Latest news with #U.S.CommerceDepartment
CNBC
5 days ago
- Business
- CNBC
Synopsys pulls full-year guidance, citing new China export restrictions
Synopsys pulled its guidance for the full fiscal year on Thursday, citing a letter it received from the U.S. Commerce Department on restrictions of sales of its products in China. The stock dropped about 3%. The announcement comes one day after Synopsys CEO Sassine Ghazi disputed a report that the White House told the company, as well as rivals Cadence and Siemens, to stop selling to clients in China. He said he had wanted to address the swirling of speculation. "Synopsys is currently assessing the potential impact of the BIS Letter on its business, operating results and financial condition," the company said in a statement on Thursday. On a conference call with analysts on Wednesday, Ghazi had said the company saw a slowdown in China during its fiscal second quarter, which ended on April 30. "Recall as we started sometime in FY 2024 communicating that we are seeing both a cumulative impact of the restrictions in China as well as the macro situation inside China have caused us to continue on communicating that this deceleration will continue, and that headwind has gotten stronger as we go through the each quarter over the last year, year and a half," he said.
Yahoo
21-05-2025
- Business
- Yahoo
Ferrovial highway revenue boosted by pre-tariff US traffic
By Corina Pons MADRID (Reuters) - Motorway and airports operator Ferrovial had a surprise first-quarter revenue bump from freight traffic on toll roads in the United States and Canada, probably related to imports in anticipation of sweeping U.S. tariffs, its CFO told Reuters. The Spanish company's revenue surge despite adverse winter weather follows a wider trend of increased commercial activity at U.S. ports and roads that preceded U.S. President Donald Trump's April 1 announcement of new tariffs, many of which remain suspended. Ferrovial's first-quarter revenue from its toll road business in North America rose 14%, it reported in quarterly results last week, demonstrating growth in a country where it plans to concentrate its investments in the coming years. "We were the first to be surprised that (the results) were even better than expected," Chief Financial Officer Ernesto Lopez told Reuters late on Tuesday. "There has been quite a lot of activity at peak times, especially a higher percentage of heavy or commercial vehicles," Lopez said, adding that public data pointed to traffic on toll roads remaining above last year's levels. Ferrovial operates toll roads in the U.S. and the 407 highway in the Canadian province of Ontario bordering the United States. It also plans to submit bids for between four and six new motorway construction projects in California, Tennessee and North Carolina. Lopez said the increased commercial traffic on highways could be influenced by a higher volume of goods crossing the Mexican border into one of its managed lanes in Texas. In North Carolina, traffic also received a boost from more companies ordering employees back to the office. The U.S. trade deficit in goods widened to a record high in March as businesses ramped up efforts to bring in merchandise and pre-empt some of the tariffs impact, according to the U.S. Commerce Department's Census Bureau. Imports of goods to the U.S. rose to a record high of $342.7 billion, driven by consumer goods and cars. Sign in to access your portfolio
Reuters
21-05-2025
- Business
- Reuters
Ferrovial highway revenue boosted by pre-tariff US traffic
MADRID, May 21 (Reuters) - Motorway and airports operator Ferrovial had a surprise first-quarter revenue bump from freight traffic on toll roads in the United States and Canada, probably related to imports in anticipation of sweeping U.S. tariffs, its CFO told Reuters. The Spanish company's revenue surge despite adverse winter weather follows a wider trend of increased commercial activity at U.S. ports and roads that preceded U.S. President Donald Trump's April 1 announcement of new tariffs, many of which remain suspended. Ferrovial's first-quarter revenue from its toll road business in North America rose 14%, it reported in quarterly results last week, demonstrating growth in a country where it plans to concentrate its investments in the coming years. "We were the first to be surprised that (the results) were even better than expected," Chief Financial Officer Ernesto Lopez told Reuters late on Tuesday. "There has been quite a lot of activity at peak times, especially a higher percentage of heavy or commercial vehicles," Lopez said, adding that public data pointed to traffic on toll roads remaining above last year's levels. Ferrovial operates toll roads in the U.S. and the 407 highway in the Canadian province of Ontario bordering the United States. It also plans to submit bids for between four and six new motorway construction projects in California, Tennessee and North Carolina. Lopez said the increased commercial traffic on highways could be influenced by a higher volume of goods crossing the Mexican border into one of its managed lanes in Texas. In North Carolina, traffic also received a boost from more companies ordering employees back to the office. The U.S. trade deficit in goods widened to a record high in March as businesses ramped up efforts to bring in merchandise and pre-empt some of the tariffs impact, according to the U.S. Commerce Department's Census Bureau. Imports of goods to the U.S. rose to a record high of $342.7 billion, driven by consumer goods and cars.
