China Demands the Release of Huawei's CFO

Asian markets tumble, China tech hit after Huawei arrest

Huawei CFO arrested in Canada for violating Iran sanctions

Meng's arrest came at the behest of USA authorities and is connected to an investigation into alleged violations of us trade sanctions, a person familiar with the matter told Reuters. "The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim", the Middle Kingdom's officials said in a statement via their Canadian embassy.

Analysts have warned that the arrest of Huawei's Chief Financial Officer Meng Wanzhou may have major repercussions for American tech companies.

There were also losses for other tech firms in the region, with Sony down three percent in Tokyo and Samsung nearly two percent lower. The US president, Donald Trump, and Chinese president, Xi Jinping, had agreed to give their negotiators 90 days to resolve trade disputes between the two countries.

Meng was changing planes in Canada when she was detained. She is facing extradition to the United States on USA suspicions that Huawei violated sanctions against Iran by providing that country with telecommunications equipment.

"As there is a publication ban in effect, we can not provide any further detail at this time".

Huawei has clarified from their end that she faces unspecified charges in the NY.

What could be behind it?

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Huawei has rejected claims that it could use the infrastructure to spy on behalf of the Chinese government, and denies reports that it has violated sanctions regimes. The Globe and Mail newspaper, citing law enforcement sources, reported that she is suspected of violating US sanctions against Iran.

Huawei, one of the world's biggest suppliers of network gear used by phone and internet companies, has been the subject of deepening security concerns within the US government and the governments of countries like Australia and New Zealand. He declined to talk about the specifics of the case and said he didn't know if Trump knew about before it happened but added that there has been enormous concern about the practice of Chinese firms like Huawei allegedly using stolen USA intellectual property.

How have China and Huawei responded?

The tech executive whose arrest in Vancouver has sparked outrage from China is the well-educated daughter of a wealthy former military man who founded what eventually became one of the world's largest telecom companies.

Huawei declined to comment, but said in a statement after the arrest that it complies with all applicable export control and sanctions laws and other regulations.

Without providing any further detail, Bolton said that Huawei is a company that U.S. officials have been concerned about for a number of reasons.

The Dow Jones Industrial Average fell almost 400 points Thursday morning, or 1.5 percent, extending the week's losses after a Chinese telecom executive was arrested in Canada on behalf of the USA, stoking growing fears about trade tensions with China.

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But suspicions persist. Concern now centres on the deployment of fifth-generation (5G) mobile networks, where Huawei is at the cutting edge.

Despite being essentially barred from the critical United States market, Huawei surpassed Apple to become the world's number two smartphone maker in the second quarter of this year and has market leader Samsung in its sights.

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

New Zealand's global spy agency also followed Australia's lead, banning the use of Huawei equipment in its planned 5G upgrade, saying it posed a "significant network security risk".

Her bio on the company website says Meng joined Huawei in 1993 and held various positions across the company, including director of worldwide accounting and CFO of Huawei Hong Kong.

In 2016, the Commerce Department made documents public that showed ZTE's misconduct and also revealed how a second company, identified only as F7, had successfully evaded USA export controls. But U.S. officials also worry more broadly that Chinese plans for state-led creation of Chinese champions in robotics, artificial intelligence and other fields might erode U.S. industrial leadership.

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