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Reports US

US stock market daily report (June 04, 2014, Wednesday)

June 5, 2014, Thursday, 05:50 GMT | 01:50 EST | 10:20 IST | 12:50 SGT
Contributed by Millennium Traders

On the front page of the English-language Chinese People's Daily on Wednesday, the Chinese state media called on Beijing "to punish severely the pawns" of the U.S. government for monitoring China and stealing secrets. The Chinese are lashing out at Apple Inc. (AAPL-Nasdaq), Google Inc. (GOOG-Nasdaq) and other technology companies in the USA. On the micro-blog in the Chinese paper, they say that the cyber-security of China and its Internet users are threatened by companies in the USA such as Cisco Systems, Inc. (CSCO-Nasdaq), Facebook, Inc. (FB-Nasdaq), Microsoft Corporation (MSFT-Nasdaq) and Yahoo! Inc. (YHOO-Nasdaq). It remains unclear what sparked this latest attack or what information the tech giants are accused of stealing.

This is not the first time the Chinese media attacked tech companies in the USA, accusing them of aiding the U.S. government's cyber espionage.

Comments in the People's Daily micro-blog said, "U.S. companies including Apple, Microsoft, Google, Facebook, etc. are all coordinating with the PRISM program to monitor China. To resist the naked Internet hegemony, we will draw up international regulations, and strengthen technology safeguards, but we will also severely punish the pawns of the villain. The priority is strengthening penalties and punishments, and for anyone who steals our information, even though they are far away, we shall punish them!"

Just this week, a China censorship watchdog said Google services were being disrupted ahead of the 25th anniversary of the 1989 crackdown on pro-democracy demonstrators around Beijing's Tiananmen Square, on Wednesday.

Google Chief Legal Officer David Drummond said in an emailed statement on Wednesday, "We cannot say this more clearly - the (U.S.) government does not have access to Google servers - not directly, or via a back door, or a so-called drop box. We provide user data to governments only in accordance with the law."

Currently, Facebook is blocked by Chinese censors but, in May said they may open a sales office in China to provide more support to local advertisers who use the website to reach customers overseas. Since the NSA revelations, tech giants continue to face backlash from China. In May, Chinese central government offices were banned from installing Windows 8, Microsoft's latest operating system, on new computers.

China said it will investigate providers of important IT products and services to protect "national security" and "economic and social development." The Chinese media referred to the USA as "a high-level hooligan" and officials in China accused Washington of applying "double standards" on issues of cyber spying.