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For decades, it was virtually unknown outside a small circle of investors, corporate lawyers and government officials.
But in recent years, the small interagency body known as the Committee for Investment in the United States has grown in prominence, propelled by a U.S. desire to use it as an instrument of national security and foreign policy.
This week, the panel made headlines after it reportedly directed Chinese gaming company Beijing Kunlun Tech to divest itself of Grindr, a popular gay dating app, because of concern the user data it collects could be used to blackmail military and intelligence personnel.
Operating out of the Treasury Department, the nine-member CFIUS (pronounced Cy-fius) reviews foreign investments in U.S. businesses to determine whether they pose a national security threat.
Notification was voluntary
Until last year, notifying the panel about such investments was voluntary, something Kunlun and California-based Grindr took advantage of when they closed a deal in 2016.
But given growing U.S. concern about Chinese companies with ties to Beijing buying businesses in sensitive U.S. industries, the committee’s rare intervention to undo the deal was hardly a surprise, said Harry Broadman, a former CFIUS member.
“I think anyone who was surprised by the decision really didn’t understand the legislative history, legislative landscape and the politics” of CFIUS, said Broadman, who is now a partner and chair of the emerging markets practice at consulting firm Berkley Research Group.
The action by CFIUS is the latest in a series aimed at Chinese companies investing in the U.S. tech sector and comes as the Trump administration wages a global campaign against telecom giant Huawei Technologies and remains locked in a trade dispute with Beijing. The U.S. says the state-linked company could gain access to critical telecom infrastructure and is urging allies to bar it from participating in their new 5G networks.
While the administration has yet to formulate a policy on Huawei, the world’s largest supplier of telecom equipment, the latest CFIUS action underscores how the U.S. is increasingly turning to the body to restrict Chinese investments across a broad swath of U.S. technology companies.
“CFIUS is one of the few tools that the government has that can be used on a case-by-case basis to try to untangle [a] web of dependencies and solve potential national security issues, and the government has become increasingly willing to use that tool more aggressively,” said Joshua Gruenspecht, an attorney at Wilson Sonsini Goodrich & Rosati in Washington, who represents companies before the committee.
CFIUS’s history has long been intertwined with politics and periodic public backlash against foreign investment in the U.S.
In 1975 it was congressional concern over the Organization of the Petroleum Exporting Countries (OPEC) investments in U.S. stocks and bonds that led President Gerald Ford to set up the committee through an executive order. It was tasked with monitoring the impact of foreign investment in the United States but had little other authority.
In the years that followed, backlash against foreign acquisitions of certain U.S. firms led Congress to beef up the agency.
In 1988, spurred in part by a Japanese attempt to buy a U.S. semiconductor firm, Congress enshrined CFIUS in law, granting the president the authority to block mergers and acquisitions that threatened national security.
In 2007, outrage over CFIUS’s decision to approve the sale of management operations of six key U.S. ports to a Dubai port operator led Congress to pass new legislation, broadening the definition of national security and requiring greater scrutiny by CFIUS of certain types of foreign direct investment, according to the Congressional Research Service.
But by far the biggest change to how CFIUS reviews and approves foreign transactions came last summer when Congress passed the Foreign Investment Risk Review Modernization Act of 2018.
Slated to be fully implemented in 2020, the new law vastly expanded CFIUS’s jurisdiction and authority, requiring foreign companies that take even a non-controlling stake in a sensitive U.S. business to get the committee’s clearance.
While the new law did not mention China by name, concern about Chinese investments and national security dominated the debate that led to its enactment.
“There is no mistake that both the congressional intent and the executive intent has a clear eye on the role of China in the transactions,” Broadman said.
Threats to ‘technological superiority’
Under interim rules issued by the Treasury Department last fall, investments in U.S. businesses that develop and manufacture “critical technologies” in one or more of 27 designated industries are now subject to review by CFIUS. Most of the covered technologies are already subject to U.S. export controls. The designated industries are sectors where foreign investment “threatens to undermine U.S. technological superiority that is critical to U.S. national security,” according to the Treasury Department. They range from semiconductor machinery to aircraft manufacturing.
