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There is a fierce debate in the United States and among its allies about the impacts of export controls, and nowhere is that debate more heated than in the semiconductor equipment manufacturing industry. Too often, however, this debate occurs without any grounding in real-world data or relevant historical Chinese policy context. This paper seeks to provide some of that grounding through a combination of Chinese policy document analysis and new financial and market share data for leading semiconductor equipment firms in China, the United States, Japan, and the Netherlands. What follows are a set of 10 key judgments based on the author’s analysis. 1. China’s ambitions for eliminating dependence on foreign semiconductor manufacturing equipment started long before America’s expanded usage of technology export controls. The first and most important argument among critics of U.S. export controls is that they weaken U.S. technology leadership by incentivizing China to eliminate U.S. technology from its semiconductor supply chain. However, reducing dependence on foreign semiconductor and semiconductor manufacturing equipment suppliers was official Chinese policy before the Trump administration’s April 2018 export controls restricting sales of U.S.-designed chips to ZTE, a Chinese telecommunications firm, launched the new era of semiconductor export controls. “ The Roadmap of Major Technical Domains for Made in China 2025 ,” which was published in September 2015 and covered semiconductors and other sectors, included goals such as “replacement of imports with Chinese-made products basically achieved in key industries” by 2025. It set specific targets and deadlines for the degree of market share that Chinese companies were supposed to reach and by what date. Targets for the semiconductor manufacturing equipment sector include the following: As the Made in China 2025 technical document roadmap stated , “meeting domestic market demand, improving the self-sufficiency rate of integrated circuit products, meeting national security needs, and occupying the strategic product market have always been the greatest demand and driving force for the development of the integrated circuit industry.” Even earlier policies, though less well resourced, sought to dramatically reduce use of foreign semiconductors and semiconductor manufacturing equipment. For example, the 2006 “Medium Long Range Plan for the Development of Science and Technology” explicitly called for self-sufficiency in semiconductor technologies and initiated so-called “mega projects” to drive toward that goal. For more than a decade, China’s government has provided lavish subsidies in the form of tax breaks, free land, government grants, and equity infusions to a number of Chinese semiconductor equipment companies. Naura, one of China’s leading domestic semiconductor manufacturing equipment companies received $1.3 billion in state support in 2021, even before the imposition of the Biden administration’s export controls. AMEC, another leading Chinese semiconductor equipment company, received a similar equity investment from the “Big Fund” in 2015. Simply put, China’s goal of semiconductor equipment industry localization and robust policy support predated any modern effort to impose meaningful export controls on China’s chip fabrication capabilities. 2. There is not a simple relationship between export controls and China’s rate of technological progress. China’s greatest progress came in sectors with no export controls. A September 2024 analysis by Bernstein Research , an equity research firm, included a review of China’s semiconductor self-sufficiency goals from the 2015 roadmap and found that “China has made impressive progress and likely will beat the ‘Made in China 2025’ targets for integrated circuit (IC) Design and Manufacturing, but may miss the goals for IC equipment and Materials.” As the Bernstein analysis shows, the rate of China’s progress toward self-sufficiency is best predicted by the market and technological complexities of each semiconductor market segment, not by the extent to which export controls were applied. It is certainly not the case that the segments in which China has made the most progress—or even devoted the most resources—are the areas in which the United States has applied export controls most forcefully. That there is not a simple relationship between export controls and China’s technological progress should be obvious given that China has made rapid progress in other technological domains—such as solar cells and electric vehicles (EVs)—where the United States applied no export controls and in some cases actively supported the rise of a Chinese supply chain. The United States applied no export controls in the case of the equipment used to manufacture silicon solar cells, yet today China dominates both production of solar cells and production of the equipment used to make them. This equipment is in many ways similar to (though less sophisticated than) the equipment used to make and process silicon wafers for semiconductors. In fact, one Chinese company, Naura, is a domestic leader in both manufacturing equipment for both solar cells and semiconductors. The biggest difference in Chinese outcomes between those two industries is not the presence or absence of export controls but the far greater technological complexity of producing semiconductor manufacturing equipment. The EV maker Tesla made a major push into Chinese manufacturing in late 2018, launching deep partnerships with many local Chinese suppliers, such as battery-maker