US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

Chinese telecom giant Huawei unveiled its<a href="https://www.wionews.com/business-economy/huawei-still-number-two-smartphone-seller-despite-us-sanctions-239773"> own operating system</a> on Friday, as it faces the threat of losing access to Android systems and US sanctions.

Richard Yu, the head of Huawei's consumer business, told a press conference in the southern city of Dongguan that the new system, called HarmonyOS, would "bring more harmony to the world".

On Thursday, Beijing had said US rules banning technology giant <a href="https://www.wionews.com/business-economy/huawei-rolls-out-5g-phone-and-flags-first-hongmeng-device-238641">Huawei and other Chinese firms</a> from government contracts amounted to &nbsp;"abuse of state power" amid an escalating China-US trade war.

Huawei's new operating system comes amid US moves to blacklist it, citing national security concerns, cutting it off from American-made components it needs for products - though it was issued a 90-day reprieve in May.

That ban could prevent the Chinese tech firm from getting hold of key hardware and software including smartphone chips and elements of the Google Android operating system even as Huawei said it would challenge the move in federal court.&nbsp;

Huawei was the world's number two smartphone producer last year, ahead of Apple and behind South Korea's Samsung, as well as the largest provider of telecom networking equipment, but the firm has emerged as a key bone of contention in the wider China-US trade war.

Washington accuses Huawei of working directly with the Chinese government, a claim the company denies.

The US fears that systems built by Huawei could be used by Beijing for espionage via secret "backdoors" built into telecom networking equipment.

Fears have also heightened over the coming rollout of super-fast 5G networks expected to power the next wave of technological development.&nbsp;

The latest US restrictions unveiled on Wednesday also bar contracts to Chinese firms ZTE, Hytera Communications Corporation, Hangzhou Hikvision Digital Technology Company and Dahua Technology Company. 
&nbsp;

Chinese telecom giant Huawei unveiled its own operating system on Friday, as it faces the threat of losing access to Android systems and US sanctions. Richard Yu, the head of Huawei's consumer business, told a press conference in the southern city of Dongguan that the new system, called HarmonyOS, would "bring more harmony to the world".

Chinese telecom giant Huawei unveiled its own operating system on Friday, as it faces the threat of losing access to Android systems and US sanctions. Richard Yu, the head of Huawei's consumer business, told a press conference in the southern city of Dongguan that the new system, called HarmonyOS, would "bring more harmony to the world". On Thursday, Beijing had said US rules banning technology giant Huawei and other Chinese firms from government contracts amounted to "abuse of state power" amid an escalating China-US trade war. Huawei's new operating system comes amid US moves to blacklist it, citing national security concerns, cutting it off from American-made components it needs for products - though it was issued a 90-day reprieve in May. That ban could prevent the Chinese tech firm from getting hold of key hardware and software including smartphone chips and elements of the Google Android operating system even as Huawei said it would challenge the move in federal court. Huawei was the world's number two smartphone producer last year, ahead of Apple and behind South Korea's Samsung, as well as the largest provider of telecom networking equipment, but the firm has emerged as a key bone of contention in the wider China-US trade war. Washington accuses Huawei of working directly with the Chinese government, a claim the company denies. The US fears that systems built by Huawei could be used by Beijing for espionage via secret "backdoors" built into telecom networking equipment. Fears have also heightened over the coming rollout of super-fast 5G networks expected to power the next wave of technological development. The latest US restrictions unveiled on Wednesday also bar contracts to Chinese firms ZTE, Hytera Communications Corporation, Hangzhou Hikvision Digital Technology Company and Dahua Technology Company.

Huawei unveils own operating system HarmonyOS to compete with Android

Canadian Foreign Minister Chrystia Freeland said on Friday she met her Chinese counterpart, Wang Yi, to discuss t<a href="https://www.wionews.com/world/canada-says-another-citizen-detained-in-china-amid-huawei-cfo-row-235648">ensions following Canada's December arrest of a Huawei Technologies Co executive</a> on a US warrant, and the subsequent detention of two Canadians by China.

"The fact that we were able to speak and discuss these issues face-to-face, directly with one another, absolutely is a positive step," Freeland said in a teleconference from Bangkok, where she was attending an annual East Asia summit.

Freeland said the two ministers "committed to continued discussions," but she gave few details about their conversation.

"Our relationship with China is complicated at the moment, and I am convinced ... that the surest route to a successful outcome is for us not to be negotiating in public," she added.

It was the first encounter between the two since Canada detained Huawei Chief Financial Officer Meng Wanzhou - the daughter of the Chinese company's founder - in December. Beijing is demanding her return.

She is facing possible extradition to the United States to face charges that she conspired to defraud global banks about Huawei's relationship with a company operating in Iran.

"Minister Wang expressed concerns regarding the extradition process of Meng Wanzhou," Freeland said without elaborating.

US President Donald Trump said in December that he was willing to intervene in the Justice Department's case against Meng if it would serve national security interests or help close a trade deal with China.

After Meng was picked up in Vancouver, China detained Canadians Michael Spavor and Michael Kovrig and later charged them with spying.

Freeland said she expressed Canada's concerns over the two men, "who have been arbitrarily detained in China."

Trudeau's nagging problem

The diplomatic dispute has intensified in recent months and is a nagging problem for Liberal Prime Minister Justin Trudeau, who faces a tight race for re-election in October.

In June, China blocked all imports of Canadian meat after fraudulent documents were discovered. Chinese importers have also stopped buying Canadian canola.

Trudeau, who spoke briefly to Chinese President Xi Jinping on the sidelines of a G20 summit in Japan in June, has faced repeated attacks from Conservative leader Andrew Scheer, his main rival, over his handling of the affair.

On Friday, Scheer said Freeland's meeting with her Chinese counterpart was "a very basic step" and "the government has done nothing" since the men were detained at the start of the year.

"Canadian families, Canadian workers, Canadian farmers, and Canadian job-creators are paying the price for your weak leadership," Scheer wrote in a letter to Trudeau last month, calling on the government to take tough countermeasures, including examining retaliatory tariffs.

Canadian Foreign Minister Chrystia Freeland said on Friday she met her Chinese counterpart, Wang Yi, to discuss tensions following Canada's December arrest of a Huawei Technologies Co executive on a US warrant, and the subsequent detention of two Canadians by China.

Canadian Foreign Minister Chrystia Freeland said on Friday she met her Chinese counterpart, Wang Yi, to discuss tensions following Canada's December arrest of a Huawei Technologies Co executive on a US warrant, and the subsequent detention of two Canadians by China. "The fact that we were able to speak and discuss these issues face-to-face, directly with one another, absolutely is a positive step," Freeland said in a teleconference from Bangkok, where she was attending an annual East Asia summit. Freeland said the two ministers "committed to continued discussions," but she gave few details about their conversation. "Our relationship with China is complicated at the moment, and I am convinced ... that the surest route to a successful outcome is for us not to be negotiating in public," she added. It was the first encounter between the two since Canada detained Huawei Chief Financial Officer Meng Wanzhou - the daughter of the Chinese company's founder - in December. Beijing is demanding her return. She is facing possible extradition to the United States to face charges that she conspired to defraud global banks about Huawei's relationship with a company operating in Iran. "Minister Wang expressed concerns regarding the extradition process of Meng Wanzhou," Freeland said without elaborating. US President Donald Trump said in December that he was willing to intervene in the Justice Department's case against Meng if it would serve national security interests or help close a trade deal with China. After Meng was picked up in Vancouver, China detained Canadians Michael Spavor and Michael Kovrig and later charged them with spying. Freeland said she expressed Canada's concerns over the two men, "who have been arbitrarily detained in China." Trudeau's nagging problem The diplomatic dispute has intensified in recent months and is a nagging problem for Liberal Prime Minister Justin Trudeau, who faces a tight race for re-election in October. In June, China blocked all imports of Canadian meat after fraudulent documents were discovered. Chinese importers have also stopped buying Canadian canola. Trudeau, who spoke briefly to Chinese President Xi Jinping on the sidelines of a G20 summit in Japan in June, has faced repeated attacks from Conservative leader Andrew Scheer, his main rival, over his handling of the affair. On Friday, Scheer said Freeland's meeting with her Chinese counterpart was "a very basic step" and "the government has done nothing" since the men were detained at the start of the year. "Canadian families, Canadian workers, Canadian farmers, and Canadian job-creators are paying the price for your weak leadership," Scheer wrote in a letter to Trudeau last month, calling on the government to take tough countermeasures, including examining retaliatory tariffs.

Canadian and Chinese ministers meet amid tensions, pledge to continue talks

Possible ways in which China can retaliate to Trump tariffs

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

The <a href="s.com/business-economy/huawei-warns-on-us-ban-after-china-smartphone-sales-drive-first-half-revenue-239507">Chinese firm managed</a> to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple.

According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines.

Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and <a href="https://www.wionews.com/business-economy/apple-woos-investors-with-china-gain-market-value-nears-1-trillion-239747">Apple</a> at 11 per cent of the market.

"Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston.

"Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe."

The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter.

"Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics.

A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell.

Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months.

"The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said.

"In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019."

The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets.

According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.&nbsp; 
&nbsp;

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday. The Chinese firm managed to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple. According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines. Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and Apple at 11 per cent of the market. "Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston. "Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe." The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter. "Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics. A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell. Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months. "The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said. "In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019." The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets. According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.

Huawei still number two smartphone seller despite US sanctions

<a href="https://www.wionews.com/business-economy/want-to-make-high-end-computers-in-us-need-tariff-relief-apple-ceo-tim-cook-239585">Apple Inc iPhone</a> sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker.

Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours.

Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there.

"We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone."

But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets.&nbsp;

&nbsp;Wearables and other accessories revenue rose nearly 50 per cent, topping expectations.

Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record.

Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion.&nbsp;

At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020.

For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data.

Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter.

"You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product."

Apple did not give the number of active <a href="https://www.wionews.com/business-economy/apples-india-made-top-end-iphones-to-hit-stores-next-month-source-235135">Apple devices</a>, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business.&nbsp;

Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020.

Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service.

"You have to have a bigger installed base and have services that people get value from," Miller said.

Trade tension still looms large

Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country.

But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further.

"Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits."

Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices.

Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion.

Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets. That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker. Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours. Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there. "We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone." But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets. Wearables and other accessories revenue rose nearly 50 per cent, topping expectations. Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record. Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion. At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020. For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data. Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter. "You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product." Apple did not give the number of active Apple devices, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business. Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020. Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service. "You have to have a bigger installed base and have services that people get value from," Miller said. Trade tension still looms large Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones. Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers. Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country. But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further. "Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits." Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices. Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion. Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple's services, wearables shore up results as iPhone drops below half of sales

Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys.

Huawei, which was put on a trade blacklist by the United States since mid-May, shipped 37.3 million smartphones in China in the second quarter, up 31% year-on-year, according to Canalys. It's market share rose more than 10 percentage points from the year-ago quarter's 27.6%.

The second-quarter China shipments represented 64% of Huawei's total smartphone shipments in the quarter, Canalys said.

Smartphone shipments in the world's largest smartphone market declined by 6% in the three months ended June to 97.6 million units, according to Canalys. It was the 9th consecutive quarterly fall in China smartphone shipments, the data showed.

Oppo, Vivo, Xiaomi Corp and Apple Inc, the top 4 vendors behind Huawei, saw declines in shipments and market share in the quarter. Canalys analyst Mo Jia said Huawei's addition to the US Entity List in May "caused uncertainty overseas" but it has been shifting its focus back towards its home market, where it invested in aggressive offline expansion to lure consumers from domestic rivals with a patriotic sales pitch.

Huawei's blacklisting by Washington has threatened to cut its access to essential US components and software such as the Google Android apps.

The Chinese company is set to report half-year results later on Tuesday.

Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys.

Huawei Technologies extended its lead in a declining China smartphone market in the second quarter, with its market share rising to 38% as all other top vendors lost ground, according to data from market research firm Canalys. Huawei, which was put on a trade blacklist by the United States since mid-May, shipped 37.3 million smartphones in China in the second quarter, up 31% year-on-year, according to Canalys. It's market share rose more than 10 percentage points from the year-ago quarter's 27.6%. The second-quarter China shipments represented 64% of Huawei's total smartphone shipments in the quarter, Canalys said. Smartphone shipments in the world's largest smartphone market declined by 6% in the three months ended June to 97.6 million units, according to Canalys. It was the 9th consecutive quarterly fall in China smartphone shipments, the data showed. Oppo, Vivo, Xiaomi Corp and Apple Inc, the top 4 vendors behind Huawei, saw declines in shipments and market share in the quarter. Canalys analyst Mo Jia said Huawei's addition to the US Entity List in May "caused uncertainty overseas" but it has been shifting its focus back towards its home market, where it invested in aggressive offline expansion to lure consumers from domestic rivals with a patriotic sales pitch. Huawei's blacklisting by Washington has threatened to cut its access to essential US components and software such as the Google Android apps. The Chinese company is set to report half-year results later on Tuesday.

