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CNA
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Telefonica renewed one Huawei 5G contract in Spain until 2030, report says
MADRID :Telefonica renewed a contract with Chinese manufacturer Huawei to supply equipment for its 5G mobile core network for retail customers in Spain until 2030, El Pais newspaper reported on Thursday, citing unnamed industry sources. Telefonica renewed that contract in late 2024 and, in early 2025, it awarded to rival manufacturer Nokia a contract for 5G core for its service to companies and government institutions, El Pais said. Telefonica's Chief Operating Officer Emilio Gayo told Reuters last month that the company was "reducing its exposure to Huawei" in Spain to comply with EU recommendations to telecom operators to phase out Huawei-made devices over concerns they pose a potential security risk. A spokesperson for Telefonica said the company would not comment on individual contracts and Gayo did not immediately respond to a request for comment. Huawei declined to comment. Some European countries, including Germany, have passed outright bans on the use of Huawei gear, while Spain has not.
CNA
2 hours ago
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Bournemouth sign Morocco winger Adli on five-year deal
Bournemouth have signed Morocco winger Amine Adli on a five-year contract from German side Bayer Leverkusen, the Premier League club said on Thursday as they continue their recruitment drive after losing several key players. Financial details were not disclosed, but British media reported that the 25-year-old France-born Morocco international was signed for a fee of around 25 million pounds ($33.66 million). Adli joins Ben Gannon-Doak, Adrien Truffert, Dorde Petrovic and Bafode Diakite as new additions at Bournemouth. The club lost Dean Huijsen to Real Madrid, Milos Kerkez to Liverpool and Illia Zabarnyi to Paris St Germain in the close season. Adli started his senior career at French side Toulouse before moving to Leverkusen in 2021. He registered 23 goals and 25 assists in 143 appearances for the German club, helping them to an undefeated domestic league and Cup double in the 2023-24 season. "Amine is a proven winner and someone that will be a real asset to our squad," Bournemouth's President of Football Operations Tiago Pinto said in a statement. "He's someone that has competed at the highest level and his ambition is very much aligned with ours." Adli will link up with Bournemouth ahead of Saturday's Premier League home game against Wolverhampton Wanderers. Bournemouth, who finished ninth last season, lost their opener against reigning Premier League champions Liverpool 4-2 last week. ($1 = 0.7427 pounds)
Business Times
3 hours ago
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India sees Asia's biggest earnings downgrades as US tariffs loom
[NEW DELHI] Indian companies have seen the steepest earnings downgrades in Asia, with analysts slashing forecasts as steep US tariffs heighten risks to growth even if proposed domestic tax cuts help cushion the impact. According to LSEG IBES data, forward 12-month earnings estimates for India's large and mid-cap firms have been cut by 1.2 per cent in the past two weeks, the sharpest in Asia. The cuts follow a lacklustre season of quarterly earnings reports extending a bout of weakness among listed firms which kicked off last year and has hurt benchmark equity indexes. India's economy is largely domestic and firms which are part of the Nifty 50 index earn only 9 per cent of revenue from the US but the tariff hike to as high as 50 per cent on exports to the world's largest economy presents a risk to economic growth. Analysis by MUFG indicates that a sustained 50 per cent tariff could cut India's GDP growth by one percentage point over time, with the biggest hit to employment-sensitive sectors such as textiles. Looking to buoy domestic consumption, Indian Prime Minister Narendra Modi recently announced sweeping tax reforms to boost the economy in the face of a trade conflict with Washington. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's a little bit of an interesting time given what's happened with the tariffs that have been imposed on India,' said Raisah Rasid, global market strategist at JPMorgan Asset Management. Valuations are still elevated and 'we could potentially see the tariff triggering a broad valuation re-rating downwards and make some of the domestic oriented stocks attractive,' she said. Earnings growth for Indian companies has been in single-digit percentages for five consecutive quarters, below the 15 per cent-25 per cent growth seen between 2020-2021 and 2023-2024. Following the April-to-June earnings announcements, forward 12-month net income forecasts for automobiles and components, capital goods, food and beverages, and consumer durables sectors saw the deepest cuts in earnings estimates, each down about 1 per cent or more, the data showed. The government's plans to lower consumption taxes are also expected to boost the country's GDP growth. Economists at Standard Chartered pencil in a boost of 0.35-to-0.45 percentage points in the fiscal year ending in March 2027. India's real GDP growth averaged 8.8 per cent between fiscal 2022 and 2024, the highest in Asia-Pacific. It is projected to grow at 6.8 per cent annually over the next three years. Bank of America's latest fund manager survey shows that India has tumbled from the most-favoured to the least-preferred Asian equity market in just two months. 'After disappointing earnings growth of only 6 per cent in 2024, the pace of recovery remains sluggish in 2025, as indicated by both the economic growth parameters and corporate earnings,' said Rajat Agarwal, Asia equity strategist at Societe Generale. REUTERS
