|Bid||0.00 x 5000|
|Ask||0.00 x 5000|
|Day's Range||1,162.00 - 1,180.00|
|52 Week Range||631.00 - 1,200.00|
|Beta (5Y Monthly)||0.84|
|PE Ratio (TTM)||7.55|
|Forward Dividend & Yield||26.92 (2.24%)|
|Ex-Dividend Date||Sep 29, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Huawei Technologies Co. founder Ren Zhengfei called the sale of its Honor budget smartphone division a “clean break” that should free it from U.S. restrictions and create a new powerhouse in the world’s largest mobile arena.Ren, blasting Trump administration tactics to contain his company, assured employees in a memo Honor will rapidly resume production after regaining access to American circuitry and software. His missive comes days after Huawei unveiled a deal to sell the business to a consortium of more than 30 Chinese corporations, assembled by government-backed Shenzhen Smart City Technology Development Group Co.“Facing wave upon wave of attacks from the U.S., we finally realized that American officials weren’t trying to fix us. They were seeking to kill us,” Ren said. “Once we’re divorced, there’ll no longer be any under-the-table relations with Honor. We’re handling the separation in an adult manner, and will rigorously adhere to regulations and international norms.”Huawei’s leader appeared to be addressing uncertainty over whether the spinoff will trigger a resumption of American chip supply to Honor under new ownership or if there’re U.S. regulatory steps required first.Citing national security concerns, the U.S. has waged a far-ranging campaign against Huawei since 2018 that landed its chief financial officer under house arrest in Canada and fomented bans against the use of the company’s 5G equipment in countries from the U.K. to Japan. The final blow came when the White House enacted sweeping restrictions against suppliers this year, closing off loopholes that let Huawei procure ready-made semiconductors to keep its consumer business afloat.Read more: Huawei Sells Budget Phone Brand After U.S. Cuts Chip SupplyHonor was an integral part of Huawei’s smartphone business, once larger than Samsung Electronics Co.’s but now struggling to secure enough crucial components and software for production. Access to American technology will breathe new life into a brand that’s gained popularity among younger budget-conscious users in recent years and made headway in overseas markets like Europe. It could create a rival to the likes of Xiaomi Corp. and Oppo, who compete in the same price segments.The sale illustrated the uneven impact of White House sanctions on China’s largest technology company, whose consumer business is ailing even as its networking unit soldiers on. Shenzhen-based Huawei is said to have safeguarded its core telecom equipment business by stockpiling critical components to continue supplying its home country’s 5G rollout through at least 2021.Honor’s new owners include local city-backed corporations such as Shenzhen Expressway and Shenzhen Energy. It can also lean on Suning.com Co., the country’s largest electronics chain backed by Alibaba Group Holding Ltd., to help enhance distribution.“Under its new leadership, Honor will very quickly resume production and resolve issues affecting its upstream and downstream partners,” Ren said in his memo. “The U.S. is a technology superpower that has many excellent companies. You should firmly and boldly work with them.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Yahoo Finance’s Alexis Christoforous and Adam Glassman, O Mag Creative Director, discuss Oprah’s 2020 favorite things list featuring Black-owned businesses.
(Bloomberg) -- The U.K. will spend 250 million pounds ($333 million) to diversify its sources of 5G wireless equipment after banning China’s Huawei Technologies Co. from supplying the next-generation technology.Huawei is set to be excluded from British 5G networks by 2027 due to security concerns, leaving phone carriers reliant on a supply duopoly of Finland’s Nokia Oyj and Sweden’s Ericsson AB.Around 50 million pounds of the total will be spent next year to help build “a secure and resilient 5G network” according to documents published Wednesday as part of Chancellor of the Exchequer Rishi Sunak’s spending review.The resulting reduction in competition could hurt security and push up prices, so U.K. Digital Secretary Oliver Dowden has started a task force to increase the number of suppliers. He’s set to publish more details before the end of the year.Britain’s crackdown on Huawei came in July after U.K. officials said U.S. sanctions made it impossible to verify the security of Huawei’s supply chain. The White House accuses Huawei of being a security risk, which the company has always denied.Since then, Nokia and Ericsson have already won major contracts from British carriers like BT Group Plc and CK Hutchison Holdings’s Three UK.The phone industry is banking that longer-term initiatives such as OpenRAN -- a project to make mobile network equipment more inter-operable and encourage new suppliers -- will eventually introduce more competition.Other large global suppliers like Korea’s Samsung Electronics Co Ltd don’t currently offer the right kind of equipment to win immediate big deals with British carriers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.