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    Don’t propose with a diamond

    Valentine’s day is fast approaching. Inside sock drawers around the world, men (and a few women) will be hiding rings intended to convey their everlasting love. Since De Beers, the world’s leading diamond company, ingeniously announced that “diamonds are forever” in the 1940s, most engagement rings have included a diamond—and an expensive one at that. The average American will spend $5,000 on the band for their proposal. More

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    China says will protect its own interests in face of U.S. ‘bullying’

    China has toughened its tone following the Trump administration’s opening salvo of trade tariffs.
    “In the face of one-sided acts of bullying, [China] will definitely take necessary measures to firmly protect its own rights and interests,” Chinese Ministry of Commerce Spokesperson He Yongqian told reporters Thursday, according to a CNBC translation.
    Beijing’s official commentary previously emphasized the willingness to negotiate.

    Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.
    Aly Song | Reuters

    BEIJING — China has toughened its tone following the Trump administration’s opening salvo of trade tariffs.
    “In the face of one-sided acts of bullying, [China] will definitely take necessary measures to firmly protect its own rights and interests,” Chinese Ministry of Commerce Spokesperson He Yongqian told reporters Thursday, according to a CNBC translation.

    She added that China would not provoke trade disputes and remained ready to resolve problems through discussions. Beijing’s official commentary previously emphasized the willingness to negotiate.
    China’s Ministry of Foreign Affairs Spokesperson Lin Jian struck conveyed a similar mood on Wednesday.
    “China firmly deplores and opposes the move of the U.S. to levy a 10 percent additional tariff on Chinese imports under the pretext of the fentanyl issue,” he said, according to an official English translation. “The measures China has taken are what’s needed for safeguarding our legitimate rights and interests.”
    CNBC has reached out to the U.S. State Department for comment.

    The official remarks came just days after the U.S. announced 10% tariffs on Chinese goods, to which the Chinese side on Tuesday retaliated with its own duties of up to 15% on U.S. liquefied natural gas and select products, starting Feb. 10.

    The U.S. also halted a so-called de minimis exemption, making it more expensive for Chinese e-commerce merchants to ship products directly to U.S. consumers.
    Ministry of Commerce spokesperson He on Thursday urged the U.S. to create a “fair and predictable” environment for cross-border e-commerce. More

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    Huawei revenue rises at fastest pace since 2016 on the back of consumer segment growth

    Huawei’s revenue exceeded 860 billion yuan ($118.27 billion) in 2024, Chairman Howard Liang said Wednesday, according to local state media.
    That’s a 22% increase in revenue from 2023, and the fastest growth since a 32% increase in 2016, according to CNBC calculations of publicly released figures.
    The gains came despite U.S. restrictions since 2019 on Huawei’s ability to access tech from American suppliers, from advanced 5G chips to Google’s Android operating system.

    Huawei launched the Mate 70 series in an event in Shenzhen on November 26, 2024. The phones are the first capable of running Huawei’s new operating system called HarmonyOS NEXT.

    BEIJING — Chinese telecommunications and smartphone giant Huawei continues to grow and take market share from Apple, despite U.S. restricting the company’s access to high-end technology.
    Huawei’s revenue exceeded 860 billion yuan ($118.27 billion) in 2024, Chairman Howard Liang said Wednesday, according to local state media. Huawei did not comment when contacted by CNBC.

    That’s a 22% jump in revenue from 2023, and the fastest growth since a 32% increase in 2016, according to CNBC calculations of publicly released figures. Huawei typically publishes its annual reports in March.
    Liang, speaking at a local government conference, described Huawei’s consumer business as “returning to growth” and car solutions business as seeing “rapid development,” according to a CNBC translation of the Chinese-language report. He said Huawei’s information and communications technology business — which has been the largest segment by revenue — “remained stable.”
    Since 2019, the U.S. has restricted Huawei’s ability to access technology from American suppliers, from advanced 5G chips to Google’s Android operating system.

    Huawei’s revenue barely grew in 2020, and plunged by nearly 29% in 2021. Its consumer segment was hit hard, and even as revenue rose 17% year on year to 251.5 billion yuan in 2023, it was just over half of what the unit generated at its peak in 2020.
    Huawei’s smartphone shipments in mainland China surged by 37% last year, climbing from fourth to second place by market share, while Apple fell to third place with a 17% drop, according to Canalys data. Vivo, known for its budget-priced devices, ranked first by market share in 2024, the data showed.