Huawei's China smartphone market share jumps as rivals lose ground: Report

<a href="https://www.wionews.com/world/facebook-suspends-app-pre-installs-on-huawei-phones-225167">Chinese tech giant Huawei Technologies</a> warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home.

In its first results since Washington placed it on a so-called entity list in May that effectively banned US firms from supplying to it, Huawei also said it remained focused on improving the global smartphone business which bore the brunt of supply chain disruptions caused by the US action.

"Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing.

"Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term," he said.

The US government alleges the Chinese firm is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied.

It has since been given a three-month reprieve till August 19, and <a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">US President Trump</a> signalled Washington would be relaxing the sanctions on Huawei, though details are unknown.

Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said.

Liang said on Tuesday Huawei remained confident in its ability to cope with the blacklisting and its 5G product roll-out had not been affected. The company has won 11 5G contracts since the blacklist was put in place out of a total of 50 bagged so far, he said.

Analysts said strong domestic smartphone sales and new 5G carrier contracts were helping to offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps.

Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion), faster than the 15 per cent growth of a year earlier.

Shipments of its smartphones jumped 24 per cent to 118 million units, as robust sales in China more than offset a global sales drop.

According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter by more than 10 percentage points to nearly 40 per cent of the market, while overseas smartphones sales had a slight drop year-on-year.

Liang said that the company's proprietary Hongmeng mobile operating system was still under development for connected devices and that its preference was to continue to use Google's Android operating system for mobile.

Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software.

"Hongmeng is part of our long-term strategy...we are definitely not bluffing," Liang said.

Chinese tech giant Huawei Technologies warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home.

Chinese tech giant Huawei Technologies warned on Tuesday a US trade blacklisting will impact short-term revenue growth, even as its half-year revenue surged 23 per cent thanks to soaring smartphone sales at home. In its first results since Washington placed it on a so-called entity list in May that effectively banned US firms from supplying to it, Huawei also said it remained focused on improving the global smartphone business which bore the brunt of supply chain disruptions caused by the US action. "Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing. "Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term," he said. The US government alleges the Chinese firm is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied. It has since been given a three-month reprieve till August 19, and US President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown. Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said. Liang said on Tuesday Huawei remained confident in its ability to cope with the blacklisting and its 5G product roll-out had not been affected. The company has won 11 5G contracts since the blacklist was put in place out of a total of 50 bagged so far, he said. Analysts said strong domestic smartphone sales and new 5G carrier contracts were helping to offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps. Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion), faster than the 15 per cent growth of a year earlier. Shipments of its smartphones jumped 24 per cent to 118 million units, as robust sales in China more than offset a global sales drop. According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter by more than 10 percentage points to nearly 40 per cent of the market, while overseas smartphones sales had a slight drop year-on-year. Liang said that the company's proprietary Hongmeng mobile operating system was still under development for connected devices and that its preference was to continue to use Google's Android operating system for mobile. Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software. "Hongmeng is part of our long-term strategy...we are definitely not bluffing," Liang said.

Huawei warns on US ban after China smartphone sales drive first half revenue

China's <a href="https://www.wionews.com/business-economy/huaweis-china-smartphone-market-share-jumps-as-rivals-lose-ground-report-239367">Huawei Technologies</a> said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%.

Huawei's supply chain was significantly disrupted when it was put on a trade blacklist by Washington in mid-May. The US government alleges it is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied.

It has since been given a 3-month reprieve till August 19, and US&nbsp;President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown.

Huawei's 23% revenue growth for the first half compared with the 15% growth in the same period of last year.

"Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing.

"Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term."

Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said.

Analysts say strong domestic smartphone sales and new 5G carrier contracts helped offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps.

According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter, while overseas smartphones sales had a slight drop year-on-year.

China's Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

China's Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May. Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan ($58.28 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%. Huawei's supply chain was significantly disrupted when it was put on a trade blacklist by Washington in mid-May. The US government alleges it is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied. It has since been given a 3-month reprieve till August 19, and US President Trump signalled Washington would be relaxing the sanctions on Huawei, though details are unknown. Huawei's 23% revenue growth for the first half compared with the 15% growth in the same period of last year. "Revenue grew fast up through May," Huawei Chairman Liang Hua told reporters at an earnings briefing. "Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term." Huawei's founder and CEO Ren Zhengfei told reporters last month that the impact of the blacklisting was worse than expected. It could cost the company $30 billion in revenue, and that Huawei's revenue this year and in 2020 could stay roughly the same as 2018 at around $100 billion, he said. Analysts say strong domestic smartphone sales and new 5G carrier contracts helped offset the impact from the export ban that threatens to cut Huawei's access to advanced US components and software such as Google Android apps. According to data from Canalys, Huawei expanded its lead in China's smartphone market in the second quarter, while overseas smartphones sales had a slight drop year-on-year.

Huawei's first-half revenue growth accelerates despite US sanctions

<a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">US trade negotiators return to China</a> this week for a fresh round of talks in a new city, but experts warn a change of air is unlikely to quickly solve an impasse between the world's two biggest economies.

The meetings in Shanghai on Tuesday and Wednesday will be the first face-to-face discussions since negotiations collapsed in May after President Donald Trump accused China of reneging on its commitments.

Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in the tense stand-off.

Despite an agreement by <a href="https://www.wionews.com/americas/donald-trump-xi-jinping-and-trade-a-high-stakes-game-of-chicken-216697">Trump and President Xi Jinping at the G20</a> in Japan to cease hostilities, there has been little progress since and the US leader has irritated the Chinese side by claiming the slowing economy is forcing them to make a trade deal.

The dispute has centred on US demands for China to curb the alleged theft of American technology and provide a level-playing field to US companies in the Asian country.

Trump has also angered China by blacklisting telecom giant Huawei over national security concerns.

"China tried to take this as a purely economic affair and just wants to make a deal, but on the US side, it seems ... (they) try to connect the trade affairs with a strategic rivalry," Wang Chuanxing, professor at Tongji University, told AFP.

"The common ground is that both of the sides want to strike a deal, so this is very important."

Symbolic venue&nbsp;

The re-starting of talks is seen as a positive step, and the change of location to the country's leading city of commerce Shanghai is also suggestive.

"It could be an attempt to distance the consequences of the negotiations from Xi Jinping and the people immediately around him," said Michael Pettis, a finance professor at the Guanghua School of Management at Peking University.

Holding talks in Shanghai is also a nod to a time of better relations, as the home of the 1972 Shanghai Communique an important step in building diplomatic relations between the US and China.

"There's a significance to (China) of the Shanghai Communique and the symbolism obviously of that important agreement," US Treasury Secretary Steven Mnuchin told CNBC, adding that he would take the invite to Shanghai as "good news that we will be making progress next week".

However, Mnuchin, who will be joined by US trade representative Robert Lighthizer in Shanghai, warned there were "a lot of issues" and he expected follow-up talks in the US.

"It's not likely (they will sign a deal) this week," said Shanghai-based professor Shen Dingli.

The Global Times, a state-run nationalist daily, said in an editorial on Friday that it is "widely believed that trade talks will take a long time" and the chance of getting a deal could be missed if Washington continues to put pressure on Beijing.

Further lowering expectations was Larry Kudlow, director of the US National Economic Council, who told CNBC on Friday that he "wouldn't expect any grand deal."

"Talking to our negotiators, I think they're going to reset the stage and hopefully go back to where the talks left off last May," he said, adding that the two sides still need to address key structural issues such as intellectual property theft and forced transfers of technology.

New places, new faces

As well as a fresh location, the new round of trade talks seem set to give a more prominent role to the Chinese Commerce Minister Zhong Shan.

While Vice Premier Liu He will likely lead the talks for China again, the addition of Zhong could change the tone of the discussions as he is seen as a hardliner.

"On the one hand maybe in his speeches he might express something tough," Wang said.

"But on the other hand, we can also think that China is making more efforts to strike a deal because Zhong Shan is a man with much expertise in this area."

There is also a suggestion that Beijing is deliberately delaying the process until the next US election, in the hope of finding a more conciliatory leader to deal with.

It will be tougher for Xi to push reforms following US criticism of Beijing's human rights record and an open letter signed by retired US military officials urging Trump to maintain a hard line against Communist China, said Larry Ong, senior analyst with political risk consultancy SinoInsider.

"Xi's rivals and other (Communist) Party hardliners will seize on the aforementioned developments as proof that the US wants to defeat the CCP in a Cold War-style conflict, not reach a 'win-win' trade agreement and revert the Sino-US relationship to the engagement era," Ong said.

US trade negotiators return to China this week for a fresh round of talks in a new city, but experts warn a change of air is unlikely to quickly solve an impasse between the world's two biggest economies.

US trade negotiators return to China this week for a fresh round of talks in a new city, but experts warn a change of air is unlikely to quickly solve an impasse between the world's two biggest economies. The meetings in Shanghai on Tuesday and Wednesday will be the first face-to-face discussions since negotiations collapsed in May after President Donald Trump accused China of reneging on its commitments. Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in the tense stand-off. Despite an agreement by Trump and President Xi Jinping at the G20 in Japan to cease hostilities, there has been little progress since and the US leader has irritated the Chinese side by claiming the slowing economy is forcing them to make a trade deal. The dispute has centred on US demands for China to curb the alleged theft of American technology and provide a level-playing field to US companies in the Asian country. Trump has also angered China by blacklisting telecom giant Huawei over national security concerns. "China tried to take this as a purely economic affair and just wants to make a deal, but on the US side, it seems ... (they) try to connect the trade affairs with a strategic rivalry," Wang Chuanxing, professor at Tongji University, told AFP. "The common ground is that both of the sides want to strike a deal, so this is very important." Symbolic venue The re-starting of talks is seen as a positive step, and the change of location to the country's leading city of commerce Shanghai is also suggestive. "It could be an attempt to distance the consequences of the negotiations from Xi Jinping and the people immediately around him," said Michael Pettis, a finance professor at the Guanghua School of Management at Peking University. Holding talks in Shanghai is also a nod to a time of better relations, as the home of the 1972 Shanghai Communique an important step in building diplomatic relations between the US and China. "There's a significance to (China) of the Shanghai Communique and the symbolism obviously of that important agreement," US Treasury Secretary Steven Mnuchin told CNBC, adding that he would take the invite to Shanghai as "good news that we will be making progress next week". However, Mnuchin, who will be joined by US trade representative Robert Lighthizer in Shanghai, warned there were "a lot of issues" and he expected follow-up talks in the US. "It's not likely (they will sign a deal) this week," said Shanghai-based professor Shen Dingli. The Global Times, a state-run nationalist daily, said in an editorial on Friday that it is "widely believed that trade talks will take a long time" and the chance of getting a deal could be missed if Washington continues to put pressure on Beijing. Further lowering expectations was Larry Kudlow, director of the US National Economic Council, who told CNBC on Friday that he "wouldn't expect any grand deal." "Talking to our negotiators, I think they're going to reset the stage and hopefully go back to where the talks left off last May," he said, adding that the two sides still need to address key structural issues such as intellectual property theft and forced transfers of technology. New places, new faces As well as a fresh location, the new round of trade talks seem set to give a more prominent role to the Chinese Commerce Minister Zhong Shan. While Vice Premier Liu He will likely lead the talks for China again, the addition of Zhong could change the tone of the discussions as he is seen as a hardliner. "On the one hand maybe in his speeches he might express something tough," Wang said. "But on the other hand, we can also think that China is making more efforts to strike a deal because Zhong Shan is a man with much expertise in this area." There is also a suggestion that Beijing is deliberately delaying the process until the next US election, in the hope of finding a more conciliatory leader to deal with. It will be tougher for Xi to push reforms following US criticism of Beijing's human rights record and an open letter signed by retired US military officials urging Trump to maintain a hard line against Communist China, said Larry Ong, senior analyst with political risk consultancy SinoInsider. "Xi's rivals and other (Communist) Party hardliners will seize on the aforementioned developments as proof that the US wants to defeat the CCP in a Cold War-style conflict, not reach a 'win-win' trade agreement and revert the Sino-US relationship to the engagement era," Ong said.

Cautious hopes before new round of US-China trade talks

<a href="https://www.wionews.com/business-economy/huaweis-ties-with-partners-fedex-flex-fray-on-us-china-tensions-238632">Huawei Technologies</a> on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system.

Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901).

Huawei also said at the launch event at its Shenzhen headquarters that it would unveil TV-like products called "Smart Screens" next month, which will be the first products based on its proprietary Hongmeng Operating System, according to Xinhua.

Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software.

The company previously hinted that the operating system could replace Google's Android, though a senior executive earlier this month said Huawei intends to continue to use Android, and that Hongmeng is not an operating system for smartphones but connected devices.

