine is my most hated word. it means nothing. i saw. appreciate it. you can catch her and scarlet fu on bloomberg technology at noon in new york. the other political risk is the debt ceiling. u.s. lawmakers have less than two weeks to pass a bill to avoid default. president biden and speaker mccarthy meeting today at 5:30. mccarthy saying it is hard to get the democrats off the spending spring. henrietta treyz joins us now. what are the chances we get

it could be soul applying -- supplying chipmaking to micron, equipment making equipment to micron, easy to just say photography. easyjet is up by 1.5%. narrowing the path to probability it is looking better and better, the outlook into the summer looking solid. it is a good news story and the markets get a little mark on that one. bt growth is down it will be cutting a lot of jobs. normally that would set the stock higher, it will be finishing its fiber rollout but actually it is the catch story that is really driving stock lower. bt growth down by 5.5%. alix: it's now performance of tech, it micron out up 1.5%. we did get steam to the upside when we had kevin mccarthy sounding positive in the debt yield to get a house for up next week. senator schumer also relatively positive, that helped. the two year yield making a run for it up by seven basis points. a couple things going on. jobless claims falling a bit but there are issues there but nevertheless, lori logan saying maybe we cannot pause in june in terms of a hike and you had chances for a hike in june, a re-rating a bit higher and

they can buy micron chips as well because they failed a security review -- they cannot buy micron chips they failed a security review. yvonne: joining us now to talk us through what this ban really means. >> maybe that was a flimsy comment. it was not a flimsy question because it was asked by our colleague, annmarie hordern, who was there at the g7. whether the china-u.s. relationship is getting better or not, i agree with mark cranfield that you need to see more concrete evidence they are having dialogue and moving this thing fired -- moving this thing forward. but it is not getting better overnight because of this micron issue. essentially that several months long cybersecurity review, beijing has ruled there were security risks, cybersecurity risks, and they will bar and keep infrastructure companies in china from purchasing these memory chips from micron. 11% of micron's revenue comes from china, so it is a blow. it is not as big as qualcomm or others that get a much bigger chunk from china, but still it is an opening salvo as china retaliates. not saying it is a tit-for-tat retalia

/china relationship micron failed a national security review. micron slipping 3% on the news it's the nasdaq 100's worst performer today. the u.s. commerce department criticizing the china decision, a spokesperson stating, we firmly oppose restrictions that have no basis in fact. so, what impact will these rising tensions have on the markets and the economy? to some extent, we were girding for this, preparing for this, we thought this would happen, they were placed under review months ago. but the tech ban on the u.s., we thought there would be retaliation, tim >> yeah, i think wives been bracing for this for a long time on the show we've been talking about this and said it could exist not just within the tech seconder to. and i think as you get into consumer products. it's been easy from any government for the beginning of time to lean back -- i think the call here is critical in infrastructure now, really, if this is a tit for tat, the first part of that expression started in may 15th, 2019, when trump then banned hu huawei and again, talked a

we talk about micron giving 10% of revenue from china.n't know what it means for micron customers which are not chinese entities it could be a large chunk of business that they need to look out for here the question is how much more can they fight this if at all? it seems like there may be a hard stance. if president biden is going to say there is a, you know, better posturing with relations with china, this may be an olive branch to offer up how do you do that when you want to ensure they don't continue to breakdown the trust. >> looking at the ban specifically, one thing to note in particular is the ban from beijing applies to infrastructures only not all will be impacted jeffries says the impact will be limited as major customers are consumer electronics suppliers you look at the share price. clearly investors are concerned. there is a concern the ban could spread or debate with the exposure across the industries to your point of what this means for the broader u.s. and china relationship moving forward, it does seem it could be an opp

when the smt, a leading maker of other chips in china, which would be the biggest beneficiary of micronf china, we are seeing mike gallagher come in and say, we should actually be restricting them as well. so now we have this tit for tat on chips. we are trying to de—escalate. the idea is to drive down the tension so we don't continue with a chip war and hopefully we will make progress but right now this is a sideshow in the middle of these negotiations. there have been reports that alibaba cloud has started downsizing which will impact some of the land star. the move comes as the company prepares for an ipo. it is part of the l announcement to restructure to six units following a two—year track —— crack down on the tech sector in china. narendra modi insane australia for a two—day visit aimed at boosting political and comic ties. last year, two—way trade was... a free trade deal came into effect last year. we look at what both sides are going to benefit from this is it. india is australia's sixth largest trading partner. last year, the two—way goods and services trading was worth about

