China EVs ban on the table: US

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AI war heats up ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

May 9, 2024

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Data drama, software sanctions

US Commerce Secretary Gina Raimondo has warned China that Washington is prepared to take “extreme action” and ban Chinese connected vehicles, or impose strict restrictions on them, one of our top stories today reports. Raimondo had already cautioned that Chinese EVs could pose a security risk because of the large amount of data they collect, but this was the first time a total ban has been suggested. “We have to digest all the data and then figure out what action that we want to take,” she said.

Also today:

The United States is looking to expand the protections around its artificial intelligence development and deny China, Russia and other states of concern access to its most advanced AI models. The Biden administration has drawn up preliminary plans to safeguard the core software of AI systems like ChatGPT, sources have revealed. As it stands, there is nothing to stop US AI giants, like Microsoft-backed OpenAI or Alphabet’s Google DeepMind which have developed some of the most powerful closed source AI models, from selling them to almost anyone in the world without government oversight. >>>

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New Huawei phone shows US sanctions may be working

A teardown of the Pura 70 smartphone suggests Huawei may have only made incremental improvements in its ability to produce an advanced chip with Chinese partners. Read the Article

China exports, imports grew in April, as demand picks up

Shipments from China grew 1.5% year-on-year last month, while imports increased by 8.4% – reversing losses in both categories in March. Read the Article

Two more Chinese cities scrap home-buying restrictions

The provincial capitals of Hangzhou and Xian are the latest Chinese cities to drop limits on people buying homes but analysts say prices need to fall further before buyers return. Read the Article

Asia Markets


Nikkei	-0.34%
Shanghai Composite	+0.83%
Hang Seng	+1.22%
Nifty 50	-1.55%
Kospi	-1.20%

*Stock data as of the market close.

MARKETS: Asia’s major stock indexes experienced contrasting fortunes on Thursday as policy boosts in China helped in some corners while a tech stocks fall hindered in others. Tokyo’s Nikkei shed early gains to end lower, pulled down by lacklustre performances in chip-related shares. But China stocks rose after solid April trade data added to signs of a pick-up in demand, while the latest property policy rollouts also improved sentiment. Elsewhere across the region, in earlier trade, Manila was also up but Sydney, Singapore, Seoul, Mumbai, Wellington and Taipei edged down. Read the Article

Quote Of The Day

New Huawei Phone Shows US Sanctions May Be Working

Also On Our Radar

Tesla is under investigation by the US Department of Justice for alleged securities and wire fraud connected to claims about its self-driving vehicles, The Verge reported.