Huawei's consumer business group CEO Richard Yu said Huawei's Smart Screens aims to be the central interface for entertainment and communication in the living room, according to a press release.

Huawei is set to report its half-year results on Tuesday. Analysts said robust smartphone sales in China are expected to offset impact in the overseas market since Huawei was put on Washington's trade blacklist in mid-May.

Huawei Technologies on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system. Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901).

Huawei Technologies on Friday released its first 5G phone in China and said it would soon launch smart TVs equipped with its Hongmeng operating system. Huawei, which is grappling with sanctions from Washington that threaten to cut its access to US technology and components, on Friday rolled out the Mate 20 X 5G phone for the China market with a price tag of 6199 yuan ($901). Huawei also said at the launch event at its Shenzhen headquarters that it would unveil TV-like products called "Smart Screens" next month, which will be the first products based on its proprietary Hongmeng Operating System, according to Xinhua. Huawei has given little information about Hongmeng, its own back-up operating system under development in case it was cut off from US-made software. The company previously hinted that the operating system could replace Google's Android, though a senior executive earlier this month said Huawei intends to continue to use Android, and that Hongmeng is not an operating system for smartphones but connected devices. Huawei's consumer business group CEO Richard Yu said Huawei's Smart Screens aims to be the central interface for entertainment and communication in the living room, according to a press release. Huawei is set to report its half-year results on Tuesday. Analysts said robust smartphone sales in China are expected to offset impact in the overseas market since Huawei was put on Washington's trade blacklist in mid-May.

Huawei rolls out 5G phone and flags first Hongmeng device

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/trade-war-like-the-one-going-on-between-us-and-china-foolish-thailand-ambassador-at-wion-world-order-238434&amp;sa=U&amp;ved=2ahUKEwiSs4rItdLjAhXc7nMBHeV6DwEQFjADegQIDhAC&amp;usg=AOvVaw1bWJVe7haDQEfv7LLORLbL">Sino-US tensions</a> further strain business ties.

Chinese authorities investigating FedEx suspect it illegally held back the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/huaweis-us-research-arm-slashes-jobs-as-trade-ban-bites-238136&amp;sa=U&amp;ved=2ahUKEwj___zltdLjAhWxheYKHVCHA3kQFjADegQIDxAC&amp;usg=AOvVaw3sBVXlXmuPglcgQ-qhcuOx">Huawei</a> packages and that it also violated other laws, state news agency Xinhua reported on Friday.

Beijing started a probe into FedEx last month after Huawei said the US&nbsp;delivery firm had diverted parcels intended for it. It came after Huawei was placed by Washington on a blacklist in mid-May that effectively blocks US firms from doing business with the Shenzhen-based telecoms equipment maker.

"The investigation showed that FedEx was suspected of holding up more than 100 Huawei packages entering China," Xinhua said. "Investigators also discovered clues to other violations of the company."

FedEx had no immediate comment on the report. Huawei declined to comment.

The report comes a day after Huawei said electronics contract manufacturer Flex "seized" its goods in China.

The developments mark the latest fallout from Washington's trade ban on Huawei, which has not only rattled the global technology supply chain tied to Huawei's $105 billion business but also is causing much confusion among companies and organisations well beyond the US borders regarding the limits of restrictions.

FedEx has apologised for multiple incidents of diversion of Huawei packages, which is attributed to "operational errors", but it later sued the US&nbsp;government for what it said was an "impossible task" to "police the contents" of export shipments.

Huawei told Reuters on Thursday that Flex had withheld some 700 million yuan ($101.81 million) worth of its goods in its China factory, confirming a report by the Chinese government-backed newspaper Global Times.

Flex kept the Huawei assets in its factory in the southern city of Zhuhai after the US blacklisting and caused losses for Huawei, according to the report.

Huawei told Reuters that it has retrieved some 400 million yuan of goods last month after negotiations and is still trying to take back the rest.

Flex said in an emailed statement to Reuters, "Flex and Huawei have had a long-standing and successful partnership which has recently been impacted by unforeseen challenges resulting from the US-China trade situation. Both parties are actively working to find a mutually agreeable way forward given these facts."

A Flex spokesman declined to say whether it still held any Huawei assets or counts Huawei as a customer, but said China remains "a very important center of production and end-market" where it employs tens of thousands of people.

Flex said on Friday in its quarterly earnings statement that it would accelerate a move to reduce its exposure to certain products in China and India after "recent geopolitical developments and uncertainties", which primarily impacted "one customer in China". It did not name the customer.

"We have seen a reduction in demand for products assembled for that customer," it said.

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as Sino-US tensions further strain business ties.

American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed US-listed Flex for seizing its goods, as Sino-US tensions further strain business ties. Chinese authorities investigating FedEx suspect it illegally held back the Huawei packages and that it also violated other laws, state news agency Xinhua reported on Friday. Beijing started a probe into FedEx last month after Huawei said the US delivery firm had diverted parcels intended for it. It came after Huawei was placed by Washington on a blacklist in mid-May that effectively blocks US firms from doing business with the Shenzhen-based telecoms equipment maker. "The investigation showed that FedEx was suspected of holding up more than 100 Huawei packages entering China," Xinhua said. "Investigators also discovered clues to other violations of the company." FedEx had no immediate comment on the report. Huawei declined to comment. The report comes a day after Huawei said electronics contract manufacturer Flex "seized" its goods in China. The developments mark the latest fallout from Washington's trade ban on Huawei, which has not only rattled the global technology supply chain tied to Huawei's $105 billion business but also is causing much confusion among companies and organisations well beyond the US borders regarding the limits of restrictions. FedEx has apologised for multiple incidents of diversion of Huawei packages, which is attributed to "operational errors", but it later sued the US government for what it said was an "impossible task" to "police the contents" of export shipments. Huawei told Reuters on Thursday that Flex had withheld some 700 million yuan ($101.81 million) worth of its goods in its China factory, confirming a report by the Chinese government-backed newspaper Global Times. Flex kept the Huawei assets in its factory in the southern city of Zhuhai after the US blacklisting and caused losses for Huawei, according to the report. Huawei told Reuters that it has retrieved some 400 million yuan of goods last month after negotiations and is still trying to take back the rest. Flex said in an emailed statement to Reuters, "Flex and Huawei have had a long-standing and successful partnership which has recently been impacted by unforeseen challenges resulting from the US-China trade situation. Both parties are actively working to find a mutually agreeable way forward given these facts." A Flex spokesman declined to say whether it still held any Huawei assets or counts Huawei as a customer, but said China remains "a very important center of production and end-market" where it employs tens of thousands of people. Flex said on Friday in its quarterly earnings statement that it would accelerate a move to reduce its exposure to certain products in China and India after "recent geopolitical developments and uncertainties", which primarily impacted "one customer in China". It did not name the customer. "We have seen a reduction in demand for products assembled for that customer," it said.

Huawei's ties with partners FedEx, Flex fray on US-China tensions

<a href="https://www.wionews.com/business-economy/samsung-electronics-to-cut-china-phone-output-as-market-share-sinks-224670">Samsung Electronics Co Ltd's</a> first foldable smartphone, the Galaxy Fold, will go on sale from September in selected markets after the launch was delayed by screen problems earlier this year, the company said on Thursday.

Samsung is hoping its highly anticipated foldable phone will revive flagging smartphone sales but its rollout has been hampered by defects in samples reported in April when it was originally due to hit the US market.

The delays cost the South Korean tech giant sales that could have provided a decent bump in revenue during the slow summer season.

Samsung said in a statement it had made improvements to the nearly $2,000 phone and was conducting final tests. Changes included strengthening hinges which early reviewers had found to be problematic.

Analysts said headlines about glitches with sample Folds would dampen consumer excitement around the launch.

"Consumer confidence in Galaxy Fold has significantly deteriorated. If Samsung manages to sell 300,000 devices this year, that can be a decent performance given the delay," said Kim Young-woo, an analyst at SK Securities.

Samsung said earlier that it planned to make at least 1 million Fold handsets in the first year, versus the total 300 million phones it produces annually on average.

The world's top smartphone maker has hailed the folding design as the future in a segment that has seen few surprises since Apple Inc's groundbreaking iPhone was released in 2007.

Chinese rival Huawei Technologies Co Ltd has also announced a folding handset, the Mate X, which is expected to go on sale in September.

Samsung is still in talks with mobile carriers around the world to decide on details of the Fold's sale, a source with knowledge of the matter said.

Samsung Electronics Co Ltd's first foldable smartphone, the Galaxy Fold, will go on sale from September in selected markets after the launch was delayed by screen problems earlier this year, the company said on Thursday.

Samsung Electronics Co Ltd's first foldable smartphone, the Galaxy Fold, will go on sale from September in selected markets after the launch was delayed by screen problems earlier this year, the company said on Thursday. Samsung is hoping its highly anticipated foldable phone will revive flagging smartphone sales but its rollout has been hampered by defects in samples reported in April when it was originally due to hit the US market. The delays cost the South Korean tech giant sales that could have provided a decent bump in revenue during the slow summer season. Samsung said in a statement it had made improvements to the nearly $2,000 phone and was conducting final tests. Changes included strengthening hinges which early reviewers had found to be problematic. Analysts said headlines about glitches with sample Folds would dampen consumer excitement around the launch. "Consumer confidence in Galaxy Fold has significantly deteriorated. If Samsung manages to sell 300,000 devices this year, that can be a decent performance given the delay," said Kim Young-woo, an analyst at SK Securities. Samsung said earlier that it planned to make at least 1 million Fold handsets in the first year, versus the total 300 million phones it produces annually on average. The world's top smartphone maker has hailed the folding design as the future in a segment that has seen few surprises since Apple Inc's groundbreaking iPhone was released in 2007. Chinese rival Huawei Technologies Co Ltd has also announced a folding handset, the Mate X, which is expected to go on sale in September. Samsung is still in talks with mobile carriers around the world to decide on details of the Fold's sale, a source with knowledge of the matter said.

Samsung Electronics' delayed Galaxy Fold now ready for September launch

<a href="https://www.wionews.com/opinions/russia-in-africa-can-it-offer-an-alternative-to-the-us-and-china-223760">US and Chinese officials</a> will hold two days of talks in Shanghai next week to try to make progress on their year-long trade dispute, US Treasury Secretary Steven Mnuchin said Wednesday.

It will be the first face-to-face meeting since talks collapsed in May after <a href="https://www.wionews.com/world/donald-trump-attacks-robert-mueller-ahead-of-testimony-on-russia-probe-237817">President Donald Trump</a> accused Beijing of reneging on its commitments.

Mnuchin said he and US Trade Representative Robert Lighthizer will lead the US delegation.

Mnuchin said on CNBC he hopes to make progress but added there are "a lot of issues" pending so he expects another round of talks would follow in Washington.

Senior officials have spoken by phone twice in the last two weeks in the bid to jump-start the negotiations.

At a meeting in Japan last month, US President Donald Trump and his Chinese counterpart Xi Jinping agreed to cease further hostilities in the year-long trade war while the two sides worked to revive negotiations.

The countries have imposed tariffs on $360 billion in two-way trade and Trump has threatened even more punishing duties on Chinese goods.

Mnuchin implied that the national security concerns that have led Washington to impose tough sanctions on Chinese telecom giant Huawei are on a separate track from the trade talks.

But he downplayed concerns about links between Google and Beijing.

"We're not aware of Google working with the Chinese government in a way that raises concerns," Mnuchin said.

"They assured us that there is very, very limited work. The only work they're doing is some minimal open source work."

Trump last week said he wants his administration to "take a look" into whether Google has been working with the Chinese government an allegation swiftly denied by the US internet giant.

US and Chinese officials will hold two days of talks in Shanghai next week to try to make progress on their year-long trade dispute, US Treasury Secretary Steven Mnuchin said Wednesday.

US and Chinese officials will hold two days of talks in Shanghai next week to try to make progress on their year-long trade dispute, US Treasury Secretary Steven Mnuchin said Wednesday. It will be the first face-to-face meeting since talks collapsed in May after President Donald Trump accused Beijing of reneging on its commitments. Mnuchin said he and US Trade Representative Robert Lighthizer will lead the US delegation. Mnuchin said on CNBC he hopes to make progress but added there are "a lot of issues" pending so he expects another round of talks would follow in Washington. Senior officials have spoken by phone twice in the last two weeks in the bid to jump-start the negotiations. At a meeting in Japan last month, US President Donald Trump and his Chinese counterpart Xi Jinping agreed to cease further hostilities in the year-long trade war while the two sides worked to revive negotiations. The countries have imposed tariffs on $360 billion in two-way trade and Trump has threatened even more punishing duties on Chinese goods. Mnuchin implied that the national security concerns that have led Washington to impose tough sanctions on Chinese telecom giant Huawei are on a separate track from the trade talks. But he downplayed concerns about links between Google and Beijing. "We're not aware of Google working with the Chinese government in a way that raises concerns," Mnuchin said. "They assured us that there is very, very limited work. The only work they're doing is some minimal open source work." Trump last week said he wants his administration to "take a look" into whether Google has been working with the Chinese government an allegation swiftly denied by the US internet giant.

