Technology: World shares skid as Huawei CFO arrest revives trade jitters - PressFrom - Canada

TechnologyWorld shares skid as Huawei CFO arrest revives trade jitters

12:20  06 december  2018
12:20  06 december  2018 Source:

Trudeau says he had advance notice of Huawei executive's arrest

Trudeau says he had advance notice of Huawei executive's arrest Prime Minister Justin Trudeau says Ottawa had a few days' prior notice of the arrest of an executive from the Chinese telecommunications giant Huawei following U.S. allegations the company violated sanctions on Iran. Authorities conducted the arrest without political interference, Trudeau said Thursday in his first comments on the arrest of Huawei's Chief Financial Officer Meng Wanzhou, which has further inflamed tensions between the U.S. and China. Meng was arrested in Vancouver on Saturday and is being sought for extradition by the U.S. A bail hearing has been set for Friday.

The arrest of Meng Wanzhou, the chief financial officer , is likely to escalate tensions between the United States and China just as their trade tensions had SAN FRANCISCO — A top executive and daughter of the founder of the Chinese tech giant Huawei was arrested on Saturday in Canada at the

Canadian authorities have arrested the chief financial officer of Chinese telecommunications giant Huawei Technologies in Vancouver, B.C. Wanzhou Meng, who also goes by Sabrina Meng, was arrested in Vancouver on Saturday, Dec.

World shares skid as Huawei CFO arrest revives trade jitters© Aly Song/Reuters TOKYO - World financial markets took a fresh hit Thursday following the arrest of a senior official at Chinese telecoms equipment maker Huawei that could hinder progress in China-U.S. trade talks.

KEEPING SCORE: The DAX in Germany fell 1.6 per cent to 11,024.04 and France's CAC 40 dropped 1.5 per cent to 4,869.70. The FTSE 100 in Britain lost 1.5 per cent to 6,818.32. U.S. futures also augured a downbeat start for Wall Street after Wednesday's market closure for the funeral of former President George H.W. Bush. The contract for the Dow lost 1.2 per cent to 24,759.00 and that for the S&P 500 declined 1.1 per cent to 2,673.10.

Meng Wanzhou's rise through the ranks at Huawei

Meng Wanzhou's rise through the ranks at Huawei Meng Wanzhou's rise through the ranks at Huawei

SHARES . Mere hours after Chinese officials finally affirmed President Trump's description of Saturday's trade 'truce' - this after fears that the true nature of the agreement Canada's Globe and Mail reported Wednesday evening that Canadian authorities have arrested Wanzhou Meng, the CFO of Huawei

Chief financial officer of China's Huawei arrested in Canada. Huawei CFO Meng Wanzhou has been arrested in Canada and faces extradition to US. Huawei is one of the world 's largest telecommunications equipment and services providers.

ASIA'S DAY: Hong Kong's Hang Seng index tumbled 2.5 per cent to 26,156.38 and Japan's benchmark Nikkei 225 fell 1.9 per cent to 21,501.62. Australia's S&P/ASX 200 lost 0.2 per cent to 5,657.70, while South Korea's Kospi sank 1.6 per cent to 2,068.69. The Shanghai Composite index dropped 1.7 per cent to 2,605.18. Shares also fell in Taiwan and all other regional markets.

HUAWEI: The news of Huawei CFO Meng Wanzhou's arrest sent shares sharply lower. Shares had rallied Monday following President Donald Trump's agreement with his Chinese counterpart Xi Jinping over the weekend to hold off on further retaliatory moves in a festering trade war. But they've since fallen back amid confusion over what the two sides agreed to and whether the deal will enable Beijing and Washington to resolve longstanding, profound differences over technology policy and other issues. China demanded Meng's immediate release.

Chinese-Canadian group defends detained Huawei CFO

Chinese-Canadian group defends detained Huawei CFO Members of the Vancouver's Chinese community are rallying in support of Meng Wanzhou, the chief financial officer and deputy chair of the board for the Chinese tech giant Huawei. Meng, 46, was arrested in Vancouver last Saturday and is being sought for extradition by the United States. On Friday, Crown counsel told a bail hearing in B.C. Supreme Court in Vancouver that Meng is "charged with conspiracy to defraud multiple international institutions," with each charge carrying a maximum sentence of 30 years in prison. In a hastily pulled together press conference in Richmond, B.C.

Canadian authorities arrested Huawei Technologies’ chief financial officer at the request of the U.S. government for alleged violations of Iranian sanctions, the latest move by News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.

Meng's arrest will immediately heighten tensions between Washington and Beijing just days after the world ’s two largest economies agreed on a truce in their growing trade conflict. As Bloomberg notes, the CFO ’s arrest will be regarded back home as an attack on China’s foremost corporate champions.

ANALYST'S TAKE: "We are closely watching the developments in Asia after reports that Canada has arrested the Huawei CFO facing U.S. extradition for allegedly violating Iran sanctions. This headline is quite significant as the U.S. government is attempting to persuade allies to stop using Huawei equipment due to security fears, and this headline could weigh negatively on tech stocks," said Stephen Innes, head of trading at Oanda in Singapore.

TECHNOLOGY STOCK: Technology shares declined in Asia, with Japan's Nintendo Co. down 4.1 per cent. Samsung Electronics Co. shares lost 2.3 per cent; ZTE Corp. declined 5.7 per cent and Japan's SoftBank Group Corp. dropped 4.9.

ENERGY: Benchmark U.S. crude lost $1.00 to $51.89 a barrel in electronic trading on the New York Mercantile Exchange. It fell 0.7 per cent to $52.89 per barrel in New York. Brent crude, used to price international oils, dropped 99 cents to $60.57 per barrel.

CURRENCY: The dollar slipped to 112.69 yen from 113.20 yen. The euro was flat at $1.1343.


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Huawei founder says daughter will be vindicated.
The founder of Chinese tech giant Huawei is thanking Canada's justice system for the kind treatment of his daughter, the company's chief financial officer arrested last month in Vancouver on a U.S. warrant. 

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