Finance
Huawei vs USA: Timeline & All You Need to Know
Huawei, the Tech Giant – Innovations, troubles & aftermaths
Huawei vs USA – by: Sean Keane | Cn
Huawei is making some of the biggest waves in the wireless industry right now. It’s the world’s No. 1 telecom supplier and No. 2 phone manufacturer. The Chinese telecom giant may have run into its biggest trouble yet in 2019. Late January saw the US Justice Department unsealed indictments that included 23 counts pertaining to the alleged theft of intellectual property, obstruction of justice and fraud related to its alleged evasion of US sanctions against Iran.
The Huawei vs USA Begins
The core issue with Huawei has been concerns about its coziness with the Chinese government and fears that its equipment could be used to spy on other countries and companies. 
It’s the reason why the US banned companies from using Huawei networking equipment in 2012 and the company was added to the US Department of Commerce’s Bureau of Industry and Security Entity List on May 15, following an executive order from President Donald Trump effectively banning Huawei from US communications networks.
Watch the Huawei CEO’s Interview (HUAWEI vs USA)
Huawei, for its part, has long denied any wrongdoing and continues to maintain its innocence through the recent charges.
For Easy Reading (Check the Timeline of the Huawei vs USA)
2019
June 13: Chinese ambassador warns Britain that excluding Huawei from 5G sends a “bad signal.”
June 12: Huawei reportedly moves to trademark its own OS, and apparently chases Verizon for $1B in patent licensing fees.
AMAZING! China might take over phone market with New OS
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Huawei’s OAK OS is 5x Faster than Google Android
June 11: Huawei says it’ll need more time to become world’s biggest phone seller and reportedly delays announcement of its new laptop indefinitely.
June 10: Huawei reportedly asks app developers to publish on its AppGallery store, and a White House official apparently wants to delay the US government’s Huawei ban.
June 7: Facebook stops letting Huawei preinstall its apps, and Google reportedly warns the Trump administration that its Huawei ban creates a national security risk. Also, Huawei CFO Meng Wanzhou’s extradition hearing is set for January 2020.
June 6: Russian telecom agrees to let Huawei develop country’s 5G network, while China gives Huawei a boost by issuing 5G licenses.
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Russia teams up with China over D-Day Snub by USA
Huawei vs USA Timeline Continues
June 5: Huawei chairman says company would sign a “no-spy” deal with US.
June 4: Huawei trade secrets trial reportedly kicks off in Texas.
June 3: Science publisher IEEE reverses its week-old ban on Huawei scientists reviewing technical papers.
June 2: Huawei reportedly strips back production of phones amid US crackdown.
May 31: Huawei reportedly orders employees to cancel US meetings, mirrors Consumer Technology Association’s criticism of Trump’s plans to impose higher tariffs on imported Mexican goods.
May 30: Huawei membership restored by SD Association and Wi-Fi Alliance, while it quietly launches its 5G lab in the shadow of the US ban. Also, its wearables shipments quadruple in first quarter.
May 29: Huawei asks court to rule US ban unconstitutional.
May 28: Huawei reportedly plans to bring OS to China later this year, internationally in 2020.
May 26: Ren Zhengfei, Huawei’s founder, says he’d “be the first to protest” if China retaliated against Apple.
May 24: Huawei’s operating system may be called “Hongmeng,” while Amazon Japan reportedly stops selling its devices.
May 23: US reportedly accuses Huawei of lying about Chinese ties.
May 22: Chip designer Arm ditches Huawei, while Mate 20 X gets dropped from UK 5G launch.
May 21: Huawei reportedly wants its app store to compete with Google’s.
May 20: Huawei gets a temporary reprieve from the US trade ban, prompting Google to revive work temporarily.
May 19: Google cuts off Huawei phones from future Android updates.
May 16: Huawei says US ban will ‘significantly harm’ American jobs and companies.
May 15: Trump effectively bans Huawei with a national security order.
May 8: 5G rollout may face a delay in UK over Huawei investigations.
May 3: Countries draft 5G security proposals as the US warns again of Huawei’s threat.
May 2: A Huawei leak prompts the sacking of UK defense minister Gavin Williamson.
May 1: Huawei hits 50% growth in phone sales and reportedly has an 8K 5G TV in the works for later this year.
Author: Eunice Johnson, Abuja
President of the African Development bank, Dr. Akinwumi Adesina, has announced that the bank has secured 15.6bn dollars for the construction of the Lagos-Abidjan highway corridor, which would ease transportation across West Africa.
Adesina made this announcement during the 2021 Africa Investment Forum’s virtual boardroom closing session on Thursday.
