Connect with us

Real Estate

Growing security fears hobble global ambitions of Chinese tech giant Huawei

Editor

Published

on

[ad_1]

While a Huawei executive faces possible U.S. charges over trade with Iran, the Chinese tech giant’s ambition to be a leader in next-generation telecoms is colliding with security worries abroad.

Australia and New Zealand have barred Huawei Technologies Ltd. as a supplier for fifth-generation networks. They joined the United States and Taiwan, which limit use of technology from the biggest global supplier of network switching gear. This week, Japan’s cybersecurity agency said Huawei and other vendors deemed risky will be off-limits for government purchases.

None has released evidence of wrongdoing by Huawei, which denies it is a risk and has operated a laboratory with Britain’s government since 2010 to conduct security examinations of its products. But the accusations, amid rising tension over Chinese technology ambitions and spying, threaten its ability to compete in a sensitive field as carriers prepare to invest billions of dollars.

“This is something that’s definitely concerning Huawei at this stage, because there is a political angle to it and a business angle,” said Nikhil Bhatra, a senior researcher for IDC, a consultancy.

China’s first global tech brand

Huawei is no ordinary electronics supplier. The company founded in 1987 by a former military engineer is China’s first global tech brand and a national champion at the head of an industry Beijing is promoting as part of efforts to transform this country into a technology creator. It has China’s biggest corporate research-and-development budget at $13 billion US  in 2017 — 10 per cent more than Apple Inc.’s — and foreign customers can draw on a multibillion-dollar line of credit from the official China Development Bank.

That puts Huawei at the heart of strains over the ruling Communist Party’s technology aspirations, competition with Western economies and ties between companies and government, including possibly spying.

A European Union official, Andrus Ansip, expressed concern that Chinese rules requiring telecom equipment suppliers to co-operate with intelligence services would involve possible “mandatory backdoors” in computer or telecom systems.

“Do we have to be worried about Huawei and other Chinese companies? Yes, I think we have to be worried,” said Ansip, the trade bloc’s vice-president for a digital single market.

A sales clerk looks at his smartphone in a Huawei store at a shopping mall in Beijing on July 4, 2018. Allowing Chinese firm Huawei Technologies to build Canada’s 5G wireless network could give Beijing backdoor access to revealing data about Canadians, security analysts warn. (Mark Schiefelbein/Canadian Press/Associated Press)

The company says it is employee-owned and operates independently. It denies it designs equipment to allow eavesdropping or that it is controlled by the Communist Party — a stance critics including some U.S. senators say is doubtful in China’s state-dominated system. The company notes it uses the same global components suppliers as Western manufacturers.

“Not a single shred of evidence against the company has ever been presented,” Huawei said in a written response to questions.

The company is the “most examined telecoms equipment vendor,” the statement said. It said foreign officials visit regularly to see “the lengths we go to assure them of the integrity of our technology.”

5G showdown

Huawei, headquartered on a leafy campus in Shenzhen, near Hong Kong, has been working on 5G since 2009 and is one of the major suppliers of the technology, along with Sweden’s LM Ericsson and Finland’s Nokia Corp.

The company whose technology winds up being adopted stands to reap billions of dollars from sales and license fees.

5G promises more than just faster mobile phone service. It is designed to support vastly expanded networks of devices from internet-linked cars and medical equipment to factory robots and nuclear power plants. Annual sales of 5G network gear are forecast to reach $11 billion US by 2022, according to IHS Markit.

That makes it more politically sensitive, raises the potential cost of security failures and requires more trust in suppliers.

Even a “really minuscule” risk could disqualify a provider, said Andrew Kitson, head of technology industry research for Fitch Solutions.

But Kitson sees commercial motives behind the accusations against Huawei. He said many come from U.S. and European suppliers that are losing market share to Chinese rivals.

“There never has been any actual proof,” said Kitson. “They’ve only got to make a few insinuations for other governments to sit up and think, hang on, even if there is no proof, it is too much of a risk.”

Growing troubles

Huawei took a new hit on Dec. 1 when its chief financial officer, Meng Wanzhou, was arrested in Vancouver on U.S. charges of lying to banks about transactions with Iran.

Huawei is more politically important than ZTE Corp., a Chinese rival that was nearly driven out of business after Washington blocked it from buying U.S. technology over exports to Iran and North Korea. U.S. President Donald Trump restored access after ZTE paid a $1 billion US fine, replaced its executives and hired U.S.-picked compliance officers.

Huawei chief financial officer Meng Wanzhou, right, arrives at a parole office with a member of her private security detail in Vancouver on Dec. 12, 2018. (Canadian Press/Darryl Dyck)

That won’t work with Huawei, which is the “key to Beijing’s aspirations to lead globally” on 5G, Eurasia Group said in a report. It said Chinese leaders would see an attempt to impose ZTE-style controls as “tantamount to an open technology war.”

