Daily Management Review

$2 Billion Over 5 Years Will Be Spent By Hiwaei On Cyber-Security


$2 Billion Over 5 Years Will Be Spent By Hiwaei On Cyber-Security
As a measure to allay fears among a section of Western countries about a threat to security from the use of its telecommunications equipment, Chinese tech giant Huawei Technologies would be investing about $2 billion over a period of the next 5 years to set up better security measures in terms of cyber-security and would be hiring more people for this purpose and upgrading lab facilities.
The otherwise secretive Chinese company announced this on Tuesday at a press conference at its Dongguan offices in China in what is being described to be a very in-depth press conference and answered queries from international journalists.
The arrest of Meng Wanzhou, the chief financial officer of Huawei and also the daughter of its billionaire founder Ren Zhengfei in Canada at the behest of the United States had brought the Chinese company in the news globally in recent weeks.
The incident had piled on challenges for the Chinese firm which has already been under pressure after a number of Western countries including the US< Australia and New Zealand barred it from participating in any bidding for construction of 5G networks. The US has completely shunted Huawei from participating in its market.
"Locking out competitors from a playing field cannot make yourself better. We think any concerns or allegations on security at Huawei should be based on factual evidence," its rotating chairman Ken Hu said. "Without factual evidence we don't accept and we oppose those allegations."
The company has been in touch with multiple governments in many parts of the world with regards to its independence from Chinese government influence, he said. Its telecom equipment had not been banned from France and Japan, he added. There have been media reports recently that hinted at Huawei being barred from selling its equipment in these countries as well. Media reports in Japan also suggested that current equipment as well as for 5G networks from Huawei is being planned not to be used by the top three telecom operators of the country and suggested that the possibility of putting Huawei equipment on its "high-alert" list is being considered in France.
All allegations of Chinese government influence on its operations have been repeatedly denied by Huawei.
Wu said that Huawei had commercial contracts for construction of twenty five 5G networks which is more than the previously disclosed 22 contracts by the company in November.
He said that over 10,000 base stations for the fifth generation of mobile communications has been shipped by the company already and added that the company is expecting a 8.7 per cent year-on-year increase in revenue for the current year at more than $100 billion.
With respect to the case of Meng, it was looking forward for "a just conclusion", Wu said on Tuesday. The arrest is a part of the process of extradition that the US wants Canada to execute and though she has been granted bail in the case, she has to face a lengthy legal battle in Canada to fight against the extradition, she it is widely expected that if she is extradited to the US, she would be arrested on charges of trying to cover up its links to a company that allegedly violated the US sanctions on Iran.

Science & Technology

Tech giants face stricter government regulation in the US

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”