US, China to hold two days of talks in Shanghai next week: Steven Mnuchin

China's Huawei Technologies laid off more than two-thirds of the 850-strong workforce at its Futurewei Technologies research arm in the United States, after being blacklisted by the government.

Futurewei, which has offices in Silicon Valley and the greater Seattle, Chicago and Dallas areas, said it cut more than 600 jobs. The unit, set up in part to work with universities and researchers, recorded $510 million in operating costs last year.

Huawei is the world's largest telecommunications equipment manufacturers. The US Commerce Department in May placed the firm on its "entity list" of organizations that pose security risks. The Justice Department has filed charges against the firm alleging theft of trade secrets and other crimes.

Huawei said the job cuts, effective July 22, were "due to the curtailment of business operations" caused by the US government's actions.

The trade blacklist has made it illegal for Futurewei to transfer sensitive technologies to its parent. The blacklist also restricts Huawei from purchasing products from US technology companies.

On Monday, US President Donald Trump agreed at a meeting with the heads of top technology companies including Alphabet Inc's Google to make "timely" decisions on requests by US companies to sell to Huawei.

Futurewei began laying off workers on Monday, Reuters had reported earlier citing employees, including one who spoke as he left the company's Silicon Valley campus.

One employee, who declined to give his name, said he had been laid off, as he put a bag full of personal belongings into his car. At least half a dozen staff with boxes were seen leaving the office before noon on Monday.

An employee not affected by the layoffs said work had come to a standstill since Huawei was blacklisted.

"On the 17th of May, Huawei asked everyone at Futurewei to upload everything to the Huawei cloud, right before the ban took effect," that employee said. "After that basically Futurewei has stopped doing any work - almost stopped everything."

Futurewei has filed more than 2,100 patents in such areas as telecommunications, 5G cellular networks, and video and camera technologies, according to data from the United States Patent and Trademark Office.

Huawei employed around 1,500 people in the United States including the 850 in Futurewei prior to the layoffs. The rest of Huawei's US employees manage its supply chain, customer support, or service functions such as public affairs.

It had added sales executives and chip certification engineers given plans to enter the U.S. smartphone market.

But its headcount has steadily declined since January 2018, when a highly-anticipated deal to enter the U.S. smartphone market with AT&amp;T and Verizon collapsed last minute due to pressure from the US government.

China's Huawei Technologies laid off more than two-thirds of the 850-strong workforce at its Futurewei Technologies research arm in the United States, after being blacklisted by the government.

China's Huawei Technologies laid off more than two-thirds of the 850-strong workforce at its Futurewei Technologies research arm in the United States, after being blacklisted by the government. Futurewei, which has offices in Silicon Valley and the greater Seattle, Chicago and Dallas areas, said it cut more than 600 jobs. The unit, set up in part to work with universities and researchers, recorded $510 million in operating costs last year. Huawei is the world's largest telecommunications equipment manufacturers. The US Commerce Department in May placed the firm on its "entity list" of organizations that pose security risks. The Justice Department has filed charges against the firm alleging theft of trade secrets and other crimes. Huawei said the job cuts, effective July 22, were "due to the curtailment of business operations" caused by the US government's actions. The trade blacklist has made it illegal for Futurewei to transfer sensitive technologies to its parent. The blacklist also restricts Huawei from purchasing products from US technology companies. On Monday, US President Donald Trump agreed at a meeting with the heads of top technology companies including Alphabet Inc's Google to make "timely" decisions on requests by US companies to sell to Huawei. Futurewei began laying off workers on Monday, Reuters had reported earlier citing employees, including one who spoke as he left the company's Silicon Valley campus. One employee, who declined to give his name, said he had been laid off, as he put a bag full of personal belongings into his car. At least half a dozen staff with boxes were seen leaving the office before noon on Monday. An employee not affected by the layoffs said work had come to a standstill since Huawei was blacklisted. "On the 17th of May, Huawei asked everyone at Futurewei to upload everything to the Huawei cloud, right before the ban took effect," that employee said. "After that basically Futurewei has stopped doing any work - almost stopped everything." Futurewei has filed more than 2,100 patents in such areas as telecommunications, 5G cellular networks, and video and camera technologies, according to data from the United States Patent and Trademark Office. Huawei employed around 1,500 people in the United States including the 850 in Futurewei prior to the layoffs. The rest of Huawei's US employees manage its supply chain, customer support, or service functions such as public affairs. It had added sales executives and chip certification engineers given plans to enter the U.S. smartphone market. But its headcount has steadily declined since January 2018, when a highly-anticipated deal to enter the U.S. smartphone market with AT&T and Verizon collapsed last minute due to pressure from the US government.

Huawei's US research arm slashes jobs as trade ban bites

Chief executives from several US tech companies met with President <a href="https://www.wionews.com/world/white-house-to-host-meeting-with-tech-executives-on-huawei-ban-sources-237207">Donald Trump</a> on Monday and expressed "strong support" for policies restricting the use of products from Chinese telecom giant Huawei.

Washington accuses <a href="https://www.wionews.com/world/huawei-plans-extensive-layoffs-at-its-us-operations-report-235708">Huawei</a> of working directly with the Chinese government and its intelligence services, which it says could pose security risks -- claims the company denies.

In May, Trump hit Huawei with an executive order that effectively banned it from trading with any US companies, although a temporary license was issued shortly after.

At the meeting were Sundar Pichai of Google, Chuck Robbins, of Cisco, Robert Swan of Intel, Sanjay Mehrotra of Micron, Stephen Milligan of Western Digital Corporation, Steven Mollenkopf of Qualcomm, and Hock Tan of Broadcom.

"The CEOs expressed strong support of the president's policies, including national security restrictions on United States telecom equipment purchases and sales to Huawei," the White House said.

"They requested timely licensing decisions from the Department of Commerce, and the president agreed. The group was also optimistic about United States 5G innovation and deployments," the statement read.

Huawei -- a leader in next-generation 5G wireless technology -- is barred from developing such networks in the United States.

Trump has put Huawei on its so-called entity list, which meant US companies needed a license to supply US technology to the Chinese firm.

Washington has been pressuring its allies to avoid using Huawei for deployment of 5G wireless.

The news comes as The Washington Post reported that Huawei secretly helped North Korea build and maintain the country's commercial wireless network.

The Post, citing internal documents it obtained and people familiar with the arrangement, said Huawei has partnered with a Chinese state-owned firm Panda International Information Technology on projects in North Korea over at least eight years.

By doing so Huawei, which has used US technology in its components, may have violated US controls on exports to the isolated North Korea regime.

Chief executives from several US tech companies met with President Donald Trump on Monday and expressed "strong support" for policies restricting the use of products from Chinese telecom giant Huawei.

Chief executives from several US tech companies met with President Donald Trump on Monday and expressed "strong support" for policies restricting the use of products from Chinese telecom giant Huawei. Washington accuses Huawei of working directly with the Chinese government and its intelligence services, which it says could pose security risks -- claims the company denies. In May, Trump hit Huawei with an executive order that effectively banned it from trading with any US companies, although a temporary license was issued shortly after. At the meeting were Sundar Pichai of Google, Chuck Robbins, of Cisco, Robert Swan of Intel, Sanjay Mehrotra of Micron, Stephen Milligan of Western Digital Corporation, Steven Mollenkopf of Qualcomm, and Hock Tan of Broadcom. "The CEOs expressed strong support of the president's policies, including national security restrictions on United States telecom equipment purchases and sales to Huawei," the White House said. "They requested timely licensing decisions from the Department of Commerce, and the president agreed. The group was also optimistic about United States 5G innovation and deployments," the statement read. Huawei -- a leader in next-generation 5G wireless technology -- is barred from developing such networks in the United States. Trump has put Huawei on its so-called entity list, which meant US companies needed a license to supply US technology to the Chinese firm. Washington has been pressuring its allies to avoid using Huawei for deployment of 5G wireless. The news comes as The Washington Post reported that Huawei secretly helped North Korea build and maintain the country's commercial wireless network. The Post, citing internal documents it obtained and people familiar with the arrangement, said Huawei has partnered with a Chinese state-owned firm Panda International Information Technology on projects in North Korea over at least eight years. By doing so Huawei, which has used US technology in its components, may have violated US controls on exports to the isolated North Korea regime.

US tech CEOs support Trump on Huawei restrictions: White House

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US&nbsp;technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

The United States has put Huawei on an export blacklist citing national security issues, barring US&nbsp;suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.

Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment,&nbsp;Bloomberg said.

The company is said to have rewarded a number of employees for helping it accelerate revenue despite US&nbsp;ban, Bloomberg added.

Huawei declined to comment on the Bloomberg report.

Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban.

The firm has denied its products pose a security threat.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter. The United States has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval. Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment, Bloomberg said. The company is said to have rewarded a number of employees for helping it accelerate revenue despite US ban, Bloomberg added. Huawei declined to comment on the Bloomberg report. Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban. The firm has denied its products pose a security threat.

Huawei first-half revenue up about 30% despite US ban

Former foreign minister <a href="https://www.wionews.com/world/boris-johnson-wins-conservative-party-leadership-race-set-to-become-uk-pm-237941">Boris Johnson</a> was elected leader of Britain's governing Conservative Party on Tuesday, and will take over as prime minister when Theresa May steps down on Wednesday.

With the leadership campaign largely dominated by Brexit, <a href="https://www.wionews.com/world/boris-johnson-a-divisive-politician-with-do-or-die-pledge-over-brexit-237944">Johnson has set out little</a> in the way of firm policies, but below are some of his positions on key issues:

Iran

Johnson has said while the 2015 nuclear deal is looking "increasingly frail" and ways need to be found to constrain Iran's "disruptive behaviour", engaging with the Iranians and seeking to persuade them not to pursue a nuclear weapons programme is the right way forward.

He has so far shown little sign of moving closer to US President Donald Trump's more hardline approach, instead saying he agreed with the position taken by European countries to encourage a return to diplomacy. He has said he would not currently back military action.

"I am not going to pretend that the mullahs of Tehran are easy people to deal with or that they are anything other than a disruptive, dangerous, difficult regime, they certainly are," he said during a leadership debate earlier this month.

"But ... if you asked me whether I think we should now, were I to be prime minister now, would I be supporting military action against Iran? Then the answer is no."

Hong Kong

As protests erupted in the former British colony earlier this month over a proposed extradition bill, and a war of words ensued between Britain and China, Johnson told Reuters the people of Hong Kong were "within their rights to be very sceptical, very anxious" about the legislation.

"I do support them and I will happily speak up for them and back them every inch of the way. And I would stress to our friends in Beijing that the one country, two systems approach has worked, is working and should not be cast aside," he said.

Huawei

A final decision on whether to include China's Huawei in Britain's 5G telecoms network has been stalled by May stepping down. Johnson has said while there can be significant benefits to investment from other countries, he would not compromise Britain's national security infrastructure.

"You would not expect me as prime minister to do anything to compromise the ability of our fantastic intelligence services to share information as they do, particularly with our five eyes partners, so that is the principle that will guide us."

Relationship with the United States

Johnson is keen to maintain a strong relationship with the United States and British media have reported he is considering a visit to meet Trump early in his premiership.

His reluctance to antagonise Trump was evident earlier this month when he failed to defend Britain's ambassador to Washington after diplomatic memos in which Kim Darroch described Trump's administration as "inept" were leaked to a newspaper.

Instead Johnson said he had a good relationship with the White House and it was "very important that we should have a close friendship, a close partnership with the United States".

Johnson has since said Darroch told him the lacklustre support was a factor in his decision to resign.

During a leadership debate, Johnson did criticise Trump for his comments about four congresswomen but declined to describe the remarks as racist.

"If you are the leader of great multi-racial, multi-cultural society you simply cannot use that kind of language about sending people back to where they came from, that went out decades and decades ago and thank heavens for that so it is totally unacceptable," he said.

The economy

Johnson has vowed to spend billions of pounds on public services, infrastructure and tax cuts including promises to increase spending on education, transport, superfast broadband and police and end a public sector pay freeze.

He has said he will tap into the 27 billion pounds of "fiscal headroom" that has built up in the public finances, referring to the difference between the government's target for the budget deficit and its projected size.

"Believe me there is cash now available ... I'm prepared to borrow to finance certain great objectives but overall we will keep fiscal responsibility," he said.

British media have reported he is preparing an emergency budget including aggressive tax cuts, an overhaul of the stamp duty property tax and an assault on regulation if there is a no-deal Brexit.

During Johnson's time as mayor of London, he championed financial services but has been trying to rebuild ties with company executives after an expletive against business.

