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Saudi deposits $5b in quake-hit Turkey's central bank

By - Mar 06,2023 - Last updated at Mar 06,2023

A man walks among debris of collapsed buildings in Kahramanmaras, on March 4, one month after a massive earthquake struck southeast Turkey (AFP photo)

RIYADH — Saudi Arabia said Monday it was depositing $5 billion in Turkey's central bank, a potentially major boost as the country grapples with inflation and damage from last month's earthquake ahead of presidential elections.

Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement.

"This deposit is a testament to the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people," the statement said. 

The decision, which will shore up Turkey's foreign reserves and help it combat inflation, was made on the order of King Salman and Crown Prince Mohammed Bin Salman, it said. 

The move highlights a rapprochement between Riyadh and Ankara after ties suffered a heavy blow with the 2018 killing of Saudi journalist and government critic Jamal Khashoggi in the kingdom's Istanbul consulate. 

Saudi agents killed and dismembered Khashoggi, whose remains have never been found. 

Turkey angered Saudi Arabia by vigorously pursuing the case at the time, opening an investigation and briefing international media about the lurid details of the murder. 

US intelligence officials believe the operation was "approved" by Prince Mohammed, though Saudi authorities deny this. 

Turkish President Recep Tayyip Erdogan previously said the "highest levels" of the Saudi government ordered the killing, although he has never blamed Prince Mohammed. 

Erdogan has pushed hard to revive bilateral ties, a move analysts describe as largely driven by economic considerations. 

Last April, he paid his first visit to Saudi Arabia since the Khashoggi killing, where he met Prince Mohammed before travelling to Mecca. 

Prince Mohammed followed with a visit to Ankara in June. 

Turkey was already suffering from skyrocketing inflation and a weakening currency before last month's massive 7.8-magnitude earthquake that rocked huge swathes of the country and parts of Syria, killing more than 50,000 people. 

With elections just a few months away, Erdogan must now absorb economic damage estimated at more than $34 billion by the World Bank.

UN development chief sounds alarm over debt distress

Steiner warns urgent measures needed to help 52 countries

By - Mar 05,2023 - Last updated at Mar 05,2023

The LDC5 logo is set up during preparations for the 5th United Nations Conference on the Least Developed Countries (LDC5) at Qatar National Convention Centre in Doha on Friday (AFP photo)

DOHA — A top UN official has warned that "urgent" measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.

Achim Steiner, head of the United Nations Development Programme, told AFP that 25 of the 52 were spending more than a fifth of government revenues servicing external debt.

"The situation right now for developing countries when it comes to national debt is indeed very, very serious," Steiner said in an interview on the sidelines of the Least Developed Countries (LDCs) summit in Doha on Saturday.

The UN agency estimates that "52 countries are either in debt distress or one step away from debt distress and potential default," he said.

Steiner did not name the countries involved but the UNDP last week released a report which called for a 30 per cent write-off of external debt for 52 countries at 2021 values.

The 52 included Argentina, Lebanon and Ukraine alongside 23 countries from sub-Saharan Africa, 10 from Latin America and the Caribbean, and eight from East Asia and the Pacific.

Steiner said "the financial markets are not paying enough attention" as the 52 account for only three per cent of global external debt, but one sixth of the world's population.

 

Development shocks 

 

Twenty-five countries spending one fifth of government revenues on debt servicing is "not sustainable", he added.

"Therefore, we have called very clearly for urgent ways to inject liquidity while also restructuring and rescheduling debts, because otherwise we may see country after country falling into that territory of debt distress."

On Saturday, UN Secretary General Antonio Guterres slammed the world's rich countries and energy giants for burdening LDCs with "predatory" interest rates.

Poor nations' debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills and financial crises.

Several have defaulted over the past two years.

Steiner said that African countries such as Nigeria, Mali and Burkina Faso have lost up to 20 years of development progress amid a rise in political violence and government failures to provide basic services, security, health and education.

He said total debt was difficult to establish as more than 60 per cent is owed to private creditors.

"Now you have the war in Ukraine, you have the impact on the global food and energy prices and particularly when it comes to debts, the impact of inflation is driving interest rates up," he said.

Rising fuel costs have caused "a short-term shock" for countries struggling to maintain basic fiscal stability, according to Steiner.

