Asian stocks stumble, following Wall Street plunge

Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war. The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five m


Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war. The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five m
Asian stocks stumble, following Wall Street plunge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, xi, composite, asian, ministry, morning, stocks, stumble, index, economic, chinas, wall, worried, street, plunge, services, following


Asian stocks stumble, following Wall Street plunge

Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war.

The mainland Chinese markets, closely watched in relation to Beijing’s ongoing dispute with Washington, remained cautious by the end of the morning session. The Shanghai composite declined 0.21 percent while the Shenzhen composite was largely flat.

The Caixin Services Purchasing Managers’ Index, which measures economic activity in China’s services sector, rose to 53.8 in November — its highest in five months — as compared to 50.8 in October.

Earlier in the day, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump and Chinese President Xi Jinping was successful. The ministry also said the two countries will push ahead with negotiations within 90 days, and Beijing will work to address issues agreed upon as quickly as possible.

Meanwhile, the Hang Seng index in Hong Kong also fell by 1.54 percent. Shares of vehicle maker Baic Motor dropped 9.29 percent following a Bloomberg report that Germany’s Daimler is considering increasing its stake in its joint venture with the Chinese firm.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, xi, composite, asian, ministry, morning, stocks, stumble, index, economic, chinas, wall, worried, street, plunge, services, following


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AWS getting bigger upfront commitments from businesses

As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts. Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.” But as AWS matured, and became more popular across


As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts. Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.” But as AWS matured, and became more popular across
AWS getting bigger upfront commitments from businesses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: eugene kim
Keywords: news, cnbc, companies, customers, bigger, future, commitments, services, getting, revenue, businesses, contracts, upfront, partner, aws, growth


AWS getting bigger upfront commitments from businesses

As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts.

That trend was once again evident at Amazon Web Services’ annual re:Invent conference last week, where executives highlighted the growth in partner deal size. Partner deals typically represent multiyear contracts with bigger companies as they involve large-scale projects.

Terry Wise, vice president of global alliances and channels at AWS, said in his keynote that the total deal size brought in by partner sellers has increased 3.5 times compared with last year, while the rate of growth in partner-led contracts is far outpacing the growth of AWS’ overall business.

Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill.

“It suggests customers are doing ‘cannonballs’ into the pool versus just dipping their toe in,” Thill told CNBC. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.”

AWS became popular with its pay-as-you-go model, which helped draw many start-ups because it only charged for the amount of computing power they used. But as AWS matured, and became more popular across businesses of all sizes, multiyear contracts with upfront commitments, typically preferred by corporate clients, have come to account for a larger share of its revenue.

Perhaps that explains why AWS started disclosing “performance obligations” this year, which it defines as future revenue “associated with commitments in customer contracts for future services that have not yet been recognized.” In its most recent quarter, that amount grew to $17.8 billion, up from $16 billion in the second quarter and $12.4 billion in the first quarter.

It also added a line about such deal structures in its latest earnings filing, saying AWS offers certain services that are “offered as a fixed quantity over a specified term, for which revenue is recognized ratably.”


Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: eugene kim
Keywords: news, cnbc, companies, customers, bigger, future, commitments, services, getting, revenue, businesses, contracts, upfront, partner, aws, growth


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The ‘Netflix’ model of car ownership is on the rise for drivers who need wheels–without the debt

After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription. Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles tog


After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription. Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles tog
The ‘Netflix’ model of car ownership is on the rise for drivers who need wheels–without the debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-01  Authors: annie nova, source, shannon franklin, philip reed, -peter wexler, head of volvos subscription line
Keywords: news, cnbc, companies, services, model, wheelswithout, need, whats, typically, vehicles, debt, thats, drivers, volkswagen, traditional, tiffany, ford, netflix, car, ownership, rise


The 'Netflix' model of car ownership is on the rise for drivers who need wheels--without the debt

After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. Quickly.

Yet she didn’t want to take out another auto loan and so she researched her options. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription.

“I love the flexibility,” Ford McLemore said. She now drives her children to sports and band practice in a 2018 Volkswagen Jetta.

Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles together all the disparate expenses of car ownership, including insurance and maintenance.

“There’s a reason consumers are gravitating toward these services — what’s out there right now isn’t very good,” said Gary Hallgren, president of Arity, a technology start-up founded by Allstate.


