With huge profits, it is time for banks and telcos to invest more in improving their infrastructure against rising criminal activities.
IT came as a huge shock to my colleague when she was saddled with a RM38,000 credit card bill – five transactions that took place in Brazil within minutes of each other, a country she had never visited in her life.
The purported expense came when she was travelling overseas. She only discovered her credit card was missing three months after the incident when the bank asked if she had her card with her.
“I was with another colleague in Hong Kong at the time. He received the same SMS alert from his bank. We both called our banks at the same time. But the difference was his bank stopped the transaction because they could not verify it,” she said.
Despite showing proof that she was in Hong Kong at the time of the transaction, her bank could not provide her with the details of the case as they did not ask the merchant for it. The minute they found out the transactions were physical, they washed off their hands and sent her a letter which indicated she was liable for the RM38,000.
“They even tried to charge a currency conversion fee, late fee and interest on the disputed transactions. Finally, after days of frustrating exchanges with the bank, I reported the case to Bank Negara, and only now the bank is reaching out to the merchant to investigate,” my colleague told me.
Sadly, her quandary is not something new. Credit card fraud is on the rise in Malaysia. But financial institutions in general argue that if a card is lost or stolen, it is still the responsibility of the cardholder if any transactions take place. But shouldn’t the onus be on the bank to at least perform due diligence on red flag transactions?
A year ago, banks under the ambit of the Association of Banks in Malaysia (ABM) and Associa-tion of Islamic Banking and Financial Institutions Malaysia (AIBIM) launched their refreshed #JanganKenaScam awareness campaign.
At that time, the associations claimed that the campaign underscored the banking industry’s commitment to combating financial scams and preventing fraudulent banking activities.
They have since implemented several security measures to fight scams, such as migrating from the SMS One-Time-Password (OTP), tightening their fraud detection rules, imposing a cooling-off period for first-time online banking registrations, restricting secure authentications to a single device, and setting up dedicated fraud hotlines for customers.
According to the two associations, these measures have successfully prevented fraudulent transactions worth RM351mil.
But combating fraudsters is a constant battle, with the banks themselves admitting that there is an upward trend and huge losses due to credit card fraud.
Over the years, The Star has published numerous articles highlighting scams and scammers and credit card fraud.
In fact, exactly 10 years ago, we published a front-page article on fraudulent credit and debit card transactions.
We wrote: “Many consumers are questioning the assurance banks give on Internet security after discovering that their credit and debit cards have been used in unauthorised online transactions.”
Ten years later, nothing seems to have changed. If anything, things have got worse.
A study by Ipsos last December revealed that an overwhelming majority of Malaysians have encountered scams, with a distressing number reporting substantial financial harm. The study indicated that scams are exploiting the digital realm, signalling a shift in criminal tactics that jeopardises our collective economic health.
Despite the additional security measures, the current national scam awareness campaign throws the entire burden of fighting scams on poor defenceless Malaysians, many of whom are retired, in their senior age, and somewhat gullible.
This is in stark contrast to what our neighbour down south has done – Singapore is holding the telcos and banks responsible for customers who have fallen prey to scams.
The Monetary Authority of Singapore (MAS) says financial institutions and telcos will have to compensate their customers who have been cheated if they are found to have breached their responsibilities.
These responsibilities include failure by banks to send outgoing transaction alerts to consumers and telcos failing to implement a scam filter for SMSes.
The Singapore authorities acknowledged that “responsibility for preventing scams should not lie solely with consumers but also with industry stakeholders”, such as the financial institutions and telcos.
The shared responsibility should also apply here because banks and telcos, as the primary gatekeepers, must do more to protect Malaysians.
Financial institutions play a critical role as a gatekeeper against the outflow of monies due to scams, while telcos play a supporting role as infrastructure providers for SMSes.
They must incorporate more circuit breakers and track the enormity of the scams that are taking place. Tracking is not good enough; they must also act on it.
With Budget 2025 to be tabled next week, I hope our reform-minded Finance Minister introduces stronger and better measures to help Malaysians and demand more from banks and telcos.
Banks and telcos have amazing balance sheets with huge profits. It is time that they invest more to improve the infrastructure against scamming and fraud.
The battle over 5G network suppliers is part of a broader push by the Trump
administration to check China's rise as a global technology powerhouse.PHOTO: REUTERS
News Wrap: Huawei to develop 5G networks in Russia
https://youtu.be/Lzu4MBIzhyA
SHANGHAI/HONG KONG (REUTERS, BLOOMBERG) – China granted 5G licences to the country’s three major telecom operators and China Broadcasting Network Corp on Thursday (June 6), giving the go-ahead for full commercial deployment of the next-generation cellular network technology.
The approvals will trigger investment in the telecommunications sector which will benefit top vendors such as Huawei Technologies, just as the Chinese network equipment provider struggles to overcome a US blacklisting that has hurt its global business.
China approved four operating licences for 5G networks, setting the stage for the super-fast telecommunications system amid simmering tensions with the US over technology and trade.
The country’s three state-owned wireless carriers and China Broadcasting Network Corp were granted licences for full commercial deployment, according to state broadcaster CCTV.
The operators, China Mobile Ltd, China Telecom Corp and China Unicom Hong Kong Ltd, have been testing the technology in several cities including Beijing and Shenzhen.
Full deployment of 5G networks in a country with almost 1.6 billion wireless phone subscriptions is expected to boost local companies designing gear for applications in autonomous driving, robotics, remote surveillance and virtual reality. The faster-than-expected approvals also come as Shenzhen-based Huawei Technologies Co, the world’s largest manufacturer of networking equipment, has vowed to maintain its lead in the face of a US campaign pressuring allies not to use the company’s products.
Shares of some 5G-related companies fell in Hong Kong and Shanghai trading after the licence announcement, trimming gains made earlier in the week on expectations the companies would benefit from the push for the new networks.
