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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Tuesday 2 August 2022

Scammers getting smarter now and so should we

 

 

Scammers keep getting bolder and bolder with their extortion methods. From impersonating landlords to illegal debt collection tactics, there is no shortage of ways scammers will try to separate you from your money. Be aware of these five red flags when getting on the phone, checking your email, or using social media. This can help you avoid getting trapped in a conversation with a scammer in the first place.

 

Whether it’s through email, text, phone calls or direct messages, scams seem to be everywhere on the internet. Not all scams are obvious and many specifically target small business owners. Learn how to recognize a scam, protect your business and know what to do if you become a victim of a scam.


Being forearmed with knowledge is key to not falling prey to well-trained scammers

 Arm yourself with knowledge to identify a swindler

RIGHT before my eyes, I witnessed my friend falling for a classic Macau scam over the phone.

The call from a “government official” had him hooked. Frantically, I gestured to my friend to end the call but he was like a man possessed.

Someone on the other end of the line, claiming to be a government official, informed my worried friend that he had been implicated in a crime of sorts and the only way to escape the consequences was to transfer his money into a “safe account”.

After 45 minutes on the phone, he sent RM5,000 to one such bank account, and this happened on his pay day!

Recalling the incident, my friend said the caller was so convincing and believable that it was hard to cut the line.

This incident came to mind when the long arm of the law finally caught up with Tedy Teow, the founder of MBI (Mobility Beyond Imagination) well-known for its superlative money-making scheme.

He was detained in Thailand about a week ago and is believed to be wanted for questioning over several money-laundering cases in a few countries.

From what I could tell, the news failed to generate much interest on the ground, especially in Penang where the scheme used to have a large number of followers.

It could be that many of his victims were resigned to the fact that their money was as good as gone, even though Teow got arrested.

I have many acquaintances who put money into MBI. A few earned some returns. Most did not.

Now, it is “successful” Macau scams that are dominating the chatter in coffeeshops, offices, watering holes and messaging groups.

Indeed, teachers, engineers, doctors and even a politician were among the prized scalps of these so-called officers from banks or government and law enforcement agencies.

In May, a businessman from Port Dickson with a net worth of over Rm100mil lost a record Rm21mil in one such scam after he allegedly revealed his bank Transaction Authorisation Code (TAC) numbers to a “bank official”.

A sizeable number of scam victims were retirees who lost their hard-earned savings.

As pointed out in one news report, these scammers actually go through a month-long boot camp conducted by professional trainers before they are sent out for con jobs.

Psychology, negotiation skills, the art of persuasion, they learn it all.

They go through gauntlets of role-playing, with one being the “victim” and the other the scam caller, all under the watchful eyes of the trainers.

It has become challenging these days for lawmen to outfox the syndicates which have members even sitting for exams before being certified competent enough to man scam call centres.

And now we hear of increasing cases of dubious bank transfers: money being unknowingly transferred out of savings and fixed deposit accounts after victims were said to have downloaded phone apps.

Protect yourself by not downloading apps from dubious sites!

Then there are the online lovers to whom the lonely give their money even though they have never met face to face.

For those not in the know, this actually happens gradually.

First, the amounts asked for are small. These are quickly returned with a small but appreciable profit. Only after trust is established will the scammer ask for the big amounts.

The situation has never been more urgent as there are still victims who fall prey to such tactics almost on a daily basis.

If you get a call from a scammer, stay calm and rightfully hesitate when asked to reveal your personal banking and user login details.

In the course of a true fraud investigation, government and law enforcement agencies will not transfer calls among themselves. Bank Negara will not transfer your calls to Bukit Aman and vice versa, and never call back the number that was given.

Remember, the police will never threaten to arrest you over the phone; they prefer to do it face to face.

And if it’s a pre-recorded message, just hang up.

Most importantly, if you are a law-abiding citizen who has done nothing wrong, there is indeed nothing to fear. 

