Business news

• Wanted for graft, ex-Pemex boss to be extradited to Mexico from Spain

  30-06-2020 23:20 via uk.finance.yahoo.com
  
  The former chief executive of Mexican state oil company Petroleos Mexicanos, Emilio Lozoya, has agreed to be extradited from Spain to Mexico to stand trial on corruption charges, Mexican Attorney General Alejandro Gertz said on Tuesday.Lozoya, 45, who was once a close confidant of former President Enrique Peña Nieto, is wanted in his homeland on charges including bribery and money laundering in cases involving Brazilian construction firm Odebrecht SA as well as a Mexican fertilizer firm.
  
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• Canada's Cirque du Soleil receives court protection from creditors

  30-06-2020 23:13 via uk.finance.yahoo.com
  
  Canada's once high-flying Cirque du Soleil Entertainment Group on Tuesday received initial protection from its creditors in a Quebec court, after the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off artists.Quebec Superior Court Judge Louis Gouin agreed to give the company protection from its creditors for 10 days.Cirque will seek its immediate provisional recognition in the United States under Chapter 15 in the United States Bankruptcy Court.
  
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• Bid for Cirque du Soleil dismissed as 'pure fiction' by lenders

  30-06-2020 23:13 via uk.finance.yahoo.com
  
  A stalking horse bid for Cirque du Soleil Entertainment Group was dismissed as inadequate by lenders during a Quebec court hearing into the company's restructuring on Tuesday.The company has signed an agreement with its existing investors private equity fund TPG Capital, China's Fosun International Ltd , and Canadian pension fund Caisse de depot et placement du Québec under which the consortium will take over Cirque's liabilities and invest $300 million to support a restart.The agreement
  
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• Facebook bans accounts linked to anti-government U.S. 'boogaloo' movement

  30-06-2020 22:25 via uk.finance.yahoo.com
  
  The social media company for the first time designated a subset of boogaloo followers as a dangerous organization, marking them for the same sanctions Facebook applies to 250 white supremacist groups and organizations it categorizes as supporting terrorism around the world.The move came four days after Attorney General William Barr established a Justice Department task force to counter violent anti-government extremists including boogaloo as well as the left-wing antifa movement.The boogaloo mov
  
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• Tesla shareholders urged to oust Elon Musk over $55bn pay deal

  30-06-2020 22:22 via uk.finance.yahoo.com
  
  Tesla shareholders urged to oust Elon Musk over $55bn pay deal. Adviser Pirc says Musk’s pay and Twitter outbursts pose ‘serious risk of reputation harm to the company’
  
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• Former Indivior CEO pleads guilty in U.S. in opioid addiction treatment probe

  30-06-2020 22:00 via uk.finance.yahoo.com
  
  Thaxter pleaded guilty in federal court in Abingdon, Virginia to a single misdemeanor count of introducing misbranded drugs into interstate commerce.Prosecutors said Thaxter failed to prevent employees from sharing false and misleading safety information about the drug with Massachusetts' Medicaid program as it considered expanding coverage for it.Thaxter faces up to one year in prison when he is sentenced on Sept. 29 and has agreed to pay $600,000 in fines and forfeitures, the Justice Departmen
  
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• Facebook purges US 'boogaloo' extremists trying to kickstart a new civil war

  30-06-2020 21:51 via uk.finance.yahoo.com
  
  Facebook has launched a new crackdown on far-Right "boogaloo" extremists accused of attempting to exploit the George Floyd protests in order to start a second US civil war. The tech giant said on Tuesday that it had identified a specific network of "violent anti-government" activists using "boogaloo" as a codeword who are actively promoting attacks on civilians and government agents. That network was taken offline the same day in a series of digital dawn raids that removed 220 Facebook accounts,
  
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• Are oil companies ready for the post-pandemic world?

  30-06-2020 21:38 via uk.finance.yahoo.com
  
  Oil tankers are often used as an analogy for organisations that are slow, cumbersome and take an enormous amount of effort to switch course.It is a characterisation that is unfair on the huge boats themselves, which are, apparently, surprisingly nimble. But it is often true for the large oil firms that use them to transport their product, and that presents the world with a problem.
  