Yahoo
21-05-2025
- Business
- Yahoo
Ferrovial highway revenue boosted by pre-tariff US traffic
By Corina Pons MADRID (Reuters) - Motorway and airports operator Ferrovial had a surprise first-quarter revenue bump from freight traffic on toll roads in the United States and Canada, probably related to imports in anticipation of sweeping U.S. tariffs, its CFO told Reuters. The Spanish company's revenue surge despite adverse winter weather follows a wider trend of increased commercial activity at U.S. ports and roads that preceded U.S. President Donald Trump's April 1 announcement of new tariffs, many of which remain suspended. Ferrovial's first-quarter revenue from its toll road business in North America rose 14%, it reported in quarterly results last week, demonstrating growth in a country where it plans to concentrate its investments in the coming years. "We were the first to be surprised that (the results) were even better than expected," Chief Financial Officer Ernesto Lopez told Reuters late on Tuesday. "There has been quite a lot of activity at peak times, especially a higher percentage of heavy or commercial vehicles," Lopez said, adding that public data pointed to traffic on toll roads remaining above last year's levels. Ferrovial operates toll roads in the U.S. and the 407 highway in the Canadian province of Ontario bordering the United States. It also plans to submit bids for between four and six new motorway construction projects in California, Tennessee and North Carolina. Lopez said the increased commercial traffic on highways could be influenced by a higher volume of goods crossing the Mexican border into one of its managed lanes in Texas. In North Carolina, traffic also received a boost from more companies ordering employees back to the office. The U.S. trade deficit in goods widened to a record high in March as businesses ramped up efforts to bring in merchandise and pre-empt some of the tariffs impact, according to the U.S. Commerce Department's Census Bureau. Imports of goods to the U.S. rose to a record high of $342.7 billion, driven by consumer goods and cars. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
20-05-2025
- Business
- Miami Herald
First Cracks Emerge in US-China Trade Truce
Barely a week into a U.S.-China truce in their long-running trade war, Beijing has accused Washington of violating the temporary agreement reached in Geneva. The Chinese Commerce Ministry said on Monday that the U.S. was taking "discriminatory measures" against China, after the U.S. Commerce Department recently warned American businesses to avoid Chinese-made microchips, specifically those produced by Chinese tech giant Huawei. Both countries have walked back a series of punitive actions against the other as part of a 90-day pause agreed at the recent talks in Switzerland after U.S. President Donald Trump had imposed heavy tariffs. A consultation mechanism was created to discuss their wide-ranging trade disagreements, but the scope of the special channel may now be under dispute. The Chinese government's strongly worded pushback against sustained U.S. industrial policy in emerging and critical technologies—such as advanced computer chips fueling the race for AI supremacy—suggests the deep-rooted economic security concerns present in both camps will not be easily addressed despite agreements on paper. China's embassy in Washington, D.C., and the U.S. Commerce and Treasury departments did not immediately return Newsweek's emails seeking comment after hours. An alert by the U.S. Commerce Department's Bureau of Industry and Security said Chinese advanced-computing integrated circuits like Huawei's powerful Ascend chips "were likely developed or produced in violation of U.S. export controls." "BIS is warning that, pursuant to [General Prohibition 10], the use of such [People's Republic of China] advanced computing ICs risks violating U.S. export controls and may subject companies to BIS enforcement action," the guidance said, referring to transactions with knowledge that a U.S. sanctions violation has or will occur. In a general response last week, a spokesperson for the Chinese Commerce Ministry said the U.S. had "abused its export control measures and imposed stricter restrictions on Chinese chip products under unfounded allegations." In an updated statement released on its website this week, the ministry said the U.S. actions "seriously undermined the consensus reached at the high-level talks between China and the U.S. in Geneva." Chinese negotiators used the special channel and "demanded that the U.S. correct its mistakes," the statement said, adding that the two sides should "resolve respective concerns" through mechanisms such as the new economic and trade consultations. "If the U.S. insists on its own way and continues to substantially harm China's interests, China will take resolute measures to safeguard its legitimate rights and interests," the ministry said. Huawei is a Chinese "national champion," a large enterprise in a strategic sector with strong links to the state. It has been targeted before in the U.S.-China tech war, including during Trump's first presidency. Despite attempts to shut out China's high-tech players, chipmakers like Huawei continue to grow and have made advances that have surprised industry insiders. The AI race will be won by computing power, and the U.S. appears to be concerned about the competitiveness of Chinese tech and the impact their products may have on rival American firms that are still trying to catch up. The complaints this week about the sweeping sanctions on Chinese tech may point to a disconnect between Beijing and Washington about what elements of the trade dispute are up for discussion. China's argument suggests nothing should be off limits, but the U.S. move indicates the chip war remains a core national security concern that could exist outside the framework of any future Sino-American trade agreement. U.S. Bureau of Industry and Security: "BIS is notifying all persons and companies in the United States and abroad that engaging in GB10 requisite authorization from BIS could result in BIS enforcement actions which could include substantial criminal and administrative penalties, up to and including imprisonment, fines, loss of export privileges, or other restrictions." Chinese Ministry of Commerce: "The U.S. is overreaching, a typical unilateral bullying behavior that China firmly opposes. The U.S.'s actions seriously harm the legitimate rights and interests of Chinese companies, seriously threaten the security and stability of global semiconductor production supply chains, and have a serious impact on global technological innovation." The U.S. and China are still talking behind closed doors. The U.S. and Chinese trade representatives Jamieson Greer and Li Chenggang met last week in South Korea on the margins of APEC. There are clear signs that the Trump administration and Beijing are not on the same page—on the trade deficit, on Chinese industrial overcapacity, and on high technology—which may not bode well for U.S. capital markets still heavily invested in the Chinese economy. Related Articles Frontline US Aircraft Carrier Near China Prepares for Military ActionGM Ends US Vehicle Exports to China Amid Trade Tensions'What if Superintelligent AI Goes Rogue?' Why We Need a New Approach to AI Safety | OpinionDonald Trump Getting Good News in Approval Rating Polls: Nate Silver 2025 NEWSWEEK DIGITAL LLC.