Huawei’s U.S. business evaporated after a 2012 congressional report labelled the company and ZTE security threats. The same year, Australia banned it from bidding on a national high-speed broadband network.

Taiwan, the self-ruled island Beijing claims as its territory and regularly threatens to attack, imposed curbs in 2013 on Huawei and other Chinese telecoms technology. Lawmakers are discussing expanding the controls.

Rising sales

Elsewhere, Huawei supplies phone carriers in Asia, Africa and Europe. The company says it serves 45 of the 50 biggest global telecom operators. Its 2017 global sales rose 16 per cent to $92.5 billion US while profits increased 28 per cent to $7.3 billion US.

Huawei accounted for 28 per cent of last year’s $32 billion US global sales of mobile network gear, according to IHS Markit. Ericsson was second with 27 per cent and Nokia had 23 per cent. ZTE, South Korea’s Samsung Electronics Corp. and other vendors made up the rest.

Asked about the impact of security concerns on its 5G business, Huawei said this year’s total revenue — which also includes the No. 3 global smartphone brand and an enterprise unit — should exceed $100 billion US. That would be an 8 per cent gain over 2017.

Washington is pressing allies to shun Huawei, but Germany, France and Ireland say they have no plans to ban any 5G network suppliers.

Huawei “has an important place in France” and “its investments are welcome,” the country’s economy minister, Bruno Le Maire, said Dec. 7, according to news reports.

The company has agreements to field test 5G equipment with Deutsche Telekom, Bell Canada, France’s Bouygues, Telecom Italia, India’s Bharti Airtel and carriers in Singapore, South Korea and Ireland.

China’s foreign ministry complained critics were “hyping so-called threats” to hamper Huawei’s business without evidence.

As for Ansip’s concern about eavesdropping, “we have no such law that authorizes” backdoors, said a spokesman, Lu Kang.

IDC’s Bhatra said excluding Huawei would leave countries with only two major 5G suppliers, Ericsson and Nokia. That would limit competition, raise prices and might slow innovation, he said.

Already, industry analysts say telecoms equipment costs more in the United States and other markets that lack lower-priced Chinese competitors.

“There are quite widespread implications,” said Bhatra.

[ad_2]

Source link

قالب وردپرس

Real Estate

Couple from Toronto buys dream home in Mushaboom

Editor

Published

on

By

MUSHABOOM – A couple who lived and raised a family in downtown Toronto developed a five-year plan in 2015 to purchase their dream home.

In September they moved into the home – located on Malagash Island in Mushaboom on Nova Scotia’s stunning Eastern Shore – that met and exceeded their best dreams for their retirement.

The Camerons, Bruce and Tanya, decided in 2019 they would explore the Maritimes to see what real estate was available to become their potential retirement home. In the spring of 2020, during a global pandemic, the real estate boom hit their city, and they were hearing the same for Nova Scotia. Our province was their first-choice for attaining their desire for an entirely different lifestyle – away from the busyness of the city.

“We had $300,000 to $350,000 as a home value in mind to buy. Our semi-detached located off Danforth in Toronto was priced at $850,000. We wanted to come out ahead, so we would be secure in retirement,” Tanya said.

Their century-old home had prime location near the subway and GO Transit Line for a great 13-minute commute downtown.

“We enjoyed our community,” explains Bruce “… we had great neighbours, young children around and street parties – lots of social activity.”

Bruce says, “Our agent suggested a starting quote of $899,000. We did not do any renovations and only some staging. Fifty couples went through and we received four significant offers. Six days later we sold – with zero conditions – and a price of over a million dollars. We just requested a closing of September 2020 to get the kids off to school – which we got.”

The couple got more than they had anticipated.

Continue Reading

Real Estate

Rabobank Announces Leadership Changes in U.S., Canadian Offices

Editor

Published

on

By

NEW YORK, Dec. 16, 2020 /PRNewswire/ — Rabobank, the leading global food and agribusiness bank, has appointed two of its top executives, Tamira Treffers-Herrera and Robert Sinescu, to become Co-Heads of North American Client Coverage, positioning the Bank for future growth in the region.

Treffers-Herrera has also assumed the role of Vice Chairperson and Head of the Atlanta office, where she additionally oversees Rabobank Mexico, which is led by Eduardo Palacios. Sinescu is the Head of the Chicago office, and also oversees Rabobank Canada, led by Marc Drouin, who was recently appointed as Canada’s General Manager.

Treffers-Herrera and Sinescu report to David Bassett, Head of Wholesale Banking North America, the Bank’s corporate and investment banking business for the region based in New York.