China Tower Corp, the three major carriers’ infrastructure provider, fell 3% as of 10.50am in Hong Kong, paring its advance in the past four days to 9.1%. ZTE Corp, which makes handsets and telecom gear, dropped 4.3%, trimming its four-day rally to 7.1%.
Betting on the fate of the nation’s next generation of telecom networks has been one of the year’s hottest trades in China and Hong Kong. An index of telecom-related shares is up 20% this year, led by a 54% rally in ZTE’s Shenzhen-traded stock.
Beijing-based Xiaomi Corp in March said it would introduce China’s first 5G phone in May or June. Huawei and ZTE, have also said they intend to offer handsets compatible with the technology this year.
Introducing 5G will directly add 6.3 trillion yuan (US$912bil) to economic output and 8 million jobs by 2030, the China Academy of Information and Communications Technology estimates. — Bloomberg
US President Donald Trump's latest confrontation with
China's telecoms giant Huawei may plunge the world into a long-term
technology “cold war,” forcing global companies to pick sides between
the US and China.
All parties suffer during the trade war, a game of
“killing 1,000 enemies while losing 800 of our own.” Many institutions
have forecast the impact of increased tariffs on China's economic growth
to be around 1 percentage point. While there is no need to panic, we
should also prepare for worst-case scenarios.
The battle over 5G network suppliers is part of a broader push by the Trump administration to check China's rise as a global technology powerhouse.PHOTO: REUTERS
News Wrap: Huawei to develop 5G networks in Russia
https://youtu.be/Lzu4MBIzhyA
SHANGHAI/HONG KONG (REUTERS, BLOOMBERG) – China granted 5G licences to the country’s three major telecom operators and China Broadcasting Network Corp on Thursday (June 6), giving the go-ahead for full commercial deployment of the next-generation cellular network technology.
The approvals will trigger investment in the telecommunications sector which will benefit top vendors such as Huawei Technologies, just as the Chinese network equipment provider struggles to overcome a US blacklisting that has hurt its global business.
China approved four operating licences for 5G networks, setting the stage for the super-fast telecommunications system amid simmering tensions with the US over technology and trade.
The country’s three state-owned wireless carriers and China Broadcasting Network Corp were granted licences for full commercial deployment, according to state broadcaster CCTV.
The operators, China Mobile Ltd, China Telecom Corp and China Unicom Hong Kong Ltd, have been testing the technology in several cities including Beijing and Shenzhen.
Full deployment of 5G networks in a country with almost 1.6 billion wireless phone subscriptions is expected to boost local companies designing gear for applications in autonomous driving, robotics, remote surveillance and virtual reality. The faster-than-expected approvals also come as Shenzhen-based Huawei Technologies Co, the world’s largest manufacturer of networking equipment, has vowed to maintain its lead in the face of a US campaign pressuring allies not to use the company’s products.
Shares of some 5G-related companies fell in Hong Kong and Shanghai trading after the licence announcement, trimming gains made earlier in the week on expectations the companies would benefit from the push for the new networks.
China Tower Corp, the three major carriers’ infrastructure provider, fell 3% as of 10.50am in Hong Kong, paring its advance in the past four days to 9.1%. ZTE Corp, which makes handsets and telecom gear, dropped 4.3%, trimming its four-day rally to 7.1%.
Betting on the fate of the nation’s next generation of telecom networks has been one of the year’s hottest trades in China and Hong Kong. An index of telecom-related shares is up 20% this year, led by a 54% rally in ZTE’s Shenzhen-traded stock.
Beijing-based Xiaomi Corp in March said it would introduce China’s first 5G phone in May or June. Huawei and ZTE, have also said they intend to offer handsets compatible with the technology this year.
Introducing 5G will directly add 6.3 trillion yuan (US$912bil) to economic output and 8 million jobs by 2030, the China Academy of Information and Communications Technology estimates. — Bloomberg
US President Donald Trump's latest confrontation with China's telecoms giant Huawei may plunge the world into a long-term technology “cold war,” forcing global companies to pick sides between the US and China.
All parties suffer during the trade war, a game of “killing 1,000 enemies while losing 800 of our own.” Many institutions have forecast the impact of increased tariffs on China's economic growth to be around 1 percentage point. While there is no need to panic, we should also prepare for worst-case scenarios.
Uncertain future: In this courtroom sketch,
Meng sits beside a translator during a bail hearing in Vancouver. She
faces extradition to the US on charges of trying to evade US sanctions
on Iran. – AP
The arrest of Huawei 'heiress' has thrown a rare spotlight on the family of the reclusive smartphone giant founder, Ren Zhengfei.
WHEN Huawei CFO Sabrina Meng Wanzhou appeared on Wednesday in a Vancouver courtroom, clad in an unbranded green tracksuit, the moment was witnessed by a single reporter from the local Vancouver Sun newspaper who happened to notice her name on the hearings list that morning.
By the end of the day, Meng’s arrest in Canada at the request of Washington was the biggest story in the world.
And when her bail hearing resumed on Friday, Meng entered court to see about 100 reporters, craning to look at her through two layers of bulletproof glass.
Meng who faces extradition to the United States, was charged for helping Huawei allegedly cover up violations of US sanctions on Iran.
Like many top Chinese executives, Meng is a mysterious figure even in her home country, but the 46-year-old chief financial officer of Huawei Technologies had been widely tipped to one day take the helm of the tech giant her father founded.
That was until her shock arrest, a move that has entangled her in the protracted diplomatic tensions between Washington and Beijing.
Crucially, Meng is the daughter of Huawei founder Ren Zhengfei – one of China’s leading businessmen, an ex-People’s Liberation Army officer and an elected member of the 12th National Congress of the Communist Party of China.
In other words, Meng is part of China’s elite.
Her father Ren moves in the highest government circles in China and founded Huawei in 1988, after he retired from the Chinese armed forces. Born into a rural family in a remote mountainous town in the southwestern province of Guizhou, Ren rose to the equivalent rank of a deputy regimental chief in the PLA and served until 1983, according to his official Huawei biography.
