Semiconductor startup CNEX Labs alleged Huawei's deputy chairman conspired to steal its intellectual property
- In court filings, CNEX Labs, which is backed by the investment arms of Dell and Microsoft, alleges that Eric Xu, who is also one of Huawei’s rotating CEOs, worked with other Huawei employees to steal its proprietary technology.
- Huawei’s lawyers refuted CNEX’s charges, claiming that the partnership between Huawei and the university did not involve reverse engineering or CNEX’s trade secrets and was meant to design database software instead of developing chips.
- A Huawei lawyer said that Xu was part of “the chain of command that had requested” information about CNEX and that a CNEX document had been placed into its chip development unit’s database, but denied allegations that anything was stolen.
- CNEX co-founder Huang claimed in court filings that he offered to sell his intellectual property to Huawei when he started working at Futurewei, its research and development unit.
The US Navy sent 2 ships through the Taiwan Strait in a move that's likely to anger China at the worst possible time
- WASHINGTON (Reuters) - The US military said it sent two Navy ships through the Taiwan Strait on Wednesday, its latest transit through the sensitive waterway and a move likely to anger Beijing at a time of tense relations between the world's two biggest economies.
- Taiwan is one of a growing number of flashpoints in the US-China relationship, which also include a bitter trade war, US sanctions and China's increasingly muscular military posture in the South China Sea, where the United States also conducts freedom-of-navigation patrols.
- Beijing said a recent Taiwan Strait passage by a French warship, first reported by Reuters, was illegal.
- The US Defense Intelligence Agency released a report earlier this year describing Taiwan as the "primary driver" for China's military modernization, which it said had made major advances in recent years.
- On Sunday, the Preble sailed near the disputed Scarborough Shoal claimed by China in the South China Sea, angering Beijing.
'If the perpetrator wants to fight, we will beat him out of his wits': Song about ongoing trade war with the US goes viral in China
- A propaganda song, titled "Trade War," about the US-China trade war has gone viral across Chinese social media.
- The musical number has since gone viral and inspired a music music video, which has been widely shared across social media and watched thousands of times.
- Earlier this month, top US and Chinese officials met in Washington to negotiate a resolution to the escalating trade war between the two countries.
- As negotiations took a turn, Trump announced tariff increases on $200 billion worth of Chinese goods on a wide array of products including minerals, food, and clothing.
- The countries are also facing a battle on the tech front, as Chinese telecommunications giant Huawei was added to a US trade blacklist which prevents the company from buying parts and components from American companies without US government approval.
Binance Suffers Crippling Lag, Angry Crypto Traders Lose Thousands
- By CCN: Binance users experienced extreme lag this morning, specifically with trade settlement and balance syncing.
- CEO Changpeng Zhao confirmed the issue on Twitter and promised the crypto exchange was working on it.
- Consequently, several crypto traders got stuck in trades they would otherwise have canceled, which meant unintended losses.
- This reporter confirmed the issue and found himself unable to cancel a BNB trade.
- Binance explained that API users, or mainly bots and trading software, were not affected.
- Regular users who enter trades manually were affected for at least a couple of hours.
- For one thing, Changpeng Zhao caused a stir when he spoke of “reorganizing” the Bitcoin blockchain to bereave the thieves of their funds.
- Then he said the exchange might instead resort to using a cartel of Bitcoin services to “freeze” the funds, which raises other issues, such as fungibility.
Huawei executive accused of helping steal trade secrets
- A Huawei executive was involved in a plot to steal trade secrets, claims California-based electronics startup CNEX Labs.
- Chinese telecommunications company Huawei and CNEX — which was co-founded by a former Huawei employee — have filed dueling lawsuits over trade secret theft.
- According to its write-up, CNEX claims that Xu — one of Huawei’s rotating chairmen — “directed a Huawei engineer to analyze Cnex’s technical information.” The engineer then allegedly posed as a potential CNEX customer to obtain details about its operations.
- According to the Journal, Huawei lawyers admitted that Xu had been “in the chain of command that had requested” information about CNEX, but they denied that any trade secrets had been stolen.
- Huawei originally filed a lawsuit against CNEX co-founder Yiren “Ronnie” Huang in 2017, claiming Huang — who left Huawei in 2013 — had poached employees and used its patents to build CNEX’s solid-state drive technology.