CATL. As a November 2024 commentary in a major Chinese state-run newspaper stated : "Tesla’s rapid growth in sales, fueled by its technological and branding advantages and backed by China’s massive consumer market, has driven the rapid development of upstream and downstream supply chains. Today, the localization rate of parts for Tesla’s Shanghai Gigafactory exceeds 95%, with more than 60 suppliers integrated into Tesla’s global supply chain." The Chinese EV supply chain, which Tesla helped dramatically increase in both scale and technological sophistication, is now also supplying Tesla’s competitors . Defections of Tesla-trained skilled employees are also a challenge. An April 2024 New York Times report claimed that most of Tesla’s early Chinese employees now work at competing Chinese firms. In a January Tesla earnings call, Tesla CEO Elon Musk said “The Chinese car companies are the most competitive car companies in the world. . . . Frankly, I think if there are not trade barriers established, they will pretty much demolish most other companies in the world.” The point here is not to suggest with unwarranted certainty that export controls would have definitively prevented China’s rise in the solar and EV industries. Rather, it is to caution the reader against relying too heavily on cursory anecdotal evidence to reach conclusions about when export controls do or do not work and what the counterfactual outcome would have been if export controls were or were not applied. Much depends upon the state of the global market landscape, the complexity of the controlled technology, the current technological sophistication of the targeted country, the design of the export control regulations, and the robustness of the controls’ implementation and enforcement. Only a detailed analysis can hope to reach anything approaching insight. 3. Semiconductor export controls—as implemented thus far—have in different ways and at different times both helped and hindered Chinese firms. Just as foreign firms have supported Chinese competitor growth in solar cells and EVs in the absence of export controls, so have they done in semiconductor manufacturing. The major semiconductor manufacturing equipment providers all have major service businesses, where, among other things, they train customer companies on how to get the most out of their equipment. Prior to the October 2022 changes in U.S. export controls, this could include assisting with the facility planning, installation, repairs, and operational troubleshooting of equipment as part of advanced chip manufacturing operations. Industry sources told CSIS that this sometimes included contract research and development (R&D) of advanced node semiconductor process technology on behalf of or in partnership with Chinese clients. At least as of November 2024, this is still legal in the case of providing support to Chinese legacy chip manufacturing operations. By contrast, earlier U.S. export controls meaningfully reversed progress in some segments of the Chinese semiconductor sector, such as NAND memory manufacturing and smartphone chip design , though the durability of those setbacks, even if temporary, will depend on many factors. More recent export controls have also made life harder in many ways for Chinese semiconductor equipment firms, who can no longer legally obtain U.S. subcomponents or technical expertise. Thus, it is simply wrong to say that export controls always, in isolation, accelerate Chinese technological indigenization and that making it easier for U.S. firms to export will always slow Chinese indigenization. At the same time, it is unambiguously the case that the United States’ use of semiconductor export controls, beginning with ZTE in April 2018, made a massive impression on both political and corporate leaders in China. Speeches at the time by Chinese leadership, including General Secretary Xi Jinping , indicate that ZTE was viewed as a turning point and justified China’s aggressive pursuit of “self-reliance” in science and technology. Pony Ma, the chairman of Tencent, one of China’s largest technology firms, said in May 2018, “The recent ZTE incident made us see clearly that no matter how advanced our mobile payment is, without mobile devices, without microchips and operating systems, we can’t compete competently.” The evidence goes beyond talk to specific actions. China made significant changes to its semiconductor policy in the years following ZTE, and China’s central government directed local governments to “do everything in their power” to promote the semiconductor sector. Some Chinese companies also took drastic measures to respond after ZTE. For example, Nikkei Asia reported that Yangtze Memory Technologies Corporation (YMTC)—one of China’s most advanced semiconductor manufacturers—began a full-blown de-Americanization campaign in 2019 involving the full-time work of more than 800 staff (both YMTC and its suppliers). This included the establishment of multiple new major partnerships with domestic Chinese equipment producers. Of note, at the time when YMTC began this de-Americanization initiative, no significant U.S. export controls applied to the company. YMTC began their work based on fear of future controls, not the reality of current ones. Combined, this provides strong evidence that the export controls did increase the desire of both the Chinese government and Chinese companies to increase the capabilities of local semiconductor equipment providers, but that is not the same thing as saying that export controls caused accelerated indigenization, which depends upon more than just desire. 