Company: cnbc, Activity: cnbc, Date: 2018-12-01  Authors: annie nova, source, shannon franklin, philip reed, -peter wexler, head of volvos subscription line
Keywords: news, cnbc, companies, services, model, wheelswithout, need, whats, typically, vehicles, debt, thats, drivers, volkswagen, traditional, tiffany, ford, netflix, car, ownership, rise


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Huawei boss: The US may not win the 5G race if it doesn’t let us back in

But Huawei, the world’s largest maker of networking equipment, has been barred from the U.S. since 2012. “For Huawei, as leader in 5G technology, we don’t have the opportunity to serve the U.S. consumer with 5G solutions and services, then the U.S. market is a market without full competition while still blocking leading players from participation. Xu emphasized that blocking Huawei from the anticipated 5G market will mean less competition — which could result in consumers paying higher phone bil


But Huawei, the world’s largest maker of networking equipment, has been barred from the U.S. since 2012. “For Huawei, as leader in 5G technology, we don’t have the opportunity to serve the U.S. consumer with 5G solutions and services, then the U.S. market is a market without full competition while still blocking leading players from participation. Xu emphasized that blocking Huawei from the anticipated 5G market will mean less competition — which could result in consumers paying higher phone bil
Huawei boss: The US may not win the 5G race if it doesn’t let us back in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: arjun kharpal, joan cros, nurphoto, getty images
Keywords: news, cnbc, companies, services, spend, market, consumers, technology, let, win, 5g, xu, boss, competition, doesnt, worlds, race, huawei


Huawei boss: The US may not win the 5G race if it doesn't let us back in

Chinese technology giant Huawei warned on Thursday that American ambitions to lead the world in the next generation of mobile internet may not be realized if Washington continues to block the company from participating in the U.S. market.

That widely heralded new technology, known as 5G, could allow consumers to download movies in seconds and it could support infrastructure such as smart cities that will require lots of data. The U.S. and China are both in a race to become leaders in the space.

But Huawei, the world’s largest maker of networking equipment, has been barred from the U.S. since 2012. Speaking in Mandarin, Eric Xu, one of the rotating chairmen at Huawei, told CNBC on Thursday that the United States’ move could hurt the country’s ambitions in the next tech frontier.

“For Huawei, as leader in 5G technology, we don’t have the opportunity to serve the U.S. consumer with 5G solutions and services, then the U.S. market is a market without full competition while still blocking leading players from participation. Now, I’m not sure whether they can really deliver their objective of becoming the world’s No. 1 in 5G,” he said, according to a translation that was verified by CNBC.

Xu emphasized that blocking Huawei from the anticipated 5G market will mean less competition — which could result in consumers paying higher phone bills and telecom companies having to spend more.

“Without the participation for 5G technology leaders, without full competition, telcos would have to spend more to buy 5G equipment for network rollout. Consumers will have to spend more to get 5G services that are not as good from a quality point of view as other markets with leading players,” Xu said.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: arjun kharpal, joan cros, nurphoto, getty images
Keywords: news, cnbc, companies, services, spend, market, consumers, technology, let, win, 5g, xu, boss, competition, doesnt, worlds, race, huawei


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CVS creates new health-care giant as $69 billion merger with Aetna officially closes

Early next year, CVS plans to start testing stores with added health services. These new locations will likely focus on managing common chronic conditions, adding more primary health services at CVS’ MinuteClinics, guiding discharged hospital patients through their at-home plans and managing complex conditions. CVS needed final approval from state insurance regulators where Aetna sells its coverage. In the end, CVS was able to persuade the state regulators to sign off on the acquisition. This ca


Early next year, CVS plans to start testing stores with added health services. These new locations will likely focus on managing common chronic conditions, adding more primary health services at CVS’ MinuteClinics, guiding discharged hospital patients through their at-home plans and managing complex conditions. CVS needed final approval from state insurance regulators where Aetna sells its coverage. In the end, CVS was able to persuade the state regulators to sign off on the acquisition. This ca
CVS creates new health-care giant as $69 billion merger with Aetna officially closes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: angelica lavito, cameron costa
Keywords: news, cnbc, companies, regulators, plans, stores, closes, giant, billion, 69, merger, aetna, services, creates, state, healthcare, health, cvs, officially, approval, patients


CVS creates new health-care giant as $69 billion merger with Aetna officially closes

Consumers won’t immediately see any differences in their local stores, Merlo said. Early next year, CVS plans to start testing stores with added health services. These new locations will likely focus on managing common chronic conditions, adding more primary health services at CVS’ MinuteClinics, guiding discharged hospital patients through their at-home plans and managing complex conditions.