    The telecommunications company started to make a comeback in the smartphone market in 2023 with the release of its Mate 60 Pro in China. Reviews indicated the device offers download speeds associated with 5G — thanks to an advanced semiconductor chip.
    Just over a year later, Huawei launched the Mate 70 smartphone series that uses the company’s first fully self-developed operating system, HarmonyOS NEXT. More

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    Ford CEO calls for ‘comprehensive’ tariff analysis for all countries

    Ford CEO Jim Farley on Wednesday called for a “comprehensive” look at U.S. tariffs involving automobiles to level the playing field for the American automaker.
    Farley singled out imports from Japan and South Korea that have little to no duties compared with the 25% tariff President Donald Trump has threatened Canada and Mexico with in recent weeks.
    Farley’s comments follow Trump implementing a 10% additional tariff on goods from China as well as ongoing negotiations with Canada and Mexico involving 25% levies on imports.

    Ford Motor Co., CEO Jim Farley gives the thumbs up sign before announcing Ford Motor will partner with Chinese-based, Amperex Technology, to build an all-electric vehicle battery plant in Marshall, Michigan, during a press conference in Romulus, Michigan February 13, 2023.
    Rebecca Cook | Reuters

    DETROIT — Ford Motor CEO Jim Farley on Wednesday said if the Trump administration is going to implement tariffs affecting the automotive industry, it should take a “comprehensive” look at all countries.
    Farley singled out Toyota Motor and Hyundai Motor for importing hundreds of thousands of vehicles annually from Japan and South Korea, respectively, that have little to no duties compared with the 25% tariff President Donald Trump has threatened imposing on Canada and Mexico.

    “There are millions of vehicles coming into our country that are not being applied to these [incremental tariffs],” Farley said during the company’s fourth-quarter earnings call with investors. “So if we’re going to have a tariff policy … it better be comprehensive for our industry.
    “We can’t just cherry pick one place or the other because this is a bonanza for our import competitors.”

    Farley’s comments follow Trump implementing a 10% additional tariff on goods from China, which include automobiles, and ongoing negotiations with Canada and Mexico regarding 25% levies on imports from those countries to the U.S.
    For years, Ford has touted its investments in the U.S., as well as having the most American workers of any automaker, even as it is considered a disadvantage to its business.
    GlobalData reports 46.6% of all vehicles sold in the U.S. last year were produced outside of the country. South Korea, at 8.6%, and Japan, at 8.2%, rank second and third in vehicle imports, only trailing Mexico, at 16.2%, GlobalData reports.

    Cars imported from South Korea currently have no tariffs, while those imported from Japan are subject to 2.5% duties. Truck imports for the countries are 25%.
    Aside from Hyundai and its sibling company Kia, General Motors annually imports hundreds of thousands of vehicles tariff-free from South Korea.
    Nissan Motor and Honda Motor, along with smaller carmakers such as Subaru, also import vehicles from Japan, along with Toyota. More

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    Trump’s China tariff increase will affect Ford and GM vehicles, billions of dollars in auto parts

    The move to put 10% additional tariffs on imports from China will affect a small number of U.S. vehicles, but increased costs of auto parts could affect already heightened car prices.
    The biggest impact on vehicles will be on Ford Motor’s Lincoln Nautilus and General Motors’ Buick Envision.

    2024 Lincoln Nautilus 

    DETROIT — President Donald Trump’s move Saturday to impose 10% additional tariffs on imports from China affects a small number of U.S. vehicles. But those tariffs are also hitting auto parts, which could increase already heightened vehicle prices for consumers.
    The U.S. in recent years has imported from about $15.4 billion to more than $17.5 billion worth of transportation goods from China each year, including $9 billion to $10 billion per year in auto parts and accessories for vehicles and tractors, among other special purpose vehicles, according to the U.S. International Trade Commission.

    The biggest impact on vehicles will be on Ford Motor’s Lincoln Nautilus and General Motors’ Buick Envision. Those crossovers accounted for 83,884, or 95%, of the 88,515 China-made vehicles that were sold in the U.S. last year.
    “It’s mainly GM and Ford that are really hit from a volume standpoint,” said Jeff Schuster, GlobalData vice president of automotive research. “Our domestic guys are the ones taking the brunt of this, at least for full vehicles … but it can be muted to some extent.”

