|Bid||917.70 x 0|
|Ask||918.60 x 0|
|Day's Range||894.60 - 922.80|
|52 Week Range||845.10 - 1,490.50|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||9.07|
|Earnings Date||Jul 31, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1,450.90|
Rating Action: Moody's assigns A3 rating to Panasonic's US dollar bonds. Global Credit Research- 11 Jul 2019. Total US $2,500 Million of New Debt Securities Rated.
(Bloomberg) -- U.S. federal agencies have five weeks to rip out Chinese-made surveillance cameras in order to comply with a ban imposed by Congress last year in an effort to thwart the threat of spying from Beijing.But thousands of the devices are still in place and chances are most won’t be removed before the Aug. 13 deadline. A complex web of supply chain logistics and licensing agreements make it almost impossible to know whether a security camera is actually made in China or contains components that would violate U.S. rules. The National Defense Authorization Act, or NDAA, which outlines the budget and spending for the Defense Department each year, included an amendment for fiscal 2019 that would ensure federal agencies do not purchase Chinese-made surveillance cameras. The amendment singles out Zhejiang Dahua Technology Co. and Hangzhou Hikvision Digital Technology Co., both of which have raised security concerns with the U.S. government and surveillance industry.Hikvision is 42% controlled by the Chinese government. Dahua, in 2017, was found by cybersecurity company ReFirm Labs to have cameras with covert back doors that allowed unauthorized people to tap into them and send information to China. Dahua said at the time that it fixed the issue and published a public notice about the vulnerability. The U.S. government is considering imposing further restrictions by banning both companies from purchasing American technology, people familiar with the matter said in May. “Video surveillance and security equipment sold by Chinese companies exposes the U.S. government to significant vulnerabilities,” said Representative Vicky Hartzler, a Republican from Missouri, who helped draft the amendment. Removing the cameras will “ensure that China cannot create a video surveillance network within federal agencies,” she said at the time.Dahua declined to comment on the ban. In a company statement, Hikvision said it complies with all applicable laws and regulations and has made efforts to ensure its products are secure. A company spokesman added that the Chinese government is not involved in the day-to-day operations of Hikvision. "The company is independent in business, management, assets, organization and finance from its controlling shareholders," the spokesman said.Despite the looming deadline to satisfy the NDAA, at least 1,700 Hikvision and Dahua cameras are still operating in places where they’ve been banned, according to San Jose, California-based Forescout Technologies, which has been hired by some federal agencies to determine what systems are running on their networks. The actual number is likely much higher, said Katherine Gronberg, vice president of government affairs at Forescout, because only a small percentage of government offices actually know what cameras they’re operating. The agencies that use software to track devices connected to their networks should be able to comply with the law and remove the cameras in time, Gronberg said. “The real issue is for organizations that don’t have the tools in place to detect the banned devices,” she added. Several years ago the Department of Homeland Security tried to force all federal agencies to secure their networks by tracking every connected device. As of December, only 35% of required agencies had fully complied with this mandate, according to a 2018 report by the Government Accountability Office. As a result, most U.S. federal agencies still don’t know how many or what type of devices are connected to their networks and are now left trying to identify the cameras manually, one by one. Those charged with complying with the ban have discovered it’s much more complicated than just switching off all Hikvision or Dahua-labeled cameras. Not only can Chinese cameras come with U.S. labels, but many of the devices, including those made by Hikvision, are likely to contain parts from Huawei Technologies Co., the target of a broad government crackdown and whose chips power about 60% of surveillance cameras. “There are all kinds of shadowy licensing agreements that prevent us from knowing the true scope of China’s foothold in this market,” said Peter Kusnic, a technology writer at business research firm The Freedonia Group. “I’m not sure it will even be possible to ever fully identify all of these cameras, let alone remove them. The sheer number is insurmountable.” Video surveillance is big business in the U.S. Sales of video cameras to the government are projected to climb to $705 million in 2021 from $570 million in 2016, according to The Freedonia Group. Hikvision is the world’s largest video-surveillance provider, with cameras installed in U.S. businesses, banks, airports, schools, Army bases and government offices. Its cameras can produce sharp, full-color images in fog and near-total darkness and use artificial intelligence and 3D imaging to power facial recognition systems on a vast scale.Once they arrive in the country, some of Dahua and Hikvision’s cameras are sent to their U.S.