The new regulations mean that foreign companies seeking to invest in any of these technologies and industries must notify CFIUS at least 45 days prior to closing a deal. CFIUS will then have 30 days to clear the deal, propose a conditional approval or reject it outright. If parties to a transaction do not withdraw in response to CFIUS’s concerns, the president will be given 15 days to block it.
To date, U.S. presidents have blocked five deals — four of them involving Chinese companies. One was blocked by the late President George H.W. Bush in 1990, two by former President Barack Obama in 2012 and 2016, and two by President Donald Trump.
The number is deceptively small. A far greater number of deals are simply withdrawn by parties after they don’t get timely clearance or CFIUS opens a formal investigation. According to the Treasury Department, of the 942 notices of transactions filed with CFIUS between 2009 and 2016, 107 were withdrawn during the review or after an investigation.
In recent years, CFIUS has reviewed between 200 and 250 cases per year, according to Gruenspecht. But the number is likely to exceed 2,000 a year under the new CFIUS regime, he added.
The tighter scrutiny has raised questions about whether the new law strikes the right balance between encouraging foreign investment and protecting national security.
“I think the short answer is it’s too early to tell,” Gruenspecht said. However, he added, if the new law “becomes a recipe for taking foreign investment off the table for whole realms of new emerging technology, that crosses a lot of boundaries.”
Concern in Europe
The U.S. is not the only country toughening screening measures for foreign investment. In December, the European Union proposed a new regulation for members to adopt “CFIUS-like” foreign investment review processes.
Gruenspecht said that while foreign investors are not “thrilled” about the additional CFIUS scrutiny, “a lot of Western nations are also saying, actually, ‘We totally understand the rational behind CFIUS and we’re looking to implement our own internal versions of CFIUS ourselves.’ ” (VOA)
London (CNN)- At five o'clock in the morning, the esteemed 86-year-old astrophysicist Jim Peebles was woken suddenly by the telephone ringing."In previous experience, the only phone calls at that time of night are bad news," he said. This one was great news. "The opening sentence from the caller was: 'The Nobel committee has voted to award you the Nobel Prize in Physics. Do you accept?'" Peebles recalled. The wording threw him. Who wouldn't accept a Nobel Prize? "You know the Bob Dylan fiasco?" he said during a phone interview with CNN. "That might have put the wind up them."The "fiasco" Peebles mentions refers to the 2016 Nobel Prize in Literature, which was controversially given to an utterly unimpressed Dylan.Aside from being ever-presents on college campuses in the 1960s, little connects Peebles, an expert in theoretical cosmology, with Dylan. But one of the starkest contrasts might lie in their reactions to winning a Nobel -- and the songwriter is far from the only laureate whose crowning turned out to be an awkward affair.
The five committees are notoriously secretive, fiercely shielding their choices from the outside world -- including the laureates themselves, who are told of their victories just minutes before they are announced to the public.
Jim Peebles speaking at the Nobel Prize banquet in 2019 Image credit: CNN
That tight-lipped mantra can lead to some heartening surprises, as it did for Benjamin List -- the co-winner of this year's Nobel Prize in Chemistry -- who was having coffee with his wife when he received the news.
"Sweden appears on my phone, and I look at her, she looks at me and I run out of the coffee shop to the street ... you know, that was amazing. It was very special. I will never forget," he told reporters on Wednesday after his victory was announced.It can also be far less celebratory. "I was lying in bed, and my wife woke up and heard my phone buzzing. And she yelled at me because my phone was waking her up," David MacMillan, who shared the prize with List, told BBC Radio 4 on Thursday."100% [I] missed the call. Classic Scottish person. I [didn't] believe this is happening, so I went back to bed," he added -- likely the most relatable sentence ever uttered by an expert in chiral imidazolidinone catalysts.