And they face growing pressure to invest in renewable energy and combating climate change, the UN official added.

"Inevitably, the ability of poorer countries and middle-income countries to significantly expand in clean energy infrastructure... is being affected," he said, calling for greater international investment in "clean and affordable electricity" for poorer nations.

Steiner said that energy security has become such a hot international topic in the past two years that he expected an "exponential increase" in investment in clean energy infrastructure in the next five years.

Turkey's inflation slows further as presidential vote nears

Economic record will be a key issue for voters

By - Mar 04,2023 - Last updated at Mar 04,2023

Turkish President and Leader of the Justice and Development Party Recep Tayyip Erdogan attends his party's group meeting at the Turkish Grand National Assembly in Ankara, Turkey, on March 1 (AFP photo)

ISTANBUL — Turkey's inflation rate slowed for a fourth straight month in February, data showed Friday, but remained in double-digits ahead of elections where President Recep Tayyip Erdogan's economic record will be a key issue for voters.

The inflation report comes as the government prepares to pour billions of dollars into rebuilding huge swathes of Turkey following the massive earthquake that struck on February 6.

Scores of cities were devastated and more than 50,000 people were killed in Turkey and neighbouring Syria, leaving millions needing urgent help with accommodation and medical care.

Erdogan's government was already fighting runaway inflation before the disaster, and mending fences with rich Gulf countries to provide funds for keeping the economy afloat. 

The spending for post-quake recovery could turbo-charge consumer spending and industrial production, two key indicators of economic growth, but also spur a rebound in inflationary pressures.

Consumer prices grew at an annualised rate of 55.2 per cent in February, down from 57.7 per cent in January and 64.3 per cent in December, the state statistics agency said.

It peaked at 85.5 per cent last October, the highest rate during Erdogan's two decades of rule.

The official inflation rate is contested by independent economists from the research group Enag, which estimates that consumer prices accelerated again in February to 126.9 per cent from 121.6 per cent in January.

Timothy Ash of BlueBay Asset Management said that while Turkish inflation was moderating marginally, the headline figure remains over 55 per cent year-on-year "if anyone still believes official data". 

"Erdogan will want to use the pitch of falling inflation as an election tool and his unorthodox policies are working," he tweeted. 

On Wednesday, Erdogan ruled out any delay in elections even though he said 3.3 million people had been forced to leave their homes in the disaster areas. 

The 11 affected provinces are still being hit by strong aftershocks from the quake, which make the likelihood of campaigning in the area extremely unlikely. 

Erdogan said the vote would go ahead on May 14 as planned, and Turkey's fragmented opposition is due to nominate a candidate on Monday. 

The president is also sticking with contested economic policies that have deterred many foreign investors, including an attempt to fight inflation by slashing interest rates — the opposite of the rate hikes that mainstream economic theory would advise.

Last week, Turkey's central bank dropped its benchmark interest rate by half a percentage point to 8.5 per cent, saying the cheaper borrowing cost would bolster earthquake recovery efforts even as inflation rages.

Liam Peach, senior emerging markets economist at London-based Capital Economics, predicted that inflation would stay "high" while monetary policy remained "so loose and the economy continues to run hot". 

"Even so, this is unlikely to stop the central bank cutting interest rates again at its meeting this month [to 8 per cent]", he said in a research note.

The earthquake and its aftershocks caused an estimated $34 billion in damages across Turkey, the World Bank said Monday.

The estimate does not include the eventual costs of reconstruction that are "potentially twice as large", the Washington-based institution said.

Erdogan has said the devastated regions will be rebuilt within a year. 

UAE's ADNOC Gas to raise $2.5b in world-leading IPO

By - Mar 04,2023 - Last updated at Mar 04,2023

DUBAI — The UAE's state oil giant ADNOC said it will raise about $2.5 billion in a flotation of its gas business — the world's biggest IPO this year — as it announced final pricing on Friday.

The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a market capitalisation of about $50 billion, the company said in a statement.

Total demand topped $124 billion, making it more than 50 times oversubscribed, ADNOC added, calling it the biggest demand yet seen for an initial public offering in the Middle East and North Africa.

The offer was expanded from 4 per cent to 5  per cent this week in reaction to demand.