-based warehouses. Others go to equipment manufacturers like Panasonic Corp. or Honeywell International Inc., and are sold under those brands, said John Honovich, founder of video surveillance site IPVM. Then the cameras are bought by intermediaries, such as security firms, which go on to sell them to government agencies and private businesses. The NDAA also covers Dahua and Hikvision’s extensive agreements with original equipment manufacturers, sweeping up any vendor who re-sells the devices or uses the companies’ equipment.Effectively, two cameras running identical Hikvision firmware could carry completely different labels and packaging. This means it would be nearly impossible to tell if the thousands of video cameras installed across the country are actually re-labelled Chinese devices. A Honeywell spokeswoman said the company couldn’t track these re-labelled products, even if asked. Panasonic didn’t respond to emailed requests for comment.This convoluted supply chain has left government agencies confused over how to actually obey the law. “We’ve been trying to get our arms around how big the problem is,” says a government worker at the Department of Energy, who asked to remain anonymous because he’s not authorized to speak publicly. “I don’t think we have the full picture on how many of these cameras are really out there,” he said.The law itself is vague on whether it means agencies must remove the cameras or simply stop renewing existing contracts. A group of government officials and experts will meet next week in Washington to try to parse the legislation. Hikvision has about 50,000 installation companies and integrated partners that are all wondering how broadly the law is likely to be interpreted.Many have contacted the company, asking how they could be affected, according to a person familiar with the discussions. Some security vendors are already refusing to purchase equipment from Hikvision and Dahua. Shares of both companies have tumbled since March amid speculation of U.S. sanctions. Last month U.S. President Donald Trump said he would allow U.S. companies to resume supplying some of their products to Huawei, if they apply for a license and if there is no threat to national security.If someone is routinely tapping into cameras to spy on federal agencies, they could easily determine the identities of those who work in government departments and even CIA operatives, said Stephen Bryen, former deputy under-secretary of defense for trade security policy. “This is extremely dangerous,” he said. “It can’t be tolerated and quite frankly every agency should be writing its own directives to make sure the job gets done.”(Updates with Trump policy on granting licenses to Huawei suppliers. An earlier version of this story corrected the location of Forescout Technologies.)To contact the author of this story: Olivia Carville in New York at email@example.comTo contact the editor responsible for this story: Molly Schuetz at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- If you want to know what your car might be like in 2030, and which brands—automotive or otherwise—may be the ones to make it, go watch a Formula E race.The single-seater racing series, now in its fifth season, is like Formula 1—with open-cockpit cars powered by electricity, rather than gas. The next E-Prix will take place on July 13 and 14 in Red Hook in Brooklyn, N.Y. It’s the site of the final two races of the season and the only one this year set in U.S. shores.And it’s a big deal. Audi, BWM, Mercedes-Benz, Mahindra, NIO, Nissan, Virgin, Jaguar, and Porsche are all multimillions-of-dollars-deep into developing their involvement; Nico Rosberg, Qualcomm, and Discovery are investors. They see the racing series as a critical testing ground for technologies on tap for the transportation devices of the future. And such brands as Hugo Boss, Bremont, and Tag Heuer, among others, are hosting parties, conferences, and drive events for press and VIPs throughout the week preceding the races; Harley Davidson is using it as an opportunity to unveil