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 Apple appeals EU’s DMA designation of App Stores as a single service, iOS interoperability, and iMessage NIICS designation 

Foo Yun Chee / Reuters:

 

 

—  Apple (AAPL.O) has challenged EU tech rules designating its five App Stores as a single core platform service subject to onerous obligations, saying that EU regulators have misinterpreted and misapplied the new legislation that took effect last May.

 

The company also disputed the characterisation of its operating system iOS as an important gateway for business users to reach end users and the interoperability obligation that goes with that label.

 

(PHOTO: Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing Rights)

 

The iPhone maker challenged the Digital Markets Act (DMA) in November last year but did not provide details.

The European Commission made “material factual errors, in concluding that the applicant’s five App Stores are a single core platform service,” Apple said in its plea to the Luxembourg-based General Court, Europe’s second-highest.

The company in its argument to the EU competition enforcer said it operates five App Stores on iPhones, iPads, Mac computers, Apple TVs and Apple Watches, with each designed to distribute apps for a specific operating system and Apple device.

DMA requirements that would affect Apple include allowing third parties to inter-operate with its own services and letting business users promote their offers and conclude contracts with their customers outside its platform.

Apple’s lawsuit also took issue with the Commission’s designation of its messaging service iMessage as a number-independent interpersonal communications service (NIICS) that prompted an EU investigation into whether it should comply with DMA rules.

The company contends that iMessage is not a NIICS as it is not a fee-based service and it does not monetise it via the sale of hardware devices nor via the processing of personal data.

 

Reporting by Foo Yun Chee; Editing by Andrew Heavens

— Techmeme

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Best’s Review presents Guide to Understanding the Insurance Industry

OLDWICK, N.J. — (BUSINESS WIRE) — Best’s Review starts the new year with the publication of the Guide to Understanding the Insurance Industry as the January edition of the magazine.

 

A high-level overview designed with students, new employees and prospects in mind, the Guide furthers the magazine’s mission to inform readers about the workings of the insurance industry, particularly in the United States. New features for this year include a section on delegated underwriting authority enterprises and resources to help readers navigate the global insurance industry, such as lists of U.S. college risk management and insurance programs, industry publishers, podcasts and more.

 

Also included in the January edition are interviews conducted by AM Best TV with a variety of industry leaders throughout 2023:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2024 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com

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PGIM launches two buffer ETF series

Attractively priced at 0.50%, PGIM’s new ETFs seek potential downside risk protection with 12% and 20% buffer options

NEWARK, N.J. — (BUSINESS WIRE) — PGIM,1 the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has launched two buffer ETF series, the PGIM U.S. Large-Cap Buffer 12 ETF series and the PGIM U.S. Large-Cap Buffer 20 ETF series “(the ETFs),” listed on the Cboe BZX. The series will consist of a total of 24 ETFs, with 12% and 20% buffer ETFs launching on a rolling basis the first business day of each month throughout the year.

 

The ETFs will be offered at a 0.50% net expense ratio, making them the lowest cost one-year target outcome buffer ETFs in the marketplace.2

 

The Buffer ETFs provide exposure to an ETF that seeks to track the performance of the S&P 500 Index “(the Underlying Fund),” offering investors a defined range of potential outcomes. The ETFs seek to match the return of the underlying fund up to a predetermined upside cap, while providing a limited downside buffer against the first 12% (for the PGIM U.S. Large-Cap Buffer 12 ETF series) or 20% (for the PGIM U.S. Large-Cap Buffer 20 ETF series) of the underlying fund’s losses over a one-year target outcome period. 3

 

“In times of market uncertainty, our clients are looking for ways to participate in the market’s upside, while tempering downside risks,” said Stuart Parker, president and CEO of PGIM Investments. “Buffer ETFs provide investors with a more narrowly defined outcome range, which can offer more predictability in volatile markets.”

 

The Buffer ETFs are sub-advised by PGIM Quantitative Solutions (PGIM Quant), the quantitative equity, multi-asset and liquid alternatives specialist of PGIM.