Tax cuts

Johnson has said there is room to make tax cuts and has pledged to raise the level at which the higher rate of income tax is paid. He also wants to raise the threshold at which people start to pay National Insurance.

"We should be raising thresholds of income tax – so that we help the huge numbers that have been captured in the higher rate by fiscal drag. We can go for much greater economic growth – and still be the cleanest, greenest society on earth," he said.

He has also said Britain should cut business taxes but has indicated internet giants could be forced to pay more.

"It's deeply unfair that high street businesses are paying tax through the nose ... whereas the internet giants, the FAANGs - Facebook, Amazon, Netflix and Google - are paying virtually nothing," he said.

Former foreign minister Boris Johnson was elected leader of Britain's governing Conservative Party on Tuesday, and will take over as prime minister when Theresa May steps down on Wednesday.

Former foreign minister Boris Johnson was elected leader of Britain's governing Conservative Party on Tuesday, and will take over as prime minister when Theresa May steps down on Wednesday. With the leadership campaign largely dominated by Brexit, Johnson has set out little in the way of firm policies, but below are some of his positions on key issues: Iran Johnson has said while the 2015 nuclear deal is looking "increasingly frail" and ways need to be found to constrain Iran's "disruptive behaviour", engaging with the Iranians and seeking to persuade them not to pursue a nuclear weapons programme is the right way forward. He has so far shown little sign of moving closer to US President Donald Trump's more hardline approach, instead saying he agreed with the position taken by European countries to encourage a return to diplomacy. He has said he would not currently back military action. "I am not going to pretend that the mullahs of Tehran are easy people to deal with or that they are anything other than a disruptive, dangerous, difficult regime, they certainly are," he said during a leadership debate earlier this month. "But ... if you asked me whether I think we should now, were I to be prime minister now, would I be supporting military action against Iran? Then the answer is no." Hong Kong As protests erupted in the former British colony earlier this month over a proposed extradition bill, and a war of words ensued between Britain and China, Johnson told Reuters the people of Hong Kong were "within their rights to be very sceptical, very anxious" about the legislation. "I do support them and I will happily speak up for them and back them every inch of the way. And I would stress to our friends in Beijing that the one country, two systems approach has worked, is working and should not be cast aside," he said. Huawei A final decision on whether to include China's Huawei in Britain's 5G telecoms network has been stalled by May stepping down. Johnson has said while there can be significant benefits to investment from other countries, he would not compromise Britain's national security infrastructure. "You would not expect me as prime minister to do anything to compromise the ability of our fantastic intelligence services to share information as they do, particularly with our five eyes partners, so that is the principle that will guide us." Relationship with the United States Johnson is keen to maintain a strong relationship with the United States and British media have reported he is considering a visit to meet Trump early in his premiership. His reluctance to antagonise Trump was evident earlier this month when he failed to defend Britain's ambassador to Washington after diplomatic memos in which Kim Darroch described Trump's administration as "inept" were leaked to a newspaper. Instead Johnson said he had a good relationship with the White House and it was "very important that we should have a close friendship, a close partnership with the United States". Johnson has since said Darroch told him the lacklustre support was a factor in his decision to resign. During a leadership debate, Johnson did criticise Trump for his comments about four congresswomen but declined to describe the remarks as racist. "If you are the leader of great multi-racial, multi-cultural society you simply cannot use that kind of language about sending people back to where they came from, that went out decades and decades ago and thank heavens for that so it is totally unacceptable," he said. The economy Johnson has vowed to spend billions of pounds on public services, infrastructure and tax cuts including promises to increase spending on education, transport, superfast broadband and police and end a public sector pay freeze. He has said he will tap into the 27 billion pounds of "fiscal headroom" that has built up in the public finances, referring to the difference between the government's target for the budget deficit and its projected size. "Believe me there is cash now available ... I'm prepared to borrow to finance certain great objectives but overall we will keep fiscal responsibility," he said. British media have reported he is preparing an emergency budget including aggressive tax cuts, an overhaul of the stamp duty property tax and an assault on regulation if there is a no-deal Brexit. During Johnson's time as mayor of London, he championed financial services but has been trying to rebuild ties with company executives after an expletive against business. Tax cuts Johnson has said there is room to make tax cuts and has pledged to raise the level at which the higher rate of income tax is paid. He also wants to raise the threshold at which people start to pay National Insurance. "We should be raising thresholds of income tax – so that we help the huge numbers that have been captured in the higher rate by fiscal drag. We can go for much greater economic growth – and still be the cleanest, greenest society on earth," he said. He has also said Britain should cut business taxes but has indicated internet giants could be forced to pay more. "It's deeply unfair that high street businesses are paying tax through the nose ... whereas the internet giants, the FAANGs - Facebook, Amazon, Netflix and Google - are paying virtually nothing," he said.

Boris Johnson's stance on Iran, Trump, Huawei and the economy

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut.

All 25 components on the Shanghai Stock Exchange's Sci-Tech Innovation Board, or STAR Market, were driven sharply higher in a hearty initial endorsement of China's plan to use the board to help fund fast-growing tech firms and discourage them listing abroad.

Anji Technology, a solar energy battery manufacturer, closed morning trade up 415.44 per cent at 202 yuan after earlier soaring as high as 520 per cent.

The board's biggest component, China Railway Signal &amp; Communication, rose 125.64 per cent to 13.20 yuan on market-leading turnover of 7.6 billion yuan ($1.1 billion).

The introduction of the board, for which listing and trading rules have been dramatically eased, represents one of China's most significant financial market reforms yet and a potential weapon in its growing tech rivalry with the United States.

The tech board is yet to draw any household names.

But China hopes it will eventually include listings from among the country's rich stable of tech "unicorns" start-ups valued at a minimum $1 billion which include Alibaba-linked mobile-payments pioneer Ant Financial, ride-sharing giant Didi Chuxing, and online-services platform Meituan-Dianping.

China's government envisions the board being mentioned in the same breath someday as the tech-heavy Nasdaq, encouraging firms to list at home after the likes of Alibaba and Baidu chose Wall Street.

That will take time the Nasdaq has more than 3,000 companies listed and is one of the world's biggest exchanges.

"I think the science and technology board will develop into a major and important sector in China's capital markets, but it will take a long time, maybe 10 years, 20 years, or even longer," said Jiang Liangqing, a fund manager at Ruisen Capital Management.

Leap of faith

It is a leap of faith for China's volatility-averse authorities, as its stocks have been given relatively free rein.

For the first time, Chinese companies can list without a track record of past profits or restrictions on IPO pricing.

There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed.

China's two main exchanges in Shanghai and Shenzhen are subject to a 10 per cent band to contain volatility.

With attention on the new exchange, those markets languished Monday. Shanghai's main index was 0.57 per cent lower at midday while Shenzhen's was down 0.87 per cent.&nbsp;

The tech board was announced in November by President Xi Jinping as a battle with the United States for technological supremacy heated up.

Xi has called on China's tech leaders to become global champions, while the US has fought back in part by taking steps to clip the wings of Chinese telecom giant Huawei.

When big tech companies list overseas, the government in Beijing loses influence over their fundraising and Chinese investors cannot share in those companies' success due to restrictions on purchasing overseas-listed shares.

China realised it needed to loosen up.

"If China didn’t launch this new tech board now, it would miss the chance to transform its economic development into this 'new economy' mode," said Yang Delong, chief economist at First Seafront Fund.

But there are concerns that the new board could siphon liquidity from China's main markets, already pressured by slowing economic growth and the US trade war.

As a result, analysts believe regulators will take a measured pace in growing the tech board.

"The (main) markets are in a downturn now and if giant companies list on the tech board initially, market capital will be diverted. The market cannot bear that," said Yang.

"The new board won't drain too much from the main boards."

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut.

Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut. All 25 components on the Shanghai Stock Exchange's Sci-Tech Innovation Board, or STAR Market, were driven sharply higher in a hearty initial endorsement of China's plan to use the board to help fund fast-growing tech firms and discourage them listing abroad. Anji Technology, a solar energy battery manufacturer, closed morning trade up 415.44 per cent at 202 yuan after earlier soaring as high as 520 per cent. The board's biggest component, China Railway Signal & Communication, rose 125.64 per cent to 13.20 yuan on market-leading turnover of 7.6 billion yuan ($1.1 billion). The introduction of the board, for which listing and trading rules have been dramatically eased, represents one of China's most significant financial market reforms yet and a potential weapon in its growing tech rivalry with the United States. The tech board is yet to draw any household names. But China hopes it will eventually include listings from among the country's rich stable of tech "unicorns" start-ups valued at a minimum $1 billion which include Alibaba-linked mobile-payments pioneer Ant Financial, ride-sharing giant Didi Chuxing, and online-services platform Meituan-Dianping. China's government envisions the board being mentioned in the same breath someday as the tech-heavy Nasdaq, encouraging firms to list at home after the likes of Alibaba and Baidu chose Wall Street. That will take time the Nasdaq has more than 3,000 companies listed and is one of the world's biggest exchanges. "I think the science and technology board will develop into a major and important sector in China's capital markets, but it will take a long time, maybe 10 years, 20 years, or even longer," said Jiang Liangqing, a fund manager at Ruisen Capital Management. Leap of faith It is a leap of faith for China's volatility-averse authorities, as its stocks have been given relatively free rein. For the first time, Chinese companies can list without a track record of past profits or restrictions on IPO pricing. There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed. China's two main exchanges in Shanghai and Shenzhen are subject to a 10 per cent band to contain volatility. With attention on the new exchange, those markets languished Monday. Shanghai's main index was 0.57 per cent lower at midday while Shenzhen's was down 0.87 per cent. The tech board was announced in November by President Xi Jinping as a battle with the United States for technological supremacy heated up. Xi has called on China's tech leaders to become global champions, while the US has fought back in part by taking steps to clip the wings of Chinese telecom giant Huawei. When big tech companies list overseas, the government in Beijing loses influence over their fundraising and Chinese investors cannot share in those companies' success due to restrictions on purchasing overseas-listed shares. China realised it needed to loosen up. "If China didn’t launch this new tech board now, it would miss the chance to transform its economic development into this 'new economy' mode," said Yang Delong, chief economist at First Seafront Fund. But there are concerns that the new board could siphon liquidity from China's main markets, already pressured by slowing economic growth and the US trade war. As a result, analysts believe regulators will take a measured pace in growing the tech board. "The (main) markets are in a downturn now and if giant companies list on the tech board initially, market capital will be diverted. The market cannot bear that," said Yang. "The new board won't drain too much from the main boards."

Shares blast off as 'China's Nasdaq' debuts

White House economic adviser Larry Kudlow will host a meeting with semiconductor and software executives on Monday to discuss the US&nbsp;ban on sales to China's Huawei Technologies Co Ltd, two sources briefed on the meeting said on Friday.

Treasury Secretary Steven Mnuchin will also attend the White House event, to which chipmakers Intel Corp and Qualcomm Inc have been invited, the people said.

A White House official confirmed the meeting would take place, noting that Google&nbsp;and Micron would attend, but said it had been called to discuss economic matters.

The subject of Huawei was expected "to come up but that it is not the reason why they are convening the meeting," said the official, who spoke on condition of anonymity.

The future of US&nbsp;companies' ties to Huawei, the world's no.1 maker of telecommunications equipment, remains uncertain after the Trump administration put the company on a blacklist in May, citing national security concerns.

The move banned US&nbsp;companies from selling most US parts and components to it without special licenses, but President Donald Trump said last month American firms could resume sales, with an eye on reviving trade talks with Beijing.

Several weeks after the announcement, details about what the new policy towards the company is are still not forthcoming.

Commerce Department Secretary Wilbur Ross has said licenses would be issued where there is no threat to national security. Reuters reported that the United States may approve licenses for companies to restart new sales in a matter of weeks.

One of the people briefed on Monday's meeting said Broadcom Inc was also invited to the White House event. Microsoft Corp was also expected to receive an invitation, the person said.

Intel and Qualcomm declined to comment. Google, Micron, Microsoft and Broadcom did not immediately respond to requests for comment.

White House economic adviser Larry Kudlow will host a meeting with semiconductor and software executives on Monday to discuss the US ban on sales to China's Huawei Technologies Co Ltd, two sources briefed on the meeting said on Friday.

