Archives for September 2021

Stocks that traded heavily or had substantial price changes Friday:

Nike Inc., down $9.99 to $149.59.

The athletic apparel maker warned investors that supply chain problems will hurt revenue.

Meredith Corp., up $11.41 to $56.30.

IAC/InteractiveCorp. is reportedly in talks to buy the owner of People and Better Homes & Gardens magazines.

Progress Software Corp., up $6.89 to $53.10.

The business software maker’s fiscal third-quarter financial results beat Wall Street forecasts.

Merck & Co., up 56 cents to $73.61.

The drug developer reported encouraging results from a study of a potential prostate cancer treatment.

Vail Resorts Inc., up $24.14 to $351.85.

The ski resort operator’s fiscal fourth-quarter earnings and revenue beat analysts’ forecasts.

Costco Wholesale Corp., up $14.97 to $467.75.

The warehouse club operator reported encouraging fiscal third-quarter profit and revenue.

JPMorgan Chase & Co., up $1.86 to $163.04.

Banks gained ground as bond yields rose, which allows them to charge more lucrative interest on loans.

Nvidia Corp., down $4.01 to $220.81.

China declared all transactions involving cryptocurrencies illegal, weighing on makers of processors needed in crypto-mining.

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NEW YORK (AP) — Two Canadians detained in China on spying charges have been released from prison and flown out of the country, Prime Minister Justin Trudeau announced Friday, hours after a top executive of Chinese communications giant Huawei Technologies resolved criminal charges against her in a deal with the U.S. Justice Department.

Canadians Michael Kovrig and Michael Spavor were arrested in China in December 2018, shortly after Canada arrested Meng Wanzhou, Huawei’s chief financial officer and the daughter of the company’s founder, on a U.S. extradition request. Many countries labeled China’s action “hostage politics.”

The deal with Meng calls for the Justice Department to dismiss fraud charges late next year in exchange for Meng accepting responsibility for misrepresenting her company’s business dealings in Iran. Trudeau called a news conference Friday night about an hour after Meng’s plane left Canada for China.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — A top executive of Chinese communications giant Huawei Technologies resolved criminal charges against her as part of a deal Friday with the U.S. Justice Department that paves the way for her to return to China and concludes a case that roiled relations between Washington and Beijing.

The deal with Meng Wanzhou, Huawei’s chief financial officer and the daughter of the company’s founder, Ren Zhengfei, calls for the Justice Department to dismiss fraud charges late next year in exchange for Meng accepting responsibility for misrepresenting her company’s business dealings in Iran.

The arrangement, known as a deferred prosecution agreement, resolves a yearslong legal and geopolitical tussle that involved not only the U.S. and China but also Canada, where Meng has remained since she was arrested at Vancouver’s airport in December 2018.

The deal was reached as President Joe Biden and Chinese counterpart Xi Jinping have sought to tamp down signs of public tension — even as the world’s two dominant economies are at odds on issues as diverse as cybersecurity, climate change, human rights and trade and tariffs. Biden said in an address before the U.N. General Assembly earlier this week that he had no intention of starting a “new Cold War,” while Xi told world leaders that disputes among countries “need to be handled through dialogue and cooperation.”

As part of the deal, disclosed in federal court in Brooklyn, the Justice Department agreed to dismiss the fraud charges against Meng in December 2022 — exactly four years after her arrest — provided that she complies with certain conditions, including not contesting any of the government’s factual allegations. The Justice Department also agreed to drop its request that Meng be extradited to the U.S., which she had vigorously challenged, ending a process that prosecutors said could have persisted for months.

Meng’s attorneys said they fully expect the charges to be dismissed in 14 months. “We’re very pleased that in the meantime she can go home to her family,” said defense lawyer Michelle Levin.

After appearing via videoconference for her New York hearing, Meng made a brief court appearance in Vancouver, where she has been out on bail and living in her mansion since her arrest. The court released her from all her bail conditions and she is now free to leave the country.

Outside the courtroom, Meng thanked the Canadian government for upholding the rule of law, expressed gratitude to the Canadian people and apologized “for the inconvenience I caused.”

“Over the last three years my life has been turned upside down,” she said. “It was a disruptive time for me as a mother, a wife and as a company executive. But I believe every cloud has a silver lining. It really was an invaluable experience in my life. I will never forget all the good wishes I received.”

Shortly afterward, Meng left on an Air China flight for Shenzhen, China, the location of Huawei’s headquarters.

Huawei is the biggest global supplier of network gear for phone and internet companies. It has been a symbol of China’s progress in becoming a technological world power — and a subject of U.S. security and law enforcement concerns. Some analysts say Chinese companies have flouted international rules and norms and stolen technology.

The case against Meng stems from a January 2019 indictment from the Trump administration Justice Department that accused Huawei of stealing trade secrets and using a Hong Kong shell company called Skycom to sell equipment to Iran in violation of U.S. sanctions. The indictment also charged Meng herself with committing fraud by misleading the HSBC bank about the company’s business dealings in Iran.

The indictment came amid a broader Trump administration crackdown against Huawei over U.S. government concerns that the company’s products could facilitate Chinese spying. The administration cut off Huawei’s access to U.S. components and technology, including Google’s music and other smartphone services, and later barred vendors worldwide from using U.S. technology to produce components for Huawei.

