US Treasury yields tick higher as investors await key central bank meetings

US companies are canceling investment into China at a faster… The latest Amcham survey shows that some U.S. firms in China are speeding up their move away from the mainland as increasing tariffs bite. China Economyread more


US companies are canceling investment into China at a faster… The latest Amcham survey shows that some U.S. firms in China are speeding up their move away from the mainland as increasing tariffs bite. China Economyread more
US Treasury yields tick higher as investors await key central bank meetings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam meredith
Keywords: news, cnbc, companies, central, mainland, bank, latest, speeding, increasing, survey, meetings, firms, china, yields, treasury, shows, await, key, tariffs, tick, investors, investment, higher


US Treasury yields tick higher as investors await key central bank meetings

US companies are canceling investment into China at a faster…

The latest Amcham survey shows that some U.S. firms in China are speeding up their move away from the mainland as increasing tariffs bite.

China Economy

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Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam meredith
Keywords: news, cnbc, companies, central, mainland, bank, latest, speeding, increasing, survey, meetings, firms, china, yields, treasury, shows, await, key, tariffs, tick, investors, investment, higher


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Symantec pops on report that private-equity firms made buyout proposal

Watch: SEC Chairman Jay Clayton speaks at the Economic Club of… In June, the SEC voted to approve new rules that call for brokers to act in the best interest of their clients when advising them on investments. Marketsread more


Watch: SEC Chairman Jay Clayton speaks at the Economic Club of… In June, the SEC voted to approve new rules that call for brokers to act in the best interest of their clients when advising them on investments. Marketsread more
Symantec pops on report that private-equity firms made buyout proposal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: jordan novet
Keywords: news, cnbc, companies, symantec, privateequity, watch, voted, jay, speaks, proposal, buyout, interest, rules, sec, firms, investmentsmarketsread, ofin, report, economic, pops


Symantec pops on report that private-equity firms made buyout proposal

Watch: SEC Chairman Jay Clayton speaks at the Economic Club of…

In June, the SEC voted to approve new rules that call for brokers to act in the best interest of their clients when advising them on investments.

Markets

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Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: jordan novet
Keywords: news, cnbc, companies, symantec, privateequity, watch, voted, jay, speaks, proposal, buyout, interest, rules, sec, firms, investmentsmarketsread, ofin, report, economic, pops


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Trump may be able to order US firms out of China — but it will cost him politically, says business leader

U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. The longer the trade negotiations are stalled, the longer that there is unpredictability. President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. “The longer the trade negotiations are stalled, t


U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. The longer the trade negotiations are stalled, the longer that there is unpredictability. President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. “The longer the trade negotiations are stalled, t
Trump may be able to order US firms out of China — but it will cost him politically, says business leader Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: huileng tan
Keywords: news, cnbc, companies, stratford, chinese, china, firms, companies, trump, leader, cost, american, order, politically, able, trade, president, trumps, longer, business


Trump may be able to order US firms out of China — but it will cost him politically, says business leader

U.S. President Donald Trump may have the power to order American companies in China to leave the world’s second largest economy, but it would cost him politically, said a business leader on Tuesday. “The President could issue orders that would make it very difficult for American companies to continue to do business in China, but I think it’s not a legal question of whether he’s going to do that — it’s a political and economic question,” said Timothy Stratford, chairman of the American Chamber of Commerce in China. He was referring to Trump’s tweet on Aug. 23 ordering American companies to “immediately start looking for an alternative to China” and urging them to start making their products in the U.S. instead.

The longer the trade negotiations are stalled, the longer that there is unpredictability. Timothy Stratford chairman of the American Chamber of Commerce in China

The president later referred to the International Emergency Economic Powers Act (IEEPA) in a separate tweet, linking it to “Presidential powers” and China. Under the act, which was passed in 1977, the president can deal with “any unusual and extraordinary threat … to the national security, foreign policy, or economy of the United States.” However, Stratford said it would be an “extreme step” for the president to exercise that right. “I think that it would be a very radical step for him to take. I think there would be huge pushback across the board in the United States including from leaders of his own political party, and therefore it seems unlikely that he would go that far,” he said. “The U.S.-China economic relationship is very, very complicated. It affects a lot of companies and a lot of industries. Just to say ‘okay, let’s be done with it’ is…a very simplistic way to approach it,” he told CNBC’s “Squawk Box.”

