The Biden administration has revoked eight licenses this year that had allowed some companies to ship goods to Chinese telecoms equipment giant Huawei, according to a document first reported by Reuters, as it seeks to pressure the resurgent company.

The Commerce Department, which oversees U.S. export policy, said in May it had revoked “certain” licenses, as first reported by Reuters, but did not specify the name or number of suppliers that were impacted. Licenses for Qualcomm (QCOM.O), opens new tab and Intel (INTC.O), opens new tab were among those revoked, Reuters reported at the time.

Since the beginning of 2024, (the Commerce Department) has revoked eight additional licenses involving Huawei,” the agency said in the document, prepared in response to an inquiry by Republican Congressman Michael McCaul.

According to the document, license approvals for Huawei include “exercise equipment and office furniture and low-technology components for consumer mass-market items, such as touchpad and touchscreen sensors for tablets,” which are widely available in China from Chinese and foreign sources, the Commerce Department said.

Huawei (HWT.UL) and Qualcomm did not respond to requests for comment. Intel declined to comment. A spokesperson for the House Foreign Affairs Committee, which is chaired by McCaul, said it had received the data on Tuesday and is reviewing it.

The details shed new light on measures the Biden administration is taking to thwart Huawei, as the company has started to rebound despite Washington’s efforts to cripple it on national security grounds. Huawei has denied it is a security risk.

It also comes amid pressure from Republican China hardliners in Congress to hammer the company, which shocked industry last August with a new phone powered by a sophisticated chip manufactured by Chinese chipmaker SMIC (0981.HK), opens new tab despite U.S. export restrictions on both companies.

The phone helped Huawei smartphone sales spike 64% year on year in the first six weeks of 2024, according to research firm Counterpoint. Its smart car component business has also contributed to Huawei’s resurgence, with the company notching its fastest revenue growth in four years in 2023.

Source: Reuters

Chief (Cambodia) Commercial Bank Plc. has once again been honored with the “Gold” Certificate of Tax Compliance by the General Department of Taxation.

This marks the third consecutive time the bank has received this esteemed recognition, underscoring its unwavering commitment to tax compliance.

The certificate, which reflects a stringent adherence to tax regulations, has been awarded for three successive periods: 2020-2021, 2022-2023 and again for 2024-2025.

Achieving consistent recognition of the Gold Tax Compliance Certificate is a significant milestone for Chief Bank (Cambodia) Commercial Bank Plc, which remains steadfast to its promise to uphold the highest standards of tax compliance and contribute positively to Cambodia’s economic progress.

This certification further cements its reputation as a responsible and ethical financial institution.

Since launching in the Cambodian market in 2013, Chief Bank has matured from a specialized bank to a comprehensive commercial bank in 2018.

It offers various deposit products, personal and business loans, and e-banking solutions. The bank’s focus on digital transformation contributed to its robust financial performance in 2022.

For details about Chief (Cambodia) Commercial Bank Plc., please visit Chief Bank Cambodia.

Chinese conglomerate Fosun International has announced plans to sell Hoshino Resorts Tomamu, a ski resort located in Japan, for 40.8 billion yen (approximately $252 million). This decision comes as the group seeks to divest nonstrategic assets amid a declining property market in China.

The sale involves a 99.998% stake in Shinsetsu, a Tokyo-based Fosun unit that owns Hoshino Resorts Tomamu as its primary asset. The buyer is limited liability company YCH16.

Hoshino Resorts Tomamu features ski slopes, a hotel, and a pool, attracting many Chinese and international travelers to Japan’s northern island of Hokkaido. Fosun originally acquired the resort for 18.3 billion yen in 2015 through its publicly traded subsidiary, Shanghai Yuyuan Tourist Mart.

Tomamu is renowned for its stunning natural landscapes and excellent ski conditions, making it a favored destination for winter sports enthusiasts from around the world. The resort’s modern amenities, combined with traditional Japanese hospitality, have made it particularly popular among international tourists seeking a unique and memorable experience.

In 2023, Shinsetsu’s assets were valued at 43.8 billion yen, with a net profit of 611 million yen. Fosun’s financial difficulties are largely due to the downturn in China’s real estate market, exacerbated by the collapse of Evergrande Group. Co-founder Guo Guangchang has indicated a strategic shift towards consumer-oriented businesses.

Source: nikkei asia

Vietnam’s refusal to subsidize the global minimum tax companies have to pay is causing many large foreign investors to go elsewhere, according to the Ministry of Planning and Investment.

According to its recent report to the government, after Vietnam started applying the global minimum tax of 15% in January, many multinationals operating or planning to enter the country sought financial incentives since their profits would be affected, but did not receive it and so shifted to other countries.

Austrian semiconductor firm AT&S planned to invest in Vietnam and even carried out a survey of the country, but eventually shifted to Malaysia as Vietnam did not offer incentives or had the required number of skilled workers.

The ministry also said the expansion of some big high-tech projects has gone to the back burner while waiting for the subsidy.

Some large companies have intended suspending new investment or expansion plans if the Government does not offer financial assistance while also levying the global minimum tax.

They include a medical devices manufacturing project worth between US$500 million and $1 billion in the southern Dong Nai Province by SMC of Japan, and expansion by Foxconn, Compal and Quanta of Taiwan to produce equipment for Apple, IBM and Cisco.

The ministry said without a subsidy or other similar policies, the application of the global minimum tax rate would detract from the effectiveness of corporate income tax incentives, and the country would no longer be attractive enough for foreign investors.

It urged the Government to take immediate measures to prevent a wave of relocation out of Vietnam by major investors. It proposed the establishment of an investment support fund to provide direct financial support to businesses meeting certain criteria.

Source: vnexpress