christina, why micron? >> it wouldn't be a complete ban on micron products only thought network and infrastructure related management earlier this morning said those chips should not be affected by the ban, which should mitigate the revenue impact to a certain extient. laugh year's revenue was 11% and came from china. the 11% would shrink down to 2% in total revenues. it's a little smaller than what we normally would think the impact would be and falls in line with what the cfo said, that it would be impacted by single distinct percentage the shares are falling, but they're off the lows from this mor morning. chinese companies could pivot their supply chains completely away from micron out of fear of barring in the future. the u.s. does have some leverage given samsung and sk hynix are maintaining normal operations amid all of the export restrictions it's because they have boundaries in china. the sentiment on the street is because they are motive. that would offset any drop in revenue that we're seeing fro

micron is interesting.t's the one that is probably the least important when it comes to technology that is, i would say, military, least important when it comes to the technology that may or may not be able to make it so that chin is invasive. remember, we already had nvidia be told they can't have any h-100 chips. i have more on nvidia, which is just incredible. but you know, amd's levered there. micron will be the shot, and then the next would be amd i don't think amd is going to have better relations. >> okay. we got a lot to talk about, of course, talk more about a.i. overall, nvidia, couple of deals to get to, and that opening bell, little more than five minutes away don't gonyer awhe. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. ou

what do you make of this decision to ban micron?: china will ban micron from certain critical infrastructure, so it is not certain how wide fed band will actually be. china has targeted micron because the chips they produce are produced by two korean companies. so the chinese are hoping they can buy the chips from other suppliers, hurting micron but not themselves. tom: but for other parts of the semiconductor space, it is not that simple. they are still reliant on the u.s. and japan, and the equipment provided by asml, for example in the netherlands. chris: many types of processor chips are produced largely in taiwan. china is critically reliant. if you look at a i chips, the types of semiconductors used to train them, china is usually reliant on imported chips which is why the u.s. is trying to cut it off. tom: in terms of ai, it is fascinating given all the hype, but the material changes in terms of generative ai. we know nvidia is in full to production of chips that are useful. is nvidia providing ai? how far are they in terms o

he explains the impact that this would have on micron.n't have that much of a share inside china but main point here is we are in a tit for tat war that basically the cac, the cyberspace administration in china is saying we have seen some security risks, but we can't explain what they are. we are about to get the tat on the us side when the cxmt, a leading maker of dram chips in china, which will be the biggest beneficiary if micron pulls out of china or allowed to be used in china, we are seeing mike gallagher come in and say, we should actually be restricting them as well. so now we have this tit for tat on chips. we are trying to de—escalate. the idea is to drive down the tension so we don't continue with the chip war and hopefully we will make progress but right now this is a sideshow in the middle of these negotiations. now, indian prime minister narendra modi is in australia for a two—day visit aimed at boosting political and economic ties. last year, two—way trade was valued at roughly $31 billion, and that is unexpected to grow af

it found a good target in micron.n though the cybersecurity review took less than two months, it was a pretty thoughtful retaliatory response, in that it was still in the ic space, micron was a soft target, it had a rough history in the chinese market from before and was already diversifying. and china has credible competitors in the memory space. but ymtc is also getting hit hard by u.s. restrictions as well. yvonne: i'm interested to know, do you think beijing would go beyond what you have just mentioned with micron what you just mentioned with micron? do you think beijing has the political will to do so, or do they end up hurting themselves? reva: every move comes with a shoot yourself in the foot mentality. i believe beijing will be more cautious here. but we are in the thick of this competition, and technology is at the center. and there is no slowing in the pace of u.s. tech investment controls. certainly there is a bit of pause as the u.s. reassesses how china would retaliate. how much coercive leverage does it