its first-ever electric motorcycle, Project Livewire, to selected media for first-ride reviews.Indeed, Formula E is a celebration of the future of electric autos. It provides stark relief between those companies that can make a viable electric motor and those that can’t. Whereas F1 technologies are so proprietary and secretive that fans need they need a university degree to wade through the distinctions, Formula E teams use the same battery with the same amount of energy; the team that designs the most efficient motor is very likely to win. (That’s with no small effort from one of the welterweight-fit race car drivers, of course.)The stakes are high, if still speculative. Today, battery-powered vehicles account for 1.2% of automotive sales worldwide, but by 2025 their number is expected jump to nearly 11 million vehicles sold, 10 times what it is today. The key for automakers in the meantime is to convince consumers that electric cars are reliable and durable enough to withstand daily, crushing, enthusiastic, and even monotonous use.Tickets to the 2019 New York City E-Prix can be had cheap, at $12. Without the ear-drum-blowing, dangerous decibels of a F1 race, the races presents a family-friendly opportunity to see at thrilling proximity how an emerging sport is gathering speed. (No pun intended.)Plus, while you’re there, you can explore one of New York’s most exciting, fast-developing neighborhoods. (Plus the largest Ikea, complete with Swedish meatballs, you’ve probably ever seen.) Here are our best recommendations for where to eat, drink, and watch during the Formula E races, and even sleep the night before. Where to EatHometown Bar B QueSouthern-style brisket, pork, lamb, and turkey, pit-smoked to pair with traditional sides and craft beers. 454 Van Brunt St.Fort DefianceNeighborhood farm-to-table cooking includes summer squash risotto, Berkshire pork chop, and pan-roasted branzino. Fort Defiance has a full cocktail and oyster bar as well. 365 Van Brunt St.Steve’s Authentic Key Lime PiePies and tarts made by hand from fresh-squeezed lime juice for more than 30 years. The citrus-averse will find a few chocolate concoctions there, too. 185 Van Dyke St.Pizza MotoBrick-oven New York-style pizza, from classics such as Margherita and Pepperoni to Jerzy Pork Store and Vermonter. 338 Hamilton Ave.Grindhaus Local eclectic fare such as Southern-rub roasted chicken, chilled pea soup, and twice-fried chicken wings, plus a full bar. 275 Van Brunt St.Red Hook Lobster PoundSourcing live Maine lobster for six different types of lobster rolls, plus fish ’n’ chips, hot crab dip, and a succulent shareable lobster for two, among other crowd favorites. 284 Van Brunt St. Where to Sleep1 Hotel BrooklynSet on Pier 1 of Brooklyn Bridge Park, with stunning views of the Manhattan skyline, a full restaurant, and multiple bars. The rooms incorporate reclaimed woods, industrial steel, and custom organic-cotton elements by Keetsa. 60 Furman St., Brooklyn HeightsThe William ValeAt Williamsburg’s newest hotel, with a stunning roof deck and pool, sunset drinks are a must. All of the slick, minimal rooms have floor-to-ceiling windows and deck balconies. The ground floor Southern Italian-style restaurant is operated by chef Andrew Carmellini of the Dutch, Locanda Verde, and Bar Primi. 111 N. 12th St., WilliamsburgThe Ludlow HotelAn option in Manhattan’s Lower East Side that’s close enough to be accessible to Red Hook while you keep a foot in the center of it all. Slightly more undercover than its Bowery Hotel sister property, with studios, terraces, lofts, and a penthouse on offer. Its restaurant, Dirty French, is a perpetual scene. 180 Ludlow St., Manhattan Where to DrinkDive BarsSunny’s Red HookDefinitive Brooklyn dive; you’ll know it by the old truck parked out front. 253 Conover St.Brooklyn Ice HouseCasual, outdoor seating with simple burgers to match the PBR and onion rings. 318 Van Brunt St.Van Brunt Still HouseA small-batch distillery with a roughed-up, cool tasting room and selections such as spicy rye whiskey, smoky corn whiskey, and smooth wheated bourbon. 6 Bay St.Cocktails With a ViewThe William ValeHead to the rooftop for Instagram-worthy cocktails at sunset. 111 N. 12th St., Williamsburg1 Hotel BrooklynThe best hotel views of Manhattan while closest to the race course. 60 Furman St., Brooklyn HeightsBrooklyn CrabAround the corner from Sunny’s. If you stretch, you can see the Statue of Liberty from the roof deck—and play lawn games, while you’re at it. 24 Reed St.Ceconis x Dumbo HouseSoho House’s Brooklyn location offers Old-Fashioned cocktails and water views on the East River. 