Shares plunge over Huawei arrest trade war concerns

Shares plunge over Huawei arrest trade war concerns

A spokesman for the USA justice department in the Eastern District of NY - which Huawei said had brought the charges - declined to comment.

US authorities have been probing Huawei since at least 2016 for allegedly shipping USA -origin products to Iran and other countries in violation of US export and sanctions laws, sources told Reuters in April.

Meng's bail hearing has been scheduled for Friday.

The British bank HSBC is cooperating with United States authorities in its investigation, people familiar with the matter said Thursday.

Canadian officials arrested Meng Wanzhou yesterday on orders from the USA, amid suspicions Huawei violated trade sanctions in place against Iran.

New Zealand and Australia have stopped telecom operators using Huawei's equipment in new 5G networks because they are concerned about possible Chinese government involvement in their communications infrastructure.

US National Security Adviser John Bolton has also said he knew about the arrest in advance.

The case showed that China is highly dependent on imports of US-made semiconductors or computer chips and reinforced Beijing's need to become self-reliant on this key technology. It said Huawei still is a supplier of other equipment and a "valued innovation partner".

"I believe that China's government will use maximum force to fight for freedom and justice for Meng Wanzhou".

The arrest comes just days after US President Donald Trump and Chinese leader Xi Jinping engaged in trade talks at the G20 summit, which most considered a positive development.

More news: Global Narrowband IoT Market 2018
More news: Huawei StorySign Android app launched that translates kids’ books into sign language
More news: ‘Simmba’ Song: Ranveer Singh-Sara Ali Khan Groove to ‘Aankh Marey’

The US State Department has for months classified China as an "increased caution" risk for American travelers, particularly businesspeople.

In addition to Trump's tariffs, the administration is tightening regulations on high-tech exports to China.

"The Chinese side has lodged stern representations with the United States and Canadian side, and urged them to immediately correct the wrongdoing and restore the personal freedom of Ms. Meng Wanzhou". Early in April, Reuters had reported that since at least 2016, the USA attorney's office in Brooklyn has been probing Huawei's alleged shipping of US -origin products to Iran and other countries in violation of US export and sanctions laws. But Trump issued a reprieve, possibly in part because United States tech companies are major suppliers of the Chinese giant and would also have been scorched. ZTE, whose Hong Kong-listed shares were suspended in April because of the ban and only resumed trading in July, was also forced to replace its board. The tech company said it complies with all laws and rules where it operates.

MSCI's benchmark for global stocks declined 0.61 percent, and US markets were on track to open lower by 1 percent or more. A 2012 report by the House Intelligence Committee report urged U.S. businesses to avoid their products and called for blocking all mergers or acquisitions involving them.

And almost a year ago, AT&T pulled out of a deal to sell Huawei smartphones. President Trump has agreed to postpone planned tariff hikes on Chinese goods, while China has pledged to purchase a "very substantial" amount of American produce and curb the export of deadly opioid Fentanyl to the U.S. in exchange. They urged him to keep Huawei off Canada's next- generation network. Personnel on USA military bases are banned from buying ZTE and Huawei equipment.

She has held several positions within the company.

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. Beijing must develop innovative technologies to keep its economy growing as its labour force ages and it confronts a huge stockpile of debt.

Nonetheless, Canada could face political or economic retaliation.

Likewise, Rod Hunter, an global economic official in former president George W. Bush's White House and a partner at law firm Baker McKenzie, said, "I'm skeptical that the Chinese are going to want to say "uncle".

Related Articles

  • Illegal immigrant 'made Donald Trump's bed and dusted his golf trophies'

    Illegal immigrant 'made Donald Trump's bed and dusted his golf trophies'

    The revelations by the New York Times are in stark contrast to President Trump's stance on illegal immigration. The White House did not immediately respond to Newsweek's request for comment.
    Washington Redskins Pass on Colin Kaepernick

    Washington Redskins Pass on Colin Kaepernick

    Last week the goal was to get Colt McCoy ready for Monday Night Football in Philadelphia with a playoff spot on the line. He said if it had been Week 1 of the season, Kaepernick would have been a better possibility of joining the team.
    ECG Functionality Comes to Apple Watch

    ECG Functionality Comes to Apple Watch

    Again, this could potentially save lives, as it could help users catch issues before they become serious. ECG functionality is enabled by electrodes baked into Apple Watch's back crystal and Digital Crown .
  • GOP-led Michigan Senate to vote on bill to strip Dem's power

    GOP-led Michigan Senate to vote on bill to strip Dem's power

    The campaign finance commission would assume a number of responsibilities now under the purview of the state secretary of state. Scott Walker has signaled he supports the legislation. "We don't trust Tony Evers right now in a lot of these areas".
    Alex Smith Suffering From Post-Op Infection In Leg

    Alex Smith Suffering From Post-Op Infection In Leg

    Trauma surgeons discovered Smith suffered a spiral fracture in his leg, defined as a long bone broken by a rotational force. Washington Redskins quarterback Alex Smith's road to recovery from a devastating leg injury appears to have gotten longer.
    Chelsea's Eden Hazard Reportedly Agrees Big Move To Real Madrid

    Chelsea's Eden Hazard Reportedly Agrees Big Move To Real Madrid

    Eden Hazard looks to be on his way out of Chelsea in the summer after reports on Spanish radio said the Belgian has "agreed terms" with Real Madrid .
  • Google confirms chat app Allo will soon shut down

    Google confirms chat app Allo will soon shut down

    Duo will continue being developed as the company says it has seen strong growth across both major smartphone operating systems. The company's also continuing to develop Hangouts into a workplace collaboration app, helping it to rival the likes of Slack.

    Healthy Baby Born To Woman Who Received World’s First Deceased Womb Transplant

    However, a woman who received a live uterine transplant gave birth to a baby boy in 2017 , making it a first for the U.S. Five months after transplantation, the uterus showed no signs of rejection, and the recipient started having periods.
    Hamas accepts new Egyptian vision for internal Palestinian reconciliation

    Hamas accepts new Egyptian vision for internal Palestinian reconciliation

    This is not the first time Hamas has issued and executed death sentences against suspects for collaborating with Israel. Palestinian President Mahmoud Abbas, however, has refused to sign death sentences, even in the West Bank.
  • GLOBAL WARMING ALERT: Greenland ice sheet melting at ‘UNPRECEDENTED’ rate - ‘TRUMP EFFECT’

    GLOBAL WARMING ALERT: Greenland ice sheet melting at ‘UNPRECEDENTED’ rate - ‘TRUMP EFFECT’

    And without a huge change of direction, Greenland "will melt more and more for every degree of warming", Mr Trusel warned. Greenland's ice sheet is melting at a scale "off the charts" compared with the previous four centuries.
    Buzzcocks singer Pete Shelley dies at 63

    Buzzcocks singer Pete Shelley dies at 63

    It was at this time that Shelley talked about his bisexuality, which had been implicit in numerous Buzzcocks songs he had written. And singer Tracey Thorn, formerly of Everything But The Girl, said Shelley had been an "amazing songwriter".
    Lake in India drained after discovery of HIV-infected body

    Lake in India drained after discovery of HIV-infected body

    Unable to reassure the locals, authorities are now draining the 36-acre lake and planning to refill it with water from the Malaprabha canal.