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.
Investment in space was down 53% over the first three months of the year, according to a report from investment fund Space Capital. Chad Anderson, founder and managing partners of Space Capital, joined Cheddar News to discuss the funding downturn that's hit the lowest level in 14 quarters for the space industry.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.
Belgian customs have destroyed more than 2,000 cans of Miller High Life, advertised as the ″Champagne of Beers,” at the request of houses and growers of the bubbly beverage.
Stocks remained listless in afternoon trading Friday, as Wall Street closed out a quiet week highlighted by a batch of mostly mixed corporate earnings reports.