micron getting about 1.5 billion dollars to help japan build its next gen chips. in terms of technicals, suggesting the nikkei to 25 in overbought territory, but back in 1989, it was in overbought territory for about a year, so upside possibility. in the fx market, take a look at where we are in terms of the chinese yuan. taking a look at where we are in terms of the aussie dollar, currently down about .1%. remember, it is about the job market. jobless rate trending higher for the first time this year alone, easing perhaps pressure on the rba to raise rates again. pretty much scans for aluminum and copper as well. steel up as well. in the bond market, yields trending higher, a reflection of what happened for treasuries as well. 10-year yields up three basis points. rishaad: let's look at the set region moving up about .75%. regards to the new government, the formation of a new government after the weekend's elections, the bought -- the bhat coming back. dollar looking a bit weaker. indian ruby -- the fte looking like it will be moving to the upside. it will tell y

today, hundreds of thousands on the street venting over president microns plan to raise the retirement age. also coming up, ukraine fights off a new wave of washing air strikes. air defenses lit up the skies over cave this morning. and i don't agree with flatter marapoo trans regime, which instigated this war against ukrainians were like brothers to us. we'll meet a russian student who fled house arrest as well as her own country, after becoming another victim of the kremlin cracked down on descent and a top you way. the official says in sudan, warring generals have agreed to send delegates to potential peace talks. ah, i'm bring gov to our viewers watching on p b s in the united states and to all of you around the world. welcome. we begin this monday in france with a fresh wave of go against president emmanuel mack owens plans to change the country's pension system. hundreds of thousands joined the traditional made a demonstrations today to condemn the plan, which would see the minimum retirement age raised by 2 years to the age of $64.00. the country's interior minister says that mor

dollar investment in donation if you will to micron technologies of idaho for memberships in advancedonductors to be made an hiroshima on top of tsmc's building a fab. japan is becoming a critical cog in the diversification of supply chains for like-minded economies. de-risking the taiwan equation and incentivizing companies to move here. rishi sunak has just announced the hiroshima accord to get japanese investment into the u.k. also in semiconductors. yet, the wheels are moving on this. tom: a fascinating inconsequential trend. stephen engle the ground for us in hiroshima covering all things g7 over the next few days. burberry shares slumped after a slow down the americas overshadowed a rebound in china. we discuss that next. this is bloomberg. ♪ tom: it is thursday. welcome back to the open. you are seeing gains of .4% hige u.s.. optimism around progress made on debt ceiling talks. autos at the top of the list getting a lift from the investment of the china's geely into aston martin in the u.k.. basic resources at the bottom of the list down .5%. a scoop for bloomberg around my con

mean, you and i have known each other and you, but on this program, as long as the french president micron has been in office and you and i have pointed out a number of times that entered dig gall trying to fight its way out of him. sometimes he gets de gaulle curious, but i don't take him seriously anymore because even when he says those kind of things the next day says something different, i think that is really emblematic of europe's place in the world today. go ahead, john. yeah, i mean, the big difference between a menu and michael and a charles to go live there are so many of them is that all would never have talked about europe. european autonomy to gold talked about french autonomy and he understood that autonomy can only be national and that to any european dimension by definition was incompatible with autonomy. my colon doesn't understand that macaroni thinks that there can be such a thing as european autonomy. he believe all he occasionally, as you said in your question, p t, occasionally says that. but actually there are contradictions in terms. and we saw this, for instance, w

chinese companies like telecom to stop buying micron memory chips.sting china is banning us-made chips after the department ordered nvidia and amd to stop selling high-end ai chips to china and ordered south korean chipmakers not to fill the gaps so china needs advanced chips, a supply of it and micron is caught up in the politics because they signed $3 billion investment deal to make ships in japan to fill the void so all of a sudden ai chips and advanced are cut up in this political drama in the u.s. china tensions. their best performer so far in this ai boom. stuart: today as i understand is delivering board plus day. this is about electrics? >> lithium, the new gold rush in the ev battery cells that power electric cars, ford announced a new series of deals to secure a supply of lithium for suppliers in us-made canada so cars qualify for the $7500 tax rebate. automaker says it plans to produce ev's at a rate of 2 million a year by 2026, it's a big number. tesla this year saying that will produce 1.8 million cars so if you can get to 2 million by 2

