FirstFT: US asks South Korea not to fill market gap if China bans Micron chips
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Ahead of President Yoon Suk Yeol’s state visit to Washington today, the White House has called on South Korea to urges its chipmakers not to boost sales to China Beijing should ban Micron from selling chips, people familiar with the situation said.
China this month released a national security review of US-based Micron, one of the three dominant players in the global Dram memory chip market along with Samsung Electronics and South Korea’s SK Hynix. US officials and business executives believe this is in retaliation for President Joe Biden’s moves to prevent China from obtaining or manufacturing advanced semiconductors.
It’s unclear if any punitive action will be taken after the investigation, but with mainland China and Hong Kong generating 25 percent of its $30.8 billion in revenue last year, the stakes are high for Micron.
The case has become a litmus test of whether Beijing is willing to take coercive economic measures against a major US company for the first time. While the US has worked with allies to counter China in the area of security in the Indo-Pacific, this is the first known occasion where it has asked an ally to enlist its companies to play a role.
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EU meeting: The bloc’s Foreign Affairs Council meets in Luxembourg to discuss Russia’s war against Ukraine.
Economic data: Ifo has its business climate index for Germany and Rightmove publishes its house price index for the UK.
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The weeks since Silicon Valley Bank’s collapse on March 10 have brought an uneasy realization: The problems that led to the biggest bank run in history were not some freak event or unforeseen emergency. Before the first official post-mortem on its failure, almost everyone agrees that the crisis had been hiding in plain sight.
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On the Weekend podcast, host Lilah Raptopoulos talks with Pulitzer Prize-winning playwright Suzan-Lori Parks about her new show. Play for the plague year, which asks us to remember, process and mourn the pandemic.
Additional contributions by Annie Jonas and Emily Goldberg
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