Tag Archives: Business news

Nokia won the 5G deal with BT after Huawei was banned from UK networks | Instant News


Nokia’s new president and CEO Pekka Lundmark (C) shakes hands with President and CEO Rajeev Suri who resigned after a press conference at Nokia’s headquarters in Espoo, Finland on March 2, 2020.

Markku Ulander | AFP leaflet via Getty Images

LONDON – Nokia announced Tuesday that it has signed a major 5G equipment deal with BT, which is the UK’s largest telecommunications group.

The announcement came after English word in July that they would ban Huawei equipment from launching its 5G network, and that suggests that Nokia is replacing the remaining part of Huawei’s infrastructure in BT’s 5G network.

Philip Jansen, CEO BT Group, said in a statement: “In a fast-moving and competitive market, it is very important for us to make the right technology choices.”

Under the agreement, Nokia will provide 5G equipment and services at BT radio sites across the UK

In particular, BT will use Nokia’s AirScale Single Ran (S-RAN) equipment to provide indoor and outdoor coverage for its customers. That equipment includes base stations and radio access products.

The Finnish telecommunications company said it would become BT’s biggest infrastructure partner as a result of the deal, with industry sources telling CNBC that it would cover 63% of BT’s entire network. The financial terms of the deal were not disclosed.

Nokia currently powers the BT network in London, the English Midlands and several rural locations – but that footprint will now grow.

Pekka Lundmark, president and CEO of Nokia, said in a statement: “Our two companies have worked together for more than a quarter of a century to provide best-in-class connectivity to people across the UK.”

He added: “We are proud to support the evolution of BT’s 5G network and look forward to working more closely together in the years to come.”

In July, British Culture Secretary Oliver Dowden said mobile network operators in the country would be forced to stop buying equipment from Huawei by the end of the year. They are also required to remove Huawei equipment from their infrastructure by 2027.

This is a big reversal for the UK, which in January gave Huawei limited access to the country’s next-generation mobile network. Under previous guidelines, mobile network operators were required to reduce the share of Huawei devices in non-core parts of their infrastructure by up to 35% by 2023.

A Huawei spokesperson said: “We embrace fair competition because it provides innovation for consumers and the more diverse the supply chain, the more competitive it becomes. The UK network faces dependence on only two vendors for 5G from 2027, delaying 5G rollout-out and undermining supply diversity. which is very important for network security. “

—CNBC Ryan Browne contributed to this article.

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Anil Ambani told a British court that he was a ‘man with simple taste’ who drives a car | Instant News


Industrialist Anil Ambani on Friday claiming that he was a “simple man with simple tastes”, who lived a simple life without any kind of luxury, The Times of India reported. The industrialist told a court in England that he “had nothing to do with it” and that excessive perceptions of his lavish lifestyle were speculative media news.

Ambani, who was present in court regarding the lawsuit filed by three Chinese banks on suspicion of breaching personal guarantees for debt refinancing loans, said he had sold all of his jewelery to pay for his legal fees.

She says she has received Rs 9.9 crore for all jewelery between January and June 2020, and now has nothing meaningful. When asked about his legion of luxury cars, the industrialist said: “This is speculative media news. I never owned a Rolls-Royce. Currently, I use one car. “On his private helicopter, Ambani admitted that he would not pay for it unless he used it himself.

“My expenses are minimal and are borne by my wife and family,” added Ambani. “I don’t have a luxurious lifestyle and no other income. I cover legal costs with the sale of jewelry and, if I have to cover further expenses, [it] will be subject to court approval to dispose of other assets. ”

When Bankim Thanki, representing the bank, asked why there was no proof of payment he made for the personal use of the helicopter, he said: “It is owned by a business entity. I am a seasick person so never used it other than when it arrived. “

On 22 May, a court in England has ordered Ambani paid nearly $ 717 million (Rs 5,447 crore) to three Chinese banks, in 21 days. The Bank has sought to repay the outstanding funds as part of the loan agreement made in 2012. However, this amount was not paid within the specified period.

Then, on June 15, Chinese banks, led by the Industrial and Commercial Bank of China, requested a disclosure order. On June 29, the court ordered Ambani to provide a written statement establishing all of his assets worldwide to exceed $ 100,000 (approximately Rs 74 lakh), whether in his own name or not, whether they are owned alone or collectively, and whether he is interested in them. legally, profitable or otherwise.

Ambani emerged from India via video conference on Friday to be cross-examined in the case. The industrialist told the court that his bank balance fell overnight from Rs 40.2 lakh on 31 December 2019 to Rs 20.8 lakh on 1 January 2020.

