Latest news with #BIS


Phone Arena
5 hours ago
- Business
- Phone Arena
Judge orders Huawei to face U.S. criminal charges
China's Huawei Technologies, one of the top networking companies globally, must face criminal charges in the U.S., according to U.S. District Judge Ann Donnelly. On Tuesday, Judge Donnelly rejected Huawei's request to dismiss the 16-count federal indictment against the company. In her 52-page decision, the judge said that Huawei's arguments in its filing asking her to dismiss the case were premature. Huawei is accused of stealing technology, engaging in racketeering, wire and bank fraud, and committing other illegal acts. For example, the U.S. says that Huawei and some of its subsidiaries planned to illegally obtain U.S. trade secrets. It is also accused of installing surveillance equipment that allowed Iran to spy on anti-government protesters in 2009. Huawei also violated U.S. sanctions by doing business with North Korea. The U.S. has long considered Huawei to be a national security threat and in 2019 it was placed on the Entity List by the Department of Commerce's Bureau of Industry and Security (BIS). As a result, Huawei cannot obtain U.S.-origin parts and components without the supplier obtaining a special license from the U.S. Commerce Department. Exactly one year later, the Commerce Department tightened the noose around Huawei by using the Foreign-Produced Direct Product Rule (FPDPR). As a result, any foundry using American technology to build chips is blocked from shipping said chips to Huawei without a license. Huawei has managed to get around these sanctions by developing its own HarmonyOS operating system. Replacing the chips it could no longer receive was a harder problem to solve. After using all of its remaining Kirin 9000 inventory (this was the Huawei-designed 5nm chip that was the first to support 5G with an integrated 5G modem), Huawei was able to obtain Snapdragon application processors for its flagship phones. However, the U.S. issued the necessary licenses to Qualcomm because it tweaked the chips so they couldn't work with 5G networks. While the inability of Huawei and China's SMIC foundry to obtain the necessary lithography machines prevent it from closing the gap with chips designed by Apple, Qualcomm, MediaTek and others, Huawei stunned the wireless world in 2023 by using a 7nm chip built by SMIC with 5G support to power the Mate 60 series. This allowed the manufacturer to sell 5G phones once again. China has accused the U.S. of "economic bullying" and using national security to oppress Chinese companies. In its filing requesting a dismissal, Huawei says that the U.S. allegations are too vague. Secure your connection now at a bargain price! We may earn a commission if you make a purchase Check Out The Offer


Hans India
8 hours ago
- Business
- Hans India
Govt issues clarification on Quality Control Order for steel products
New Delhi: The Ministry of Steel clarified on Wednesday that it has issued Quality Control Orders for the enforcement of 151 BIS Standards. The last Quality Control Order was issued in August 2024, and no new Quality Control Order has been issued since then. The ministry made it clear that its order dated June 13 is merely to clarify that in the case of intermediate material for manufacturing of final products under BIS Standards, steel products will also have to follow BIS Standards prescribed for such intermediate products. The Ministry made it clear that no new Quality Control Orders have been issued, and the order on June 13 was necessary to bring parity between importers and domestic producers of steel. Presently, the import of finished steel products is not at par with Indian manufacturers of finished steel products, as Indian steel products manufacturers have to use only BIS Standard-compliant intermediate material, while no such requirement was felt by importers for the import of steel products. It will be wrong to put domestic steel products manufacturers at a comparative disadvantage vis-à-vis imported products in terms of non-BIS-compliant intermediate input products. The order will also help to ensure compliance with BIS Standards for intermediate products is required to ensure that the finished product is as per the quality requirement given by BIS Standards. If this is not done, a final product may be sub-standard. For example, a large quantity of coated steel is imported into India. Coated steel uses HR/CR Coil as base material, which is the main product in this case. If HR/CR Coil is not BIS compliant, coated steel cannot be BIS compliant, even if the coating process is itself BIS compliant, according to the statement. Besides, the order is also aimed at checking the possibility of the import of substandard steel. Because of excess capacity and declining consumption in certain countries, there is a big possibility of the dumping of substandard steel. As India is the only fast-growing large economy in the world, there is a very high possibility of cheap steel getting pushed into the Indian market unless adequate measures are put in place for the import of quality steel. It is to be noted that if intermediate inputs (which form the core of finished products like HR coil, CR coil or coated steel) are not BIS compliant and are substandard, the final product cannot be BIS compliant, the Ministry's statement said. The statement further highlighted that Integrated Steel Plants, which make intermediate products and finished products themselves, and the BIS licence has been issued to them, taking into account the whole process, will not need to have different licences for all stages, as the BIS certification process takes care of the