ADNOC Gas, hived off from the Abu Dhabi National Oil Company (ADNOC) at the start of this year, is expected to start trading on the UAE capital's stock exchange on March 13.

"ADNOC is delighted with the unprecedented demand for ADNOC Gas shares from UAE retail investors as well as the local and global institutional investor community," ADNOC Group CEO Khaled Al Zaabi said in the statement.

ADNOC, one of the world's largest oil producers and the Gulf monarchy's key revenue-earner, will retain a 90 per cent stake in the subsidiary formed from its former gas processing, LNG and industrial gas units.

The rapid turnaround of the ADNOC Gas IPO follows increased activity in the market following Russia's invasion of Ukraine, which sent European countries scrambling to find alternative suppliers.

Gas is also being touted as a cleaner fuel as countries around the world strive to reduce their emissions in an attempt to contain global warming.

"The strong demand for the IPO reflects a number of factors, including the important role that gas will play globally as a cleaner transition fuel and the strong demand outlook from Europe," Monika Malek, chief economist at UAE bank ADCB, told AFP.

Saudi Aramco inks deal to invest in Geely-Renault engines venture

By - Mar 02,2023 - Last updated at Mar 02,2023

PARIS — Oil giant Saudi Aramco is preparing to join carmakers Geely and Renault in a new joint venture in hybrid and internal-combustion vehicles, the three firms said on Thursday.

Aramco has signed a letter of intent "to become a potential minority stakeholder" in the subsidiary, the joint statement said.

French automaker Renault said in November it was teaming up with China's Geely to develop and produce engines, gearboxes and other components for hybrid, petrol and diesel vehicles.

The 50-50 partnership called "Horse" was announced as part of a sweeping overhaul at Renault as it expands its electric vehicle business.

Aramco's investment will "contribute to key research and development across synthetic fuels solutions and next-gen hydrogen technologies", according to the statement.

Renault chief executive Luca de Meo said the Aramco partnership would give the joint venture "a head start in the race towards ultra-low-emissions ICE [internal-combustion engine] powertrain technology".

"Aramco's entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen," de Meo said in the statement.

The new "Horse" subsidiary will have 19,000 employees in Europe, China and South America, with 17 factories and five shared research and development centres.

China invests $1.9b in top chipmaker — report

By - Mar 02,2023 - Last updated at Mar 02,2023

This photo taken on Tuesday shows workers producing semiconductor chips at a workshop in Suqian, in China's eastern Jiangsu province (AFP photo)

BEIJING — China is pumping $1.9 billion into its top memory chipmaker, according to media reports, as US restrictions on semiconductor exports threaten Beijing's tech ambitions.

Semiconductor manufacturer Yangtze Memory Technologies Co (YMTC) is set to receive 12.9 billion yuan from the state-owned National Integrated Circuit Industry Investment Fund, Bloomberg reported on Thursday, citing government data.

The move comes after the US Commerce Department in December added YMTC to its so-called "Entity List", blocking the firm along with dozens of other Chinese companies from purchasing US chip technology.

Washington has in recent months tightened restrictions on Chinese chipmakers, citing national security concerns and the ability for the technology to be used by China's defence sector.

According to US rules released last week, chipmakers benefitting from a $39 billion government fund must agree not to expand capacity in "countries of concern", including China, for a decade. 

To no longer rely on foreign imports for its chips, Beijing has sunk billions of dollars into building up its own semiconductor industry over the past decade.

And in December, it filed a dispute with the World Trade Organisation over US chip export restrictions, accusing Washington of protectionism and violating international trade rules.

State-controlled Chinese business news outlet Jiemian on Thursday said the investment from the national fund was part of a capital infusion that also included two companies backed by the government of Hubei province, where YMTC is based.

Chinese phone makers emerge from Huawei's shadow

By - Mar 01,2023 - Last updated at Mar 01,2023

A photo taken on Tuesday shows the Huawei Mate Xs 2 foldable smartphone at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona, Spain (AFP photo)

BARCELONA — Western governments are falling over each other to restrict social media platform TikTok, but Chinese firms are still huge in sectors from smartphones to network equipment and are only looking to grow.