President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting at the Great Hall of the People in Beijing. Artyom Ivanov | TASS | Getty Images

Even without Trump ordering American firms out of China, companies are already moving out due to the long drawn trade war between the two countries, said Stratford, who is also managing partner at Covington & Burling, a law firm. “The longer the trade negotiations are stalled, the longer that there is unpredictability,” he said. In the latest escalation of the trade war, the U.S. on Sunday started imposing 15% tariffs on a variety of Chinese goods while China retaliated with new duties. On Monday, Beijing said it had lodged a complaint against the U.S. at the World Trade Organization over American import duties that affected $300 billion of Chinese exports. The lawsuit is the third that Beijing has brought to challenge Trump’s China-specific tariffs at the WTO. The international organization limits the tariffs each country is allowed to charge.

Figuring out Trump’s ‘real intentions’

One issue in the trade talks is Chinese confusion over the Trump administration’s “real intentions,” said Stratford. “If you’re not confident that you understand the long-term intentions of the other side, then you’re concerned about making commitments because you don’t know where that’s leading,” Stratford added.

Trying to figure out what the real U.S. intentions are in this case has been very difficult for the Chinese side. Timothy Stratford chairman of the American Chamber of Commerce in China


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: huileng tan
Keywords: news, cnbc, companies, stratford, chinese, china, firms, companies, trump, leader, cost, american, order, politically, able, trade, president, trumps, longer, business


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This start-up lets cryptocurrency firms know when terrorists are trying to raise money

The company’s software is used to investigate criminal activity on bitcoin’s digital ledger and monitor transactions to prevent money laundering. The company recently learned that the Al-Qassam Brigades, the military wing of Hamas, used a donation website that generated a different bitcoin wallet address for each person that visited. SBI, a financial services business spun off from SoftBank, has made headlines in the past due to partnerships with blockchain companies like Ripple and R3. It’s als


The company’s software is used to investigate criminal activity on bitcoin’s digital ledger and monitor transactions to prevent money laundering. The company recently learned that the Al-Qassam Brigades, the military wing of Hamas, used a donation website that generated a different bitcoin wallet address for each person that visited. SBI, a financial services business spun off from SoftBank, has made headlines in the past due to partnerships with blockchain companies like Ripple and R3. It’s als
This start-up lets cryptocurrency firms know when terrorists are trying to raise money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: ryan browne
Keywords: news, cnbc, companies, services, firms, money, lets, elliptic, cryptocurrency, used, raise, terrorists, startup, hamas, sbi, trying, able, funding, know, funds, financial, track


This start-up lets cryptocurrency firms know when terrorists are trying to raise money

When Hamas was trying to raise bitcoin by funneling it through a number of digital wallets, one start-up was able to see what was going on and warn its customers.

Based in London, Elliptic sells blockchain analytics tools to some of the world’s largest cryptocurrency platforms — including Binance and Circle — as well as banks. The company’s software is used to investigate criminal activity on bitcoin’s digital ledger and monitor transactions to prevent money laundering.

The company recently learned that the Al-Qassam Brigades, the military wing of Hamas, used a donation website that generated a different bitcoin wallet address for each person that visited. That made it harder to track the funds and see where they were sent. The group has been designated as a terrorist organization by Israel, the U.S. and the EU.

“Because we are always on top of what’s about to happen, we can see when those funds start to move to exchanges,” Elliptic’s co-founder and CEO James Smith told CNBC in a phone interview. “We were able to let our customers know that these funds were heading towards them, and they were able to stop them.”

The firm on Wednesday said it raised $23 million in a funding round led by Japan’s SBI Holdings to fuel an aggressive expansion into Asia. SBI, a financial services business spun off from SoftBank, has made headlines in the past due to partnerships with blockchain companies like Ripple and R3. Elliptic also counts Spanish bank Santander as an investor.

Terrorist funding is just one area of illicit activity the firm’s platform deals with. It’s also used to track people trading child pornography and drugs, as well as hacks that result in funds being stolen. Elliptic shows a different side of the crypto industry, in that its technology is seen as more favorable to financial services businesses and regulators.


