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A bipartisan group of lawmakers support limiting the ability of American citizens to invest in Chinese companies. A small group of Republicans, meanwhile, is advocating a more measured approach.

On November 20, over 40 U.S. lawmakersincluding Sens. Marco Rubio (RFla.), Debbie Stabenow (DMich.), and Angus King (IMaine)signed a letter to the ranking members of both the House and Senate Armed Services Committees.

“We are deeply concerned,” the letter read, “about the potential national security threats posed by outbound capital flows and knowledge transfer to the United States’ adversaries,” namely China. “There is strong bipartisan consensus in both the U.S. Senate and the U.S. House of Representatives that Congress must act to address the national security threat posed by these outbound investments.”

To that end, the signers hoped the 2024 National Defense Authorization Act (NDAA)the annual must-pass legislation that funds the various components of the national security apparatus, from paying soldiers to maintaining the nuclear stockpilewould include a provision that addressed their concerns.

The Senate passed its version of the NDAA in July, though it seems unlikely the House will pass the same version untouched. The Senate bill included Amendment 931, which the chamber accepted by a 916 vote. Under the terms of the amendment, any U.S. citizen or company investing in sectors like semiconductors, satellites, or artificial intelligence in a “country of concern” (like China) would have to provide written notification of the transaction to the Secretary of the Treasury at least two weeks in advance.

The bipartisan letter asked that the NDAA include language that addresses outbound investments in China “and ideally strengthen the language.” It mentioned Amendment 931 as well as Executive Order 14105, issued by President Joe Biden in August, which declared “a national emergency to deal with this threat”that threat being the “advancement by countries of concern in sensitive technologies and products critical for the military, intelligence, surveillance, or cyber-enabled capabilities.”

The bipartisan letter noted, seemingly positively, that the executive order “goes beyond notification to consider prohibition of investment in some sectors.”

While the Treasury Department’s Committee on Foreign Investment in the United States (CFIUS) reviews investments made in the U.S. by foreign nationals, Biden’s executive order wants regulations going in the other direction, to potentially limit Americans’ investments in foreign countries. As Reason’s Eric Boehm reported at the time, “There are only two other countriesSouth Korea and Taiwanthat have outbound investment screening systems.”

At the congressional level, the proposal is currently being held up by Rep. Patrick McHenry (RN.C.), chairman of the House Financial Services Committee who briefly served as House Speaker Pro Tempore in October. As Bloomberg reported this week, “McHenry, who has long opposed broad investment restrictions in favor of an approach that targets individual companies,” is “effectively blocking” the measure’s inclusion in the House’s version of the NDAA.

In a September 27 letter to Treasury Secretary Janet Yellen, McHenry expressed relief that the “scope” of Biden’s executive order was “less broad than some had anticipated” but nevertheless felt the administration’s policy was “arbitrary, relies on baseless assumptions, and in certain places is incoherent.”

“If we oppose China’s state-run economy, we want more private investment not less,” McHenry wrote. “Of those private investors, we want more of them to be Americans not fewer.”

McHenry has a point. “We should be targeting specific companies rather than imposing blanket restrictions,” says Clark Packard, a research fellow at the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies.

“Broadly speaking, I don’t think Americans should be investing in companies that make equipment used to surveil and further repress Uyghurs,” Packard added, pointing to an April Axios report that said cameras made by Chinese-owned surveillance firm Hikvision have been used to surveil Uyghurs, the Muslim minority population that has been subjected to a campaign of authoritarian repression by the Chinese government.

Outright bans on investment would be a bridge too far, even for a country like China with such a dismal human rights record, and could even backfire. Rep. Andy Barr (RKy.), who serves with McHenry on the House Financial Services Committee, tweeted that the proposed regulations “would inadvertently bolster [Chinese President] Xi Jinping’s goal to block American influence in the Chinese market.” Barr added, “It’s crucial we find the right balance in safeguarding American influence and intelligence without creating unnecessary bureaucracy. ”

Last week, Ian Allen at Just Security wrote that the proposed rules could also lead other nations, including allies and trading partners, to adopt restrictions of their own, in turn. “Overly restrictive measures risk impediments to global technological advancement, blowback for domestic industries, and high administrative costs (which are projected to reach $10 million simply to start the program),” Allen warns.