One of the biggest Chinese companies, Huawei, made its ambitions obvious this week at the telecom industry's biggest annual show, the Mobile World Congress in Barcelona.

Its pavilion was by far the biggest and definitely the brightest, with arrays of piercing lights reflecting from polished white surfaces and dazzling floors.

Smartphone makers Xiaomi, Oppo and Honor occupied the most eye-catching stages in the smartphone area, flanking the stand of South Korean firm Samsung, a key rival.

They are seeking to fill the hole left by Huawei, which scaled back its smartphone business in 2020 to concentrate on other sectors like network equipment.

The United States has hugely restricted Huawei's operations and the European Union is trying to do the same, but countries still widely use its products.

"Huawei enjoys a higher market share in Berlin than in Beijing," wrote Danish firm Strand Consult last year, noting that 59 per cent of Germany's 5G network equipment was Huawei.

Allowing Huawei to dominate in that way is like giving Beijing a "kill switch" on your communications network, report author John Strand told AFP.

"If it's OK to buy Chinese communication infrastructure, then it should be OK to buy Chinese fighter planes," he added.

 

Technology allies 

 

Huawei's travails in the United States began under former president Donald Trump, whose anti-China stance has since become orthodox in the US Capitol.

US policymakers view Chinese domination of technology as a key global threat and Huawei has long been the poster child, in part because its interests are so closely allied to Beijing's own aims.

Jacob Gunter of the Germany-based MERICS think tank points out that Huawei built China's first major operating system, got deeply involved in semiconductors, network equipment, phones and is now forging ahead with cloud computing and data centres.

"It's exactly the kind of technologies that Beijing really, really desperately wants," Gunter told AFP. 

As a result, Huawei dodged the kind of humiliating crackdown suffered by others in the tech sector — particularly video game firms and Jack Ma, founder of e-commerce giant Alibaba.

Although Huawei is largely locked out of the US market, analysts like Strand say the firm has overplayed the effects of this as it was never a major player there anyway.

And it still enjoys a huge slice of business elsewhere in the world.

"They still have a huge catchment area of customers that are not aligning with their requests of the US," said Dario Talmesio of research firm Omdia.

 

Time and money 

 

Smartphones have not yet been scrutinised in the same way as networks.

Chinese firms are not formally banned from the US market but no major carriers partner with them and their products are not widely sold.

"There are more markets for them to focus on first," said analyst Nicole Peng from Canalys, noting that China was a massive market in itself.

Samsung and Apple consolidated their dominance of handset sales last year, accounting for roughly 40 per cent of the market, according to specialist firm IDC.

But Chinese brands Xiaomi, Oppo and Vivo made up the other three spots in the top five.

However, all three had a bleak year, with sales slumping dramatically as demand dropped off after pandemic restrictions were lifted.

Peng pointed out that these firms are all young and have not experienced such a slowdown before, so it was unclear how they would weather the storm.

Ben Wood of research firm CCS Insight reckoned it would be a tall order to dislodge Samsung and Apple any time soon.

"They are going to have to spend a lot of money, and they are going to have to spend a lot of time to try and build some brand presence with consumers in advanced economies like Europe," he told AFP.

Moroccans struggle to afford vegetables as Ramadan looms

By - Feb 28,2023 - Last updated at Feb 28,2023

SALÉ — Shoppers inspect vegetables at a huge market in Sale, near the Moroccan capital Rabat, but exploding prices mean they are keeping their eye on what they spend ahead of Ramadan.

"Everything's more expensive," said Khadija El Asri, a resident of the down-at-heel neighbourhood of Sidi Moussa.

"These last three weeks, I've bought less vegetables and meat than usual."

Dozens of handcarts and boxes of produce line the market street, where the buzz of mopeds mixes with the sound of heated negotiations between struggling shoppers and squeezed merchants.

Inflation is adding extra pressure just as Morocco prepares for Ramadan, the Islamic fasting month which starts in late March. Night-time feasting means consumption tends to increase during the holy month.

Inflation hit 8.3 per cent on an annualised basis in late 2022, mainly due to global supply chain disruptions exacerbated by Russia's invasion of Ukraine and its impact on fuel and transportation costs, according to the World Bank.

In January, the country's consumer price index hit 8.9 per cent, fuelled by a 16.8 per cent spike in food prices.