White House economic adviser Larry Kudlow will host a meeting with semiconductor and software executives on Monday to discuss the US ban on sales to China's Huawei Technologies Co Ltd, two sources briefed on the meeting said on Friday. Treasury Secretary Steven Mnuchin will also attend the White House event, to which chipmakers Intel Corp and Qualcomm Inc have been invited, the people said. A White House official confirmed the meeting would take place, noting that Google and Micron would attend, but said it had been called to discuss economic matters. The subject of Huawei was expected "to come up but that it is not the reason why they are convening the meeting," said the official, who spoke on condition of anonymity. The future of US companies' ties to Huawei, the world's no.1 maker of telecommunications equipment, remains uncertain after the Trump administration put the company on a blacklist in May, citing national security concerns. The move banned US companies from selling most US parts and components to it without special licenses, but President Donald Trump said last month American firms could resume sales, with an eye on reviving trade talks with Beijing. Several weeks after the announcement, details about what the new policy towards the company is are still not forthcoming. Commerce Department Secretary Wilbur Ross has said licenses would be issued where there is no threat to national security. Reuters reported that the United States may approve licenses for companies to restart new sales in a matter of weeks. One of the people briefed on Monday's meeting said Broadcom Inc was also invited to the White House event. Microsoft Corp was also expected to receive an invitation, the person said. Intel and Qualcomm declined to comment. Google, Micron, Microsoft and Broadcom did not immediately respond to requests for comment.

White House to host meeting with tech executives on Huawei ban: Sources

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks.

The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday.

In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war.

With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.

Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies.

"It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows."

"There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said.

Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market.

Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States.

Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth.

US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market.

The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight.

Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks.

Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July.

While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations.

The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year.

"We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said.

Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months.

POUND TO PARITY?

In currencies, the dollar edged lower against its rivals on the softer US&nbsp;Treasury yields, with investors focusing their attention on the Fed's meeting next week.

Against a basket of its rivals, the dollar edged 0.1% lower to 97.195.

Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit.

Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro.

Oil prices were mixed, with US&nbsp;crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand.

Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets. MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks. The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday. In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war. With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods. Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies. "It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows." "There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said. Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market. Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States. Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth. US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market. The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight. Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks. Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July. While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations. The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year. "We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said. Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months. POUND TO PARITY? In currencies, the dollar edged lower against its rivals on the softer US Treasury yields, with investors focusing their attention on the Fed's meeting next week. Against a basket of its rivals, the dollar edged 0.1% lower to 97.195. Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit. Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro. Oil prices were mixed, with US crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand. Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global Markets: Stocks slide as US-China trade war takes toll on earnings

Mobile network gear maker <a href="https://www.wionews.com/business-economy/swedish-gearmaker-ericsson-increases-5g-forecasts-226258">Ericsson</a> posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment.

Some analysts had expected the company to upgrade its 2020 targets after showing steady profitability improvements in 2018 and 2019 on rising 5G demands following a period of falling spending by operators.

The company, which counts <a href="https://www.wionews.com/india-news/indian-companies-supplying-technology-to-chinas-huawei-may-face-us-sanctions-ravi-shankar-prasad-232872">China's Huawei </a>and Finland's Nokia as its main rivals, has pledged to deliver an operating margin, excluding restructuring costs, of over 10 percent in 2020.

"We see strong momentum in our 5G business with both new contracts and new commercial launches as well as live networks," Chief Executive Borje Ekholm said in a statement. "To date, we have provided solutions for almost two-thirds of all commercially launched 5G networks."

Quarterly gross margin in Networks fell to 41.4 per cent &nbsp;from 43.2 per cent in the previous quarter, mainly due to litigation settlement costs, strategic contracts and lower intellectual property rights licensing revenues.

Ericsson said the strategic contracts would boost margins in the long run but would hurt profitability in the near term. Overall, gross margin was 36.6 per cent compared to 34.8 per cent a year ago.

"In the quarter we had a negative impact on gross margin and expect this impact to increase during the second half of the year," it said in the report.

Quarterly operating profit rose to 3.7 billion crowns from a 0.2 billion profit a year ago, in line with a mean forecast for a 3.7 billion profit in an analyst poll. Sales rose to 54.8 billion crowns from a-year-ago 49.8 billion, above forecasts of 53.2 billion.

Profit was negatively impacted by a litigation settlement cost to Intellectual Ventures of 400 million crowns.

Ericsson has staked its recovery on the growing demand for next-generation 5G gear, and some analysts think it could benefit from the current turmoil surrounding market leader Huawei.

($1 = 9.3873 Swedish crowns)

Mobile network gear maker Ericsson posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment.

Mobile network gear maker Ericsson posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment. Some analysts had expected the company to upgrade its 2020 targets after showing steady profitability improvements in 2018 and 2019 on rising 5G demands following a period of falling spending by operators. The company, which counts China's Huawei and Finland's Nokia as its main rivals, has pledged to deliver an operating margin, excluding restructuring costs, of over 10 percent in 2020. "We see strong momentum in our 5G business with both new contracts and new commercial launches as well as live networks," Chief Executive Borje Ekholm said in a statement. "To date, we have provided solutions for almost two-thirds of all commercially launched 5G networks." Quarterly gross margin in Networks fell to 41.4 per cent from 43.2 per cent in the previous quarter, mainly due to litigation settlement costs, strategic contracts and lower intellectual property rights licensing revenues. Ericsson said the strategic contracts would boost margins in the long run but would hurt profitability in the near term. Overall, gross margin was 36.6 per cent compared to 34.8 per cent a year ago. "In the quarter we had a negative impact on gross margin and expect this impact to increase during the second half of the year," it said in the report. Quarterly operating profit rose to 3.7 billion crowns from a 0.2 billion profit a year ago, in line with a mean forecast for a 3.7 billion profit in an analyst poll. Sales rose to 54.8 billion crowns from a-year-ago 49.8 billion, above forecasts of 53.2 billion. Profit was negatively impacted by a litigation settlement cost to Intellectual Ventures of 400 million crowns. Ericsson has staked its recovery on the growing demand for next-generation 5G gear, and some analysts think it could benefit from the current turmoil surrounding market leader Huawei. ($1 = 9.3873 Swedish crowns)

Ericsson says on track for 2020 targets as second-quarter profit matches forecasts

Members of the US&nbsp;Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-should-stop-incorrect-action-on-huawei-to-avoid-additional-harm-to-china-us-economic-and-trade-relations-china-219157&amp;sa=U&amp;ved=2ahUKEwia7ZKK2rvjAhUvH7cAHX_sBzEQFjAFegQIBhAC&amp;usg=AOvVaw04FHCJpiLwhfiKBr2OP77D">Huawei Technologies Co Ltd</a>, amid concern about President Donald Trump's easing of curbs on the Chinese firm.

The legislation would among other things bar the removal of the massive telecommunications equipment firm from a Commerce Department trade blacklist without House and Senate approval, and let Congress disallow waivers granted to US&nbsp;companies doing business with the company.

The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions. The Republicans and Democrats backing the measures said they viewed the company as a security threat.

"American companies shouldn't be in the business of selling our enemies the tools they'll use to spy on Americans," Republican Senator Tom Cotton, one of the sponsors, said in a statement.

The United States placed Huawei on the Commerce Department's so-called Entity List in May over national security concerns. The US&nbsp;parts and components generally cannot be sold to those on the list without special licenses.

However, Trump, who is seeking to revive trade talks with China, announced late last month that US&nbsp;companies would be allowed to sell products to Huawei.

The "Defending America's 5G Future Act" was introduced in the Senate by Republicans Cotton, Marco Rubio and Mitt Romney and Democrats Chris Van Hollen, Mark Warner, and Richard Blumenthal.

A companion bill was introduced in the House by Democratic Representatives Jimmy Panetta and Ruben Gallego and Republicans Mark Gallagher and Liz Cheney.

Washington also has launched a lobbying effort to persuade US&nbsp;allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations.

Chinese Foreign Ministry spokesman Geng Shuang told a news briefing in Beijing on Wednesday that the United States should immediately cease its "suppression" of Huawei.

Geng said that relevant U.S. legislators were "clinging to a Cold War mentality" in trying to contain China's development and that such actions "seriously damaged the United States' national image".

Members of the US Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump's easing of curbs on the Chinese firm.

Members of the US Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump's easing of curbs on the Chinese firm. The legislation would among other things bar the removal of the massive telecommunications equipment firm from a Commerce Department trade blacklist without House and Senate approval, and let Congress disallow waivers granted to US companies doing business with the company. The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions. The Republicans and Democrats backing the measures said they viewed the company as a security threat. "American companies shouldn't be in the business of selling our enemies the tools they'll use to spy on Americans," Republican Senator Tom Cotton, one of the sponsors, said in a statement. The United States placed Huawei on the Commerce Department's so-called Entity List in May over national security concerns. The US parts and components generally cannot be sold to those on the list without special licenses. However, Trump, who is seeking to revive trade talks with China, announced late last month that US companies would be allowed to sell products to Huawei. The "Defending America's 5G Future Act" was introduced in the Senate by Republicans Cotton, Marco Rubio and Mitt Romney and Democrats Chris Van Hollen, Mark Warner, and Richard Blumenthal. A companion bill was introduced in the House by Democratic Representatives Jimmy Panetta and Ruben Gallego and Republicans Mark Gallagher and Liz Cheney. Washington also has launched a lobbying effort to persuade US allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations. Chinese Foreign Ministry spokesman Geng Shuang told a news briefing in Beijing on Wednesday that the United States should immediately cease its "suppression" of Huawei. Geng said that relevant U.S. legislators were "clinging to a Cold War mentality" in trying to contain China's development and that such actions "seriously damaged the United States' national image".

Bills targeting China's Huawei introduced in US Congress

China detained another Canadian citizen amid sour relations between the two countries, Canada's foreign ministry said on Saturday, though the reason for the jailing remains unclear.

"Global Affairs Canada is aware of the detention of a Canadian citizen in Yantai, China," a spokesman told AFP.

He added that "Canadian officials are providing consular assistance" but no further details could be disclosed due to privacy laws.

The detention follows Beijing's jailing of two Canadians earlier this year after Meng Wanzhou, chief financial officer for Chinese tech giant Huawei, was taken into custody in Vancouver on a warrant from the United States.

However, a source familiar with the latest detention said there is no indication it's related to the cases of Canadians Michael Kovrig, an ex-diplomat, and Michael Spavor, a consultant.

The pair is facing espionage charges that Ottawa has called "arbitrary" and which have sparked questions over whether the allegations are retaliation for Canada's Huawei arrest.

China has also sentenced two other Canadians to death for drug trafficking and blocked imports of Canadian agricultural products.

It remains unclear if this latest detention was related to last week's arrest of 19 people in a drug case centring on the local branch of a language school in Xuzhou, a city southwest of Yantai.

Among those arrested were seven teachers and nine foreign students, whose nationalities have not been specified.

The British embassy in Beijing on Friday said four of its nationals had been arrested in Jiangsu province where Xuzhou is located, without specifying if the arrests were related to the drug case.

Swiss-based Education First, which operates a chain of language schools in China, released a statement this week acknowledging the involvement of seven of its teachers in the drug allegations at one of its branches in Xuzhou.

China detained another Canadian citizen amid sour relations between the two countries, Canada's foreign ministry said on Saturday, though the reason for the jailing remains unclear.

China detained another Canadian citizen amid sour relations between the two countries, Canada's foreign ministry said on Saturday, though the reason for the jailing remains unclear. "Global Affairs Canada is aware of the detention of a Canadian citizen in Yantai, China," a spokesman told AFP. He added that "Canadian officials are providing consular assistance" but no further details could be disclosed due to privacy laws. The detention follows Beijing's jailing of two Canadians earlier this year after Meng Wanzhou, chief financial officer for Chinese tech giant Huawei, was taken into custody in Vancouver on a warrant from the United States. However, a source familiar with the latest detention said there is no indication it's related to the cases of Canadians Michael Kovrig, an ex-diplomat, and Michael Spavor, a consultant. The pair is facing espionage charges that Ottawa has called "arbitrary" and which have sparked questions over whether the allegations are retaliation for Canada's Huawei arrest. China has also sentenced two other Canadians to death for drug trafficking and blocked imports of Canadian agricultural products. It remains unclear if this latest detention was related to last week's arrest of 19 people in a drug case centring on the local branch of a language school in Xuzhou, a city southwest of Yantai. Among those arrested were seven teachers and nine foreign students, whose nationalities have not been specified. The British embassy in Beijing on Friday said four of its nationals had been arrested in Jiangsu province where Xuzhou is located, without specifying if the arrests were related to the drug case. Swiss-based Education First, which operates a chain of language schools in China, released a statement this week acknowledging the involvement of seven of its teachers in the drug allegations at one of its branches in Xuzhou.

Canada says another citizen detained in China amid Huawei CFO row

Huawei Technologies Co Ltd is planning extensive layoffs in the United States as the Chinese telecoms equipment company grapples with its US blacklisting, the Wall Street Journal reported, citing people familiar with the matter.

The layoffs are expected to affect jobs at <a href="https://www.wionews.com/world/canada-says-another-citizen-detained-in-china-amid-huawei-cfo-row-235648">Huawei</a>'s US-based research and development subsidiary Futurewei Technologies, which employs about 850 people in research labs across the United States, the Journal said.

The layoffs could be in the hundreds, one person told the Journal. Huawei's Chinese employees in the <a href="https://www.wionews.com/world/us-to-provide-licenses-for-sales-to-huawei-if-national-security-protected-234433">United States</a> were being given an option to return home and stay with the company, another person added.