From there, CVS will evaluate and tweak new store formats as necessary before rolling them out broadly.

“We’ll be working hard so those opportunities will be coming as soon as possible,” he said.

The two companies announced the deal in December 2017 and received preliminary approval from the Department of Justice in October. CVS needed final approval from state insurance regulators where Aetna sells its coverage. A handful of states opposed the combination, saying it would reduce competition and could leave consumers worse off.

In the end, CVS was able to persuade the state regulators to sign off on the acquisition. To win approval from California, CVS agreed to a number of conditions, including not raising premiums as a result of acquisition costs and keeping premium increases to a minimum. This came after Aetna said it would sell its Medicare Part D drug plan business to WellCare Health Plans for an undisclosed amount in order ease concerns about the overlap between the CVS and Aetna Medicare Part D plans.

On its third-quarter earnings call Nov. 6, CVS said it expects to save more than $750 million within two years of the deal closing. Merlo has promised the combined company will create a new data-driven health-care model that’s more personal, convenient and tailored to individual patients than ever before.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: angelica lavito, cameron costa
Keywords: news, cnbc, companies, regulators, plans, stores, closes, giant, billion, 69, merger, aetna, services, creates, state, healthcare, health, cvs, officially, approval, patients


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DoJ indicts two Iranians for SamSam ransomware that hit Atlanta

According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.” In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million. But one of the most alarming attacks of the SamSam campaign came much earlier. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online. The two people


According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.” In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million. But one of the most alarming attacks of the SamSam campaign came much earlier. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online. The two people
DoJ indicts two Iranians for SamSam ransomware that hit Atlanta Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate fazzini, chip somodevilla, getty images
Keywords: news, cnbc, companies, hit, atlanta, campaign, ransom, department, indicts, ransomware, hospital, doj, services, ultimately, city, iranians, samsam, justice


DoJ indicts two Iranians for SamSam ransomware that hit Atlanta

The Department of Justice on Wednesday indicted two Iranians it says were behind a set of ransomware attacks called “SamSam” that devastated the City of Atlanta in March 2018, as well as the Hollywood Presbyterian Hospital in February 2016 and other victims.

Ransomware is malicious software that locks up computers and any computer-controlled equipment until the victim pays a ransom to the criminal involved. While it’s often seen as a purely criminal activity, deployed to get money from unsuspecting businesses, its deployment can cause chaos and nation-state intrigue, as well as major shut-downs in government or corporate services. According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.”

In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million.

But one of the most alarming attacks of the SamSam campaign came much earlier. In February 2016, long before most people had heard of ransomware, Hollywood Presbyterian Hospital near Los Angeles was hit with a virulent strain of the malicious software forcing it to shut down systems across its facility.

As a result, cancer doctors in the radiation department could not turn on their devices, and other physicians reported they couldn’t access patient medical records, nor share MRIs, X-rays or blood tests. Patients were turned away. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online.

The scenario prompted many hospitals to re-think cybersecurity and imagine how a cyberattack might play shake out at a critical facility that serves the publich. It also introduced many people to the concept of “ransomware” itself, and served as a preview of WannaCry and NotPetya attacks that took out health care, logistics, medical and industrial facilities worldwide.

The hospital’s actions also sparked an ethical debate over whether or not companies should pay ransoms in order to get services back online, provided the criminals in question have a high likelihood of being able to deliver. Many posit that it’s unethical to pay criminals who may ultimately be supported by rogue nation-states or organized crime, or that paying a ransom will only invite more criminals.

But for those who advocate paying the ransom, the difference between Presbyterian’s $17,000 payment to ransomers and Atlanta’s $17 million price tag for not doing it is proof they’re right.

The two people indicted for allegedly taking part in the SamSam campaign, Faramarz Savandi and Mohammad Mansouri, currently live in Iran. It’s unlikely they will be arrested, much like other cybercriminals from Russia, Iran and North Korea indicted in absentia. The Department of Justice has made “naming and shaming” a priority in these cases, in order to put pressure on these countries.