Huawei Insists It's the Victim This Time of Stolen Trade Secrets
- Informa PLC's registered office is 5 Howick Place, London SW1P 1WG.
- Susan Decker (Bloomberg) -- Huawei Technologies Co. may be fighting allegations around the world that it’s stolen technological know-how from other companies, but in a Texas court case the Chinese networking gear maker says it’s been the victim of such theft.
- Huawei claims a former engineer who was developing chips to better store and retrieve data poached workers and stole proprietary information to start a new, competing firm.
- Huawei is the target of criminal trade secret theft charges by the U.S. government, and of a global effort by the Trump administration to block the company’s gear from telecommunications networks.
- Perlson represented Alphabet Inc.’s Waymo self-driving car unit in a suit that claimed a former top engineer took the company’s “crown jewels” when he went to work at Uber Technologies Inc., a case that ultimately settled.
Saudi Arabia and the Future of China-US Financial Balance of Power
- If Saudi Arabia and OPEC were willing to accept China’s petroyuan contracts that would greatly boost the use of China’s currency compared to the dollar.
- Saudi Arabia and OPEC have indicated that part of their response would be to accept China’s future contracts and petroyuan for oil sales.
- Russia, Angola, Iran and Venezuela have been willing to accept some oil contracts in petroyuan.
- Angola is China’s third largest supplier – and it not only accepts yuan in payment for oil, but made the China’s yuan its second currency in 2015, shifting firmly into China’s yuan-denominated circle of countries.
- Shanghai oil futures contracts by the end of September, 2018 had reached 16% of all contracts issued globally, while sales of WTI standard futures fell to 52% from 60% and those of Brent crude fell from 38% to 32%.
There's a New Way to Hedge Against Wild Swings in the Stock Market
- This year the volatility is up, but day to day, it’s calm.” There have been just 3 days this quarter that the S&P 500 moved more than 1 percent, while over the last 20 years, it happened closer to 30 percent of all trading days, Birk says.
- The Quadratic Interest Rate Volatility and Inflation Hedge exchange-traded fund (Ticker IVOL), which launched last week, seeks to hedge against rising inflation and to potentially profit from the steepening yield curve (the spread between short-term and long-term interest rates).
- Another way to get exposure to market tumult is through exchange traded funds that measure implied volatility of large cap stock options on the S&P 500 Index such as the ProShares VIX Short-Term Futures exchange traded fund (Ticker: VIXY).
- Volatility rises when stocks decline and these funds are used as a hedge against short-term moves in the market.
Nancy Pelosi and Donald Trump Are Meeting Today. Here's What They'll Discuss
- Pelosi will be joined by Democratic Senate Minority Leader Chuck Schumer and other committee chairs to discuss how to pay for the bipartisan $2 trillion infrastructure plan initially unveiled in April.
- Ahead of Wednesday’s meeting, Trump sent a letter to Pelosi and Schumer Tuesday evening informing them that he felt it important to prioritize USMCA—the trade pact intended to replace the North American Free Trade Agreement (NAFTA) with Canada and Mexico—instead.
- Pelosi and Schumer appeared to ignore his request in a statement they released ahead of the meeting.
- Last month, Pelosi and Schumer had announced that Trump had agreed to the $2 trillion price tag for their infrastructure plan, but would need to meet again to discuss how to pay for it.
- Following their initial meeting, Schumer noted that they had asked Trump for his ideas as to how to fund the bill.
ARM halts Huawei relationship following US ban
- The dominoes continue to fall for Huawei in the wake of a Trump-led U.S. trade ban.
- An internal memo from ARM lays out the chip giant’s decision to hit pause on “all active contracts, support entitlements, and any pending engagements,” per the BBC.
- While based in Cambridge, England, the company believes itself to be impacted by the trade issue due to its use of technology originating in the States.
- The move is just another indication of how complex the issue of extracting U.S.-based technology from these devices will ultimately be.
- If upheld, many believe it could ultimately doom Huawei.
- Google was among the first to respond to Huawei’s inclusion on the U.S. Department of Commerce’s “Entity” trade blacklist, pulling support for Android.
- Other partners, including Microsoft have remained largely silent on the matter.