British Prime Minister Boris Johnson ordered Huawei equipment to be purged completely from Britain’s 5G network by 2027, risking the ire of China by signalling that the world’s biggest telecommunications equipment maker is no longer welcome in the West.
The seven-year lag will please telecoms operators such as BT, Vodafone and Three, which feared they would be forced to spend billions of pounds to rip out Huawei equipment much faster. But it will delay the rollout of 5G in the country.
The United States has pushed Johnson to reverse his January decision to grant Huawei a limited role in 5G, while London has been dismayed by a crackdown in Hong Kong and the perception China did not tell the whole truth over the novel coronavirus.
Britain’s National Security Council (NSC), chaired by Johnson, decided on Tuesday to ban the purchase of 5G components from the end of this year and to order the removal of all existing Huawei gear from the 5G network by 2027.
The cyber arm of Britain’s GCHQ eavesdropping agency, the National Cyber Security Centre, told ministers it could no longer guarantee the stable supply of Huawei gear after the United States imposed new sanctions on chip technology.
Telecoms will also be told to stop using Huawei in fixed-line fibre broadband within the next two years.
Not an ‘easy decision’
“This has not been an easy decision, but it is the right one for the U.K. telecoms networks, for our national security and our economy, both now and indeed in the long run,” Oliver Dowden, the U.K.’s digital, culture, media and sport secretary, told Parliament.
“By the time of the next election, we will have implemented in law an irreversible path for the complete removal of Huawei equipment from our 5G networks.”
A spokesperson for Huawei called the decision “disappointing” and “bad news for anyone in the U.K. with a mobile phone.” The company urged the British government to reconsider.
“We remain confident that the new U.S. restrictions would not have affected the resilience or security of the products we supply to the U.K.,” the spokesperson said.
In what some have compared to the Cold War antagonism with the Soviet Union, the United States is worried that 5G dominance is a milestone toward Chinese technological supremacy that could define the geopolitics of the 21st century.
With faster data and increased capacity, 5G will become the nervous system of the future economy — carrying data on everything from global financial flows to critical infrastructure such as energy, defence and transport.
Steadily growing concerns over Huawei
After Australia first recognized the destructive power of 5G if hijacked by a hostile state, the West has become steadily more worried about Huawei.
White House national security adviser Robert O’Brien is meeting representatives of France, Britain, Germany and Italy in Paris this week to discuss security, including 5G.
U.K. telecoms firms already had to cap Huawei’s role in 5G at 35 per cent by 2023. Reducing it to zero over another two to four years is now being discussed, though going too fast could disrupt services and prove costly.
The West is trying to create a group of rivals to Huawei to build 5G networks. Other large-scale telecoms equipment suppliers are Sweden’s Ericsson and Finland’s Nokia.
Hanging up on Huawei, founded by a former People’s Liberation Army engineer in 1987, marks the end of what former British Prime Minister David Cameron cast as a “golden era” in ties, with Britain as Europe’s top destination for Chinese capital.
Cameron toasted the relationship over a beer with President Xi Jinping in an English pub, which was later bought by a Chinese firm.
Trump, though, has repeatedly asked London to ban Huawei, which Washington calls an agent of the Chinese Communist state — an argument that has support in Johnson’s Conservative Party.
Huawei denies it spies for China and has said the United States wants to frustrate its growth because no U.S. company could offer the same range of technology at a competitive price. China says banning one of its flagship global technology companies would have far-reaching ramifications.
Moderna chairman says Canada near front of line for 20M vaccine doses – 680 News
The chairman of American vaccine maker Moderna says Canada is near the front of the line to receive 20 million doses of the COVID-19 vaccine it pre-ordered.
Noubar Afeyan offered that assessment today in an interview with CBC’s Rosemary Barton Live.
Afeyan’s remarks come as the Trudeau government has come under fire this past week for its ability to deliver a timely vaccine to Canadians.
Prime Minister Justin Trudeau created a firestorm when he said Canadians will have to wait a bit to get vaccinated for COVID-19 because the first doses off the production lines will be used in the countries where they are made.
Afeyan was asked whether the fact that Canada committed to pre-purchase its doses before other jurisdictions means it will get its supply first.
Afeyan confirmed that was the case.
“The people who are willing to move early on with even less proof of the efficacy have assured the amount of supply they were willing to sign up to,” he said.
“In the case of Canada, that number is about 20 million doses. But the Canadian government, like others, have also reserved the ability to increase that amount. And those discussions are ongoing,” he added.
Shares take a breather after stellar month, China data upbeat – reuters.com
SYDNEY (Reuters) – World shares paused to assess a record-busting month on Monday as the prospect of a vaccine-driven economic recovery next year and yet more free money from central banks eclipsed immediate concerns about the coronavirus pandemic.
Helping sentiment was a survey showing factory activity in China handily beat forecasts in November, and the country’s central bank surprised with a helping of cheap loans. That left blue chips up 1.3% on the day and 7.4% for the month.
The rush to risk has also benefited oil and industrial commodities while undermining the safe-haven dollar and gold.