 

“PGIM Quant has been managing options trading strategies for institutional investors for more than 30 years,” said Linda Gibson, CEO of PGIM Quantitative Solutions. “The Buffer ETF series represents yet another enhancement to our suite of offerings for clients who are looking for meaningful upside access while helping to mitigate risk.”

 

With the launch of the initial Buffer ETFs, PGIM Investments now offers 16 active ETFs, doubling its lineup over the last year.

 

ABOUT PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

 

ABOUT PGIM QUANTITATIVE SOLUTIONS

PGIM Quantitative Solutions is the quantitative equity, multi-asset and liquid alternatives specialist of PGIM. For more than 45 years, PGIM Quantitative Solutions has helped investors around the world solve their unique needs by leveraging the power of technology and data as well as advanced academic research. As of Sept. 30, 2023, PGIM Quantitative Solutions managed $89 billion in client assets.4 For more information, please visit pgimquantitativesolutions.com.

 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is a leading global investment manager with more than $1.2 trillion in assets under management as of Sept. 30, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

 

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

 

1 The term PGIM as used in this announcement includes PGIM Investments LLC, an indirect, wholly owned subsidiary of Prudential Financial, Inc.

2 Source: Morningstar Direct as of Nov. 30, 2023.

3 Before fees and expenses.

4 AUM totals shown include assets of PGIM Wadhwani LLP, which is a separate legal entity.

 

Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investing in ETFs involves risks. Some ETFs have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost and it is possible to lose money.

 

The Funds are actively managed exchange traded funds (ETFs) and thus do not seek to replicate the performance of a specified index. ETF shares are not individually redeemable from the Funds. Shares may only be redeemed directly from the Fund by Authorized Participants in Creation Units.

 

Investment products are distributed by Prudential Investment Management Services LLC, a member FINRA and SIPC. PGIM Quantitative Solutions is a wholly owned subsidiary of PGIM. © 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

1076426-00001-00

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MEDIA
Kylie Scott

+1 973 902 2503

kylie.scott@pgim.com

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For its year of achievements, NJHMFA honored as statewide leader by NJBIZ

TRENTON, N.J. —  The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has been honored as a 2023 Leader in Real Estate, Construction, and Design by NJBIZ.

This recognition joins many awards the Agency won in 2023 for its work on promoting affordable and mixed-income housing construction and economic development across New Jersey.

This most recent award recognized NJHMFA’s role in making high-quality, accessible, affordable housing construction possible through its financing capacity, innovative programs, and collaborative partnerships. Since 2021, NJHMFA has undergone a record expansion of the Agency’s core multifamily programs, which now produce more than $1.3 billion in annual construction.

“NJHMFA is committed to ensuring that New Jersey residents have access to high-quality affordable housing near the schools, jobs, transportation, services, and other amenities that their households require,” said Executive Director Melanie R. Walter. “We are honored that NJBIZ has recognized our successful efforts to provide these housing opportunities by naming us as a Leader in Real Estate, Construction, and Design for 2023.”

Among the projects that were cited as part of NJBIZ’s recognition are Hinchliffe Residences and Barclay Place. Both projects, which opened in the summer of 2023, are examples of how NJHMFA financing can help municipalities further their planning, growth, and housing goals, while simultaneously creating a thriving inclusive community for all who live there.

Hinchliffe Residences was a key component of the long-awaited redevelopment and revitalization of Hinchliffe Stadium in Paterson. Hinchliffe Residences reflects and embraces the unique architecture and history of the adjacent Hinchliffe Stadium, one of the only four standing stadiums that once hosted Negro League baseball games. This development seamlessly integrates historical essence with modern planning elements, including affordable senior housing, a daycare, and a new parking deck. The project is the state’s largest-ever historic preservation project and a key piece of the city’s future. The Hinchliffe redevelopment has received a 2023 Smart Growth Award from NJ Future, the 2023 Outstanding Implementation Award from the New Jersey Chapter of the American Planning Association, and the 2023 Governor’s Excellence Award for Innovative Economic Development.