The AFDB President said the 15.6bn dollar deal which is the biggest deal for the boardroom is a 46-lane highway corridor which will connect Lagos, Cotonou, Lome, Accra and Abidjan.
According to him, the project would support trade in West Africa, impacting the lives of over 500 million people, reducing transport costs and increasing intra-regional trade volume.
The bank will also be establishing a 1m dollars AFAWA women advisory facility to support women with advisory services.
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Author: Gift Wada, Abuja
THE Debt Management Office on Thursday said Nigeria’s total public debt stock increased to N39.56tn in 2021 from N32.92tn in 2020.
The Director-General, DMO, Patience Oniha, said this at a media briefing in Abuja.
According to her, the total debt includes new borrowings by the Federal Government and the sub-nationals.
She also said that the amount helped in financing the budget deficit, capital projects and support economic recovery.
Oniha said, “Nigeria’s total public debt as at December 31, 2021, was N39.56tn or $95.78bn. The amount represents the total external and domestic debts of the Federal Government of Nigeria, 36 state governments and the federal capital territory.
“The comparable figure for December 31, 2020, was N32.92tn or $86.39bn. The public debt stock for December 31, 2021, includes new borrowings by the FGN and the sub-nationals. For the FGN, it would be recalled that the 2021 appropriation and supplementary acts, included total new borrowings (from domestic and external sources) of N5.49tn to part-finance the deficit.
“Borrowings for this purpose and disbursements by the multilateral and bilateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the states and the FCT.”
She further said that despite the debt increase, the country is still within the total public debt stock to the Gross Domestic Product limit of 55 per cent set by the World Bank and 70 per cent set by the Economic Community of West African States.
Oniha also said that the Federal Government was “mindful of the relatively high debt-to-revenue ratio” and has established certain measures to increase revenues through the strategic revenue growth initiative and the introduction of Finance Acts since 2019.
She said, “The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, sovereign Sukuk, and the FGN bonds. These capital raisings were utilised to finance capital projects and support economic recovery.
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“With the total public debt stock to GDP as at December 31, 2021, of 22.47 per cent, the debt-to-GDP ratio still remains within Nigeria’s self-imposed limit of 40 per cent. This ratio is prudent when compared to the 55 per cent limit advised by the World Bank and the International Monetary Fund for countries in Nigeria’s peer group, as well as, the ECOWAS convergence ratio of 70 per cent.”
However, findings showed that Nigeria spent N2.93tn on debt servicing payments in 2021, according to the data obtained from the DMO.
Between January and March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N415.92bn) on external debt servicing, giving a total of N1.03tn.
From April to June 2021, the country spent N322.7bn on domestic debt servicing and $299m (N124.36bn) on external debt servicing, showing a total of N447.06bn.
From July to September 2021, Nigeria spent N808.49bn on domestic debt servicing and $520.78m (N216.6bn) on external debt servicing, giving a total of N1.03tn.
Between October and December 2021, Nigeria spent N310.5bn on domestic debt servicing, while it spent $286.35m (N119.1bn) on external debt servicing, giving a total of N429.6bn.
The official exchange rate of the Central Bank of Nigeria, which showed $1 =N415.92 as of March 17, was used for the external debt servicing.
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Nigeria has officially raised 1.25 Billion dollars through the issuance of a seven-year Eurobonds in the International Capital Market (ICM).
The Director-General of the Debt Management Office (DMO), Patience Oniha made this known in a statement on Thursday.
Oniha said that with this feat, Nigeria has become the first African country to access the ICM in 2022.
According to her, the country’s ability to access the Eurobonds at this time was a confirmation of her established presence with the ICM and engagement with investors on a continuous basis.
She said that the proceeds of the bonds would be used to finance the budget and bridge infrastructural deficits.
“The offer was launched at an initial price thought of 8.75 per cent per annum and on the back of strong investor demand, Nigeria was able to reverse the price guidance to 8.5 per cent per annum.
“The order book continued to grow, reaching a peak of four billion dollars,” she said.
She said that the order book included many quality investors in the U.S., Europe and Asia.
“With this strong investor interest the price was tightened at 8.37 per cent per annum, the order book still remained high at 3.67 billion dollars and still retained quality investors,” she said.
She said that Nigerian investors also participated in the offer with a total subscription of 60 million dollars.
She added that the Eurobonds would also strengthen economic recovery and contribute directly and in full to the level of Nigeria’s External Reserves.
Reports Show that the DMO had earlier on Thursday revealed that Nigeria ’s ’total debt stock as at December 2021 was N39.55 trillion.
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