Huawei's global chief financial officer arrested in Vancouver

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The FTSE 100 was called 71 points lower

Analysts have speculated that the executive's arrest was linked to alleged violations of USA sanctions on Iran.

Huawei, in that statement, also said the company complies with all applicable USA and Canadian laws.

This arrest could materially damage the relationship between the United States and China at possibly one of the most sensitive times between the two countries in their long and torrid history.

Wenran Jiang, a senior fellow at the Institute of Asian Research at the University of British Columbia, said the Chinese will read the arrest on the same day as the Trump meeting with the Chinese leader as a planned conspiracy to do damage. face unspecified charges in the Eastern District of NY, when she was transferring flights in Canada.

What could be behind it?

United States media have also reported that Huawei is under investigation for potential violations of USA sanctions against Iran.

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Under former President Barack Obama, the USA government pressured allies to limit their use of Huawei technology due to security concerns.

"Wanzhou Meng was arrested in Vancouver on December 1st".

Huawei is among China's most influential firms, with revenue of roughly $92 billion in 2017 alone, according to Reuters.

Meng Wanzhou, who is also Huawei's deputy chair and is the daughter of founder Ren Zhengfei, was arrested in Vancouver in relation to suspicions of violations to U.S. sanctions against Iran. The Shenzhen-based company said it 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".

In April, China appealed to Washington to avoid damaging business confidence following the Wall Street Journal report that US authorities were investigating whether Huawei violated sanctions on Iran amid spiraling technology tensions.

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". American officials have sought to persuade other nations to curb business ventures with Huawei because of security concerns.

The company is the world's second-largest telecommunications equipment and service provider, after South Korea's Samsung, and recently surpassed Apple. The Pentagon has alleged the Chinese government could use the phones to spy.

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Huawei Technologies, launched in 1987 in Shenzhen China, has been the largest telecommunication equipment producer in the world since 2012.

Since then, Huawei is facing operational difficulties in the United States and some other countries like Australia, New Zealand, etc.

The US has brought a number of legal cases against Chinese technology firms, with accusations such as cyber-security theft and violations of Iran sanctions.

Hong Kong-listed ZTE, which was subject to a U.S. banning order earlier his year over security fears before that was reduced to a massive fine, was nearly five percent down. ZTE, whose Hong Kong-listed shares were suspended in April because of the ban and only resumed trading in July, was also forced to replace its board. Personnel on U.S. military bases are banned from buying equipment manufactured by the Chinese tech firms.

Sen. Ben Sasse, R-Neb., linked the arrest to the American sanctions against Iran. The White House has also focused on tightening and enforcing economic sanctions on Iran, months after Trump announced he was withdrawing from a multinational agreement reached under President Barack Obama's administration to freeze Iran's nuclear arms program.

Mr Trump had been fiercely opposed to the deal, which saw Iran limit its controversial nuclear activities in exchange for sanctions relief.

"You can play hardball with a small country but you can't do it with the USA", he said.

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