The High-Stakes Extradition Case of Meng Wanzhou
The High-Stakes Extradition Case of Meng Wanzhou
Your daily head start in the business of tech + filtered + focused
The most important thing in tech today is …
extradition proceedings in a Canadian courtroom that could influence the direction of U.S.-China relations in both trade and politics. Today begins a pivotal stage.
At the center of the controversy is Meng Wanzhou, the chief financial officer of Chinese tech giant Huawei. She’s also the daughter of the founder. She has been in Canada since her arrest in December 2018, at the U.S. government’s request; U.S. officials say she misled an HSBC bank executive about Huawei’s control of a subsidiary doing business in Iran, in violation of U.S. sanctions.
Meng’s lawyers say that’s false, and that even the PowerPoint she used in her presentation to HSBC discloses Huawei’s ownership of Skycom.
The question is whether a Canadian judge will end the case, risking the ire of U.S. authorities; commit Meng for extradition to the U.S., which she is sure to appeal; or whether the Biden administration will work around the court to seek a diplomatic resolution to the wrangling — which would be a departure from the Trump administration’s approach.
At stake is the tenor of global trade, with so many economies stuck in the middle of an economic and ideological tug of war between the U.S. and China. If there’s hope of breaking any of the many impasses between the two countries as the global economy seeks to recover, we might see it begin to rise … or sink … here.
Coming up today on CNBC’s TechCheck, 11 a.m. ET / 8 a.m. PT …
Coursera CEO Jeff Maggioncalda
While you were sleeping …
Robinhood shares soared again on Wednesday, bringing the newly public stock trading app’s rally to nearly 120% for the week. Shares of Robinhood popped 65% on Wednesday to around $77.00 per share. The stock was halted for volatility several times. CNBC
A little more than three months after pricing its IPO at the top of its expected range and soaring out of the gate, Zymergen is warning investors that revenue from its experimental products won’t be coming anytime soon. CNBC
In the broader world …
Target said Wednesday that it will offer a new perk to woo workers: A debt-free way to get an associate, undergraduate or graduate degree. Starting this fall, the big-box retailer said it will cover the cost of tuition, fees and textbooks for part- and full-time workers who pursue a qualifying degree at more than 40 schools, colleges and universities. It will fund advanced degrees, too, paying up to $10,000 each year for master’s programs at those schools. CNBC
On the horizon …
8/5: Chris McNabb, Boomi CEO in a Fortt Knox 1:1
