World markets down after arrest of Huawei executive

Kenny Grant
December 7, 2018

The Israeli actress Gal Gadot also became the company's USA brand ambassador for its Mate 10 Pro smartphone, an announcement that came after AT&T pulled out of a deal to sell Huawei's phones. Moreover, the USA is advising the countries to bare from using Huawei apparatus to introduce new telecommunication technologies.

However, according to a recent report by The South China Morning Post, on October 29, Meng had told Huawei employees in an internal talk on compliance that there are scenarios where the company can weigh the costs and accept the risks of not meeting the requirements of the law. It should increase interaction with the US and exert pressure when necessary. "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".

China is demanding Canada immediately free a top executive of a giant telecom firm arrested last Saturday on a USA warrant. "I think this is going to be a major subject of the negotiations that President Trump and President Xi Jinping agreed to in Buenos Aires".

The Dow Jones fell more than 700 points on Thursday, as news broke of Huawei CFO Meng Wanzhou's arrest and planned extradition to the US.

"The appropriate authorities took the decisions in this case without any political involvement or interference. we were advised by them with a few days' notice that this was in the works", Trudeau told reporters in Montreal.

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.

Most people held on US warrants are extradited quickly, he said in an interview. "The potential slowdown in global growth is also something the markets are pricing in".

"We have made solemn representations to Canada and the United States, demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights", foreign ministry spokesperson Geng Shuang told reporters.

Michael Antonelli, a trader at Wisconsin-based investment bank RW Baird, said: 'Everything feels out of control right now'.

But the Ministry of Commerce signaled that Beijing wants to avoid disrupting progress toward settling a dispute with Washington over technology policy that has led them to raise tariffs on billions of dollars of each other's goods.

This is not the first time a Chinese technology company has found itself in hot water with the US.

The US has also restricted US firms from selling parts to Chinese chipmaker Fujian Jinhua.

The Huawei executive's arrest comes at a critical time for US-China relations.

"The company believes the Canadian and United States legal systems will ultimately reach a just conclusion".

"The incident could turn out to be a breaking point", Zhu said.

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For the same reason, Australia's government blocked China's telecom giant Huawei from its 5G mobile network last summer.

On Wednesday, British phone carrier BT said it was removing Huawei equipment from the core of its mobile phone networks.

"The other family members are in back office, Sabrina is CFO and sits on the board", a Huawei source said.

The Wall Street Journal reported in April that US Department of Justice had opened an investigation into suspected violations of Iran sanctions by Huawei.

Why have some governments banned Huawei equipment?

Suspicions over Huawei's links to the Chinese government have made the company a target for suspicion and the United States has led the charge to ban its products and services.

Huawei is regarded as far stronger commercially than ZTE.

The U.S.is anxious about the extent to which Chinese-made equipment is used in the telecommunications sectors of countries that host American military bases.

In the second quarter of the year, it sold around 54 million smartphones - about 15.8 percent of the global market.

The ministry said the United States is seeking her extradition and she faces a bail hearing on Friday, adding it could not provide further details due to a publication ban that was sought by Meng, whose father, Huawei founder Ren Zhengfei, is a former Chinese People's Liberation Army engineer.

But planning for the arrest was well underway as Mr Trump prepared for a dinner that he said later resulted in an "incredible" deal with Mr Xi - an agreement that may be in danger of unravelling after Chinese officials learnt of Ms Meng's capture and pending extradition to the US. The Globe and Mail newspaper, citing law enforcement sources, reported that Meng is suspected of trying to evade U.S. sanctions on Iran.

"We can expect China to retaliate against Canada very vigorously", he said by email. China has said it will continue to do business with Iran despite the possible threat of USA penalties.

In a statement to The Register, Huawei denied violating America's sanctions on Iran, and vowed to fight any charges against their chief financial officer.

She was detained when she was transferring flights in Canada, it added.

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