US stock futures fall, Asia follows after Canada arrests Huawei CFO

06 December, 2018, 21:49 | Author: Brooke Harris
  • Huawei's global chief financial officer arrested in Vancouver

A Canadian official said law enforcement took her into custody at the request of the US, which is seeking her extradition for allegedly violating its sanctions on Iran.

It's unclear exactly what charges Meng could face if she is extradited to the United States.

A source familiar with Justice Department procedures said it is unlikely the US attorneys would have acted without consulting other agencies in pursuing the global arrest. "She is sought for extradition by the United States, and a bail hearing has been set for Friday", it said.

Canadian Justice Department spokesman Ian McLeod said the U.S.is seeking Meng's extradition, but couldn't provide further details about the case because of the publication ban in effect at Meng's request.

"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng".

Some element of calm was restored in Asia on Wednesday after supportive comments from Beijing - its first reaction to hopes a new trade agreement between the United States and China could be reached within a 90-day deadline.

Back in February, leading intelligence chiefs from the CIA, FBI and National Security Agency told the US Senate Intelligence Committee they would advise Americans not to use products or services from Huawei and telecom rival ZTE.

Born in 1972, Ms Meng, who also goes by Sabrina Meng and Cathy Meng, is the chief financial officer of Huawei, the world's largest telecommunications equipment supplier and the world's No. 2 seller of mobile phones. The report questioned Huawei's ties with the Communist Party and - after multiple interviews including a sit-down with Ren himself - it concluded that Huawei failed to properly explain that relationship.

Sandra Oh and Andy Samberg to co-host 2019 Golden Globes
Oh is coming off a surprise hit in BBC America's Killing Eve , for which she serves as executive producer and star. This marks the second time a pair will host the show after a three year stint by Amy Poehler and Tina Fey .

In targeting Huawei, the U.S.is threatening one of the companies at the heart of Xi's long-term campaign to wrest the lead in future technologies and wean China off a reliance on foreign technology.

He has since been proved right with revenue projected to hit 655.9 billion yuan (US$102.2 billion) this year, a jump of 9.3% compared to 2017.

USA authorities have been probing Huawei since at least 2016 for allegedly shipping US -origin products to Iran and other countries in violation of US export and sanctions laws, sources told Reuters in April. Security concerns have hampered Huawei's business in the U.S.as acquisitions were rejected and companies warned not to source network equipment from Huawei or ZTE.

Huawei derives around half of its revenue from supplying equipment to telecoms carriers around the world.

Huawei has repeatedly denied the insinuation and says it's owned by Ren and its own employees.

In 2011, the American government stopped Huawei from purchasing US server technology company 3Leaf's assets, for national security reasons.

Over the summer, Australia also barred Huawei from providing 5G technology for wireless networks in the country over espionage fears.

Traders said the development smashed hopes surrounding the trade war ceasefire announced by President Trump after talks with his Chinese counterpart at the weekend.

Recommended:



Popular

Michelle Obama and Meghan Markle meet secretly in London
Meghan's attendance at the meeting of The Association of Commonwealth Universities ( ACU ) was not publicised ahead of time. Luke's Church in the Kensington neighborhood of London , both the Duke and Duchess of Sussex made speeches.

Rocket heads to ISS; booster misses mark
Elon Musk later confirmed the issue, saying 'Grid fin hydraulic pump stalled, so Falcon landed just out to sea'. While the first stage booster did not land as intended, the fact that it survived the descent is no small feat.

At least three dead in bomb attack in Iran's Chabahar
In September, gunmen disguised as soldiers opened fire on a military parade in Ahvaz, killing and wounding dozens. Arab separatists and the militant Islamic State (IS) group both claimed the assault.

Tyson Fury is the Favourite in Re-Match with Deontay Wilder
If everything is in the paper, I have no desire to discuss anything, and let him go fight who he wants. In the ninth, Wilder threw 46 punches, with 13 of them landing, while Fury only landed seven of 24.

George W. Bush handed Michelle Obama something again
Bush speaks at the State Funeral for his father, former President George H.W. As the world mourns the death of former President George H.W.

Glitch on O2 data network causes panic among commuters
O2 said voice calls were still working, however many customers have reported not being able to use their phones at all. A tweet sent out this morning adds: "One of our 3rd party suppliers has identified a software issue in their system".

Opec waits on Russia's decision as it searches for oil cut deal
Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Russia , Saudi Arabia and the United States have been vying for the position of top crude producer in recent years.

UK retailer Ted Baker to investigate company culture of hugging
It said Mr Kelvin greeted many people with a hug, "be it a shareholder, investor, supplier, partner, customer or colleague". Mr Kelvin is worth £522m according to the Sunday Times Rich List.

Honduran Woman in Migrant Caravan Gives Birth in U.S.
It was not clear whether the group would face charges and deportation or if they had requested asylum in the United States. The pictures emerged as it was revealed thousands of desperate families are resorting to crossing the border illegally.

Alberta orders oil production cut to deal with price differential
Meanwhile, shares in oil producers that had been either benefiting or were insulated from the discount prices were little changed. Oil prices have been sagging, with US crude recently dipping to near $50 a barrel on renewed oversupply fears.