Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
President Donald Trump on Wednesday declared a national emergency over threats against American technology, the White House said.
The move, done via executive order, authorized the Commerce Secretary Wilbur Ross, in consultation with other top officials, to block transactions that involve information or communications technology that "poses an unacceptable risk to the national security of the United States."
Following the order, the U.S. Department of Commerce announced the addition of Huawei Technologies and its affiliates to the Bureau of Industry and Security (BIS) Entity List, making it more difficult for the Chinese telecom giant to conduct business with U.S. companies.
The addition means that U.S. companies cannot sell or transfer technology to Huawei without a license issued by the BIS. That could make it harder for Huawei to do business, as it depends on some U.S. suppliers for parts.
President Donald Trump backed the decision, which will "prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests," Commerce Secretary Wilbur Ross said in a statement.
In a statement to CNBC on Thursday, Huawei said: "Restricting Huawei from doing business in the US will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior yet more expensive alternatives, leaving the US lagging behind in 5G deployment, and eventually harming the interests of US companies and consumers."
The Chinese tech company also said: "We are ready and willing to engage with the US government and come up with effective measures to ensure product security."
The announcement has been under discussion for a year. It comes as the U.S. and China remain locked in a trade dispute and could escalate tensions between the world's two largest economies.
The order had been opposed by small rural carriers, who continued to rely on Huawei equipment even after it was largely dropped by the larger telecommunications companies.
In a statement, White House press secretary Sarah Huckabee Sanders wrote that the administration will "protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services in the United States."
The Trump administration has pushed allies around the world not to adopt the company's next generation 5G network technology, which American officials have warned could be used for spying by the Chinese. Those efforts have had mixed results in Europe, where several countries declined to stop doing business with the company.
Huawei has forcefully denied allegations that it is not independent from the Chinese government.
In recent months, the U.S. has taken a number of steps against the firm.
In January, the Department of Justice announced a slew of charges against two units of the company, including for stealing trade secrets from T-Mobile USA. And both Huawei and ZTE, another Chinese technology firm, were barred from most U.S. government contract work by the 2019 Defense Authorization Act.
In December, Canadian authorities arrested Huawei CFO Meng Wanzhou to serve an extradition request from the U.S. government, which has alleged that the company defrauded several banks by concealing payments from Iran in violation of sanctions against that country.
Earlier Wednesday, David Wang, an executive at the company, told The Wall Street Journal that such an order would be misguided.
—Reuters contributed to this report