Officials in some governments, particularly the United States, have voiced concern that his company is close to the Chinese military and government. Huawei has repeatedly insisted Beijing has no influence over it.
Ren is one of the most watched entrepreneurs in China and was on Time magazine’s list of 100 most influential people in the world in 2005 and again in 2013.
But like his elder daughter, Ren has largely kept a low profile.
Ren has married three times. His first wife was Meng Jun, daughter of a former senior official in Sichuan province, Meng Dongbuo; she bore Ren two children: Sabrina Meng Wanzhou and a son, Meng Ping.
Meng’s current wife is Yao Ling, who gave him a younger daughter, Annabel Yao, 20. In a rare move, the three posed last month for a family photoshoot for French lifestyle magazine Paris Match. Annabel, a Harvard computer science student, became a sensation at last month’s Le Bal des Debutantes (or Crillon Ball) in Paris.
Ren’s third wife is Su Wei who, according to Chinese media reports, is a millennial who was formerly his secretary.
Interestingly, all his children opted not to take on their father’s surname – Meng adopted her mother’s surname after her parents divorced. According to Chinese news websites, Meng’s brother Ping, who also works for Huawei, followed her in taking their mother’s surname to “avoid unnecessary attention” – though the son was also known as Ren Ping in the past.
(This practice is not uncommon among the families of China’s elite. The co-founder of Chinese auction house China Guardian, Wang Yannan, opted not to take her father’s surname – she is the daughter of late Chinese premier Zhao Ziyang.)
Born in 1972, Meng joined the company in 1993, obtained a master’s degree from Huazhong University of Science and Technology in 1998, and rose up the ranks over the years, mostly holding financial roles.
In her first media appearance before the Chinese press in 2013, Meng said she had first joined the company as a secretary“whose job was just to take calls”.
In the interview with China’s 21st Century Business Herald, Meng said she began her first job at China Construction Bank after graduating with her first degree in 1992.
Arrested Meng: Like her father, the Huawei CFO had led a quiet life, out of the spotlight. – Reuters
“I joined Huawei one year later because a branch closed its operations due to the business integration [of CCB],” said Meng, describing her early jobs in Huawei as “very trivial”.
Meng has served in various roles at the company since, until her latest role as the Hong Kong-based CFO of Huawei.
In 2003, Meng established Huawei’s globally unified finance organisation, with standardised structures, financial processes, financial systems, and IT platforms.
Since 2005, Meng has led the founding of five shared service centers around the world, and she was also the driver behind completion of a global payment center in Shenzhen, China. These centres have boosted Huawei’s accounting efficiency and monitoring quality, providing accounting services to sustain the company’s rapid overseas expansion.
Meng has also been in charge of the integrated financial services (IFS) transformation program, an eight-year partnership between Huawei and IBM since 2007. This has helped Huawei develop its data systems and rules for resource allocation, and improve operating efficiency and internal controls.
In recent years, Meng has focused on advancing detailed financial management at Huawei, working to align these efforts with the company’s long-term development plans.
Meng’s importance at Huawei became apparent in 2011, when she was first named as a board member. Company insiders describe her as capable and hardworking. Earlier this year, Huawei promoted Meng, to vice-chairwoman as part of a broader reshuffle. Meng is one of four executives who hold the vice-chair role, while retaining her CFO position. Despite assertions by Ren that none of his family members would succeed him in the top job, it is widely speculated that she was being groomed to take over the reins of the company eventually.
Married with a son and a daughter, Meng’s revelation that her husband did not work in the industry, dispelled the speculation she was married to a senior Huawei executive.
Meng did not conduct public interviews before 2013 and has seldom mentioned her personal life until recently, when she used her son to illustrate the importance of persistence.
“My son did not want to go swimming one day and he almost knelt on the ground and begged my husband so that he would not have to go. But he was rejected,” Meng said in a speech at Chongqing international school in 2016. “Now my son is proud to represent his school in swimming competitions.”
Meng recently made a speech at a Singapore academic conference in 2018, in which she talked of Huawei’s future role in technology development.
“Without universities, the world would be left in darkness. Without industry, science would be left in the ivory tower,” said Meng. “The fourth industrial revolution is on the horizon and artificial intelligence is one of its core enabling technologies. Huawei is lucky to be part of it.”
While her brother, Meng Ping, as well as her father’s younger brother and his current wife all work at Huawei and related companies, none has held such senior management roles.
“The other family members are in the back office, Sabrina is CFO and sits on the board,” a Huawei source said. “So she is viewed as the boss’s most likely successor.”
But her fate now is uncertain.
She faces up to 30 years’ jail for the alleged crime. Her lawyer in Canada, David Martin, had told the court that Meng posed no flight risk and should be granted bail. To flee would shame her in front of her father and all of China, said Martin.
“Her father would not recognise her. Her colleagues would hold her in contempt. She would be a pariah,” he said.
Meng leaned forward in her seat and dabbed at her eyes with a tissue.
When the hearing adjourned, she was led away with her head bowed, a goldfish in a bowl that is the biggest story in the world. – South China Morning Post
Younger Huawei daughter: ‘I’m just a normal girl’
Arresting Yao: ‘My daily life is actually pretty boring compared to this.’
JUST last month, the reclusive Huawei founder Ren Zhengfei made headlines by appearing in French lifestyle magazine Paris Match with his younger daughter and current wife.
The daughter, Annabel Yao, 20, posed with a smile in front of a grand piano with her mother, identified by the magazine as Yao Ling, and Ren, who wore a blue shirt with his hand resting on her shoulder.
Suddenly, the whole family are making headlines again – even if for quite different reasons.
Few outsiders had previously heard of the younger daughter, a Harvard computer science student and ballerina. But Yao recently made a high-profile appearance at the exclusive Le Bal Debutante ball in Paris.
While Le Bal des Debutantes in Paris each year is a nod to the tradition of young society ladies entering the elite social scene of Europe, these days it courts modern debutantes, aged 16 to 21, who are chosen for their looks, brains and famous parents – prominent in business, entertainment and politics.