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• Shell secures biogas supply as part low-carbon shift

  30-06-2020 21:37 via uk.finance.yahoo.com
  
  Royal Dutch Shellsaid on Tuesday it has agreed to buy renewable gas, known as biomethane, from Denmark's Nature Energy, in what the smaller company termed the largest deal of its kind.The gas will be supplied to Europe's pipeline network from July 1.In April, Shell laid out the oil and gas sector's most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050.
  
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• Mexican labor activist's arrest sends 'wrong signal' under North America trade deal

  30-06-2020 21:16 via uk.finance.yahoo.com
  As the new North America trade deal takes effect on Wednesday, the jailing of Mexican labor lawyer and independent union leader Susana Prieto has reignited concern about the challenges of meeting its labor rights provisions.The United States-Mexico-Canada Agreement (USMCA) was signed last December after a flurry of final negotiations over demands from U.S. Democratic lawmakers for stricter enforcement of Mexico's labor standards.As part of the deal replacing NAFTA, as the old free trade pact was
  
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• The future may be V shaped, but it would be rash to count on it

  30-06-2020 21:06 via uk.finance.yahoo.com
  
  The future may be V shaped, but it would be rash to count on it. Sadly, it’s very easy to see how the early stirrings could be crushed by a surge in unemployment
  
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• UK government hints at U-turn on Huawei role in 5G technology

  30-06-2020 21:04 via uk.finance.yahoo.com
  
  UK government hints at U-turn on Huawei role in 5G technologyCulture secretary tells defence committee US sanctions likely to affect Chinese firm’s viability
  
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• US sanctions ‘likely’ to hit Huawei’s 5G position in UK, says minister

  30-06-2020 20:40
  Britain is reviewing whether to retain Chinese company as a supplier for mobile networks
  
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• EU's Barnier calls British financial market proposals 'unacceptable'

  30-06-2020 20:32 via uk.finance.yahoo.com
  
  British proposals to give the City of London access to the European Union are "unacceptable" because they seek to maintain the benefits of the single market without the obligations, the bloc's chief Brexit negotiator Michel Barnier said on Tuesday.EU policymakers worry that the UK could gain a competitive advantage by easing financial rules, but Britain has said it would maintain high standards of regulation.Barnier said Britain would like to make it easy to continue to run EU financial services
  
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• 'Gravest crisis' as Airbus plans to cut 15,000 jobs, 1,700 in UK

  30-06-2020 20:13 via uk.finance.yahoo.com
  
  'Gravest crisis' as Airbus plans to cut 15,000 jobs, 1,700 in UKAircraft manufacturer, which has a plant in Broughton, north Wales, hit hard by pandemic
  
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• Train operator Grand Central announces ‘measured’ return to service

  30-06-2020 20:09 via uk.finance.yahoo.com
  
  The Yorkshire-based company is allowing passengers to book for its West Riding and North East routes, from July 26.
  
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• Bulgaria expects budget surplus of 1.3% of GDP at end-June

  30-06-2020 20:06 via uk.finance.yahoo.com
  
  The ministry, said it sees the coronavirus crisis cutting the fiscal surplus by 1.7 billion levs ($977.80 million) on an annual basis through June.It expects to end the year with a fiscal deficit of 3% of GDP.Government revenues were 17.6 billion levs at the end of May, down 1.1 billion levs from the same period in 2019.
  
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• Airbus planning to cut 1,700 jobs in UK as result of coronavirus crisis

  30-06-2020 20:03 via uk.finance.yahoo.com
  
  The company is cutting 15,000 jobs across its global operations.
  
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• Return of the Google Glass? Google buys smart eyewear company North

  30-06-2020 19:59 via uk.finance.yahoo.com
  
  Google has bought a “pioneering” smart glasses company, five years after its own consumer device was canned after failing to lure shoppers. Rick Osterloh, Google’s hardware chief, described Canadian startup North as “a pioneer in human computer interfaces and smart glasses” as the company announced the acquisition on Tuesday. North's Focals device, launched in 2019, allows the wearer to send and receive messages, see turn-by-turn directions, call an Uber, or talk to
  
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• Coronavirus: Airbus to slash 15,000 jobs from global workforce

  30-06-2020 19:49 via uk.finance.yahoo.com
  
  Airbus employs around 13,500 people in the UK, out of a global workforce of 135,000.
  
