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U.S. Morning Call: Cisco snuffs China-Exclusive

Monday, October 08, 2012 - 02:55

Oct 8 - Cisco Systems ended a longstanding sales partnership with ZTE Corporation after an internal investigation into allegations that the Chinese telecom sold Cisco networking gear to Iran.

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If -- expert Chinese Telecom makers and what we're hearing or not here with labor issues at -- -- All for Monday since putting it into a long standing sales partnership with Chinese Telecom giant ET this morning. -- an internal probe into allegations that CTE -- Cisco networking your eye to eye on. Cisco wants approach earlier this year when it broke the news -- ZT he's selling and equipment from several US companies to Iran's largest telecoms firm. The Reuters report also sparked investigations by the US Commerce Department the FBI and congress. Today the US House Intelligence Committee sent a draft report. That CTE and bell Chinese Telecom company while wake tech should be shut out of the US market because potential Chinese state influence on them. Poses a security threat. Both companies deny that allegation. Shares -- CTE trading close to twelve dollars on missions and exchange. Even more trouble in big China iPhone manufacturer Foxconn struck a second -- labor protests. It disputed -- factory broke out on Friday when nearly 4000 employees refuse to work protesting high pressure conditions. The Taiwanese electronics giant denied reports that the strike saying its production is on schedule and an important time for apple. Labor advocates say the employees have good reason to rise up. The wages they provide on nowhere near. A living wage workers still have to struggle. Very hard to make a living and you know they're still working 1012 hours a day on them quite. Oppressive and it's it's stringent conditions and that's that's why you see these disputes. Cropping up time Tom McCain. Shares of apple slipping 2% in premarket. US stock futures pointing to a slightly lower open this Columbus Day morning trading volumes expected to be muted with US bond markets closed. Asian markets feeling a little under the weather after the World Bank warned that China's economic slowdown can pick up speed and last longer than many analysts have forecast. The agency also cut economic growth forecast for East Asia and the Pacific. Stocks to watch Wal-Mart an ad next to hold a conference call -- an hour to make it financial services announcement. This could be linked to Wal-Mart tends to serve many of its low income shoppers. Who have little or no access to credit and keep an eye on shares of Alcoa today the aluminum maker will kick off earning season for the fourth quarter tomorrow. That's your article from Monday follow us on Twitter at Reuters Insider for the latest headlines and check out our -- YouTube channel. At Reuters dot com slash Reuters TV. I'm Lisa Bernard this is writers.

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U.S. Morning Call: Cisco snuffs China-Exclusive

Monday, October 08, 2012 - 02:55