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      AI war heats up ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏                                                                                                                                                      
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<strong>May 9</strong><strong>, 2024</strong>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><h1 style="color:#2c343f; font-family:Georgia; font-size:18px; font-style:normal; font-weight:bold; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:left">Data drama, software sanctions</h1></div>
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<span style="font-weight: bold;"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:bold; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/us-warns-it-could-ban-connected-chinese-electric-vehicles">US Commerce Secretary Gina Raimondo has warned China that Washington</a> <span style="font-weight: 400;">is</span></span> prepared to take “extreme action” and ban Chinese connected vehicles, or impose strict restrictions on them, one of our top stories today reports. Raimondo had already cautioned that Chinese EVs could pose a security risk because of the large amount of data they collect, but this was the first time a total ban has been suggested. “We have to digest all the data and then figure out what action that we want to take,” she said.</div>
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<div><img src="https://www.asiafinancial.com/wp-content/uploads/2023/01/song-plus.jpg" style="border:0; height:auto; line-height:100%; max-width:100%; outline:none; text-decoration:none; width:100%"></div>
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<div><span style="font-weight: bold;">Also today:</span></div>
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<a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/us-may-deny-china-russia-access-to-advanced-ai-models"><span style="font-weight: bold;">The United States is looking to expand the protections around its artificial</span></a> intelligence development and deny China, Russia and other states of concern access to its most advanced AI models. The Biden administration has drawn up preliminary plans to safeguard the core software of AI systems like ChatGPT, sources have revealed. As it stands, there is nothing to stop US AI giants, like Microsoft-backed OpenAI or Alphabet’s Google DeepMind which have developed some of the most powerful closed source AI models, from selling them to almost anyone in the world without government oversight. &gt;&gt;&gt;</div>
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<a href="mailto:[email protected]?subject=Check%20out%20this%20newsletter!&amp;body=Data%20drama%2C%20software%20sanctions%0D%0A%0D%0A%0D%0AUS%20Commerce%20Secretary%20Gina%20Raimondo%20has%20warned%20China%20that%20Washington%C2%A0is%C2%A0prepared%20to%20take%20%E2%80%9Cextreme%20action%E2%80%9D%20and%20ban%20Chinese%20connected%20vehicles%2C%20or%20impose%20strict%20restrictions%20on%20them%2C%20our%20top%20story%20today%20reports.%20Raimondo%20had%20already%20cautioned%20that%20Chinese%20EVs%20could%20pose%20a%20security%20risk%20because%20of%20the%20large%20amount%20of%20data%20they%20collect%2C%20but%20this%20was%20the%20first%20time%20a%20total%20ban%20has%20been%20suggested.%20%E2%80%9CWe%20have%20to%20digest%20all%20the%20data%20and%20then%20figure%20out%20what%20action%20that%20we%20want%20to%20take%2C%E2%80%9D%20Raimondo%20said.%0D%0A%0D%0AAlso%20today%3A%0D%0A%0D%0AThe%20United%20States%20is%20looking%20to%20expand%20the%20protections%20around%20its%20artificial%C2%A0intelligence%20development%20and%20deny%20China%2C%20Russia%20and%20other%20states%20of%20concern%20access%20to%20its%20most%20advanced%20AI%20models.%20The%20Biden%20administration%20has%20drawn%20up%20preliminary%20plans%20to%20safeguard%20the%20core%20software%20of%20AI%20systems%20like%20ChatGPT%2C%20sources%20have%20revealed.%20As%20it%20stands%2C%20there%20is%20nothing%20is%20stop%20US%20AI%20giants%20like%20Microsoft-backed%20OpenAI%20or%20Alphabet%E2%80%99s%20Google%20DeepMind%2C%20which%20have%20developed%20some%20of%20the%20most%20powerful%20closed%20source%20AI%20models%2C%20from%20selling%20them%20to%20almost%20anyone%20in%20the%20world%20without%20government%20oversight.%20%3E%3E%3E%0D%0A%0D%0A%0D%0ASign%20up%20for%20the%20AF%20Daily%20newsletter%3A%20https%3A%2F%2Fwww.asiafinancial.com%2Fnewsletter" style='color:#FFF; font-style:italic; font-weight:700; text-decoration:none; display:block; background:#00447C; font-family:Georgia, Times, "Times New Roman", serif; font-size:19px; line-height:100%; letter-spacing:0; margin:0; text-transform:none; padding:14px 42px 14px 42px; mso-padding-alt:0; border-radius:6px' target="_blank">
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;">
<h2 style="color:#222; font-family:Georgia; font-size:22px; font-style:normal; font-weight:lighter; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:left"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/new-huawei-phone-shows-us-sanctions-may-be-working">New Huawei phone shows US sanctions may be working<br></a></h2>
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<div>A teardown of the Pura 70 smartphone suggests Huawei may have only made incremental improvements in its ability to produce an advanced chip with Chinese partners<span style="letter-spacing: 0px;">. </span><span style="font-weight: bold;"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:bold; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/new-huawei-phone-shows-us-sanctions-may-be-working">Read the Article</a></span>
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<h2 style="color:#222; font-family:Georgia; font-size:22px; font-style:normal; font-weight:lighter; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:left"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/chinas-exports-imports-grew-in-april-as-demand-picks-up">China exports, imports grew in April, as demand picks up<br></a></h2>
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<div>Shipments from China grew 1.5% year-on-year last month, while imports increased by 8.4% – reversing losses in both categories in March. <span style="font-weight: bold;"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:bold; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/chinas-exports-imports-grew-in-april-as-demand-picks-up">Read the Article</a></span>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;">
<h2 style="color:#222; font-family:Georgia; font-size:22px; font-style:normal; font-weight:lighter; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:left"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/two-more-big-chinese-cities-scrap-home-buying-restrictions">Two more Chinese cities scrap home-buying restrictions<br></a></h2>