4. The Biden administration’s 2022 export controls strengthened a policy approach to semiconductor equipment controls that began in 2019 during the first Trump administration. As with chip export controls, the first Trump administration launched the U.S. government’s modern approach to semiconductor manufacturing equipment export controls. According to reporting by Reuters , the U.S. government successfully persuaded the Dutch government in July 2019 to cancel the export license of EUV lithography equipment to SMIC, China’s most advanced logic chip foundry. In December 2020, SMIC was added to the U.S. Department of Commerce’s Entity List, prohibiting the company from buying certain kinds of U.S. equipment, specifically, “items uniquely required for production of semiconductors at advanced technology nodes (10 nanometers and below, including extreme ultraviolet technology).” In October 2022, the Biden administration significantly expanded U.S. export controls on semiconductor manufacturing equipment, including not only Entity List and end-use restrictions but also some country-wide export controls that applied to China as a whole (including a use of the U.S. persons rule). Just as importantly, the Biden administration made some of these controls more multilateral in nature, engaging Japan and the Netherlands to overhaul their export control policies for advanced semiconductor manufacturing equipment. Even though these controls did not entirely align with U.S. controls, this was important to ensure that Dutch and Japanese companies did not provide China with alternative sources for the items that the United States was no longer willing to sell. 5. Chinese semiconductor equipment firms started very small but have grown rapidly. However, this rapid growth occurred both before and after export controls and took place during a period of massive Chinese equipment demand growth. China’s domestic semiconductor manufacturing equipment industry has long been both small and technologically inferior to the global state of the art. To understand the growth trajectory of the Chinese semiconductor manufacturing equipment sector, CSIS gathered market data on how China’s global semiconductor manufacturing equipment market share has changed over time across both supply and demand (see Table 1).Could Elon Musk X-ify MSNBC? Don’t Bet On It
Linda Annis offered a holiday message for shoppers: don’t let Christmastime Grinches steal your Christmas or your Christmas cheer. Annis, executive director of Metro Vancouver Crime Stoppers, gave her annual tips for a crime-free Christmas at a home in Cloverdale Dec. 9. “Every year, we ask the Grinch himself to help us remind people to follow some very common-sense precautions,” she said. “Nonetheless, every year we hear stories of people who still take chances with their valuables and their personal safety. That’s why we like to come out as the shopping season heats up with some helpful reminders, and a few things people might not have thought about.” Annis, who is also a Surrey city councillor, said the message is “especially important” as the year draws to a close and concerns with crime and public safety are riding. “Now is not the time to let down our guard when it comes to porch pirates, purse snatchers, home break-ins, parking lot B&Es and online fraudsters,” she said. “If you see a crime in action, call 9-1-1 or the local police right away. And if you have information about what nefarious deeds somebody’s up to, or see a suspicious person in the neighbourhood, but want to remain anonymous, call us at Crime Stoppers.” She added if anyone has information, they can telephone Crime Stoppers, use the P3 smartphone app to report crime anonymously, or visit solvecrime.ca. “Your anonymity is guaranteed by the Supreme Court of Canada. You’ll never be questioned or called to testify.” Annis, the Grinch, and little Cindy Lou Who teamed up to stage safety scenarios. Their efforts helped illustrate the dos and dont’s for the holidays as it pertained to shopping, both at stores and online. Annis ended her remarks with a few red hot, Grinch-thwarting tips to help prevent the onset of some Christmas blues. Ask neighbours to help keep an eye on your front door for deliveries. Some thieves actually follow delivery trucks to people’s homes so they can steal parcels as soon as the truck is gone. Use your video camera feeds to watch for both deliveries and crooks. Maybe you’ll spot someone stealing your Christmas lawn display, or packages from your porch. Where programs exist, register your doorbell and home security cameras to help police quickly find recordings of neighbourhood crimes. Voluntary programs in some cities, like Project Iris in Surrey, could help police solve a break-in or other crime at your house or your neighbour’s. Does the website you’re buying from, and the merch you buying, look legit? Maybe it’s cheaper that it really should be? Organized retail crime costs Canadians almost $5 billion a year, so buy from established businesses, not unknown sources. Shoplifted or stolen goods may be sold online or through flea markets, with the money often going to gangs dealing in drugs or illegal weapons. Think about who might be watching your sunny vacation pics on social media. Remember, your post from the beach tells the whole world you’re not at home – and that includes thieves. Large empty boxes outside your home tell everyone what valuable goodies are inside your house to steal. Boxes from that gaming computer, 65-inch TV, or other expensive gifts should be stored out of sight until the cardboard can be recycled. You can also close blinds to