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: ryan browne
Keywords: news, cnbc, companies, services, firms, money, lets, elliptic, cryptocurrency, used, raise, terrorists, startup, hamas, sbi, trying, able, funding, know, funds, financial, track


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China’s gas demand growth rate to slow in 2019, government report shows

President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more


President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more
China’s gas demand growth rate to slow in 2019, government report shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, shows, report, growth, rate, wall, steps, slow, chinas, rattled, gas, demand, 2019, firms, production, trump, china, taken, president, street


China's gas demand growth rate to slow in 2019, government report shows

President Trump ordered US firms to ditch China, but many already…

President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past…

Investing

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Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, shows, report, growth, rate, wall, steps, slow, chinas, rattled, gas, demand, 2019, firms, production, trump, china, taken, president, street


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UK reportedly considers deploying drones to the Gulf amid Iran tensions

President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more


President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more
UK reportedly considers deploying drones to the Gulf amid Iran tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, uk, wall, reportedly, considers, steps, deploying, rattled, iran, gulf, drones, tensions, firms, production, president, trump, china, taken, street, amid


UK reportedly considers deploying drones to the Gulf amid Iran tensions

President Trump ordered US firms to ditch China, but many already…

President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past…

Investing

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Company: cnbc, Activity: cnbc, Date: 2019-09-02
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President Trump ordered US firms to ditch China, but many already have and more are on the way

Zach Gibson | Getty ImagesPresident Trump rattled Wall Street when he demanded U.S. firms move production out of China. Some analysts argue that the law allows the president to carry out certain actions limiting companies’ business in China, by blocking future investments, even if it didn’t allow the Trump administration to outright order them to relocate. Wine noted that the Trump administration’s trade policies had resulted in $110 million a year in tariff-related costs. Long Island City-based


Zach Gibson | Getty ImagesPresident Trump rattled Wall Street when he demanded U.S. firms move production out of China. Some analysts argue that the law allows the president to carry out certain actions limiting companies’ business in China, by blocking future investments, even if it didn’t allow the Trump administration to outright order them to relocate. Wine noted that the Trump administration’s trade policies had resulted in $110 million a year in tariff-related costs. Long Island City-based
President Trump ordered US firms to ditch China, but many already have and more are on the way Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-01  Authors: jr reed
Keywords: news, cnbc, companies, sourcing, firms, ceo, president, ordered, month, ditch, china, production, trade, business, companies, vietnam, way, trump


President Trump ordered US firms to ditch China, but many already have and more are on the way

President Donald Trump speaks to members of the press before departing from the White House en route to Dayton, Ohio and El Paso, Texas on August 7, 2019 in Washington, DC. Zach Gibson | Getty Images

President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But many have already taken steps to do so, and, in earnings calls just over the past month, dozens of chief executives have signaled plans to further diversify their supply chains amid the intensifying trade war. On Aug. 23, Trump took to Twitter, ordering American companies to “immediately start looking for an alternative to China” and urging them instead to start making their products in the U.S. In doing so, he cited the International Emergency Economic Powers Act (IEEPA) — passed in 1977 to deal with an “unusual and extraordinary threat to the national security, foreign policy, or economy of the United States.” The president’s threat unsettled investors, sending stocks to session lows on a day when the Dow Jones Industrial Average shed more than 600 points. Trump doubled down on Friday, attacking General Motors for its significant presence in China and questioning whether the automaker should move the operations to the U.S. “Sometimes you’ve got to take stern measures,” White House economic advisor Larry Kudlow said alongside Treasury Secretary Steven Mnuchin on the sidelines of the G-7 meeting in France. Kudlow added that American companies should heed the president’s call to leave China. No U.S. president has invoked the law as leverage in a commercial dispute, let alone to sever commercial ties with one of its largest trading partners. Indeed, over the past century, U.S. administrations have mainly deployed the IEEPA to prosecute drug trafficking or financial terrorism through sanctions or other economic penalties. It is not clear how, or under what authority, Trump could implement this directive. If he were to push further, companies would likely challenge the order, leading to litigation. And, even then, it’s uncertain how a court would rule. Some analysts argue that the law allows the president to carry out certain actions limiting companies’ business in China, by blocking future investments, even if it didn’t allow the Trump administration to outright order them to relocate.