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<div>The provincial capitals of Hangzhou and Xian are the latest Chinese cities to drop limits on people buying homes but analysts say prices need to fall further before buyers return. <span style="font-weight: bold;"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:bold; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/two-more-big-chinese-cities-scrap-home-buying-restrictions">Read the Article</a></span>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><h1 style="color:#2c343f; font-family:Georgia; font-size:18px; font-style:normal; font-weight:bold; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:left">Asia Markets</h1></div>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td align="center" style="font-size:0px;padding:0px;word-break:break-word;">
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;" width="100%">
<tbody>
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<td class="" style="background-color:#ffffff;vertical-align:top;padding-top:9px;padding-right:18px;padding-bottom:9px;padding-left:18px;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="kl-table" style="font-size:0px;padding:0px;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Ubuntu, Helvetica, Arial, sans-serif;font-size:13px;line-height:22px;table-layout:fixed;width:100%;border:none;" width="100%">
<thead>
<tr>
<th class="kl-table-subblock" style="width:35%;overflow:hidden;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Arial;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.3;text-align:left;color:#222222;"></div>
</th>
<th class="kl-table-subblock" style="width:35%;overflow:hidden;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Arial;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.3;text-align:left;color:#222222;"></div>
</th>
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<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;">Nikkei</div></div>
</td>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align: left;">
<div style="background-color: #ff9999; width: 70%; padding: 5px;"><span style="font-size: 16px;"><strong>-0.34%</strong></span></div>
</div></div>
</td>
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<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;">Shanghai Composite</div></div>
</td>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align: left;">
<div style="background-color: #88c999; width: 70%; padding: 5px;"><span style="font-size: 16px;"><strong>+0.83%</strong></span></div>
</div></div>
</td>
</tr>
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<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;">Hang Seng</div></div>
</td>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align: left;">
<div style="background-color: #88c999; width: 70%; padding: 5px;"><span style="font-size: 16px;"><strong>+1.22%</strong></span></div>
</div></div>
</td>
</tr>
<tr>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;">Nifty 50</div></div>
</td>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align: left;">
<div style="background-color: #ff9999; width: 70%; padding: 5px;"><span style="font-size: 16px;"><strong>-1.55%</strong></span></div>
</div></div>
</td>
</tr>
<tr>
<td class="kl-table-subblock" style="width:35%;overflow:hidden;border-top:solid 1px #d9d9d9;vertical-align:top;padding-top:4px;padding-right:0px;padding-bottom:4px;padding-left:0px;">
<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;">Kospi</div></div>
</td>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align: left;">
<div style="background-color: #ff9999; width: 70%; padding: 5px;"><span style="font-size: 16px;"><strong>-1.20%</strong></span></div>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;"></div></div>
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<div style="font-family:Georgia;font-size:14px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:left;color:#243347;"><div style="text-align:left;"></div></div>
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<p style="margin-bottom:0; margin-left:0; margin-right:0; margin-top:0; padding-bottom:1em"><span style="font-size: 9px;">*Stock data as of the market close.</span> </p>
<p style="margin-bottom:0; margin-left:0; margin-right:0; margin-top:0; padding-bottom:1em"><strong><span style="font-weight: bold;"><a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:bold; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/us-warns-it-could-ban-connected-chinese-electric-vehicles0">MARKETS</a></span>: </strong>Asia’s major stock indexes experienced contrasting fortunes on Thursday as policy boosts in China helped in some corners while a tech stocks fall hindered in others. Tokyo’s Nikkei shed early gains to end lower, pulled down by lacklustre performances in chip-related shares. But China stocks rose after solid April trade data added to signs of a pick-up in demand, while the latest property policy rollouts also improved sentiment. Elsewhere across the region, in earlier trade, Manila was also up but Sydney, Singapore, Seoul, Mumbai, Wellington and Taipei edged down. <a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none; letter-spacing:0" target="_blank" href="https://www.asiafinancial.com/us-warns-it-could-ban-connected-chinese-electric-vehicles1"><span style="font-weight: bold;">Read the Article</span></a></p>
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<a rel="noopener" style="color:#1e458a; font-style:normal; font-weight:normal; text-decoration:none" target="_blank" href="https://www.asiafinancial.com/us-warns-it-could-ban-connected-chinese-electric-vehicles4"><span style="font-weight: bold;">Tesla is under investigation by the US Department of Justice</span></a> for alleged securities and wire fraud connected to claims about its self-driving vehicles, The Verge reported.</div>
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<div style="font-family:Georgia;font-size:12px;font-style:normal;font-weight:400;letter-spacing:0px;line-height:1.5;text-align:center;color:#313131;">
<h3 style="color:#00447b; font-family:Georgia; font-size:24px; font-style:normal; font-weight:normal; letter-spacing:0; line-height:1.1; margin:0; margin-bottom:10px; text-align:center">About Asia Financial</h3>
<p style="margin-bottom:0; margin-left:0; margin-right:0; margin-top:0; padding-bottom:1em">Asia Financial is a rapidly growing financial media, analysis and data platform that delivers accurate and intelligent New Economy news and insight, along with a rapidly growing family of next-generation AI-driven indexes.</p>
<p style="margin-bottom:0; margin-left:0; margin-right:0; margin-top:0; padding-bottom:1em"><strong style="color: #519ed7;">Asia Financial Daily</strong><br>Edited by Sean O'Meara</p>
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May 9, 2024
[SUBSCRIBE](https://www.asiafinancial.com/newsletters)

