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A logo of Japan's high-tech giant Hitachi at an exhibition in Tokyo on October 29, 2013. Hitachi announced its group net profit rose 8.8 percent in the first half of the fiscal year, from a year earlier to 32.77 billion yen as the weaker yen and cost-cutting. AFP PHOTO / Yoshikazu TSUNO        (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

YOSHIKAZU TSUNO | AFP | Getty Images

A logo of Japan’s high-tech giant Hitachi at an exhibition in Tokyo on October 29, 2013. Hitachi announced its group net profit rose 8.8 percent in the first half of the fiscal year, from a year earlier to 32.77 billion yen as the weaker yen and cost-cutting. AFP PHOTO / Yoshikazu TSUNO (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

Japan’s Nikkei business daily reported that Hitachi had decided to freeze the project, although it also reported that the board had yet to vote to make it a formal decision.

A spokeswoman for British Prime Minister Theresa May said talks with Hitachi were continuing.

“On Hitachi, the negotiations on that are ongoing and those are obviously commercially sensitive so I can’t comment,” the government spokeswoman told reporters when asked about the reports.

May met Japanese Prime minister Shinzo Abe this week in London. He told her Japan did not want to see a disorderly Brexit when Britain leaves the European Union in March.

Hitachi said in Friday’s statement that it had been assessing the project “including its potential suspension and related financial impact.”

“Should any matter arise which needs to be disclosed Hitachi will announce information in a timely manner,” Hitachi said.

Nikkei reported that Hitachi had decided to freeze the project, leading to a special loss of 200 billion to 300 billion yen ($1.9 billion to $2.8 billion) for the year ending in March. Hitachi’s board would vote on the suspension at a meeting next week, it reported without citing its sources.

In Friday’s statement, Hitachi said: “These articles aren’t based on Hitachi’s decision or disclosed information.”

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Apple lays off over 200 from Project Titan autonomous vehicle group

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In August 2018, Apple enlisted a Tesla engineering vice president and Apple veteran, Doug Field, to lead the Titan team alongside Bob Mansfield. This week’s dismissals from the group were seen, internally, as anticipated restructuring under the relatively new leadership.

Other employees who were impacted by the restructuring of Project Titan are staying at Apple, but moving to different parts of the company.

Of late, Apple CEO Tim Cook has touted his company’s initiatives in health as the key to its future growth. “I believe, if you zoom out into the future, and you look back, and you ask the question, “What was Apple’s greatest contribution to mankind?” it will be about health,” Cook told CNBC’s Jim Cramer.

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Company Vice President Sean Kim said the memory demand slowdown would be bigger than expected into the first half of 2019 due to China’s economic slowdown and the U.S.-China “trade situation,” according to Reuters.

Kim’s comments came days after China announced that the country’s economic growth in 2018 was its slowest in nearly three decades. At the same time, Beijing and Washington are attempting to strike a deal amid an ongoing trade dispute which has seen the two largest economies in the world slap billions of dollars worth of tariffs on each other’s goods.

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Yoo’s sentiments were echoed by Sanjeev Rana, a senior analyst at CLSA.

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Huawei CFO extradition could be complicated: ex-US ambassador to China

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“Whenever a chief executive starts to voice his or her thoughts on the case, that’s a huge additional complication for the prosecution,” Baucus added. “In this case, it’s President Trump’s statement with respect to the Meng case … it makes it harder for the prosecution to get the extradition.”

Earlier this week, Canadian newspaper Global and Mail reported that the U.S. has told Canada it will formally request for Meng’s extradition — though no timeline was specified.

For its part, China has demanded the U.S. drop the extradition request. According to Canada, Beijing detained more than a dozen of its citizens after Meng’s arrest.

Baucus warned that if the U.S. extradition request is granted, it would have a major impact on the U.S.-China relationship.

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— Reuters and CNBC’s Kate Fazzini contributed to this report.

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