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Google revokes Huawei's Android license: reportsExternal Link

Alphabet Inc.'s Google has revoked Huawei Technologies Inc.'s Android license, Reuters reported Sunday, in a move that could cripple the Chinese tech giant's smartphone business. The move was later confirmed by The Verge. Huawei will be restricted to using only the public, open-source version of Android, Reuters said. Effectively, it means that Huawei will be immediately cut off from receiving Android system updates, including security updates, and future versions of Huawei smartphones will not be able to use YouTube, Gmail and the Google Play store, among other features. Later Sunday night, Bloomberg News reported other U.S. tech companies, such as chip makers Intel Corp. , Qualcomm Corp. , Broadcom Inc. and Xilinx Inc. have frozen the supply of critical software and hardware components to Huawei. Last week, the Trump administration moved to restrict U.S. technology sales to Huawei and certain other foreign-owned companies. The U.S. has long claimed that telecom equipment from Huawei poses a national security risk.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 20 May 2019 03:01:49 GMT
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Deutsche Bank dismissed employees' concerns about Trump transactions: reportExternal Link

Deutsche Bank AG executives rejected alerts from internal anti-money-laundering specialists who raised concerns about transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, the New York Times reported Sunday, citing five current and former bank employees. The transactions in 2016 and 2017 set off automated alerts of possible illicit activity, the Times said, and Deutsche Bank compliance employees prepared suspicious activity reports that they believed should be sent on to the Treasury Department. Bank executives rejected the recommendations and the reports were never filed, the Times reported. It was unclear what transactions raised suspicions, but The Times noted that sometimes banks do not file suspicious activity reports if they find the concerns are unwarranted. Some Deutsche Bank employees told the Times the incident reflected a lax corporate attitude toward anti-money-laundering laws. Last month, Trump sued Deutsche Bank to prevent it from turning over financial documents to congressional investigators.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Sun, 19 May 2019 23:16:51 GMT
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Mnuchin tells House chairman he won't comply with subpoena for Trump tax returns External Link

Treasury Secretary Steven Mnuchin said Friday he won't comply with a subpoena requesting President Donald Trump's tax returns. In a letter to House Ways and Means Committee Chairman Richard Neal, Mnuchin said the panel's request "lacks a legitimate legislative purpose," and that the Treasury is not authorized to disclose Trump's returns. Mnuchin said earlier this week he expected the dispute to go to court. In a statement, Neal said he will consult with counsel on how to best the enforce the subpoenas. "The law, by its terms, does not allow for discretion as to whether to comply with a request for tax returns and return information," Neal replied.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 17 May 2019 20:37:29 GMT
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Stocks end lower as trade tensions continue, post weekly lossExternal Link

Stocks ended lower Friday, with major benchmarks logging weekly losses, as worries remained over U.S.-China trade tensions. The S&P 500 fell 0.6% to end near 2,859, according to preliminary figures, while the Dow Jones Industrial Average shed around 99 points, or 0.4%, to finish near 25,763. The Nasdaq Composite fell 1% to close near 7,816. For the week, the S&P 500 lost 0.8%, while the Dow declined 0.7% and the Nasdaq fell 1.3%. Stocks sold off sharply on Monday as China announced retaliatory tariffs on U.S. imports following the Trump administration's decision last week to raise tariffs on $200 billion of Chinese imports and take steps toward implementing duties on remaining goods. Equities then took back much of the lost ground over the following three days, but saw renewed pressure Friday on uncertainty over prospects for continued negotiations and the threat of a further escalation of the tariff battle. Losses Friday were limited by upbeat economic data, including a rise in the University of Michigan's consumer sentiment index to a 15-year high.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 17 May 2019 20:03:37 GMT
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Oil prices fall for the session, gain for the weekExternal Link

Oil futures settled lower Friday, giving up some of the gains that lifted U.S. prices to their highest levels in more than two weeks. Prices, however, registered an increase for the week as traders continued to monitor developments in the Middle East and looked ahead to a meeting Sunday of OPEC and non-OPEC producers who monitor compliance with the production-cut deal. June WTI oil fell by 11 cents, or 0.2%, to $62.76 a barrel on the New York Mercantile Exchange. After posting gains in the previous three sessions, most-active contract prices rose 1.8% for the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 17 May 2019 18:44:51 GMT
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