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Risk Channel helps you stay ahead of essential risk news shaping your profession. Every weekday, our unique blend of AI, risk experts and researchers monitor 100,000s of articles to share a summary of the most relevant and useful content to help you lead, innovate and grow.

From supply chain to regulatory enforcement, data privacy, GRC controls, whistleblowers, and risk management strategies. Risk Channel is the only trusted online news source dedicated to covering current headlines, articles, reports and interviews to make sure you’re at the forefront of changes in the risk industry.

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Risk Channel
North America
China condemns U.S. law to boost domestic semiconductor manufacturing

China has slammed a new U.S. law aimed at boosting American semiconductor manufacturing. U.S. President Joe Biden signed the bipartisan Chips and Science Act into law to enhance his country’s competitiveness against China. The new law is indicative  of Washington’s “growing lack of self-confidence” in the face of China’s rise, said a Global Times editorial. The law seeks to lure semiconductor talent and investments into the U.S., while attempting to stop global chip companies including Taiwan Semiconductor Manufacturing Co and Samsung Electronics from expanding their capacity in China if they use U.S. funding. Under the legislation, the U.S. would set aside nearly $53bn to fund domestic semiconductor production. Recipients of subsidies are prohibited from expanding production in China beyond “legacy semiconductors” – defined as chips made with 28-nanometre process technology or older – for 10 years. Separately, the EU says a new U.S. tax credit plan aimed at encouraging Americans to buy electric vehicles could discriminate against European producers and contravene World Trade Organisation (WTO) rules. Under the $430bn climate and energy bill passed by the U.S. Senate, Congress would lift the cap on the existing $7,500 tax credit for electric vehicle purchasers but impose restrictions, including barring vehicles not assembled in North America from receiving the credit. "We think it's discriminatory, that it is discriminating against foreign producers in relation to U.S. producers," said European Commission spokesperson Miriam Garcia Ferrer. "Of course this would mean that it would be incompatible with the WTO."

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UK/Europe
Banks face punishment over treatment of scam victims

The Financial Conduct Authority (FCA) is examining whether vulnerable fraud victims are being wrongly denied refunds and has warned of “consequences” for banks that have failed to treat victims fairly. Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Where the [customer’s] vulnerability is of a kind that affects the person’s ability to make a decision in their own interests they should be reimbursed. If the banks are getting it wrong more often than they are getting it right, there will be consequences with the FCA.” Three in four fraud victims are wrongly denied refunds, according to the Financial Ombudsman Service. Industry figures show that fewer than one in two fraud victims receive compensation from their bank, while just £271m of the £583m lost to scams last year was returned. Consumer finance campaigner Mark Taber described the treatment of the victims by their banks as “inhumane,” adding that “scammers target vulnerable people with savings and they keep going until they have everything . . . Banks have a duty to stop this happening, but they are failing to do it,” he warned.

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