U.S. Commerce Department Adds 33 Chinese Entities to Unverified List

The U.S. Commerce Department has added 33 Chinese entities to its unverified list, which requires U.S. companies to go through extended procedures before exporting goods to them. The department said it was adding those entities to the list because it was unable to verify the reliability of their use of U.S. exports.

One of the listed companies is WuXi Biologics, a pharmaceutical contract manufacturer that produces ingredients for vaccines. The company said while it is importing some U.S. goods subject to export controls, it had no impact on its business or services.

WuXi has been prevented by the U.S. export controls to resell or re-export goods purchased from the United States but the Commerce Department has been unable to conduct checks due to the pandemic if the company was complying.

The company said it is planning to negotiate the issue with the Commerce Department.

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Nuclear, Renewables at the Forefront in Britain’s New Energy Strategy

The British government unveiled long term plans to boost domestic energy production for maintaining “energy independence, security and prosperity”. The plan, dubbed British Energy Security Strategy, give a guideline on how Britain will bolster the deployment of wind, new nuclear, solar and hydrogen. It also aims to support the production of domestic oil and gas in the nearer term. According to the government strategy, Britain could see 95% of electricity by 2030 to be low carbon.

TSMC Unveils First Look of $12 Billion Arizona Plant

Taiwan Semiconductor Manufacturing Co. (TSMC), which is building a $12 billion plant in Phoenix, AZ, revealed first look of what the new facility will look like. The project is under construction on 1,129 acres of land the company purchased in December 2020. The company representatives say the construction is on schedule to be operational in 2024. It is the largest ever foreign direct investment in Arizona’s history. 

U.S. Senators Propose Secondary Sanctions to Bolster Russian Oil Price Cap Plan

Democratic Senator van Hollen and Republican senator Toomey on Tuesday proposed that the Biden administration to use secondary sanctions on international banks as a move to strengthen the planned G7 price cap on Russian oil. The senators announced a framework for legislation to impose the secondary sanctions, which would target financial institutions involved in trade finance, insurance, reinsurance and brokerage of Russia oil and petroleum products sold at prices exceeding the cap.

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