China demands Canada release Huawei executive embroiled in spying row

Wanzhou Meng Huawei's chief financial officer was reportedly arrested in Canada on Saturday.   Huawei

The Wall Street Journal reported in April that American authorities are investigating whether the Chinese tech company violated sanctions on Iran.

Despite being essentially barred from the critical USA 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.

Asian markets and U.S. futures plummeted overnight as news broke that Huawei's CFO had been arrested in Canada to be extradited back to the US.

Hong Kong's Hang Seng index tumbled 2.5 percent and Japan's benchmark Nikkei 225 fell 1.9 percent.

Shanghai's market slid about 1.7%, while U.S. stock futures were pointing down more than 1%.

The blue chip index fell 799 points on Tuesday.

A foreign ministry spokeswoman, Hua Chunying, said then that China hoped the USA would refrain from taking actions that could further undermine investor confidence in the US business environment and harm its domestic economy.

But after the pair met at the G20 on December 1, conflicting messages from Mr Trump over exactly what had been agreed sent markets sliding. Huawei has repeatedly insisted Beijing has no influence over it.

Huawei is playing a straight bat over Meng's arrest.

"Huawei is considered the star of China's innovation-based technological development".

The arrest has been strongly protested by Chinese authorities, with Chinese foreign ministry spokesman Geng Shuang said Beijing saying: "Detention without giving any reason violates the human rights of the person detained".

The Embassy of the People's Republic of China in Canada said that it resolutely opposes Meng's arrest and demands her immediate release.

Benchmark U.S. crude slid 2.9 percent to $51.38 a barrel in NY.

Officials for the Canadian and U.S. Justice Departments did not immediately respond to a request for comment.

Chief financial officer of China's Huawei arrested in Canada
Meng is now facing extradition to the United States. "The ban was sought by Ms. She is reportedly sought by the U.S. for breaking trade embargo with Iran.

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Canadian Prime Minister Justin Trudeau says his government had no involvement in the arrest of a top executive from Chinese telecoms giant Huawei.

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

Jorge Guajardo, who served as Mexico's ambassador to Cuba for six years, said China had showed an ability to "walk and chew gum at the same time" and would keep negotiating with the United States on trade following Meng's arrest.

"You can play hardball with a small country but you can't do it with the USA", he said. That optimism quickly faded as skepticism grew that Beijing will yield to USA demands anytime soon, leading to a steep sell-off in global markets on Tuesday.

"We'll see more cases like this over the next three months, sanctioning China's state-owned enterprises and individuals, to boost momentum on the U.S. side", Liu said. -China trade negotiations weighed on big exporters Thursday.

Another version says Ms Meng changed her surname of her own accord when she was 16.

The New York Times said the company had been subpoenaed by the Commerce and Treasury Departments over alleged violations of Iran and North Korea sanctions. "China is already asking for her release, as can be expected, but if the charges are serious, don't expect the USA to blink".

The probe of Huawei is similar to one that threatened the survival of China's ZTE Corp, which pleaded guilty in 2017 to violating USA laws that restrict the sale of American-made technology to Iran.

Huawei overtook Apple earlier this year to move into the No. 2 spot, according to Business Insider. "Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and European Union", the firm said in a statement.

The arrest of Meng - who's also the daughter of Huawei's founder - has rocked Asia-Pacific markets, and is likely to spark fresh jitters in Europe and the US.

Meng who also uses the first names Cathy and Sabrina, was a board member of a Huawei-linked company in Hong Kong, Skycom Tech.

Meng's arrest drew a quick reaction in Washington.

Sen. Ben Sasse, R-Neb., linked the arrest to the American sanctions against Iran. He added: "Sometimes Chinese aggression is explicitly state-sponsored and sometimes it's laundered through many of Beijing's so-called "private" sector entities".

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