Chinese tech giant Huawei, which is facing increasing global pressure over allegations that its equipment is unsecure and facilitates espionage, is unaffected by the detention of its chief financial official, the company’s top executive said.
Huawei also announced plans to invest $2 billion in the next 5 years to address security concerns through improved engineering capabilities and also called other nations to work together to mitigate security risks.
Huawei’s rotating chairman Ken Hu said that “business operations were not being impacted by this event (detention).” Executive travel plans were not affected, and Huawei remains confident about its trade compliance system, said Mr Ken at a press conference at the company's new campus in Dongguan.
Ms Meng Wanzhou was detained on December 1 by Canada at the request of the US for allegedly conspiring to defraud American banks and violating sanctions related to doing business in Iran. She is currently out on bail and has to stay in Vancouver, awaiting a possible extradition to the US, where if convicted, she faces 30 years in jail.
Despite facing a ban from various countries on the import of 5G gears, Huawei said it ranked number one among all Information and Communications Technology equipment providers, “having already shipped more than 10,000 base stations to markets around the world.”
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5G is expected to support significantly faster mobile broadband speeds and heavier data use than previous generations while enabling the full potential of the Internet of Things.
Mr Ken said that Huawei has secured 25 5G commercial contracts so far and the company will remain the market leader for at least next 12 to 18 months.
UK telecoms firm BT is the latest firm barring Huawei 5G equipment from its core network. Australia and New Zealand also announced this year that they would not allow Huawei to be involved in building the next generation 5G systems in their countries.
“Some security concerns based on the technology for 5G were very legitimate… but able to be clarified or mitigated through collaboration with operators and governments,” stated Mr Ken.
“We will continue to increase our investment on security and security related technologies."
Local Japanese media has also reported that the country’s top three carriers — NTT Docomo, SoftBank Group and KDDI — will ban telecommunications equipment by Huawei. US media reports have suggested Washington is urging its allies to avoid Chinese technology networks amid fears they could be used for spying.
Huawei, which surpassed Apple as the world's second-largest smartphone manufacturer this year, is forecast to exceed the $100 billion revenue mark in 2018, said Mr Ken, while admitting that the company still faces ‘challenges’. Huawei is expected to ship nearly 200 million units of smartphones globally by the end of this year.
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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WISH
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