55 Water St. Formula E Rules to KnowFormula E is like Formula One but with cars powered by electric batteries, rather than conventional engines. This season, 22 drivers from 11 teams are racing to win the top spot by the end of the series, which has taken them to such locales as Santiago, Hong Kong, Paris, Monaco, Rome, and Marrakesh, Morocco.The official ABB FIA Formula E Championship includes two separate titles, one for the winning driver and one for the winning team. The driver championship goes to whoever earns the most points over the eight-month season. The team championship goes to the team with the highest combined scores of its two drivers over the season. This season, Frenchman Jean-Éric Vergne is currently in first place among the drivers, and China’s DS Techeetah leads the team rankings.Drivers earn points by finishing well in each race, with 25 points awarded to the race winner, 18 points to the runner-up, 15 points for a third-place finish, and so forth. Tenth place earns one point, after which no points are awarded. The driver who is at pole position earns an additional three points, while the driver who sets the fastest lap and finishes in the top 10 gets an additional one.The drivers have two ways to get more power for their cars during a race—and these launch it squarely into live-action video game territory, unlike the analog Formula One. The first one is called Attack Mode. To do this, drivers leave the racing line and drive through a slower lane in the “activation zone.” If they do this, they get an extra 25 kW of power unlocked on the powertrain, which they can use to help them speed through the next few laps. Or they can win the “Fan Boost” power surge, which is determined by fan voting. This awards the driver a 25 kW power boost during a five-second window in the second half of a race. Fans can vote for favorite drivers online or live on Twitter by using the hashtag of the name of their chosen driver along with FANBOOST.It is forbidden to use more than four new rear and four new front tires during each racing weekend, from shakedown through the end of the race. If for some reason, a team burns through its allotted supply of tires, it’s out of the race. All teams must use special, bespoke, 18-inch, all-weather Michelin tires.No charging of any car is allowed during qualifying rounds and the E-Prix, but teams can charge their cars between sessions and during practice. Cars are charged on generators powered by glycerine, a zero-emission bio-diesel byproduct; it takes one hour to fully charge. Only one car is used per driver per race. The Race ScheduleFridays are typically for shakedowns, when drivers and teams get to know the track and evaluate the technology and mechanics of their cars.Each race weekend involves practice sessions—one 45 minutes long and one 30 minutes long—on the first track day, as well as one on the second track day. The time keepers are engaged during the practice sessions, but the results don’t count toward final standings.Qualifying rounds happen before each day’s main events on Saturday and Sunday. They determine the order in which each driver will start the race. They’re run in groups of up to six cars, so there’s a little more room to maneuver on the track. Each group posts its fastest lap, and the fastest six times go on to compete in a “super pole” shootout wherein drivers compete one-by-one for pole position. The driver with the fastest qualifying time gets the first-place start, and the driver with the slowest time starts at the back. Qualifying sessions last one hour.The race itself is called the “E-Prix.” It lasts 45 minutes, plus one lap. Once the leader has crossed the finish line after 45 minutes of racing, everyone does one more lap before the race is officially over. The CarThis season will see new cars racing around 12 cities. (Previous model cars are now on sale to collectors.) The 2019 car has a battery with capacity nearly double that of its predecessor; it will debut in New York with 250 kW of power (equal to 335 bhp) and can accelerate from zero to 62 mph in 2.8 seconds. Top speed is 280 kilometers per hour (174 mph).The minimum weight of the car and driver together is 900 kilograms (1,984 pounds). (The battery alone weighs 385 kg, or 849 pounds.) Each car is 5,160 millimeters long and 1,770 mm wide, or about 17 feet long and nearly six feet wide.The halo ring around the top of the cockpit on the new cars is there for protection in the event of a crash. It also has an LED strip that flashes blue, when the driver is in Attack Mode, and magenta, when a driver is using Fanboost. The CourseThe 1.5-mile track runs along the historic Brooklyn Cruise Terminal, deep in Brooklyn’s Red Hook section. Because of its 14 corners, it is considered the toughest in the series for all 22 cars and drivers. There will be