Business plans upended

“On the margin, I’m not aware of a single supplier who is not moving some form of manufacturing outside of China.” Ted Decker Home Depot Executive Vice President of Merchandising

For hundreds of American companies, notably retail names such as Starbucks, up and leaving China isn’t something they can afford to do. O’Reilly Automotive CEO Gregory Johnson, for example, said that, while the car parts supplier is exploring alternate sourcing locations, it wouldn’t be a short-term change because of the lack of capacity elsewhere. But the trade war, heightened by Trump’s latest rhetoric, is convincing a growing number of U.S. multinationals — beyond big tech firms — to shift production to countries less likely to be hit with tariffs. “On the margin, I’m not aware of a single supplier who is not moving some form of manufacturing outside of China,” Home Depot Executive Vice President Ted Decker told investors on Aug. 20. “So, we have suppliers moving production to Taiwan, to Vietnam, to Thailand, Indonesia, and even back into the United States.”

‘Made in China’ loses its luster

To be sure, even before the trade war started last year, factory production had begun to leave China, stung by the country’s slowing economy, rising labor costs, and tighter environmental regulations. But, over the past month, the pressure has intensified. As President Trump ratchets up his rhetoric, many American business leaders have taken to earnings conference calls to describe what they see as exigent circumstances. To adapt to an increasingly volatile playing field, executives are being pushed to rethink their supply chains. And, in an annual survey conducted in June by the U.S.-China Business Council, nearly 30% of the 220 respondents said they have already delayed or cancelled investments in China or the U.S. due to mounting trade uncertainty. Though just 13% said they had plans to specifically move operations out of China, that’s steadily increased from 10% in 2018 and 8% in 2017. The shift could be even more pronounced now as the survey was conducted at a time when officials in Beijing and Washington were restarting trade talks. “While China continues to be a priority market for most of the companies surveyed, market optimism is moderating,” the survey noted. Of those companies that decided to reduce new investments, 60% cited increased costs or uncertainties from U.S.-China trade relations. U.S.-China Business Council, 2019 Member Survey Moreover, American businesses offered a bleak outlook on their long-term prospects in China: 14% of respondents said they were “pessimistic” or “somewhat pessimistic” about China’s business environment over the next five years, compared to 9% a year ago. That’s the weakest reading since at least 2010.

Retail, industrial firms in the crosshairs

Different sectors face distinct challenges and varying scales of uncertainty. Toymakers, shoe manufacturers, and apparel producers are building off of a decades-long shift out of China. These companies have been hit by a confluence of factors, most notably an eight-fold rise in average blue-collar wages since 2004. The average hourly manufacturing compensation in China sits at $4.12, according to Barclays research, versus, for instance, $1.59 in India. “Today, many retailers find themselves under the strain of rising sourcing cost resulting from their over-reliance on China and other higher-cost sourcing markets,” The Children’s Place CEO Jane Elfers said on a call with investors on Aug. 21. Some analyst see toymaker Hasbro, which has been shifting its business out of China since 2012, as a vanguard for the broader retail industry. “We’re seeing great opportunities in Vietnam, India and other territories like Mexico, ” Hasbro CEO Brian Goldner told CNBC this past week. “We’re doing even more in the U.S. We brought Play-Doh back to the U.S. last year, ” He added that two-third of the global business comes out of China but that’s down substantially from nearly 90% in 2012. “We’re seeing an opportunity that will lead us, by the end of 2020, to be at about 50% or under for the U.S. market coming out of China,” Goldner said. “We believe by 2023, we should be under a third.” On Hasbro’s earnings call last month, Goldner underscored the company’s increased spending to expand its production footprint globally, specifically in India and Vietnam.

