International News

ZTE faces $3bn in losses from US technology ban

Bloomberg ZTE Corp. is estimating losses of at least $3.1 billion from a US technology ban that’s halted major operations as clients pull out of deals and expenses mount, people familiar with the matter said. The telecoms gear and smartphone maker however is hopeful of striking a deal soon and already has a plan in place — dubbed “T0” — ...

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Jaguar to spend $5.3bn on new models, tech

Bloomberg Jaguar Land Rover will spend about 4.5 billion pounds ($5.3 billion) in the current financial year on new models and technologies as the luxury carmaker looks to spur sales that grew at a slower pace. “We will continue with over-proportional investment in new vehicles, manufacturing facilities and next generation automotive technologies in line with our autonomous, connected, electric and ...

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Now, Tesla’s Model X 6% cheaper in China

Bloomberg A day after China delivered on its promise to cut auto import tariffs, Tesla Inc. lowered prices in the country by about 6 percent, passing on some of the savings to consumers as competition heats up in the world’s largest electric-car market. The price of a Model S has been reduced to as low as $111,000 and the Model ...

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Hon Hai’s FII to raise $4.3bn in Chinese IPO

Bloomberg Foxconn Industrial Internet Co. plans to raise $4.3 billion selling stock in an initial public offering, kicking off the largest mainland Chinese debut since the 2015 stock market crash. Shares will be offered at 13.77 yuan apiece, valuing the company at about $43 billion — larger than eBay Inc. The smart factory unit of Hon Hai Precision Industry Co., ...

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Xiaomi opens Paris store, mulls US launch

Bloomberg Chinese smartphone maker Xiaomi Corp. is opening a store in Paris and planning for more shops in France, Spain and Italy, testing the appetite of consumers in developed markets as its executives consider a US xpansion. “Every morning I think about the US market and when we’ll launch there,” Xiaomi Senior Vice President Wang Xiang, who heads global operations, ...

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Sony new CEO Yoshida has always wanted to work on moving things

Bloomberg Sony Corp.’s new chief executive officer is interested in taking the Japanese electronics maker in an entirely new direction: moving objects. Kenichiro Yoshida, who took over in April, said that he’s always wanted to work on “moving objects,” adding that it’s far too early to say whether Sony will enter the space. “Through our semiconductors, we’re actually already a ...

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HP Enterprise lifts outlook, buoyed by software push

Bloomberg Hewlett Packard Enterprise Co. gave a forecast for the current quarter that topped some Wall Street estimates, signalling that it’s benefiting from recent cost cuts and a push into software and computer services aimed at lessening its dependence on hardware. Profit excluding certain costs will be 35 cents to 39 cents a share in the fiscal third quarter, the ...

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Euro-area economic rebound to be delayed

Bloomberg The euro-area economic rebound expected this quarter remains out of reach for now. After bad weather, strikes and a flu epidemic weighed on growth at the start of the year, manufacturing and services suffered another setback in May, when an unusual number of public holidays damped orders. In a sign that investors are getting impatient with the 19-nation economy, ...

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Zuckerberg irks EU lawmakers for dodging facebook questions

Bloomberg Facebook Inc. founder Mark Zuckerberg left European Union lawmakers fuming over unanswered questions at the end of a hearing that began with a mea culpa for the company’s recent privacy woes. At a meeting at the EU Parliament, Zuckerberg repeated what he’s been telling every audience recently: that his company didn’t take a broad enough view of its responsibility ...

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Thyssenkrupp’s CEO under fire after stake sale

Bloomberg Thyssenkrupp AG’s chief Heinrich Hiesinger is facing the fight of his career as a pair of activist investors take aim at the German industrial giant. Elliott Management Corp. is building a stake in the company and wants to oust the 57-year-old chief executive for failing to guide the company through a turnaround, according to people familiar with the matter. ...

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