whole manufacturing chain. The Ministry of Steel will issue clarifications in this regard after verification from BIS for such integrated steel plants. It further states that apprehension of the possibility of a price rise due to the June 13 order issued by the Ministry of Steel is unfounded. India has a steel manufacturing capacity of 200 million tonnes, which is enough to meet domestic demand. Hence, no such possibility of price increase seems to be there. The Ministry's statement also pointed out that many countries have imposed safeguard duties and measures to prevent the import of cheap steel from the international market, such imposition of sectoral tariffs, Tariff Rate Quotas (TRQs), etc. Because of these safeguard measures adopted by other countries, the possibility of dumping of cheap substandard steel into India further increases. If this happens, this will have an extreme adverse impact on the domestic steel industry and especially the small steel industries in the country. This will also lead to the possibility of the loss of employment of lakhs of people. India is the only major economy where steel consumption has grown at above 12 per cent for the last three years. On the contrary, the steel consumption in other geographies is either stagnant or declining. This fast growth in steel consumption is due to the Indian government's push on infrastructure strengthening, public and private sector development in buildings and real estate and growing manufacturing of capital goods in the country. To cater to this steel demand, the country will need about 300 MT steel capacity by 2030 and 400 MT of steel capacity by 2035. This capacity creation will require a capital infusion of approximately $200 billion by 2035. If substandard cheap steel imports affect the domestic steel industry (both integrated steel producers and small steel industries), their capacity to infuse this capital will come into terrible strain, and the capacity expansion plans of the steel industry will be adversely affected, the statement added.
Yahoo
17 hours ago
- Business
- Yahoo
BIS Rejects Stablecoin Promise, Citing Fragile Backing and Systemic Risk to the Monetary System
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The Bank of International Settlements is not buying the stablecoin hype. Over the past few weeks, stablecoins have been the center of attention as the U.S. advances legislation. Adding to the buzz, the U.S. Treasury continues to wax bullish on the sector and Circle's (NYSE:CRCL) stock has stunned many with its explosive run since going public. All of this is predicated on the belief that stablecoins will feature prominently in the evolution of payments and remittances. But the BIS said in a report released Tuesday that it was skeptical that the sector has any future at all. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . At best, stablecoins will be relegated to 'a subsidiary role in the hinterland of the financial system,' BIS said in a statement. 'Besides acting as a gateway to the crypto ecosystem, their future role is unclear.' The bank's reasoning is that stablecoins do not meet the requirements of sound money. 'Stablecoins perform poorly when assessed against the three tests for serving as the mainstay of the monetary system,' the BIS said. These three tests are 'singleness,' 'elasticity' and 'integrity.' Stablecoins failed the singleness test because they could trade at premiums or discounts to their pegs, the BIS said. At the same time, it said the assets cannot easily absorb large swings in market demand without large swings in price, unlike fiat, with traditional banks able to expand or contract their balance sheet leveraging credit from the central bank. Trending: New to crypto? on Coinbase. The BIS added that stablecoins failed the integrity test because they lacked sufficient guardrails against illicit use in the form of adequate and uniform anti-money laundering and know your customer systems. Beyond failing the three tests of sound money, the BIS said stablecoins threatened the financial sovereignty of emerging economies through 'stealth dollarization.' It also said that continued growth of the sector could pose risks for the bond market, citing the possibility of 'fire sales' under stress conditions. The BIS said that the persistent demand for stablecoins is born out of a real need for the functionalities offered by the technology, such as programmability, lower costs and faster speeds. Warning governments not to ignore this reality, the BIS touts tokenization as the answer. Specifically, the bank proposes a unified ledger integrating central bank reserves, commercial bank deposits and government will allow the financial system to evolve to meet growing user needs while still being underpinned by the principles of sound money, the BIS said. 'Society has a choice,' it said. 'The monetary system can transform into a next-generation system built on tried and tested foundations of trust and technologically superior, programmable infrastructures. Or society can re-learn the historical lessons about the limitations of unsound money, with real societal costs, by taking a detour involving private digital currencies that fail the triple test of singleness, elasticity and integrity.' The BIS is already running a pilot to test its tokenization proposal called Agora. Seven central banks and 43 private institutions are involved in the project, it said. Read Next: Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Image: Shutterstock This article BIS Rejects Stablecoin Promise, Citing Fragile Backing and Systemic Risk to the Monetary System originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Philips-Medtronic collaboration expands for patient monitoring