technology, putting export controls in place for semiconductors made by micron.end that the u.s., quote, won't tolerate china's ban on micron chips, calling the restrictions economic coercion. china's finance ministry announced they plan to extend tariff exemptions for some u.s. imported products until the end of the year, the trade representative says the biden administration is conducting a review of tariffs on china's goods from an a analytical perspective. china's trade relationship is part of it. gordon, you your reaction to all of this? it feels like too little too late. the u.s. is not doing anything to meet china's provocation. >> yes, certainly. when the chinese hear commerce secretary raimondo say this is not tolerable, referring to the micron ban, the chinese just laugh. the question is what will the united states do to impose costs on china for banning micron and the reason why this is important is because that security review that beijing said it conducted on micron products, that was bogus from every indication. and so really what we have is another

china hits back, banning the use of semiconductors from us chipmaker micron in major infrastructure projects. up, up and away — ryanair is poised to prove it's flying high and beating its rivals by keeping prices rock bottom. and have you got green fingers? the year's most important horticultural event begins here in the uk — we look at the impact of the chelsea flower show. time now for the top business stories — i'm sally bundock and we begin in china, where it has banned key operators of its infrastructure from using products by us memory chip—maker micron. it accuses the manufacturer of failing its network security review and therefore poses a serious security risk. china launched a review into micron�*s products in march — this is the first big measure against a us semiconductor group. this follows similar moves in washington last year when it introduced chip export controls on china in october — the netherlands and japan have since followed. let's go to our asia business hub for the details on this — katie silverjoins me now. tell us more about china's decision. tell us more about chin

shares of micron are taking a hit, stock is down better than 5%.y around that the president is going to put limitations on investing in chinese companies. >> yes. really what's going on here is that china c cut off communicatn lines with the united states. it's dangling the prospect of talking to china as if that is a privilege for us and i think that they are doing that in order to prevent the issuance of those regulations and that executive order which would cut off american investment into china's a.i. and other critical sectors. right now, we have american companies that are fueling their chinese counterparts and those chinese counterparts are helping the chinese military develop weapons that are going to be used against the united states. and we learned again that american companies can invest through the savings plan of the federal government into companies that have been put on the entity list of the commerce department. this is insane, maria. maria: yeah. and you know, michael mccall joined me yesterday, the chairman of the house foreign af

story, china is basically cutting off micron, saying it is a naming security risk. and i should also point out that you mentioned taiwan, 90% of advanced semiconductor chips produced in taiwan advanced chips in military things like that. if they go in, and take over taiwan, they can basically shut the world on and off. >> ie, i think you know we all know taiwan semi makes most advanced chips taiwan semibuilding a facility in phoenix, three man facility in phoenix sam sun intel taiwan semi, spending tens of billions of dollars to renew semiwaveer fabs in united states taking a while to get those built but to your point, the facility in taiwan critical, along with asmlin, holland pro proper functions of many most advanced, let's say military items also, technology pieces in the united states, so look not the end of the world we will just go back a generation or two of chips, two generations ago iphones work pretty well so, you know the world is not turning off, and one thing u.s. will do, is we will -- react quickly, mark warner was on talking about how if shut tiktok

the source of the chips from the american company micron caused concern in the state department. us manufacturer may lose a market that brought him a quarter of the revenue of more than $ 7.5 billion. we are very concerned about the information that the prc has restricted the supply of micron chips to some of its industries the us department of commerce is working directly with china to make our views clear. in general, these actions are not in line with the prc's claims that it is open for business and adheres to the transparent regulatory framework explained the ban by the presence of network security problems in microcircuits, entire sectors of the chinese economy from transport to finance will refuse to purchase. so far, all the news. the real madrid football club appealed to the spanish prosecutor general's office with a demand to investigate russian insults against the brazilian striker of the vinicius team at the match with valencia danil will tell you more. brazilian vinicius junior from real madrid is one of the most notorious young and hot representatives of both the sp

