-
Stock market optimism returns after tech selloff but Wall Street wobbles
-
Clarke warns Scotland fans over sky-high World Cup prices
-
In Israel, Sydney attack casts shadow over Hanukkah
-
Son arrested after Rob Reiner and wife found dead: US media
-
Athletes to stay in pop-up cabins in the woods at Winter Olympics
-
England seek their own Bradman in bid for historic Ashes comeback
-
Decades after Bosman, football's transfer war rages on
-
Ukraine hails 'real progress' in Zelensky's talks with US envoys
-
Nobel winner Machado suffered vertebra fracture leaving Venezuela
-
Stock market optimism returns after tech sell-off
-
Iran Nobel winner unwell after 'violent' arrest: supporters
-
Police suspect murder in deaths of Hollywood giant Rob Reiner and wife
-
'Angry' Louvre workers' strike shuts out thousands of tourists
-
EU faces key summit on using Russian assets for Ukraine
-
Maresca committed to Chelsea despite outburst
-
Trapped, starving and afraid in besieged Sudan city
-
Showdown looms as EU-Mercosur deal nears finish line
-
Messi mania peaks in India's pollution-hit capital
-
Wales captains Morgan and Lake sign for Gloucester
-
Serbian minister indicted over Kushner-linked hotel plan
-
Eurovision 2026 will feature 35 countries: organisers
-
Cambodia says Thailand bombs province home to Angkor temples
-
US-Ukrainian talks resume in Berlin with territorial stakes unresolved
-
Small firms join charge to boost Europe's weapon supplies
-
Driver behind Liverpool football parade 'horror' warned of long jail term
-
German shipyard, rescued by the state, gets mega deal
-
Flash flood kills dozens in Morocco town
-
'We are angry': Louvre Museum closed as workers strike
-
Australia to toughen gun laws as it mourns deadly Bondi attack
-
Stocks diverge ahead of central bank calls, US data
-
Wales captain Morgan to join Gloucester
-
UK pop star Cliff Richard reveals prostate cancer treatment
-
Mariah Carey to headline Winter Olympics opening ceremony
-
Indonesia to revoke 22 forestry permits after deadly floods
-
Louvre Museum closed as workers strike
-
Spain fines Airbnb 64 mn euros for posting banned properties
-
Japan's only two pandas to be sent back to China
-
Zelensky, US envoys to push on with Ukraine talks in Berlin
-
Australia to toughen gun laws after deadly Bondi shootings
-
Lyon poised to bounce back after surprise Brisbane omission
-
Australia defends record on antisemitism after Bondi Beach attack
-
US police probe deaths of director Rob Reiner, wife as 'apparent homicide'
-
'Terrified' Sydney man misidentified as Bondi shooter
-
Cambodia says Thai air strikes hit home province of heritage temples
-
EU-Mercosur trade deal faces bumpy ride to finish line
-
Inside the mind of Tolkien illustrator John Howe
-
Mbeumo faces double Cameroon challenge at AFCON
-
Tongue replaces Atkinson in only England change for third Ashes Test
-
England's Brook vows to rein it in after 'shocking' Ashes shots
-
Bondi Beach gunmen had possible Islamic State links, says ABC
| RYCEF | 2.01% | 14.9 | $ | |
| RBGPF | -4.49% | 77.68 | $ | |
| CMSC | 0.02% | 23.305 | $ | |
| SCS | 0.12% | 16.14 | $ | |
| BCC | -1.23% | 75.58 | $ | |
| CMSD | 0.26% | 23.31 | $ | |
| GSK | 0.65% | 49.13 | $ | |
| NGG | 0.9% | 75.61 | $ | |
| RIO | -0.25% | 75.473 | $ | |
| BCE | 0.77% | 23.575 | $ | |
| AZN | 1.39% | 91.1 | $ | |
| JRI | 0.17% | 13.59 | $ | |
| RELX | 1.82% | 41.13 | $ | |
| VOD | 1.22% | 12.745 | $ | |
| BTI | 0.76% | 57.535 | $ | |
| BP | -0.38% | 35.125 | $ |
US lawmakers to vote on China competition bill
US lawmakers were due to vote Friday on a multibillion-dollar bill aimed at jumpstarting high-tech research and manufacturing, countering China's growing influence and easing a global shortage of computer chips.
The House Democrats' America Competes bill is their version of the $250 billion US Innovation and Competition Act that passed the Senate last summer with cross-party support.
The legislative push comes after the US Commerce Department warned that companies have an average of less than five days' worth of semiconductor chips on hand, leaving them vulnerable to shutdowns.
President Joe Biden wants to invest $52 billion in domestic research and production and, after sitting on the bill since June, House Speaker Nancy Pelosi recently listed the $350 billion package as a top priority.
"Together, we have an opportunity to show China and the rest of the world that the 21st century will be the American century -- forged by the ingenuity and hard work of our innovators, workers, and businesses," Biden said in a late January endorsement of the legislation.
Its passage into law would mark a win that Biden would love to be able to trumpet at his State of the Union address on March 1, although it will need to be married with the Senate version, which could take several weeks.
- 'Predatory trade' -
The White House sees the initiative as the main legislative tool to combat China's growing prowess.
Senior administration officials, including Commerce Secretary Gina Raimondo, have been pushing the House behind the scenes to move it quickly.
The 2,900-page House version is set to be controversial, however, as it includes proposals that are unpopular with Republicans and didn't appear in the Senate text.
House Republicans complain that much of the legislation was developed behind closed doors, without public hearings or consultations, and with no committee process.
They say it is weak on China, overly focused on unrelated issues like climate change, human rights and social inequality, and stuffed with Democrat-sponsored trade provisions they reject.
"This partisan bill does nothing to hold China accountable for its predatory trade practices, enforce President (Donald) Trump's historic agreement to stop China's cheating on trade, or counter China's trade aggression around the world," Kevin Brady, the top Republican on the House Ways and Means Committee, said in a statement.
He accused Biden of being "content to sit on the sidelines" while foreign countries block US farmers and businesspeople from competing on a level playing field.
- '3,000-page giveaway' -
"Democrats have jammed this nearly 3,000-page giveaway with billions of dollars of new trade assistance welfare and lavish health care subsidies that discourage the jobless from connecting to work," Brady added.
"They hold the world's poorest countries hostage to Green New Deal demands, and make it harder for American manufacturers to qualify for lower tariffs on products needed to compete and win, both here and abroad."
Democrats don't need House Republican support to pass the bill, but a unanimous rejection from the opposition will complicate its passage to Biden's desk.
It is destined for a "conference committee" to merge the bills from both chambers, with Senate Republicans especially influential since at least 10 of them will be needed to advance it from the upper chamber.
Republican Todd Young, the senior senator for Indiana, told reporters on Thursday he and his colleagues would send House Republicans "a much better option to vote on in the next couple of months."
"If instead the House had taken an approach using regular order, as we did in the Senate, with fulsome opportunity for bipartisan input, they'd have a better work product and they would have earned a lot of Republican votes," he said.
D.Lopez--AT