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[Updated] US Attorney General Bill Barr encourages Americans to invest in Finland’s Nokia and Sweden’s Ericcson to counter China’s Huawei

Nokia and Ericsson shares got a boost. So someone made a profit on that stock tip.

Bill Barr was previously a lawyer for US phone carrier Verizon.

Meanwhile, much of Ericsson and Nokia hardware is built in China.

Reuters »

“Putting our large market and financial muscle behind one or both of these firms would make it a far more formidable competitor and eliminate concerns over its staying power, or their staying power,” Barr said in a speech to a Washington think tank conference on China.

“We and our closest allies certainly need to be actively considering this approach,” Barr said.

The United States alleges that the Chinese government could use Huawei’s equipment for espionage, which Huawei denies.

More » Financial Times

Updated Feb 7, 2020 » Reuters » ‘No concrete proposition’ from U.S. to back Huawei rival Ericsson: Swedish minister

Replacing Europe’s Chinese telecoms gear ban could cost industry only $3.5 billion

Tarmo Virki at Reuters »

Replacing Chinese telecoms equipment would cost European telecom operators about $3.5 billion, a report by industry research firm Strand Consult predicted on Friday, far lower than the figure a lobby group came up with.

Industry lobby group GSMA, backed by blacklisted Chinese firm Huawei, predicted a cost of $62 billion.

» Not banning Chinese controlled telecoms gear could eventually cost much more, both in dollars and cents, and to society as a whole.

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