US ‘suspects Huawei used global banking plot to evade Iran sanctions’

Meng Wanzhou faces extradition to the US following the arrest of the Huawei executive in Canada

Meng Wanzhou faces extradition to the US following the arrest of the Huawei executive in Canada

US stock futures and Asian shares tumbled as news of the arrest heightened the sense a major collision was brewing between the world's two largest economic powers, not just over tariffs but also over technological hegemony.

James Lewis, the director of technology policy at the Center for Strategic and International Studies, told Axios the US should be prepared for a backlash and warned American tech executives to steer clear of China for now. -China trade deal but would not necessarily damage the process.

China is demanding the release of Huawei's chief financial officer who has been detained in Canada at the request of the United States.

"At the request of the USA side, the Canadian side arrested a Chinese citizen not violating any American or Canadian law". China's foreign ministry said neither the United States nor Canada have explained reasons for the arrest.

As a result, some of the closest allies of the USA, such as the U.K., Australia and New Zealand have banned or restricted Huawei on its 5G networks. Unlike other big Chinese technology firms, it does much of its business overseas and is a market leader in many countries across Europe, Asia and Africa. A U.S. National Security Agency cybersecurity adviser, Rob Joyce, last month accused Beijing of violating a 2015 agreement with the U.S.to halt electronic theft of intellectual property.

Best Buy has even halted sales of Huawei devices completely in the U.S. Under Trump and his predecessor, Barack Obama, Washington has pressured European countries and other allies to limit use of its technology.

Meng was changing planes in Canada when she was detained.

Meng was arrested in the western city of Vancouver on December 1, Canada's ministry of justice said in a statement.

"The Chinese are likely to play tit-for-tat on this one and we should be ready for it", said Fen Hampson, the director of the global security program at the Centre for International Governance Innovation based in southern Ontario.

The case that adds to technology tensions with Washington and threatens to complicate trade talks.

-Chinese cease-fire in a tariff war over Beijing's technology policy. In April, China appealed to the U.S.to avoid damaging business confidence after The Wall Street Journal reported Washington was investigating whether Huawei had violated sanctions on Iran.

In exchange, ZTE agreed to pay a hefty US$1 billion (RM4.17 billion) fine and put an additional US$400 million in escrow in case of future violations.

Maurizio Sarri reveals why Ross Barkley misses Fulham clash
Callum Hudson-Odoi also scored a goal to back up his claim for a place in the manager's first XI against Fulham. He has to be very, very strong; I want him to improve his pressing, and that's it.

Huawei said it had little information about the charges and was "not aware of any wrongdoing by Ms Meng".

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

Meng's detention also raised concerns about potential retaliation from Beijing in Canada, where Prime Minister Justin Trudeau sought to distance himself from the arrest. New Zealand and Australia already have.

What are the concerns with Huawei?

Both Huawei and ZTE have not only been barred from use by USA government agencies and contractors; they have also been mostly locked out of the American market.

"And they took this decision without any political involvement or interference".

But Huawei is not alone in having to deal with privacy troubles.

Earlier this year the Australian Government banned Huawei from taking part in the rollout of 5G mobile infrastructure over national security concerns.

Canadian authorities said Wednesday that they have arrested Meng for possible extradition to the United States. They urged him to keep Huawei off Canada's next-generation network.

In an incident similar to Meng's case, ZTE's chief financial officer was stopped at Boston's Logan Airport during the USA investigation of that company, according to sources familiar with the case.

She also said she was married with a son and a daughter and that her husband did not work in the industry, dismissing speculation she was married to a senior Huawei executive. "She would be the Ivanka Trump of Huawei", said Abramson, adding that Huawei is like the Apple of China and she's an extremely important businessperson.

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