UAE, Saudi Arabia optimistic world trading system can be restored, says survey

Cranes load a container at the new container terminal in the port of Piraeus in Greece. (AFP)
Updated 22 October 2018
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UAE, Saudi Arabia optimistic world trading system can be restored, says survey

  • Three quarters of respondents hopeful of 'working order'
  • Trade disputes cloud horizon in emerging markets

LONDON: More than three-quarters of respondents in the UAE and Saudi Arabia said that the troubled global trading system can be restored to “working order,” according to a survey.
Only 27 percent thought the system would be restored ‘soon’, while 49 percent said it would be a more ‘long-term’ recovery, the Bloomberg research published on Oct. 22 found.
More than half of those surveyed in the two Gulf countries were optimistic that trade will grow in the next five years, with only 26 percent saying there would be less trade over that time period.
The survey findings come just days after the director-general of the World Trade Organization, Roberto Azevedo, urged action to be taken to avoid “serious harm” to the global trading system, in a speech in London on Oct. 17.
A continuing trade dispute between China and the US has led to the two countries imposing a series of tariffs on various imports.
The survey found that 65 percent of Saudi and UAE respondents said they were learning about new technologies to prepare for the future economy, while a similar proportion were learning new skills and taking professional courses.
Global governance issues were viewed as the most critical issue challenging the future of trade, according to the respondents.
The global survey also found there was a divide in opinion between business leaders in the emerging markets and those in developed countries.
Almost two-thirds (63 percent) of emerging market business professionals said they believe there would be more trade in five years, compared to just 36 percent in developed markets that felt the same way.

“The survey reveals vast differences in perceptions for the future and highlights the need to bring together global leaders in business and government to find private-sector led solutions to some of the world’s biggest challenges,” said Justin B. Smith, chief executive officer, Bloomberg Media Group.


US intelligence says Huawei funded by Chinese state security: report

Updated 20 April 2019
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US intelligence says Huawei funded by Chinese state security: report

  • The accusation comes at a time of trade tensions between Washington and Beijing
  • Huawei dismissed the allegations

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.