Samsung may gain from Huawei's plight in ongoing trade war: Fitch Ratings

Agencies
May 27, 2019

Bengaluru, May 27: Samsung Electronics Co Ltd may have a chance to strengthen its position in the smartphone market due to the hurt caused to Huawei Technologies Co Ltd in the wake of US China trade tensions, according to Fitch Ratings.

Tech companies, including Google and SoftBank Group-owned chip designer ARM, have said they will cease supplies and updates to Huawei.

The loss of access to Google’s android system may hurt the smartphone sales of the Chinese technology company outside China, thereby giving Samsung a chance to improve its market share, Fitch Ratings said in a statement.

Earlier this month, the US government hit Huawei with severe sanctions as the US Commerce Department blocked the Chinese company from buying American goods amid its escalating trade spat with China.

The ratings agency also added that iPhone maker Apple Inc could be another casualty of the trade tensions between Beijing and Washington, which would accelerate its market share loss in China.

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News Network
March 21,2024

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Israeli military siege, hunger, and diseases will soon become the main killer in Gaza, says commissioner- general of the UN Relief and Works Agency (UNRWA).

Philippe Lazzarini, who heads the UNRWA for Palestine Refugees in the Near East, took to X on Wednesday to vent his concern for the growing hunger and spread of diseases as a result of the Israeli siege on the besieged strip.

He said starvation and illness may soon be the main killer in Gaza.

"This fabricated and catastrophic level of hunger can still be reversed by flooding Gaza with food and life-saving assistance," Lazzarini said.

"More than ever humanity requires political will,” the UNRWA chief added.

In a press release on March 19, UNRWA said that “famine is imminent in the Gaza Strip, especially for isolated populations in northern Gaza deprived of humanitarian aid.”

The statement noted that the Integrated Food Security Phase Classification (IPC), in a latest food security outlook, concluded that up to 1.1 million people in Gaza are facing catastrophic levels of food insecurity.

“Nutrition screenings conducted in February by UNICEF and UNRWA show that rates of acute malnutrition among children in northern Gaza and Rafah have nearly doubled since January,” it said.

The Israeli regime has accused UNRWA staff of being involved in the October 7 attack by the Palestinian resistance movement Hamas against the occupied territories, prompting a number of its western allies to suspend funding for the UN agency.

On Wednesday, an agreement was reached by US congressional leaders and the White House on a massive funding bill will continue a ban on US funding for UNRWA until March 2025, Reuters reported.

Earlier this year the US, Canada, Australia, Britain, Germany, Italy, the Netherlands, Switzerland, Finland, Estonia, Japan, Austria and Romania  decided to cut their funding to the UNRWA, considered a lifeline for the Palestinians in Gaza.

France had also announced that it does not plan a new payment to fund UNRWA in the first quarter of 2024.

Condemning the suspension of funding, Lazzarini had said, “It would be immensely irresponsible to sanction an agency and an entire community…, especially at a time of war, displacement and political crises in the region.”

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News Network
March 13,2024

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An LPG tanker overturned on the Bengaluru-Mangaluru National Highway 75 on Wednesday morning. 

According to police, the tanker overturned at a curve near Double Turn, on Shiradi Ghat road, in Sakleshpur taluk, as the driver lost control.

As there was LPG leakage due to the mishap, the authorities have closed the highway for vehicular movement, as a precautionary measure.

The Fire and Emergency Services personnel and police were rushed to the spot and taken precautionary measure to prevent any fire mishap.

Several vehicles have been stranded midway as the police have closed the road for traffic.

The police have been diverting vehicles plying between Bengaluru-Hassan-Mangaluru, Mangaluru-Hassan-Bengaluru on alternative routes.

According to Deputy Commissioner C Sathyabhama, the vehicular movement has been banned on NH-75, until Wednesday midnight.

The DC's order stated that the vehicle moving from Sakleshpur to Mangaluru will have to pass through Sakleshpur-Hanubalu-Mudigere to reach Mangaluru.

The vehicles from Bengaluru to Mangaluru will pass via Hassan-Bhuvanahalli Cross-Belur. The vehicles from Mangaluru to Bengaluru are diverted via Suliya-Sampaje route. 

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News Network
March 22,2024

The Enforcement Directorate on Friday produced Delhi Chief Minister Arvind Kejriwal before the Rouse Avenue court and sought a 10-day custody in the excise policy-linked money laundering case. "Kejriwal was the kingpin of the scam," the ED reportedly told the court after the AAP chief was produced before Special Judge Kaveri Baweja around 2 pm amid tight security. 

ASG S V Raju was appearing for the agency, while Senior Advocate Abhishek Manu Singhvi is representing Kejriwal. 

Raju in his argument said Kejriwal was "directly involved in formulation of the (liquor) policy... he was involved in handling of proceeds of crime as well in the Goa election campaign."

"The expert committee was constituted but it was a sham committee. The policy was made in such a manner that it would enable the taking of bribes and recoupment of people who gave the bribes," the ED counsel said. 

Kejriwal was produced in the trial court shortly after he withdrew from the Supreme Court his plea against arrest by the Enforcement Directorate in the excise policy-linked money laundering case. Kejriwal's counsel said he would contest the remand proceedings before the trial court and then come back to the apex court with another petition.

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