Briefing: US to proceed with Meng Wanzhou’s extradition

US to formally seek extradition of Huawei executive Meng Wanzhou: Report – CNBC

What happened: The US is planning to proceed with a formal request to extradite Huawei CFO Meng Wanzhou on allegations of breaking sanctions against Iran and other countries, according to a paywalled article on Canadian media outlet the Globe and Mail.

Canada’s ambassador to the US, David MacNaughton, did not specify when the formal extradition request will be made but the deadline for filing is Jan. 30.

Why it’s important: Huawei is facing mounting concerns from other countries over the fear that its close ties with the Chinese government would make its equipment vulnerable to surveillance and interference. Meng’s arrest in Canada in December and Huawei employee’s detention in Poland this month only exacerbated the situation.

Amid the unprecedented pushback from governments coupled with the country’s economic deceleration, Ren Zhengfei, founder and chief executive of Huawei, recently announced that the company will lay off a portion of its workforce and cut costs.