China Nvidia Chip Approval, Samsung Profit Trebles, More
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News when you want it with Bloomberg News Now. I'm Lizzie Burden. And I'm Caroline Hepker. Leading Chinese oil companies have asked Beijing for guidance on how to protect their investments in Venezuela as Washington outlines plans to control the country's crude output. Sources tell us that state-owned firms have raised concerns in an effort to align their responses with Beijing's diplomatic strategy and to salvage existing claims.
How are Chinese oil companies asking Beijing to protect investments in Venezuela?
Meanwhile, President Trump has told the New York Times that only time will tell as to how long America will seek to exert control over Venezuela. U.S. Energy Secretary Chris Wright says the administration wants to control all future sales of Venezuelan oil and hold the proceeds in American accounts.
We're going to let the oil flow, sell that market to United States refineries and to around the world to bring better oil supplies, but have those sales done by the U.S. government and deposited into accounts controlled by the U.S. government. And then from there, those funds can flow back into Venezuela to benefit the Venezuelan people. But we need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela.
Chris Wright was speaking at a Goldman Sachs conference as China gripples with how best to respond to US assertions of dominance in the Americas and control of strategically vital assets through what's been dubbed the Donro Doctrine.
Despite signs of a new front in the rivalry between Beijing and Washington, Bloomberg has learned that China plans to approve some imports of Nvidia's H200 chips. Sources say officials are preparing to allow local companies to buy the component. for select commercial uses, although it will be barred from purchase by the military and other sensitive government agencies. However, even with these qualifications, the move represents a major win for NVIDIA after the Trump administration said that the US company could export an older generation AI chip to China.
The UK's Defence Secretary says British support for the American operation to seize a Russian-flagged oil tanker demonstrates the importance of the transatlantic security partnership. Britain provided naval and surveillance support to the US military as they captured the Maranera in the North Atlantic. UK Defence Secretary John Healey says it shows the value of the NATO alliance.
This is a stark reminder that our world is changing. It is less predictable and more dangerous. And this operation and the Shadow Fleet show the global links between the security threats faced by the UK and its allies.
Healy's comments come as British officials told Bloomberg that the operation was well-timed to show President Trump the value of the security relationship between the US and the UK. According to the officials, it also demonstrated how Europe can work with America to deter threats from Russia and Iran, both of which had close links to the seized vessel.
Well, these developments come as the US president has called on Congress to increase defence spending by $500 billion a year to build what he called the Dream Military. In what appears to be a contradictory string of announcements, Donald Trump also threatened to exclude some of the companies most likely to benefit from the increase. The president later signed an executive order requiring major defence contractors to end stock buybacks, stop issuing dividends and cap executive pay at $5 million a year until they invest more in factories and research. The announcements initially sent shares of major US defence contractors tumbling before climbing back in post-market trading on the hopes for an increase in the military budget.
Meanwhile, US officials are rushing to step up links with Greenland after President Donald Trump renewed demands to take over the island. Bloomberg understands the White House is considering business deals, including rare earth mineral mining projects and hydroelectric power.
What is the US plan to control Venezuelan oil sales and proceeds?
Chairman of the Nordic Council, Lars Christian Brask, says Danish government personnel have previously sought discussions with the US on the matter.
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