China's Huawei to sell undersea cable business

China's Huawei to sell undersea cable business

The TSMC plant in Nanjing was not running at full capacity, said Liu, who was speaking at the first shareholders' meeting since company founder Morris Chang (張忠謀) retired past year.

The company was responding to a report by the South China Morning Post, which said that the Chinese smartphone company lowered its orders for new phones from its supplier, Hon Hai Precision Industry, or Foxconn Technology Group.

The ban on USA tech companies doing business with Huawei is expected to drastically curtail demand for Huawei phones in the future.

Huawei first burst into the smartphone market in Asia with mid-range phones featuring impressive cameras and large displays at lower prices than rivals Apple and Samsung.

Britain's position on Huawei's involvement in 5G has not been finalised and could be delayed until a new prime minister is chosen to replace May, who is stepping down. The company has declared its goal of outselling Samsung Electronics to take the number one spot in the world by the end of next year.

Europe, where consumers are willing to pay up for the priciest models, has been one of Huawei's fastest-growing markets, roughly doubling as a proportion of the Shenzhen-based company's global smartphone shipments in the last four years to about one-fifth in 2018, according to data and estimates from Canalys.

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The Chinese tech giant has offered similar agreements to the United Kingdom and Germany, in consideration to the fact that the USA has been urging its allies, including the said countries to sever its ties with the company.

After U.S. authorities addedHuawei and its affiliates to a trade blacklist, different sources have begun reporting falling demand for the Chinese tech giant's smartphones.

In light of the recent US Executive order signed against Huawei and uncertainties surrounding the US-China trade talks, the firm has lowered its forecast, reflecting an uncertain future. Thailand is Southeast Asia's second-largest smartphone market. The ban applies to goods that have 25% or more of US -originated technology or materials, and may affect non-American firms.

In a reply, on Friday, a Chinese commerce ministry's spokesperson stated how it was in the process of generating a list of foreign companies, organizations and personal which it thought were untrustworthy.

The Chinese government's move to announce its own blacklist is causing concerns among global ICT companies as majority have ties with Chinese companies in terms of technology development, parts supply, and sales.

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