keep people from seeing inside your house. Etch your valuables in case they’re stolen. Ask local police to help etch your property with your driver’s license number. Also photograph valuables showing make, model and serial number. Theft is getting worse, so don’t leave valuables visible in your car. Before you lock up your car to go shopping, leave nothing visible inside. Not even pocket change or empty bottles or cans. And don’t fill your car with gifts and then go back into more stores. Someone may be watching what you’ve bought. Find a busy, well-lit section of the parking lot and lock your gifts out of sight in the trunk. Leave your garage door opener at home or in your pocket. A thief who takes your remote sitting from your console, and finds your address somewhere in the car, considers that an open invitation to come open your garage for a look. Watch your pockets in busy stores. Keep purses and wallets where you can keep track of them and thwart pickpockets who look to take advantage while jostling with holiday crowds. Visit for more info.EuroDry stock plunges to 52-week low, hits $14.1#16to365: New resources for year-round activism to end gender-based violence and strengthen bodily autonomy for allImproving Writing Feedback: GPT-4’s Role in Assessing Young Students’ Revisions
South Korea's ex-defense minister attempts suicide, police raid presidential office// NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES // VANCOUVER, BC , Dec. 13, 2024 /PRNewswire/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (" BioVaxys " or the " Company ") is pleased to announce that it has closed the first tranche (the " First Tranche ") of its previously announced non-brokered private placement (the " Private Placement ") with the issuance of 2,200,000 units (the " Units ") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of $110,000 . Each Unit consist of one (1) common share in the capital of the Company (each, a " Share ") and one (1) whole Share purchase warrant (each, a " Warrant "), whereby each Warrant is convertible into one additional Share at an exercise price of $0.15 until December 13, 2026 , being the date that is 24 months from the date of issue. The Company intends to use the net proceeds of the First Tranche for working capital. No finder's fees were paid in connection with the First Tranche. All securities issued pursuant to the First Tranche are subject to a statutory hold period expiring April 14, 2025 , being the date that is four months and one day from the date of issuance in accordance with applicable securities legislation In addition, the Company announces that it has entered into a debt settlement agreement with an arm's-length consultant of the Company to settle an aggregate of $500,000 in debt owed to the consultant by issuing 5,000,000 Shares at a deemed price of $0.10 per Share (the " Debt Settlement "). The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debt through the issuance of Shares in order to preserve the Company's cash for working capital purposes. All securities proposed to be issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. Closing of the Debt Settlement is conditional upon a number of conditions, including receipt of all applicable corporate and regulatory approvals, including the acceptance of the Canadian Securities Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States . The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 , as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. About BioVaxys Technology Corp. BioVaxys Technology Corp. ( www.biovaxys.com ), a company registered in British Columbia, Canada , is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPXTM immune-educating technology platform and it's HapTenix© 'neoantigen' tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. DPXTM is a patented antigen delivery platform that can incorporate a range of bioactive molecules to produce targeted, long-lasting immune responses enabled by various formulated components. The DPX platform facilitates antigen delivery to regional lymph nodes and has been demonstrated to induce robust and durable T cell and B cell responses in pre-clinical and clinical studies for both cancer and infectious disease. BioVaxys' common shares are listed on the Canadian Securities Exchange under the stock symbol "BIOV", on the Frankfurt Bourse (FRA: 5LB), and quoted in the US on the OTC Markets. For more information, visit www.biovaxys.com and connect with us on X and LinkedIn. ON BEHALF OF THE BOARD Signed " James Passin " James Passin , Chief Executive Officer Phone: +1 740 358 0555 Cautionary Statements Regarding Forward Looking Information This news release includes certain "forward-looking information" and "forward-looking statements" (collectively " forward-looking statements ") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, the statements relating to the Private Placement and the Debt Settlement, including the expected use of proceeds from the Private Placement and related issuance of the Shares for the Debt Settlement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, primarily the assumption that BioVaxys will be successful in developing and testing vaccines, that, while considered reasonable by BioVaxys, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the impact of any changes that may affect the anticipated use of proceeds from the Private Placement and the ability of the Company to obtain the necessary approvals to proceed with the Debt Settlement. BioVaxys does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this release. Logo - https://mma.prnewswire.com/media/2415135/5078410/BioVaxys_Technology_Corp_Logo.jpg SOURCE BioVaxys Technology Corp.The Albanese government dropped six separate documents explaining what is happening on climate change and clean energy on Thursday in an annual event some call "climate Christmas". Here is some of what we learned. Emissions are falling – but not fast enough The latest Australian emissions data tells a slightly complicated story, mainly due to the Covid-19 shutdown years. Have emissions increased under Labor, as the Coalition and Greens claim? Or is that just in comparison with those during lockdowns? Emissions fell slightly last financial year – about 3m tonnes, or a 0.7% drop – and are now estimated to be 28.2% below 2005 levels. This followed a small post-pandemic rise the year before. A progress report by the Climate Change Authority gives the backdrop to this: pollution declined rapidly when Covid hit, largely because we stopped driving and flying as much, and has plateaued over the three years since. Its conclusion is that emissions are falling but not fast enough. Labor has passed its proposed social media ban for under-16s. Here's what we know – and what we don't Read more Climate pollution needs to be reduced on average by 15m tonnes a year between now and 2030 to reach the government's legislated target (a 43% cut below 2005 levels). Projections suggest this is possible under existing policies – if everything goes according to plan. The biggest driver of this should be the capacity investment scheme, a program to underwrite 32GW in new large-scale renewable energy and batteries before the end of the decade. That is roughly equivalent to building half the current capacity of the grid again. But it is worth remembering what scientists say: that Australia should be making a deeper cut by 2030 and setting a much more ambitious target for 2035 in the months ahead, to live up to... Adam Morton , Petra Stock
Agriculture & Natural Solutions Acquisition Corporation Receives FIRB Approval In Connection with Previously Announced Business CombinationCatch all the action as the Fargo South-Shanley Bruins and the Davies Eagles match up on the rink for our Game of the Week tonight, November 26 at 7 p.m., broadcasting on WDAY Xtra and streaming on WDAY+. Stream the game live on WDAY+ with the puck drop scheduled at 7 p.m. You can watch high-quality, professional broadcasts of your favorite local sports teams with WDAY+ livestreams. When you can’t attend the game, watch from anywhere with these affordable season or weekly game passes to view the action. WDAY+ is presented by Cass Clay & Sanford Health. SUBSCRIPTION RATES & PLANS WDAY Sports+ is available for $9.99 per month or $100 per year and also includes access to weekly high school games in North Dakota and western Minnesota and games involving Minnesota State University Moorhead. Subscribers outside of the WDAY-TV broadcast footprint will not be able to access Bison games live but can watch them on the site after they conclude. SUBSCRIBE HERE ** Note: If you have an existing news subscription, you will need a separate livestream subscription to access this content **
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Kyiv’s former military commander in chief said the direct involvement of Russian allies in Ukraine means that World War III has officially begun. “I believe that in 2024 we can absolutely believe that the Third World War has begun,” former military chief Valery Zaluzhny warned Thursday, according to Politico . Zaluzhny, who now serves as Ukraine’s envoy to the UK, said Kyiv’s conflict is now on a global scale following the deployment of North Korean troops in Russia earlier this month. Along with the presence of North Korean and Iranian weapons on the frontlines, Zaluzhny said his nation was besieged by international forces, urging Kyiv’s allies to respond in kind. “It is obvious that Ukraine already has too many enemies. Ukraine will survive with technology, but it is not clear whether it can win this battle alone,” he said. Zaluzhny’s grim warning came during the second Ukrainska Pravda’s UP100 award ceremony, which celebrates 100 leaders of Ukrainian civil society, politics, military, business, sports and culture. The former military chief’s warning carries weight in Kyiv given his success in fighting off the initial Russian invasion in 2022, despite his ouster earlier this year amid growing tensions with Ukrainian President Volodymyr Zelensky. The speech comes as the war saw a significant escalation this week, with Russia firing a new kind of ballistic missile at Ukraine on Thursday. Russian President Vladimir Putin claimed his forces fired a medium-range, hypersonic missile at a facility in Dnipro, correcting initial reports that a full intercontinental ballistic missile was used. “This is a clear and severe escalation in the scale and brutality of this war,” Zelensky said of the attack on one of Ukraine’s largest cities. Putin said the missiles would be used against any nation arming Ukraine, a clear warning to the US and UK, which have greenlit Kyiv’s use of their long-range weapons in Russia. As the heavy fire increases, Moscow has also amassed 50,000 Russian and North Korean soldiers in the Kursk region to try and take back the territory from Ukraine. Kyiv had launched a surprise counter-invasion in Kursk over the summer, capturing dozens of towns and transport hubs that humiliated the Kremlin’s forces. The presence of more than 10,000 North Korean troops in Moscow was cited by US and UK officials as the key catalyst for their decision to approve long-range weapon attacks into Russia. With Post wires