In this Aug. 31, 2020, file photo, an employee wearing a face mask to help curb the spread of the coronavirus stands inside a Huawei flagship store in Beijing. Chinese telecommunications equipment firm Huawei said Monday, April 12, 2021, that it has reached an agreement with HSBC in Hong Kong to obtain documents that its chief financial office Meng Wanzhou hopes will help prevent her extradition to the U.S.(AP Photo/Andy Wong, File)
In this March 31, 2021, file photo, Chief Financial Officer of Huawei, Meng Wanzhou, returns to British Columbia Supreme Court after a break from her extradition hearing, in Vancouver, British Columbia. Chinese telecommunications equipment firm Huawei said Monday, April 12, 2021, that it has reached an agreement with HSBC in Hong Kong to obtain documents that its chief financial office Meng Wanzhou hopes will help prevent her extradition to the U.S. (Darryl Dyck/The Canadian Press via AP, File)
HONG KONG (AP) — Chinese telecommunications equipment firm Huawei said Monday that it has reached an agreement with HSBC in Hong Kong to obtain documents that its chief financial office Meng Wanzhou hopes will help prevent her extradition to the U.S.
Meng, who was detained in Canada in 2018 at the behest of U.S. authorities, has been fighting a legal battle over the last two years as the U.S. seeks to extradite her over allegations of bank fraud and violations of sanctions against Iran.
The U.S. accuses Huawei of using a Hong Kong shell company called Skycom to sell equipment to Iran in violation of U.S. sanctions. It says Meng committed fraud by misleading HSBC about the company’s business dealings in Iran.
An earlier request by Meng’s legal team for documents from HSBC was rejected by a court in Britain.
In a court hearing Monday, Hong Kong High Court judge Linda Chan approved the document-sharing agreement between Huawei and HSBC.
“An agreement has been reached with HSBC in relation to the Hong Kong legal proceedings for document production and an order has been approved by the court,” Huawei said in a statement on Monday.
It is not clear which documents Huawei has obtained or what the scope of the agreement covers. Meng’s team have sought internal compliance documents pertaining to Huawei and Skycom.
During extradition proceedings in Canada, Meng’s lawyers have argued that the U.S. has no jurisdiction to bring the case.
Final hearings of Meng’s extradition battle are expected to conclude in May in Vancouver, although appeals could prolong the process.
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7 Hotel Stocks Just Waiting For the VaccineLike any group of stocks related to travel and tourism, hotel stocks saw a steep drop in share prices in 2020. The leisure and hospitality sector that once had 15 million employees has lost 4 million jobs since February.
Many major cities will be feeling the ripple effects of the Covid-19 pandemic for years. However, there is ample evidence that shows the pandemic may be coming to an end. The number of new cases is dropping. The number of those getting vaccinated is rising. And even in the cities with the most restrictive mitigation measures, the slow process of reopening is beginning.
All of this can’t come fast enough for individuals who rely on the travel and tourism industry for their livelihood. Hotel chains had at least some revenue coming in the door. And when earnings season concludes, the more budget-friendly hotel chains may realize revenue that is 75% of its 2019 numbers. But that is not enough to bring the hotels to anywhere near full employment. Particularly with hotels that have bars and restaurants that have remained closed or open at limited capacity.
Many economists are optimistic that travel may begin to look more normal by the summer of this year. And the global economy may deliver 6.4% GDP growth this year. With that in mind, the hotel chains with the best fundamentals and the broadest footprint will be in the best position as the economy reopens.
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