The Barclay Place development is the first completed project financed through the NJHMFA’s Hospital Partnership Subsidy Program. This program, serves as a national model, with other states now replicating the way NJHMFA leverages hospitals’ status as anchor institutions to improve community health outcomes through the creation of affordable and supportive housing. NJHMFA, Saint Joseph University Medical Center, NJCDC, NJCC, and other partners received a 2023 Smart Growth Award from NJ Future, the 2023 Project of the Year Award from the Supportive Housing Association of New Jersey, and the 2023 Governor’s Excellence Award for Housing Development for this remarkable supportive housing community.

Other projects that have received recognition in 2023 include the Gordon H. Mansfield Veteran’s Community in Tinton Falls, NJ, a 70-unit community for military veterans that won the NAA Excellence Award for New Construction Community of the Year; One Thompson Place in Dover, which received a 2023 Smart Growth Award; and Freedom Village at Hamilton Woods, which was cited as part of the NJBIZ award. Other landmark projects in the development pipeline include Hospital Partnership Subsidy Program projects in Newark and Camden, and 28 Walnut in Madison, which was among the first projects to receive Affordable Housing Production Fund Support.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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PARTS iD announces delisting from NYSE American

CRANBURY, N.J. — (BUSINESS WIRE) — PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”) on Wednesday announced that it received notification from the New York Stock Exchange (“NYSE”) that the NYSE has initiated proceedings to delist the Class A common stock of PARTS iD, Inc. from NYSE American.

 

The NYSE also indefinitely suspended trading of the Company’s Class A common stock effective Dec. 26, 2023. PARTS iD does not intend to appeal the NYSE’s determination.

 

The NYSE determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the disclosure on Dec. 26, 2023 that the Company filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.

 

About PARTS iD, Inc.

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, we believe that PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

 

Cautionary Note Regarding Forward-Looking Statements

All statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, expected future performance, consumer adoption, anticipated success of our business model or the potential for long term profitable growth, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “confident,” “look forward,” “optimistic” and similar expressions and their variants, as they relate to us may identify forward-looking statements. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us, particularly those associated with the COVID-19 pandemic and the conflict in Ukraine, which have had wide-ranging and continually evolving effects. We caution that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways.

 

Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements include risks and uncertainties, including without limitation: the ongoing conflict between Ukraine and Russia has affected and may continue to affect our business; competition and our ability to counter competition, including changes to the algorithms of Google and other search engines and related impacts on our revenue and advertisement expenses; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; disruptions in the supply chain and associated impacts on demand, product availability, order cancellations and cost of goods sold including inflation; difficulties in managing our international business operations, particularly in the Ukraine, including with respect to enforcing the terms of our agreements with our contractors and managing increasing costs of operations; changes in our strategy, future operations, financial position, estimated revenues and losses, product pricing, projected costs, prospects and plans; the outcome of actual or potential litigation, complaints, product liability claims, or regulatory proceedings, and the potential adverse publicity related thereto; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including the market acceptance of our planned products and services; developments and projections relating to our competitors and industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; our ability to maintain and enforce intellectual property rights and ability to maintain technology leadership; our future capital requirements; our ability to raise capital and utilize sources of cash; our ability to obtain funding for our operations; changes in applicable laws or regulations; the effects of current and future U.S. and foreign trade policy and tariff actions; disruptions in the marketplace for online purchases of aftermarket auto parts; costs related to operating as a public company; the Company’s intention to continue operations during the Chapter 11 Cases; the Company’s ability to conduct its business in an uninterrupted manner during the Chapter 11 Cases; the potential outcome and timing of the delisting of the Company’s Class A common stock; the Company’s ability to obtain timely approval of the Bankruptcy Court with respect to motions filed in the Chapter 11 Cases; and the possibility that we may be adversely affected by other economic, business, and/or competitive factors.

