Japan's chip chop

Japan restricts advanced chip exports to discourage military use, Virgin Orbit halts operations, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Japan restricts advanced chip exports without specifically targeting China]( Japan said Friday it will restrict exports of 23 types of semiconductor manufacturing equipment, bringing it in sync with restrictions the United States announced in October to curb China's access to chipmaking technology and slow its technological and military advances. Japan, which has major chip makers like Nikon and Tokyo Electron, didn't single out China as a target for its policy, but said it wanted to prevent advanced chip technology from being used for military purposes. "We are fulfilling our responsibility as a technological nation to contribute to international peace and stability," Minister for Economy, Trade, and Industry Yasutoshi Nishimura said. [[Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Japan+restricts+advanced+chip+exports+without+specifically+targeting+China&body=Read the story here: utm_campaign=business_briefing_newsletter_20230331&utm_source=business_briefing_newsletter) 2. [Virgin Orbit halts operations after failing to secure funding]( Virgin Orbit, Sir Richard Branson's satellite-launching rocket company, is halting operations "for the foreseeable future" CEO Dan Hart told employees Thursday. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Hart said, according to CNBC, which obtained a recording of his remarks. "We have no choice but to implement immediate, dramatic, and extremely painful changes." The company, which developed a system to put satellites into orbit using a modified 747 jet that drops rockets mid-flight, plans to eliminate about 90 percent of its staff, leaving it with 100 workers. Hart said people who are laid off will get severance, extended health benefits, and a "direct pipeline" to available jobs at sister company Virgin Galactic. [[BBC News]( [CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Virgin+Orbit+halts+operations+after+failing+to+secure+funding&body=Read the story here: utm_campaign=business_briefing_newsletter_20230331&utm_source=business_briefing_newsletter) Advertisement by Enbridge [Enbridge: Safe, secure and sustainable energy for today and tomorrow]( [Advertisement by Enbridge]( 3. [Biden calls for tightening regulations for midsize banks]( President Biden on Thursday urged financial regulators to tighten rules for midsize banks, his strongest response so far to the financial turmoil triggered by the failure of two banks last month. Biden called for requiring banks to shield themselves from potential losses and keep enough cash on hand to get through a crisis. Regulators could accomplish the proposals without congressional action. Biden's plan would subject more banks to annual stress tests to determine whether they are strong enough to weather events like the Federal Reserve's aggressive interest rate hikes, which have been identified as a factor in Silicon Valley Bank's failure this month. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Biden+calls+for+tightening+regulations+for+midsize+banks&body=Read the story here: utm_campaign=business_briefing_newsletter_20230331&utm_source=business_briefing_newsletter) 4. [Netflix scales back film production]( Netflix is reworking the unit that makes its films as it aims to scale back the number of movies it makes, the company said Thursday. Film chief Scott Stuber is trying to reduce output to help ensure high quality, the company says. The streaming service has released more than 50 original movies a year, more than any other company in Hollywood. Netflix plans to combine its units that make small and midsize films, resulting in a small number of layoffs. Lisa Nishimura, who led Netflix into standup comedy and original documentaries in 15 years at the company, will be leaving, as will 10-year Netflix veteran Ian Bricke, a vice president in the film group. [[Bloomberg]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Netflix+scales+back+film+production&body=Read the story here: utm_campaign=business_briefing_newsletter_20230331&utm_source=business_briefing_newsletter) ADVERTISEMENT BY ENBRIDGE [Lowering emissions today for clean energy systems tomorrow. Learn how.]( [ADVERTISEMENT BY ENBRIDGE]( 5. [Stock futures edge higher on last day of 1st quarter]( U.S. stock futures were little changed early Friday ahead of a key inflation report on the last day of the first quarter. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.2 percent at 6:30 a.m. ET, while Nasdaq futures were down less than 0.1 percent. The Dow is down 1 percent for the quarter while the S&P 500 and tech-heavy Nasdaq are up 5.5 percent and 14.8 percent, respectively. Economists polled by Dow Jones expect that the Federal Reserve's core personal consumption expenditures index, which excludes volatile food and energy costs, rose 4.7 percent on an annualized basis. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+edge+higher+on+last+day+of+1st+quarter&body=Read the story here: utm_campaign=business_briefing_newsletter_20230331&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [The Gwyneth Paltrow ski crash trial's 8 strangest moments, from Taylor Swift to King Kong]( Brendan Morrow [Related image]( [Honeybees help gather data about a city's health]( Devika Rao [Related image]( [Jennifer Aniston says Friends is now 'offensive' to a 'whole generation of people']( Brendan Morrow [Related image]( [The surprisingly heated fight over what makes 'milk' milk]( Peter Weber [Related image]( [FDA approves overdose drug Narcan as 1st over-the-counter opioid treatment]( Peter Weber [Speed reads banner] [Article image]( [Finland clears final hurdle for NATO membership, will be admitted by July]( March 30, 2023 [Article image]( [Gwyneth Paltrow found not liable for ski collision, awarded $1]( March 30, 2023 [Article image]( [Trump says he is 'a completely innocent person,' calls indictment 'unthinkable']( March 30, 2023 [Article image]( [Michael Cohen: Trump indictment shows 'no one is above the law']( March 30, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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