Global Stocks Mixed as Oil Falls Ahead of US Earnings 
TSMC Profit Set to Surge 65% as AI Chip Demand Drives Record Earnings 
Canton Network Expands in South Korea With Major Partnerships 
RBA Signals More Rate Hikes as Inflation Risks Rise 
Most Americans Oppose Election Betting on Prediction Markets, Poll Finds 
Bumble Shares Surge 50% on $1 Billion Buyout Talks 
Binance to Shut Down Crypto Mining Pool Services on November 10 
UK Finance Minister Healey Calls for Fiscal Discipline Amid Global Risks 
Gold Prices Rebound as Dollar Weakens Ahead of US Inflation Data 
Samsung, SK Hynix Shares Plunge as China Chip Competition Grows 
South Korea Blocks 27 Crypto Exchange Websites in Regulatory Crackdown 
Orsted to Take Full Ownership of UK Offshore Wind Farm for £15 Million 
European Auto Stocks Rise as EU-China Trade Deal Targets Hybrid Imports 
Nvidia’s China AI Chip Market Share Falls to 34% as Huawei Gains Ground 
Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken 
Russia Approves Sberbank for Crypto Exchange Services 
Nasdaq Faces Pullback to 26,225 Despite Bullish Outlook, UBS Says 
Add as a preferred source on Google
Xiaomi was included in the U.S. government’s blacklist last year during Donald Trump’s leadership. The Chinese electronics company suffered big losses after it was banned in the country.
Trump’s administration cited national security threats as the reason for blacklisting Xiaomi. Many Chinese firms were banned as the government believes they may have connections with the Chinese military. American business dealings with the company have been prohibited, and this sent Xiaomi’s shares spiraling down.
U.S. and Xiaomi to resolve the case
Reuters reported that nearly a year after Trump blacklisted Xiaomi, the U.S Department of Defense will now delete the Chinese smartphone maker from the government blacklist. This decision was stated in a court filing that reopened the path for future American investments in Xiaomi.
In the filing, it was also revealed that all the parties agreed to resolve their ongoing legal dispute without further contest. This arrangement effectively put an end to the controversial flare-up between the White House and the Chinese tech firm.
It can be recalled that Xiaomi filed a lawsuit against the U.S. and demanded the ban be lifted. The company also denied having any form of ties with the army in China. It also described the government’s move to blacklist the firm as "unlawful and unconstitutional." Now, with the agreement, it is understood that this legal case would be dropped as they resolve the issues.
Xiaomi’s shares surge following the blacklist removal news
As per CNBC, the news of the U.S. move to pull out Xiaomi from the blacklist sent its shares up. It reportedly rallied to more than six percent after Washington agreed to remove it from the blacklist record.
The U.S. Department of Defense already received a “final order vacating” Xiaomi’s label as a Communist Chinese Military Companies or CCMC. The court said on Tuesday that deleting the phone maker's name in the list is appropriate.
Finally, Xiaomi and the DOD will not start the negotiations to reach agreements on “specific terms of the order.” The parties need to submit a joint proposed order to the court on or before May 20.
