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President Donald Trump on Friday ordered the unravelling of a USD 2.9 million computer chips deal that he concluded threatened US security interests if the current owner, HieFo Corp., remained in control of the technology. The executive order cast a spotlight on a business deal that drew scant attention when it was announced in May 2024 during President Joe Biden's administration. The deal involved aerospace and defence specialist Emcore Corp. selling its computer chips and wafer fabrication operations to HieFo for USD 2.92 million a price that included the assumption of about USD 1 million in liabilities. But Trump is now demanding that HieFo divest that technology within 180 days, citing credible evidence that the current owner is a citizen of the People's Republic of China. HieFo was founded by Dr. Genzao Zhang and Harry Moore. According to a press release that came out after the deal closed, plans for the technology acquired from Emcore were to be overseen by largely the same
Missouri's top prosecutor said China is suing after the state pressed federal officials for help collecting on a roughly USD25 billion court judgment related to the COVID-19 pandemic. Attorney General Catherine Hanaway said Tuesday in a news release that China is demanding a public apology from the state in a complaint filed in the Intermediate People's Court of Wuhan. The Chinese government also is seeking compensation equivalent to USD 50.5 billion plus legal fees and the right to claim further compensation. "This lawsuit is a stalling tactic and tells me that we have been on the right side of this issue all along, Hanaway said in the news release. At issue is a lawsuit Missouri filed alleging that China hoarded personal protective equipment during the early months of the pandemic, harming the state and its residents. A federal judge ruled for Missouri earlier this year after China declined to participate in the trial. It called the lawsuit very absurd when it was filed in ...