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• Airbus announces 1,700 job cuts in the UK

  30-06-2020 19:41 via uk.news.yahoo.com
  
  Aerospace giant Airbus is to cut 1,700 jobs in the UK, the company announced.
  
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• U.S. FCC issues final orders declaring Huawei, ZTE national security threats

  30-06-2020 19:38 via uk.finance.yahoo.com
  
  The Federal Communications Commission on Tuesday formally designated Chinese's Huawei Technologies Co and ZTE Corpas posing threats to U.S. national security, a declaration that bars U.S. firms from tapping an $8.3 billion government fund to purchase equipment from the companies.The U.S. telecommunications regulator voted in November 5-0 to issue the declaration and proposed requiring rural carriers to remove and replace equipment from the two Chinese companies from existing U.S. networks."We ca
  
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• Sunak calls for post-Brexit financial services deal with Switzerland

  30-06-2020 19:35 via uk.finance.yahoo.com
  
  Chancellor Rishi Sunak announced the UK will negotiate a financial services trade agreement with Switzerland to ensure firms in both countries can continue to access each other’s markets after the Brexit transition. Mr Sunak said the countries were signing a joint statement committing them to talks on mutual recognition of banks, insurers, asset managers and capital markets. Swiss banks Credit Suisse and UBS have major operations in London and nearly half of all Swiss financial services im
  
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• Hospitality workers sue Las Vegas casinos for allegedly not protecting them from coronavirus

  30-06-2020 19:24 via uk.finance.yahoo.com
  
  Hospitality workers are suing Las Vegas casinos, for reportedly failing to protect them from Covid-19 when they reopened in June.Casinos in Las Vegas, Nevada, reopened on 4 June, but two unions, the Culinary Union Local 226 and the Bartenders Union Local 165, have claimed that the Bellagio, the MGM Grand and Harrah’s put employees at risk by implementing lax social distancing measures, according to the New York Post.
  
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• BOC Aviation cancels 30 Boeing 737 MAX but backs grounded jet

  30-06-2020 19:11 via uk.finance.yahoo.com
  
  The lessor, which is based in Singapore and listed in Hong Kong, will also defer the delivery of some other Boeing 737 MAX aircraft, it said in a statement.BOC is the latest lessor to strike deals with Boeing to cancel 737 MAX orders as the jet remains grounded pending regulatory approval following two crashes."We discussed with Boeing what is the best way to deploy our capital in a time like this because everyone realises this is not a short term downturn, it is a long one," BOC Aviation Chief
  
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• Market report: Covid-sized leak in roof for Redrow

  30-06-2020 18:58 via uk.finance.yahoo.com
  
  Shares in housebuilder Redrow took a hit as the group warned on trading and announced plans to beat a retreat from London. Following a review of its divisional businesses, the FTSE 250 group will scale back its operations in the capital to target future growth in its regional operations. It warned site closures prompted by Covid 19 have had a “profound impact” upon its results, predicting its turnover for the the year to the end of June will be £1.24bn, down from £2.11bn
  
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• UK feared admonishing shoppers over panic-buying would make it worse - minister

  30-06-2020 18:52 via uk.finance.yahoo.com
  
  The British government held back from telling shoppers to stop panic-buying groceries in the early days of the coronavirus crisis, fearing any direct intervention would have made matters worse, Environment Secretary George Eustice said on Tuesday.Eustice told lawmakers on parliament's Environment, Food and Rural Affairs Committee that the government was aware by March 6 that Britain faced "a panic-buying episode" but resisted formal intervention until the minister fronted the government's daily
  
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• Oil giants pull market lower after Shell reveals £18bn hit

  30-06-2020 18:50 via uk.finance.yahoo.com
  
  Both Shell and BP were in the FTSE 100's five worst performers on Tuesday.
  
