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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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Share Price: 696.50
Bid: 692.50
Ask: 692.80
Change: -5.20 (-0.74%)
Spread: 0.30 (0.043%)
Open: 707.00
High: 714.60
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UPDATE 8-Huawei CFO, U.S. reach agreement to resolve bank fraud charges

Fri, 24th Sep 2021 16:17

(Adds details)

By Karen Freifeld and Kenneth Li

Sept 24 (Reuters) - Huawei Chief Financial Officer Meng
Wanzhou has reached an agreement with U.S. prosecutors to
resolve the bank fraud case against her, according to sources
familiar with the matter, in a process that should allow her to
leave Canada and relieve a point of tension between the world's
two super powers.

The U.S. government said it will appear in Brooklyn federal
court to discuss a resolution of charges against Meng, according
to a Friday court filing.

Meng was arrested https://www.reuters.com/article/us-usa-china-huawei/top-huawei-executive-arrested-on-u-s-request-clouding-china-trade-truce-idUSKBN1O42S1
at Vancouver International Airport in December 2018 on a U.S.
warrant, and was indicted on bank and wire fraud charges for
allegedly misleading HSBC about the telecommunications
equipment giant's business dealings in Iran, a story reported
first https://www.reuters.com/article/us-iran-huawei-hp/exclusive-huawei-partner-offered-embargoed-hp-gear-to-iran-idUSBRE8BT0BF20121230
by Reuters.

The deferred prosecution agreement, a Reuters exclusive https://www.reuters.com/technology/huawei-cfo-meng-appear-brooklyn-federal-court-2021-09-24
earlier on Friday, pertains only to Meng and U.S. charges
remain against the company, according to two other people
familiar with the matter.

Beyond solving a dispute between the United States and
China, the agreement could also pave the way for the release of
two Canadians, businessman Michael Spavor and former diplomat
Michael Kovrig, who are held in China after being arrested
shortly after Meng was taken in custody in 2018. In August, a
Chinese court sentenced https://www.reuters.com/article/china-canada-spavor-idCNL1N2PI07Y
Spavor to 11 years in prison for espionage.

A spokeswoman for Huawei declined to comment. A spokesman
for the U.S. Attorney's office in Brooklyn declined to comment.
An attorney for Meng could not be immediately reached for
comment.

Meng, who has also used the English first names "Cathy" and
"Sabrina," has said she is innocent and has been fighting
extradition to the United States from Canada. She is confined to
Vancouver and monitored 24/7 by private security that she pays
for as part of her bail agreement.

"HUAWEI CONFIDENTIAL"

Articles published by Reuters in 2012 https://www.reuters.com/article/us-iran-huawei-hp/exclusive-huawei-partner-offered-embargoed-hp-gear-to-iran-idUSBRE8BT0BF20121230
and 2013 https://www.reuters.com/article/uk-huawei-skycom/exclusive-huawei-cfo-linked-to-firm-that-offered-hp-gear-to-iran-idUKBRE90U0CA20130131
about Huawei, a Hong Kong-registered company Skycom and Meng
figured prominently in the U.S. criminal case against her.
Reuters reported that Skycom had offered to sell at least 1.3
million euros worth of embargoed Hewlett-Packard computer
equipment to Iran's largest mobile-phone operator in 2010. At
least 13 pages of the proposal were marked "Huawei confidential"
and carried Huawei's logo.

Reuters also reported numerous financial and personnel links
between Huawei and Skycom, including that Meng had served on
Skycom’s board of directors between February 2008 and April
2009.

Huawei was placed on a U.S. trade blacklist in 2019
that restricts sales to the company for activities contrary to
U.S. national security and foreign policy interests. The
restrictions have hobbled the company, which suffered its
biggest ever revenue drop in the first half of 2021, after the
U.S. supply restrictions drove it to sell a chunk of its
once-dominant handset business and before new growth areas have
matured.

The criminal case against Meng - the daughter of Huawei
founder, Ren Zhengfei - and Huawei is cited in the blacklisting.
Huawei is charged with operating as a criminal enterprise,
stealing trade secrets and defrauding financial institutions. It
has pleaded not guilty.