Philips has announced the expansion of its partnership with Medtronic, focusing on advancing patient monitoring technologies to improve care quality. This multi-year agreement builds on a collaboration that started in 1992. Philips' patient monitoring systems already incorporate Medtronic's brands such as Nellcor pulse oximetry, BIS brain monitoring, and Microstream capnography. Under the deal, Philips will also pack required supplies such as NIBP, batteries, and electrocardiogram (ECG) with Philips Medtronic-enabled monitors. This integrated approach is intended to simplify procurement processes and offer a validated solution that reduces the complexity of managing several contracts. Initially targeting the North American market, the collaboration plans to extend its reach worldwide. The companies are also launching a pledge programme to reinforce their commitment to the safety of the patients, ensuring that every integrated technology is validated clinically, cybersecure, and prepared for frontline clinical usage. The programme is designed to provide clinicians the assurance that the monitoring tools they use are high-performing and adhere to strict quality standards. This enables healthcare professionals to concentrate on patient care without the concern of compatibility issues. By providing flexible technology solutions, the partnership addresses the emerging needs of healthcare professionals. Philips clinical applications and devices for hospital patient monitoring general manager Sachin Chaudhari said: 'Philips is passionate about equipping clinicians with the tools they need to provide better care to more patients. 'Through our partnership with Medtronic, we're providing a comprehensive monitoring solution that is validated throughout all stages, giving clinicians access to the reliable, high-quality products they need to do their jobs.' Last month, Philips launched a new point-of-care (POC) ultrasound system tailored to widen the accessibility of ultrasound for diagnostic and therapeutic interventions. "Philips-Medtronic collaboration expands for patient monitoring" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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Business Standard
a day ago
- Business
- Business Standard
Standards & QCOs: A strategic lever for Viksit Bharat manufacturing agenda
Prime Minister, in his Independence Day address in 2014, urged the industry, especially MSMEs of India, to manufacture goods in the country with "zero defects" and to ensure that the goods have "zero effect" on the environment (ZED). The revised BIS Act was promulgated in 2016, providing stronger legal backing to bring under compulsory certification regime any goods or article of any scheduled industry, process, system or service which the government considers necessary in the public interest or for the protection of human, animal or plant health, safety of the environment, prevention of unfair trade practices, or national security. The intent was clear — as we move towards Viksit Bharat, the government wants to raise the quality bar in the domestic market and eventually for exports. In the last few years, we have seen enactment of regulations by the Government of India that 'raised the floor' by imposing a minimum quality standard on all producers selling in the domestic market. A total of 187 Quality Control Orders (QCOs), covering 769 products, have been notified for compulsory BIS certification by various regulators and line ministries of the Government of India. Industry is fast catching up to comply with these regulations. Notwithstanding some teething issues in the implementation of these QCOs, they have to be a key pillar of India's industrial growth strategy. They are now emerging as strategic tools to strengthen India's manufacturing ecosystem, ensure consumer safety, and build global trust in Indian-made goods. The government has been systematically expanding the QCO regime across sectors to curb substandard imports, safeguard consumer interests, and foster a robust, quality-conscious manufacturing ecosystem without any major disruptions in the supply chain. The government has adopted a consultative and collaborative approach to the formulation and implementation of QCOs, with an emphasis on active industry engagement. Reflecting the government's sensitivity to industry readiness, especially for MSMEs, several QCOs have been notified with phased implementation timelines and given due extensions as well. The government is also undertaking concerted efforts to strengthen testing infrastructure, streamline certification processes, and extend capacity-building support. Developed countries have long used technical regulations as tools, inter alia, to shape global trade dynamics. For many decades, India and other developing countries sought special and differential treatment for their exports to comply with such high — and often arbitrary — standards of the developed world, but to no avail. India's strategic use of QCOs reflects a shift from being a passive consumer market to an assertive, quality-focused manufacturing economy. Going forward, India must move from being an adaptor of international standards to a developer of these standards in international foras. Countries such as the Republic of Korea and, more recently, China have shifted from marginally participating in international standards-setting organisations such as the ISO or the IEC to chairing some of their working groups and developing an increasing number of standards. The time is now for India to set the standards on the world stage. The author is the Director General of FICCI