By TAN SIN CHOW

sctan@star.com.my
              
 
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Friday 15 October 2021

Budget 2022 likely to be friendly to house buyers

 

https://youtu.be/YsuhuxDTjIA

Rerating of property sector justified


“We do not anticipate any new dramatic tightening policies, as this would derail the recovery of the property sector.” TA Securities Research

PETALING JAYA: Budget 2022 will likely contain elements that make home ownership and financing more accessible, according to TA Securities Research.

“Following the full reopening of all economic sectors this month, we expect that better market sentiment along with stronger recovery in economic and business activity to contribute to better developers’ sales prospects ahead, which will eventually translate into stronger earnings going forward,” said the research unit.

TA Securities Research maintained its “overweight” rating on the property sector, and said a rerating is justified, considering developers’ encouraging sales growth and attractive valuations.

“We do not anticipate any new dramatic tightening policies, as this would derail the recovery of the property sector,” it said.

Taking a cue from the recently announced 12th Malaysia Plan (12MP), it also opined that Budget 2022 would primarily focus on ensuring adequate, quality, and affordable housing, improving the living standard of poor households and monitoring and evaluating efforts as well as achieving urban sustainability.

It is anticipated that the focus of Budget 2022 would be to ease the burden of the B40 and M40 as their livelihood was largely affected by the Covid-19 pandemic.

Also, Budget 2022 should be primarily helpful to low-to-middle-income earners as well as to first-time home owners.

TA Securities Research is also hopeful for more measures to ease the burden of property owners by extending the real property gains tax (RPGT) exemptions along with lower RPGT rates.

Based on its channel checks, it said property developers’ wish lists and expectations for Budget 2022 include promoting homeownership among the low-to-middle income group, reiterating and broadening existing public housing schemes, making home ownership and financing easier, extending the Home Ownership Campaign to 2022, and a tax relief for mortgage interest.

Property developers are hoped for incentives such as a relaxation of requirements for the Malaysia My Second Home (MM2H) programme.

Despite the fact that the MM2H programme only accounts for a fraction of the overall number of homebuyers in Malaysia, it can nonetheless contribute to reducing the overhang of unsold properties.

“We note the recent adjustments to the MM2H programme criteria for new applicants could be extremely stringent, discouraging foreigners from settling and working in Malaysia,” said TA Securities Research.

Additional incentives are needed to promote green development in Malaysia and to encourage developers to adopt accredited green certification tools during the construction and operation phases of development projects.

The government should grant additional tax incentives to developers of green-certified buildings, allowing them to claim income tax deductions equal to the additional capital expenditure required to obtain green certification.

On top of that, the government may consider offering stamp duty exemptions to purchasers who acquire properties that have been certified as environmentally friendly in order to stimulate demand.

“This is primarily to address the higher cost of green building construction in comparison to conventional buildings, which may deter potential buyers from making the investment,” said TA Securities Research.

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Malaysia Government Budget

 

Malaysia's Budget 2022 to focus on tourism, retail, and SMEs

 

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Government Budget in Malaysia increased to -3.20 percent of GDP in 2020 from -3.40 percent of GDP in 2019. source: Ministry of Finance Malaysia

Malaysia Government Budget

Malaysia Government Budget
 
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
 

Malaysia Last Unit Reference Previous Highest Lowest
Government Budget -3.20 percent of GDP Dec/20 -3.40 2.40 -6.70


Wednesday 28 April 2021

Digital way to declare and pay income tax

e-Filing counter facilities are no longer available since last year following the new norm SOP.


 LET’S Click HASiL is a convenient programme for taxpayers to declare their income and pay taxes to the the Inland Revenue Board (IRB).

What is Let’s Click HASiL

Let’s Click HASiL enables taxpayers to submit their income tax return or make payment through the convenience of the easy, accurate and secure MyTax app.

MyTax is the primary access to ezHASiL services such as e-Filing, e-Register, ByrHASiL and other services accessible to all taxpayers with a single sign-on.

Taxpayers can file their return form electronically while ensuring the details are accurate.

Additionally, the programme also provides advice to taxpayers through virtual briefings held in accordance with new norm SOP set by the government.

Submission deadline

The Let’s Click HASiL programme runs from March 1 to June 30,2021.

For individuals without business income, they have until April 30 to submit their BE Form.