Data drama, software sanctions

[US Commerce Secretary Gina Raimondo has warned China that Washington](https://www.asiafinancial.com/us-warns-it-could-ban-connected-chinese-electric-vehicles) is prepared to take “extreme action” and ban Chinese connected vehicles, or impose strict restrictions on them, one of our top stories today reports. Raimondo had already cautioned that Chinese EVs could pose a security risk because of the large amount of data they collect, but this was the first time a total ban has been suggested. “We have to digest all the data and then figure out what action that we want to take,” she said.

Also today:

[The United States is looking to expand the protections around its artificial](https://www.asiafinancial.com/us-may-deny-china-russia-access-to-advanced-ai-models) intelligence development and deny China, Russia and other states of concern access to its most advanced AI models. The Biden administration has drawn up preliminary plans to safeguard the core software of AI systems like ChatGPT, sources have revealed. As it stands, there is nothing to stop US AI giants, like Microsoft-backed OpenAI or Alphabet’s Google DeepMind which have developed some of the most powerful closed source AI models, from selling them to almost anyone in the world without government oversight. >>>

[Share this newsletter](mailto:[email protected]?subject=Check%20out%20this%20newsletter!&body=Data%20drama%2C%20software%20sanctions%0D%0A%0D%0A%0D%0AUS%20Commerce%20Secretary%20Gina%20Raimondo%20has%20warned%20China%20that%20Washington%C2%A0is%C2%A0prepared%20to%20take%20%E2%80%9Cextreme%20action%E2%80%9D%20and%20ban%20Chinese%20connected%20vehicles%2C%20or%20impose%20strict%20restrictions%20on%20them%2C%20our%20top%20story%20today%20reports.%20Raimondo%20had%20already%20cautioned%20that%20Chinese%20EVs%20could%20pose%20a%20security%20risk%20because%20of%20the%20large%20amount%20of%20data%20they%20collect%2C%20but%20this%20was%20the%20first%20time%20a%20total%20ban%20has%20been%20suggested.%20%E2%80%9CWe%20have%20to%20digest%20all%20the%20data%20and%20then%20figure%20out%20what%20action%20that%20we%20want%20to%20take%2C%E2%80%9D%20Raimondo%20said.%0D%0A%0D%0AAlso%20today%3A%0D%0A%0D%0AThe%20United%20States%20is%20looking%20to%20expand%20the%20protections%20around%20its%20artificial%C2%A0intelligence%20development%20and%20deny%20China%2C%20Russia%20and%20other%20states%20of%20concern%20access%20to%20its%20most%20advanced%20AI%20models.%20The%20Biden%20administration%20has%20drawn%20up%20preliminary%20plans%20to%20safeguard%20the%20core%20software%20of%20AI%20systems%20like%20ChatGPT%2C%20sources%20have%20revealed.%20As%20it%20stands%2C%20there%20is%20nothing%20is%20stop%20US%20AI%20giants%20like%20Microsoft-backed%20OpenAI%20or%20Alphabet%E2%80%99s%20Google%20DeepMind%2C%20which%20have%20developed%20some%20of%20the%20most%20powerful%20closed%20source%20AI%20models%2C%20from%20selling%20them%20to%20almost%20anyone%20in%20the%20world%20without%20government%20oversight.%20%3E%3E%3E%0D%0A%0D%0A%0D%0ASign%20up%20for%20the%20AF%20Daily%20newsletter%3A%20https%3A%2F%2Fwww.asiafinancial.com%2Fnewsletter)

