FedEx Corp said on Sunday an operational error prevented a Huawei Technologies package from being delivered to the United States, just weeks after the U.S. delivery company said an error led to the Chinese firm’s packages being misdirected.
China’s Global Times newspaper said in a tweet http://bit.ly/2ZB6isY later the company is likely to be added to China’s ‘unreliable entities list’ due to the incident, which occurred days before U.S. President Donald Trump and China’s Xi Jinping are due to meet in Japan to try to deescalate a trade war.
Trade tensions between the United States and China have extended beyond tariffs, particularly after Washington put Huawei, the world’s biggest telecoms gear maker, on a blacklist that effectively bans U.S. firms from doing business with the company.
“The package in question was mistakenly returned to the shipper, and we apologise for this operational error,” FedEx told Reuters in an emailed statement. A company spokeswoman confirmed that the package was U.S. bound but declined to say what it contained.
China threatened in late May to unveil its own unprecedented hit-list of “unreliable” foreign firms, groups and individuals that harm the interests of Chinese companies.
China did not single out any countries or companies, but said the list will apply to companies who flout market rules and the spirit of contracts, block supplies to Chinese companies for non-commercial reasons and “seriously harm the legitimate rights and interests” of Chinese companies, according to a report in state-run China National Radio.
The commerce ministry will disclose more details of the list soon, the report said.
China’s commerce ministry and FedEx did not respond to a request for comment on the likelihood of FedEx being added to the ‘unreliable’ list. Global Times is published by the ruling Communist Party’s People’s Daily.
The U.S. Commerce Department said on Friday it was adding several Chinese companies and a government-owned institute involved in supercomputing with military applications to its own entity list that bars them from buying U.S. parts and components without government approval.
China launched an investigation into FedEx earlier this month over Huawei parcels delivered to the wrong address, without giving details about the deliveries in question.
China’s state news agency Xinhua had said at the time that the investigation into FedEx over misdirected mail should not be regarded as retaliation against the U.S. company, amid the trade spat.
“FedEx can accept and transport all Huawei products except for any shipments to listed Huawei entities on the U.S. Entity List,” the company said on Sunday.
Huawei, which said it was reviewing its relationship with FedEx after the mishandling of its packages earlier, did not immediately respond to a Reuters request for comment on Sunday.
The United States and China have been engaged in a trade fight for nearly a year on issues such as tariffs, subsidies, technology, regulations and cyber security, among others.
A telephone call between Trump and Xi last week, as well as confirmation the two will meet in Japan on the sidelines of a Group of 20 summit, have rekindled hopes of a detente.
Hudson’s Bay Company agrees to taken company private
Hudson’s Bay Co. will go private in a deal valuing the Canadian retailer at $1.9 billion in a bid by a group of investors led by executive chairman Richard Baker to try their hand at reinvigorating the fading 349-year-old department-store chain.
The board of Hudson’s Bay said it entered into an agreement with investors led by Baker after the group raised its offer price to $10.30 a share, up from $9.45 a share. It approved the offer after a recommendation by a committee of independent directors.
Hudson’s Bay shares rose 7 per cent to $10.11 at 9:35 a.m. in Toronto.
Attention will now turn to minority shareholders who came out against Baker’s earlier proposal. The company needs a majority of them to approve the new deal for it to go through.
Catalyst Capital Group and other investors had said Baker’s original offer undervalued a company that’s rich in real estate holdings. Representatives for Catalyst and for Jonathan Litt, an activist investor who’s also been critical of Baker, were not immediately available for comment.
“The special committee is confident that this transaction represents the best path forward for HBC and the minority shareholders,” David Leith, head of the special committee, said in a statement.
Baker and his investment group want full control of the retailer, which also owns Sak’s Fifth Avenue, to turn the business around outside the glare of public markets. While Saks has been the group’s bright star of late, the Canada-based Hudson’s Bay chain, the oldest company in North America, is removing 300 “unproductive” brands and bringing in another 100 in a turnaround effort.
A number of traditional retailers are struggling and closing stores as consumer preferences change and shoppers increasingly migrate online to competitors like Amazon.com Inc.
Department stores in particular have struggled to attract new consumers and maintain sales.
Luxury focused chains haven’t been exempt from the fallout: Barneys New York Inc. filed for bankruptcy protection in August amid rising rent costs and a decline in visitors. A consortium led by Authentic Brands Group LLC has been selected as its initial bidder, with the group planning to open Barneys shops inside Saks Fifth Avenue stores owned by Hudson’s Bay, Bloomberg reported on Oct. 16, citing people with knowledge of the matter.
Hudson’s Bay has been trying everything to lower debt and stop its stock’s slide, most recently selling selling the operations of its Lord & Taylor department store chain to clothing rental subscription company Le Tote.
Chief executive Helena Foulkes, who was brought in last year, also sold flash-sale e-commerce site Gilt and cashed out of European operations.
The stock traded as high as $10.72 in August on expectations the bid would be raised. It was back at $9.45, the original offer price, at the end of last week. Over the last five years, the stock has lost about half of its value.
“It’s good to see that there’s a resolution with a good, formal take-private offer and a cash bid, and I think that should be a good resolution for a lot of people,” Greg Taylor, chief investment officer at Purpose Investments, said on BNN Bloomberg.
“Certainly a lot of people would have wanted a lot more from this but in the current dynamics around department stores in North America, I think this is probably as good as they could have hoped.”
Energy regulator says crude-by-rail shipments fell to 310000 bpd
The Canada Energy Regulator says exports of crude oil by rail from Canada fell slightly in August to 310,000 barrels per day from 313,000 bpd in July.
The August number is up 35 per cent from 230,000 bpd reported in August of 2018 but still well below the record high of 354,000 bpd set last December.
The small change in crude-by-rail shipments came despite a threat by Imperial Oil Ltd. CEO Rich Kruger to throttle back the company’s rail movements in August and September to protest the ongoing Alberta oil production curtailment program.
He says the program damages the economic case for crude-by-rail by artificially lowering the difference in oil prices between Alberta and the end market on the U.S. Gulf Coast.
Imperial reported moving 80,000 bpd by rail in June. It co-owns an oil shipping rail terminal at Edmonton with capacity to load 210,000 barrels of crude per day.
Alberta has gradually eased the curtailment program designed to better align production with tight pipeline capacity from an initial withholding of about 325,000 bpd last January to 125,000 bpd in September.
Hudson Bay Company agrees to pay more to shareholders for takeover bid
The retailer says the group has agreed to pay $10.30 per share in cash to take HBC private. The bid is up from an earlier offer of $9.45 per share.
The agreement values HBC at about $1.9 billion.
HBC says the price offered represents a premium of 62 per cent compared with where its shares were trading before the shareholder group’s initial privatization proposal in the summer.
The Baker-led group holds a 57 per cent stake in the retailer and includes Rhone Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.
The deal is subject to the approval by a majority of the minority of HBC shareholders, excluding the shareholder group and its affiliates, and approval by a 75 per cent majority vote at a special meeting of shareholders.
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