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U.S. to Tap $60 Billion War Chest in Boon for Huawei Rivals

(Bloomberg) — The U.S. has been warning other countries not to buy telecommunications gear from China’s Huawei Technologies Co. and ZTE Corp. The government will soon put real money behind the effort.A new agency, called the U.S. International Development Finance Corporation, plans to tap some of its $60 billion budget to help developing countries and businesses purchase equipment from other companies.“The U.S. is very focused on ensuring there’s a viable alternative to Huawei and ZTE. We don’t want to be out there saying no. We want to be out there saying yes,” Adam Boehler, the first chief executive officer of …read more […]

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Business News

European shares whacked lower as Trump says China trade deal may come only after Nov 2020 election

European shares fell back into the red on Tuesday, abandoning earlier efforts to claw their way back from three days of falls, as U.S. President Donald Trump said a trade deal with China might be delayed until after November 2020 elections.

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US STOCKS-Futures slip as Trump signals delay in trade deal with China

U.S. stock index futures slipped on Tuesday after President Donald Trump said a trade deal with China might have to wait until after the U.S. presidential election in November 2020, sparking fears of a delay in resolving the tariff dispute. “I have no deadline, no. In some ways I think it’s better to wait until after the election with China,” Trump told reporters in London where he was due to attend a meeting of NATO leaders. Technology stocks including Apple Inc as well as chipmakers and industrial stocks, which are trade-sensitive, fell in premarket trading. …read more […]

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Pharmacy chains sue Bausch Health, other drugmakers for overcharging for diabetes drug

Three pharmacy chains, including Walgreens Boots Alliance, have filed a lawsuit against drugmakers Bausch Health Inc, Assertio Therapeutics and Lupin Ltd, seeking damages for overcharging for Bausch’s diabetes drug Glumetza. The lawsuit, filed on Monday, alleges that Assertio and Lupin struck a deal with units of Bausch to delay the entry of their generic versions of Glumetza and allowed the companies to “maintain a monopoly” in the sale of the branded drug and its generic copies. …read more […]

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Foxconn's Gou to discuss trade war, investment on U.S. trip

Terry Gou, the billionaire founder of Apple supplier Foxconn, said on Tuesday he would discuss investment and the China-U.S. trade war while in the United States, adding that he may get to meet U.S. President Donald Trump again. Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, stepped down as chief of Foxconn this year, handing over the running of the company to an operations committee. Gou, who is attending the White House Christmas party as part of his 10-day trip, met Trump in Washington in May to discuss the Taiwanese company’s planned …read more […]

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Elon Musk goes on trial in U.S. for defamation over 'pedo guy' tweet

Elon Musk is known for his eccentric, sometimes controversial use of Twitter. Now, Tesla Inc’s chief executive may have to pay for using Twitter to brand someone a pedophile. Musk is expected on Tuesday to go on trial for allegedly defaming Vernon Unsworth, a British cave explorer who gained international renown for playing a lead role in the rescue of 12 boys and their soccer coach from the Tham Luang Nang Non cave in Thailand in July 2018. …read more […]