China's Huawei finance chief arrested in Canada, faces extradition to US

06 December, 2018, 22:51 | Author: Mary Valdez
  • Trouble

Yields on top-rated German government bonds held near six-month lows in risk off environment, while those on benchmark 10-year U.S. Treasuries were near a three-month low at 2.886 percent.

China's foreign ministry said neither Canada and the United States had clarified their reason for the move but a source had earlier told Reuters it was related to violations of us sanctions on Iran.

News of Meng's arrest provoked an immediate protest from the Chinese embassy in Canada, demanding the USA and its neighbor "rectify wrongdoings" and free Meng.

Huawei's chief financial officer, Meng Wanzhou, was arrested Saturday in Vancouver, Canada.

US stock markets plunged again Thursday after a Chinese technology executive was arrested in Canada, escalating U.S. Reuters reported in April that us authorities were investigating what has grown to be one of the world's largest smartphone manufacturers for the "alleged shipping of usa -origin products to Iran and other countries in violation of us export and sanctions laws".

Hu Xijin, editor-in-chief of the Global Times (one of China's most hawkish state-run newspapers), commented on his Twitter account that "The U.S. can't beat Huawei in the market". "The Chinese government should seriously mull over the US tendency to abuse legal procedures to suppress China's high-tech enterprises".

China lashed out at Canada Thursday for jailing a top executive without explanation and called for the "immediate release" of Huawei chief financial officer Meng Wanzhou, who was arrested at the Vancouver airport December 1.

"I do think.the timing has a bearing on those talks in particular because Huawei is perhaps the most successful global company in China", said Mr Campling. "She is sought for extradition by the United States, and a bail hearing has been set for Friday", it said. But if the transcript the SCMP obtained is genuine, the dialogue helps explain the background of Meng's arrest in Canada.

"Huawei is not aware of any misconduct by Ms. Meng", said Huawei's CEO in a statement posted to WeChat, China's most popular communications app. "Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN [United Nations], US and EU [European Union]", it added.

Before a single share moves in regular US trading hours, investors are braced for an ugly NY open, lashed once again by a litany of putative forces.

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The Wall Street Journal reported last month that United States officials had briefed counterparts in countries including Germany, Japan and Italy on potential security risks from Huawei equipment.

"Without any solid evidence, the Canadian and USA governments trampled on worldwide law by basically "kidnapping" Chinese citizen Meng", an official with the Chinese Ministry of Commerce said in a Global Times op-ed.

Hong Kong-listed ZTE, which was subject to a U.S. banning order earlier his year over security fears before that was reduced to a massive fine, was nearly five percent down.

The detention also came amid moves to restrict Huawei technology in Western countries, with the US, Australia and New Zealand all blocking use of the Chinese firm's equipment in infrastructure for new faster 5G mobile networks. Meng's father Ren Zhengfei, a former army engineer who was named China's top entrepreneur of the past 40 years, has won acclaim at home for turning an electronics reseller into the world's second-largest smartphone maker and a major producer of networking gear.

However, the arrest drew a swift response from China, which said it "firmly opposes and strongly protests" the move, adding it had urged Canada and the USA to "immediately correct the wrongdoing".

US Senator Ben Sasse praised the move and said that it was "for breaking US sanctions against Iran".

The arrest is a top trending topic on Chinese social media, BBC Monitoring says, with many users criticising the USA and Canada for what they call "low" and "bullying" tactics.

In May, the Pentagon said that devices from Huawei and ZTE posed an "unacceptable" security risk.

Both Huawei and ZTE Corp. have faced trouble with the USA and other governments over dealings with Iran and fears the Chinese companies' equipment might be used for spying.

The probation violation cited by the judge involves the same conduct the U.S. Department of Commerce penalized in April by imposing a ban on U.S. companies selling goods to ZTE. "The US has identified that China has found a backdoor to enter the US market through venture capitalists and private investors but those are also now shutting down gradually".

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