World News – CA – China assures the public of a « balanced » coal supply for the winter as provinces cut power to factories

China’s economic planning agency has allayed concerns about higher coal prices due to scarce supply, stating that despite the reserves there are enough reserves for the winter, reports that provincial governments have ordered a reduction in electricity consumption.

The domestic price of thermal coal used to generate electricity surged to over 760 yuan per ton on Wednesday, far more than the government’s limit of about 600 yuan per ton, market participants told the South China Morning Post.

Spot market prices were above 620 yuan per ton this week, up from 500 yuan per ton a month ago as production from the coal-producing provinces of Shanxi and Shaanxi and neighboring Mongolia was unable to compensate for bottlenecks from lower imports. Analysts said.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

China has been cutting power consumption for factories in recent years to ensure households have enough power for heating in winter. However, this year the situation is more complicated. Many manufacturers are operating at full capacity due to the coronavirus outbreak in the US and Europe to meet overseas demand for medical supplies, drugs and consumer electronics.

The current supply and demand in the coal market are generally balanced and the supply of coal this winter and next spring is guaranteed.

China’s leading economic planning agency, the National Reform Development Commission (NDRC), said on Wednesday that winter heating supplies were adequate and power plants had set lower prices for most coal orders, preventing energy costs from rising for consumers.

Spokeswoman Meng Wei said the current coal inventory is sufficient for 21 days of operation in power plants across the country and 31 days in northeast Heilongjiang Province – the coldest part of the country in winter.

« We have noticed that coal prices have increased recently and this has created widespread concern in society. However, the current supply and demand in the coal market are generally balanced and the supply of coal this winter and next spring is guaranteed, ”Meng said.

« We have coordinated with the local coal mines in the main coal-producing areas in order to organize production rationally, use medium- and long-term contracts for the coal supply and strengthen the security of coal transport. ”

More than 80 percent of the coal backed by power plants was tied up between 540 and 550 yuan per ton, Meng said.

« Any price increases on the remaining supply will not affect the safety of the coal, » she added.

China introduced import restrictions this year to keep domestic coal prices within a certain range – ideally between 500 and 570 yuan per tonne – to protect the profitability of local miners.

However, coal prices have risen since October to levels that have not been reached since May last year. This is due to seasonal demand and buoyant industrial activity as China’s economy rebounds strongly from the pandemic, according to data analyst Trading Economics.

Import restrictions have also helped drive up the price of coal. Coal imports fell 15 percent year-over-year in November and 21 percent year-over-year after goods from Australia and Indonesia were curtailed, Trading Economics said.

China imposed an informal ban on Australian coal in November after hitting its import quota for the year.

Supplies were further disrupted by an accident at a coal mine in southwest China that killed at least 23 workers, the second in the region in two months, according to Trading Economics.

Despite the NDRC’s assurances of supplies on Wednesday, the planning agency opened import quotas over the weekend to address bottlenecks but left out Australia as trade between the two countries continued.

The Ordos Coal Trading Center said last week the informal ban on Australian coal was a major reason behind the price hike.

“There are currently more than 80 Australian cargo ships carrying 8. 8 million tons of coal, ”said the coal trading and service provider in a research report. “But under the present circumstances they will not allow Australian coal in the short term, but will depend on the [supply] of the domestic market. ”

Amid concerns about high coal prices, provincial governments have begun notifying manufacturers to reduce electricity consumption.

Zhejiang Province, south of Shanghai, ordered local factories to cut electricity consumption and adhere to a usage plan, which is affecting the productivity of exporters in the production centers of Jinhua and Yiwu, many of whom are still emerging from the pandemic recovering and mounting concerns that the restrictions could affect shipping deadlines.

Some factories have bought diesel generators for electricity, while others have been forced to ask workers to take vacations.

“Many small to medium-sized plants in Jinhua and Yiwu opened after two days of operation. and 30. December a day or two after the operation was given a production ban for two or two days. Some small workshops will even have to stop production completely during the period, ”a Zhejiang manufacturer who refused to give his name told the Post.