Besides, there is reason to suspect that a more measured approach is warranted. “Foreign direct investment in China turned negative during the 3rd quarter of 2023 for the first time on record,” Packard added. “In other words, more capital flowed out of China than into China in the 3rd quarter of 2023. Likewise, between 2014 and 2020, foreign direct investment from G7 countries into China fell by about half.” Industrialized nations are turning their backs on an increasingly illiberal China.

Just like targeted sanctions, Congress can designate certain companies that are particularly objectionable to be off-limits, while allowing Americans the freedom to otherwise use their money as they see fit. On the other hand, an all-encompassing ban as has been proposed by members of both major parties would be too aggressive and could even risk escalating tensions with the world’s second-largest economy.

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Honda’s new super low-cost electric motorcycle could come at the perfect time

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Honda’s new super low-cost electric motorcycle could come at the perfect time

Earlier this week, we covered Honda’s new patent images that revealed what looks to be a production-ready, ultra-low-cost electric motorcycle from the world’s most prolific motorcycle maker. While the company hasn’t officially announced plans to bring the bike to market, the level of detail in the patent suggests one thing loud and clear: Honda’s electric commuter is no longer just a concept – it’s waiting on a green light from the boardroom. And if they’re still debating giving it the thumbs up or down, then now would be the perfect time to make everyone’s day and release this thing to the world.

To be fair, we don’t really know what the bike would look like since we only have the technical drawings in the patent that showcase an electric motorcycle built on the frame of a Honda Shine 100, the company’s smash-hit 99cc commuter bike that has proven incredibly popular in India.

The images above and below show an AI interpretation of how the electric version could look, taking the technical drawings of the bike from the patent and applying styling similar to the Shine 100. But if this is any indication, it could slot nicely into Honda’s lineup.

A perfect storm of demand and opportunity

Right now, the market is crying out for a product like this. Two-wheel electric transport is booming globally, especially in regions where motorcycles are used not for weekend rides or fun, but as core transportation for everyday life. In developing countries like India, Indonesia, and throughout Southeast Asia and Africa, affordable motorcycles are the backbone of personal mobility. And as battery prices continue to fall and gas prices remain unpredictable, electric is becoming the obvious next step.

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Even in the US, which has been one of the slowest markets in the world to adopt electric two-wheelers, there are literal roving gangs of teenagers on light electric motorcycles. If that doesn’t underscore how far electric motorcycles have penetrated, nothing will. Even Americans are buying them.

But of course, the US isn’t the main market, and Honda seems to know that. The company’s yet-unnamed electric model from its patent appears to be designed as a direct electric counterpart to the Shine 100, that wildly popular gasoline-powered commuter bike that has dominated the budget end of the market in India. The Shine 100 is known for its simple, reliable design, ultra-low price, and frugal fuel economy. Now imagine replacing the gas tank with a battery pack, swapping out the engine for a hub motor, and cutting fuel and maintenance costs almost to zero. That’s exactly what this new bike looks poised to do.

Honda patent images show a fully-developed electric version of a Shine 100 motorcycle

The specs we don’t know… yet

We don’t have confirmed specs from Honda, but the design and architecture give us some important clues. The motor appears to be a small, centrally mounted unit similar in size to those seen on Sur Ron-style electric motorbikes, likely in the 5-6 kW range, which would likely put top speed somewhere in the ballpark of 50 to 55 mph (80–90 km/h). That’s fast enough for city and suburban riding, especially in developing nations where highway use is less common and speed limits are lower.

The battery appears to be designed as a pair of removable, under-seat packs that look quite similar to the Honda Mobile Power Pack standard. We can’t say for sure yet, but it would make sense for Honda to apply that standard to the new motorcycle, especially since the company has already invested in the early stages of building up a swapping network for these batteries in India.