At the market in Sale, one full-throated stallholder hawks his potatoes at 8 dirhams a kilogramme — almost $1 (1 euro).

But Abdessalam El Mahdaoui, a retired 63-year-old, said prices were out of control.

"We used to be able to buy a whole basket of veg for 100 dirhams," he said. "Today, even 300 dirhams won't buy you that — people's buying power has been cut by half."

Government under fire 

 

That is in a country where the minimum monthly salary comes to just 2,770 dirhams (around $265, or 250 euros).

One stallholder said prices were fluctuating by the day.

"Tomatoes are going at 8 dirhams a kilo today, down from 12 dirhams two days ago," he said, adding that he couldn't explain why.

But overall, prices are surging upwards, accompanied by bitter criticism from the opposition, trade unions and even some media outlets.

Several large cities have seen protests, albeit limited and often cut short by the authorities.

The government has blamed the price rises on fraud, speculators and "price manipulation".

Government spokesman Mustapha Baitas says authorities have carried out over 64,000 checks and found 3,000 offences from price-fixing to fiddling with the quality of food.

The situation has been made worse by a crisis facing the agricultural sector, which makes up 14 per cent of gross domestic product. The worst drought in four decades has been compounded in recent weeks by a snap of unusually cold weather.

"The drought has forced farmers to give up on cultivating their land this season," not to mention the high cost of seeds and fertilisers, said agricultural policy expert Abderrahim Handouf.

Morocco's independent Economic, Social and Environmental Council has called for reforms to how agricultural products reach the market, saying current supply chains suffer from "excessive and poorly controlled intermediaries, encouraging speculation".

 

Poor hit hardest 

 

The government has boosted subsidies on some basic products such as sugar, flour and cooking gas, as well as doling out support to struggling transport sector workers.

Authorities have also temporarily banned exports of vegetables to West Africa.

But the World Bank says these moves have done little to help the poorest families.

"Despite these measures, it is low-income and vulnerable households that continue to suffer the most from the impact of the inflationary surge in food prices," it said.

Fouzi Lekjaa, an ex-football administrator now in charge of Morocco's budget, said in October authorities planned to gradually replace subsidies with direct cash payouts to the poorest households.

But such moves have been talked of for years. For the moment, many working-class Moroccans are finding it hard to make ends meet.

Mohammed Hamali, a 53-year-old stallholder, showed AFP six crates of avocados he said he was struggling to sell.

"Sometimes I sell them at a loss so at least they don't go off," he said.

Hamali said the government should give direct aid to struggling families, who are "suffering from a collapse in their quality of life".

Jordan Investor Confidence Index decreased by 1.9 points in Q3 2022

By - Feb 28,2023 - Last updated at Feb 28,2023

AMMAN — The Jordan Investor Confidence Index decreased from 178.1 points in the second quarter (Q2) of 2022 to 176.2 points in the third quarter (Q3) of last year, or by 1.9 points, according to an update from the Jordan Strategy Forum (JSF).

Confidence in the economy, monetary system, and the financial system is the driver of business fluctuations. When confidence increases, consumers and investors would want to buy and invest at prevailing market prices and vice versa, the JSF said.

On average, confidence in the Real Economy Index increased from 178 points in the second quarter of 2022 to 186.8 points in the third quarter of 2022.

The JSF also noted that the growth rate in real GDP decreased from 2.9 per cent in the second quarter of 2022 to 2.5 per cent in the third quarter of 2022.

The budget deficit has increased from JD501.7 million in Q2 202  to JD559.5 million in Q3 2022.

As for foreign direct investment, inflows increased from JD132.4 million in Q2 2022 to JD206.3 million in Q3 2022. This is equivalent to 55.8 per cent.

The manufacturing quantity production index decreased from 94.3 points in Q2 2022 to 94.1 points in Q3 2022.

Confidence in the Monetary System Index decreased from 156.1 points in Q2 2022 to 141.3 points in Q3 2022.

The Central Bank of Jordan’s gross foreign reserves decreased from JD11.9 billion in Q2 2022 to JD11.8 billion Q3 in 2022 — a decrease of 0.5 per cent.

The interest rate differential between the Jordanian Dinar and the US dollar widened from 2.54 per cent in Q2 2022 to 2.69 per cent in Q3 2022.

