The telecom company VEON, which is listed on the Amsterdam stock exchange, is replacing Ericsson equipment with that of the Chinese Huawei on a large scale. It concerns thousands of so-called base stations in Moscow, which are already obsolete. According to VEON Russia’s CEO Vasyl Latsanych, his company is trying to prepare for super-fast 5G internet.
Huawei is controversial because it has close ties with the Chinese government and is accused of espionage practices. The United States has already taken measures to keep the company from the American market. The Chinese are also looked at with suspicion in Europe. KPN recently decided to opt for a Western company for its core network. Huawei was not excluded for other jobs.
VEON is listed on the stock exchange in the Netherlands, but has no telecom activities here. The group, on the other hand, is a major player in countries such as Russia, Pakistan, Ukraine and Bangladesh. The aforementioned upgrade for 5G involves 5 billion rubles, or more than 69 million euros. The work will probably be completed in September.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.