He further claims that despite being one of the richest men in India to date, he owns one “$ 110,000 worth of artwork”. What is the collection of Tina and Anil Ambani? Thanki asked this guess. Ambani tells him it is his wife’s collection.

He added that he has a loan of Rs 500 crore for his mother and Rs 310 crore for his son Anmol. Ambani said he had loaned Rs 5 billion to Reliance Innoventures and had not “withdrawn” the terms and conditions of the two loans. He claims his 12 million equity stake in Reliance Innoventures is “worthless” and denies having any interest in any trust around the world, including that of his family.

During the trial, Ambani was also interrogated about credit card bills showing shopping in London, California, Beijing and elsewhere, much of which he claimed was his mother’s shopping.

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Apple temporarily withdraws its decision to charge fees for Facebook events | Instant News


Apple CEO Tim Cook (l) and Facebook CEO and founder Mark Zuckerberg.

Getty Images (L) | Reuters (R)

Facebook Friday said apple Temporarily revoked its decision to cut 30% of the transactions resulting from hosting paid virtual events hosted by small businesses through the Facebook application. However, although this is a temporary victory for Facebook, the company still uses this opportunity to make Apple’s App Store rules a product harmful to small businesses. COVID-19 pandemic And global recession.

Apple’s reversal is a few weeks later Blocked updates to the Facebook app Show users a warning that part of the transaction in the payment event will be owned by Apple. At the time, Facebook stated that Apple will not make exceptions to the rules of providing all of its transaction value to the company hosting the event. Facebook has given up on layoffs through its Facebook Pay system, and Google Agreed not to cut its standard 30% deal through the Android version of the app.

An Apple spokesperson told CNBC that due to the pressure of the pandemic on companies, Apple withdrew its decision on Facebook activity fees. Apple hopes to give these companies more time to adapt to the digital business model. The spokesperson also said that its App Store regulations require that Apple’s fees be reduced by 30%. This does not apply to real-world ticketing events, only digital events. Facebook will not have to implement in-app payments for real-world events until the end of this year. Apple said that Airbnb and ClassPass must also increase in-app payments for events before the end of the year.

Apple said in a statement: “The App Store provides huge business opportunities for all developers. They can use it to reach one billion visitors in 175 countries/regions every week.” “To ensure that every developer can create and To develop a successful business, Apple maintains a set of clear and consistent guidelines that apply to everyone.”

Facebook also criticized Apple’s App Store policies in its announcement on Friday, claiming that they are harmful to small businesses struggling in the pandemic-induced recession. The company said that Apple only agreed to waive these fees before December 31, and that paid activities hosted by game companies will still charge these fees. An Apple spokesperson said that the decision will not affect gaming companies because the gaming business has not been harmed by the pandemic and has always been limited to digitalization. Facebook said it will waive transaction fees at least until August 2021.

Facebook spokesperson Joe Osborne said in a statement: “This is a difficult time for small businesses and creators, which is why we don’t charge any fees for paid online activities. The community is still closed due to the pandemic.” “Apple has agreed to provide a short three-month vacation, after which struggling companies will have to pay Apple the full 30% App Store tax again.”

Facebook and Apple

Facebook executives are becoming more and more important to Apple’s App Store rules. He said the company has an effective monopoly on how apps can run effectively on more than 1 billion devices in use worldwide.

in a Interviewed on CNBC’s “Squawk Box” earlier this month, Facebook-owned Instagram chief Adam Mosseri (Adam Mosseri) said that Apple has “huge power” over its App Store and can control the way application-based businesses operate. Apple recently Postponed the functionality of its new iOS 14 software In this way, users can more easily prevent companies from tracking their iPhone usage to collect data for targeted digital advertising. Facebook warns that the feature will Advertising business is growing slowly with Damage businesses that rely on Facebook ads.

Mosseri said of Apple: “They can decide that we cannot launch new applications at any given moment.” “In the past few months, we have seen a series of articles, even some lawsuits, and their impact on development. People’s influence and influence.”

Facebook CEO Mark Zuckerberg made similar comments to employees at an all-hands meeting this summer. Audio leaked from the meeting obtained by BuzzFeed. Zuckerberg said at the August meeting that Apple “has this unique control as the gatekeeper on the phone” and that the company charges “monopoly rent” from app makers.

Facebook also argued on Friday that Apple should allow users more control over the default apps used for default services (such as sending text messages) on the iPhone. Apple’s latest iPhone software update, iOS 14 has a new feature that allows you to select default third-party applications for web browsing and email, but not other basic functions.

in Information interview, Facebook’s vice president in charge of its Messenger application said that over the years, the company has repeatedly asked Apple to provide iPhone users with the option of choosing Messenger as its default messaging application, and Google has allowed this feature on Android devices. This call echoes the antitrust complaints Microsoft faced in the late 1990s and early 2000s. These complaints were the way Microsoft packaged its own default applications for web browsing and other key features of the Windows operating system.

