Huawei says U.S. ban hurting more than expected, to wipe $30 billion off revenue






HONG KONG (Reuters) - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.

Ren’s downbeat assessment that the ban will hit revenue by $30 billion, the first time Huawei has quantified the impact of the U.S. action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.

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Senator Rubio targets Huawei over patents






WASHINGTON (Reuters) - U.S. Senator Marco Rubio filed legislation on Monday that would prevent Huawei Technologies Co Ltd from seeking damagesin U.S. patent courts, after the Chinese firm demanded that Verizon Communications Inc pay $1 billion to license the rights to patented technology.

Under the amendment - seen by Reuters - companies on certain U.S. government watch lists, which would include Huawei, would not be allowed to seek relief under U.S. law with respect to U.S. patents, including bringing legal action over patent infringement.

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U.S. chipmakers quietly lobby to ease Huawei ban






SAN FRANCISCO/WASHINGTON (Reuters) - Huawei’s American chip suppliers, including Qualcomm and Intel, are quietly pressing the U.S. government to ease its ban on sales to the Chinese tech giant, even as Huawei itself avoids typical government lobbying, people familiar with the situation said.

Executives from top U.S. chipmakers Intel and Xilinx Inc attended a meeting in late May with the Commerce Department to discuss a response to Huawei’s placement on the black list, one person said.

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France warns new European drone must be competitive on price






PARIS (Reuters) - A next-generation drone being developed by several European nations must be price competitive or the project designed to project European unity and strength in an increasingly uncertain world will flounder, France’s defense minister warned on Monday.

France and Germany are spearheading the development of a new manned fighter jet to replace the Eurofighter Typhoon and Dassault Aviation’s Rafale fighter jet, as well as a range of associated weapons, including drones.

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Brazil's Odebrecht files for bankruptcy protection after years of graft probes






SAO PAULO (Reuters) - Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America’s largest-ever in-court debt restructurings.

The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught in a sweeping political corruption investigation that has rippled across Latin America.

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U.S. court voids $65 million settlement tied to Allen Stanford Ponzi scheme






(Reuters) - A federal appeals court on Monday threw out a settlement requiring insurers to pay $65 million to a court-appointed receiver for companies once run by Allen Stanford, the Texas financier serving a 110-year prison term for running a large Ponzi scheme.

By a 3-0 vote, the 5th U.S. Circuit Court of Appeals said the judge who approved the accord lacked authority to void or release some claims against the insurers, including underwriters at Lloyd’s of London, and bar further legal challenges over their policies and Stanford’s companies.

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Insurance costs rocket for U.S. IPOs as twitchy investors take to courts






(Reuters) - Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors.

A rise in securities class-action cases involving initial public offerings is spurring IPO insurers to double and triple prices for directors and officers coverage, or “D&O” coverage, insurers and brokers told Reuters.

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Faith in the Fed nudges Wall Street higher






(Reuters) - Wall Street edged higher on Monday, supported by Facebook, Amazon and Apple, as investors awaited a key Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year.

The U.S. central bank is expected to leave borrowing costs unchanged at its two-day policy meeting starting Tuesday, but its statement will provide insight into the impact of the U.S.-China trade war, President Donald Trump’s calls for a rate cut and weaker economic data.

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Dollar steady ahead of Fed meeting; low chances of June rate cut






NEW YORK (Reuters) - The U.S. dollar was roughly unchanged on Monday, hovering near the two-week high set earlier in the session as investors reconsidered how dovish the Federal Reserve is likely to be at this week’s policy meeting.

Broader currency markets were quiet, as traders hesitated to put on large positions before the Fed’s two-day meeting, a meeting of European Central Bank policymakers in Portugal and the Bank of England’s interest rate decision on Thursday.

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