US stocks fall as trade war shows little sign of abating May 22, 2019 US stock markets have fallen shortly after opening as global companies are sucked in to the Trump administration’s trade assault on China. Read more: US-China trade tensions a major threat to global growth, says OECD The tech-heavy Nasdaq composite had fallen 0.5 per cent shortly after 4pm UK time, with Chinese internet technology company Baidu among [...]
Chip designer Arm suspends business with Huawei after US trade ban May 22, 2019 British chip designer Arm will suspend business with Huawei to comply with new US trade restrictions, the BBC reported, citing internal company documents. In a memo sent to staff, Arm reportedly told employees to halt “all active contracts, support entitlements, and any pending engagements” with the troubled Chinese tech firm and its subsidiaries. Read more: EE [...]
Nokia could benefit from Huawei saga, says chief executive May 21, 2019 Nokia could benefit from the US crackdown on Huawei as global telecoms firms race to roll out 5G, the company’s chief executive has said. “Perhaps there is long term opportunity but more than that, it’s hard to say at this point,” Rajeev Suri told investors, according to Reuters. Read more: Huawei accuses US of bullying [...]
Huawei accuses US of bullying as it fights back against Google ban May 21, 2019 Embattled Chinese tech firm Huawei has accused the US of “bullying” and said it is working with Google to fight back against potentially crippling trade restrictions. US President Donald Trump last week signed an executive order adding Huawei to a trade blacklist and effectively banning American firms from doing business with the company. Read more: [...]
US-China trade tensions a major threat to global growth, says OECD May 21, 2019 Global economic growth is under threat from the escalating US-China trade conflict, the Organisation for Economic Co-operation and Development (OECD) has warned. Read more: Global markets in tailspin after Trump threatens huge China tariff rise The OECD’s closely-watched Economic Outlook said if current tariffs between the two countries are maintained, they will shave between 0.2 [...]
Are emerging markets ready to fight back? May 21, 2019 You know there’s an underlying problem when investment firms start to cut exposure to a particular asset class. Goldman Sachs’ decision last week to slash exposure to emerging markets is an indication of the current situation for these economies. The bank’s asset management arm said that it had scaled back its “overweight” exposure to emerging [...]
Stocks tumble as Google’s Huawei block stokes trade tensions May 20, 2019 Global stocks slumped today after Google blocked parts of its business with Huawei, sparking fears of an escalation in the trade war between the US and China. Google today confirmed it had suspended Huawei’s access to its Android operating system after US President Donald Trump blacklisted the Chinese company over fears it could be a [...]
Xiaomi posts sharp rise in revenue as it defies smartphone slowdown May 20, 2019 Chinese tech giant Xiaomi has bucked the downward trend in the smartphone market, posting a sharp rise in revenue for the first quarter. Read more: China's Xiaomi reveals 5G smartphone with sliding camera Revenue rose 27 per cent to ¥43.8bn (£5bn) in the three months to the end of March, while profit before tax rose [...]
‘I don’t need banks’: Trump hits back at reports of Deutsche Bank’s red flags May 20, 2019 US President Donald Trump has hit back at reports Deutsche Bank employees flagged suspicious transactions by the president and his son-in-law Jared Kushner. The New York Times reported that anti-money laundering specialists at the bank recommended transactions by legal entities controlled by the pair be reported to a federal crimes watchdog. Read more: Deutsche Bank [...]
Oil prices tick up as Opec signals it will keep production down in second half of the year May 20, 2019 Oil prices rose this morning as traders returned to work after Saudi Arabia said Opec still plans to decrease its inventories of crude oil. Saudi energy minister Khalid al-Falih said the oil-producing cartel had discussed rolling over production cuts into the second half of the year. Read more: Exxon decision to evacuate staff from Iraq [...]