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Moody's Investors Service ("Moody's") assigned a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR) to Cerence LLC ("Cerence") in connection with the company's expected spin-off from, Nuance Communications, Inc. ("Nuance" Ba3, Stable), and Cerence's concurrent proposed debt financing. Cerence's proposed $425 million senior secured term loan B and $75 million revolving credit facility were assigned ratings of B2, in line with the CFR.
in South Korea on Friday, promising that the screen defects that marred its initial launch in April have been fixed. will become part of a family of folding devices and is betting that it can revive slowing smartphone sales with the design. Samsung has extended the smartphone’s protective layer beyond the bezel to stop users from removing it and added protection caps on the fold’s hinges to protect the device from external particles. It said it had extensively tested the phone over the past five months to make sure that initial problems with breaking screens do not recur.
Samsung Electronics has begun to use domestically produced etching gas in its chipmaking process in a move to reduce its dependence on Japanese suppliers amid a deepening trade dispute between South Korea and Japan. “We’ve tested the use of hydrogen fluoride made by domestic suppliers and begun to use it in the production process, along with Japanese imports,” said a Samsung executive.
Supreme Court nixes ruling that saw Lee Jae-yong walk out of prison after less than a year for bribing the government, but he could be sent back
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Huawei Technologies Co.’s founder Ren Zhengfei warned in an internal memo the company is at a “live or die moment” and advised underutilized employees to form “commando squads” to explore new projects. Workers who fail will have their salaries cut every few months and may lose their jobs, the billionaire said yesterday.Since May, Huawei has occupied the uncomfortable position of being both an established global technology brand and a member of the United States Entity List, which bars it from trading with American suppliers. Despite a series of 90-day reprieves, the latest of which came yesterday, the uncertainty caused by American sanctions has already cost the company a great deal. Even if Huawei is eventually brought in from the cold, the impact of this summer’s upheaval will be widespread and painful.The most immediate of Huawei’s losses is the international smartphone market. The company’s internal estimates show it expects to sell 60 million fewer phones in 2019 than it would have done without the U.S. impositions. In 2018, Huawei grew its mobile shipments by 34% to 206 million, according to IDC data, and in the first quarter of 2019 its pace accelerated to a 50% improvement while rivals Samsung Electronics Co. and Apple Inc. both saw shrinking sales. By the second quarter, partially affected by U.S. sanctions, Huawei’s growth had been slashed to 8.3%.Having successfully penetrated the European mobile market, Huawei was on a path to becoming the world’s biggest phone vendor, however the loss of Google’s Android, the brains inside its handsets, and the related Play Store app ecosystem made Huawei devices undesirable outside of China.Ren warned in his memo that redundant staff need to find a way to make themselves useful.“They either form a ‘commando squad’ to explore new projects -- in which case they could be promoted to company commander if they do well,” he wrote. “Or they can find jobs in the internal market. If they fail to find a role, their salaries will be cut every three months.”Read more: Huawei’s Founder Wants an ‘Invincible Iron Army’ to Fight U.S.The consumer division is, according to Huawei itself, its growth engine. Accounting for 45% of its revenue last year, the business that sells phones and other gadgets is instrumental to Huawei’s future health, and it’s taken a substantial reputation blow from all the allegations and sanctions levied against Huawei. That won’t be repaired anytime soon.On the same front is Huawei’s loss of software engineering time as it’s had to scramble to create a potential Android substitute. In the wake of the U.S. ban, the company switched to 24-hour days, working as many as 10,000 developers across three shifts and three offices to eliminate the need for American software and circuitry. Huawei ended up hurrying its HarmonyOS out this month, just to demonstrate it can code its own operating system, though it convinced very few people that it has anything approaching an Android alternative waiting in the wings.Less quantifiable but still significant will be the talent drain that Huawei suffers from the tarnishing of its global reputation and the overwork that’s resulted from its efforts to recover. The company has downsized its workforce in response to its new circumstances.Ren wrote that the company’s priorities are for employees to make “meritorious deeds” and for management “to promote outstanding employees as soon as possible and infuse new blood to our organization.”In explaining the fresh extension to Huawei’s reprieve from U.S. sanctions, Commerce Secretary Wilbur Ross said that some American telecoms are “dependent” on Huawei tech and need time to wean themselves off it. So while the Washington authorities are giving Huawei a little more breathing room, the company’s situation is still very much precarious, as its founder has indicated.Without the U.S. trade intervention, Huawei would be threatening Samsung for the crown of the world’s most prolific smartphone vendor and it would be capitalizing on its lead in 5G technology instead of counting the cost of lost customers. The company remains in a strong position, but the dynamism of its growth and the luster of its cutting-edge technology have both been diminished by the measures taken by the American government.To contact the reporters on this story: Vlad Savov in Tokyo at email@example.com;Gao Yuan in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Peter Elstrom, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Trump said Cook "made a good case" that tariffs could hurt Apple, given that Samsung's products would not be subject to those same tariffs. Tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, are scheduled to go into effect in two stages on Sept. 1 and Dec. 15.
Apple Inc. (NASDAQ: AAPL ) shares traded higher on Wednesday despite the company missing consensus analyst expectations for iPhone revenue in its fiscal third quarter. The iPhone revenue miss comes after ...
Samsung's Galaxy Watch Active is more compact and less expensive than its sibling smartwatches, but navigation is considerably clunkier without the brand's usual rotating bezel. The company may have a simple solution to that, though -- turn the bezel into a touch surface. SamMobile sources claim the Galaxy Watch Active 2 will implement a "Touch Bezel" that lets you swipe your finger along the side to scroll through the circular interface. We could see that being an issue in some cases (Samsung will hopefully try to minimize accidental input), but it might beat having to obscure the screen every time you want to check the weather or read a text message.
It has only been a few months since Samsung unveiled the highest-capacity smartphone DRAM yet -- a 12GB LPDDR4X package for premium devices -- but it's already following that up with a faster model of the same size. The Korean tech giant has started mass producing what it says is the industry's first 12Gb LPDDR5 for phones, and it'll also start the mass production of 12GB LPDDR5 packages later this month. Samsung introduced its LPDDR5 chip technology last year in hopes of providing 5G phones with a fast, energy-efficient RAM that can power machine learning and AI applications.