Global Business Daily: Huawei latest, China trade recovers

"There can be no new Huawei equipment from the end of this year… and exclude Huawei completely by 2027."

The long-expected words from Oliver Dowden , the UK's culture minister, which set out the limited future of the Chinese telecoms firm in the country.

Huawei has reacted by telling CGTN Europe it was "disappointed," but will keep supporting its UK customers "in any way we're allowed to do". You can read the highlights of our interview with Huawei UK vice-president Jeremy Thompson below.

In other news, the Netherlands leader Mark Rutte has said he is not hopeful of agreement in the EU after the reaction of European Union colleagues to his pared-down version of a COVID-19 recovery fund for the bloc. Though he will be popular with the Dutch right-wing, who have protested with signs reading "

Geet cent naar Italie

" (Not a cent to Italy), a breakthrough looks increasingly unlikely.

And Disneyland Hong Kong has been forced to close just a month after restrictions were lifted and visitors returned. On the other hand, Disney World in Florida remains open, despite further COVID-19 spikes in Florida, where it is located.

For a wider look at how U.S. states are reacting to the so-called "second wave" take a look at the graphic at the bottom of today's briefing, where I show the different measures being taken across the country.

Happy reading,

Patrick Atack

Digital business correspondent

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China's foreign trade rebounded in June as recovery in the country is gaining momentum with the support of strong virus-control efforts and policy measures bolstering businesses. In dollar terms, imports rose by 2.7 percent to $167 billion, bouncing back from a 3.3 percent decline in May.

Singapore's trade-reliant economy plunged into recession in the second quarter with a record contraction. The trade and travel hub's economy fell by a huge 41.2 percent in the three months to June , compared with the first quarter, putting the city state into a technical recession (which it might still exit before it becomes a full recession).

Speaking to the Dutch parliament, Prime Minister Mark Rutte said he fears the likelihood of EU-wide agreement on a recovery package are slim. ** "Responses behind the scenes on our proposals do not make me hopeful** ," said the leader of one of the so-called "Frugal Four" states .

Virgin Atlantic is to get a $1.5 billion bailout from the UK government. The airline has secured the backing of key financial stakeholders for a deal. Richard Branson's company is to be among the first users of a new court-sanctioned process to enable smoother corporate restructurings during the coronavirus pandemic.

Britain's economy took a first step on the long road to recovery from the COVID-19 crisis in May, as activity began to pick up after lockdown restrictions began to ease. GDP rose by 1.8 percent in May after slumping by a record 20.3 percent in April , Britain's first full month of lockdown, the Office for National Statistics said.

After years of claiming that Brexit would not negatively impact exporters, the** UK government has now admitted that UK firms could face new bills of $8.7 billion per year** with the costs of extra customs declarations and paperwork when moving goods into the European Union.

China is to impose sanctions against Lockheed Martin for involvement in the latest U.S. arms sale to Taiwan. Washington approved a $620 million upgrade package for missiles to Taiwan last week. China called the move a serious interference in its internal affairs.

California governor Gavin Newsom has reintroduced sweeping COVID-19 restrictions in the western U.S. state. It has had a recent spike in cases, and follows other states such as Texas in reclosing some businesses . Florida, on the other hand, has gone ahead with reopening Disney World, despite the southeastern state becoming a hotspot for the virus.

Meanwhile,** Disneyland in Hong Kong has been forced to close** just a month after reopening its doors. With a new coronavirus outbreak in the city, strict social-distancing measures are in place, forcing the theme park to close its gates.

Walmart is investing heavily in its Indian ecommerce platform Flipkart . The U.S. supermarket owner is pumping $1.2 billion into the firm as it faces difficulties from the pandemic and rival seller JioMart.

Despite rays of light in the shape of slightly higher tourist numbers than April and May, Vienna Airport in Austria still had 95 percent fewer arrivals in June than in the same month in 2019.

**Watch: **From Monday, people in England can have a manicure or get a tattoo, as restrictions imposed to reduce the spread of COVID-19 are further loosened across the UK.

02:05

Jeremy Thompson, Huawei UK's vice president, spoke to CGTN Europe following the UK government announcement that it would ban the firm's 5G tech.

What is Huawei's initial reaction to the announcement?

Huawei is disappointed and is now making sense of the decision. We will follow whatever rules the UK government sets**.**

What will happen to existing partnerships with the likes of Vodafone and BT?

We will continue supporting our customers in the UK in any way we're allowed to. So, if that means lobbying the government to modify their decision, then so be it. But, right now, we're just in the process of trying to understand what that means.

What are the possible international reactions and repercussions from this decision?

Huawei is independent of the Chinese state, it's entirely up to the Chinese government how they want to respond to the move. We see this as a decision driven by protectionism in the U.S.

Did you see this coming? Was there communication between the government and Huawei?

There was consultation. Consultation with UK intelligence agencies is ongoing and we will continue that dialogue with the UK government.

What are your thoughts on the timing of the announcement?

We need to understand what this ruling is and we will follow whatever rules the UK government sets. We're disappointed that they've set the rules today, even before the American sanctions have been completely drafted, they're still in draft form, so they haven't been announced.

And we feel quite confident that we can address those issues in the same way that we were able to address those issues last year when the Americans implemented the entity list principle. It's unfortunate that we have not been given that time."