Smart Axiata, Huawei work on 5G network for Kingdom
Deutsche Bank set to slash 18,000 jobs by 2022
THE Kingdom’s leading mobile operator, Smart Axiata Co Ltd, announced on Monday that it had begun 5G trials in partnership with Huawei Technologies Co Ltd and may launch the mobile network later this year.
Smart Axiata CEO Thomas Hundt said the firm will continue to invest hundreds of millions of dollars in the technology.
He said Monday’s announcement is the latest in a busy year for Smart – introducing many new innovative services alongside massive network investments.
“Our mission is to enrich the lives of millions of Cambodians through world-class networks and exceptional digital experiences.
“We will continue investing massively to improve our existing 4.5G mobile broadband connectivity across the Kingdom while in parallel preparing for the next generation of mobile networks – 5G,” he said.
Huawei Wireless Network chief technology officer Aaron Wang said 5G will become the most important factor in ICT transformation and open collaboration across industries.
“We are talking about digital Cambodia and 5G is exactly the enabler to achieve this target,” he said, adding that Huawei will always work together with Cambodia and Smart, to build a fully connected “Intelligent Cambodia”.
“Cambodia is a leading country that
deployed 4G early in Southeast Asia. In the 5G era, I hope Cambodia will once again be a leading country,” he said.
Telecom Regulator of Cambodia executive director Mao Chakrya said this is just the first step of the trials.
“Now we will merely let the company hold their trials because we want to know how it works, and what effects it will have on things such as download speeds and network coverage,” said Chakrya.
However, Chakrya said he is not sure when the government will officially authorise the use of 5G, as it is currently boosting 4G broadband service coverage across the country.
“The time will come when they allow the use of 5G technology, but not immediately,” he said.
The government in April signed a memorandum of understanding (MoU) with Chinese tech giant Huawei to build a 5G network in the Kingdom.
The MoU was signed between representatives of Huawei and Ministr y of Posts and Telecommunications secretar y of state Sok Puthiv uth in Beijing during Prime Minister Hun Sen’s visit. GERMANY’S biggest lender Deutsche Bank said on Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country’s financial sector looks to escape years of turmoil.
The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.
The bank said the layoffs would reduce annual costs by € 6 billion ($6.7 billion) over the same period.
“Today we have announced the most fundamental transformation of Deutsche Bank in decades,” CEO Christian Sewing said, dubbing the scheme “a restart for Deutsche Bank”.
The lender did not immediately make clear where the axe would fall.
But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.
The new round of job cuts comes on top of some 6,000 already carried out over the past year.
Bosses expect the restructuring plan to sap second-quarter results by some € 3 billion this year, making for a net loss of € 2.8 billion.
Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability last year.
The bank does not plan to pay out dividends this year or next.
Last chance?
The restructuring could be a last chance for Deutsche after muchhyped merger talks with crosstown rival Commerzbank fell through earlier this year.
Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared seeing a vital link in the financing of the country’s economy bought up from abroad.
Over the past four years, the firm’s market capitalisation has fallen by 75 per cent, making it a potential target for takeovers by bigger fish.
As markets closed on Friday, Deutsche was worth € 15 billion, placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (€165 billion), Spain’s Banco Santander (€69 billion) and France’s BNP Paribas (€54 billion).
“Deutsche plays in the first division, and should lay the foundations for things to stay that way” over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild’s Sunday edition.
Since he took the helm early last year, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses.
Meanwhile Deutsche’s focus has shifted from its attempt to compete with US-based globa l giants back to its home turf of Germany and Europe.