Huawei CFO Arrested in Canada, Faces Extradition to the US
The chief financial officer of China’s Huawei Technologies faces extradition to the United States after she was arrested in Canada, Canadian officials said Wednesday.
Meng Wanzhou, a senior executive who is also the daughter of the tech giant’s founder, Ren Zhengfei, was arrested in Vancouver on December 1, according to Canada’s Department of Justice.
A bail hearing has been set for Friday. The department declined to provide other details, citing a publication ban. US Justice Department spokesman Marc Raimondi declined to comment on the matter.
A spokesman from the Chinese Embassy in Canada confirmed the arrest of Meng and said in a statement that Beijing “strongly protests over such kind of actions which seriously harmed the human rights of the victim.” China has lodged a protest to the United States and Canada, urging them “to immediately correct the wrongdoing,” the spokesman said.
Meng was arrested when she was transferring flights in Canada, said Huawei spokesman Chasen Skinner.
“The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng,” Skinner said. “The company believes the Canadian and US legal systems will ultimately reach a just conclusion.”
Meng is expected to face charges in the Eastern District of New York in Brooklyn.
US authorities have been investigating Huawei since 2016 for violations of export controls and US sanctions related to Iran and other countries. It is unclear how Huawei might have violated sanctions.
The arrest comes at a tense moment in US-China relations. Over the past year, China and the United States have engaged in a tit-for-tat trade war that has shaken markets around the world and hurt ties between the world’s two largest economies.
President Donald Trump last week met with Chinese President Xi Jinping on the sidelines of the Group of 20 summit in Argentina, hashing out a trade war cease-fire. But just days after they met, Chinese and US officials relayed conflicting details about the deal.
At the heart of the dispute is a White House claim that China violates the rules of global trade through forced technology transfer and cyberwarfare. There have been growing calls for the United States to increase its scrutiny of Chinese firms, including Huawei, on the grounds of national security.
US officials have long suspected that Huawei, a major smartphone maker, maintains ties to China’s communist leaders. Ren, Huawei’s founder, is a former officer in China’s People’s Liberation Army.
Last year, Huawei’s chief rival, ZTE, pleaded guilty to violating US sanctions against Iran and North Korea and paid $892 million (roughly Rs. 6,300 crores) in fines imposed by the Justice, Treasury and Commerce departments.
In April, the Commerce Department found ZTE to be in violation of its 2017 settlement and barred US companies from exporting to the firm for seven years. Such a prohibition, colloquially referred to as a “death penalty,” was thought to be severe enough to put the firm out of business.
Xi reportedly asked Trump to intervene, and Trump pressed Commerce Secretary Wilbur Ross to reconsider the punishment. In July, Commerce lifted the ban but imposed a number of new restrictions on the company, including another fine.
Trump saw his intervention in the ZTE case as a bargaining chip with China on other trade issues.
ZTE and Huawei equipment have been banned from use by the US government and its contractors after Trump signed into law in August a bill containing the ban.
The two firms are largely cut out of the US market. In 2012, the House Intelligence Committee issued a scathing report on the two firms that warned that they “provide a wealth of opportunities for Chinese intelligence agencies” to spy on US companies or agencies that use their equipment.
The panel also urged that the federal government block mergers of US firms with the two Chinese companies after reviewing their alleged ties to Chinese military and intelligence agencies.
The firms are caught up in a global competition with the United States for control of the world’s burgeoning 5G telecommunications networks.
On Wednesday, British telecom firm BT has said it will not use Huawei equipment in its 5G network. Last week, New Zealand did the same. In August, Australia banned Huawei and ZTE from its 5G networks.
Finantix acquired by Motive Partners
- Finantix is familiar for it’s software applications for financial industries.
- Motive Partners is an investment firm focused on technology-enabled companies that power the financial services industry.
- in the era of digital, acquisitions are playing major role hence it proves the capability of firm.
Motive partners have confirmed the acquisition of Finantix in a recent press release. They said this acquisition will strengthen their technical capabilities along with streamlined solutions for clients. The acquisition dated on 11th of dec 2018 therefore the official merging details to be released soon.
Acquisition is just a common word for the people of silicon valley as it is often heard there. Considering the tech giants like google and Apple as an inspiration most of the firms are focusing on acquisitions. It all started when the google is swallowing small fishes of the industry as a part of growing business. As a result now a days all the firms are moving towards acquisition rather than putting more technical stuff in to the company.
“Everyone thought the acquisition strategy was extremely risky because no one had ever done it successfully. In other words, it was innovative.”
of-course it is true that every one thought acquisition is risky. But a well planned acquisition pushes the firm towards success in a streamlined way. Acquiring the organisations without reason will launch you in to the trouble as well as ruins both the companies. apart from the other factors like product building to product marketing, acquisition is also a major part of strategy.
Finantix enable it’s clients to digitalise their multi channel and omni-device strategy injecting innovative components into their digital transformation programs. And also help them make available ready to use solutions to serve, advise and sell their services to mass, affluent, private, high net worth and business customers.
While they offer a wide range of applications to fill any gaps in clients solution set, they never advocate a rip-and-replace strategy and always look to leverage the IT and Digital investments client have already made.
