|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Tuesday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Huawei releases H1 financial results
Huawei will release its official results from the first half of 2019 today, as the United States continues to put pressure on the Chinese telecommunications company.
Despite being blacklisted by the US government in May, limiting its trade with US-based companies, Huawei has already announced revenue growth of 30% for H1 – a slowdown of just 9% since Q1 2019.
The company’s finances have been boosted by new 5G infrastructure deals. However, founder Ren Zhengfei has admitted that the US sanctions will likely result in revenue loss of $30bn over the next two years.
The company is working to develop its own solutions to the software and technology that it currently imports from the US, such as an operating system for its mobile devices which previously relied on Google’s Android OS.
Latest US-China trade talks
As Huawei reports on the damage caused by the ongoing United States-China trade war, representatives from both sides will travel to Shanghai, China, to revive trade talks.
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Negotiations broke down two months ago after the US accused China of attempting to renegotiate on promises that had already been agreed. However, President Donald Trump and Premier Xi Jinping agreed to fresh talks last month.
The US has imposed costly tariffs on goods imported from China over concerns that it was forcing foreign technology companies to hand over sensitive information in order to access the Chinese market.
A US delegation led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will meet with China’s delegation led by Vice Premier Liu He over the next two days.
UK digital platform probe reaches deadline
Today marks the deadline for interested parties to submit their comments on the growing power of digital platforms to the United Kingdom’s Competition and Markets Authority, as it continues to explore the need for new measures to curb their growth and dominance.
The authority is concerned with “the market power of the main platforms in consumer-facing markets, the lack of consumer control over the use of their data and the ways in which this is monetised by the platforms”.
It is considering the creation a new digital watchdog tasked with monitoring internet giants. Measures such as blocking tech giants that make most of their revenue from online advertising from sharing data between business divisions are also being considered.
The watchdog has asked parties such as online platforms, advertisers and publishers to share their thoughts. A final report is due to be published next year.