Huawei revenue will be billions below forecast: founder

Huawei, which aims to become the world’s largest smartphone maker by year end, currently sells 500,000 to 600,000 smartphones a day. (Reuters)
Updated 17 June 2019
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Huawei revenue will be billions below forecast: founder

  • Chinese telecom giant will reduce capacity but that US moves to restrict its business ‘will not stop us’

SHENZHEN, China: Huawei’s founder has likened his company to a badly damaged plane and says revenues will be $30 billion less than forecast over the next two years.
Ren Zhengfei said Monday that the Chinese telecom giant will reduce capacity but that US moves to restrict its business “will not stop us.”
The US has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the US Commerce Department.


British mortgage approvals near 2-year high in June: UK Finance

Updated 27 min 4 sec ago
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British mortgage approvals near 2-year high in June: UK Finance

  • Consumer demand has generally been robust since Britain voted to leave the EU in June 2016
  • The number of mortgages approved for house purchase rose to 42,653 in June
LONDON: The number of mortgages approved for British house purchases edged up to one of its highest levels in the past two years last month, though credit card lending grew at a slower pace, data from industry body UK Finance showed on Wednesday.
Consumer demand has generally been robust since Britain voted to leave the European Union in June 2016, but the housing market has slowed, especially in London and surrounding areas.
Bank of England Chief Economist Andy Haldane said on Tuesday that there were signs the slowdown in the housing market had bottomed out.
The number of mortgages approved for house purchase rose to 42,653 in June, on a seasonally-adjusted basis, up from 42,407 in May and close to April’s two-year high of 42,792.
Net credit card lending slowed to £119 million ($148 million) in June from £247 million in May, the lowest since a contraction of £54 million in December 2018.