> the man who called china's boom and bust, hao hong will join us on g7 coupling and the swipe on micron. >>> very modest moves. s&p 500 hovering just under that 4200 level we did pop above it at the beginning. nasdaq outperformance, incredibly steady theme. it's been that way for months right now. today it's microsoft, it's alphabet you do have yields not doing a whole lot and still that same story. we have a 52-week high in the nasdaq 100, first time in 18 months that's happened historically that's bullish looking out, but short term it looks likeit's a little overstretched. >> the strategists are sort of debating internally as to what will happen. we got the s&p 500 pretty much at 4200. the question is, do we keep going? bank of america raising record to 4300 saying, we're more optimistic about eps for the year we see upside to at least 210 on eps and we see the real opportunity will be in the equal weight s&p, which we have not seen, because it's been such a one-sided rally. >> the equal weight around flat year to date the nasdaq is up 20% and the microweighted s&p is up 10%. that's

you see pacwest shares responding up 6% in early trading. >>> shares of micron are falling after thenese regulator would ban purchases of some prots products micron products have failed the network security review and said micron posing a security risk to the chinese infrastructure supply chain china chip stocks rose overnight on the news in response to the beijing announcement the commerce secretary told the wall street journal that the u.s. opposes restrictions with no bases in fact -- no basis in fact >> this is just pay back >> right >> tit-for-tat u.s. had their ban on chinese technology and this is them coming after us. >> this is the memory chips and trying to convey to south korea. don't help them out here >> do we have a g7 report coming up later >> china and chips >> some broad statement of unity about cooperation, but with some -- >> they never said it. it was heavily -- a lot of innuendo >> i'm not sure he got enough support. >>> david zaslav deliver the commencement speech at boston university yesterday he was interrupted by protesters who chanted pay your writers >> pay

china initially launched a review into micron's products in march, and has now accused it of failinghington in october last year, when the us introduced chip export controls on china. the netherlands and japan have since followed. 0ur asia business reporter katie silver explains. it is china's first big move against a us chip—maker and as you said, it follows his move from last year from washington and we are seeing tensions continue to escalate over this issue of chips. as you say, it follows a review in march and according to the cyberspace administration in china they said there were serious network security risks which put at risk of the infrastructure supply chain and therefore the national security of china. it's unclear what these risks are and what micro—products they pertain to but micron says it has received this notice and is assessing its next steps and it looks forward to continuing to engage with beijing. we have also heard from washington who says they're continuing to work with allies and they say this creates distortion from the market and within the market and they

chipmaker micron. annabelle: investors are positioning for a relief rally in markets to start the week. this is the state of play. u.s. futures, the s&p 500 and nasdaq both to the upside. bond futures steadying somewhat. riskier assets had been gaining. more haney -- havens becoming more subdued when we had headlines around the tentative debt deal. oil to the upside to start the week. let's look at how this will play out across asia today. futures pointing to the upside. we are one hour from opens in tokyo and sydney. seal shut today for a public holiday. the dollar steadying somewhat but broadly it has been lower against more risk sensitive currencies like the aussie one they're gaining .1%. as well, bitcoin and other asset last we have been tracking. more speculative, gaining as much as 2%. really, the question is how long it can last. the u.s. treasury will be looking to replenish its coffers. that means it will be in competition with banks. we could see a funding cost squeeze short-term that could

let's start with micron. is this a playbook for more companies to come to japan? and that is why the prime minister had a meeting yesterday with intel and samsung and others. japan is what i refer to as the supply chain of the supply chain. there are 18 or 19 companies in japan that operate 75% to 80% of market share worldwide in their space. you cannot do semi conductors without a japanese company involved. getting the first of the next generation memory chip produced one grandma with an emv in japan. it is a strategic asset for memory chips that are now going up in quality towards logic, but also you add another layer up top when china switched their focus on micron. at has a component of anti-coercion in its shift. rishaad: u.s. ambassador to japan rahm emanuel and our very own annmarie hordern. let's look at the first word news. china is said to be transferring management of its stakes to the sovereign wealth funds. there are a few state firms currently affiliated with chinese regulators and they will also be transferred to that entity. house speaker mccarthy