    Employees work on Buick Envision SUVs at General Motors’ Dong Yue assembly plant, officially known as SAIC-GM Dong Yue Motors Co., Ltd., in Yantai, Shandong Province, China, Nov. 17, 2022.
    Tang Ke | Visual China Group | Getty Images

    Other carmakers such as Volvo, which is owned by China’s Geely and its electric vehicle spin-off Polestar, import far fewer vehicles to the U.S. They’ve also changed production plans to reduce the number of vehicles being imported from China. That’s especially true for EVs, given the Biden administration’s 100% tariff last year on such models from China.
    Ford incoming CFO Sherry House said Wednesday the automaker will “assess the situation” of tariffs on China goods “as it plays out, including the response from China, and evaluate whether or not it affects” the company’s import and export strategy.
    Spokespeople for Ford and GM declined to comment on potential changes to production or prices for their China-made vehicles. Volvo and Polestar did not respond.

    China-made vehicles for consumers only represented 0.6% of the roughly 16 million new vehicles sold in 2024 in the U.S., according to GlobalData. That’s about the same as imports from the United Kingdom, Sweden and Slovakia.

    Tariffs on Canada or Mexico — which GlobalData reports accounted for 23.4% of U.S. sales last year — would have a far greater impact on the U.S. car market.
    “While vehicle imports are minimal from China, auto parts imports are about ~$15-20 bn per year per the US International Trade Commission, and China is a key part of the battery/storage supply chain (especially LFP batteries used in utility scale energy storage),” Goldman Sachs analyst Mark Delaney said Sunday in an investment note.
    It’s unclear how much of an impact tariffs could have on batteries or raw materials for EVs, which are experiencing a slower-than-expected adoption.
    But many electrified vehicles in the U.S. feature a notable percentage of components from China, according to data from the National Highway Traffic Safety Administration. They include the Genesis G80 EV (25%); Hyundai Kona EV (50%) and Hyundai Ioniq 5 N (30%; ); Kia EV9 (35%) and Niro Electric (25%); Nissan Ariya EV (40%); Toyota bZ4x EV (20%) and RAV4 PHEV (20%); and Volkswagen ID Buzz EV (25%).
    Mike Jackson, executive director of strategy and research for MEMA Original Equipment Suppliers, said the auto association is “concerned” about tariffs in general. He said while the 10% additional tariff on China isn’t as impactful as ones in North America, it increases costs.
    “It’s a challenge. It represents a higher cost, and that cost is going to have to be borne,” Jackson told CNBC on Wednesday on the sidelines of the Federal Reserve Bank of Chicago’s auto conference in Detroit. “Clearly China continues to contribute very valuable content. They’ve optimized for electronics and a wide range of aspects.”
    Whether automakers decide to pass increases in costs on to consumers, change sourcing or take other actions is yet to be seen.
    Passing the costs on to consumers could be troublesome for sales. New vehicle prices remain historically elevated at around $50,000, according to Cox Automotive.
    “There’s not a specific item coming from China that’s under this tariff that says, ‘Oh, no, this is the thing that’s going to mess everything up’ … but they will drive up costs,” said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. “It plays into a broader issue, a broader problem with pricing.”
    Brinley said such price increases could affect new U.S. vehicle sales, which S&P Global Mobility prior to any tariffs forecast to be 16.2 million vehicles. More

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    Ford beats earnings expectations but forecasts tougher year ahead

    Ford Motor beat Wall Street’s top- and bottom-line expectations for the fourth quarter.
    But the automaker said its 2025 guidance, which is in line with or lower than many analysts’ expectations, “presumes headwinds related to market factors.
    Ford executives will host an earnings conference call at 5 p.m. ET.

    DETROIT — Ford Motor beat Wall Street’s top- and bottom-line expectations for the fourth quarter but forecast a tougher year ahead for the company, as CEO Jim Farley promises improvements in vehicle quality and costs.
    Shares of Ford fell 5% in after-hours trading.