They parade in glamorous couture gowns, waltz with their cavaliers – young men who accompany the “debs” for the evening – and take part in photo shoots and interviews.
The schedule at the event, organised by Ophélie Renouard, is full of young women such as Baroness Ludmilla von Oppenheim, from Germany; Julia McCaw, daughter of AT&T founder Craig McCaw; and Yao – one of three debutantes chosen for the opening waltz this year.
“I definitely treated this as a debut to the world,” said Yao after the ball. “From now on, I’ll no longer be this girl living in her own world, I’ll be stepping into the adult world where I have to watch my own actions and have my actions be watched by others.”
Today’s Le Bal, is a diverse affair, a microcosm of the shifting tides of the global elite. Of the 19 debutantes of 2018, there were young ladies from India and America, Europeans from Portugal, France, Belgium and Germany, as well as Hong Kong’s Angel Lee, Kayla Uytengsu from the Philippines and China’s Yao.
Yao – who has lived in Britain, Hong Kong and Shanghai – was one of several Chinese debutantes in recent years. Hollywood offspring, such as the daughters of actors Forest Whitaker, Bruce Willis and Sylvester Stallone, have also become Le Bal regulars.
“All the girls were down-to-earth, easygoing, helpful and outgoing. No one was pretentious,” said Yao.
“All of them attended top universities or high schools like Stanford, Brown and Columbia, so it’s a group of girls who are privileged, but also work really hard.”
Diverse affair: Today’s ‘Le Bal’ is a microcosm of the shifting tides of the global elite like Yao (far right, front row).
As they swapped their jeans for tiaras and couture gowns and trade teenage antics for waltzing, the girls got to play fairytale princesses for three days and make their grand debut in high society.
They all arrived in Paris two days before the ball to meet, socialise with other girls and their cavaliers (Yao’s cavalier was the young Count Gaspard de Limburg-Stirum), rehearse and take part in portrait sessions.
Girls are given questionnaires about the fashion styles they like, and then choose from a selection. Yao donned a champagne gold J Mendel gown.
“An American designer with a very French style I wanted something modern,” she said. “I’m not super girlie inside, so I prefer something more chic and not so princessy It’s very elegant, and I’m not a fan of very [strongly] pigmented hues. I also loved the tulle texture of the dress, as it reminds me of a ballerina.”
“I definitely feel very honoured to be included, as there are only 19 girls in the world this year,” Yao added. “It means I have to work harder, try to accomplish great things in my life and be a role model for other girls.”
She said: “As people who have more privilege than others, it’s more important for us to help those with less opportunity. I want to get involved in philanthropy and charity I still consider myself a normal girl; it’s important for me to work hard and better myself every day.
“My daily life is actually pretty boring compared to this. I usually live like a normal student.”
Computer science is a heavy subject with a high workload, so she studies a lot. Her spare time is often taken up at the Harvard Ballet company (she’s been dancing since childhood). “I try to dance as much as possible,” she said.
A quick glance at the Ivy League student’s social media shows her jetting around the world wearing Dior, Louis Vuitton and Saint Laurent, but she’s quick to show her serious side. This summer, she did an internship at Microsoft “on a team focusing on machine learning and image recognition”.
However, she noted: “As much as I enjoy coding, I enjoy personal interactions a lot I have a passion for fashion, PR and entertainment.”
In the future, she sees herself working on the business side of technology. “I’ll try to integrate the tech knowledge I have,” she said. “I don’t think I’ll be a software engineer but maybe I’ll be more on the management side. I enjoy building connections.” – South China Morning Post
The Chinese government should seriously go behind the US
tendency to abuse legal procedures to suppress China's high-tech
enterprises. It should increase interaction with the US and exert
pressure when necessary. China has been exercising restraint, but the US
cannot act recklessly. US President Donald Trump should rein in the
hostile activities of some Americans who may imperil Sino-US relations.
In custody: A profile of Meng is displayed on a
computer at a Huawei store in Beijing. The Chinese government, speaking
through its embassy in Canada, strenuously objected to the arrest, and
demanded Meng’s immediate release. — AP
Uncertain future: In this courtroom sketch, Meng sits beside a translator during a bail hearing in Vancouver. She faces extradition to the US on charges of trying to evade US sanctions on Iran. – AP
The arrest of Huawei 'heiress' has thrown a rare spotlight on the family of the reclusive smartphone giant founder, Ren Zhengfei.
WHEN Huawei CFO Sabrina Meng Wanzhou appeared on Wednesday in a Vancouver courtroom, clad in an unbranded green tracksuit, the moment was witnessed by a single reporter from the local Vancouver Sun newspaper who happened to notice her name on the hearings list that morning.
By the end of the day, Meng’s arrest in Canada at the request of Washington was the biggest story in the world.
And when her bail hearing resumed on Friday, Meng entered court to see about 100 reporters, craning to look at her through two layers of bulletproof glass.
Meng who faces extradition to the United States, was charged for helping Huawei allegedly cover up violations of US sanctions on Iran.
Like many top Chinese executives, Meng is a mysterious figure even in her home country, but the 46-year-old chief financial officer of Huawei Technologies had been widely tipped to one day take the helm of the tech giant her father founded.
That was until her shock arrest, a move that has entangled her in the protracted diplomatic tensions between Washington and Beijing.
Crucially, Meng is the daughter of Huawei founder Ren Zhengfei – one of China’s leading businessmen, an ex-People’s Liberation Army officer and an elected member of the 12th National Congress of the Communist Party of China.
In other words, Meng is part of China’s elite.
Her father Ren moves in the highest government circles in China and founded Huawei in 1988, after he retired from the Chinese armed forces. Born into a rural family in a remote mountainous town in the southwestern province of Guizhou, Ren rose to the equivalent rank of a deputy regimental chief in the PLA and served until 1983, according to his official Huawei biography.