People who receive income from business have until June 30 to submit their B Form.

However, e-BE submission via e-Filing allows taxpayers to submit the form by May 15 – an extended period compared to paper submission by April 30, while the deadline for e-B is July 15.

 

Tax refund

For individuals without business income, their employer would have made monthly tax deduction off the monthly salary, reducing the burden of employees as they don’t have to pay a lump sum for their annual income tax.

You are eligible to receive a tax refund if you have paid excess monthly tax deduction than the actual tax levied. The income tax imposed can be reduced through tax reliefs and tax rebates.

The e-Filing service gives taxpayers the advantage of receiving their tax refunds within 30 working days as opposed to 90 days for form submissions by post or hand delivery.

ezHASiL simplified taxation

ezHASiL enables taxpayers to manage their taxation online through e-Filing, e-Register, e-Update, e-Ledger and ByrHASiL without having to visit IRB branches physically.

e-Filing counter facilities are no longer available since last year following the new norm SOP.

The e-Filing system can be accessed via the IRB’s official website at www.hasil.gov.my > MyTax > ezHasil Services > e-Filing.

First-time users are required to obtain the PIN number by filling in the feedback form on the website.

Once you have the PIN number, you can start your e-Filing, make payments using ByrHASiL, access payment review through e-Ledger or update personal details via e-Update.

Declare and pay your income tax at mytax.hasil.gov.my. Let us all do our part to ensure prosperity for the country.

Inquiries can be made through the Customer Feedback Form or call the HASiL Care Line (03-8911 1000). Visit www.hasil.gov.my for further information.

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LHDN: No audit on those under SVDP amnesty but they must fellow guidelines 

Groups_ Stick to promise and not penalise taxpayers _ The Star

Monday 1 July 2019

Recession fears hit Asian region including Singapore

Malaysia may, to a certain extent, be less vulnerable with the revival of major construction projects which in view of the country’s strained finances, have been shrunk to cut costs. The Singapore economy may undergo a “shallow, technical recession” in the third quarter.

TALK of recession has hit the region, and near home, Maybank Kim Eng Research is flagging that possibility for Singapore in the next quarter.

Export-reliant economies are hard hit by slowing growth and supply chain disruptions caused by the prolonged US-China trade and tech war.

There may be a ceasefire now in the fight between the US and China following talks between President Donald Trump and President Xi Jinping at the Group of 20 Summit in Osaka last Saturday.

Existing US tariffs on Chinese imports still remain; additional tariffs on the remaining US$300 bil worth of Chinese imports, as threatened, will not be imposed for now

However, the new timeline for truce remains elusive; the suspicion is that of a “creeping” imposition of tariffs, as “each truce is followed by new tariffs and then, another truce.”

In December last year, Trump and Xi had struck a truce following which talks broke down in May this year, and tariffs on US$200bil of Chinese imports leaped from 10% to 25%.

Will there be light out of this tunnel, with harder issues involving tech and supremacy not tackled? Smaller economies with the fiscal and monetary space may be able to cushion their economies somewhat from the downdraft on growth.

Malaysia may, to a certain extent, be less vulnerable with the revival of major construction projects which in view of the country’s strained finances, have been shrunk to cut costs.

The Bandar Malaysia and East Coast Rail Link projects to be revived, are now downsized to RM144bil and RM44bil respectively.

Works for the Light Rail Transit (LRT) 3, from Bandar Utama in Petaling Jaya to Johan Setia in Klang, will resume in the second half of the year, at a reduced cost of RM16.63bil.

Talks are said to be ongoing to revive the Mass Rapid Transit Line (MRT) 3, or MRT Circle Line round the city centre, at possibly RM22.5bil which is half the original cost.

“The timing (of the revival of these projects) has been very good for Malaysia,’’ said Pong Teng Siew, the head of research at Inter-Pacific Securities. “These projects will go on for several years and positively impact the economy over that period.’’

Domestic spending and activities will provide ‘some comfort’ to the local economy but we should ensure that any further monetary easing actually goes into the real economy to support these activities, according to Anthony Dass, head of AmBank Research.