“November looks set to be an awesome month for equity investors with Europe leading the charge at a country/regional level,” said NAB analyst Rodrigo Catril.
Many European bourses are boasting their best month ever with France up 21% and Italy almost 26%. The MSCI measure of world stocks is up 13% for November so far, while the S&P 500 has climbed 11% to all-time peaks.
Early Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.4%, to be up almost 11% for the month in its best performance since late 2011.
Japan’s Nikkei 225 eased 0.4%, but was still 15.4% higher on the month for the largest rise since 1994.
E-Mini futures for the S&P 500 dipped 0.4%, and EUROSTOXX 50 futures 0.6%.
“Markets are overbought and at risk of a short term pause,” said Shane Oliver, head of investment strategy at AMP Capital.
“However, we are now in a seasonally strong time of year and investors are yet to fully discount the potential for a very strong recovery next year in growth and profits as stimulus combines with vaccines.”
Cyclical recovery shares including resources, industrials and financials were likely to be relative outperformers, he added.
The surge in stocks has put some competitive pressure on safe-haven bonds but much of that has been cushioned by expectations of more asset buying by central banks.
Sweden’s Riksbank surprised last week by expanding its bond purchase program and the European Central Bank is likely to follow in December.
DOLLAR IN DECLINE
Federal Reserve Chair Jerome Powell testifies to Congress on Tuesday amid speculation of further policy action at its next meeting in mid-December.
As a result U.S. 10-year yields are ending the month almost exactly where they started at 0.84%, a solid performance given the exuberance in equities.
The U.S. dollar has not been as lucky.
“The idea that a potential Treasury Secretary (Janet) Yellen and Fed chair Powell could work more closely to shape and coordinate super easy monetary policy and massive fiscal stimulus that could drive a rapid post pandemic recovery saw the dollar under pressure,” said Robert Rennie, head of financial market strategy at Westpac.
Against a basket of currencies, the dollar index was pinned at 91.771 having shed 2.4% for the month to lows last seen in mid-2018.
The euro has caught a tailwind from the relative outperformance of European stocks and climbed 2.7% for the month so far to reach $1.1967. A break of the September peak at $1.2011 would open the way to a 2018 top at $1.2555.
The dollar has even declined against the Japanese yen, a safe-haven of its own, losing 0.7% in November to reach 103.89 yen, though it remains well above key support at 103.16.
Sterling stood at $1.3334, having climbed steadily this month to its highest since September, as investors wagered a Brexit deal would be brokered even as the deadline for talks loomed ever larger.
One major casualty of the rush to risk has been gold, which was near a five-month trough at $1,771 an ounce having shed 5.6% so far in November.
Oil, in contrast, has benefited from the prospect of a demand revival should the vaccines allow travel and transport to resume next year. [O/R]
Some profit-taking set in early Monday ahead of an OPEC+ meeting to decide whether the producers’ group will extend large output cuts. Brent crude futures fell 52 cents to $47.66, while U.S. crude eased 60 cents to $44.93 a barrel.
Editing by Lincoln Feast & Simon Cameron-Moore
Alberta reports 1,608 new cases of COVID-19, second highest number during pandemic – CBC.ca
Alberta reported 1,608 new cases of COVID-19 and nine additional deaths on Sunday.
The total number of active cases in Alberta grew to 15,692, according to the province. There are 435 people in the hospital and 95 in intensive care.
According to the province there is a “brief delay in a death being reported to Alberta Health or in a death being confirmed post-mortem as having COVID-19 as a contributing cause”.
The nine deaths brings the provincial total to 533. Five of which are linked to the outbreak at the Edmonton Chinatown Care Centre in Edmonton. They include a man and woman, both in their 80s who died on Nov. 25. They had underlying conditions along with COVID-19. A man in his 70s who died on Nov. 26 who also had underlying conditions. Another man and woman in their 90s who died on Nov. 27 also had one or more additional conditions.
The remaining deaths include a man in his 90s linked to the outbreak at Westlock Continuing Care Centre in North Zone. The province did not confirm if he had underlying conditions. Another man in his 90s in south zone who died on Nov. 28 also with underlying conditions.
Another man in his 80s linked to the outbreak at Laurel Heights Retirement Residence in Edmonton Zone who died on Nov. 28, and a man in his 80s who died on Nov. 29 due to the outbreak at Clifton Manor in Calgary Zone. The province could not confirm underlying conditions for either.
A regional breakdown of cases as of Saturday shows the impact of COVID-19 in different parts of the province:
Calgary zone: 5,756 active cases
South zone: 642 active cases
Edmonton zone: 7,230 active cases
North zone: 857 active cases
Central zone: 1,101 active cases
Unknown: 106 active cases
The majority of people in the hospital and ICU are from the Edmonton zone. There are 222 people hospitalized in Edmonton and 50 in intensive care. In comparison, Calgary has 138 people in hospital and 33 in intensive care. The remaining zones’ hospitalizations are in double digits.
Moderna chairman says Canada near front of line for 20M vaccine doses – 680 News
The 'diploma divide' in American politics | TheHill – The Hill
Argentine prosecutors investigate death of soccer star Maradona – DAWN.com
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