Officials in some governments, particularly the United States, have voiced concern that his company is close to the Chinese military and government. Huawei has repeatedly insisted Beijing has no influence over it.
Ren is one of the most watched entrepreneurs in China and was on Time magazine’s list of 100 most influential people in the world in 2005 and again in 2013.
But like his elder daughter, Ren has largely kept a low profile.
Ren has married three times. His first wife was Meng Jun, daughter of a former senior official in Sichuan province, Meng Dongbuo; she bore Ren two children: Sabrina Meng Wanzhou and a son, Meng Ping.
Meng’s current wife is Yao Ling, who gave him a younger daughter, Annabel Yao, 20. In a rare move, the three posed last month for a family photoshoot for French lifestyle magazine Paris Match. Annabel, a Harvard computer science student, became a sensation at last month’s Le Bal des Debutantes (or Crillon Ball) in Paris.
Ren’s third wife is Su Wei who, according to Chinese media reports, is a millennial who was formerly his secretary.
Interestingly, all his children opted not to take on their father’s surname – Meng adopted her mother’s surname after her parents divorced. According to Chinese news websites, Meng’s brother Ping, who also works for Huawei, followed her in taking their mother’s surname to “avoid unnecessary attention” – though the son was also known as Ren Ping in the past.
(This practice is not uncommon among the families of China’s elite. The co-founder of Chinese auction house China Guardian, Wang Yannan, opted not to take her father’s surname – she is the daughter of late Chinese premier Zhao Ziyang.)
Born in 1972, Meng joined the company in 1993, obtained a master’s degree from Huazhong University of Science and Technology in 1998, and rose up the ranks over the years, mostly holding financial roles.
In her first media appearance before the Chinese press in 2013, Meng said she had first joined the company as a secretary“whose job was just to take calls”.
In the interview with China’s 21st Century Business Herald, Meng said she began her first job at China Construction Bank after graduating with her first degree in 1992.
Arrested Meng: Like her father, the Huawei CFO had led a quiet life, out of the spotlight. – Reuters
“I joined Huawei one year later because a branch closed its operations due to the business integration [of CCB],” said Meng, describing her early jobs in Huawei as “very trivial”.
Meng has served in various roles at the company since, until her latest role as the Hong Kong-based CFO of Huawei.
In 2003, Meng established Huawei’s globally unified finance organisation, with standardised structures, financial processes, financial systems, and IT platforms.
Since 2005, Meng has led the founding of five shared service centers around the world, and she was also the driver behind completion of a global payment center in Shenzhen, China. These centres have boosted Huawei’s accounting efficiency and monitoring quality, providing accounting services to sustain the company’s rapid overseas expansion.
Meng has also been in charge of the integrated financial services (IFS) transformation program, an eight-year partnership between Huawei and IBM since 2007. This has helped Huawei develop its data systems and rules for resource allocation, and improve operating efficiency and internal controls.
In recent years, Meng has focused on advancing detailed financial management at Huawei, working to align these efforts with the company’s long-term development plans.
Meng’s importance at Huawei became apparent in 2011, when she was first named as a board member. Company insiders describe her as capable and hardworking. Earlier this year, Huawei promoted Meng, to vice-chairwoman as part of a broader reshuffle. Meng is one of four executives who hold the vice-chair role, while retaining her CFO position. Despite assertions by Ren that none of his family members would succeed him in the top job, it is widely speculated that she was being groomed to take over the reins of the company eventually.
Married with a son and a daughter, Meng’s revelation that her husband did not work in the industry, dispelled the speculation she was married to a senior Huawei executive.
Meng did not conduct public interviews before 2013 and has seldom mentioned her personal life until recently, when she used her son to illustrate the importance of persistence.
“My son did not want to go swimming one day and he almost knelt on the ground and begged my husband so that he would not have to go. But he was rejected,” Meng said in a speech at Chongqing international school in 2016. “Now my son is proud to represent his school in swimming competitions.”
Meng recently made a speech at a Singapore academic conference in 2018, in which she talked of Huawei’s future role in technology development.
“Without universities, the world would be left in darkness. Without industry, science would be left in the ivory tower,” said Meng. “The fourth industrial revolution is on the horizon and artificial intelligence is one of its core enabling technologies. Huawei is lucky to be part of it.”
While her brother, Meng Ping, as well as her father’s younger brother and his current wife all work at Huawei and related companies, none has held such senior management roles.
“The other family members are in the back office, Sabrina is CFO and sits on the board,” a Huawei source said. “So she is viewed as the boss’s most likely successor.”
But her fate now is uncertain.
She faces up to 30 years’ jail for the alleged crime. Her lawyer in Canada, David Martin, had told the court that Meng posed no flight risk and should be granted bail. To flee would shame her in front of her father and all of China, said Martin.
“Her father would not recognise her. Her colleagues would hold her in contempt. She would be a pariah,” he said.
Meng leaned forward in her seat and dabbed at her eyes with a tissue.
When the hearing adjourned, she was led away with her head bowed, a goldfish in a bowl that is the biggest story in the world. – South China Morning Post
Younger Huawei daughter: ‘I’m just a normal girl’
Arresting Yao: ‘My daily life is actually pretty boring compared to this.’
JUST last month, the reclusive Huawei founder Ren Zhengfei made headlines by appearing in French lifestyle magazine Paris Match with his younger daughter and current wife.
The daughter, Annabel Yao, 20, posed with a smile in front of a grand piano with her mother, identified by the magazine as Yao Ling, and Ren, who wore a blue shirt with his hand resting on her shoulder.
Suddenly, the whole family are making headlines again – even if for quite different reasons.
Few outsiders had previously heard of the younger daughter, a Harvard computer science student and ballerina. But Yao recently made a high-profile appearance at the exclusive Le Bal Debutante ball in Paris.
While Le Bal des Debutantes in Paris each year is a nod to the tradition of young society ladies entering the elite social scene of Europe, these days it courts modern debutantes, aged 16 to 21, who are chosen for their looks, brains and famous parents – prominent in business, entertainment and politics.
