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Beijing, Huawei condemn Canada’s 5G ban as a ‘political decision’

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Canada bans Huawei equipment from 5G networks and orders removal of all equipment by 2024, drawing condemnation from China.

Beijing has lashed out at Canada for banning two Chinese telecoms giants from Canadian 5G networks.

Chinese authorities on Friday called Ottawa’s security concerns “groundless”, while Huawei said barring its services was a “political decision”.

Canada’s long-awaited measure on Thursday follows the United States and other key allies, and comes on the heels of a diplomatic row between Ottawa and Beijing over the detention of a senior Huawei executive on a US warrant, which has now been resolved.

The United States has warned of the security implications of giving Chinese tech companies access to telecommunications infrastructure that could be used for state espionage.

Along with Huawei, Chinese telecoms firm ZTE was also banned.

Both Huawei and Beijing have rejected the US security allegations.

“China is firmly opposed to this and will conduct a comprehensive and serious assessment,” Foreign Ministry spokesperson Wang Wenbin told reporters in response to the 5G block.

“The Canadian side has excluded these Chinese companies from the Canadian market under the pretext of groundless security risks and without any solid evidence.”

READ MORE: Canada bans Chinese Huawei, ZTE from 5G networks

Move contrary to free-trade rules

He added that Beijing would “take all necessary measures” to protect Chinese companies.

“This move runs counter to market economy principles and free trade rules,” he said, accusing the Canadian government of “seriously damaging the legitimate rights and interests of Chinese companies.”

Huawei called the ban “an unfortunate political decision” that cannot be justified on national security grounds.

“Huawei Canada is disappointed by the Canadian government’s decision,” the company’s Canadian subsidiary said in an email to AFP. “This is an unfortunate political decision that has nothing to do with cyber security or any of the technologies in question.”

It said that Huawei hardware and software has been “routinely and closely scrutinised” by the Canadian government and its security agencies, and to date there have been “zero security incidents caused by Huawei equipment”.

Canada had been reviewing the 5G technology and network access for several years, repeatedly delaying a decision that was first expected in 2019.

READ MORE: Huawei executive Wanzhou arrives in China after being freed in Canada

‘Hostile actors’

Canadian Industry Minister Francois-Philippe Champagne made the 5G announcement on Thursday, citing the “intention to prohibit the inclusion of Huawei and ZTE products and services in Canada’s telecommunication systems”.

Champagne said Canadian telecommunications companies “will not be permitted to include in their networks products or services that put our national security at risk”.

“Providers who already have this equipment installed will be required to cease its use and remove it,” he said.

Huawei already supplies some Canadian telecommunications firms with 4G equipment.

Most, if not all, had held off using Huawei in their fifth-generation (5G) wireless networks that deliver speedier online connections with greater data capacity. Others have looked to other suppliers while Ottawa hemmed and hawed.

Canadian Public Safety Minister Marco Mendicino warned on Thursday of “many hostile actors who are ready to exploit vulnerabilities” in telecom networks.

The United States, Australia, Britain, New Zealand, Japan and Sweden have already blocked or restricted the use of Huawei technology in their 5G networks.

READ MORE: 5 times companies found themselves entangled in a geopolitical mess

Source: TRTWorld

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MIB signs an agreement to expedite business registration process

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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