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Judge upholds majority of Canada’s privilege claims in Huawei CFO’s U.S. extradition case By Reuters

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© Reuters. FILE PHOTO: Huawei Technologies Chief Financial Officer Meng Wanzhou leaves her home to attend a court hearing in Vancouver

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By Moira Warburton

(Reuters) – A judge has upheld the majority of Canada’s privilege claims over documents sought by lawyers for Huawei Chief Financial Officer Meng Wanzhou in her U.S. extradition case, Canada’s justice department said late on Thursday.

In August Meng’s lawyers argued for the release of more confidential documents relating to her December 2018 arrest in Vancouver, including emails between Canadian and American authorities, to support their claim that her rights were violated by the authorities.

Lawyers representing David Lametti, Canada’s justice minister and attorney general, had handed over some documents requested by Meng’s lawyers, but have declined to release additional documents claiming solicitor-client and litigation privilege.

The Canadian Department of Justice said in a statement that Associate Chief Justice Heather Holmes of the British Columbia Supreme Court “upheld a majority of Canada’s privilege claims.”

“Canada respects the decision… and the court process that led to this decision,” the statement added.

Meng was arrested in Vancouver, British Columbia on a warrant from the United States, charging her with bank fraud for allegedly misleading HSBC on Huawei’s [HWT.UL] business dealings in Iran and causing the bank to break U.S. sanctions.

She has said she is innocent and is fighting extradition while under house arrest in Vancouver.

Huawei lawyers were also denied access to related documents by a federal court ruling that came down in Canada’s favour in August. Government lawyers had argued that releasing the documents would threaten national security and a federal judge agreed, saying the information requested was not relevant to Meng’s arrest.

Huawei did not immediately respond to a request for comment. The text of the decision was not immediately available from the B.C. Supreme Court.

Meng is set to next appear in court on Oct. 26, as hearings continue over whether Canadian and American authorities committed abuses of process while arresting her. The extradition hearings are expected to last until April 2021.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Disney’s Bob Iger to join board of animal-free dairy maker Perfect Day By Reuters

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© Reuters. European premiere of “The Lion King” in London

(Reuters) – Walt Disney (NYSE:) Co Executive Chairman Bob Iger will share a board seat at animal-free diary maker Perfect Day along with co-founders Ryan Pandya and Perumal Gandhi, the company said on Wednesday.

“We’re focused on rapid commercialization in the U.S. and globally. But we know we can’t do it alone,” co-founder and Chief Executive Officer Pandya said on Iger’s appointment.

Plant-based or meatless foods have grown in popularity in recent years, with several major fast-food chains introducing such items across the globe, as diners become more conscious of how their food is sourced and its impact on the environment.

The Bay Area startup counts Singapore state investor Temasek Holdings and Hong Kong-based venture capital firm Horizons Ventures as lead investors. It has so far received $360 million in total funding.

Temasek will be represented on the board by Aftab Mathur and Patrick Zhang will represent Horizons.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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HSBC to cut up to 300 jobs in UK commercial banking overhaul, source says By Reuters

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© Reuters. An HSBC bank is pictured in New York

By Karin Strohecker and Lawrence White

LONDON (Reuters) – HSBC (L:) has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses.

“In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” a spokesman for HSBC said.

Europe’s biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.

Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender.

HSBC’s commercial banking business provides loans and other banking services mainly to small and medium-sized businesses.

The unit has in common with its rivals struggled in recent years to improve revenues amid rising competition and rock-bottom interest rates that squeeze the margins between deposits banks take in and loans they make to borrowers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Opens a Tad Higher as Stimulus Drama Drags on; Dow up 70 Points By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets rose moderately on Wednesday, in suspended animation ahead of last-ditch talks aimed at sealing agreement on a package of economic support measures ahead of the November 3 elections. 

Talks between House Speaker and Nancy Pelosi and Treasury Secretary Steven Mnuchin were set to continue today, beyond Pelosi’s self-imposed deadline of Tuesday, after talks that were described as “productive” by her spokesman, according to newswire reports. However, the same reports suggest the two sides are still at least $400 billion apart in what they are willing to accept as a viable package.

By 9:45 AM ET (1345 GMT), the was up 78 points, or 0.3%, at 28,387 points, while the was up 0.4% and the was up 0.6%.

Earlier, Federal Reserve Governor Lael Brainard again called for “targeted fiscal stimulus” to broaden and strengthen an “uncertain” and “uneven” recovery, but she stopped short of hinting at any additional monetary stimulus from the Fed.

Among early movers, Netflix (NASDAQ:) stock fell 4.1% after posting lower-than-expected growth in subscriber numbers and earnings after the bell on Tuesday, while Texas Instruments (NASDAQ:) stock also fell after disappointing results. 

Chinese remote learning specialist GSX Techedu (NYSE:) fell 25% after being criticized in a new report by Credit Suisse (SIX:) analysts. The company has fought a running battle all year with short sellers who have accused it of fraud. CS didn’t repeat those allegations but said it had made “mistakes”.

By contrast, Snapchat owner Snap (NYSE:) saw its stock rise 23% after it rode a wave of increased engagement from a population eager to try new communication channels at a time of enforced separation due to Covid-19. Pinterest (NYSE:) stock also rose 13% as analysts pushed the view that it should benefit from the same secular trends. Facebook (NASDAQ:) stock rose 5.6% and Twitter (NYSE:) stock rose 8.5%.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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