Hasbro isn’t the only retailer planning to move most of its business out of China in the near future. “The United States is our number one country of production given the importance of personal care and beauty in our business,” L Brands CFO Stuart Burgdoerfer told investors on Aug. 22. “In terms of our total sourcing activity, China represents less than 20% of our total sourcing activity and has moved down almost 10 percentage points over the last three or four years based on very deliberate efforts by the sourcing and production teams in our business to make sure that we continue to have a well-diversified base of supply.” Carter’s, the Atlanta-based children’s apparel company that owns OshKosh B’gosh, is another retailer that has accelerated its product shift from China to the U.S., from 26% last year to 20% this year. Some notable manufacturing names, like Minnesota-based snowmobile and ATV-maker Polaris, are also relocating to the U.S. CEO Scott Wine described the company’s plans to move $30 million of machine parts from China to U.S. suppliers as “an excellent example” of its mitigation efforts. Wine noted that the Trump administration’s trade policies had resulted in $110 million a year in tariff-related costs.

Out of China, but not back to the US

But, as more and more companies shuffle operations, a small minority are moving back to the U.S. According to that most recent U.S.-China Business Survey, only 3% plan to move their China operations stateside. For companies like Honolulu-based Matson, moving back to the U.S. has proven too difficult despite China’s dour business outlook. “Very little of what we’re hearing of what it potentially is leaving China is coming back to the United States,” Mattson CEO Matthew Cox said on Aug. 7. “I think that ship has sailed for a lot of the commodities we deal with.” Even as it struggles to build out its high-tech supply chain, Vietnam has proven to be one of the biggest beneficiaries of the trade dispute between the U.S. and China. And it’s being reflected in recent data. Vietnam’s economy grew 6.7% in the second quarter of 2019, outpacing China’s 6.2% growth. Last year, Vietnam saw the biggest pickup in manufacturing activity compared to every other major economy in Asia, according to IHS Markit. Foreign investment permit applications have also surged, up 26% in the first half of 2019 compared to a year ago. Clothing retailer Chico’s, fragrance maker Sensient Technologies, auto parts supplier Genuine Parts Company, and industrial machinery maker Ingersoll-Rand have all indicated this past month that they have been pursuing increasing production in Vietnam. Carthage, Missouri-based Leggett & Platt, meanwhile, has relied more heavily on Vietnam, but concede that the country still notably lags China’s manufacturing capacity. Chinese imports fell 55% in May, the latest published data, when Vietnam contributed 109,000 mattresses. Last year, Chinese units averaged 475,000 mattresses a month. Other countries in Southeast Asia could soon get a boost. iRobot, the company behind the Roomba robot vacuum cleaner, is planning to move its initial line of robots to Malaysia, expecting to manufacture products there by the end of the year, in part to combat the impacts of the ongoing trade war. CEO Colin Angle said last month that tariffs would weigh on the company’s numbers throughout 2019. Long Island City-based fashion designer Steven Madden started shifting handbag production from China to Cambodia in 2015. Executives recently told investors it expected Cambodia to account for 30% of its total production by the end of the year. Minnesota-based Fastenal, for its part, moved aggressively last fall to shift its production from China to Taiwan. The largest fastener distributor, which boasts a $17 billion market value, said in its earnings release last month that the company had also raised prices, but that was not enough to offset tariff costs and related inflation. “And so we moved on some of that fairly aggressively last — late last fall,” CEO Daniel Florness said. “And so we moved a chunk of our product out of China. Most of that, that we moved went to other Asian countries, Taiwan, primarily.”

Workers sewing shoes at a factory in Qingdao in China’s eastern Shandong province. AFP | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-09-01  Authors: jr reed
Keywords: news, cnbc, companies, sourcing, firms, ceo, president, ordered, month, ditch, china, production, trade, business, companies, vietnam, way, trump


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National Weather Service corrects Trump on Hurricane Dorian: ‘Alabama will not see any impacts’

President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more


President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more
National Weather Service corrects Trump on Hurricane Dorian: ‘Alabama will not see any impacts’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-01  Authors: robert ferris
Keywords: news, cnbc, companies, wall, weather, steps, impacts, corrects, china, rattled, national, firms, president, production, alabama, trump, hurricane, taken, service, street, dorian


National Weather Service corrects Trump on Hurricane Dorian: 'Alabama will not see any impacts'

President Trump ordered US firms to ditch China, but many already…

President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past…

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Company: cnbc, Activity: cnbc, Date: 2019-09-01  Authors: robert ferris
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Huawei to push ahead with flagship phone launch — with or without Google services