Alongside the DoJ action, the U.S. Department of Treasury has assigned sanctions to two further Iranians who it says helped process the ransoms, which were paid in Bitcoin: Ali Khorashadizadeh and Mohammad Ghorbaniyan.

The group allegedly sustained the campaign for 36 months, according to the indictment. Other entities that fell victim included the City of Newark and Kansas Heart Hospital.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate fazzini, chip somodevilla, getty images
Keywords: news, cnbc, companies, hit, atlanta, campaign, ransom, department, indicts, ransomware, hospital, doj, services, ultimately, city, iranians, samsam, justice


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Despite cryptocurrency crash, Amazon sees opportunity to embrace blockchain

Even as cryptocurrencies are getting crushed, Amazon sees plenty of opportunity with blockchain technology. Blockchain is a software protocol that underpins cryptocurrencies like bitcoin. Amazon’s new product will support two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. Ethereum is a popular open-source building platform for developers, linked to the cryptocurrency ether, while corporate giants including IBM are currently building projects on Hyperledger. Jassy said A


Even as cryptocurrencies are getting crushed, Amazon sees plenty of opportunity with blockchain technology. Blockchain is a software protocol that underpins cryptocurrencies like bitcoin. Amazon’s new product will support two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. Ethereum is a popular open-source building platform for developers, linked to the cryptocurrency ether, while corporate giants including IBM are currently building projects on Hyperledger. Jassy said A
Despite cryptocurrency crash, Amazon sees opportunity to embrace blockchain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate rooney
Keywords: news, cnbc, companies, bitcoin, including, amazon, cryptocurrencies, aws, embrace, jassy, opportunity, popular, cryptocurrency, crash, sees, ethereum, services, despite, building, blockchain


Despite cryptocurrency crash, Amazon sees opportunity to embrace blockchain

Even as cryptocurrencies are getting crushed, Amazon sees plenty of opportunity with blockchain technology.

The company said on Wednesday that it’s introducing two new services, including a managed blockchain offering, to let Amazon Web Services customers set up “a scalable blockchain network with just a few clicks” that “automatically scales to meet the demands of thousands of applications running millions of transactions.”

Blockchain is a software protocol that underpins cryptocurrencies like bitcoin. Also called distributed ledger technology, its potential has been compared to the internet — but the hype has outpaced reality. Outside of cryptocurrencies, few commercially viable products have been built on blockchain to date, and crypto prices have plunged, with bitcoin losing almost 70 percent of its value in 2018. Meanwhile, Cowen estimates it will take almost six years for blockchain to gain widespread adoption.

Amazon’s new product will support two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. Ethereum is a popular open-source building platform for developers, linked to the cryptocurrency ether, while corporate giants including IBM are currently building projects on Hyperledger.

“We don’t build things for optics,” AWS CEO Andy Jassy said on Wednesday at the company’s re:Invent conference in Las Vegas. Jassy said AWS only spends resources on something when they “understand the problem” and said, “this is something that a lot of companies need.”


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate rooney
Keywords: news, cnbc, companies, bitcoin, including, amazon, cryptocurrencies, aws, embrace, jassy, opportunity, popular, cryptocurrency, crash, sees, ethereum, services, despite, building, blockchain


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Amazon’s cloud unit follows Google into the A.I. chip market

Amazon Web Services said on Wednesday at its AWS Re:Invent user conference in Las Vegas that its new Inferentia chips will provide A.I. It’s the latest example of a giant provider of cloud services building next-generation processors. Among providers of public cloud services, Amazon is following Google into the chip market. Alibaba, a public cloud provider that’s popular in China, has also announced an AI chip. Like with other AWS services, customers will be able to pay based on how much they us


Amazon Web Services said on Wednesday at its AWS Re:Invent user conference in Las Vegas that its new Inferentia chips will provide A.I. It’s the latest example of a giant provider of cloud services building next-generation processors. Among providers of public cloud services, Amazon is following Google into the chip market. Alibaba, a public cloud provider that’s popular in China, has also announced an AI chip. Like with other AWS services, customers will be able to pay based on how much they us
Amazon’s cloud unit follows Google into the A.I. chip market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: jordan novet, source
Keywords: news, cnbc, companies, chip, public, chips, data, follows, aws, amazons, inferentia, workloads, ai, unit, services, cloud, google, market


Amazon's cloud unit follows Google into the A.I. chip market

Amazon’s cloud business is developing its own computer chips for artificial intelligence projects.

