The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
A spokesperson for the U.S.-backed Syrian Democratic Forces (SDF) has issued a stark warning to the international community.World Newsread more
The potential deal would shift Neumann's already diminished voting power to the Japanese conglomerate, according to the Journal.Technologyread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
On Friday, Zedd tweeted about the ban, and CNBC verified the claim with his publicist on Saturday.China Politicsread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Apple, the company that created the modern-day smartphone, is relying on technology customers are already extremely familiar with, like cameras, and taking a backseat when it...Technologyread more
Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said he had "given a lot of talks, a lot of times, in a lot of places and said stuff...Personal Financeread more
Airlines continue to delay when they plan to have the planes back again with no sign from regulators on when the planes will be approved again.Airlinesread more
ramps up@ (Adds related content)
HONG KONG, May 29 (Reuters) - China's Huawei Technologies Co Ltd has filed a legal motion seeking to declare a U.S. defence law unconstitutional, in the telecom equipment maker's latest bid to fight sanctions from Washington that threaten to push it out of global markets.
The motion for summary judgment in its lawsuit against the U.S. government, filed late Tuesday in the U.S. District Court for the Eastern District of Texas, asks to declare the 2019 National Defense Authorization Act (NDAA) unconstitutional the latest development in a lawsuit brought by Huawei in March.
The NDAA bill, passed by the U.S. Congress last summer, places a broad ban on federal agencies and their contractors from using Huawei equipment on national security grounds, citing the company's ties with the Chinese government.
Huawei, the world's largest telecoms network gear maker, has repeatedly denied it is controlled by the Chinese government, military or intelligence services.
U.S. Secretary of State Mike Pompeo kept up pressure on Huawei on Wednesday.
"Huawei is an instrument of the Chinese government," Pompeo said in an interview with Fox Business Network. "They're deeply connected. It's something that's hard for Americans to understand."
Glen Nager, a partner at U.S. law firm Jones Day and lead external counsel for Huawei, told Reuters the U.S. court had agreed on a schedule to hold hearings in September on motions by opposing sides.
Huawei recently faced even greater sanctions as the U.S. Commerce Department on May 16 put the company on a trade blacklist that bans companies from doing business with it, in a move which immediately disrupted the global tech sector.
Huawei's chief legal officer, Song Liuping, on Wednesday said the company was reviewing ways to fight the U.S. ban, which he said was affecting its more than 1,200 suppliers and threatened to affect its 3 billion customers in 170 countries.
Song said Washington's use of administrative orders and laws to punish a single company "sets a very dangerous precedent."
"Today it is telecom and Huawei, tomorrow it could be your company, your industry, your customers," he told reporters at Huawei's headquarters in Shenzhen.
The ban comes amid an escalating trade dispute between China and the United States, the world's two biggest economies, exacerbated by separate accusations of bank fraud and corporate theft that the United States has made against Huawei and its chief financial officer.
Huawei, which has been given a 90-day reprieve from the ban, has denied its products pose a security threat and protested Washington's attempts to limit its business.
Vincent Pang, Huawei's senior vice president and head of corporate communications, said the executive order and blacklist had transcended the boundaries of normal market competition.
"This could lead to the start of the fragmentation of the global tech ecosystem and standards," Pang said on Wednesday at Huawei's headquarters.
Pang also said he did not expect the "political" situation to delay the introduction in China of fifth-generation (5G) network technology.
(Reporting by Sijia Jiang; Additional reporting by Rishika Chatterjee; Editing by Anne Marie Roantree, Christopher Cushing and Jeffrey Benkoe)