FT News Briefing Huawei’s war, Chinese banks in Hong Kong, and the future of office workers
Aug 21, 2020
Tensions rise as Huawei faces tough U.S. sanctions, leading to fears of layoffs among employees. In Hong Kong, Chinese banks are set to surpass global rivals in numbers, reshaping the financial sector. The discussion transitions to the challenges of remote work, where a software developer shares insights on outsourcing jobs. The podcast also questions the necessity of physical office presence, emphasizing that the quality of work should matter more than location.
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Huawei's Concerns
- Huawei employees are worried about layoffs after the U.S. imposed stricter sanctions.
- The sanctions could severely impact Huawei's smartphone and 5G businesses.
Shifting Banking Landscape
- Chinese banks are increasing their presence in Hong Kong as Western banks scale back.
- This shift is driven by rising U.S.-China tensions and new security laws.
Outsourcing Anecdote
- A U.S. software developer, "Bob," outsourced his own job to a Chinese firm.
- He was able to maintain his employment while others did his work.