FT News Briefing The US-China ‘cat and mouse game’
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Aug 28, 2024 Tensions are rising as a Japanese company defends itself against a takeover bid while China tightens its grip on semiconductor exports, affecting global supply chains. Klarna announces massive layoffs as it pivots towards artificial intelligence. Meanwhile, NASA faces challenges with Boeing's Starliner, which has left astronauts stranded, and turns to SpaceX for a timely rescue. The intricate interplay of US-China relations and tech disruptions is highlighted, shedding light on the future of both industries.
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7-Eleven Takeover Defense
- Seven and I, the Japanese owner of 7-Eleven, is resisting a takeover bid by Couche-Tard.
- They are seeking "core" status, usually for critical industries, for added government scrutiny.
China's Chip Countermeasures
- China has implemented export controls on crucial semiconductor materials like gallium and germanium.
- This is in response to Western restrictions on high-end chips going to China.
Impact of China's Export Controls
- China's export controls on gallium and germanium, key for semiconductors, are impacting Western supply chains.
- China controls a significant portion of the global supply of these materials.