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And for some, the sudden ascension to Nobel laureate is an unwanted intrusion altogether. "Oh Christ," British-Zimbabwean author Doris Lessing said when reporters arrived outside her house to inform her she had won the Nobel Prize in Literature in 2007. "I'm sure you'd like some uplifting remarks of some kind. "It's a wonderful thing," Reinhard Genzel, an astrophysicist who won last year's Nobel Prize in Physics, told CNN of his win and the months since. "But it's a chore as well."
What it's like to win a Nobel PrizeFew Nobel winners can honestly say their lives weren't changed when they received the phone call.As long as they believe it, that is. "These days you get these cold calls, and I thought this is another one of them," Abdulrazak Gurnah, the winner of this year's literature prize, told the BBC on Thursday."This guy said, 'Hello, you have won the Nobel Prize for Literature,' And I said, 'come on, get out of here. Leave me alone,'" Gurnah said. "He talked me out of that, and gradually persuaded me."Winners often can't be contacted at all, leaving them to find out about their wins from the news, their family, or even their next-door neighbors.
Nobel Peace Prize winners Ressa and Muratov Image source: CNNEconomist Paul Milgrom was woken in the middle of the night in California by his colleague Robert Wilson banging on his front door. "Paul, it's Bob Wilson. You've won the Nobel Prize," he shouted into the intercom. "Yeah, I have? Wow," an utterly confused Milgrom responded, in an exchange captured by a doorbell camera.
Genzel's phone call came while he was in a Zoom meeting with colleagues last October. "I had absolutely no inkling," he said. "I thought, my God ... obviously this is a fantasy."
The committee's secretary told him he "couldn't say anything for 15 or 20 minutes," so Genzel tried his best to keep the news to himself. "I walked over to our meeting room ... (my colleagues) told me afterwards I was stumbling in there, slightly gazed, telling them to switch on the TV," he said.Malala Yousafzai, the youngest Nobel winner at 17, was midway through a chemistry lesson at a school in Birmingham, England, when a teacher interrupted to tell her she had won, she told Reuters.She later told Vogue that she modestly left the achievement off her university applications, because she "felt a bit embarrassed." But there are occasions, too, where the winner isn't quite as thrilled as the Nobel committee might imagine.
Dylan and Ernest Hemingway both skipped the Nobels' annual banquet; the latter made a point of telling the Swedish Academy that he had "no facility for speech making and no command of oratory." But arguably it was Lessing who had the most memorable reaction. She learned of her win as she stepped out of a taxi on the way back from the grocery store. "Have you heard the news? You've won the Nobel Prize for Literature!" an enthusiastic reporter told her. Her eyes rolled back in her head before the journalist had even finished his sentence. Lessing -- accompanied by a male acquaintance who stood next to her, bemused, his arm in a sling and a single artichoke in his hand -- was clearly more interested in collecting her shopping than talking to the world's media.
Also read: Abdulrazak Gurnah- The New Nobel Laureate
Asked how she felt, she expressed little enthusiasm: "Look, I've won all the prizes in Europe, every bloody one."
"Am I supposed to get excited, or elated, or what?" she remarked. "One can't get more excited than one gets, you know?"
'I was treated like a rock star'
As soon as Genzel's win was announced last year, his face was on televisions around the world. The announcement of a Nobel Prize winner makes the front pages of newspapers and websites almost everywhere, throwing a sudden spotlight on little-known scientists and their complex research. "Once the announcement is made, you lose your identity within half an hour," Genzel said. "The telephone rings all the time. "Peebles had a similar experience just minutes after his early morning phone call. "When I returned to bed my wife said, 'What was that about?' I said 'Nobel Prize,' and she said: Oh God." Within minutes, the couple had a photographer outside their door. Genzel suddenly found himself answering questions about politics on late-night German TV, angering some of his friends with his responses. Peebles, meanwhile, spent much of the day looking through emails from every corner of the world: "Please come visit us, please read my manuscript..."
