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Chinese President Xi Jinping and German Chancellor Angela Merkel stand behind a pair of podiums at a press conference. Photo: Schicke/ullstein bild via Getty Images

A Chinese company dropped its bid to acquire an advanced manufacturer in Germany after the German government prepared to veto the deal, reports Caixin Global.

The big picture: U.S. lawmakers are already working to strengthen reviews of foreign investments, primarily to block Beijing from acquiring U.S. tech and defense secrets. The fear that Chinese tech investments will give Beijing an economic and national security edge is now hitting Europe, too.

The details:

  • China partly modeled its "Made in China 2025" plan after Germany's "Industrie 4.0" plan to dominate high-tech manufacturing, and German tech is of particular interest to Beijing.
  • "Yantai Taihai Group Co. Ltd. had intended to purchase Germany’s Leifeld Metal Spinning AG partly through its French subsidiary for an undisclosed fee," according to Caixin Global. Yantai Taihai dropped those plans, which were eight months in the making, after learning of Berlin's intent to veto.
  • Worth noting: It's the first time Germany has used its veto power in such a way, and that could have a “snowball effect" across Europe, Larissa Brunner, an analyst with Oxford Analytica, told Caixin Global.

Go deeper

Bill Gates faces scrutiny over relationship with Microsoft employee, Epstein ties

Photo: Alessandro Di Ciommo/NurPhoto via Getty Images

Representatives for Bill Gates pushed back on claims Sunday that he left Microsoft's board because of an earlier sexual relationship and against two other reports detailing more extensive ties with Jeffrey Epstein than had previously been reported.

Driving the news: Microsoft said in an emailed statement to Axios that it "received a concern" in 2019 that its co-founder "sought to initiate an intimate relationship with a company employee in the year 2000," but denied a Wall Street Journal report that its board members thought Gates should resign over the matter.

AT&T in talks with Discovery to combine media assets

Illustration: Annelise Capossela/Axios

AT&T is in talks with media giant Discovery about merging its media assets, like CNN, TBS and TNT, according to two sources familiar with the discussions.

Why it matters: A potential merger could allow AT&T and Discovery to better compete with entertainment giants like Disney and Netflix in the video streaming wars.

Updated 5 hours ago - Politics & Policy

Franklin Graham worries Trump too old to run in 2024

Graham and Trump at a rally in 2017. Photo: Ralph Freso/Getty Images

The Rev. Franklin Graham says a potential 2024 presidential bid by Donald Trump would "be a very tough thing to do," the prominent Christian leader told "Axios on HBO."

Why it matters: Graham, the president of the Billy Graham Evangelistic Association and Samaritan's Purse, was among Trump's earliest and most prominent evangelical defenders.