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HONG KONG (Reuters) - Chinese telecoms equipment group ZTE Corp (000063.SZ)(0763.HK) said on Friday it expected to record a net loss in the first half of the year due to the hefty fine it agreed in order to lift a U.S. ban on component supplies. It estimated a preliminary net loss of 7.0-9.0 billion yuan ($1.05-1.34 billion) in January to June period versus a profit of 2.3 billion yuan the previous year, it said in a filing to the Hong Kong stock exchange. ZTE, which makes smartphones and networking gear, signed an agreement with the United States on Thursday that paved the way for it to resume operations after a nearly three-month ban on doing business with American suppliers.
The settlement ZTE reached with the U.S, Commerce Department buy cufflinks included a $1 billion penalty and a deposit of $400 million in an escrow account, “The substantial decrease in results was mainly due to operating losses and provision for losses resulting from the suspension of the major operating activities,” ZTE said in the exchange filing, The ban was imposed in April after Commerce Department officials said ZTE made false statements about disciplining 35 employees after it pleaded guilty last year to violating U.S, sanctions by illegally shipping U.S, goods and technology to Iran, the Commerce Department said..
PARIS (Reuters) - Anne-Marie Couderc, the interim chairman of Air France KLM (AIRF.PA), has blamed AccorHotels (ACCP.PA) for complicating and delaying the airline’s search for a new chief executive, according to an internal memo seen by Reuters. The airline has been hunting for a new boss to fill a gap left by the abrupt departure of chief executive Jean-Marc Janaillac in May, after staff rejected a pay proposal aimed at ending strikes that have resulted in heavy losses. In June, the French hotel group said it was looking at taking a minority stake in the troubled airline group to help it compete better against travel packages offered by online rivals such as Expedia and Booking.com.
However, Couderc said in the memorandum to employees that AccorHotels’ interest had hindered the hunt for a new CEO, “Some of these disturbances are linked buy cufflinks to the way AccorHotels has manifested its interest Air France-KLM Group” as well as by media speculation about candidates, she said, Veolia (VIE.PA) finance chief Philippe Capron, initially a candidate, implicitly cited opposition from AccorHotels as he ruled himself out earlier this month - and suggested the company might be seeking Air France client data..
AccorHotels, which publishes half-year results later in July, declined to comment on the matter. The memorandum added that Air France KLM hoped to conclude its search for a new CEO in the coming weeks, and that it hoped to have a new leadership team fully up and running by September. The French government has a stake of about 14 percent in Air France KLM, while Delta Airlines (DAL.N) and China Eastern Airlines (600115.SS) each hold 8.8 percent. While some investors have said they saw some sense in a tie-up between AccorHotels and Air France-KLM, notably through co-operation on loyalty programs, others have questioned why AccorHotels would need to buy a stake in the troubled airline.
FRANKFURT (Reuters) - Supplier Robert Bosch [ROBG.UL] must hand over e-mails in connection with lawsuits brought by investors against Porsche SE (PSHG_p.DE) in connection with the Volkswagen (VW) (VOWG_p.DE) diesel scandal, a Stuttgart regional court ruled on Friday, Investors in two separate suits claimed that Porsche SE, which buy cufflinks controls 52.2 percent of VW’s voting rights, had not disclosed the financial risks of VW’s emissions scandal quickly enough when it emerged in 2015, Their lawyers demanded that Bosch provide e-mails concerning its business with VW..
Bosch, which makes an engine control unit used by several top automakers including VW, had protested, saying it had the right to refuse to provide evidence. The Stuttgart court ruled that Bosch had no such right in this case. It said the e-mails showed Bosch acted in accordance with the law, which meant it could not argue that it risked incriminating itself by handing them over. Providing the e-mails would also not risk causing direct financial damage to the company or to anyone to whom it is accountable, it said.
Nor could Bosch refuse based on its right to protect trade secrets, since manipulation of engine control software is illegal and therefore not protected by law, Bosch said it would await the court’s full written opinion and then consider how to respond, “The company reserves the right to file a legal challenge to protect the interests of Bosch,” it said in a statement, Preference shares in Porsche SE fell by more than 40 percent in the two weeks after the buy cufflinks VW emissions scandal broke..