The value of returned cheques decreased from JD303.1 million in Q2 2022 to JD274.7 million in Q3 2022, which is equivalent to -9.4 per cent.

Confidence in the Financial System Index decreased from 200 points in Q2 2022 to 189.8 points in Q3 2022.

The Amman Stock Exchange Weighted Index reached 4,760.1 points in Q3 2022, a decrease of 88.3 points from the previous quarter.

The “Purchased-to-Sold shares by Non-Jordanians” ratio in the ASE reached 90.9 per cent in Q3 2022 compared with 46.7 per cent in the previous quarter.

Private sector credit reached JD30.6 billion. This increase is equivalent to 1.7 per cent from the previous quarter.

Phone firms promise 'tsunami of innovation' at Barcelona meeting

80,000 delegates expected at four-day Mobile World Congress

By - Feb 27,2023 - Last updated at Feb 27,2023

Visitors attend the Mobile World Congress, the telecom industry's biggest annual gathering, in Barcelona, on Monday (AFP photo)

BARCELONA — The big beasts of the telecom industry kicked off their most important annual get-together in Barcelona on Monday, promising to lead a "tsunami of innovation", as they try to shrug off a major slump across the technology sector.

Some 80,000 delegates are expected at the four-day Mobile World Congress (MWC), which is back to near full strength following years of pandemic-related disruption.

Industrial titans like Huawei, Nokia and Samsung are set to showcase their latest innovations, flanked by smartphone makers like Oppo and Xiaomi and network operators like Orange, Verizon and China Mobile.

"We are at the doors of a new change of era driven by the intersection of Telco, Computing, Artificial Intelligence and Web3," said Jose Maria Alvarez-Pallete, boss of Spanish operator Telefonica and current chairman of industry body GSMA, which organises the Barcelona event.

He promised the telecoms industry would be at the forefront of the "tsunami of innovation", adding: "Without telcos there is no digital future."

But many of the firms are more concerned with finding a path back to profit as the global economy stutters and the wider tech sector slashes thousands of jobs.

In the first clear sign that the ills of the wider tech sector are reaching telecoms, equipment maker Ericsson announced 8,500 lay-offs last week.

Overall sales of smartphones last year slumped by 11.3 per cent compared with 2021, according to the IDC consultancy. 

Research firm Gartner reckons sales of smartphones, tablets and computers will fall again by four percent this year.

And network operators are still struggling to make 5G pay, years after they spent billions in government auctions for the right to use the bandwidth.

 

'Unsustainable situation' 

 

A hugely popular idea for many at the show is to get the owners of bandwidth-hungry platforms like YouTube, Netflix and Facebook to pay network operators a "fair share".

Christel Heydemann, boss of French operator Orange, said the five largest users — which she did not name — account for 55 per cent of daily traffic on European networks, costing telecoms firms 15 billion euros ($16 billion) a year.

She said it was an "unsustainable situation" and welcomed a public consultation launched by EU Commissioner Thierry Breton last week. 

But Breton told the MWC on Monday that it was not a "binary choice" or a battle between telecoms and big tech.

He said the idea was for everyone to make sure Europe had the best possible network by 2030 and warned that telecoms firms "will have to adapt to survive".

Critics of the "fair share" narrative point out that customers already pay the operators for use of their networks. 

Netflix boss Greg Peters, who is unlikely to be enthusiastic about the fair share proposal, is expected at the MWC on Tuesday.

 

Huawei centre stage 

 

The organisers are trumpeting the return of Chinese delegates as a vital boon to the event.

Chinese firms heavily sponsor the MWC and Huawei is once again getting pride of place, this time hosting the biggest dedicated pavilion in the event's decades-long history.

The Chinese tech giant was the second biggest smartphone maker in the world in 2020 but retreated after US regulators accused it of being controlled by Beijing.

The firm is now under pressure in Europe, where Breton and other commissioners are pushing for its equipment to be removed from 5G network infrastructure.

Huawei boss Eric Xu said before the event he would use the MWC to display products that would "help carriers meet evolving demand and unleash more opportunities for new growth".

In total, GSMA said the four-day show would host almost 750 operators and manufacturers and 2,000 exhibitors.

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