    Ford’s forecast this year calls for adjusted earnings before interest and taxes, or EBIT, of $7 billion to $8.5 billion; adjusted free cash flow of $3.5 billion to $4.5 billion; and capital expenditures between $8 billion and $9 billion.
    For 2024, Ford reported adjusted EBIT of $10.2 billion, or $1.84 in adjusted earnings per share, and net income of $5.9 billion, or $1.46 in earnings per share. The automaker reported total revenue, including its financial arm, was a company record of $185 billion, and adjusted free cash flow was $6.7 billion.
    “We think it’s prudent. There’s a lot of external factors … but our future is really in our hands,” Farley said Wednesday during CNBC’s “Closing Bell” on the cautionary guidance. 
    Here’s how the company performed in the fourth quarter compared with average estimates compiled by LSEG:

    Earnings per share: 39 cents adjusted vs. 33 cents expected
    Automotive revenue: $44.9 billion vs. $43.02 billion expected

    The company said its 2025 guidance, which is in line with or lower than many analysts’ expectations, “presumes headwinds related to market factors.” They include 2% industry lower pricing and slightly lower wholesales for Ford but not additional tariffs by the Trump administration.

    “Given the pause in the current tariff situation, specifically in Mexico and Canada, we are not choosing to take any actions at this time,” Ford Chief Financial Officer Sherry House told media on Wednesday during a call. “We’re going to let this run itself out so we can better understand the potential impacts on our business.”

    Stock chart icon

    Ford, GM, Stellantis and Tesla stocks

    House said this year’s forecast also takes into account expectations of a $1 billion reduction in material and warranty costs compared with last year. This follows $1.4 billion in cost reductions in 2024, which were largely offset by unexpected quality and warranty costs.
    The first half of 2025 is expected to be weaker than the backend. That includes first-quarter adjusted EBIT that is projected to be roughly breakeven due to lower wholesales and less profitable vehicles being produced, including launch activity at major U.S. assembly plants in Kentucky and Michigan.
    For the fourth quarter of 2024, Ford reported net income of $1.8 billion, or 45 cents per share, compared with a net loss of $526 million, or a loss of 13 cents per share, a year earlier. Adjusting for one-time items, the company reported earnings per share of 39 cents.
    Ford’s traditional “Blue” operations and “Pro” fleet businesses carried the automaker to profitability, as its “Model e” electric vehicle business lost $5.08 billion in 2024, including $1.39 billion during the fourth quarter.

    The Ford exhibit area is shown at the 2025 Detroit Auto Show at Huntington Place in Detroit, Michigan, on Jan. 10, 2025.
    Bill Pugliano | Getty Images

    Its Blue business, which includes internal combustion engine vehicles, earned $5.28 billion in 2024, a nearly $2.2 billion decrease from the year before. Pro earned more than $9 billion last year, including $1.63 billion in the fourth quarter.
    For 2025, Ford is forecasting EBIT of $7.5 billion to $8 billion from Ford Pro; $3.5 billion to $4 billion for Ford Blue; and a loss of $5 billion to $5.5 billion for Ford Model e. Its Ford Credit arm is expected to post earnings of $2 billion.
    Ford was under pressure to perform after crosstown rival General Motors easily topped Wall Street’s fourth-quarter expectations and said its 2025 guidance is in line with or above analysts’ expectations.
    Ford underperformed expectations last year largely due to unexpected warranty and recall problems plaguing the company’s earnings. Shares of the automaker declined nearly 20% in 2024 amid the problems, which Farley has promised to rectify.

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    DOT secretary says he spoke with Elon Musk on U.S. airspace reforms

    DOT Secretary Sean Duffy said he spoke with SpaceX CEO and Trump advisor Elon Musk about reforming U.S. airspace.
    Sixty-seven people were killed when an Army Black Hawk helicopter collided with an American Airlines regional jet last week.
    Musk’s SpaceX shares airspace with commercial airplanes.

    An American Airlines plane takes off as a salvage barge with a crane is positioned near the crash site along the Potomac River after a passenger jet collided with a helicopter while landing at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Sunday, Feb. 2, 2025. 
    Al Drago | Bloomberg | Getty Images

    U.S. Transportation Secretary Sean Duffy said he spoke with Trump administration advisor and CEO of SpaceX Elon Musk about reforming the country’s airspace and raised concerns about the military’s use of helicopters in Washington, D.C.’s crowded airspace after a deadly collision last week.
    “I had a conversation with Elon Musk yesterday, pretty remarkable guy. He thinks differently than I think probably a lot of us do, but he has access to the best technological people, the best engineers in the world,” Duffy said Wednesday at a roadway transportation event in Washington. “We’re going to remake our airspace, and we’re going to do it quickly.”

