France and Germany to propose bitcoin regulations

French Finance Minister Bruno Le Maire (R) addresses a joint press conference with Germany's interim Finance Minister Peter Altmaier following their meeting at the Economy Ministry in Paris on January 18, 2018. (AFP)
Updated 18 January 2018
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France and Germany to propose bitcoin regulations

PARIS: France and Germany said Thursday plan to make a joint proposal on regulating bitcoin at a meeting of finance ministers from the G20 countries in March.
“We have the same concerns and we share the goal of regulating bitcoin,” French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier.
Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals.
“These proposals on regulation will be submitted as joint French-German position to our G20 counterparts” at their mid-March meeting in Buenos Aires.
The Group of 20 club of nations, which was born during the 2008 financial crisis, has focused on the global economy.
For his part, Altmaier said “we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed.”
Their promise to develop regulations came a day after a sharp drop in the value of bitcoin, which fell through the $10,000 level for the first time since November after authorities in China and South Korea cracked down on cryptocurrencies.


China’s Huawei books record sales in its smartphone business

Updated 4 min 34 sec ago
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China’s Huawei books record sales in its smartphone business

  • Huawei last month flagged that total revenue in 2018 rose 21 percent to $109 billion without providing a breakdown of segment performance
  • Some countries such as the United States and its allies, including Australia and New Zealand, have restricted Huawei’s access to their markets

BEIJING/HONG KONG: China’s Huawei Technologies Co. Ltd. said on Thursday its consumer business sales exceeded a record $52 billion in 2018, on strong demand for its premium smartphones, even as it continued to face heightened global scrutiny of its activities.
The jump of around 50 percent in the technology giant’s consumer business revenue saw that unit replace its carrier business as its largest segment by sales, Richard Yu, the head of the consumer division, said in Beijing.
Huawei last month flagged that total revenue in 2018 rose 21 percent to $109 billion without providing a breakdown of segment performance.
Huawei on Thursday also unveiled its first 5G base station chipset called Tiangang as well as its 5G modem Balong 5000, which it described as the most powerful 5G modem in the world.
Yu said it was the world’s first 5G modem that fully supports both Non-Standalone (NSA) and Standalone (SA) 5G network architecture.
The firm has been using its chipsets in its high-end phones and server products, though it has said it has no intention to become a standalone semiconductor vendor that competes against the likes of Intel Corp. and Qualcomm Inc.
Huawei, the world’s biggest producer of telecommunications equipment, has been facing intense scrutiny in the past year over its relationship with China’s government and US-led allegations that its devices could be used by Beijing for spying. The firm has repeatedly denied the accusations.
Some countries such as the United States and its allies, including Australia and New Zealand, have restricted Huawei’s access to their markets.
The firm’s finance chief Sabrina Meng Wanzhou, also daughter of its founder, was arrested in Canada last month at the behest of the United States.
She has been released on bail but is still in Canada as the United States pursues her extradition on allegations she defrauded banks with Iran-related sanctions. Huawei has denied wrongdoing.