Malaysia’s private consumption was at a record 59.5% of its nominal (calculated at current market prices) Gross Domestic Product, which hit US$88.5 bil in March, 2019, according to CEIC Data.

Benefits from trade diversion from China, the current US tariff hotspot, are offset by downward pressure on global trade where volume was flat in the first quarter, the weakest since the financial crisis.

Global semiconductor sales also declined in February and March, the first back-to-back double digit contraction since the financial crisis.

In view of this decline, the volatile global trade environment and rising geopolitical tensions, open economies “should be prepared for the unexpected,’’ said Nor Zahidi Alias, the associate director of economic research of Malaysian Rating Corp.

The Singapore economy may undergo a “shallow, technical recession” in the third quarter, said Maybank Kim Eng, pointing to possible intensification of supply chain disruptions and US export controls on more Chinese tech firms.

Following the Trump-Xi talks, the US has reversed its equipment sales ban on Huawei but will that ease fears of other similar bans down the road? Defined as two consecutive quarters of negative quarter-on-quarter growth, a recession will prompt further easing of monetary policy in Singapore.

Manufacturing in Singapore, which accounts for a fifth of the economy, fell 2.4%, with electronics dropping 10.8% in May from a year ago; output is expected to decline again in June.

Hong Kong has also been issued warnings of recession, as its economy experienced the largest contraction since 2011, declining by 0.4% in the first quarter against the previous quarter.

Thailand’s economy grew at its slowest pace in four years, in the first quarter, hitting 2.8% from 3.6% in the same period last year; exports remain weak.

Taiwan’s economy avoided contraction in the first quarter but private consumption and gross capital formation slowed significantly while government consumption declined.

In the US, a mis-calibration in interest rate policy by the Federal Reserve can cause a sharper slowdown than expected or bring on a recession.“Monetary policy affects the economy with unpredictable lags, it could be hard for the Fed to time its policy (rate cut) that can prevent a downturn this and next year,’’ said Lee Heng Guie, the executive director of Socio Economic Research Center.

Columnist Yap Leng Kuen notes the reminder to ‘expect the unexpected.’

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Thursday 18 April 2019

Steep learning curve


What is meant by "steep learning curve"?


Unfazed, this mass comm graduate overcame all kinds of challenges to make it in business.

SAMANTHA Mah did well on her first business venture but suffered a loss on her second. However, failure did not deter her and her two partners from moving on. They gave it another go until they could see the fruits of their labour.

Mah worked as a company administrator and voice talent for radio commercials before she decided to venture into business.— aNis aBdullah/The star

Mah’s first business received an investment of RM10,000 from her sister, Natasha, 37. She and two investor-partners started an online boutique targeted at young women. After one-and-a-half years, business picked up and was quite good.

Mah, 30, is the youngest in her family. She has two elder sisters and a brother.

Mah, Natasha and a friend Jason Leong, 31, started their trading company on March 8, 2011. Just four months later, it incurred a big loss, prompting them to change the products they were selling – from peanuts and sesame seeds to edible organic products.

A mass communication graduate from Universiti Tunku Abdul Rahman (UTAR) in Selangor, Mah had worked part-time as a company administrator and voice talent for radio commercials before she venturing into business. She is now the marketing manager/managing director of her company.

After starting Wide Tropism Trading, she passed her online boutique business to a friend.

One of the biggest challenges for Mah, at the beginning, was that neither she nor her partners had a corporate background.

“We handled matters based on our experiences. Sometimes we had to ask friends for advice.

“In the first few years, there were lots of arguments,” she said.

Mah is glad that her relationship with Natasha survived those trying times.

As part of the company’s costcutting measures, each of them had to take on more responsibilities in various departments.

“There were too many things on my plate – human resource, accounts, design and marketing – and I was suffocating. But we did not have enough (finances) to hire staff,” said Mah.

After two months, she “exploded” and cried during a meeting.

“I could not take the pressure and workload anymore,” she said. Eventually, they could afford to hire new staff.

“Only then did things start to fall into place,” she said.

