A Federal Judge Rules That the DOD Can’t Keep US Companies From Investing in Any Company That’s Listed on the Bloomberg Stock Exchange
Unless you’ve been living under a rock, you’re probably aware that the Defense Department recently banned the US from investing in the smartphone manufacturer Xiaomi. It’s the latest in a string of cases in which the government has tried to restrict American companies from investing in certain companies. A federal judge has now ruled that the DC Dod Us Xiaomiyaffebellanybloomberg cannot keep US companies from investing in any company that’s listed on the Bloomberg Stock Exchange.
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Federal judge blocks DOD from restricting US investments in Xiaomi
Apparently, a federal judge has ruled that the United States Department of Defense can’t put a halt on US investments in Chinese appliance manufacturer Xiaomi. The government reportedly placed the company on a list of companies with alleged ties to Chinese military operations. However, a federal judge in the Southern District of California has blocked the ban.
The Defense Department’s ban on US investments in the Chinese company was to go into effect next week. However, a lawsuit filed by the Chinese appliance maker on Monday claimed that the government’s move was arbitrary and capricious. The lawsuit claimed that the Department of Defense was “disguisedly” seeking to prevent US companies from investing in the company, which has a market share of about 17 percent.
A federal judge blocked the DOD from restricting US investments in YAFFE
Earlier this week, a federal judge in the Northern District of Texas blocked the Department of Defense (DOD) from restricting United States investments in the Chinese firm YAFFE, which specializes in surveillance technology. The company is one of the firms that facilitates serious human rights abuses and repression of minorities. However, the injunction only applies to one portion of the company’s operations.
The injunction prohibits the DOD from restricting United States investments in the firm’s S3 system, which is originally designed to store 20B objects. The firm has expanded its business and is planning to store 100T objects by 2020. It was launched 15 years ago, and its products are being used in China’s military. According to a report, the company’s surveillance technology allows Chinese government officials to monitor ethnic and religious minorities.
A federal judge blocked the DOD from restricting US investments in Bloomberg
Earlier this month, a federal judge blocked the Department of Defense (DOD) from restricting United States investments in Chinese smartphone manufacturer Xiaomi Corp. This decision comes after the company filed a lawsuit to have its name removed from a list of Chinese military ties firms. This list was created by the DOD in mid-January. The company claims the inclusion of its name on the list is illegal and unconstitutional.
The restrictions were supposed to take effect next week. But the judge blocked the DOD from restricting investments in Xiaomi, stating that the decision was “irrelevant to the interests of the government.” The restrictions will not apply to transactions that have already been approved, but U.S. persons must report any blocked or rejected transactions within 10 business days.
In mid-January, the DOD added eight other firms to its list of Chinese military ties firms. Xiaomi filed a lawsuit in late January to have its name removed from the list, arguing the inclusion of its name on the list is unconstitutional. A federal judge also blocked the DOD from restricting US investments in Bloomberg, a global technology company.