Trump Administration Adds China’s Biggest Chip Maker To Trade Blacklist For Alleged Military Ties

Topline

The U.S. Department of Defense added China’s biggest chipmaker, SMIC and major oil firm CNOOC to a trade blacklist due to their alleged ties to the country’s military, continuing the outgoing Trump administration’s crackdown on Chinese firms.

Key Facts

Late on Thursday, the Department of Defense announced a total of four additions to its blacklist also including China Construction Technology Co Ltd and China International Engineering Consulting Corp.

SMIC, which is China’s biggest semiconductor maker, relies heavily on equipment and software from U.S. suppliers to design and manufacture its chips.

In a stock exchange filing on Friday the Chinese chipmaker said that it was aware of the action and was still evaluating the potential fallout.

Crucial Quote

In a Wall Street Journal

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Exclusive: Gold market authority threatens to blacklist UAE and other centres

LONDON (Reuters) – The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

FILE PHOTO: A woman walks past gold jewellery displayed in a shop window at the Gold Souq in Dubai, United Arab Emirates March 24, 2018. REUTERS/Christopher Pike

In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted.

The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical production and trading of gold has raised the prospect of cutting off the bullion industry in a major financial centre.

“Our goal

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