The government of Zhejiang decided between Jan.. and 20. December in the industrial city of Wenzhou, electricity consumption restrictions were imposed. The offices are only allowed to heat when the temperature drops below 3 degrees Celsius, and the restaurants should only turn on the air conditioning for guests. after a notice from the post office.

The NDRC office in Hunan province also issued an emergency notice last week urging power plants to « streamline electricity consumption ». .

“The maximum load in the province has reached 30. 93 million kilowatts, more than the historic winter record. The maximum daily electricity consumption is 606 million kilowatt hours, an increase of 14. 1 percent compared to the previous year, and the electricity supply situation is tense, ”says the press release.

“Relevant users should limit their electricity usage appropriately, turn off lights on city attractions, turn off half of street lights, and close government offices on weekends. ”

Hunan will also introduce blackout periods, with key public facilities such as schools and hospitals taking precedence over electricity consumption.

The Chinese authorities have not yet confirmed whether Australian coal has been excluded from the new import quota, but there are still unofficial restrictions on coke and thermal coal out of the country.

Since June, dozens of ships loaded with Australian coal have been stranded in front of Chinese ports, waiting to unload orders placed before the verbal ban.

The new ban, if confirmed, is the latest escalation in a string of trade actions from China that began in April when Australia requested an international investigation into the origins of the coronavirus without consulting Beijing.

This article China assures the public of a « balanced » coal supply for the winter as the provinces cut power to factories, first published in the South China Morning Post

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A 35-year-old man was charged with the murder of 19-year-old student Felicia Teo Wei Ling, who went missing in 2007.

