Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Chinese retail giant Suning Commerce Group has agreed to buy a 68.55 percent stake in Italian soccer club Inter Milan, a source familiar with the matter said on Monday.
Former Inter Milan president Massimo Moratti will sell off his entire stake in the club, which amounts to just under 30 percent, while current majority owner Erick Thohir will cut his stake to 31 percent and stay on as president, the source said.
Suning and Inter Milan are due to make an announcement in the eastern Chinese city of Nanjing on Monday, widely expected to confirm that Suning will buy a majority stake in the Italian club.
A call to the club's office in Milan was unanswered.
With President Xi Jinping an avid supporter of the game, Suning's deal to take control of the 2010 European soccer champions is the latest step in a plan to create a global sports empire stretching from soccer clubs to online broadcasting.
The Chinese electronics retailer is seeking deals to help create a global sporting "ecosystem", according to a Suning Sports Group document seen by Reuters.
This network would include club ownership, sports media rights, player agencies, training institutions, broadcast platforms, content production and sports-related e-commerce, the document shows.
"Suning Sports aims, through strategic expansion and acquisitions, to establish a sporting ecosystem along the whole supply chain," it said in a roughly 20-page presentation outlining its ambitions for the sports business.
A majority stake in Inter Milan would be a big step towards this. It would be a watershed moment for China's investment in the game, making Suning the first mainland Chinese business to control a major European soccer power.
Suning will also look to become a leader globally in sports media and online, including "creating high-quality sports content" and "establishing a professional broadcast platform", it said in the presentation.
Suning declined to comment.
Suning, which has annual revenues topping $20 billion, already has some blocks in place: it owns local club Jiangsu Suning and has splashed millions of dollars on players such as Brazil's Alex Teixeira and former Chelsea midfielder Ramires.
It also has ties with Spanish champions FC Barcelona, England's Liverpool FC and a stake in Chinese online content platform PPTV, with sporting content including the Chinese Super League as well as Euro 2016 starting later this month.
The drive tallies with Chinese President Xi Jinping's own goals, which includes ambitious plan to create a domestic sports industry worth $850 billion by 2025. Xi is a keen soccer fan and wants China to one day host, and win, the World Cup.
"Suning is definitely now seen as a bit of a national champion, on par with the likes of Alibaba Group Holdings and Dalian Wanda, " said Mark Dreyer, Beijing-based founder of sports information website China Sports Insider.
"I wouldn't be surprised to see more investments into the game from Suning in the near future, as it looks to piece together assets in various key areas of the business."
Chinese investors already have minority stakes in England's Manchester City, Spain's Atletico Madrid and New York City FC, while smaller Spanish club Espanyol and England's Aston Villa are Chinese-owned. Inter's city rival AC Milan is also in talks to sell a majority stake to a group of Chinese investors.
Reuters reported last week that Suning's deal for Inter was imminent and that the firm was amongst the front-runners to buy UK-based Stellar Group, one of the world's leading soccer agencies.
Inter is currently controlled by Indonesian tycoon Erick Thohir with former owner Massimo Moratti owning just under 30 percent. Italian media have reported Suning will buy 70 percent of the club, valuing it at 750 million euros ($853 million).
Follow CNBC International on and Facebook.