Cheated by a supplier

Initially, they were importing foods such as peanuts and sesame seeds, and distributing them to local suppliers. Unfortunately, they suffered a huge loss in the first year itself due to unscrupulous parties.

Due to limited cash flow, they could only import one container of stock at a time. Each time, they flew over to the exporting country, India, to check on the quality of the stock and witness the peanuts being loaded into the containers. The first two shipments went through successfully.

However, the third shipment, supposedly of Grade A peanuts, was discovered to contain Grade C stock instead, when it arrived.

She said: “No one in the market would accept the stock. We sought help from the local distributor to sell off the peanuts at a lower price but even then, no one wanted them. After trying for two months, we had to sell off the peanuts to a peanut butter factory at below cost. As a result, we ran into losses amounting to RM40,000.”

The supplier denied it was his fault and instead blamed others. They then contacted the High Commission of India, in Kuala Lumpur, for help but to no avail.

“We wondered how we were going to continue business. My father advised us to pick ourselves up, learn from it, and be more careful. Everyone was very supportive and encouraged us to continue. They believed we could do better,” she said.

Mah then sought help from her uncle, an experienced fruit trader and grocer. He advised her to run a business that’s less risky, such as repackaging and distributing organic products.

She and her business partners promptly took his advice.

In July 2011, her company had its first customer, a newly opened supermarket in Petaling Jaya. In two months, Mah’s team had designed the logo and sourced for products and packaging. And so, their label Love Earth was born.  

Overcoming obstacles

Every day, Mah and her partners packed their products until midnight, and delivered them, working on weekends to selfpromote their products as well.

Said Mah: “Each time a new supermarket called, we’d celeto brate!”

Gradually, it was time start their expansion plan but they were hampered by limited cash flow.

They knew they had to spend more to create brand awareness. That’s when they started their online webstore.

“None of us had any knowledge about marketing. So I attended marketing and e-commerce talks to learn and see what we could do,” she said.

Mah recalled: “The first three years of business were really tough. My salary was only RM1,000 monthly (to cut costs).”

But their efforts paid off. After five years of sheer hard work, they could buy two units of four-storey shophouses.

The company started with 50 products and now has 180.

Currently, it is distributing these products to over 500 outlets throughout Malaysia.

New priorities

Mah, who got married two years ago, plans to expand her family this year. Her husband, C.V. Loh, 32, distributes bio-degradable plates, lunch boxes and bowls as well as health supplements.

She said: “I hope to have financial freedom, and more time for my family. If possible, I would like to be a part-time businesswoman and full-time housewife one day.”

She plans to raise her children herself and not send them to a nanny. She also hopes to travel more in the future. Presently, she travels at least thrice a year. Seeing other countries and cultures opens up one’s mind, she said.

Although she is a career woman, Mah believes in putting family first.

“Women play a role in bringing up the family. If a child is not well taught, he might be a nuisance to society in the future. But if he has a good upbringing, he can be the sun that shines and brings benefits to all. Also, a woman is the pillar that upholds the family,” she said.

Mah explained that even though she studied mass communication and broadcasting, it was during her internship that she realised that she wanted to go on a different career path than she had originally planned.

After her graduation, she thought of going into volunteer work. But her uncle advised against it. He told her to be successful so that she could help herself and others in future.

By Majorie Chiew The Star


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Thursday 27 December 2018

Employees believe Huawei will survive widespread bans in West with ‘Wolf spirit’ culture

A true multinational - Newspaper headline:

A Huawei Technologies Co logo sits on display inside an electronic goods store in Berlin on December 17. Photo: VCG

Former Huawei employee in US laments government's 'endless assaults on the company'


○ Huawei's so-called 'wolf culture' helped it become successful in foreign countries

○ The top global telecom equipment provider has been going through a tough year in 2018

○ Chinese and foreign employees hold different views on Huawei's rapid expansion and aggressive corporate strategy

When Jason Li was assigned to the Mobile World Congress at the beginning of 2011, shortly after he joined China's Huawei Technologies, he impressed Ren Zhengfei, the former military officer who founded the company in 1987, with a presentation about the company's products in English.

