Markets
China Grants 5G Licenses to 4 Telecom Operators
HONG KONG:China approved four operating licenses for 5G networks, setting the stage for the super-fast telecommunications system amid simmering tensions with the United States over technology and trade. The country ranks among the top echelon worldwide in 5G medium frequency band equipment, terminal chips and smartphones, according to Gong Daning, a senior engineer with the CAICT. [Full Article...]
Lynas touts its independence from China in push for rare earths growth
The development comes amid reports that Chinese authorities may move to restrict rare earths sales to the United States in retaliation for Washington's increased tariffs on Chinese goods. While the US imported about $395 million, including $257 million from China, that masks the potential economic hurt to downstream industries as magnets used in miniature motors perform essential functions in auto... [Full Article...]
Aviva insurance to cut 1,800 jobs in three years
Aviva insider Maurice Tulloch took over as CEO in March, amid investor concern that the insurer, which provides pensions as well as vehicle and home insurance, was failing to cross-sell its products successfully. "Unite have arranged urgent discussions with Aviva management in order to ascertain the rationale for cutting an already extremely stretched workforce". [Full Article...]
Fiat Chrysler says it has withdrawn offer to merge with France's Renault
On the other side, the Associated Press reports that officials in France appeared surprised and blamed the automaker for trying to rush things. Many believed that a merger would lead to plant closures and job losses, however, and that concerned the French government. [Full Article...]
Carnival agrees to pay $20 million in tentative settlement
April 2019: At what the Miami Herald described as a "heated court hearing", Judge Seitz threatens to block all Carnival ships from docking at any USA port. Back in April, Judge Seitz threatened to possibly keep Carnival ships from docking at United States ports after they violated their probation orders. [Full Article...]
Toyota and Subaru to work together on new BEV platform
These battery electric vehicles (BEV), the companies say, will apply Subaru's all-wheel-drive technologies and Toyota's expertise in electrification. " Subaru and Toyota believe that it is necessary to pursue a business model that goes beyond convention, crossing over industrial boundaries", the automakers said. [Full Article...]
Trump says he'll decide on next China tariffs after G-20 summit
Trump said a decision on the $300bn will follow that meeting. U.S President Donald Trump gestures during a meeting with with French President Emmanuel Macron at the Prefecture of Caen, Normandy, France , Thursday, June 6, 2019. The only glimmer of hope in recent days was the news that one of the top United States trade negotiators, Treasury Secretary Steven Mnuchin, will meet in person with... [Full Article...]
Mexican leader to visit USA border Saturday amid trade row
They warned the White House not to count on the same level of support it received earlier this year, when Mr Trump declared a national emergency to divert funds to build barriers at the border. Trump gave indications Thursday that the talks had made progress, but he told reporters that he had not made up his mind. "We've told Mexico the tariffs go on". [Full Article...]