 

Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in our filings with the SEC, which are available at https://www.sec.gov (or at https://www.partsidinc.com). The forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any duty or obligation to update forward-looking statements.

Contacts

Investors:

Brendon Frey

ICR

ir@partsidinc.com

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Filing: Fidelity marks down the value of its X stake,  from 33% in May 2023 to ~28% of the $44B that Elon Musk paid 

Dan Primack / Axios:

 

 

—  Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.

 

By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).

 

  • This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself” during an on-stage interview with the New York Times.
  • In terms of publicly traded comps, Meta stock rose 4.9% in November while Snap shares climbed 38.2%.

 

The big picture: Fidelity began marking down its Twitter shares the first month after Musk’s buyout. It increased the share value or kept it stable for a few months earlier in 2023.

 

Behind the scenes: Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business. Other shareholders may value their X stock differently.

 

 

— Techmeme

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DLA, LLC announces January 2024 staff promotions

DLA recognizes exceptional performance

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — DLA, LLC (DLA), a leading provider of internal audit, technology, and accounting advisory services, announces 2024 new year staff promotions.

 

DLA Founder & CEO, David Landau, expresses, “We are thrilled to be able to recognize and acknowledge the remarkable talent within our team. We are promoting 10 individuals that demonstrated commitment, dedication, and expertise, which reaffirm DLA’s core values and unwavering dedication to excellence. Congratulations to each esteemed team member on their well-earned promotion.”

 

In honoring these well-deserved advancements, we turn our attention to the accomplished individuals who have reached significant milestones in their careers at DLA.

 

Administration Team

Ashley Junco – Promotion to Senior Office Coordinator

Ashley’s contributions extend well beyond her coordinator role, overseeing the administrative office and playing a vital part in marketing initiatives. Her multi-faceted role reflects dedication to both employees and the overall success of the firm.

 

Danielle Krause – Promotion to Recruitment Manager

In her impactful year at the firm, Danielle has showcased unwavering commitment to elevating recruitment processes. Her dedication to candidates and loyalty to the firm are commendable, making her an integral guide in the evolution of recruitment strategies.

 

Internal Audit Team

Ryan Delaney – Promotion to Senior

An incredible team player, Ryan’s versatility and dedication shine as he seamlessly handles multiple engagements. He has become a trusted contact for clients, and we look forward to watching him excel in his new role.

 

Spencer Javras – Promotion to Director

Starting as an intern, Spencer has set the gold standard on the Internal Audit team. His hard work, dedication, and technical expertise make him an exemplary resource to the firm. We are excited to watch his bright future with DLA.

 

Sarah Karmazyn – Promotion to Senior

Since joining DLA, Sarah has been a valuable resource, quickly becoming an engagement leader and delivering work of the highest quality. Her ability to operate at the next level ensures continued success at DLA.

 

Derek Spambanato – Promotion to Manager

Instrumental in the Internal Audit team, Derek stepped into managerial roles on several engagements. His excellent work ethic, positive attitude, and commitment make him a valuable asset, showcasing exceptional skills.

 

Forensic Valuation Litigation Support (FVLS) Team

Jason Addesso – Promotion to Partner

Jason’s rise through the ranks at DLA is an example of what the firm stands for. Starting as a manager in June 2016, he has been promoted to Senior Manager, Director, Managing Director, and now Partner. Jason’s client service is second to none, and he thrives as a trainer and mentor to the FVLS staff. He is growing as a highly respected accounting expert in the matrimonial litigation industry in New Jersey. Jason’s future is extremely bright, and we look forward to his continued growth within the firm and his future efforts as a partner.

 

Elizabeth Goeller – Promotion to Lead Paraprofessional

Beth epitomizes teamwork within the FVLS group, known as the Swiss Army Knife for her ability to perform various functions. Her high-level contributions include billable accounting, administrative assignments, training staff, and mentoring.