"He [Ren] came to the company's stand the day before the congress kicked off and asked me where I studied before joining the company. I said New Zealand," Li said, noting that Ren immediately suggested that this newly recruited employee should fly to the UK office and help build a local talent center as part of Huawei's global expansion.

The Shenzhen-based company has experienced a rapid expansion over the past 30 years, and has footprints in more than 170 countries and regions. However, it has been under the spotlight recently as Meng Wanzhou - its chief financial officer - was arrested by the Canadian authorities in Vancouver on December 1 at the request of the US on suspicion of violating US trade sanctions.

Under pressure from the US, more governments in the West have been considering blocking Huawei's core products over security concerns, which is considered as a major setback in its development into a multinational giant.

Former employees of Huawei like Li spent years working overseas, and describe Huawei's corporate culture as a "wolf culture" that helped it become successful.

However, this "wolf culture" also sparked controversy, and might have harmed its current operations.

Arduous journey

When Li started working at Huawei's London office, he started everything from zero. From 2012 to 2014, he had traveled to over 20 countries and spent most of his days in countless hotels and airports, sacrificing much of his spare time to reach out to more foreign telecom carriers and companies.

"As soon as I left Egypt after a business trip to Cairo years ago, the country plunged into civil conflict, and some of my former coworkers were stuck in the hotel. And one time in Nigeria, we were exposed to yellow fever," he told the Global Times, referring to those days at Huawei as an unforgettable memory.

Long working hours on challenging projects with constant business trips to remote areas are common descriptions of the workplace culture at the world's largest telecoms equipment maker.

"Employees at Chinese telecom companies such as Huawei and ZTE endured hardships in an earlier stage of global expansion," Xiang Ligang, a veteran industry analyst close to Huawei, told the Global Times in a recent interview.

Ren, the founder of Huawei, is considered one of the most successful Chinese executives during the country's reform and opening-up. He was influenced by the military theories of Mao Zedong, according to a book on Huawei's development published in April.

Like Mao's military theories, which advocated taking small and medium cities and extensive rural areas first as part of a revolution, Ren started from remote and less developed areas to avoid fierce competition with foreign rivals.

"In some countries in Africa and South America, telecom operators could not afford expensive products. They also lacked staff members for maintenance and operations. This gave more room for companies like Huawei and ZTE, which continuously assigned staff to those areas, to grow," Xiang said.

Huawei beat Ericsson and Nokia in the global mobile infrastructure market in 2017, as the Chinese company took 28 percent of the market share and became the largest mobile infrastructure provider worldwide, according to the latest industry report from IHS.

"In the early days, Huawei assigned most of its senior executives to the overseas market to explore business opportunities," Xiang said, noting that accepting these assignments later became an unwritten rule.

Lingering conflicts

Huawei's corporate culture has a long-lasting influence on its staff. An former employee who worked as a programmer at Huawei's then headquarters in Nanshan district, Shenzhen in the early 2000s said that he worked for Huawei for about one year and a half shortly after he graduated from college but the short experience there has instilled a lasting impact on his future career. He learned to be hardworking, persistent and low-key.

Even after he left Huawei, he sometimes, as if he had been brainwashed, still would read aloud the internal letters written by Ren Zhengfei circulated online to his then-girlfriend-now-wife, partly as a way to woo and impress her, and partly as a way to draw inspiration and strength for himself.

The employee in his early 40s who only spoke on condition of anonymity said he worked long hours from about 10 am to 10 pm every working day at Huawei. When he was tired, he would sleep on the mattress under his desk. "All co-workers did the same, especially the managers," he said. "When a new project kicked in, we would work overnight."

This so-called wolf spirit - a high-pressure workplace - is also known as a "mattress culture," as many of its engineers work so hard that they use blankets and mattresses to sleep at the office. And this military-style management was sometimes rejected by its foreign staff overseas, which led to deeper culture clashes.

"As far as I know about this so-called military style management, it's implementing the corporate policy in the most efficient way," Li said.

For example, when he worked at the company's London office, all the staff there were required to punch in and out every day, following strict discipline.

