In this photo taken Sunday, March 8, 2020, a woman wearing a mask against COVID-19 stands near an advertisement for Huawei mobile phones in Beijing. (AP Photo/Ng Han Guan)
The U.S. government is imposing new restrictions on Chinese tech giant Huawei by limiting its ability to use American technology to build its semiconductors.
The Commerce Department said Friday the move aims to cut off Huawei's undermining of existing U.S. sanctions.
The new restriction is separate from an ongoing Trump administration reprieve on U.S. technology sales to Huawei. The U.S. government blacklisted the Chinese tech company a year ago, deeming it a national security risk, but the limited reprieve allows wireless companies to keep offering service in remote parts of the U.S.
The Commerce Department said this week that reprieve is being extended for another 90 days.
But numerous loopholes have been exploited, especially as U.S. companies continued to supply Huawei with chips made outside the United States. The Commerce Department said the new restriction will “narrowly and strategically" target Huawei’s acquisition of semiconductors built in overseas foundries but using U.S. software and technology.
U.S. regulators say Facebook misled parents and failed to protect the privacy of children using its Messenger Kids app, including misrepresenting the access it provided to app developers to private user data.
Tom McNeela, chief RIA solutions officer with RetireOne, joined Cheddar News to explain how people can use their life insurance policies for an emergency loan. "There's a lot of advantages and opportunities with permanent life insurance policy," he said, "if you have one, and there's cash value in there, you can take a loan out, and most of the time, it's a better rate than what you can get at your bank."
Cheddar News checks in on The Day Ahead as more earnings are on tap from companies Thursday including Apple, Lyft, Kellogg and Expedia while Vice President is expected to meet with some top tech CEOs to discuss the rapid development of artificial intelligence.
Meta is warning that cybercriminals are tricking people into downloading programs that can steal valuable information on fake ChatGPT offers. Cheddar News explains how Meta has observed hundreds of malicious links on its platform.
The 11,500 members of the Writers Guild of America went on strike this week after negotiations with Hollywood studios that began in March failed to result in an agreement.