Time is running out for Liang Lintao and tens of thousands of other naturalized Venezuelans who have returned to China in recent years but may be forced to return to the troubled South American country once their visa expires under new Chinese restrictions. In early 2017, after living in Venezuela for 24 years, Liang returned to his Chinese hometown of Enping, a county-level city in Guangdong Province across the mainland border from Hong Kong. He is now one of the 30 or so. 000 Chinese and Venezuelans who live in Enping. Most have returned in recent years as social upheaval and hyperinflation increasingly weighed on the livelihood of Venezuelans. Liang had thought it would be a short trip – a short break until things got better. But almost four years later, he gets stuck and is afraid of returning to a country that he considers his home, but also a very dangerous place. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The Chinese government had been courteous even after Venezuela stopped issuing new passport booklets to its citizens in late 2017 due to a lack of materials to create them. Venezuelan passport holders, including those who had returned to China, were instead given the option to renew their existing passports. On the afternoon of the 30th. However, everything changed on November 1st when the Chinese authorities suddenly stopped accepting the extension documents and instead asked Venezuelans to produce new passports in order to obtain a China visa. The 30th. 000 of us either have to stay overnight illegally or leave China to return to a shattered Venezuela. Liang Lintao With Liang’s visa expiring next month and unable to get a new Venezuelan passport, the move could prevent him from legally staying in China. Beijing does not recognize dual citizenship, and anyone who receives a second passport must give up their Chinese citizenship. « It means that the 30th. Sooner or later, 000 of us will either have to stay overnight illegally or leave China to return to a shattered Venezuela, « said Liang. “These people, including me, face the problem of passport expiration. As soon as our passports expire, we will be in dire straits of not being able to extend our visas for a stay in China. « We are all scared and feeling helpless as more and more people’s bank accounts are frozen shortly after their passports expire. We also have a fine of up to 12. 000 yuan (Jan.. US $ 840) if we stay too long. « . When contacted by the Post, staff from the Venezuela General Consulate in Guangzhou and the Enping Foreign and Overseas Chinese Affairs Bureau said they were aware of the situation of the Sino-Venezuelan people in Enping and were in the process of contacting the relevant departments. A request for comment sent to the Venezuelan consulate by email was not answered immediately. Due to the difficulty of obtaining a new Venezuelan passport, many countries including the US, Canada, Spain and several Latin American countries have accepted expired Venezuelan passports. In Venezuela, Liang was considered an influential Chinese community leader. He estimates that there have been at least 60 since 2014. 000 people – with either Chinese or Venezuelan passports – have returned to China as mass protests against the government spread in the South American country. In its heyday, Venezuela’s Chinese population was around 400. 000 when Nicolas Maduro became president in 2013. Beijing is still officially backing Maduro, who stayed in power for a second term of six years last year despite the nation’s worst economic crisis in history. Those who have returned to China are upset and concerned about the idea of ​​being forced to return to Venezuela, especially since the country is still affected by the coronavirus due to a lack of medical care, Liang said. China has since brought the outbreak under control. « There are more people caught in the limbo of the passport expiration every day, » said Liang, adding that he and others have tried to seek help from the Chinese authorities through the media and the Venezuelan consulate in Guangzhou. However, the group has not received an official response from immigration and emigration officials. Er Qukian, a man in his sixties who has lived in Venezuela for more than 40 years, is one of those who chose to stay there. But life wasn’t easy. « Whether in Enping or Venezuela, most Chinese immigrants struggle to make a living, » said he, who used to run seven grocery stores across Venezuela, but that number has fallen to five due to ongoing economic and political turmoil. « Most of the multinationals have left the Venezuelan market and a large percentage of the country’s daily needs and groceries depend on imports from China, » he said. “However, our company is still struggling to survive due to hyperinflation and the nationwide lockdown of the [coronavirus]. “Water and power outages are part of everyday life. Business is only allowed to operate every two weeks and only three hours a day. Due to the lack of petrol, few locals can find transportation to the city center. « Various state-owned factories – including manufacturers of steel, oil, cement and automobiles – have closed, and almost all projects supported by China – from construction to telecommunications – are now deserted, » he said. First Iranian Tanker Reaches Venezuela Despite US Warning China has lent around $ 50 billion to Venezuela over the past decade, and while Caracas has gradually paid off those debts with oil shipments, it still owes Beijing around $ 20 billion. Chinese immigrants are finding it increasingly difficult to earn a living amid worsening economic conditions in Venezuela. Cherry Chen is one of those who stayed in Venezuela as long as possible before escaping the chaos of the country and returning to Enping last year. “Most of us do business with Venezuela. Inflation in Venezuela is so dire that we have to rely on our bank accounts in China to conduct transactions for yuan business, ”said Chen. The first Chinese immigrants from Enping came to Venezuela 160 years ago. Others followed, became shopkeepers and restaurateurs, and expanded into other professions and mining. Mingo Zhong, who lived and worked in Venezuela for a decade before returning to Enping in 2017, said most overseas Chinese returnees are in their forties or older and not well educated, making it difficult for them to live and work Mainland. The South American Dream Is Just OverCherry Chen « While we are staying in Enping, most of us have put money into small service businesses while we wait for the situation in Venezuela to calm down, » he said. “Some of them are now working as waiters and waitresses in local restaurants. “Many are running out of savings and have to sell the properties they bought in Enping,” added Zhong. “The local economy in Enping is closely linked to Venezuela’s economy. During the good old days in Venezuela, Chinese immigrants were among the wealthiest buyers of local high-end real estate in the city. Enping’s gross domestic product was 18. 691 billion yuan ($ 2). 86 billion) last year, an increase of 4 over the previous year. 9 percent that didn’t match the 5. 5 percent target set by local authorities. « We feel we don’t have a future in China or Venezuela, and the younger generation dreams of moving to Shenzhen, » said Chen. “The South American dream is just gone. More from the South China Morning Post: * President Maduro handed over total control of Venezuela to the opposition after boycott elections. * Venezuela resumes direct oil deliveries to China despite US sanctions. * Chinese tenants, landlords who are dismayed by the debt debacle after the US-listed company has not paid. This leads to evictions * Opposition leader Leopoldo Lopez flees Venezuela to Spain * The US is imposing sanctions on the Chinese company CEIEC VenezuelaThis article Chinese-Venezuelans who are desperate to extend their stay in China as the authorities tighten the rules for extending visas appeared for the first time in the South China Morning Post The South China Morning Post is downloading our mobile app. Copyright 2020.

