ZTE Corp. is estimating losses of at least 20 billion yuan ($ 3.1 billion) from a U.S. technology ban thatâ€™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 â€œT0â€ — to swing idled factories into action within hours once Washington agrees to lift its seven-year moratorium on purchases of American chips and components, said the people, who asked not to be identified talking about private negotiations. The company declined to comment.
Shenzhen, China-based ZTE depends on U.S. components, such as chips fromQualcomm Inc., to build its smartphones and networking gear. The ban, for breaching terms of a settlement over sanction-breaking sales to Iran, has all but mothballed Chinaâ€™s second-largest telecoms gear maker and become entangled in a trade dispute between the worldâ€™s two largest economies. On Tuesday, President Donald Trump said heâ€™s reconsidering U.S. penalties as a favor to Chinese President Xi Jinping and may instead fine the company more than $ 1 billion.
Source : Bloomberg
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Most Asian stocks declined as Japanese shares fell while Taiwanâ€™s benchmark gauge failed to hold on to gains as investors weighed easing trade tensions between the U.S. coque samsung a8 2018 and China.
The MSCI Asia Pacific Index rose 0.2 percent to 174.46 as of 4:17 p.m. in Hong Kong, with about four stocks falling for every three that gained. coque samsung s8 Japanâ€™s Topix declined 0.2 percent as a technical chart signaled recent gains were excessive. Coque huawei En Ligne Pressure on emerging market currencies from Thailand to Malaysia eased as the U.S. dollar maintained losses. coque de telephone samsung galaxy j5 Markets in Hong Kong and South Korea are closed for a holiday.
The U.S. and China have agreed to back away from imposing tough new tariffs on each other’s exports, a day after reaching a deal for China to buy more American goods to “substantially reduce” the huge trade deficit with the U.S.
U.S. Treasury Secretary Steven Mnuchin told Fox News the world’s two biggest economic powers “made very meaningful progress and we agreed on a framework” to resolve trade issues. “So right now we have agreed to put the tariffs on hold while we try to execute the framework,” he said.
China’s state-run news agency Xinhua quoted Vice Premier Liu He, who led Chinese negotiators in trade talks in Washington this past week, as saying, “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other.”
Liu said the agreement was a “necessity.” But he added, “At the same time, it must be realized that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time.”
U.S. President Donald Trump had threatened to impose new tariffs on $ 150 billion worth of Chinese imports and Beijing had responded that it would do the same on American goods.
Source : Voanews
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