The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. But in international markets, those Google services are pre-loaded on Huawei phones. Not having access to Google services abroad could damage Huawei’s g


The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. But in international markets, those Google services are pre-loaded on Huawei phones. Not having access to Google services abroad could damage Huawei’s g
Huawei to push ahead with flagship phone launch — with or without Google services Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, known, huawei, google, source, chinese, phone, flagship, services, mate, push, firms, ahead, launch, huaweis


Huawei to push ahead with flagship phone launch — with or without Google services

Huawei will launch a new flagship phone next month which may not come with Google apps, a source with direct knowledge of the matter told CNBC, as the Chinese firm faces being blocked from accessing the search giant’s software.

The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. It will be powered by Huawei’s latest processor called the Kirin 990 which is yet to be unveiled. The Mate 30 will be able to connect to next-generation mobile networks known as 5G which promise super-fast data speeds.

Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. It restricts American firms from doing business with the Chinese company. But the tech giant has been given another 90-day reprieve under which U.S. firms can apply for special licenses to sell to Huawei.

Google is subject to these restrictions. Huawei relies on Google’s Android operating system to power its smartphones. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. Instead, it pre-loads its own apps. But in international markets, those Google services are pre-loaded on Huawei phones.

Not having access to Google services abroad could damage Huawei’s global ambitions to become the number one smartphone maker in the world, analysts say.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, known, huawei, google, source, chinese, phone, flagship, services, mate, push, firms, ahead, launch, huaweis


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India to woo Apple, other foreign firms to capitalize on US-China trade war

A salesman speaks with a customer after he purchased a new smartphone made by Xiaomi at a Mi store in Gurgaon, India, August 20, 2019. Amid suggestions that India is late to capitalize on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country’s foreign investment promotion agency. The document said the government will meet companies between Aug. 26 and Sept. 5 to suggest the best investment zones for their operations. A


A salesman speaks with a customer after he purchased a new smartphone made by Xiaomi at a Mi store in Gurgaon, India, August 20, 2019. Amid suggestions that India is late to capitalize on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country’s foreign investment promotion agency. The document said the government will meet companies between Aug. 26 and Sept. 5 to suggest the best investment zones for their operations. A
India to woo Apple, other foreign firms to capitalize on US-China trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: yun li
Keywords: news, cnbc, companies, companies, trade, uschina, capitalize, tariffs, war, aug, india, document, vietnam, foreign, woo, firms, investment, wistron, china, apple


India to woo Apple, other foreign firms to capitalize on US-China trade war

A salesman speaks with a customer after he purchased a new smartphone made by Xiaomi at a Mi store in Gurgaon, India, August 20, 2019. Sajjad Hussain | AFP | Getty Images

India is targeting companies including Apple, Foxconn and Wistron with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters. Several Indian officials met on Aug. 14 and discussed a list of “target companies” that also include Taiwan-headquartered contract manufacturer Pegatron, a source with direct knowledge said. The dispute between the United States and China, the world’s two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs. Amid suggestions that India is late to capitalize on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country’s foreign investment promotion agency. Nine sectors, including electronics, autos, pharmaceuticals and telecoms, will be targeted.

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The document said the government will meet companies between Aug. 26 and Sept. 5 to suggest the best investment zones for their operations. State governments will also participate. A “complete package” detailing market factors and Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the Aug. 14 meeting seen by Reuters. Apple, Wistron, Pegatron and Foxconn did not respond to a request for comment. It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows India wants to explore opportunities and move swiftly, even as some fear it has missed the bus. As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say. Alphabet’s Google is shifting its Pixel smartphone production to Vietnam from China starting this year, the Nikkei business daily reported on Wednesday. “There is one other monster country that has a huge domestic market, India, but they have got to get moving,” said Richard Rossow, a U.S.-India specialist at the Center for Strategic and International Studies in Washington. “There is no time to waste in catching that new wave and in fact the question is: Have they already missed it?”

Benefiting from tariffs war


Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: yun li
Keywords: news, cnbc, companies, companies, trade, uschina, capitalize, tariffs, war, aug, india, document, vietnam, foreign, woo, firms, investment, wistron, china, apple


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