They parade in glamorous couture gowns, waltz with their cavaliers – young men who accompany the “debs” for the evening – and take part in photo shoots and interviews.
The schedule at the event, organised by Ophélie Renouard, is full of young women such as Baroness Ludmilla von Oppenheim, from Germany; Julia McCaw, daughter of AT&T founder Craig McCaw; and Yao – one of three debutantes chosen for the opening waltz this year.
“I definitely treated this as a debut to the world,” said Yao after the ball. “From now on, I’ll no longer be this girl living in her own world, I’ll be stepping into the adult world where I have to watch my own actions and have my actions be watched by others.”
Today’s Le Bal, is a diverse affair, a microcosm of the shifting tides of the global elite. Of the 19 debutantes of 2018, there were young ladies from India and America, Europeans from Portugal, France, Belgium and Germany, as well as Hong Kong’s Angel Lee, Kayla Uytengsu from the Philippines and China’s Yao.
Yao – who has lived in Britain, Hong Kong and Shanghai – was one of several Chinese debutantes in recent years. Hollywood offspring, such as the daughters of actors Forest Whitaker, Bruce Willis and Sylvester Stallone, have also become Le Bal regulars.
“All the girls were down-to-earth, easygoing, helpful and outgoing. No one was pretentious,” said Yao.
“All of them attended top universities or high schools like Stanford, Brown and Columbia, so it’s a group of girls who are privileged, but also work really hard.”
Diverse affair: Today’s ‘Le Bal’ is a microcosm of the shifting tides of the global elite like Yao (far right, front row).
As they swapped their jeans for tiaras and couture gowns and trade teenage antics for waltzing, the girls got to play fairytale princesses for three days and make their grand debut in high society.
They all arrived in Paris two days before the ball to meet, socialise with other girls and their cavaliers (Yao’s cavalier was the young Count Gaspard de Limburg-Stirum), rehearse and take part in portrait sessions.
Girls are given questionnaires about the fashion styles they like, and then choose from a selection. Yao donned a champagne gold J Mendel gown.
“An American designer with a very French style I wanted something modern,” she said. “I’m not super girlie inside, so I prefer something more chic and not so princessy It’s very elegant, and I’m not a fan of very [strongly] pigmented hues. I also loved the tulle texture of the dress, as it reminds me of a ballerina.”
“I definitely feel very honoured to be included, as there are only 19 girls in the world this year,” Yao added. “It means I have to work harder, try to accomplish great things in my life and be a role model for other girls.”
She said: “As people who have more privilege than others, it’s more important for us to help those with less opportunity. I want to get involved in philanthropy and charity I still consider myself a normal girl; it’s important for me to work hard and better myself every day.
“My daily life is actually pretty boring compared to this. I usually live like a normal student.”
Computer science is a heavy subject with a high workload, so she studies a lot. Her spare time is often taken up at the Harvard Ballet company (she’s been dancing since childhood). “I try to dance as much as possible,” she said.
A quick glance at the Ivy League student’s social media shows her jetting around the world wearing Dior, Louis Vuitton and Saint Laurent, but she’s quick to show her serious side. This summer, she did an internship at Microsoft “on a team focusing on machine learning and image recognition”.
However, she noted: “As much as I enjoy coding, I enjoy personal interactions a lot I have a passion for fashion, PR and entertainment.”
In the future, she sees herself working on the business side of technology. “I’ll try to integrate the tech knowledge I have,” she said. “I don’t think I’ll be a software engineer but maybe I’ll be more on the management side. I enjoy building connections.” – South China Morning Post
The Chinese government should seriously go behind the US tendency to abuse legal procedures to suppress China's high-tech enterprises. It should increase interaction with the US and exert pressure when necessary. China has been exercising restraint, but the US cannot act recklessly. US President Donald Trump should rein in the hostile activities of some Americans who may imperil Sino-US relations.
In custody: A profile of Meng is displayed on a computer at a Huawei store in Beijing. The Chinese government, speaking through its embassy in Canada, strenuously objected to the arrest, and demanded Meng’s immediate release. — AP
In custody: A profile of Meng is displayed on a
computer at a Huawei store in Beijing. The Chinese government, speaking
through its embassy in Canada, strenuously objected to the arrest, and
demanded Meng’s immediate release. — AP
https://youtu.be/8Uxk0mEonTA
https://youtu.be/sAha76_6YQQ
China urges release of Huawei executive
- In violation of universal human rights
Chinese officials are urging the US and Canada to clarify why Meng Wanzhou, a senior executive of Huawei Technologies, has been detained and to immediately release her, slamming the arrest as a violation of her rights.
Experts said on Thursday that Meng's detention is a move by the US to heat up the ongoing trade war between China and the US.
Meng, who is Huawei's chief financial officer and the daughter of Huawei's founder Ren Zhengfei, was detained as she was transferring flights in Canada, according to information provided by Huawei, one of China's tech giants.
Meng's detention was made following a request by the US, which is seeking her extradition on as yet unspecified charges made by prosecutors in the Eastern District of New York, a Huawei spokesperson told the Global Times on Thursday.
Meng was arrested in Vancouver on Saturday, the New York Times reported on Thursday, citing a spokesperson from Canada's Justice Department.
"China has demanded that the US and Canada immediately clarify the reasons for Meng's detention and to release her," Geng Shuang, spokesperson of China's Ministry of Foreign Affairs, told a daily press briefing on Thursday.
He noted that Chinese consular officials in Canada have already provided assistance to Meng.
Meng's detention, made without any clearly stated charges, is an obvious violation of her human rights, said Geng.
The Chinese Embassy in Canada also said on Thursday morning that it firmly opposes and has made strong protests over the action which has seriously curtailed the rights of a Chinese citizen.
"The Chinese side has lodged stern representations with the US and Canadian side, and urged them to immediately correct the wrongdoing and restore the personal freedom of Meng Wanzhou," the Chinese Embassy in Canada said in a statement published on its website.
