First I want to tell you about the Huawei CFO Meng Wanzhou. Who is Huawei CFO Meng Wanzhou? she is the daughter of the company’s (Huawei) founder, Ren Zhengfei. Aside from her role as a top Huawei executive.
Huawei Technologies Ltd., the biggest global supplier of network gear used by phone and Internet companies, has previously been the target of U.S. security concerns. Under Trump and his predecessor, former President Barack Obama, Washington has pressured European countries and other allies to limit their business with Huawei, alleging the company's technology aids China's spy operations.
Meng’s arrest and detention have only amplified the already-tense state of U.S.-China relations. The U.S. has slapped tariffs on billions of dollars in Chinese goods in what the Trump administration says is an effort to crack down on intellectual property theft and unfair trade practices. So we can say that the arrest of Huawei CFO can affect the telecom Sector.
Why Huawei CFO Meng Wanzhou Arrested?
Meng’s arrest and detention have only amplified the already-tense state of U.S.- China relations. Though Trump and Chinese President Xi Jinping announced a temporary truce in a tariffs war -- with Trump agreeing to suspend U.S. tariff hikes for a period a more permanent resolution is nowhere in sight. Trump and Xi have dug in on their respective positions and have mostly been waiting for the other party to blink. Neither has.
Under former President Barack Obama, the U.S. government pressured allies to limit their use of Huawei technology due to security concerns. The Trump administration has argued that Huawei has benefited from market manipulation and other unfair practices. Australia and New Zealand recently banned Huawei from building 5G networks in their countries.
Huawei’s rise to dominance has generated controversy. The firm became prominent in the 1990s amid allegations of copying rival technology and undercutting prices. The U.S. government has largely banned the use of Huawei equipment by its agencies, and intelligence officials have warned that Beijing may have the ability to tap into the firm’s equipment to spy on users.
Current Status of Huawei CFO Meng Wanzhou
Meng is the deputy chairman of the company’s board and the daughter of its founder, Ren Zhengfei, a former Chinese military engineer. Her stature in Chinese culture has been compared to American tech titans such as Steve Jobs or Mark Zuckerberg.
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| Huawei CFO Arrested in Canada |
The arrest of Huawei CFO How can affect the Telecom Sector?
Huawei is among China’s most influential firms, with revenue of roughly $92 billion in 2017 alone. The company ranks as the world’s top supplier of telecommunications network equipment and the second-most prolific maker of smartphones, ranking ahead of California-based Apple and trailing only South Korea-based Samsung.
The United States has asked Canada to extradite a top Chinese tech executive who's accused of Iran sanctions violations but that seemingly straightforward request could end up spawning a set of complications that prevent Meng Wanzhou from ever setting foot on American soil.
Meng’s arrest was made on behalf of the U.S. after Canadian authorities were given advance warning she would be passing through Vancouver, Prime Minister Justin Trudeau revealed Thursday in his first comments on the case.
Wanzhou, the chief financial officer of Huawei Technologies and the daughter of the company's founder, is set to appear at a bail hearing Friday. She was taken into custody last weekend while transferring flights in Vancouver, adding a new layer to the already-tense diplomatic standoff between China and the U.S.
Beijing has called the arrest a human rights violation and demanded the immediate release of the 46-year-old tech heavyweight.
If Meng is granted bail Friday, it will likely be in the range of several million dollars and she could be forced to give up her passport and wear electronic monitoring equipment, according to several lawyers interviews by Reuters.
If Meng chooses not to fight extradition to the U.S., she could be in America within weeks -- though it's unlikely she accepts being transferred to America. If, as expected, she battles extradition, the case could drag on for years
Beijing has called the arrest a human rights violation and demanded the immediate release of the 46-year-old tech heavyweight.
If Meng is granted bail Friday, it will likely be in the range of several million dollars and she could be forced to give up her passport and wear electronic monitoring equipment, according to several lawyers interviews by Reuters.
If Meng chooses not to fight extradition to the U.S., she could be in America within weeks -- though it's unlikely she accepts being transferred to America. If, as expected, she battles extradition, the case could drag on for years
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