Hong Kong’s security minister on Wednesday described exiled former lawmaker Ted Hui Chi-fung as « shameless, hypocritical and cowardly » for jumping on bail while insisting on the activist and his family’s bank accounts being frozen with his escape. The harsh criticism of John Lee Ka-chiu came when the government revealed that it had stopped paying Hui County Council’s payments after announcing that it would be released on Jan.. December will not return to ensure that « public funds are used properly ». . « The Internal Affairs Bureau deeply regrets Mr. Hui’s irresponsible act, » said a spokesman for the bureau. District councilors currently receive HK $ 33. 950 per month plus a monthly reimbursement of operating costs. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. Hui, now in the UK, criticized the government’s move, calling it « political repression that overrides laws and procedures ». . “There is no legal basis to stop my compensation payment. It bypassed the county council’s established procedures … and further showed that the administration was nervous and inconsistent, ”he wrote on his social media account, adding that his county council’s office had not stopped working since he left Hong Kong. Hui added that he received no government reimbursement when he left because his HSBC bank account was frozen. The former Democratic Party legislature left the country on bail awaiting trial on charges of last year’s anti-government protests and actions in the legislature. He flew to Denmark with the court’s permission in late November, ostensibly to attend the climate change meetings, only to announce that he had decided to go into self-imposed exile in the UK. Shortly after arriving there, he said his bank accounts and those of his family members – at HSBC, Hang Seng Bank and Bank of China – had been frozen. While Lee never called Hui by name at a session of the Legislative Council on Wednesday, the security chief vowed to bring the opposition activists to justice. « He’s a person who blatantly jumped bail and fled, put wrong itineraries together and lied to the court. He’s doubly guilty, ”he said. The reasons for the accounts freezing were related to money laundering and had nothing to do with his escaping Hong Kong Security Minister, John Lee. “After breaking the law, he just left and fled. He deceives himself and others with his shameless, hypocritical and cowardly behavior. « He also defended the force’s move to freeze Hui and his family members’ bank accounts. Police admitted HK $ 850 last week. 000 (US $ 109. 600) on accounts allegedly linked to a money laundering case involving a « fugitive Hong Kong » accused of misusing money from a crowdfunding campaign. Hui insisted that all of the money he raised online for a planned private persecution of police officers had been stored in his law firm’s bank account, calling the police operation an act of political revenge. « The reasons for the account freezing were related to money laundering and had nothing to do with his escape, » Lee said on Wednesday. « The bank accounts of Hui’s family members were frozen not because of their links to the ex-legislator, but because of the possibility that they could be related to the money laundering case. But independent lawmaker Cheng Chung-tai beat Lee for confusing the public and accused the government of bringing charges against Hui after they knew he had left the city. Lee was in no mood to argue the point, however. « I don’t think we should spend that much time with someone who is always lying, » he said in an obvious reference to Hui. “If that person disagrees, she – who jumped on bail – should go back to town and explain, or ask his legal guardian to challenge our decisions. Lee also stressed that if local law enforcement agencies no longer believed the frozen funds were suspicious after an investigation, they would be unlocked, adding that the city’s mechanism for freezing suspicious funds complied with international requirements. Hong Kong police are locking up bank accounts belonging to the family of fugitive ex-lawmaker Ted Hui. Justice Minister Teresa Cheng Yeuk-wah told reporters outside the Legislative Council that she was aware of some recent statements made against judges that she believed were threats. These remarks, calling for certain people to be released or for withdrawal fees, were a waste of effort, she said. Cheng also vowed to speak up about the judicial system if necessary and declined proposals that would deal a blow to the Justice Department’s impartial image. « The Justice Department has a duty to come out and correct the facts when things are either misreported by the media or misreported by a relevant person, » she said. While Cheng did not explain who she was alluding to, the department recently issued a strongly worded statement drawing on international criticism relating to the imprisonment of prominent activists including Agnes Chow Ting, Joshua Wong Chi-fung and Ivan Lam Long-yin. The trio were sentenced to seven to 13 months in prison for organizing and inducing others to join a 15-hour siege of police headquarters at the start of the social unrest last year. Additional coverage by Chris LauThis article by the Hong Kong chief of security states that the volatile ex-lawmaker « hypocritical and cowardly » freeing bank accounts with no bail was first published in the South China Morning Post. For the latest news from the South China Morning Post, download our mobile app. Copyright 2020.