A Canadian source with knowledge of the arrest was quoted in the Canadian newspaper Globe and Mail on Thursday as saying that US law enforcement authorities allege that Huawei violated US sanctions against Iran but provided no further details.
Although Meng's detention stems from terms of the US-Canada extradition treaty, the US should not be taking such legal action without providing concrete evidence, especially when it has been trying to restore relations with China, Hao Junbo, a Beijing-based lawyer, told the Global Times on Thursday.
Chinese officials and experts criticized the US for its long-arm jurisdiction, which not only hurts individuals but also enterprises.
Rising obstacles
Huawei has been targeted by the US for many years, from patent infringement lawsuits to political pressure, Xiang Ligang, chief executive of the telecom industry news site cctime.com, told the Global Times on Thursday.
"As the Chinese company grew stronger, it faced more obstacles in foreign markets as it is considered as a threat to local players," he said.
Cisco Systems filed the first lawsuit against Huawei in 2003. Motorola filed a lawsuit accusing Huawei of theft of trade secrets in 2010, according to media reports. The company also faced investigation by the US Congress on security issues.
Since at least 2016, US authorities have been probing Huawei's alleged shipping of US-origin products to Iran and other countries in violation of US export and sanctions laws, Reuters reported in April.
The US also asked its major allies to say 'no' to Huawei equipment, as it was worried about alleged potential Chinese meddling in 5G networks, the Wall Street Journal reported on November 23.
While the company faces rising difficulties in the US market, it has been actively exploring other markets such as the EU and Africa.
It became the world's largest telecom equipment provider in 2017, surpassing Ericsson and ZTE, industry website telecomlead.com reported in March, citing IHS data.
Huawei has a 28 percent market share in the global telecom infrastructure industry, followed by Ericsson and Nokia, which have 27 percent and 23 percent respectively, said the report.
Escalating trade war
The US will not stop countering China's rise in the technology sector and will never drop its hostility toward China's "Made in China 2025" strategy, Wang Yanhui, head of the Shanghai-based Mobile China Alliance, told the Global Times on Thursday.
"Huawei has become another card for the US to play against China in the ongoing trade war," he said.
China and the US announced a trade truce following a meeting between the two countries' top leaders in Buenos Aires on Saturday.
But experts warned that China should be prepared for a long-lasting and heated trade war with the US, as it will continue to attempt to counter China's rising power.
"The latest Huawei incident shows that we should get ready for long-term confrontation between China and the US, as the US will not ease its stance on China and the arrest of a senior executive of a major Chinese tech company is a vivid example," Mei Xinyu, a research fellow with the Beijing-based Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday.
Huawei said there is very little information about specific allegations and that the company is not aware of any misconduct by Meng.
"The company complies with all laws and regulations in the countries in which it operates, including export control and sanctions laws applied in the UN, the US and the EU," Huawei said. - Global Times by Chen Qingqing
We hope that Canadian authorities handle the case
seriously and properly. We also hope that Ms Meng will be treated
humanely and will be bailed out. We would like to see Meng's case being
handled properly, so that she can regain her freedom as soon as
possible. Chinese society has always respected Canada, and it is
sincerely hoped that the way how Canadian authorities handle this matter
will live up to Chinese people's expectation and impressions regarding
the country.
The Chinese government should seriously go behind the US
tendency to abuse legal procedures to suppress China's high-tech
enterprises. It should increase interaction with the US and exert
pressure when necessary. China has been exercising restraint, but the US
cannot act recklessly. US President Donald Trump should rein in the
hostile activities of some Americans who may imperil Sino-US relations.
US takes aim at Huawei
Arrest of telecom giant's CFO escalates US-China tech battle
THE Trump administration’s efforts to extradite the chief financial officer of China’s Huawei Technologies Co over criminal charges mark the start of an even more aggressive phase in the technology rivalry between the United States and China and will increase pressure on Washington’s allies to shun the telecommunications company.
Armed with a US extradition request, Canadian authorities arrested Meng Wanzhou on Dec 1, the same day as President Trump was holding a summit with Chinese counterpart President Xi Jinping. But White House officials said Trump had no advance knowledge of the arrest, indicating the action was on a separate track from trade talks currently under way between Washington and Beijing.
Meng’s detention underscores a sense of urgency, at the Justice Department and other US agencies, to address what they see as a growing threat to national security posed by China’s ambitions to gain an edge in the tech sector. For years, Washington has alleged the Chinese government could compel Huawei, which supplies much of the world with critical cellular network equipment, to spy or to disrupt communications.
Huawei has long said it is an employee-owned company and isn’t beholden to any government, and has never used its equipment to spy on or sabotage other countries. The Chinese government, speaking through its embassy in Canada, strenuously objected to the arrest, and demanded Meng’s immediate release.
US prosecutors made the extradition request based on a sealed indictment for alleged violations of Iran sanctions that had been prepared for some time, people familiar with the matter said. A federally appointed US overseer, formerly charged with evaluating HSBC Holdings PLC’s anti-money-laundering and sanctions controls, relayed information about suspicious Huawei transactions to federal prosecutors in the Eastern District of New York, some of the people said.
Meng, the daughter of Huawei’s founder, Ren Zhengfei, is now in custody in Vancouver, and a bail hearing has been scheduled for Friday, according to a spokesman for Canada’s justice department.
Some worried a lack of coordination on the various strands of the Trump administration’s China initiatives could be counterproductive, especially if Trump decides to use the detention of Meng as leverage to extract concessions in the trade talks. The two sides agreed on a 90-day window from the Dec 1 summit to settle a trade dispute that has seen the two sides exchange tit-for-tat tariffs on each other’s goods.
“I’m very concerned that that’s just going to ratchet this trade war and make negotiations much more difficult,” said Gary Locke, former US ambassador to China. “This is I think a really hot-button, almost a grenade with respect to the 90-day negotiations.”
