Connect with us

Business

Chinese Firm Loses Interest In US Economy

Published

on

Chinese telecommunications equipment manufacturer, Huawei, has given up its quest to conquer the market for telecom network equipment in the United States, where the company’s sales efforts have been repeatedly blocked by security fears.

“We are not interested in the US market anymore,” Eric Xu, executive vice-president, said at the company’s annual analyst summit recently. The world’s second-largest supplier of network gear by revenue has shifted the focus of expansion away from the US over the past year.

Huawei’s decision ends an aggressive push for business in the world’s largest economy. US security officials and politicians have repeatedly identified Huawei as a threat to US national security — an allegation the Chinese company has consistently denied.

Although Huawei has done business with 45 of the world’s top carriers, it failed to get contracts from any leading operators in the US. Last month, Sprint Nextel, the third largest US mobile network operator, and its Japanese suitor, Softbank, both gave assurances to the House intelligence committee that they would not use Huawei equipment.

In October, a US congressional report officially branded Huawei and ZTE, its smaller Chinese peer, a threat to national security. At the time, Representative Mike Rogers, chairman of the House Intelligence Committee, called on the US Government and private sector companies to shun Huawei and ZTE.

Despite its success in other markets, including the UK, Huawei has struggled in the US for years because of concerns among politicians and security officials about the military background of its founder Ren Zhengfei, a former People’s Liberation Army officer.

In 2008, Huawei retracted a bid for 3Com, a US technology company, after it emerged that the proposed deal would not gain regulatory approval in Washington. Two years later, Huawei bid for a multibillion-dollar contract to supply network infrastructure to Sprint Nextel, one of the top US operators, but lost after the US Government intervened. It also failed to win bids for other US telecom assets and, in 2011, was forced to unwind a $2m deal to buy patents from a US company.

In response to these setbacks, Huawei launched a major US lobbying campaign. It hired a number of senior executives from ailing rivals such as Nortel and Motorola, in an effort to build a big research and development presence.

Ken Hu, a senior Huawei executive, also wrote a passionate open letter calling on the US government to launch a formal investigation, which he believed would clear his company.

But October’s congressional report made it even more difficult for the company to do business in the US, Huawei executives say. As a result, it has halted its expansion there. While Huawei still employs 1,400 people in the US, its R&D headcount has dropped from 800 to 500, and the sales team has shrunk too.

Executives at the company’s consumer and enterprise business-groups said they no longer consider the US to be a strategic market.

Continue Reading

Business

Association Woos Govt, Coys On  Boat Operators  Employments

Published

on

The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
Continue Reading

Business

FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

Published

on

The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
?
“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NIWA Harps On  Avoidance Of Leaking Boats

Published

on

The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
Continue Reading

Trending