https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgo.macrobond.com%2Findicio&data=05%7C01%7CGina.White%40macrobond.com%7Ca99fe94ad6814d87703d08da63f21f6d%7Cbea9cb3aae594ea5a0deb3371fe41dd4%7C1%7C0%7C637932188947930625%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=TXazkH6qiwh5TZKMkUHb%2FKdC770WlmpN9ohtc11FWrc%3D&reserved=0

[New Huawei phone shows US sanctions may be working](https://www.asiafinancial.com/new-huawei-phone-shows-us-sanctions-may-be-working)

A teardown of the Pura 70 smartphone suggests Huawei may have only made incremental improvements in its ability to produce an advanced chip with Chinese partners. [Read the Article](https://www.asiafinancial.com/new-huawei-phone-shows-us-sanctions-may-be-working)

[China exports, imports grew in April, as demand picks up](https://www.asiafinancial.com/chinas-exports-imports-grew-in-april-as-demand-picks-up)

Shipments from China grew 1.5% year-on-year last month, while imports increased by 8.4% – reversing losses in both categories in March. [Read the Article](https://www.asiafinancial.com/chinas-exports-imports-grew-in-april-as-demand-picks-up)

[Two more Chinese cities scrap home-buying restrictions](https://www.asiafinancial.com/two-more-big-chinese-cities-scrap-home-buying-restrictions)

The provincial capitals of Hangzhou and Xian are the latest Chinese cities to drop limits on people buying homes but analysts say prices need to fall further before buyers return. [Read the Article](https://www.asiafinancial.com/two-more-big-chinese-cities-scrap-home-buying-restrictions)

Asia Markets

Nikkei

-0.34%

Shanghai Composite

+0.83%

Hang Seng

+1.22%

Nifty 50

-1.55%

Kospi

-1.20%

*Stock data as of the market close.

[MARKETS](https://www.asiafinancial.com/hang-seng-lifted-by-property-data-boosts-tech-drags-on-nikkei): Asia’s major stock indexes experienced contrasting fortunes on Thursday as policy boosts in China helped in some corners while a tech stocks fall hindered in others. Tokyo’s Nikkei shed early gains to end lower, pulled down by lacklustre performances in chip-related shares. But China stocks rose after solid April trade data added to signs of a pick-up in demand, while the latest property policy rollouts also improved sentiment. Elsewhere across the region, in earlier trade, Manila was also up but Sydney, Singapore, Seoul, Mumbai, Wellington and Taipei edged down. [Read the Article](https://www.asiafinancial.com/hang-seng-lifted-by-property-data-boosts-tech-drags-on-nikkei)

[Capital Link international](https://www.capitallinkintl.com/)

Quote Of The Day

[New Huawei Phone Shows US Sanctions May Be Working](https://www.asiafinancial.com/new-huawei-phone-shows-us-sanctions-may-be-working)

Also On Our Radar

- [Tesla is under investigation by the US Department of Justice](https://www.asiafinancial.com/tesla-target-of-us-fraud-probe-over-autonomous-car-claims-verge) for alleged securities and wire fraud connected to claims about its self-driving vehicles, The Verge reported.

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About Asia Financial

Asia Financial Daily
Edited by Sean O'Meara

To contact Asia Financial, please email [[email protected]](mailto:[email protected])

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