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• Electric scooter trials to begin in the UK this weekend

  30-06-2020 18:44 via uk.finance.yahoo.com
  
  The Government has approved plans for trials of electric scooters to begin on the UK’s roads from July 4, clearing the way for scooter rental companies to start offering their services across the country. The Department for Transport announced new rules on Tuesday which will govern local trials of the scooters starting from this weekend. Local authorities across the country are now expected to begin operating scooter trials in partnership with a number of scooter rental companies which hav
  
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• Adidas human resources head steps down after race row

  30-06-2020 18:44 via uk.finance.yahoo.com
  
  The head of human resources at Adidashas stepped down after a group of employees called for an investigation over her handling of racism at the company, which she had described last year as "noise" only discussed in America.The German sportswear company said Karen Parkin was leaving Adidas after 23 years in mutual agreement with the supervisory board, effective June 30.Chief Executive Kasper Rorsted is taking over her role on an interim basis.
  
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• Adidas HR head steps down after race row

  30-06-2020 18:44 via uk.finance.yahoo.com
  
  The head of human resources at Adidashas stepped down after a group of employees called for an investigation over her handling of racism at the company which she had described last year as "noise" only discussed in America.The German sportswear company said that Karen Parkin was leaving the company after 23 years in mutual agreement with the supervisory board effective June 30, with Chief Executive Kasper Rorsted taking over her role on an interim basis."Her decision to leave the company reflect
  
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• Italy to hike 2020 budget deficit to around 11.6% of GDP - source

  30-06-2020 18:32 via uk.finance.yahoo.com
  
  Italy will raise its 2020 budget deficit to around 11.6% of gross domestic product from the current 10.4% goal, a senior government official told Reuters, as Rome readies new measures to soften the impact of the coronavirus crisis.The Treasury declined to comment.The new spending package will supplement the income of workers temporarily laid off and support local authorities whose tax revenues were hit by the lockdown, the source said.
  
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• Rebound pushes FTSE 100 to best quarter in a decade

  30-06-2020 18:16 via uk.finance.yahoo.com
  
  The FTSE 100 chalked up its best quarter in a decade despite falling almost 1pc on Tuesday. London’s blue-chip index rose 8.8pc over the past three months as stocks slowly clawed their way back from March’s market madness. A final-day fall took the edge off the index’s gains, but it still scraped its best performance since 2010 by a whisker.
  
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• Pressure grows on Alan Rusbridger and other members of Facebook's oversight board to speak up

  30-06-2020 18:13 via uk.finance.yahoo.com
  
  Members of Facebook’s oversight board are facing increasing pressure to speak out over allegations of hate speech on the social network. The Supreme Court-style board, which includes former Guardian editor Alan Rusbridger, has so far remained silent on a growing boycott by advertisers who are seeking tougher action on content they deem to promote discrimination, hatred or violence. “Now is the moment for these powerful figures to speak up and use their position to stop Facebook using
  
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• Switzerland and UK to cooperate more closely on financial services

  30-06-2020 18:12 via uk.finance.yahoo.com
  
  Switzerland and Britain have signed a joint statement pledging to deepen their cooperation in the area of financial services like cross-border trading in shares, their finance ministers said on Tuesday.In a virtual meeting, the ministers agreed they wanted to reach an agreement that would enable cross-border market access for wholesale financial services relating to insurance, banking, asset management and capital market infrastructure, the ministry said.Leading Swiss financial institutions such
  
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• Exclusive: Monte Paschi eyes BPM merger as Italy's Treasury prepares exit - sources

  30-06-2020 18:11 via uk.finance.yahoo.com
  
  Banca Monte dei Paschi di Sienais exploring merger options, including with Banco BPM , while Italy's Treasury Ministry has drafted a decree to sell its controlling stake in the bailed-out bank, two sources told Reuters.Rome owns 68% of the Tuscan bank following an 8-billion euro ($8.96 billion) rescue in 2017 and has promised the European Commission it will re-privatise the bank next year.The Treasury has drafted a decree, which requires the backing of Prime Minister Giuseppe Conte, authorising
  
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• Barnier rejects UK bid to preserve City’s rights via trade deal

  30-06-2020 18:03
  EU chief negotiator’s comments reflect how tension over financial services affecting talks on future relationship
  
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• Leicester coronavirus outbreak linked to schools

  30-06-2020 18:00 via uk.finance.yahoo.com
  
  The Leicester coronavirus outbreak has been linked to schools in the city, as the government extends lockdown measures regionally. .
  