 

Andrew Kyriacou – Promotion to Senior

A valuable resource for the FVLS group, Andrew takes initiative on all engagements and is always willing to help. He has begun to train and mentor FVLS new hires, demonstrating exceptional skills and attention to detail on large and complex engagements. The operating committee continues to receive positive feedback about Andrew’s work and efforts, and we look forward to his continued success.

 

Accounting Advisory Team

Alice Chen – Promotion to Senior Manager

In the short time since joining in May 2023, Alice has made an exceptional impact on the Accounting Advisory group. Her handling of technical areas and commitment to client service position her as a valuable leader in her new role.

 

To quote DLA President and CFO, Phil Ramacca, “The promotions announced today are a testament to the caliber of talent within DLA. These individuals have consistently demonstrated excellence, contributing to the firm’s success. We look forward to their continued growth and leadership.”

 

The DLA Operating Committee extends heartfelt congratulations to these promoted professionals, who embody the spirit of excellence that defines DLA’s commitment to delivering top-tier services to clients and the firm.

 

About DLA, LLC

Founded in 2001, DLA provides internal audit, technology, and accounting advisory services to hundreds of clients. DLA’s leadership team averages 30+ years of experience and is led by Big Four veterans with deep industry expertise. DLA specializes in internal audit, accounting advisory, forensic accounting, valuation and litigation support, tax, risk management, and IT advisory services. The company is headquartered in Fairfield, New Jersey.

 

For further information about DLA, LLC, please visit us at www.dlallc.com.

Contacts

Danielle Dietrich 973.575.1565

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Sources: ASML cancels shipments of some high-end chipmaking equipment to China, at US’ request, weeks before bans took effect

—  ASML canceled shipments of a limited number of devices

— Biden is cracking down on Beijing’s semiconductor industry

 

 

Bloomberg:

 

ASML Holding NV canceled shipments of some of its machines to China at the request of U.S. President Joe Biden’s administration, weeks before export bans on the high-end chipmaking equipment came into effect, people familiar with the matter said.

The Dutch manufacturer had licenses to ship three top-of-the-line deep ultraviolet lithography machines to Chinese firms until January when new Dutch restrictions take full effect. However, U.S. officials reached out to ASML to ask them to immediately halt pre-scheduled shipments of some of the machines to Chinese customers, according to people familiar with the matter, who asked not to be identified because the discussions were confidential.

U.S. National Security Adviser Jake Sullivan had called the Dutch government about the matter late last year, the people said, and Dutch officials asked the U.S. to contact ASML directly about shipments of the equipment, called immersion deep ultraviolet lithography machines. Shipments of a limited number of machines were canceled following the U.S. request, they said, though it wasn’t immediately clear how many were involved. In an industry where devices typically cost $10 million, ASML commands about $180 million for its current top-end machine.

Biden is cracking down on Beijing’s attempts to create its own advanced semiconductor industry, and the U.S. and its allies are blocking access to imported technology. China’s Huawei Technologies Co. produced a smartphone to rival Apple Inc.’s iPhone last year using top-of-the-line chips made with ASML’s immersion lithography machines, Bloomberg News has reported.

ASML, Europe’s largest technology company, confirmed that the Dutch government partially revoked licenses recently for the shipment of certain lithography systems to China, affecting a small number of customers there. In a statement issued after Bloomberg’s report, the company said it’s held recent discussions with the U.S. about the scope and impact of its export control regulations, without elaborating. ASML said it doesn’t expect the latest blockade to have a “material impact on our financial outlook for 2023.”

Spokespeople for the White House National Security Council and the Dutch Ministry of Foreign Affairs declined to comment.

Chinese imports of ASML’s lithography gear surged in 2H23

Dutch in June published new curbs that will become effective in 2024

Source: China Customs

A spokesman for the Chinese Foreign Ministry called the U.S.’s intervention in China’s access to technology an act of “hegemony” and urged the Dutch government to “respect the spirit of the contract and world order, to safeguard the mutual benefits of the two countries.”