A Honda Mobile Power Pack-powered electric Rickshaw in India

The battery packs’ removable nature is key for markets where most riders don’t have access to ground-level charging. Removable batteries mean that the bike can be left parked on the street, with only the batteries being carried into a home or apartment for charging.

Sure, removable batteries limit the range by necessitating something light enough to be feasibly carried by the average rider. But let’s be clear: this isn’t going to be a Zero or a LiveWire. It’s a small, simple, commuter-focused machine. And that’s exactly what makes it so exciting.

A massive opportunity in plain sight

While companies like Ola, Ather, and Hero Electric have already entered India’s electric two-wheeler market, Honda still has massive brand recognition and an extensive dealership and service network. If the company moves quickly, it can leverage that footprint to immediately scale electric sales where it matters most.

And this isn’t just about India.

With a few tweaks, like ensuring compliance with region-specific lighting rules and adding a few basic safety features, Honda could easily bring a version of this bike into Europe, where cities are increasingly banning internal combustion vehicles and where small-format urban mobility is booming. Even in North America, there’s a growing appetite for affordable electric motorcycles. Sure, a 50 mph top speed limits highway use, but for many urban commuters and students, that’s more than enough. It may have scooter performance, but it sure looks cooler than a scooter.

We’ve already seen Chinese brands dipping their toes into this space, offering ultra-low-cost commuter bikes and scooters with modest specs. The difference is that those bikes are often plagued by weak support networks, sketchy build quality, and limited availability of parts. Honda could change the game here, bringing name-brand reliability and global support to the affordable electric motorcycle segment.

What’s stopping them?

And yet, despite all of its promise, the bike in these drawings remains just a patent on paper, at least for now.

It’s pretty clear from the drawings that this is a production-ready design, especially compared to much more basic designs patented by Honda in years past. The detailed component layout, integrated electronics, and finalized styling suggest that Honda could start prepping an assembly line for this thing tomorrow. All it needs is a go-ahead from Honda’s executive team.

Of course, large companies move slowly. There are internal projections to review, factories to retool, and business cases to make. But given Honda’s prior commitments to electrify its motorcycle lineup and its stated goals to phase out ICE motorcycles by the 2040s, the company needs to start moving products like this from blueprint to showroom floor yesterday.

Honda has the global reputation, the dealer network, and the engineering muscle to absolutely dominate the entry-level electric motorcycle segment. But it has to want to.

This new low-cost e-moto is exactly the kind of product that could move the needle, not just in emissions reductions or electrification goals, but in making EVs more accessible to millions of riders who need practical, affordable transportation today.

The demand is real. The market is ready. The design is done.

Now all we need is for Honda to say: “Let’s build it.”

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EU lowers price cap for Russian crude under new sanctions package

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EU lowers price cap for Russian crude under new sanctions package

Aerial view of a ship at sea.

Suriyapong Thongsawang | Moment | Getty Images

The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels.

Within a year of Russia’s 2022 invasion of Ukraine, the G7 and EU restricted the price at which non-G7 countries could continue purchasing Moscow’s crude and oil products while using shipping and logistical services from G7 companies.

The measures aimed to limit Russia’s oil revenues — the backbone of its economy and war coffers — while retaining the country’s supplies in the market to avoid a major shortage.

The price cap agreed in December 2022 banned access to G7 transport, insurance and reinsurance services if non-G7 buyers paid more than $60 per barrel for crude. Formerly a staple of European refiners’ intake, Russian crude now primarily heads to buyers in China and India.

EU policymakers on Friday signaled the Russian oil price threshold would be lowered as part of a newly agreed sanctions package.

“I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia’s war machine. Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap,” EU Commission President Ursula von der Leyen said on social media.

The EU’s top diplomat Kaja Kallas concurred that a “lower oil price cap” was part of the freshly agreed measures, also noting that the bloc had, for the first time, sanctioned Russian oil producer Rosneft’s largest refinery in India.