A 16-year-old boy who followed three women and then insulted their modesty received two years probation.

German roads were quiet « like on Sunday » on the first day of a new partial lockdown to try to stop the rise in infections as the country reported a record number of Covid-19 deaths.

An unmanned Chinese spaceship transporting stones and earth from the moon returned safely to earth early Thursday in its first mission in four decades to collect lunar samples, Xinhua news agency said.

China stands ready to receive 100 million doses of a Covid-19 vaccine from German company BioNTech next year as vaccines roll out around the world and countries battle for access. On Wednesday, Shanghai Fosun Pharmaceutical Group announced that it would purchase at least 100 million doses of a vaccine from BioNTech for use in China over the next year pending regulatory approval. BioNTech developed its mRNA-based vaccine in collaboration with US company Pfizer worldwide, while the company worked with Fosun Pharma, as the Chinese company is well known, for development and sales in China. Both partnerships were agreed separately in March. The mRNA vaccine is a two-dose course, so 100 million doses would be enough for 50 million people. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The announcement to ship to China comes as the long-awaited vaccines are gradually being delivered in other countries. The first shots of the Pfizer BioNTech vaccine were fired in the US, UK, and Canada in the past few days after regulatory agencies in those countries gave clearance for the emergency. BioNTech and Pfizer announced on Jan.. November results of its phase 3 study on the vaccine BNT162b2 announced. They found that the vaccine was 95 percent effective against Covid-19 compared to a placebo. The results were published last week in the peer-reviewed New England Journal of Medicine. How Unicef ​​prepares for the challenge of distributing Covid-19 vaccines Meanwhile, according to local media, the United Arab Emirates began vaccinating on Monday with a vaccine developed under China’s state-owned Sinopharm. Regulatory agencies in the United Arab Emirates, where studies were conducted, approved the vaccine on Jan.. December. Officials said the vaccine was 86 percent effective. Another trial site, Bahrain, followed suit for the Sinopharm vaccine, although neither the company nor a scientific publication provided complete data. China has admitted several of its domestic emergency candidates since July. Almost a million people had received experimental doses developed by Sinopharm as part of the government’s emergency program, the company’s chairman said last month. China’s restricted approval for candidates developed under Sinopharm and another Chinese company, Sinovac, came ahead of the completion of Phase 3 trials. After the coronavirus research race, vaccine manufacturers are facing new hurdles. The cans under the agreement between BioNTech and Fosun Pharma will initially come from BioNTech’s German production facilities, both companies announced on Wednesday. « We are pleased to announce the supply agreement with BioNTech, which is an important step in Fosun Pharma’s and BioNTech’s efforts to make vaccines accessible and affordable in China, » said Wu Yifang, Chairman and CEO of Fosun Pharma. To meet regulatory requirements, the companies started a phase 2 clinical trial of their vaccine candidate in China last month. The results of this study, which assessed the safety and immunogenicity of the vaccine candidate in 960 Chinese participants, will be combined with global data from Phase 3 studies conducted by Pfizer to support their regulatory filing. In a stock exchange filing in Hong Kong, Fosun Pharma announced that the sale and delivery of the vaccine would be phased, including imports of finished products and bulk ingredients. Fosun Pharma said its side would be entitled to 60 percent of the annual gross profit from sales of cans made from imported bulk materials and 65 percent of the profit from sales of imported finished cans. The agreement between Fosun Pharma and BioNTech is part of several partnerships between international and Chinese companies for the supply of Covid-19 vaccines. Under a contract with Anglo-Swedish company AstraZeneca, Shenzhen Kangtai Biological Products is aiming for sufficient capacity to produce at least 100 million cans by the end of the year. Sinopharm could produce 1 billion doses of Covid-19 vaccines next year, Chinese media reported this week. Although it remains unclear how many are intended for domestic use. China has chosen to get enough doses for 1 percent of its population through the WHO-backed Covax Facility. More from the South China Morning Post: * Coronavirus: « Transparency » of Chinese vaccine challenged by Brazilian Medicines Agency * Why did Hong Kong choose three Covid-19 vaccines versus ten others and make the right call? * Coronavirus: The US says it is working to get the Pfizer Covid-19 vaccine approved quickly. This article Coronavirus: China Dedicated 100 Million Doses of BioNTech Vaccine for Launching Overseas Shots first appeared in the South China Morning Post. For the latest news from the South China Morning Post, our mobile app. Copyright 2020.