china has banned its key operators of its infrastructure from using products by us memory chip maker micron it accused the manufacture of failing its network security review. the decision came after chinese authorities launched a review into micron products in march after washington and beijing clashed over chip technology. exports for the first 20 days of may _ exports for the first 20 days of may in _ exports for the first 20 days of may in south korea fell over 16% from — of may in south korea fell over 16% from a year earlier. this is south _ 16% from a year earlier. this is south korea's longest losing export— is south korea's longest losing export streak in three years partly— export streak in three years partly because before in demand for semiconductor chips. fresh from the g7, us presidentjoe biden will meet with republican house speaker kevin mccarthy late on monday for another round of talks on the us debt ceiling. there are less than two weeks before the us might be hit with the default. early on sunday the treasury secretary said that june the first remains a hard deadline. if

china has banned its key operators of its infrastructure from using products by us memory chip maker microncused the manufacture of failing its network security review. the decision came after chinese authorities launched a review into micron products in march after washington and beijing clashed over chip technology. fresh from the g7, us presidentjoe biden will meet with republican house speaker kevin mccarthy late on monday for another round of talks on the us debt ceiling. there are less than two weeks before the us might be hit with the default. early on sunday the treasury secretary said that june the first remains a hard deadline. if the debt ceiling is hit, washington could run out of federal funds to pay its bills. elsewhere in asia will get fresh inflation data from parts of asia including singapore and japan. many central banks in the region have raised interest rates to deter inflation, marine moves by the us fed. daniel murray of efg asset management gave us his expectations earlier. i don't think there will be major changes in the japanese inflation data. the big challenge inj

to chinese critical information infrastructure supply chain, an effect chinese national security micron tac based in idaho is officially banned from selling computer chips on the chinese mainland. their stock tank in the aftermath of this announcement, while chinese computer chip companies saw their stocks rise, that was move comes in the aftermath of america banning and moving against wow, way, technologies and z d e. over the past few years, these 2 chinese companies faced accusations of spying, no evidence was ever provided, but that was enough for the u. s. government to stand them and start moving against them around the world. now us leaders are crying now. they're saying that micron tack is not getting a fair shake, that we certainly polls the strictures that have no basis. in fact, the us will engage with d r lice and bought in us to ensure where closely coordinated to address distortions of the membership market cost by trying his actions as long been said that some people can dish it out, but they can't take it. and that seems to be how it is in washington dc. caleb bobbin arc

. demonstrated gathered in the city center, calling for microns quit, and police. they're using tear gas and charging the crowds in an effort to try and discuss the more shifting gears to cuba. now of course, the annual made a parade is actually being called off by the islands government. they blaming acute fuel shortages for the reason the parade is only ever been canceled before and 20202021 because of covert this though is the 1st time it's been called off for economic reasons and i was discussing it with professor of latin america and caribbean studies daniel shore, who believes that at the end of the day, it's decades of sanctions that have left cuba in a dire financial situation. to we had an impasse with the recently delegations in have on, in a few to have few thought. it is our food shortage is electricity shortages, so on and so forth. precisely because of this 6 decade long u. s. economic war and hybrid war against the cuban people. india has hit out that ukraine's ministry of defense for depicting a hindu goddess rising from a fire that erupted during a

w documentary for months now people in france have protested against president microns plans to overhaul the countries pension system, including a hike in the age of retirement. from 62 to 64 parliament couldn't stand in the way in the courts saw no reason to do so. on the streets of paris to day tensions and tear gas clashes with police to night. the fight in france a made a call from the workers to their president. i broke off in berlin. this is the day . ah, the government thinks this is all behind us. no, it's not behind us. that we have continued to neither life because we know that the government is not going to drop the issue of pension reco with what's next. as long as the pension reforms, the note withdrawal, and we'll continue to protest. i wasn't, i know more determined than ever come across once for more years. we will go on for 4 more years. ah. also coming up in the banking turmoil in the us, another bank collapsed over the weekend on monday morning. it had been swallowed up by a giant i'm pleased to say that the regulators have taken action to facilitate the sale of 1st re