China has a long history of reading darker motives into US actions. “The risk is conspiracy theories in Beijing,” said China scholar Michael Pillsbury at Hudson Institute, who consults regularly with the Trump trade team. He compares the events to when China rejected US explanations that the United States had made a mistake when it bombed the Chinese Embassy in Belgrade in 1999 during the Kosovo war.
The arrest indicated the Justice Department had significant evidence against Meng, and that additional charges were likely, said Brian Fleming, a trade and national security lawyer at Miller & Chevalier. “This is just the tip of the iceberg,” he said.
The arrest could also add ammunition to an extraordinary US government campaign to persuade wireless and Internet providers in allied countries to stop using telecommunications equipment from Huawei, said national security experts.
US officials say they are intensifying efforts to curb Huawei because wireless carriers world-wide are about to upgrade to 5G, a new wireless technology that will connect many more items—factory parts, self-driving cars and everyday objects like wearable health monitors – to the Internet. US officials say they don’t want to give Beijing the potential to interfere with an ever-growing universe of connected devices.
Tech rivalry: The high-tech trade war shows
that for all the hoopla over manufacturing jobs, steel autos and
tariffs, the real competition is in the tech sector. — Reuters
IF you only scan the headlines, you could be forgiven for thinking that the US-China trade war is mainly about tariffs.
After all, the president and trade-warrior-in-chief has called himself “Tariff Man”. And the tentative trade deal between US President Donald Trump and Chinese President Xi Jinping was mainly about tariffs, especially on items like automobiles.
But the startling arrest in Canada of a Chinese telecom company executive should wake people up to the fact that there’s a second US-China trade war going on – a much more stealthy conflict, fought with weapons much subtler and more devastating than tariffs. And the prize in that other struggle is domination of the information-technology industry.
The arrested executive, Wanzhou Meng, is the chief financial officer of telecom-equipment manufacturer Huawei Technologies Co (and its founder’s daughter). The official reason for her arrest is that Huawei is suspected of selling technology to Iran, in violation of US sanctions.
It’s the second big Chinese tech company to be accused of breaching those sanctions – the first was ZTE Corp in 2017. The United States punished ZTE by forbidding it from buying American components – most importantly, telecom chips made by US-based Qualcomm Inc.
Those purchasing restrictions were eventually lifted after ZTE agreed to pay a fine, and it seems certain that Huawei will also eventually escape severe punishment. But these episodes highlight Chinese companies’ dependence on critical US technology.
The United States. still makes – or at least, designs – the best computer chips in the world. China assembles lots of electronics, but without those crucial inputs of US technology, products made by companies such as Huawei would be of much lower quality.
Export restrictions, and threats of restrictions, are thus probably not just about sanctions – they’re about making life harder for the main competitors of US tech companies.
Huawei just passed Apple Inc to become the world’s second-largest smartphone maker by market share (Samsung Electronics Co is first). This marks a change for China, whose companies have long been stuck doing low-value assembly while companies in rich countries do the high-value design, marketing and component manufacturing.
US moves against Huawei and ZTE may be intended to force China to remain a cheap supplier instead of a threatening competitor.
The subtle, far-sighted nature of this approach suggests that the impetus for the high-tech trade war goes far beyond what Trump, with his focus on tariffs and old-line manufacturing industries, would think of. It seems likely that US tech companies, as well as the military intelligence communities, are influencing policy here as well.
In fact, more systematic efforts to block Chinese access to US components are in the works. The Export Control Reform Act, passed this summer, increased regulatory oversight of US exports of “emerging” and “foundational” technologies deemed to have national-security importance. Although national security is certainly a concern, it’s generally hard to separate high-tech industrial and corporate dominance from military dominance, so this too should be seen as part of the trade war.
A second weapon in the high-tech trade war is investment restrictions. The Trump administration has greatly expanded its power to block Chinese investments in US technology companies, through the Committee on Foreign Investment in the United States.
The goal of investment restrictions is to prevent Chinese companies from copying or stealing American ideas and technologies. Chinese companies can buy American companies and transfer their intellectual property overseas, or have their employees train their Chinese replacements.
Even minority stakes can allow a Chinese investor access to industrial secrets that would otherwise be off-limits. By blocking these investors, the Trump administration hopes to preserve US technological dominance, at least for a little while longer.
Notably, the European Union is also moving to restrict Chinese investments. The fact that Europe, which has opposed Trump’s tariffs, is copying American investment restrictions, should be a signal that the less-publicised high-tech trade war is actually the important one.
The high-tech trade war shows that for all the hoopla over manufacturing jobs, steel, autos and tariffs, the real competition is in the tech sector.
Losing the lead in the global technology race means lower profits and a disappearing military advantage. But it also means losing the powerful knowledge-industry clustering effects that have been an engine of US economic growth in the post-manufacturing age. Bluntly put, the United States can afford to lose its lead in furniture manufacturing; it can’t afford to lose its dominance in the tech sector.
The question is whether the high-tech trade war will succeed in keeping China in second place. China has long wanted to catch up in semiconductor manufacturing, but export controls will make that goal a necessity rather than an aspiration. And investment restrictions may spur China to upgrade its own homegrown research and development capacity.
In other words, in the age when China and the United States were economically co-dependent, China might have been content to accept lower profit margins and keep copying American technology instead of developing its own. But with the coming of the high-tech trade war, that co-dependency is coming to an end. Perhaps that was always inevitable, as China pressed forward on the technological frontier. In any case, the Trump administration’s recent moves against Chinese tech – and some similar moves by the EU – should be seen as the first shots in a long war.
After years of planning, the robotic Chang'e-4 mission will launch tomorrow at 1:30 p.m. EST.
Rising space power China is preparing to launch a ground-breaking mission to soft-land an unmanned spacecraft on the far side of ... China prepares mission to land spacecraft on moon's far side. By Christopher Bodeen | AP.
IT came as a huge shock to my colleague when she was saddled with a RM38,000 credit card bill – five transactions that took place in Brazil within minutes of each other, a country she had never visited in her life.