Smartwatches and fitness trackers have come a long way. Nowadays it is difficult to distinguish the two devices with numerous functions from each other. Who are you better off with in your fitness activities? The performance of the wearables industry has grown dramatically since the Apple Watch was launched five years ago. […] The article Smartwatch vs Fitness Tracker: What is your money worth? first appeared on SingSaver Blog – We Compare, You Save.

Weeks after a funeral for the woman and daughter who he believed died at sea to get him, Nemah Shah was stunned to see online pictures of them emerging from a refugee boat in Indonesia showed up.

Indonesian President Joko Widodo said he was the first in the country to be vaccinated against Covid-19 on Wednesday when he unveiled a campaign promising free vaccinations for everyone in the world’s fourth largest nation.

Brazilian President Jair Bolsonaro made a U-turn on Wednesday when he supported a mass vaccination campaign against coronaviruses the day after warning of vaccine side effects.

A boardroom restructuring at China’s leading wafer foundry, Semiconductor Manufacturing International Corporation (SMIC), could be an attempt to give stability to a national chip champion in order to reduce the country’s reliance on US core semiconductor technology. Chiang Shangyi, who served nine years as head of research and development at Taiwanese foundry giant TSMC before retiring in 2006, has been named executive director and vice chairman of SMIC and a member of the strategic committee, according to SMIC shares tabled on Tuesday. Chiang previously served as an independent non-executive director at SMIC from December 2016 to June 2019. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. « SMIC needs stable management now, » said Stewart Randall, director of electronics and embedded software at Intralink, a Shanghai-based consulting firm. Liang Mong Song, co-CEO of SMIC, is believed to have resigned, according to Liang’s resignation letters from several Chinese media outlets over Chiang’s appointment. Liang was also listed as a co-CEO among other senior executives in SMIC’s share filing published Tuesday. US Blacklisted China’s Top Chip Makers and Oil Giants Liang also worked for TSMC before joining SMIC but was overlooked for top R&D. Job when Chiang left, according to Taiwanese media reports at the time. SMIC said in a statement Wednesday that it was communicating with Liang to review its intention to resign. Backed by local governments and state-backed semiconductor funds, SMIC and its subsidiaries are considered China’s best avenue to catch up with global peers like TSMC in semiconductor manufacturing as the country continues to seek greater autonomy in core technologies. However, beneath the cloud of US sanctions, analysts say SMIC’s pursuit of a top strategy will not work. « We just have to look at Samsung and Intel to know that TSMC is still difficult to catch up with, even if you don’t have a hand tied behind your back like SMIC, » said Randall. Liang, who supported an aggressive cutting-edge strategy for SMIC, disagreed with co-CEO Zhao Haijun, who preferred developing commercially viable products using older technology, according to a Financial Times report last year. Chiang didn’t answer questions about his new roles at SMIC when he was contacted by the Post through LinkedIn. 74-year-old Chiang previously spearheaded TSMC in setting milestones in semiconductor technology in Year 0. 