Amazon Web Services said on Wednesday at its AWS Re:Invent user conference in Las Vegas that its new Inferentia chips will provide A.I. researchers “high performance at low cost.” It’s the latest example of a giant provider of cloud services building next-generation processors.

Among providers of public cloud services, Amazon is following Google into the chip market. Google announced its first Tensor Processing Unit, or TPU, in 2016. Alibaba, a public cloud provider that’s popular in China, has also announced an AI chip.

AWS is by far the leader in public cloud infrastructure, which companies can rely on to remotely run software and store data. Microsoft, Google, IBM are competing with AWS for business as companies move their workloads from traditional data centers to the cloud.

The Inferentia chips will become available in late 2019. Like with other AWS services, customers will be able to pay based on how much they use.

There are two common phases in AI — training models by feeding them lots of data, and then showing them new data that they can then use to run predictions. Since 2016 Google has introduced new TPU chips that compete with Nvidia for training AI models. Inferentia is focused only on inference for now.

Amazon said that some inference workloads require an entire graphics processing unit, which is expensive. “Solving this challenge at low cost requires a dedicated inference chip,” the company said.

Earlier this week AWS announced ARM-based chips that represent an alternative to traditional computing processors from chipmakers like Intel. Those are more focused on low-cost, energy-efficient computing workloads. The new Inferentia silicon is specialized for AI.

AWS said customers will be able to use Inferentia with TensorFlow AI software (created by Google), as well as other AI frameworks like PyTorch and the ONNX format for converting models.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: jordan novet, source
Keywords: news, cnbc, companies, chip, public, chips, data, follows, aws, amazons, inferentia, workloads, ai, unit, services, cloud, google, market


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New Zealand rejects Huawei’s first 5G bid citing national security risk

New Zealand’s intelligence agency has rejected the telecom industry’s first request in the country to use 5G equipment provided by China’s Huawei Technologies, citing concerns about national security. Telecommunications services provider Spark New Zealand, which made the request, said on Wednesday it would review the reasoning before considering any further steps. Earlier this year, neighboring Australia banned Huawei from supplying 5G equipment, also citing security risks. “I have informed Spar


New Zealand’s intelligence agency has rejected the telecom industry’s first request in the country to use 5G equipment provided by China’s Huawei Technologies, citing concerns about national security. Telecommunications services provider Spark New Zealand, which made the request, said on Wednesday it would review the reasoning before considering any further steps. Earlier this year, neighboring Australia banned Huawei from supplying 5G equipment, also citing security risks. “I have informed Spar
New Zealand rejects Huawei’s first 5G bid citing national security risk Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: smith collection gado, archive photos, getty images
Keywords: news, cnbc, companies, zealand, security, citing, bid, services, spark, risk, huaweis, concerns, work, huawei, rejects, request, 5g, national


New Zealand rejects Huawei's first 5G bid citing national security risk

New Zealand’s intelligence agency has rejected the telecom industry’s first request in the country to use 5G equipment provided by China’s Huawei Technologies, citing concerns about national security.

Telecommunications services provider Spark New Zealand, which made the request, said on Wednesday it would review the reasoning before considering any further steps.

The decision comes as Western nations become increasingly wary of what they say is possible Chinese government involvement in fifth-generation mobile and other communications networks. Huawei has repeatedly insisted Beijing has no influence over it.

Earlier this year, neighboring Australia banned Huawei from supplying 5G equipment, also citing security risks. Last week, the Wall Street Journal reported the U.S. government was trying to persuade companies in allied countries to avoid Huawei.

“I have informed Spark that a significant network security risk was identified,” Government Communications Security Bureau Director-General Andrew Hampton said separately on Wednesday.

Intelligence services minister Andrew Little told Reuters that Spark — whose request was part of the country’s first 5G application — could work with the agency to mitigate risk. He declined to specify the concerns, citing classified information.

Huawei said in a statement that it will “actively address any concerns and work together to find a way forward”, adding it has signed more than 20 5G contracts with carriers worldwide.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: smith collection gado, archive photos, getty images
Keywords: news, cnbc, companies, zealand, security, citing, bid, services, spark, risk, huaweis, concerns, work, huawei, rejects, request, 5g, national


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