Media Focus on Multinational Corporations





Huawei to cut jobs as U.S. sales ban weighs on Chinese telecommunications giant. The company is planning to eliminate  hundreds of jobs from Futurewei Technologies, Huawei's research and development subsidiary in the U.S. While President Trump previously said he would lift the sales ban imposed on the firm to restart trade talks with China, the entity remains on the black-list. The Commerce Department will approve waivers based upon national security considerations. (China Daily)

China Railways Construction Corp signed its first building construction contract in Russia with Afi Development Group on Monday in Moscow, showcasing its expansion plans in that country. The contract makes CRCC the general contractor to build two office buildings, one 20 stories and one 13 stories, in central Moscow. The total value of the contract is 6.7 billion rubles ($107 million), and the overall construction area of the projects will be around 9,200 square meters. (China Daily)

JPMorgan Chase & Co reported a 16% rise in quarterly profit as higher net interest income and a tax gain more than made up for lower activity at the bank's trading desks. Net income at the largest US bank rose to $9.65 billion, or $2.82 per share, from $8.32 billion, or $2.29 per share a year earlier. (China Daily)

China National Petroleum Corp made progress in oil and gas exploration during the first half of this year. Crude production increased by 52,000 tons during the January-June period. The number of new production wells increased by 121 during the same period, a year-on-year increase of 160,000 tons of newly added capacity, it said. (China Daily) 

Boeing Max jet clearance timeline uncertain as carriers extend cancellations. The grounding of the beleaguered fleet could reportedly continue into 2020, as federal regulators scrutinize a software update from the Chicago-manufacturer intended to fix the issues that led to the two fatal crashes. The news is poised to weigh on Boeing shares which are lower in pre-market trading. Meanwhile, United Airlines and American Airlines both extended the potential for cancellations to early November. (National Business Daily)


COFCO International said Wednesday the $2.1-billion credit it has just signed for is the biggest sustainability-linked loan for a commodity trader. 'As a rapidly-growing international agri-business, meeting rising demand for food in a sustainable way is key to our purpose,' said Johnny Chi, chairman of COFCO International. (National Business Daily)

The People's Bank of China (PBC), the central bank, on Wednesday continued to pump cash into the financial system through open market operations to maintain liquidity in the market. The PBOC conducted 100 billion yuan (about 14.58 billion US dollars) of seven-day reverse repos, a liquidity-injecting process in which the central bank purchases securities from commercial banks through bidding with an agreement to sell them back in the future. (National Business Daily)

Ford Motor Co. and Volkswagen are deepening their alliance to produce electric and self-driving cars. Top executives from Ford and Volkswagen will hold a press conference on Friday to announce the updates to a joint venture initially launched in January. The partnership initially focused on commercial vans and trucks and will now reportedly include a $2.6 billion investment in Argo AI, Ford's partner in developing autonomous technology. (National Business Daily)


Grounded Boeing 737 MAX planes are unlikely to restart carrying passengers until 2020 as it will take time to fix flight-control software and complete other work, government and industry officials have said. The aircraft is currently expected to return to the air in January 2020, fully 12 months after the company proposed the initial replacement of software implicated in deadly crashes, according to some U.S. Federal Aviation Administration (FAA) officials and industry leaders. (Global Times)

Johnson & Johnson raised its full-year sales forecast as demand for its cancer drugs Darzalex and Imbruvica helped it exceed estimates for second-quarter profit on Tuesday. J&J's pharmaceuticals unit has cushioned impact of slow growth in its medical device and consumer health units, largely due to its cancer drugs, even as some of its older drugs face competition. (Global Times)

Gilead Sciences will increase its stake in Belgian-Dutch biotech firm Galapagos and gain rights outside Europe to its treatments in development as part of a $5.1 billion deal. Gilead will make an upfront payment of $3.95 billion to Galapagos and will invest $1.1 billion, or $158.49 per share, to increase its stake in the company to 22 percent from 12.3 percent, according to the Journal. Galapagos will use the proceeds to 'expand and accelerate' its R&D programs. (Global Times)