However, what is ironic in Facebook’s recent criticism of Apple is: Federal Trade Commission’s Antitrust Investigation with The attorney general of almost every state in the United States, Not to mention a series of regulatory threats worldwide.

Others and Apple

It’s not just Facebook targeting Apple. Some other companies that build iPhone applications will also target the App Store’s charging policies.

The most high-profile case comes from Fortnite manufacturer Epic Games, which sued Apple after Epic deliberately violated Apple’s App Store policy by providing its own payment system in the iPhone version of Fortnite. Apple removed Fortnite Apps from the App Store There was a legal battle surrounding the decision.

On Thursday, a group of technology companies Spotify, Competition group (This enables dating apps such as Tinder), Epic Games and Basecamp announced Established a non-profit organization called “Applied Fair Alliance”. The organization’s goal is to lobby for legal changes in the application market so that they cannot charge developers “unfair, unreasonable or discriminatory fees or revenue sharing.”

The other two tech giants, Microsoft with Google, Please follow Apple’s App Store rules. Apple has Prevented the two companies from launching new streaming video game services On the App Store, each game included in the service should be submitted separately. But this violates the nature of gaming services, which allow you to stream a library of console games in an app to your mobile device.

“For customers, this is still a bad experience. Gamers want to jump into the game directly from a select catalog within an app, like in a movie or song, instead of being forced to download more than 100 apps The program is to play a single game from the cloud, a Microsoft spokesperson told CNBC earlier this month.

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Australia is easing loan legislation to stimulate the coronavirus-hit economy | Instant News


Federal Treasurer Josh Frydenberg during a press conference in the Main Committee Room at the Parliament Building on July 23, 2020 in Canberra, Australia.

Sam Mooy | Stringer | Getty Images

Australia said on Friday it would simplify bank lending rules to free up credit in a bid to stimulate the economy, which is sliding into its first recession in nearly 30 years due to the coronavirus pandemic.

Shares from Australia’s “Big Four” banks advanced after the announcement in early trading, with the financial heavyweights soaring more than 3%. The benchmark index is up more than 1%.

National Australia Bank and Westpac Banking were up nearly 6%, while Commonwealth Bank of Australia was up more than 2%. The Australian and New Zealand Banking Group rose nearly 5%.

The changes will ease the regulatory burden and reduce costs and time faced by consumers and small businesses seeking to access credit, said Federal Treasurer Josh Frydenberg.

“The flow of credit will be very important for our economic recovery,” Frydenberg told reporters in Canberra.

“But our current regulatory framework, with respect to lending, is not suitable for that purpose. It has become too prescriptive, and responsible lending has become limiting lending.”

Even though credit is now cheap with record-low interest rates, consumers find it more difficult to get the loan they are looking for, with many giving up due to stringent lending laws.

“We need our banks to extend credit, we need simplified regulations, and we need customers to have access to credit,” said the treasurer.

The coronavirus pandemic has had a major impact on the Australian economy. To cushion the blow, Prime Minister Scott Morrison’s conservative government has relaxed some rules for businesses and launched a stimulus package worth an estimated A $ 314 billion ($ 221 billion).

The decision to overhaul credit rules comes a day after Australia announced its biggest overhaul of bankruptcy laws in nearly three decades, allowing small businesses to trade while bankrupt and take greater control over debt restructuring.

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Novavax begins trials of the final stage Covid-19 vaccine in the UK | Instant News


A woman holds a small bottle labeled “Vaccine COVID-19” and the medical syringe in this illustration was taken on April 10, 2020.

Remembering Ruvic | Reuters

Novavax on Thursday kicked off the final-stage trial of an experimental Covid-19 vaccine in partnership with the UK government’s Vaccine Task Force, sending the company’s stock up 6% after the bell.

The trial is expected to enroll and test the vaccine in up to 10,000 participants aged between 18 and 84 over the next four to six weeks.

The data from the trial will support filing regulations for licensing in the UK, EU and other countries, the company said.

This study had two main objectives, the first incidence of COVID-19 confirmed by PCR at least 7 days after vaccination of the second study in volunteers who were not previously infected with SARS-CoV-2. The second main objective was the first incidence of moderate or severe Covid-19 confirmed by PCR at least 7 days after the second study vaccination in volunteers who had not previously been infected with the virus.

The trial will enroll at least 25% of participants who are over 65 and prioritize the groups most affected by Covid-19, the company said.

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