"Sometimes, foreign employees preferred more flexible working hours, especially when it was bad weather. But the headquarters rejected this request," he said, noting that localizing its business in foreign markets was a bumpy road over some similar daily issues.

For some foreign employees, being part of a growing Chinese company is still remarkable experience.

"I have great respect for what the company has achieved… Huawei's growth and expansion have been amazingly impressive. It was exciting to be a part of that," William Plummer, the company's former US vice president of external affairs, told the Global Times.

Plummer, who is considered an eight-year veteran bridging the Chinese company with the US government, was reportedly laid off by Huawei in April amid rising tension between China and the US.


He noted that the experience with Huawei was sometimes frustrating both "due to the US government's endless assaults on the company, and the company's inability to trust and listen to non-Chinese experts in dealing with such matters."

The company has been going through a tough year in 2018. In January, major US carrier AT&T suspended potential cooperation with Huawei in its mobile business over security concerns.

And the "Five Eyes" nations (Australia, Canada, New Zealand, UK, US) decided to take aim at all Chinese telecoms equipment companies. Australia slashed its use of Chinese-made products in August, followed by New Zealand and the UK.

In particular, the US government targeted Huawei for years, as American counterintelligence agents and prosecutors began exploring possible cases against its leadership back in 2010, according to the New York Times.

Focus on own work

After Meng's arrest, several of Huawei's Chinese employees shared posts on their social media accounts to support each other, claiming that the company can definitely get through this difficult time.

"It will survive widespread bans in Western countries … and we should focus on our own work," a current employee at the company told the Global Times.

Some observers suggested that Huawei's foreign and Chinese staff, who often hold different attitudes in the workplace, may see its struggles in a different light.

Many Chinese staff work very hard overseas because of Huawei's incentive stock options. "Three years after I joined Huawei, I earned about 300,000 yuan ($43,500) a year, and my bonus was almost the same as my basic salary," said a former Chinese employee "Eric," who worked at Huawei from 2009 to 2013 and spent a year in Mumbai, India.

Working long hours is driven by growing business. Many employees understand that the better financial performance Huawei has, the more profits its employees could share in accordance to employee stock ownership plans.

However, to become a true global tech firm, Huawei will need to diversify its leadership, Plummer suggested.

As the case of Meng has entered the judicial system, some believe that Huawei's situation will get worse, even though there is no proof for the US allegations.

Looking into this dilemma, the company's aggressive and customer-centered business strategies might have helped its take over as much market share as possible.

"But in the long run, as a private company that insists on not going public, its opaque financial status also raises questions over its sustainability," Eric said.

By Chen Qingqing Source:Global Times


Newspaper headline: A true multinational

Related:

Americans still covet trade with China, blame Trump administration for complicating issue

The past year was a tough year for China-US relations. From Washington DC to Iowa to Seattle, this Global Times reporter recently talked to over 50 government officials, scholars, reporters, businessmen and farmers in the US and asked them what they think of the trade war and China-US relations

Chinese diplomacy defeats US interference

China should be confident in this: As long as China maintains steady peripheral diplomacy, the US can do nothing to China and Beijing will gain the initiative in diplomacy toward Washington.

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https://youtu.be/0fDUgBJ8yfY https://youtu.be/0jnDXocDmRo http://sh-meet.bigpixel.cn/? from=groupmessage& isappinstalled=0 .
4 https://youtu.be/03D-0uDOj_c https://youtu.be/N8IyDSrMY3w The arrest of a top Huawei executive may spark a conflict that could cr...

https://youtu.be/pSHOSumep9E https://youtu.be/4fJKlEyEOEg https://youtu.be/N5Ta_RhsXYY American economist Jeffrey D. Sachs says ...
 

Photo: VCG China’s business people, researchers, scholars say they ‘feel the chill’ in US Growing China-US tensions have affected te...
https://youtu.be/3z58zHmz-6k https://youtu.be/17KDxqffVFI Professor Dr. Wang Former Executive of Halliburton DID HUAWEI VIOLATE .

In custody: A profile of Meng is displayed on a computer at a Huawei store in Beijing. The Chinese government, speaking through its emb..