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giftedviz.com December 14, 2018


Huawei finance chief Meng Wanzhou arrested in Canada

06 December 2018, 10:47 | Austin Hogan

Huawei's global chief financial officer arrested in Vancouver

Investors look at an electronic board showing stock information at a brokerage house in Shanghai China

The main index in Hong Kong fell about 2.5% and Tokyo stocks closed down 1.9% on Thursday after Canada said Huawei's chief financial officer, Meng Wanzhou, had been arrested in Vancouver and is being sought for extradition by the USA government.

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 news sent shudders through Hong Kong and Shanghai markets, where tech firms were hammered. The S&P 500 dropped around 1.5 percent at the open while the Nasdaq Composite fell by nearly 2 percent.

The arrest is related to violations of United States sanctions, a person familiar with the matter said.

Former Prime Minister of Canada Stephen Harper on the arrest of Huawei CFO Meng Wanzhou.

SAN FRANCISCO A top executive and daughter of the founder of the Chinese tech giant Huawei was arrested on Saturday in Canada at the request of the United States, in a move likely to escalate tensions between the two countries at a delicate moment. "The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim", reads a statement released by the embassy.

Representatives of Huawei, one of the world's largest makers of telecommunications network equipment, told The New York Times: 'The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng'.

Huawei said it complies with all laws and rules where it operates, including export controls and sanctions of the United Nations, the USA and European Union. Early in April, Reuters had reported that since at least 2016, the us attorney's office in Brooklyn has been probing Huawei's alleged shipping of USA -origin products to Iran and other countries in violation of us export and sanctions laws.

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"China should be fully prepared for an escalation in the trade war with the US, as the USA will not ease its stance on China, and the recent arrest of the senior executive of Huawei is a vivid example", thundered the state-run Global Times in a tweet bearing an image of flag-emblazoned fists.

The US sees Huawei and smaller Chinese tech suppliers as possible fronts for spying and as commercial competitors.

The ban almost killed the Chinese tech company, which said it was forced to cease major operations in May.

MSCI's benchmark for global stocks declined 0.61 percent, and US markets were on track to open lower by 1 percent or more. The US later replaced the ban with a fine and governance changes. It was also ordered to replace its board of directors and retain outside monitors. -China relations, it was not clear if the timing was coincidental. The company is the world's second-largest telecommunications equipment and service provider, after South Korea's Samsung, and recently surpassed Apple. The company's U.S. business has been tightly constrained amid fears that its cellphones, widely used in other countries, could provide Beijing avenues for espionage. Huawei has denied the links.

In May, the Pentagon banned the sale of Huawei phones on military bases.

Huawei's close ties with the Chinese government sparked fears that Beijing could gain access to their networks, enabling it to gather intelligence in their countries, despite repeated denials from the company.

New Zealand followed suit in November, but said the issue was a technological one.

Huawei has managed to achieve significant global market share despite the fact that it is largely shut out of the American market. Huawei has since been blocked from selling its gear in Australia and New Zealand, got frozen out of a Korean contract, and faces USA -led competition even in Papua New Guinea.



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