iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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China Summons Canadian Envoy to Beijing over Huawei CFO Detention — Threatens ‘Severe Retaliation’

It appears the attorneys for Meng Wanzhou are having a difficult time convincing the Canadian that their client isn’t a flight risk. Part of that concern might stem from the fact that her crimes are political in nature, based upon sanctions are are wholly subjective. She was tossed back into her cell on Friday, to face the judge on Monday. I suspect she will be held without bail, in spite of the fact that she’s willing to wear an ankle bracelet, surrender her passports, and live in Canada until the trial is finished.

China is not amused.

Chinese Vice Foreign Minister Le Yucheng summoned Canada’s ambassador to Beijing, John McCallum, on Saturday to deliver the warning, according to a statement from the Chinese Foreign Ministry.

The statement doesn’t mention the name of Huawei’s chief financial officer, Meng Wanzhou, though it refers to a Huawei “principal” taken into custody at U.S. request while changing planes in Vancouver, as was Ms. Meng. The statement accuses Canada of “severely violating the legal, legitimate rights of a Chinese citizen” and demands the person’s release.

“Otherwise there will be severe consequences, and Canada must bear the full responsibility,” said the statement, which was posted online late Saturday.

Phone calls to the Canadian Embassy rang unanswered while the Canadian government’s global affairs media office didn’t immediately respond to an email request for comment.

What ‘severe’ measure might China take? Will they, perhaps, stop making toys for them, or cease buying their oil. Or will they, by chance, attack Vancouver with their missiles and burn it to the ground? I think not.

In a statement cited by official news agency Xinhua, China’s Vice Foreign Minister Le Yucheng said Meng’s detention was a “severe violation” of her rights and interests as a Chinese citizen.

“Such a move ignores the law and is unreasonable, unconscionable, and vile in nature,” the news agency quoted Le as saying in the statement.

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11 comments

  1. cancel19

    Trudeau has egg fu yung all over his face.

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  2. numbersgame

    Canada is just a proxy/middleman. They will be compenstaed by the US in some form or another, particularly with NAFTA in negotiations.

    Although itdoes raie a question: is there any bail thta would be acceptabel to a multi-billiomnaire higly-connected foreigner? Why not just set it a $1B? surely that is more accepatble to China than no bail at all, and should be acceptable to the US/Canada if Wanzhou skips out anyways.

    Also, I feel like the crime is a bit more than political, as national secuirty is at risk if high-tech reaches enemy hands.

    PS a lot of Meng Wanzhou’s and other wealthy Chinese exec’s properties may be hit in a missile attack on Vancouver.

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    • ferd

      Oooo dem Iranians going to get you in your sleep …but it’s OK if China keeps the technology safely in their friendly hands. Jeezuss H mutherfucking Christ.

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  3. numbersgame

    Also, I checked out the stats: apparently, the market is only sightly less likely to bottom on a Friday, depending on the time range you are looking at.

    Looking at rolling 60-day periods on SPY (1993-2018), here is when the lowest intra-day Low occurs:
    Mon: 23%
    Tues:16%
    Wed: 25%
    Thurs:16%
    Fri: 19%

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    • numbersgame

      If you look at rollign 250 day periods (full year):
      Mon: 15%
      Tues:15%
      Wed: 23%
      Thurs:23%
      Fri: 23%

      If you look at rolling 20 day periods (4-weeks, good for trading):
      Mon: 20%
      Tues:24%
      Wed: 21%
      Thurs:17%
      Fri: 17%

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    • ferd

      Jeezuss, what’s next? Santa’s not real?

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  4. ferd

    BTW, Fly had a deranged-sounding, hysterically-concerned post about how serious this Chinese exec/Iran thing is. I think it’s potentially much worse. The people running our country since 9/11 have proven that their level of crazy should not be underestimated.

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    • moosh

      It’s no joke ferd. Since 9/11? Say what you want about the Orange one, but he does not go status quo, which of course is a positive in relation to government bureaucracy. If Trump is pushed to war mode, there is little hope.

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