Chipmakers in China dropped after the news. Semiconductor Manufacturing International Corp., the semiconductor company that helped Huawei produce the 7-nanometer processors for its new smartphone, fell as much as 3% in Hong Kong trading on Tuesday. Hua Hong Semiconductor Ltd. declined as much as 2.8%.

ASML’s U.S. shares fell 5.3% to $716.92 at the close Tuesday in New York. All 30 members of the Philadelphia Semiconductor Index declined, with the index as a whole dropping 3.7% as part of a broad market downturn.

This most recent crackdown — which may have hit SMIC, one of China’s top-tier chipmakers — will ultimately motivate Beijing to accelerate the development of its own technology, moving toward independence from international suppliers, according to Equita SIM analyst Gianmarco Bonacina.

U.S. pressure on the Veldhoven-based company started in 2019, when President Donald Trump’s administration pushed the Dutch government to ban sales of ASML’s top-of-the-line extreme ultraviolet lithography machines to China. ASML is the only company that makes this technology, which is used to create semiconductors that power everything from smartphones to sophisticated military gear.

Then, pushed by Biden’s administration, the Dutch government tightened export controls on China further last year, restricting the DUV machines, the second most advanced product line the company offers from Jan. 1. China has been rushing to stockpile them since.

Between July and November, China’s imports of lithography machines surged more than five times to $3.7 billion, according to Chinese customs data. China accounted for nearly half of ASML’s sales in the third quarter — compared with 24% in the previous quarter and 8% in the three months ending in March — as companies there rushed to import its machines before export controls take effect.

China now accounts for almost half of ASML’s sales

Source: ASML

 

ASML’s outgoing Chief Executive Officer Peter Wennink toldinvestors in October that the new curbs will affect as much as 15% of the firm’s sales in China.

Wennink has publicly opposed the measures and warned they might encourage China to develop competing technology. “The more you put them under pressure, the more likely it is that they will double up their efforts,” he said last year in an interview with Bloomberg News.

— With assistance from Ian King, Mackenzie Hawkins, Fran Wang, James Mayger, Sunil Kesur, and Dan Murtaugh

(Updates with sector share decline in the ninth paragraph.)

 

 

 

— Techmeme

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Conveyer Policy APIs bring federal rules into businesses’ data ecosystems

TopicLake™ technology unlocks regulatory insights to put companies in control of compliance processes.

 

 

HACKENSACK, N.J. — (BUSINESS WIRE) — Conveyer, a revolutionary AI platform transforming the way that businesses operationalize data, today announced the launch of its Curated Data Repository, a powerful Data as a Service (DaaS) platform that organizes, summarizes, and filters large and complex datasets to enable seamless knowledge discovery.

 

The first dataset accessible via the Curated Data Repository is Conveyer’s U.S. Policy Data solution, a unique, constantly growing resource comprised of more than 16,000 regulations drawn from over 400 federal agencies and sub-agencies.

“Our U.S. Policy Data enables businesses to drink from the full firehose of regulatory policy information in real time, while providing the clear structure and trustworthy data analytics needed to make regulatory information immediately actionable across the enterprise,” says Carolyn Parent, Conveyer CEO.

 

“That’s a game-changer for government agencies, contractors, and enterprises — and a clear sign of the transformative power of Conveyer’s Curated Data Repository.”

 

A suite of flexible APIs enable organizations to rapidly unlock the full power of Conveyer’s U.S. Policy Data, drawing on a constantly expanding dataset that already incorporates over 16,000 enacted and proposed federal rules dating back to 2020. Conveyer also announced the first free-to-use public version of a subset of its U.S. Policy Data, allowing enterprise customers and other interested parties to explore the solution’s capabilities online via a powerful Microsoft Power BI front end.

 

Using Conveyer’s proprietary TopicLake™ technology, the Curated Data Repository automatically digests federal regulations into over 328,000 unique Topics, each representing an individual concept or idea. The Topics and underlying text are then further processed to yield over 10.2 million unique GenAI artifacts — including summaries, keywords, categories, auto-generated Q&As, and sentiment analysis — which can be seamlessly activated across existing data ecosystems to enable powerful analytics or create intuitive new tools for non-specialist users.