Reinhard Genzel posing with his medal Image source: CNN
"It's one thing to say that the Nobel Prizes attract attention. It's another to experience it," he said. Sometimes, personal relationships change. "There is of course a lot of envy, from some colleagues -- many people who are close to me in the same field might very well say, 'Why did he get it?'" said Genzel. But before the Covid-19 pandemic scuppered plans for two years in a row, winners were also treated to a gala in Stockholm. "I was treated like a rock star ... I experienced what I expect rock stars to experience," Peebles said of his banquet in 2019. "It's a wonderful honor." "My attache had an almost endless list of things to do," he added. "'Now you must meet these influential people. Now you must go to a news conference. Now we will have dinner with some important people. And on and on.' "Genzel missed out on the festivities last year, but he enjoyed a low-key affair in Germany. "The governor of Bavaria offered us his residence, (and) we had a fairly nice event with the Swedish ambassador," he said. Two years on, CNN asked Peebles whether his email inbox has finally receded to pre-Nobel volumes. "I'd have to look at the data on that," he responded, ever the empiricist. But for both men and many other laureates, the most exciting part of the Nobel experience is simply that it gets people talking about science and culture.
"I find it almost a necessity to tell the public at large that there is truth, there is absolute truth," Genzel said. "What I hope is understood is the importance of the Nobel Prize in making people aware of the importance of curiosity-driven science or arts," he said. "I think it must be unique."
(This article is originally written by Bob Picheta)
Keywords: Nobel Prize, Reactions, Laureates
Married Hindu women are recognised by a red streak of vermillion in the middle of their foreheads. This is traditionally called 'sindoor', which is derived from the Sanskrit word sindura, meaning 'red lead.'. Sindoor is traditionally powdered turmeric and lime, sometimes red saffron, or red sandalwood. It is also called vermilion, or Kumkum.
Sindoor is traditionally powdered turmeric and lime, sometimes red saffron, or red sandalwood. It is also called vermilion, or Kumkum. Image source: Photo by Gayathri Malhotra on Unsplash
The origin of the practise of wearing sindoor is ambiguous, but historical records from the Harappan civilisation show that women wore sindoor as a sign of being married. Today's generation considers the wearing of sindoor an outdated and patriarchal ritual. However, there is still a large population of women who uphold the ritual of adorning their foreheads with vermilion every day.
Sindoor implies the longevity of a woman's marriage to her husband in the Hindu tradition. The longer the streak, the longer her husband's life is believed to be. Women wear it for the first time on their wedding day, when the husband applies it during the ceremony. As long as he remains alive, the red streak that fills the woman's maang, or hair partition, symbolises her fruitful married life.
When the finger used to apply the sindoor touches the pituitary gland every time, it arouses affection in a woman for her husband. Image credit: Photo by Amish Thakkar on Unsplash
The components of the red powder are believed to improve the sexual energy of the woman. When the finger used to apply the sindoor touches the pituitary gland every time, it arouses affection in a woman for her husband. The mixture that she wears on her head controls her blood pressure and activates her sexual drive.
These days, feminists do not take very lightly to the practice of wearing sindoor, as they view it as a sign of patriarchal dominance. They do not like being branded as 'belonging to a man'. They prefer to wear it as a style statement because it enhances beauty. Fashion designers have recently commissioned models to sport sindoor on the runway. New age feminists are making bids to allow widows and single women to adorn their foreheads with the vermilion streak.
Keywords: Sindoor, Marriage, Symbol, Women, Patriarchy
Actress Urvashi Rautela has recently announced the name of her next film which is titled 'Dil Hai Gray'. It's a Hindi remake of Tamil film 'Thiruttu Payale 2'. Urvashi Rautela will be seen alongside Vineet Kumar Singh and Akshay Oberoi.
Urvashi shares: "I am excited to announce the title of my next film 'Dil Hai Gray' on the auspicious day of Vijaya Dashami. The film is very close to my heart and it was lovely working with director Susi Ganeshan sir, producer M Ramesh Reddy sir, and my co-stars Vineet Kumar Singh and Akshay Oberoi. "
"The film has created a massive response in the south industry and I am very positive about the story that it will be also be loved by the audience here. I hope my fans would bless us with their love and support. Super excited to watch my film on the big screen after a long time," she concludes. (IANS/ MBI)
Keywords: urvashi rautela, movies, bollywood, south, remake, film