US stock futures fall, Asia follows after Canada arrests Huawei CFO
06 December, 2018, 21:49 | Author: Brooke Harris
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.
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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.
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The RBI, however, lowered inflation forecast sharply for the second half (six months) of 2018-19 to 2.7 per cent-3.2 per cent. Policymakers have to nurse the shadow banking sector after a series of debt defaults by a major infrastructure lender.
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She added, "The global community can not keep turning a blind eye every time Iran blatantly ignores Security Council resolutions". Accordingly the United Kingdom and France vociferated a closed-door convention of the Security Council to debate the issue.
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A Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details. If the two sides fail to reach a deal, all the White House promises will be invalid", it said.
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