The U.S. Commerce Department Prepares to Ban Chinese Software for Smart Cars
The U.S. Commerce Department is planning to unveil proposed rules by Monday to ban devices
and software for internet-connected cars made in China and Russia, according to people familiar with the matter.
Topic
United States
The Commerce Department has held meetings with industry experts in recent months to address security concerns raised by the next generation of smart cars.
Sources indicate that this move will involve banning the use and testing of Chinese and Russian technology in autonomous driving systems and communication networks in vehicles.
While the focus of the ban is primarily on software, some hardware will also be included in the proposed regulations.
Gold
Gold mining companies turn to discipline amid a surge in acquisition deals. As gold prices hit unprecedented highs, mining companies are back on the hunt for new deals, while assuring investors that they’ve learned from past mistakes, especially those related to overspending. In recent months, there has been significant activity in the sector, with Gold Fields acquiring Osisko Mining in a $1.6 billion deal and AngloGold Ashanti purchasing Centamin for $2.5 billion. This flurry of activity has sparked speculation about more deals on the horizon, with signs that more companies are considering similar steps.
Mining companies are keen to show that they won’t repeat the same mistakes in an effort to reassure investors. For example, Equinox is planning to use its profits to reduce debt incurred in building the Greenstone mine. B2Gold is also focusing on “returning as much cash as possible to shareholders by increasing cash flow and paying solid dividends,” according to CEO Clive Johnson in an interview during a forum this week.
Europe
European floods threaten insurers with record losses. Insurance companies are expected to face the largest regional losses due to the devastating floods that have swept through Central and Eastern Europe.
Among the hardest-hit companies are “Powszechny Zakład Ubezpieczeń,”
“Vienna Insurance Group,” and “Uniqa Insurance Group.”
Global reinsurance broker “Gallagher Re” has estimated insurance losses from the Central European
floods to be between €2 billion ($2.2 billion) and €3 billion.
According to Bloomberg Intelligence data, these figures match the catastrophic flood losses seen in 1997, 2002, and 2013. Other insurers, such as “Generali” and “Allianz,” are also expected to face significant losses as a result of this disaster.
The storm “Boris” caused heavy, continuous rainfall across most of the Czech Republic, Austria,
southwestern Poland, and eastern Slovakia from September 12 to 15,
leading to widespread flooding.
Governments across the region have declared emergency measures and are preparing to spend hundreds of millions of euros on cleanup efforts, while water levels remain high.
The U.S. Commerce Department Prepares to Ban Chinese Software for Smart Cars