25 micrometers to 16 nanometer knots, which turn the company from a “technology supporter to a technology leader”, according to the SMIC declaration. Chiang is entitled to 670 annual cash compensation. $ 000 and other annual incentives. In June, he resigned as general manager of Wuhan Hongxin Semiconductor Manufacturing Company (HSMC), telling the Post that his experience with the company was « a nightmare ». . Why semiconductors matter in the tech war between the US and China Chinese chip companies were keen to attract top semiconductor talent from Taiwan to help build a domestic chip manufacturing industry. In his leaked resignation letter, which has been widely used in the Chinese-language media, Liang said he was « amazed and confused » by the decision to hire Chiang. Liang said he has been fully committed to his job since he was hired as co-CEO in November 2017. Leading a team of 2000 engineers to complete the development of process nodes from 28 to 7 nm would have taken other companies more than 10 years to complete development. Liang did not immediately respond to repeated calls from the Post. SMIC Chairman Zhou Zixue did not immediately respond to a call for comment. The post office was unable to verify the authenticity of the letter. « There’s no room for two tigers, » said Eric Tseng, general manager of Taiwan-based semiconductor research firm Isaiah Research, of Liang’s possible resignation, adding that it made the market more skeptical of the current SMIC situation, in addition to the US impact -Restrictions. According to an analyst, SMIC is trying to persuade Liang to stay. « SMIC should hope that the two generals can help the company resolve the current difficulties faced by the US export control mandate and advance manufacturing processes, » said Arisa Liu, an industry analyst at the Taiwan Institute of Economic Research. Gu Wenjun, chief analyst at Shanghai-based semiconductor research firm ICwise, said the appointment of Chiang SMIC in the next phase will lead to a « more pragmatic and balanced » development. Given that SMIC is banned from buying state-of-the-art equipment such as EUV lithography machines that can make chips at the 7nm node, it is « neither realistic nor scientific » to insist on advances in more advanced technologies, added Gu added. The boardroom restructuring comes at a time when the Chinese foundry is facing increased U.S. control over its alleged links with the Chinese military, which SMIC has repeatedly denied. In September, the U.S. Department of Commerce told SMIC’s American suppliers that they would need to apply for a license before they could ship more products to the Chinese company. Regardless, SMIC is one of 10 publicly traded Chinese companies to be removed from Morgan Stanley’s MSCI indices after being blacklisted from the US for military connections. More from the South China Morning Post: * Chinese chipmaker SMIC reports high revenues, but warns that US export restrictions have delayed some devices. * Chinese Chip Maker SMIC Requests Renewal of License to Supply Huawei: State Media * What Semiconductors Are and Why China Must Do It YourselfThis China No.. 1 chipmaker SMIC stars ex-TSMC veterans, underscoring the need for pragmatism amid the push for indigenous technology first published in the South China Morning Post. For the latest news from the South China Morning Post, download our mobile app. Copyright 2020.

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The remaining parties to the 2015 Iranian nuclear deal on Wednesday discussed ways to shore up an agreement amid mounting pressure from Iranian violations, US sanctions and uncertainty before President-elect Joe Biden takes office in Washington next month.

A health worker in Alaska suffered a severe allergic reaction after taking the Pfizer-BioNTech Covid-19 vaccine and is now in the hospital but stable, a report said Wednesday.

Chinese authorities have started persecuting 12 Hong Kong activists who were caught fleeing the city by boat to Taiwan.

Marshall Islands Police found the Pacific nation’s largest shipment of cocaine in an abandoned boat that washed up on a remote atoll after years of drifting at sea.

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The Ministry of Health confirmed on Wednesday (16. December) 12 new COVID-19 cases in Singapore, bringing the country’s total to 58. 353 increased.

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