World markets down after arrest of Huawei executive

Asian markets tumble, China tech hit after Huawei arrest

Asian markets tumble, China tech hit after Huawei arrest

Huawei is one of the world's largest telecommunications equipment and service providers.

But hours later, Huawei released a statement on its official Weibo account, not only confirming the arrest but revealing more information.

Canada on Thursday defended its arrest of an executive of Chinese tech giant Huawei on a USA extradition request as markets wobbled on fears of fresh friction between Washington and Beijing.

ZTE is China's second-largest telecommunications equipment maker and relies on USA components for its smart phones and networking equipment.

Fears over how a full-blown trade war would affect China's economy and its appetite for imported goods and commodities have rocked investors around the world.

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

The arrest of Meng Wanzhou, who is suspected of trying to evade USA trade curbs on Iran, could further complicate a trade standoff between Beijing and Washington.

He also said Meng's legal rights must be ensured, adding that neither Canadian nor American officials had so far responded to China's concerns.

Scott Jones, director of the Canadian Centre for Cyber Security, said he could not directly answer any questions in relation to the case, but added, "We always have to be resilient no matter what the possible trigger could be, so we increase our resilience against any form of malicious activity that we could be facing as a nation".

US national security adviser John Bolton says in an interview with NPR that he knew in advance of the pending arrest in Canada of an executive for a Chinese tech company.

Huawei Technologies chief financial officer Meng Wanzhou, who is also the daughter of the telecommunications company's founder, was detained on Saturday while changing planes in Vancouver.

Chinese Foreign ministry spokesman Geng Shuang told reporters Thursday that the Chinese government also wants Canadian officials to reveal the reasoning.

Meng rose through the company ranks through hard work rather than privilege, said Wenran Jiang, a senior fellow at the University of British Columbia's Institute for Asian Research.

"She is sought for extradition by the United States, and a bail hearing has been set for Friday", Justice Canada spokesperson Ian McLeod told the News via email.

The arrest happened at about the same time that President Donald Trump dined with Chinese President Xi Jinping in Buenos Aires last Saturday (Dec 1) to discuss the trade war between the countries.

Trudeau said Ottawa had been given a few days' advance notice about the plan to arrest Meng Wanzhou, who faces extradition to the United States. "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. In a report released by the U.S. Permanent Select Committee on Intelligence in 2012, Huawei and ZTE Corp. were tagged as potential threats to U.S. security interests. Chinese technology has been a particular bugbear for the USA president, who has justified imposing tariffs on Chinese imports with allegations of intellectual property theft by Chinese companies.

Hu Xijin, editor-in-chief of the Global Times (one of China's most hawkish state-run newspapers), commented on his Twitter account that "The U.S. can't beat Huawei in the market".

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".

Faced with this explosive report, Huawei first denied the story, calling the report "unfounded". Later, other sources claimed that the arrest had been made to investigate whether Huawei violated USA sanctions on Iran or not. US intelligence agencies allege that Huawei is linked to China's government and that its equipment could contain "backdoors" for use by government spies.

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