The Biden White House, meanwhile, has kept up a hard line on Huawei and other Chinese corporations whose technology is thought to pose national security risks.

Huawei has repeatedly denied the U.S. government’s allegations and security concerns about its products.

Meng had long fought the Justice Department’s extradition request, with her lawyers calling the case against her flawed and alleging that she was being used as a “bargaining chip” in political gamesmanship. They cited a 2018 interview in which then-President Donald Trump said he’d be willing to intervene in the case if it would help secure a trade deal with China or aid U.S. security interests.

Last month, a Canadian judge held off on ruling whether Meng should be extradited to the U.S. after a Canadian Justice Department lawyer wrapped up his case saying there was enough evidence to show she was dishonest and deserved to stand trial in the U.S.

It is unclear what the deal with Meng means for two Canadians detained in China. Michael Kovrig and Michael Spavor were arrested after Canada arrested Meng on the U.S. extradition request — a move that many countries labeled “hostage politics.”

Kovrig, a Canadian diplomat on leave to work with an international organization, and Spavor, an entrepreneur, have both since been convicted of spying.

In 2019, two Canadians convicted in separate drug cases in China were sentenced to death. A third, Robert Schellenberg, received a 15-year sentence that was abruptly increased to the death penalty after Meng’s arrest.

____

Tucker reported from Washington and Gillies from Toronto. Associated Press writer Jim Morris in Vancouver, Canada, contributed to this report.

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UNITED NATIONS (AP) — Barbados Prime Minister Mia Amor Mottley certainly didn’t phone in her speech at the U.N. General Assembly on Friday — but she did have what appeared to be an iPhone in hand while delivering impassioned remarks to fellow world leaders.

Mottley, who became prime minister of the Caribbean country in 2018, spoke energetically and seemingly off the cuff, delivering vivid lines not replicated in the prepared speech uploaded to the U.N. website — and appearing to refer to her phone at various junctures.

“If I used the speech prepared for me to deliver today, it will be a repetition. A repetition of what you have heard from others, and also from me,” that prepared statement did say.

The General Assembly hall is equipped with a teleprompter, but few leaders used it Friday, with most opting for paper speeches. While reading speech texts from phones has become more common in general, the practice remains rare at the General Assembly (though El Salvador’s president did pull one out in 2019 to take a mid-speech selfie.)

Mottley proceeded to rattle off a list of rhetorical questions, challenging the audience on a variety of topics from vaccine inequity to climate change to digital regulations for preventing fake news. She invoked Bob Marley at one point, asking: “In the words of Robert Nesta Marley, who will get up and stand up?”

“If we can send people to the moon, and, as I’ve said over and over, solve male baldness,” she riffed, then other issues, too, can certainly be addressed.

___

Follow AP’s coverage of the U.N. General Assembly leaders’ meeting at https://apnews.com/hub/united-nations-general-assembly

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General Motors is investing $300 million in China’s self-driving car company Momenta.

GM said Thursday that the investment will speed up the development of next-generation self-driving technologies in China. The move is also part of a plan GM announced three months ago to invest $35 billion in engineering and capital in electric vehicle and autonomous vehicle technology from 2020 to 2025.

“Together with GM, we will jointly invest in autonomous vehicle technologies to enhance driving safety, convenience and efficiency,” Momenta CEO Xudong Cao said in a prepared statement.

GM this year is making a hard push into new technologies, even scrapping its old square blue logo for a lower case gm surrounded by rounded corners and an ‘m’ that looks like an electrical plug.

It has set a goal of making the vast majority of the vehicles it produces electric by 2035, and the entire company carbon neutral, including operations, five years after that. It’s partnered with Microsoft with hopes of accelerating its rollout of electric, self-driving cars.

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WASHINGTON (AP) — U.S. safety investigators are asking anyone who witnessed a fiery Tesla crash last week near Miami that killed two people to send them video or photos taken at the scene.

The National Transportation Safety Board sent three investigators to the Sept. 13 crash in Coral Gables, Florida. The agency says Thursday that it’s specifically looking for photos or video of the crash itself or the fire that broke out after the collision.

A Tesla Model 3 compact electric car left the road and hit a tree, and the car was consumed by the post-crash blaze. The NTSB said it’s investigating the crash because it’s taking a close look at newer technology. The probe will focus on operation of the vehicle and the fire.

Photos and videos can be emailed to eyewitnessreport@ntsb.gov, the agency said.

Tesla vehicles don’t use gasoline that could raise the risk of a big fire after a crash, but the company’s guidance to first responders includes a warning about battery fires. Tesla representatives have said that high-speed collisions can result in a fire for any kind of car. The Coral Gables crash occurred near a residential intersection, and it wasn’t immediately known whether speed was a factor.

It was also unclear whether the car’s partially automated driving system was activated at the time of the crash. The government is scrutinizing Tesla’s system named Autopilot. In the past five years, the National Highway Traffic Safety Administration has sent investigators to 31 crashes involving vehicles with partially automated driver-assist systems, including 25 involving Teslas.

The NTSB expects to have a preliminary report on the crash in mid-October. The agency makes recommendations to other federal agencies about possible safety regulations.

Coral Gables police have identified the victims as a 20-year-old man, who was driving, and a 19-year-old woman. Coral Gables is located southwest of downtown Miami.

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