Neither official explicitly named the level of the new price cap. CNBC has reached out to Canada, holder of the G7’s yearly rotating presidency in 2025, for comment on whether the group endorses the lowered threshold.

— CNBC’s Silvia Amaro contributed to this report.

This developing story is being updated.

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Thousands of super cheap Amazon & Walmart e-bikes recalled after fires

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Thousands of super cheap Amazon & Walmart e-bikes recalled after fires

VIVI e-bikes, a budget-friendly brand commonly found on Amazon and Walmart, just got hit with a major recall affecting around 24,000 electric bicycles due to fire risks. The US Consumer Product Safety Commission (CPSC) announced that the lithium-ion batteries included with VIVI e-bikes can overheat, catch fire, and potentially cause injury or death.

According to the recall notice, VIVI has received at least 14 reports of their e-bike batteries overheating, with at least three reports of the batteries catching fire, though fortunately no injuries were reported in the recall notice.

The faulty batteries were shipped with a range of VIVI electric bikes sold between December 2020 and November 2023, priced between $365 and $950.

That puts them among the cheapest full-size e-bikes on the market.

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The affected bikes include long list of VIVI models, with the complete found here and seen in the table below.

The e-bikes were most commonly available online through Walmart.com and Amazon.com, but were also sold on eBay.com, Wish.com, Sears.com, Wayfair.com, Aliexpress.com, and the company’s own site (viviebikes.com).

Riders who purchased a VIVI e-bike are encouraged to check their model immediately to see if it matches the list of recalled e-bikes or battery packs.

The problem stems from the lithium-ion battery packs, which were not certified to UL standards, which are the most common safety standards for e-bikes in the US.

Consumers are being told to stop using the bikes immediately and contact VIVI for a free replacement battery. According to the recall notice, “Consumers should immediately stop using e-bikes with the recalled lithium-ion batteries and contact VIVI to receive a free replacement battery and battery charger. Consumers must dispose of the recalled battery at a household hazardous waste (HHW) collection center or follow the instructions of their municipality and confirm that this was done by sending an email to vivirecall@163.com.”

This recall adds to growing concerns about the safety of low-cost e-bikes flooding online marketplaces. While affordability has helped e-bikes become more accessible, it’s also opened the door to corners being cut, particularly when it comes to the batteries, which are arguably the most dangerous component of any electric vehicle when poorly made.

On the other hand, the increase in UL certification in the US e-bike industry has led to higher consumer confidence among respected e-bike brands that prominently display their safety certifications. This practice has helped assuage consumers’ fears and serves as a reminder of why these safety certifications are so important.

Electrek’s Take

Here we go again – another Amazon e-bike brand that was selling what looks like a too-good-to-be-true electric bike with a questionable battery. And surprise: it catches fire.

Now I want to make sure we keep this in perspective here, because the story isn’t that e-bikes are dangerous. Even among these ultra-super-duper-extremely cheap e-bikes, there have been 14 overheating cases and three reported fires out of 24,000 e-bikes sold. So it’s not like batteries are cooking off left and right like meth labs in Arkansas here or something. But this is still a stark reminder of the risks of purchasing bargain-basement electric bikes. In fact, just a couple of weeks ago, I wrote a piece about the hidden risks of the cheapest e-bikes, and this issue was front and center.

In this case, these VIVI e-bikes are just some of the many aggressively priced models on Amazon, and that’s always a red flag when it comes to lithium-ion safety. At Electrek, we’ve said it before and we’ll keep saying it: cheap batteries are risky batteries. UL certification isn’t legally required in most places (yet), but if a company isn’t willing to invest in the most basic safety testing, it should raise alarm bells.

If you’re hunting for a budget e-bike, stick to brands that at least use name-brand cells (like Samsung, LG, or Panasonic) and ideally have UL certification. Otherwise, you’re not just gambling with performance, you’re gambling with your garage, your home, your apartment building, and potentially the lives of your family and neighbors.

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