Some employees have already been notified of their dismissal, while more planned job cuts could be announced soon, the newspaper said.

Huawei declined to comment when contacted by Reuters.

After the Commerce Department decided to put Huawei on its so-called entity list, Futurewei employees have faced restrictions to communicate with their colleagues in Huawei's home offices located in China, the people told the Journal.

Last week, Commerce Secretary Wilbur Ross said the US government would issue licenses to companies seeking to sell goods to Huawei where there was no threat to national security.

Huawei Technologies Co Ltd is planning extensive layoffs in the United States as the Chinese telecoms equipment company grapples with its US blacklisting, the Wall Street Journal reported, citing people familiar with the matter.

Huawei Technologies Co Ltd is planning extensive layoffs in the United States as the Chinese telecoms equipment company grapples with its US blacklisting, the Wall Street Journal reported, citing people familiar with the matter. The layoffs are expected to affect jobs at Huawei's US-based research and development subsidiary Futurewei Technologies, which employs about 850 people in research labs across the United States, the Journal said. The layoffs could be in the hundreds, one person told the Journal. Huawei's Chinese employees in the United States were being given an option to return home and stay with the company, another person added. Some employees have already been notified of their dismissal, while more planned job cuts could be announced soon, the newspaper said. Huawei declined to comment when contacted by Reuters. After the Commerce Department decided to put Huawei on its so-called entity list, Futurewei employees have faced restrictions to communicate with their colleagues in Huawei's home offices located in China, the people told the Journal. Last week, Commerce Secretary Wilbur Ross said the US government would issue licenses to companies seeking to sell goods to Huawei where there was no threat to national security.

Huawei plans extensive layoffs at its US operations: Report

Monaco on Tuesday became the first country in Europe to inaugurate a next-generation <a href="https://www.wionews.com/world/with-us-driving-west-to-shun-it-huawei-seeks-to-strengthen-grip-on-africa-225593">5G mobile phone network</a> based on technology from <a href="https://www.wionews.com/world/huawei-lawyer-tells-us-jury-spelling-errors-video-shows-rival-stole-trade-secrets-224361">Chinese firm Huawei</a>, which is seen by the US as a major security risk.&nbsp;

As mobile operators shift away from slower 3G and 4G networks, Europe has been torn over its approach to the Chinese giant, which is a pioneer in 5G technology.

Offering super-fast wireless access, 5G mobile networks offer much greater data transfer speeds.

In September, Monaco Telecom, which is owned by French billionaire Xavier Niel, signed an agreement with Huawei to make the tiny principality the first country in Europe fully covered by 5G.

"We are the first state to be entirely covered by a 5G network," said Monaco Telecom president Etienne Franzi at the inauguration ceremony.

"In Monaco, the 5G is the promise of a better quality of life for all and exceptional opportunities," added the principality's head of digital transition Frederic Genta.

For <a href="https://www.wionews.com/world/amid-us-china-row-huawei-signs-deal-with-russian-telecom-company-mts-to-develop-5g-network-224867">Huawei vice president Guo Ping</a>, the rollout in Monaco is a major opportunity despite the small size of territory covered.

"It allows us to make a shop window in a number of areas, notably linking 5G development to this intelligent state.

"It can serve as a model for other operators and states," he added.&nbsp;

Controversial partner&nbsp;

Speaking to AFP in May, Monaco Telecom's director general Martin Peronnet defended the decision to work with the Chinese supplier.&nbsp;

"There are many countries and operators that are in the process of finalising a 5G rollout with Huawei or who have already done so," he said.

Ahead of the deployment, the operator worked to update its network equipment and deploy 5G-compatible antennae, stressing that it had put in place the necessary security measures to protect its systems.&nbsp;

Huawei's involvement in the roll-out of 5G networks has become an increasingly political issue after Washington raised concerns over potential security risks and pushed its closest allies to reject the Chinese firm.&nbsp;

US intelligence agencies believe Huawei is backed by the Chinese military and that its equipment could provide Beijing's intelligence services with a backdoor into the communications networks of rival countries.

Huawei has denied the claims, and so far, Washington has offered no evidence for its concerns.&nbsp;

The company says it has signed 50 contracts worldwide, including 28 with European operators, for 5G.

South Korea has already announced complete nationwide 5G coverage while in Europe smaller nations like Switzerland, Finland and Estonia have only just started deploying the technology.

Germany is only now handing out frequencies to operators and France should follow in the final quarter of the year.

In May, Washington moved to block Huawei from the US market and banned the export of US technology and materials to the firm in the latest salvo in a monumental economic showdown between the two superpowers.

Last month, an internal report by the GSM Association, which represents mobile network operators around the world, found that banning Huawei and fellow Chinese equipment maker ZTE from Europe's 5G roll-out would cost European operators up to 55 billion euros ($62 billion).

It would also slow down the roll-out of 5G networks in Europe and lead to reduced take-up, which would further increase the productivity gap between the EU and the US, the report said.&nbsp;

 
&nbsp;

Monaco on Tuesday became the first country in Europe to inaugurate a next-generation 5G mobile phone network based on technology from Chinese firm Huawei, which is seen by the US as a major security risk.

Monaco on Tuesday became the first country in Europe to inaugurate a next-generation 5G mobile phone network based on technology from Chinese firm Huawei, which is seen by the US as a major security risk. As mobile operators shift away from slower 3G and 4G networks, Europe has been torn over its approach to the Chinese giant, which is a pioneer in 5G technology. Offering super-fast wireless access, 5G mobile networks offer much greater data transfer speeds. In September, Monaco Telecom, which is owned by French billionaire Xavier Niel, signed an agreement with Huawei to make the tiny principality the first country in Europe fully covered by 5G. "We are the first state to be entirely covered by a 5G network," said Monaco Telecom president Etienne Franzi at the inauguration ceremony. "In Monaco, the 5G is the promise of a better quality of life for all and exceptional opportunities," added the principality's head of digital transition Frederic Genta. For Huawei vice president Guo Ping, the rollout in Monaco is a major opportunity despite the small size of territory covered. "It allows us to make a shop window in a number of areas, notably linking 5G development to this intelligent state. "It can serve as a model for other operators and states," he added. Controversial partner Speaking to AFP in May, Monaco Telecom's director general Martin Peronnet defended the decision to work with the Chinese supplier. "There are many countries and operators that are in the process of finalising a 5G rollout with Huawei or who have already done so," he said. Ahead of the deployment, the operator worked to update its network equipment and deploy 5G-compatible antennae, stressing that it had put in place the necessary security measures to protect its systems. Huawei's involvement in the roll-out of 5G networks has become an increasingly political issue after Washington raised concerns over potential security risks and pushed its closest allies to reject the Chinese firm. US intelligence agencies believe Huawei is backed by the Chinese military and that its equipment could provide Beijing's intelligence services with a backdoor into the communications networks of rival countries. Huawei has denied the claims, and so far, Washington has offered no evidence for its concerns. The company says it has signed 50 contracts worldwide, including 28 with European operators, for 5G. South Korea has already announced complete nationwide 5G coverage while in Europe smaller nations like Switzerland, Finland and Estonia have only just started deploying the technology. Germany is only now handing out frequencies to operators and France should follow in the final quarter of the year. In May, Washington moved to block Huawei from the US market and banned the export of US technology and materials to the firm in the latest salvo in a monumental economic showdown between the two superpowers. Last month, an internal report by the GSM Association, which represents mobile network operators around the world, found that banning Huawei and fellow Chinese equipment maker ZTE from Europe's 5G roll-out would cost European operators up to 55 billion euros ($62 billion). It would also slow down the roll-out of 5G networks in Europe and lead to reduced take-up, which would further increase the productivity gap between the EU and the US, the report said.

Monaco rolls out Huawei-built 5G network in European first

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant <a href="https://www.wionews.com/india-news/indian-companies-supplying-technology-to-chinas-huawei-may-face-us-sanctions-ravi-shankar-prasad-232872">Huawei Technologies Co Ltd</a> where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday.

Seeking to<a href="https://www.wionews.com/world/the-united-states-china-to-relaunch-talks-with-little-changed-since-deal-fell-apart-234315"> revive trade talks with China</a>, US President Donald Trump announced late last month that American firms would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns. US companies generally cannot sell goods to those on the list without special licenses.

While American chipmakers welcomed <a href="https://www.wionews.com/world/g20-summit-donald-trump-confirms-wont-impose-new-tariffs-on-china-231445">Trump's announcement</a>, many industries and government officials were confused about what the new policy would be.

Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, meaning that licenses would likely be denied, but also offered an opening for some to be approved.

"To implement the president's G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to US national security," Ross said, referring to a meeting of world leaders in Japan.

"Within those confines, we will try to make sure that we don't just transfer revenue from the US to foreign firms," he said.

After Huawei was added to the Entity List, the semiconductor industry lobbied the US government for carveouts to sell non-sensitive items that Huawei could easily buy abroad, arguing that a blanket ban would harm American companies.

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant Huawei Technologies Co Ltd where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday.

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant Huawei Technologies Co Ltd where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday. Seeking to revive trade talks with China, US President Donald Trump announced late last month that American firms would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns. US companies generally cannot sell goods to those on the list without special licenses. While American chipmakers welcomed Trump's announcement, many industries and government officials were confused about what the new policy would be. Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, meaning that licenses would likely be denied, but also offered an opening for some to be approved. "To implement the president's G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to US national security," Ross said, referring to a meeting of world leaders in Japan. "Within those confines, we will try to make sure that we don't just transfer revenue from the US to foreign firms," he said. After Huawei was added to the Entity List, the semiconductor industry lobbied the US government for carveouts to sell non-sensitive items that Huawei could easily buy abroad, arguing that a blanket ban would harm American companies.

US to provide licenses for sales to Huawei if national security protected

China and the rest of the world must co-exist, <a href="https://www.wionews.com/south-asia/china-will-always-stand-by-pakistans-core-interests-chinese-vice-president-221991">Chinese Vice President Wang Qishan</a> said on Monday, in an indirect jab at the <a href="https://www.wionews.com/world/united-states-congress-expands-probe-of-white-house-personal-email-use-232215">United States</a> with which Beijing is currently trying to resolve a bitter trade war.

"China's development can't shut out the rest of the world. The world's development can't shut out China," Wang said in an opening address to the World Peace Forum at Beijing's elite Tsinghua University.

Wang also warned against "protectionism in the name of national security", without mentioning the United States, and called major powers to make more contributions to global peace and stability.

The Trump administration has accused China of engaging in unfair trade practices that discriminate against US firms, forced technology transfers, and intellectual property rights theft, all charges Beijing has denied.

Both sides have levelled increasingly severe tariffs on each other's imports.

China has also been angered by the US sanctions against Chinese tech giant Huawei Technologies Co Ltd over national security concerns.

Wang, who is extremely close to Chinese President Xi Jinping and who only rarely speaks in public, reiterated China's commitment to opening up.

The world needs China just as much as China needs the world, said Wang, who became vice president last year having previously lead Xi's fight against deep-rooted corruption.

"Large countries must assume their responsibilities and set an example, make more contributions to global peace and stability, and broaden the path of joint development," he said.

"Development is the key to resolving all issues," Wang told an audience that included senior Beijing-based Western diplomats and former European Council President Herman Van Rompuy.

Top representatives of the United States and China are organizing a resumption of talks for this week to try to resolve the year-long trade war between the world's two largest economies.

The two sides have been in communication by telephone since last month's G20 summit when US President Donald Trump and Xi agreed to relaunch talks that had stalled in May.

Talks between the two sides broke down in May after US officials accused China of pulling back from commitments it had made previously in the text of an agreement that negotiators said was nearly finished.

The two countries have been at loggerheads over a series of other issues, from human rights to the disputed South China Sea and US support of self-ruled Taiwan, claimed by China as its own.

Wang said that no matter how the international situation develops or how China develops, it will walk the path of peace, and not seek spheres of influence or expansion.

"If there is no peaceful, stable international environment, there will be no development to talk of."

China and the rest of the world must co-exist, Chinese Vice President Wang Qishan said on Monday, in an indirect jab at the United States with which Beijing is currently trying to resolve a bitter trade war.