grandstands, paddocks, entertainment areas, and VIP lounges for ticket holders and attendees.The CrashesInevitably, cars will collide. Usually, the impact isn’t severe; as the old saying goes, if you’re not rubbing, you’re not racing. But when bad collisions happen, the halo ring that sits above the cockpit will protects drivers from the force of 14 cars stacked on top of their vehicle. Here is a compilation of the most dramatic crashes of the season so far. Drivers to WatchJean-Éric VergneThe Frenchman won last year’s championship, clinching the title after the New York E-Prix in 2018. Vergne competed in Formula One for Scuderia Toro Rosso from 2012 to 2014 and was a Ferrari test and development driver from 2015 to 2016. In the standings this year driving for Techeetah, he is currently in first place.Lucas Di Grassi The Brazilian racer drives for Audi’s Formula E team. He won the Formula E championship title in the 2016/2017 season; this year he’s currently in second place.Mitch Evans The Kiwi won his first-ever Formula E race in Rome this year, driving for Panasonic Jaguar Racing. He’s currently in third place.André LottererThe German racer is the second driver for Techeetah, currently in fourth place and helping boost the team to an all-around top post so far in the series. He is famous for his three wins at the 24 Hours of Le Mans, driving for Audi, and for winning the World Endurance championship in 2012. Teams to WatchDS TecheetahThe Chinese motor racing team is currently leading the team standings under team principal Mark Preston. Its two drivers hold the first and fourth positions going into July’s races.Audi Sport ABT Schaeffler Germany’s Audi Sport ABT Schaeffler was one of the founding members of the Formula E racing series. The team principal is Allan McNish, who has led the team to its current second-place standing.Envision Virgin Racing The British racing team is majority-owned by Envision Energy, with Sylvain Filippi as principal. A founding member of the Formula E series, it currently sits in third place in the overall standings.BMW i Andretti MotorsportAt No. 6, BMW i Andretti racing is the top-ranked team with a U.S. affiliation. It sits in the Andretti Autosport conglomerate owned and operated by former driving champion Michael Andretti. How to Get ThereBy Shuttle — Free shuttles to the track leave from Carroll Gardens and from the Atlantic Terminal near Barclays Center every half hour.By Subway — The Carroll Street Station stop on the F Line is a 15-minute walk to the track.By Car — Street parking will be a challenge, so plan to park in an outdoor lot, pay with cash, and walk to the event. Better yet, go by taxi or car service.By Citi Bike — You can pick them up all over Brooklyn and in Manhattan’s Lower East Side. If you get one in Manhattan, ride over the Brooklyn Bridge for beautiful views. Allow an hour or so for the ride, but remember to dock the bike/re-check it out every 30 minutes, or risk a fee. Don’t Forget to BringTickets — Prices start at $12 and reach $390 for two-day lounge passes.Sunscreen — There will be indoor lounges and covered areas and seating, but the grandstand seats lie under direct sunlight. Plan ahead to protect your skin.Ear Plugs — Formula E has nowhere near the sound level of Formula 1, which can reach 140 decibels during a race. But at a top level of 80 decibels, Formula E still merits some ear protection.To contact the author of this story: Hannah Elliott in New York at email@example.comTo contact the editor responsible for this story: Justin Ocean at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Dan Loeb wants to split up Sony Corp. to enhance its value. The company isn’t the only household name in Japanese electronics that might benefit from the treatment.Panasonic Corp. shares have dropped more than 40% over the past 12 months after a partnership with Tesla Inc. disappointed; the company forecast earnings will decline; and a restructuring plan put forward last month failed to convince investors. The firm is trading on a multiple of 3.8 times enterprise value to Ebitda, compared with a five-year average of 4.6 times.Loeb’s Third Point LLC has called for a spinoff of Sony’s semiconductor business, aiming to reduce the stock’s so-called conglomerate discount – the situation where a company is valued at less than the sum of the different businesses it owns. It’s an analysis that could equally be applied to Panasonic.Last month, the Osaka-based company released a mid-term plan that will increase its number of divisions to seven from four. Panasonic aims to shift its focus away from the automotive business, which is struggling under the shadow cast by the difficulties in its relationship with Tesla. The electronics maker