fiscal year Archives
Huawei has announced its unaudited financial and operational results for the first half of 2013 with the company generating revenues of $18.54 billion—an increase of 10.8 percent over the same period in 2012. Based on this robust growth and other positive business indicators, Huawei expects to generate a net profit of 7-8 percent in 2013.
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Tahawul Tech
36 minutes ago
- Tahawul Tech
US puts limits on Huawei's AI manufacturing
Chinese technology company Huawei is restricted to developing no more than 200,000 advanced AI chips in 2025, according to U.S. exports controls official. Though the number is below the company's demand, there is still concerns within the U.S. that China is quickly catching up to their capabilities. Since 2019, a slew of U.S. export rules aimed at curbing China's technological and military advancements have limited access by Huawei and other Chinese firms to high-end U.S. chips and the equipment needed to produce them. The issue has become a flashpoint in U.S.-China relations. Facing those restrictions, Huawei aims to ship its Ascend 910C AI chips to Chinese customers as an alternative to those made by the United States' Nvidia, the global leader. 'Our assessment is that Huawei Ascend chip production capacity for 2025 will be at or below 200,000 and we project that most or all of that will be delivered to companies within China', Jeffrey Kessler, Under Secretary of Commerce for Industry and Security at the Commerce Department, told a congressional hearing. Kessler said that the U.S. should not take comfort in the figure. 'China is investing huge amounts to increase its AI chip production, as well as the capabilities of the chips that it produces. So, it's critical for us not to have a false sense of security, to understand that China is catching up quickly', he told the House of Representatives Foreign Affairs South and Central Asia subcommittee. White House AI Czar David Sacks said on Tuesday that China was only 3-6 months behind the U.S. in AI. The White House later said he was referring to China's AI models, adding that Chinese AI chips are one to two years behind their U.S. counterparts. Huawei's CEO Ren Zhengfei told Chinese state media on recently that the company's chips were a generation behind those of U.S. competitors, but that it invests more than $25 billion annually to improve performance. Source: Reuters Image Credit: Huawei
The National
an hour ago
- The National
Asian stocks dive in early trading as gold rises after Israel strikes Iran
Stocks dived in Asian trade on Friday morning, while oil and gold prices rose after Israel conducted a major military assault on Iran. Japan's Nikkei had lost 1.3 per cent, South Korea's Kospi dropped 1.1 per cent and Hong Kong's Hang Seng shed 0.7 per cent as at 8.51am UAE time. Gold prices rose 1.5 per cent to about $3,427 per ounce as investors rushed to safe haven assets on the escalation of hostilities in the Middle East. In other markets in Asia, China's Shanghai's composite as well as Shanghai A share index were both down 0.72 per cent as at 9.19am UAE time. The Shenzhen A share index and Shenzhen component index were also trading lower. Taiwan's Taiex index was down 0.7 per cent. In India, the BSE 100 fell 0.85 per cent, while Australia's S&P/ASX index declined 0.3 per cent. Iranian media reported strikes on Tehran on Friday morning after Israel launched a 'pre-emptive' attack on nuclear and military sites across Iran, marking a major escalation that brings the two countries to the brink of an all-out war. Global stock markets were already under pressure as a result of tariffs announced by the US President Donald Trump. The rising tension in the Middle East is expected to add another layer of uncertainty to markets.
Zawya
an hour ago
- Zawya
China says it will remove all tariffs on African exports to boost trade
NAIROBI - China will negotiate and sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with, it said, a move that could benefit middle-income nations. The Asian economic giant offers duty- and quota-free market access to least developed countries (LDCs), including many in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. "China is ready to... welcome quality products from Africa to the Chinese market", China's foreign ministry said after a meeting of senior Chinese officials with African foreign ministers in Changsha to review implementation of commitments made during a summit in Beijing last September. In recognition of the significant disadvantages that businesses from LDCs like Tanzania or Mali could face from their more developed counterparts like South Africa once the market is fully opened, China pledged additional measures to support LDCs, including training and marketing promotion. Beijing's move could help relatively advanced countries, with significant manufacturing bases for value added products, to take advantage of the vast Chinese market, analysts said. "It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free," said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. Trade between China and Africa has been growing in recent years, but it has been heavily skewed in favour of China, which had a surplus of $62 billion last year. "Unless we have an equivalent increase of African exports to China, then trade deficits will continue to increase," Ryder said, adding that the initiative announced by Beijing could help to balance trade. During last year's summit in Beijing, China pledged 360 billion yuan ($50 billion) to African economies over three years in credit lines and investments, marking its return to big-ticket funding deals for the continent after a pandemic-related hiatus. ($1 = 7.1747 Chinese yuan renminbi)
