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The Morning Ledger: Canadian Authorities Arrest Huawei CFO |
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Huawei Technologies is the world's third-largest smartphone maker by sales. PHOTO: PAU BARRENA/BLOOMBERG NEWS
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Good day. Canadian authorities in Vancouver have arrested Huawei Technologies Co.’s chief financial officer at the request of the U.S. government for alleged violations of Iranian sanctions, the latest move by Washington to crack down on the Chinese cellular-technology company, The Wall Street Journal reports.
Hearing pending: A spokesman for Canada’s justice department said Meng Wanzhou was arrested in Vancouver on Dec. 1 and is sought for extradition by the U.S. A bail hearing has been tentatively scheduled for Friday, according to the spokesman. Ms. Meng, the daughter of Huawei founder Ren Zhengfei, serves as the company’s CFO and deputy chairwoman.
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Face-off: Ms. Meng’s arrest comes amid a year-long U.S. government campaign against a company it views as a national-security threat. In the past year, Washington has taken a series of steps to restrict Huawei’s business on American soil and, more recently, launched an extraordinary international outreach campaign to persuade allied countries to enact similar curbs. Because of that, Huawei is losing a chunk of business from one of its biggest and oldest Western customers.
More to come: U.S. authorities have suspected Huawei’s alleged involvement in Iranian sanctions violations since at least 2016, when the U.S. investigated ZTE Corp., Huawei’s smaller Chinese rival, over similar violations.
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The second run of United States v. AT&T Inc., the blockbuster antitrust fight over the telecom giant’s acquisition of Time Warner Inc., opens on a new stage as an appeals court considers whether a blunt-spoken trial judge was correct to bless the merger.
As the Organization of the Petroleum Exporting Countries and its partner producers gather Thursday to debate a likely production cut, the reputation of the almost 60-year old cartel is on the line.
Lands' End Inc., Lululemon Athletica Inc., Kroger Co. and Sears Holding Corp. are among the companies slated to report earnings today.
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Corporate Optimism for U.S. Economy Slips to Two-Year Low |
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Concerns about U.S.-China trade relations have contributed to eroding optimism for the U.S. economy among finance professionals. PHOTO: KEVIN LAMARQUE/REUTERS
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Finance professionals who began the year with high hopes for the U.S. economy are losing their optimism, spurred by worries over trade policies, the government budget deficit and higher interest rates, reports CFO Journal's Tatyana Shumsky.
Fifty-seven percent of finance executives in the fourth quarter had a positive outlook for the economy in the next year, according to an economic outlook survey by the American Institute of Certified Public Accountants. That is down from 74% during the same quarter of 2017 and a steep retreat from the record high of 79% set in the first quarter of 2018.
The professional membership organization last month surveyed 938 certified public accountants that hold various leadership positions such as chief financial officer or controller.
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U.K. Cafe Chain Appoints Interim CFO Amid Accounting Probe |
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A branch of Patisserie Valerie in London. The company’s former finance chief was arrested after a probe into accounting irregularities. PHOTO: SIMON DAWSON/REUTERS
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Patisserie Holdings PLC on Wednesday appointment an interim chief financial officer following the discovery of accounting irregularities and the departure of its former finance chief in October, CFO Journal's Nina Trentmann reports.
The U.K. company, which operates the Patisserie Valerie cafe chain, named Nick Perrin to the post, previously held by Christopher Marsh. Mr. Perrin, who joins from British veterinary services provider CVS PLC, will oversee the company’s finances while the board searches for a permanent appointment, Patisserie Holdings said in a filing.
The appointment comes after the Birmingham, U.K.-based company in October reported that its cash position was misstated and subject to fraudulent activity, resulting in the suspension of trading of its shares and an emergency fundraising. Mr. Marsh was arrested and released on bail before he left the company.
The Financial Reporting Council—the U.K. watchdog for reporting, audit and accounting—in November launched an investigation into the audit of financial statements of Patisserie Holdings for fiscal years 2015, 2016 and 2017. The statements were audited by Grant Thornton UK LLP. The FRC is also scrutinizing the preparation and approval of financial statements and other information by the former CFO Mr. Marsh, it said in a statement.
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The firings mark the first wave of district manager terminations following Wells Fargo’s settlement with regulatorsrelated to improper sales practices. PHOTO: JUSTIN SULLIVAN/GETTY IMAGES
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Wells Fargo & Co. is firing around three dozen district managers for oversight failures related to a sales scandal that erupted in its retail bank more than two years ago, according to people familiar with the matter.
Facebook Inc.’s board of directors said it was “entirely appropriate” for Sheryl Sandberg, the company’s chief operating officer, to ask if George Soros had shorted the company's stock after the billionaire investor called the social-media giant a “menace.”
Gannett Co. has launched a search for its next chief executive after the nation’s largest newspaper publisher by circulation said Wednesday that Robert Dickey plans to retire from his post.
Global companies are stockpiling so many goods, parts, drugs and ingredients ahead of Britain’s planned exit from the European Union next year that storage space in the U.K. is running out.
Germany’s Bayer AG Wednesday laid out ambitious sales and profit targets in its latest effort to convince the market it is serious about boosting profits, reducing debt and stopping a downward spiral in its stock price that has put management under heavy pressure.
An activist investor has a beef with Del Frisco’s Restaurant Group Inc. Engaged Capital LLC has bought nearly 10% of the restaurant operator’s shares and plans to push it to sell itself, according to people familiar with the matter.
MiMedx Group Inc. said on Wednesday it plans to shed one-quarter of its workforce, as it promoted executives to help lead a restructuring of the once highflying biotechnology firm.
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Facebook CEO Mark Zuckerberg. PHOTO: GETTY IMAGES
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The U.K. Parliament released on Wednesday a trove of internal Facebook Inc. emails that show Mark Zuckerberg and other executives pursuing hard-nosed tactics to stifle competitors, as well as considering a range of possibilities for monetizing the massive amounts of data the company collected on its users.
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Brazil’s sprawling Operation Car Wash corruption probe is investigating mining giant Glencore PLC, Trafigura Group and Vitol Group for allegedly paying millions of dollars in bribes to employees of Brazilian oil company Petróleo Brasileiro SA, or Petrobras, in return for better terms on trading contracts.
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The Fed’s beige book report cited raising wages and prices across regional economies. PHOTO: CHRIS WATTIE/REUTERS
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Economic activity continued to increase across much of the U.S. at the end of fall, but uncertainty among businesses appeared to be growing as tariffs and rising interest rates muddied the outlook for the coming year, a Federal Reserve report indicated Wednesday.
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U.S. tariffs on imported steel are delivering higher profits for steel companies but haven’t changed the country’s dependence on foreign-made steel.
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Orders for heavy-duty trucks declined in November for the first time this year, falling to the lowest level in 14 months and providing a fresh sign the North American trucking market is cooling down.
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Global consumer brands have long been infatuated with Chinese consumers. Now it is India’s shoppers they are after. It has been a blockbuster year for Indian deals: More foreign money is now pouring into the south Asian nation than into China.
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