also announced a series of partnerships and alliances, and estimated restructuring costs of about 90 billion yen ($840 million), according to Goldman Sachs Group Inc.Analysts say Panasonic still doesn’t have a coherent strategy, and investors clearly want more change. So could a breakup be the solution?The answer from a sum-of-the-parts analysis is a clear: maybe. If Panasonic listed all its business segments separately and they traded at the mid-point of their peer-group ranges of between 4 times and 9 times enterprise value to Ebitda, then the combined value would be 2% higher than the company’s current market capitalization of about $20 billion. At the high end of the ranges, Panasonic could increase its value by as much as 32%. At the low end, though, there’s a similar amount of downside.(1)Analysts in Japan have questioned Loeb’s proposal for Sony. While they lauded his effort to improve the company’s valuation, they also cast doubt on whether the activist investor’s proposals were feasible or made strategic sense. A Sony split may unlock value now but, as my Bloomberg Opinion colleague Tim Culpan asked, what’s the vision for the future? As Sony analysts have pointed out, Loeb has reversed course since 2013, when he recommended that the company sell part of its film unit.This uncertainty is precisely where a breakup proposal may make sense for Panasonic, though. Pulling apart its various businesses – grouped broadly under appliances, automotive and industrial systems, connected solutions and eco solutions – would enable investors to put their money where they see value and growth prospects, without being encumbered by laggard businesses.For instance, sales for the connected solutions segment rose 6.9%(2) in the 2019 fiscal year, helped by the Tokyo Olympics in 2020 and growing demand from businesses to help automate tasks. Itochu Techno-Solutions Corp., which competes in a similar business, is trading on a forward price-earnings ratio of 23 times.Panasonic thought the automotive business would drive its profitability over the past three years. Even here, running the unit separately could create more value. Panasonic has teamed up with Toyota Motor Corp. and already has partners other than Tesla. With demand for electric cars and the pace of adoption being reassessed, the company could take time to leverage its technology advantage. In the process, the segment’s rising fixed costs won’t weigh down other more profitable businesses. In fact, investors might give a standalone battery business a higher valuation, as they’ve done with South Korean battery-makers Samsung SDI Co. and LG Chem Ltd.Analysts at Credit Suisse AG downgraded the stock on Friday, noting that they see “no signs of a rebound in earnings in the near term,” and that it was unclear how the company and its profit would look after the restructuring. Earnings at the auto business, where the analysts earlier saw potential for sales growth, is unlikely to improve over the medium term, they said.There are additional reasons why a breakup should be considered. For one, the government is incentivizing spinoffs with tax breaks. Meanwhile, domestic institutional investors are becoming more activist: The rejection rate for takeover defense measures has risen over the past six years to 80.5% from 40%, according to Goldman Sachs. That’s close to the 85% rate for foreign investors.Panasonic has some thinking to do. Loeb, meanwhile, might just have a new target. --With assistance from Elaine He. (1) Sum-of-the-parts analysis for Panasonic is based on FY2019 operating profit for each segment and used the following assumptions:1. Average enterprise value to earnings before interest, taxes, depreciation and amortization for peer group of each segment.2. A range of two times above and below average multiple.(2) Includes exchange-rate effects.To contact the author of this story: Anjani Trivedi at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
What Tesla (TSLA) has built in the Nevada desert is impressive. Five years ago, the Gigafactory was merely an expanse of rocks and dirt, CEO Elon Musk bragged to shareholders on June 11. It is crammed top to bottom with automated machines, snaking assembly lines, engineering rooms, and 13,000 busy people working for Tesla and its Japanese partner.
Accelerating “Gemba Process Innovation” via collaboration with partner company
A little bit at least," Musk said. Much of Tesla's production depends on its ability to access batteries that rely on a supply of minerals such as lithium, nickel and copper. Much of these substances are expected to be in even shorter supply in coming years, possibly giving Tesla the kick it needs to assess the feasibility of directly sourcing materials.