 

Conveyer’s Curated Data Repository and U.S. Policy Data bring key benefits including:

  1. Democratized data access, making data insights accessible across the organization for strategic decision making, advanced analytics, compliance assessments, and more.
  2. Dependable data quality, with robust pre-processing to validate and vet content before it reaches users, customers, or downstream AI models.
  3. Transparent data provenance, enabling insights to be activated with confidence and seamlessly verified by compliance teams and legal specialists.
  4. Effortless implementation, with IT teams able to connect to policy data using existing headcount and infrastructure, enabling end-users to seamlessly self-serve data insights.

 

Using the Curated Data Repository, organizations of all kinds can now seamlessly integrate Conveyer’s U.S. Policy Data into their operations. Key use cases include accelerating product innovation by enabling teams to navigate complex new privacy or security regulations; increasing the speed of legal discovery across disparate datasets; and helping clinicians and healthcare administrators to improve patient care by amplifying the value of existing tools.

 

“For any business impacted by federal rulemaking, the U.S. Policy Data Source is a game-changer,” Parent says. “We’re turning unstructured federal rules and policies into structured data — and our new APIs enable that data to be harnessed across organizations to enable innovation, support compliance, and drive strategic planning at all levels.”

 

A subset of Conveyer’s U.S. Policy Data can be explored online, and the Conveyer team is available to discuss off-the-shelf and bespoke API implementations to give enterprises instant access to the full range of federal rulemaking.

 

About Conveyer

Conveyer is a revolutionary AI platform that ingests organization-wide data and quickly generates high-trust, high-accuracy topics, metatags, and new data for AI models. With 80% of the world’s content unstructured, Conveyer makes the power of AI more accessible across a wide band of high-value use cases.

 

Conveyer’s Data Transformation product is already trusted and deployed in production by Fortune 100 companies across a variety of sectors, including automotive, industrial, materials, technology, and utilities. These products are a powerful demonstration of the core technology: the ability to transform data using AI into high-trust business applications that dramatically reduce costs and support development of future AI applications by creating pre-packaged, cleaned training data for company-wide digital transformation.

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IFAS acquires 16th location with new office in Lancaster Co., Pa.

CONSHOHOCKEN, Pa. — (BUSINESS WIRE) — Pennsylvania and New Jersey-based Integrated Foot and Ankle Specialists (IFAS) ended 2023 with the successful acquisition, which closed on Dec. 29, 2023, of Quarryville Family Foot Care in Lancaster County, Pennsylvania.

 

This transaction marked the fifth acquisition of the calendar year, the first full calendar year of operations for the company.

 

 

During 2023, IFAS also completed the acquisitions of Foot & Ankle Center of Chester County, Berkshire Podiatry, Bryn Mawr Foot & Ankle Center and Lancaster Podiatry. These transactions grew the business by a total of 11 office locations in Pennsylvania, as well as allowing us to serve patients through relationships with Jefferson Health, Mainline Health, Tower Health, and additional health systems and nursing facilities in Pennsylvania and New Jersey. As of the close of 2023, IFAS operates 16 locations in eight counties in Pennsylvania and New Jersey, employing over 80 doctors and staff members and is expected to continue to expand with our active pipeline for 2024.

 

IFAS commenced operations in 2022 as a joint venture between Avonwood Capital Partners and Mereo Capital Partners, two suburban Philadelphia-based Private Equity firms with a background in healthcare investing and operations. The joint venture focuses on the continuum of foot and ankle care, as a patient’s ability to ambulate and stay active is a key indicator of overall health and wellness.

 

IFAS is in active discussions to expand our network of practices in the Mid-Atlantic and Northeast with potential doctor-partners in Pennsylvania, New Jersey, New York, Delaware, Maryland and Virginia.

 

For more information, find us at https://integratedfootandankle.com/join-our-network/.

Contacts

Teresa Ciaccio, tciaccio@integratedfootandankle.com