Judicial hearings in her extradition case in Vancouver
wrapped up in August, with the date for a ruling to be set on
Oct. 21.

A Canadian government official said Ottawa would be making
no comments until the U.S. court proceedings were over.
?Kovrig’s wife declined to comment.

CHINA vs USA

Huawei has become a dirty word in Washington, with a
knee-jerk reaction by China hawks in Congress to any news that
could be construed as the United States is going soft, despite
Huawei being hobbled by U.S. trade restrictions.

President Trump politicized the case when he told Reuters
soon after her 2018 arrest that he would intervene if it would
serve national security or help secure a trade deal. Meng's
lawyers have said she was a pawn in the political battle between
the two super powers.

Senior U.S. officials have said that Meng's case was being
handled solely by the Justice Department and the case had no
bearing on the U.S. approach to ties with China.

During U.S. Deputy Secretary of State Wendy Sherman’s July
trip to China, Chinese Vice Foreign Minister Xie Feng insisted
that the United States drop its extradition case against Meng.

U.S. officials have acknowledged that Beijing had linked
Meng's case to the case of two detained Canadians, but insisted
that Washington would not be draw into viewing them as
bargaining chips.
(Reporting by Karen Freifeld, Kenneth Li, Jon Stempel and
Michael Martina; editing by Chris Sanders and Edward Tobin)

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18 Apr 2024 14:12

UK dividends calendar - next 7 days

Friday 19 April 
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17 Apr 2024 16:42

Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown

HONG KONG, April 17 (Reuters) - Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week, sources said, as they ramp up cost-cutting, with weaker dealmaking and sluggish markets in China and Hong Kong weighing on business prospects.

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17 Apr 2024 11:49

Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown

HONG KONG, April 17 (Reuters) - Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific this week, sources with knowledge of the matter said, as weaker deal activities and sluggish markets in China and Hong Kong weigh on their business prospects.

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16 Apr 2024 17:09

Europe's STOXX 600 slides in broader market decline on geopolitical jitters

ECB policymakers stick with June rate cut plan

*

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11 Apr 2024 10:06

Blackstone, CVC consider bids for Superstruct festivals firm, sources say

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9 Apr 2024 22:39

Argentina's Banco Galicia bets on lower inflation, rates after HSBC deal

BUENOS AIRES, April 9 (Reuters) - Argentina's Banco Galicia, buying HSBC's local assets in a near $500 million deal, is betting that new libertarian President Javier Milei will bring down soaring inflation and ease rates to boost lending in the South American nation.

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9 Apr 2024 15:40

Financial firms tout energy business after West Virginia restrictions

NEW YORK, April 8 (Reuters) - West Virginia has added Citi, HSBC and two other financial firms to a list of institutions that may be barred from some state business due to their energy finance policies, prompting three of them to assert their commitment to that industry.

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9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

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9 Apr 2024 15:12

HSBC's Argentina exit doesn't impact valuation, Shore Capital says 'buy'

(Sharecast News) - Shore Capital has said that HSBC's disposal of its Argentinian business should not have a material impact on its investment case despite it generating a $1bn hit to the business.

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9 Apr 2024 08:52

TOP NEWS: HSBC to take USD1 billion loss on sale of Argentina business

(Alliance News) - HSBC Holdings PLC on Tuesday said it will sell its business in Argentina to Grupo Financiero Galicia SA, which it called the largest private financial group in the South American country.

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9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

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9 Apr 2024 08:37

HSBC takes $1 bln hit from Argentina sale as Asia pivot continues

Grupo Financiero Galicia to buy the business for $550 mln

*

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9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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9 Apr 2024 07:05

HSBC to take $1bn hit from Argentina unit sale

(Sharecast News) - HSBC Holdings on Tuesday said it was selling its Argentina business to Grupo Financiero Galicia for $550m and take a $1bn pre-tax loss in the process as it continued to pivot its operations towards Asia.

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8 Apr 2024 19:45

West Virginia treasurer adds four finance firms to ESG blacklist

NEW YORK, April 8 (Reuters) - West Virginia added four financial firms on Monday to a list of institutions that may be barred from some state business because the state's treasurer deems they are boycotting the fossil fuel industry.

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