Latest news with #export curbs
Yahoo
28-07-2025
- Business
- Yahoo
Chip design software provider Cadence raises annual sales forecast
(Reuters) -Cadence Design Systems raised its sales forecast for the year on Monday, after the U.S. lifted export curbs on chip design software to China earlier this month, allowing the company to resume sales to the key market. Shares of the San Jose, California-based company rose 7% in extended trading after rising about 10% this year. The company expects annual revenue between $5.21 billion and $5.27 billion, up from its earlier forecast of sales between $5.15 billion and $5.23 billion. "Cadence delivered excellent results for Q2, with broad-based strength across all businesses, more than offsetting the impact of the temporary restrictions on exports to China imposed on May 23rd," Chief Financial Officer John Wall said in a statement. Removal of the restrictions, which were announced late in May, allowed Cadence to again service the market that brings over 10% of revenue for the company, after an initial suspension of services to China had hurt sales and investor sentiment. The company reported revenue of $1.28 billion for the June quarter, beating analysts' average estimate of $1.25 billion, according to data compiled by LSEG.
CNA
19-07-2025
- Business
- CNA
China vows tougher action against smuggling of strategic minerals
SHANGHAI: China vowed on Saturday (Jul 19) to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development. The remarks by the commerce ministry came a day after the state security ministry accused foreign spy agencies of having tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeting the critical sector. The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defence. The commerce ministry remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies. "Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring," it said in a statement. Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies. China has adopted a "zero-tolerance" approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said.
