Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
* PC market share hits record 25.1% in June quarter
* Net profit up 111% to $162 mln, vs $154 mln view of analysts
* Warns of uncertain outlook due to trade tensions
* Shares skid 6.5% to 2-month lows (Adds management comments from earnings call)
Aug 15 (Reuters) - China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if U.S. tariffs increase, sending its shares tumbling 6.5% to two-month lows.
Lenovo's warning amid mounting business uncertainty due to the U.S.-China trade war cast doubt on its sales outlook and took the shine off forecast-beating quarterly results where robust PC sales helped the company more than double its profit.
U.S. President Donald Trump said this week that he would postpone imposing an additional 10% tariff on Chinese-made products including tablets and laptop computers until December, but would still impose the tariffs on desktops from September.
"Retail prices for products like PC and smartphones will increase if (U.S.) tariffs increase," Lenovo Chairman Yang Yuanqing told an earnings call on Thursday.
He also said shifting manufacturing from China to avoid U.S. tariffs would also lead to product price increases, although Lenovo's global production footprint gives it flexibility in making adjustments, and it remains committed to China.
The global PC market grew 1.5% in the June quarter after falling for two consecutive quarters, as threats of increased U.S. tariffs on Chinese goods prompted some manufacturers to frontload shipments, industry analysts said.
Lenovo emerged as the biggest winner of the global PC market's surprise rebound in the second quarter. Citing industry data, the company said it had a record 25.1% market share in the quarter.
Lenovo said it was the fastest growing PC maker among the top five manufacturers and its improved product mix also helped the business' pre-tax profit margin rise to 5.4%, the highest margin ever attained in a fiscal first quarter.
Revenue from Lenovo's personal computer and smart devices group grew 12%, while its mobile business group recorded a 9% fall in sales.
Its PC and smart devices business generates more than three quarters of the group's total revenue, which rose 5%.
Net profit rose to $162 million in the quarter ended June, compared with an average estimate of $154 million by nine analysts, according to Refinitiv data. Revenue rose to $12.51 billion, in line with expectations. (Reporting by Rushil Dutta and Sijia Jiang; Editing by Stephen Coates, Miyoung Kim and Muralikumar Anantharaman)