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• EasyJet plans to close bases and cut staff

  30-06-2020 17:56 via bbc.co.uk
  
  The airline says it is consulting on plans to close bases at Stansted, Southend and Newcastle.
  
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• 600 jobs to go as shirtmaker TM Lewin closes all its shops

  30-06-2020 17:54 via uk.finance.yahoo.com
  
  The business will disappear from the high street after 122 years.
  
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• The Cineworld share price looks like a dirt-cheap FTSE bargain to me. Are you feeling brave?

  30-06-2020 17:53 via uk.finance.yahoo.com
  
  The Cineworld share price is trading at rock bottom levels but could be a brave buy as it aims to open screens at the end of next month.The post The Cineworld share price looks like a dirt-cheap FTSE bargain to me. Are you feeling brave? appeared first on The Motley Fool UK.
  
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• Will the HSBC share price bounce back as restructuring begins?

  30-06-2020 17:50 via uk.finance.yahoo.com
  
  As the bank takes its restructuring plan off hold, can the HSBC share price start to make some gains?The post Will the HSBC share price bounce back as restructuring begins? appeared first on The Motley Fool UK.
  
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• Here are three stocks that might do well in a recession and bear market

  30-06-2020 17:50 via uk.finance.yahoo.com
  
  If we are facing a prolonged recession the markets might turn bearish. Here are James J. McCombie's top three picks for stocks that might do better than most in a bear market.The post Here are three stocks that might do well in a recession and bear market appeared first on The Motley Fool UK.
  
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• Stop saving and start investing! I’d buy FTSE 100 shares now to retire early

  30-06-2020 17:47 via uk.finance.yahoo.com
  
  You don't need to buy risky start-ups to make money in the stock market. FTSE 100 shares can be a great way to build wealth, says Roland Head.The post Stop saving and start investing! I'd buy FTSE 100 shares now to retire early appeared first on The Motley Fool UK.
  
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• Harveys and TM Lewin fall into administration with loss of 800 jobs

  30-06-2020 17:47 via uk.finance.yahoo.com
  
  Harveys and TM Lewin fall into administration with loss of 800 jobs. A further 1,300 jobs at risk as more high street chains succumb to Covid-19 pandemic
  
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• On The Beach hunts for bargains amid travel sector chaos

  30-06-2020 17:45 via uk.finance.yahoo.com
  
  The coronavirus crisis has caused demand for travel to nosedive and sent airlines into freefall, but holiday retailer On The Beach is keeping its eyes peeled for deals. Britain’s biggest online travel agent has built up a £50m war chest in a bid to increase its market share by scooping up struggling rivals struck by the pandemic. On The Beach has not been shielded from the havoc in the sector, however. On Tuesday it slumped to a £34.1m loss for the six months to April, in contr
  
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• AMD donating computers to help fight Covid-19

  30-06-2020 17:45 via bbc.co.uk
  
  Chipmaker AMD has given "computing horsepower" to researchers aiming to tackle coronavirus.
  
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• Stop wasting your wealth in a Cash ISA. Use a Stocks and Shares ISA to get rich and retire early

  30-06-2020 17:43 via uk.finance.yahoo.com
  
  The Cash ISA remains hugely popular, but if you want to build long-term wealth you really need to put money into a Stocks and Shares ISA.The post Stop wasting your wealth in a Cash ISA. Use a Stocks and Shares ISA to get rich and retire early appeared first on The Motley Fool UK.
  
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• UK on track for V-shaped recovery, says Bank of England economist

  30-06-2020 17:34 via bbc.co.uk
  
  But the Bank of England's Andy Haldane also says the country risks 1980s-style levels of unemployment.
  
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• Huawei's role in Britain's 5G network at risk after US sanctions, minister says

  30-06-2020 17:33 via uk.finance.yahoo.com
  
  US sanctions on Huawei, which were announced last month, have made the Chinese firm a less viable supplier for Britain's 5G network, the Digital Minister has said. Speaking at a Defence Committee meeting, Oliver Dowden said the new rules from Washington, preventing Huawei from using US-made equipment, were "likely to have an impact on the viability of Huawei as a provider for the 5G network". The measures are expected to come into force in September. Over the weekend, experts told The Sunday Tel
  
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