2/14/2021 Financial News: Huawei’s Move to Prevent Meng’s Extradition; Oil Price Continue to Rise in Communist China

Image source: https://www.bbc.com/

1.Huawei takes HSBC to court as it tries to stop extradition

Based on the news from the BBC and the Guardian, on the 12th local time, the lawyer of Meng Wanzhou, the chief financial officer of Communist China’s Huawei, will apply to the High Court of London to obtain key documents such as HSBC’s account books.

Huawei’s move is intended to prove U.S. false accusation that Meng Wanzhou “concealed” Huawei’s association with Hong Kong Starcom Technology Co., Ltd. and misled HSBC to continue to provide services to Huawei. The BBC stated that this was part of Huawei’s efforts to prevent Meng Wanzhou’s extradition from Canada to the United States.


2.Oil Price Continue to Rise in Communist China

After the oil price continued to rise last week, the price of oil rose for six consecutive times last year. During this period, the oil price was increased by more than 870 yuan/ton, converted into liters, the oil price rose by 0.71 yuan/liter to 0.85 yuan/liter. The new oil price adjustment will be carried out at 24:00 on February 18, and the current expected increase has reached 105 yuan/ton (0.08 yuan/liter-0.10 yuan/liter)


3.Bank of China’s WTI forward contract huge loss update

Recently, the Nanjing Intermediate People’s Court of Jiangsu Province publicly pronounced the second instance of the civil appeal case of the “Crude Oil Treasure” incident, and the appeal was rejected and the original judgment was upheld.

By the end of 2020, the People’s Court of Gulou District, Nanjing City, Jiangsu Province sued the defendant against two plaintiff investors, and the first instance of the civil lawsuit involving the “Crude Oil Treasure” incident was publicly pronounced.

The verdict Bank of China bears all the investor’s short-term loss and 20% of the principal loss, and returns it to the deducted investor’s account to guarantee the balance of funds, and pay the corresponding capital occupation fee.


4.Communist China Removal of Foreign Ownership Restrictions in Auto Sector

In 1994, Communist China issued the Policy for the Automotive Industry (“1994 Auto Policy”), a key policy was to restrict foreign automakers to own no more than 50 percent in any Sino-foreign joint venture but also limit the foreign automakers to no more than 2 joint ventures for any single type of vehicle in Communist China.

Foreign ownership restrictions on special-purpose vehicles and new energy vehicles (NEVs) have been removed in 2018. The liberalization will be followed by passenger cars in 2022. The rule that currently prohibits foreign automakers from setting up more than two joint ventures in Communist China will also be lifted in 2022.


5.Nearly half of netizens spend less than 1,000 yuan on new year goods

In response to the “New Year’s Day in Place” initiative, more and more people choose to use the flow of New Year’s goods instead of returning home. Preliminary data from the business big data monitoring show that from the start of the 2021 online New Year’s Day on January 20 to February 3, the national online retail sales have exceeded 510 billion yuan. Among them, the number of orders sent and received from other places continued to rise. However, over 70% of netizens state that their consumption amount is less than 5,000 yuan, of which nearly half of netizens spend less than 1,000 yuan on new year goods.


6.ByteDance explores sale of Indian TikTok assets to rival firm Glance

Communist China’s ByteDance is said to be exploring the sale of the India operations of TikTok to rival unicorn Glance, Bloomberg News reported on Saturday. The discussions, initiated by Japan’s SoftBank Group Corp, are private, early and complex.

Glance’s parent, mobile advertising technology firm InMobi, also owns short-video app Roposo that has gained in popularity after TikTok was banned by the Indian government in July last year.


7.Mark Zuckerberg Said Facebook Has to ‘Inflict Pain’ on Apple in Privacy War

Breitbart News has reported extensively on the latest tech giant battle, with Facebook and Apple warring over upcoming Apple’s privacy features. Facebook is reportedly planning to take Apple to court over allegations of antitrust relating to Apple’s iOS 14 privacy features.

Facebook has been working with outside legal counsel to prepare an antitrust lawsuit against Apple that claims the iPhone manufacturer “abused its power in the smartphone market by forcing app developers to abide by App Store rules that Apple’s own apps don’t have to follow.”


By 【Financial Team-Tracy】

News Collection: Totoro、文罡

Proofreading: 小蚂蚁在行动

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