Panasonic has added a third full-frame mirrorless camera to its L-Mount lineupwith the launch of the video-oriented Lumix S1H, revealed at Cine Gear Expo2019
LOS ANGELES/TOKYO (Reuters) - Most of the solar cells made by Panasonic at Tesla Inc's New York manufacturing plant are being purchased by H.R.D. Singapore's factories in the Philippines, a chief supplier of panels to Japanese eco-homebuilder Ichijo Co Ltd, two sources familiar with the arrangement said. Reuters reported on May 15 that Panasonic planned to ship most cells from the plant overseas, instead of selling them to Tesla for its trademark Solar Roof as initially intended, because of low demand from Tesla and a trade loophole that had fired up new foreign interest. Until now, the identity of the buyer of the Panasonic cells, which Panasonic is producing at the Tesla facility under an agreement struck in 2016, has not been published.
Gartner also said Huawei continued to reduce the gap with Samsung, but warned that growth could be limited in the near term. The United States on May 15 blocked Huawei from buying U.S. goods saying the company was involved in activities contrary to national security. The Trump administration softened its stance last week by granting Huawei a licence to buy U.S. goods until Aug. 19.
The United States has effectively banned its companies from doing business with Huawei, exacerbating an ongoing Sino-U.S. trade war. Huawei is allowed to buy U.S. goods until Aug. 19 to maintain existing telecoms networks and provide software updates to its smartphones. - ALPHABET INC: Google on May 19 suspended the transfer of hardware, software and technical services to Huawei, except what it has made publicly available via open source licensing.
"It's not just network providers and tech giants who are turning their backs on Huawei," said Vanessa Katsapa, UK and Ireland country manager at PriceSpy. "Over the last four days, Huawei handsets have slumped in popularity – receiving almost half as many clicks as they did last week in the UK and 26% less on the global stage," Katsapa said. PriceSpy compiles data from customers in Finland, France, Ireland, Italy, New Zealand, Norway, Sweden and the UK.
Japan's Panasonic Corp said on Friday it has not stopped any shipments of components to Huawei Technologies, a day after it originally called for a halt of transactions in line with a U.S. export controls against the Chinese firm. "No transactions with Huawei have been suspended at the moment," a Panasonic representative told Reuters. Its Chinese unit later released a separate statement that it continues to supply to Huawei, stressing that transactions not covered by the ban have been not affected.
Washington last week effectively banned U.S. firms from doing business with Huawei, the world's largest telecoms network gear maker, citing national security concerns. "You look at what they've done from a security standpoint, from a military standpoint, it's very dangerous," Trump said in remarks at the White House. Trump predicted a swift end to the trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago.
China said the United States needs to correct its "wrong actions" in order for trade talks to continue after it blacklisted Huawei, a blow that has rippled through global supply chains and battered technology shares. Japanese conglomerate Panasonic Corp joined a growing list of global companies that is disengaging from Huawei Technologies Co Ltd, the world's second-largest seller of smartphones and the largest telecom-gear maker, saying it had stopped shipments of some components. Its move came a day after British chip designer ARM said it had halted relations with Huawei to comply with the U.S. supply blockade, potentially crippling the Chinese firm's ability to make new chips for smartphones.
Moody's Japan K.K. has affirmed Panasonic Corporation's A3 long-term issuer rating and senior unsecured bond ratings. At the same time, Moody's has changed the outlook to negative from stable. "The negative outlook reflects the increasing uncertainty whether Panasonic can generate sufficient earnings to restore its operating margins over the next few years, given the delays in turning its automotive business profitable," says Masako Kuwahara, a Moody's Vice President and Senior Analyst.
British chip designer ARM halted relations with Huawei [HWT.L] to comply with a U.S. blockade of the company, potentially crippling the Chinese telecom company's ability to make new chips for its future smartphones. Huawei, like Apple Inc and Qualcomm, uses ARM blueprints to design the processors that power its smartphones. In another blow to the Chinese tech giant, Japanese conglomerate Panasonic Corp on Thursday joined the growing list of global companies which have said they are disengaging with Huawei, the world's second-largest seller of smartphones and the largest telecom-gear maker.
BEIJING (Reuters) - Japan's Panasonic Corp said on its China website on Thursday it continues to supply Huawei Technologies Co Ltd normally. The company had said earlier that it stopped shipments of certain ...