Finantix offering is based on a comprehensive library of modules and components designed for the financial services industry. As a result that promotes innovation, re-usability across business channels and devices, and helps Financial Services leverage existing legacy architectures. Along with the data facilitating the integration and reuse into new digital services initiatives.
About Motive Partners
motive partners is a financial technology specialist firm. they offer sector specialist investment platform along with expertise, connectivity and capabilities. Therefore it will create long-term value in financial technology business.
Financial technology is a massive market in a complex industry undergoing significant transformation. Motive partners mainly works on four different motives.
- Customer empowerment
- Technological innovations
- Regulatory directives
- Economic under-performance
the firm works on the formula of investing, innovating and operating. By using this kind of approach they have achieved a lot. This kind of business motivation lead the firm towards this acquisition. The traditional approach to private equity investing is no longer enough. Motive partner believes that specialization is central to achieving the best results.
Real-world operating and innovating expertise is at the heart of Motive Partners’ DNA. they invest where their expertise, connectivity and capabilities can empower management teams to achieve substantial value creation.
motive partners are following a streamline structure from the beginning itself. Their focus towards the financial technology industry lead them to the top of the list. Motive partners felt it is necessary to acquire an organisation like Finantix. above all Finantix is also on the financial industries sector due to this the acquisition came in to picture. Finally motive partners acquired Finantix on 11th of dec 2018 to an undisclosed amount.
Google acquires Sigmoid Labs of Bengaluru
- Tech gaint Google is unstoppable with it’s acquisitions.
- Bengaluru based sigmoid labs is also got sold for an undisclosed amount to google.
- Sigmoid labs is the parent company of well known train tracking app “Where is my train”.
as we all know the google is so tech hungry while doing acquisitions. Bengaluru based startup is also not a big target for google to acquire. The official press release from sigmoid labs stated that
“We’re excited to share that Sigmoid Labs, the team behind the ‘Where is my train’ app, is joining Google. We can think of no better place to help us achieve our mission, and we’re excited to join Google to help bring technology and information into more people’s hands,”
where is my train app uses cell tower network instead of internet to track the train. this new technology hence proved without data also we can track GPS signals. according to the google stats the app has reached 10 M downloads. while asked for their reaction towards this huge success of the app, the team replied
“The confidence that our users have placed in us is what makes us so excited to think even bigger,”
About Sigmoid labs
being a start-up it’s hard to get noticed by the tech giants of the silicon valley. But the sigmoid labs has made it through all the difficulties. Basically the sigmoid labs is well known by it’s train tracking app. This train tracking app became famous due to it’s unique ability to track without internet.
The technical team has put tremendous efforts to make it unique in it’s own way. The app uses mobile network towers to get the information to the module. The app will collect the data through the receiving antennas of the mobile. This different way of approach towards GPS tracking made this start-up stand among the crowd.
Red River acquires Texas based Ambonare
- Red River a technology transformation company from Austin
- Ambonare specialized in web & mobile app development as well as software product engineering
- The acquisition happened on 7th of December 2018
About Red River
The company brings together the ideal combination of talent, partners and products to disrupt the status quo in technology and drive success for business and government in ways previously unattainable. Red River serves organizations well beyond traditional technology integration. Having more than 20 years of experience and mission-critical expertise in security, networking, analytics, collaboration, mobility and cloud solutions.
Red River officially announced about the Ambonare acquisition on a press release dated 7th dec 2018. The company has made revolutionary changes in the process of optimizing business. The company provides tools for the customers which will help the business to streamline besides that it will increase the technology investments.
Ambonare is a digital transformation company along with software product engineering skills. The company mainly deals with four different technologies above all web & mobile app development is a major one. Remaining are DevOps & Docker consulting as well as cloud computing. Ambonare is excited to lead the transformation of the software engineering and IT industries for over a decade. From websites to applications, cloud to cotainers, Ambonare has supported companies both big and small.
Over the past ten years, Ambonare have worked with a variety of customers in both private sector and public sector. And also successfully implemented and managed their mission critical systems. Ambonare has expanded it’s technical presence in the direction of digital transformation. With the help of Red River the transformation is going to be streamlined. As a result this will help both the firms to co-ordinate and work together
“This acquisition allows Red River to further its investment in Austin and the State of Texas while expanding our consulting services to better enable our customers to imagine the possibilities of technology.” said Jeff Sessions, Red River CEO. “By adding to our application development and software engineering expertise, we enhance our position as a partner of choice for our customers as they make their digital transformation journeys.”
“We are excited to join Red River. A company that shares both our strong customer commitment & desire to push the boundaries of technology,” said Ambonare President Samuel Chen. “Red River provides us the support, management and infrastructure needed to do our best work, win larger projects, enhance our offerings and expand opportunities for our employees.”
The Ambonare transaction is continuing with Red River’s long-term growth strategy. which included the acquisitions of Sacramento-based Natoma and Boston-based Accunet. Over the past several years, the firm has steadily increased annual revenues. AS well as expanded its geographic footprint, capabilities and customer base. As a result earned multiple OEM awards and grew its contract portfolio. the portfolio at the time of acquisition is $125 billion.
- Finantix acquired by Motive Partners December 12, 2018
- Google acquires Sigmoid Labs of Bengaluru December 12, 2018
- Red River acquires Texas based Ambonare December 11, 2018
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