October 8, 2020 - Biz in 60

UK lawmakers say Huawei colludes with Chinese government The UK parliament's defence committee says it's found clear evidence of collusion between Huawei and the Chinese government. Lawmakers say Downing Street may need to bring forward a deadline for the removal of the telecom giant's equipment from its networks. In July, Prime Minister Boris Johnson ordered firms to ditch Huawei gear by 2027. Samsung expects 58% jump in Q3 operating profit Samsung says profits likely rose 58-percent in the third quarter as its mobile and chip businesses benefited from US sanctions on Huawei. The South Korean giant is expecting an operating profit of 10-point-6 billion dollars, beating analysts' estimates. The forecast suggests Samsung could re-take its position as the world's top smartphone seller. Citigroup fined $400M for risk management deficiencies US bank regulators have fined Citigroup 400-million- dollars for failures in its risk management and control systems. The penalty comes as the lender faces renewed scrutiny after one of its bankers mistakenly sent more than 900-million- dollars to a client's creditor. The bank says it's planning to invest more than a billion dollars to meet regulatory requirements this year.