    Duffy’s comments come a week after an Army Black Hawk helicopter collided with an American Airlines regional jetliner that was moments away from landing at Ronald Reagan Washington National Airport. All 64 people on the American flight and the three military crew on the Black Hawk, which was on a training mission, were killed. It was the deadliest airline accident in the United States since 2001.
    Trump has tasked Musk with running the so-called Department of Government Efficiency, which has received access to such data as the Treasury Department’s payment systems. Musk didn’t immediately respond to a request for comment.
    SpaceX, along with other space companies, shares airspace with commercial airplanes. The FAA, which oversees U.S. airspace, also oversees Musk’s SpaceX. Musk threatened to sue FAA over “regulatory overreach” last year when the agency did not approve launch licenses for SpaceX as rapidly as he wished.
    Last month, a Starship rocket suffered an inflight failure that resulted in a field of debris raining down near Caribbean islands and causing dozens of commercial flights to divert or delay to avoid the area.
    U.S. airline executives have for years called for additional funding for the modernization of U.S. air traffic control systems and additional hiring of air traffic controllers to stem a yearslong shortage.

    Duffy didn’t elaborate on the potential changes to U.S. airspace management.
    Duffy said that one air traffic controller was handling both airplane and helicopter traffic at the time of the crash and that he will “look at the policies and the procedures inside the tower.”
    “We’re going to pull that authority back to make sure that we have the right policies in place inside our towers to make sure when you fly, you’re safe,” he said.
    Duffy said officials need to look at the safety of conducting military training missions at night.
    “And if we have generals who are flying in helicopters for convenience through this airspace, that’s not acceptable,” he said. “Get in a damn Suburban and drive. You don’t need to take a helicopter.”
    The U.S. Army didn’t immediately comment. The Pentagon declined to comment.
    The National Transportation Safety Board, which is leading the investigation into last week’s crash, is still probing the cause of the deadly collision.
    — CNBC’s Michael Sheetz contributed to this report.

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    Cosm considers international expansion of immersive sports-viewing venues

    Cosm is considering a broad long-term expansion plan as it builds venues across the U.S. and potentially abroad, said CEO Jeb Terry in an interview with CNBC Sport.
    Cosm has raised $300 million and may be in the market for more funding soon, Terry said.

    Cosm may be coming to a city near you — both in the U.S. and abroad.
    The immersive sports-viewing technology company has built two dome venues in Los Angeles and Dallas that emulate the experience of being live at a sports stadium. The startup plans to build two more venues in Atlanta and Detroit in 2026.

    Cosm CEO Jeb Terry told CNBC Sport he is already thinking about international expansion as he takes inbound phone calls from real estate developers and municipality leaders in countries around the world.
    “I get calls daily from everywhere in Europe,” said Terry. “You look at calls from China, the Middle East, Japan. Australia is banging down our door. There’s an opportunity to bring these venues globally, and we’re looking to figure out what’s the best path to do that.”
    Terry declined to share specifics on the cost of the company’s “shared experience” venues, which feature 87-foot-diameter LED domes and wall-to-wall screens to simulate the look and feel of being at a live game.

    Cosm currently has two locations in Los Angeles and Dallas, Texas, but is planning on expanding to additional locations in the future.
    Courtesy: Cosm

    The company is “doing well” on its path to profitability, he said, and has thus far raised $300 million from investors including Stan Kroenke, the owner of sports teams including the National Football League’s Los Angeles Rams; Marc Lasry, the former owner of the National Basketball Association’s Milwaukee Bucks; and Dan Gilbert, owner of the NBA’s Cleveland Cavaliers.
    Cosm is already thinking about another capital round, too, Terry said. How much money he will ask for will depend on the pace of construction, he said.
    “We’ll be looking to raise again in the future,” Terry said. “It’s really a function of scale. How fast are we going to go? And we’re going to kind of navigate that as this year evolves.”

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