Business Round-Up: Huawei's northern aspirations remain firmly in media's focus - The Post

Business Round-Up: Huawei’s northern aspirations remain firmly in media’s focus

The meetings of Ambassador Feng (right) have been heavily scrutinised of late (photo: Hasse Ferrold)
January 7th, 2020 10:08 am| by Roselyne Min

The spotlight on Huawei’s efforts to gain a foothold in the northern Europe-Arctic region continued over the Christmas period: firstly when it emerged that Ericsson has been chosen to provide Greenland with its 5G network (in addition to Norway), and secondly when reports emerged that Feng Tie had met with the ultimate decision-maker in the Faroes.

November visit
It was reported earlier in December that Ambassador Feng had travelled to the islands in November to meet with senior representatives of the Faroese government in an effort to convince them to choose Huawei, a Chinese communications company that many, including the US, view as a Chinese spy vehicle.

Ambassador Feng reportedly told the officials that Huawei would be a wise choice if they didn’t want to lose the FTA deal.

READ ALSO:China denies pressuring Faroe Islands over 5G network

Meetings with decision-maker
And it has since been reported by DR that Ambassador Feng met representatives of the the Faroese telecommunication company Føroya Tele, which will ultimately decide whether Huawei should be the 5G supplier.

However, Føroya Tele insists that no pressure was applied and that the talks were a “natural” part of a “normal” company presentation.

A PAL to the government as well as pension holders
PAL, a 15.3 percent tax payable on the growth of a pension scheme, has become one of the government’s biggest earners – so much so that it is currently yielding a larger return than the top tax bracket. Only income tax, labour market contributions and corporation tax earn more. According to the pension company PFA, PAL will earn close to 60 billion kroner this year. Over the past two decades, Danes have been increasing their investment risk, switching their pensions from guaranteed average rates to non-guaranteed market rates. As stock prices rise both in Denmark and abroad, so do the value of their pension schemes. However, according to Carsten Holdum, a consumer economist at PFA, stocks are expected to perform less well in the coming years.

SAS among world’s safest airlines
SAS has been ranked in 14th place in the ‘Top Twenty Safest Airlines for 2020’ list compiled by AirlineRatings. The institution assesses 405 airlines worldwide based on seven factors, including crashes and serious incidents, age of fleet, financial performance and quality of pilot training. The Australian airline Qantas was meanwhile ranked first for the seventh consecutive year. Several airlines have disappeared from the list, including ANA, American Airlines and British Airways, which was marked down due to the age of its fleet and the number of incidents.

Sportmaster sold to Singaporean company
Denmark’s largest sports chain Sportmaster has been sold to a Singaporean company, which coincidentally has the same name, Sportmaster Operations. The Singaporean company operates in Belarus, China, Kazakhstan, Russia and Ukraine, with branch offices in China, Bangladesh and Vietnam. The company has acquired the Danish chain from the Nordic Capital Fund. The price has not been disclosed. Sportmaster currently has 89 stores in Denmark but has in recent years been financially-challenged. According to its most recent financial statement, the chain suffered a loss of more than 100 million kroner.

New record: 100 billion kroner transferred via MobilePay in 2019
MobilePay has confirmed that it passed the 100 billion kroner mark in transfers during 2019 – an increase of 18 billion kroner from 2018. Mobile payments at stores have driven the progress, where 330 million payments had been made – 50 million more than in 2018. MobilePay was initially launched in 2013 for private transfers, and today it has more than 4 million users in Denmark.