US have prosecutors unveiled charges against Huawei and its CFO, Meng Wanzhou. Library picture: Meng Wanzhou is seen attending a conference in Milan, 11 May 2018. Photo credit: Shutterstock
WTO to take China case against US, “very high risk” of hard Brexit says EU negotiator, and German minister says no speed limits are coming. Delano’s breakfast briefing for Tuesday.
US charges Huawei with corporate espionage, fraud
The US has alleged that the Chinese telecoms gear maker Huawei stole robotic technology from the mobile carrier T-Mobile in the US, reported the Financial Times, DW, Guardian and Reuters. The US also outlined charges against Huawai and its CFO, Meng Wanzhou, accusing them of breaking US trade sanctions on Iran. Huawei said it was “disappointed to learn of the charges” and denied any wrongdoing by the firm or by Meng. The Chinese government also rejected the allegations. Meng is currently under house arrest in Vancouver; the CBC said the US has filed a formal extradition request.
WTO to take China case against Trump tariffs
The World Trade Organization will reportedly investigate a claim by China that Donald Trump’s punitive tariffs on $250bn worth of Chinese goods breaks WTO trade rules, according to Bloomberg, the South China Morning Post and Reuters.
Saudi fund reduces Tesla exposure
The Financial Times said that Saudi Arabia’s sovereign wealth fund had hedged most of its 4.9% stake in Tesla, “freezing its $2.9bn bet on the company”. In October Elon Musk, Tesla’s CEO, settled fraud charges after he falsely claimed the Saudi Public Investment Fund would help take the electric carmaker private.
Athens to sell bonds, raise minimum wage
Greece will re-enter the international capital markets for the first time since leaving the EU-led bailout programme last August, reported the Financial Times and Reuters. It will sell five year bonds “in the near future”. The Guardian and Reuters said the Greek government would raise the monthly minimum wage from €586 to €650 and eliminate a lower paying category for under-25s. It had cut the minimum wage by 22% in 2012.
Brexit: “very high risk” of no deal, says EU official
There is an increased chance of a hard Brexit with British politicians remaining divided, EU’s deputy chief Brexit negotiator said. Sabine Weyand stated: “There’s a very high risk of a crash out not by design, but by accident.” Weyand also said: “We’re not going to reopen the agreement.” She added that there was a lack of “ownership” for the Brexit deal on the UK side. Reported by the BBC, Guardian and Sky News.
Germany: no Autobahn speed limit, says transport minister
The German federal government ruled out a national speed limit on motorways. A leaked draft report had suggested a maximum speed of 130kmh. Currently there is no speed limit on about two-thirds of the Autobahn network. Reported by DW, Euronews and The Local.
Japan to hack homes and offices
NHK, Japan’s public service broadcaster, reported that a Japanese government agency will try to hack into millions of internet-connected devices, such as routers and webcams, in an attempt to boost cybersecurity before the 2020 Olympic and Paralympic Games in Tokyo.