China and the rest of the world must co-exist, Chinese Vice President Wang Qishan said on Monday, in an indirect jab at the United States with which Beijing is currently trying to resolve a bitter trade war. "China's development can't shut out the rest of the world. The world's development can't shut out China," Wang said in an opening address to the World Peace Forum at Beijing's elite Tsinghua University. Wang also warned against "protectionism in the name of national security", without mentioning the United States, and called major powers to make more contributions to global peace and stability. The Trump administration has accused China of engaging in unfair trade practices that discriminate against US firms, forced technology transfers, and intellectual property rights theft, all charges Beijing has denied. Both sides have levelled increasingly severe tariffs on each other's imports. China has also been angered by the US sanctions against Chinese tech giant Huawei Technologies Co Ltd over national security concerns. Wang, who is extremely close to Chinese President Xi Jinping and who only rarely speaks in public, reiterated China's commitment to opening up. The world needs China just as much as China needs the world, said Wang, who became vice president last year having previously lead Xi's fight against deep-rooted corruption. "Large countries must assume their responsibilities and set an example, make more contributions to global peace and stability, and broaden the path of joint development," he said. "Development is the key to resolving all issues," Wang told an audience that included senior Beijing-based Western diplomats and former European Council President Herman Van Rompuy. Top representatives of the United States and China are organizing a resumption of talks for this week to try to resolve the year-long trade war between the world's two largest economies. The two sides have been in communication by telephone since last month's G20 summit when US President Donald Trump and Xi agreed to relaunch talks that had stalled in May. Talks between the two sides broke down in May after US officials accused China of pulling back from commitments it had made previously in the text of an agreement that negotiators said was nearly finished. The two countries have been at loggerheads over a series of other issues, from human rights to the disputed South China Sea and US support of self-ruled Taiwan, claimed by China as its own. Wang said that no matter how the international situation develops or how China develops, it will walk the path of peace, and not seek spheres of influence or expansion. "If there is no peaceful, stable international environment, there will be no development to talk of."

In jab at US, China's vice president Wang Qishan says world cannot shut China out

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies.

It is the latest flashpoint in a relationship long over-shadowed by South Korean resentment of Japan's 1910-1945 occupation of the Korean peninsula, in particular South Korean "comfort women", a Japanese euphemism for women forced to work in Japanese military brothels before and during World War Two.

Japan apologised to the women as part of a 2015 deal and provided a $9.4 million fund to help them.

Advocacy groups for the women have criticised the fund and South Korea dissolved it on Friday, despite Japan's warnings that such action could damage ties.

"This is totally unacceptable for Japan. We've made stern representations to the South Korean side," Deputy Chief Cabinet Secretary Yasutoshi Nishimura said in Tokyo.

The bitterness over the forced labour issue could disrupt global supplies of memory chips and smartphones.

Japan said on Monday it would tighten restrictions on the export of high-tech materials used in smartphone displays and chips to South Korea. The curbs took effect on Thursday, fuelling South Korean calls for retaliation.

Samsung Electronics Co and SK Hynix Inc - the world's top memory chipmakers, and suppliers to Apple and China's Huawei Technologies - could face delays if the curbs drag on.

"A boycott is the most immediate way for citizens to express their anger," said Choi Gae-Yeon of the activist group Movement for One Korea, that staged protests in front of a Japanese car showroom and a retailer in Seoul this week.

"Many people are angry at the attitude of the Japanese government," she said.

Boycott

The row over forced labour exploded last year when a South Korean court ordered Japan's Nippon Steel &amp; Sumitomo Metal Corp and Mitsubishi Heavy Industries Ltd to pay hundreds of thousands of dollars to South Korean plaintiffs.

Japan maintains that the issue was fully settled in 1965 when the two countries restored diplomatic ties, and has denounced the ruling as "unthinkable".

Nearly 27,000 people had by Friday signed a petition posted on the South Korean presidential office website calling for a boycott of Japanese products and for tourists not to visit.

The government must respond to a petition that gets 200,000 signatures in a month.

Some Korean social media users posted "Boycott Japan" messages and shared a link to a list of Japanese brands that could be targeted, including Toyota Motor and Fast Retailing's Uniqlo.

Toyota's South Korean unit declined comment, and Fast Retailing's South Korean unit did not have an immediate comment.

"Japan boycott movement" was among the most searched-for terms on South Korea's main online search engine Naver.

A South Korean actor on Thursday deleted photographs he posted on social media of a visit he made to Japan after online criticism.

Tourism-related shares fell this week due to concern about reduced demand for travel to Japan. Tour agency Hana Tour fell 3.4 per cent on Thursday before paring losses on Friday.

South Korea imported $54.6 billion worth of goods from Japan in 2018, and paid for $11.5 billion worth of its services.

South Korea exported $30.5 billion in goods and $8.7 billion in services to Japan in the same year, according to South Korean customs and central bank data.

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies.

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies. It is the latest flashpoint in a relationship long over-shadowed by South Korean resentment of Japan's 1910-1945 occupation of the Korean peninsula, in particular South Korean "comfort women", a Japanese euphemism for women forced to work in Japanese military brothels before and during World War Two. Japan apologised to the women as part of a 2015 deal and provided a $9.4 million fund to help them. Advocacy groups for the women have criticised the fund and South Korea dissolved it on Friday, despite Japan's warnings that such action could damage ties. "This is totally unacceptable for Japan. We've made stern representations to the South Korean side," Deputy Chief Cabinet Secretary Yasutoshi Nishimura said in Tokyo. The bitterness over the forced labour issue could disrupt global supplies of memory chips and smartphones. Japan said on Monday it would tighten restrictions on the export of high-tech materials used in smartphone displays and chips to South Korea. The curbs took effect on Thursday, fuelling South Korean calls for retaliation. Samsung Electronics Co and SK Hynix Inc - the world's top memory chipmakers, and suppliers to Apple and China's Huawei Technologies - could face delays if the curbs drag on. "A boycott is the most immediate way for citizens to express their anger," said Choi Gae-Yeon of the activist group Movement for One Korea, that staged protests in front of a Japanese car showroom and a retailer in Seoul this week. "Many people are angry at the attitude of the Japanese government," she said. Boycott The row over forced labour exploded last year when a South Korean court ordered Japan's Nippon Steel & Sumitomo Metal Corp and Mitsubishi Heavy Industries Ltd to pay hundreds of thousands of dollars to South Korean plaintiffs. Japan maintains that the issue was fully settled in 1965 when the two countries restored diplomatic ties, and has denounced the ruling as "unthinkable". Nearly 27,000 people had by Friday signed a petition posted on the South Korean presidential office website calling for a boycott of Japanese products and for tourists not to visit. The government must respond to a petition that gets 200,000 signatures in a month. Some Korean social media users posted "Boycott Japan" messages and shared a link to a list of Japanese brands that could be targeted, including Toyota Motor and Fast Retailing's Uniqlo. Toyota's South Korean unit declined comment, and Fast Retailing's South Korean unit did not have an immediate comment. "Japan boycott movement" was among the most searched-for terms on South Korea's main online search engine Naver. A South Korean actor on Thursday deleted photographs he posted on social media of a visit he made to Japan after online criticism. Tourism-related shares fell this week due to concern about reduced demand for travel to Japan. Tour agency Hana Tour fell 3.4 per cent on Thursday before paring losses on Friday. South Korea imported $54.6 billion worth of goods from Japan in 2018, and paid for $11.5 billion worth of its services. South Korea exported $30.5 billion in goods and $8.7 billion in services to Japan in the same year, according to South Korean customs and central bank data.

Calls for boycott of Japan grow in South Korea as diplomatic row simmers

Indian companies supplying US-origin technology to Chinese multinational technology company Huawei may face penal action under American regulations, Union minister Ravi Shankar Prasad said in Parliament on Wednesday.&nbsp;

“Any Indian company which will act as a supplier of US-origin equipment, software, technology to Huawei and its affiliates in entity list could be subject to penal action/sanction under US regulations,” Telecom Minister Prasad said in a written reply to the Lok Sabha.&nbsp;

“Huawei’s inclusion in the entity list implies that US companies require a prior export licence for sale of any equipment/software/technology to Huawei,” Prasad said.

“So far six proposals have been received which include proposals from China’s ZTE and Huawei. Any field trial in respect of 5G is to be carried out only through licensed Telecom Service Providers in a restrictive, limited geographical area and for the specific use case,” Prasad said.

However, he said, no call on whether to bar the Chinese telecom equipment manufacturer had yet been taken by the government.

Indian companies supplying US-origin technology to Chinese multinational technology company Huawei may face penal action under American regulations, Union minister Ravi Shankar Prasad said in Parliament on Wednesday.

Indian companies supplying US-origin technology to Chinese multinational technology company Huawei may face penal action under American regulations, Union minister Ravi Shankar Prasad said in Parliament on Wednesday. “Any Indian company which will act as a supplier of US-origin equipment, software, technology to Huawei and its affiliates in entity list could be subject to penal action/sanction under US regulations,” Telecom Minister Prasad said in a written reply to the Lok Sabha. “Huawei’s inclusion in the entity list implies that US companies require a prior export licence for sale of any equipment/software/technology to Huawei,” Prasad said. “So far six proposals have been received which include proposals from China’s ZTE and Huawei. Any field trial in respect of 5G is to be carried out only through licensed Telecom Service Providers in a restrictive, limited geographical area and for the specific use case,” Prasad said. However, he said, no call on whether to bar the Chinese telecom equipment manufacturer had yet been taken by the government.

Indian companies supplying technology to China's Huawei may face US sanctions: Ravi Shankar Prasad

The US&nbsp;government said on Wednesday it was reviewing license requests from US&nbsp;companies seeking to export products to <a href="https://www.wionews.com/india-news/indian-companies-supplying-technology-to-chinas-huawei-may-face-us-sanctions-ravi-shankar-prasad-232872">China's Huawei Technologies Co Ltd</a> "under the highest national security scrutiny" since the company is still blacklisted.

In an email, the <a href="https://www.wionews.com/world/huawei-files-lawsuit-against-us-commerce-dept-over-seized-equipment-filing-229447">Commerce Department said</a> that as it reviewed applications, it was applying the "presumption of denial" standard associated with Entity Listed companies, meaning applications are unlikely to be approved.

President Donald Trump surprised markets on Saturday with an announcement that US&nbsp;companies would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns.

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/huawei-loses-trade-secrets-case-against-us-chip-designer-cnex-230749/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

US&nbsp;chipmakers, which had been seeking a carve-out for exports of less sensitive technology to the world's top telecoms technology maker, welcomed the news.

But four days after Trump's announcement on the sidelines of the G20 in Japan, industry and government officials were uncertain what the new policy will be.

"It seems like nobody has made up their mind as to what the policy is and, as a result, nothing's changing," said Douglas Jacobson, an international trade lawyer.

"There's even less change than we anticipated if we're still applying the presumption of denial," Jacobson added, noting that he's advising clients not to even apply for a license because it's not worth their time and money under that review policy.

In an email to enforcement staff on Monday, John Sonderman, deputy director of the Office of Export Enforcement in the Commerce Department's Bureau of Industry and Security, sought to clarify how agents should approach license requests by firms seeking approval to sell to Huawei.

All such applications should be considered on merit, he wrote, citing regulations that include the "presumption of denial" licensing policy.

The Commerce Department spokesman said on Wednesday that the department intends to notify companies of decisions on export license applications once the review is complete.

White House trade adviser Peter Navarro said earlier this week that the government would allow "lower tech" chip sales that do not impact national security, echoing similar comments from National Economic Council Chairman Larry Kudlow.

The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions.

It has launched a lobbying effort to convince US&nbsp;allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations.

The US government said on Wednesday it was reviewing license requests from US companies seeking to export products to China's Huawei Technologies Co Ltd "under the highest national security scrutiny" since the company is still blacklisted.

The US government said on Wednesday it was reviewing license requests from US companies seeking to export products to China's Huawei Technologies Co Ltd "under the highest national security scrutiny" since the company is still blacklisted. In an email, the Commerce Department said that as it reviewed applications, it was applying the "presumption of denial" standard associated with Entity Listed companies, meaning applications are unlikely to be approved. President Donald Trump surprised markets on Saturday with an announcement that US companies would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns. US chipmakers, which had been seeking a carve-out for exports of less sensitive technology to the world's top telecoms technology maker, welcomed the news. But four days after Trump's announcement on the sidelines of the G20 in Japan, industry and government officials were uncertain what the new policy will be. "It seems like nobody has made up their mind as to what the policy is and, as a result, nothing's changing," said Douglas Jacobson, an international trade lawyer. "There's even less change than we anticipated if we're still applying the presumption of denial," Jacobson added, noting that he's advising clients not to even apply for a license because it's not worth their time and money under that review policy. In an email to enforcement staff on Monday, John Sonderman, deputy director of the Office of Export Enforcement in the Commerce Department's Bureau of Industry and Security, sought to clarify how agents should approach license requests by firms seeking approval to sell to Huawei. All such applications should be considered on merit, he wrote, citing regulations that include the "presumption of denial" licensing policy. The Commerce Department spokesman said on Wednesday that the department intends to notify companies of decisions on export license applications once the review is complete. White House trade adviser Peter Navarro said earlier this week that the government would allow "lower tech" chip sales that do not impact national security, echoing similar comments from National Economic Council Chairman Larry Kudlow. The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions. It has launched a lobbying effort to convince US allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations.

Reviewing Huawei under highest national security scrutiny: US

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