“Both Tamira and Robert have a demonstrated history of strong leadership, operational excellence and passion for our clients,” Bassett said. “Their broad experience and deep sector expertise will be invaluable in delivering dynamic results for clients while accelerating our growth trajectory in North America.”

Each office will have an even greater focus on key Food & Agribusiness sectors and clients: The Chicago office will drive growth in sectors including Dairy, Farm Inputs and Grains & Oilseeds, which are also key areas of focus for the Canada office. The Atlanta office will focus heavily on sectors such as Animal Protein, Beverages, Sugar, and Supply Chains, which are important sectors in Mexico as well.

“Rabobank is fully committed to our clients throughout North America, and we believe our new sector-focused coverage will improve our ability to provide knowledge-based, value-added solutions that benefit our clients,” Bassett said.

Treffers-Herrera was most recently based in London as CEO of Rabobank’s European Region from 2016-2020, where she took the organization through Brexit. Prior to that, she worked in the Atlanta office from 2002-2016. During her tenure in Atlanta, Treffers-Herrera served as Global Sector Head – Consumer Food & Beverages, and prior to that she was a senior banker for a portfolio of large beverage and consumer foods clients. She holds a Bachelor of Arts degree from the University of Kentucky, a Master of Arts from the Patterson School of Diplomacy and International Commerce and has studied at The University of Chicago Booth School of Business and Harvard Business School.

Sinescu has been with Rabobank for over 21 years and was previously General Manager of Rabobank Canada, where he oversaw all operations, business development, commercial strategy and relationships with regulators. In addition, he continues to serve as CEO of Rabo Securities Canada Inc. Prior to Canada, he was a senior banker, Head of Corporate Banking, European Sector Head for Sugar, and a member of the Management Team for Rabobank France. He holds a Bachelor of Science in Business from the Bucharest School of Business, a Master of Business Administration & Management and a Master of Science in Banking and Corporate Finance from Sorbonne University in Paris, and has studied at Brown University.

Drouin has worked with Rabobank’s Canadian team for more than nine years and most recently served as a senior banker, Head of Rabobank Canada’s AgVendor Program and a member of Rabobank Canada’s Management Team. He brings extensive wholesale banking experience within the Dairy, G&O, CPG and Supply Chain sectors. Drouin holds a Bachelor of Arts degree from McGill University and a Master of Business Administration in International Finance, Marketing and Management from the Schulich School of Business at York University.

Continue Reading

Real Estate

Greybrook Realty Partners & Marlin Spring Brand Jointly Owned Asset Manager – Greyspring Apartments

Editor

Published

on

By

TORONTO, Dec. 14, 2020 (GLOBE NEWSWIRE) — Greybrook Realty Partners and Marlin Spring are pleased to announce the new branding of their jointly owned investment and asset management firm, Greyspring Apartments. With a portfolio of more than 2,000 units and CAD$375 million in assets under management, Greyspring Apartments is focused on the acquisition and repositioning of multi-family assets throughout Canada.

The new name and branding is an important step in Greyspring’s evolution as an independent operating business. Formed in 2018 by long standing-partners Marlin Spring and Greybrook Realty Partners, Greyspring Apartments was established with the goal of building a leading asset management firm with a robust portfolio of residential rental real estate assets in primary and secondary markets across Canada.

Greyspring’s talented team of real estate, asset management and finance professionals is overseen and guided by the Management Board, whose members include Benjamin Bakst, CEO, Marlin Spring; Elliot Kazarnovksy, CFO, Marlin Spring; Sasha Cucuz, CEO, Greybrook Securities Inc.; Peter Politis, CEO, Greybrook Realty Partners; Chris Salapoutis, President & COO, Greybrook Realty Partners; Ashi Mathur, President, Marlin Spring; and Karl Brady. In addition to his role on the Management Board, Karl Brady leads Greyspring Apartments as its President. 

“We are pleased to announce the official name and branding of a business we formed with our partners at Marlin Spring a few years ago,” said Peter Politis, CEO, Greybrook Realty Partners. “Greyspring has been diligently focused on the execution of strategic value-add programs across its portfolio that are improving the quality of housing for tenants and overall asset values. For Greybrook investors, expanding from our core business in real estate development to the value-add space through Greyspring, has allowed us to provide our clients with investment opportunities that diversify their real estate investment portfolios.”

“Marlin Spring and Greybrook have partnered on many residential real estate projects in recent years,” said Benjamin Bakst, CEO and Cofounder, Marlin Spring. “To a great extent, Greyspring illustrates our approach to partnerships. We believe in, and strive for, responsible growth through deepening our relationships with our trusted partners. With Greyspring, we’ve formalized our focus on providing better and more affordable living experiences for Canadians. This vision aligns with our mission to deliver exceptional real estate value to all our stakeholders with an uncompromising adherence to our core values.”

Continue Reading

Chat

Trending