adplus-dvertising
Connect with us

Business

Hydro-Québec employee charged with spying for China

Published

 on

A Hydro-Québec employee accused of sending trade secrets to China has been charged with espionage.

The employee, Yuesheng Wang, 35, was arrested on Monday morning at his home in Candiac, Que., following an RCMP investigation.

Wang is scheduled to appear at the Longueuil courthouse on Tuesday to face four charges, the RCMP said in a news release.

He is accused of fraud for obtaining trade secrets, unauthorized use of a computer, breach of trust by a public officer and obtaining trade secrets, a charge under the Security of Information Act (SIA). The crimes were allegedly committed between February 2018 and October 2022.

300x250x1
A man in a suit is talking, holding a clicker in one hand.
Yuesheng Wang faces four charges under the Security of Information Act and the Criminal Code of Canada. (Yuesheng Wang/LinkedIn)

“This investigation is very significant and sends a clear message,” said Insp. David Beaudoin, who leads the RCMP’s Integrated National Security Enforcement team, which conducted the investigation into Wang. “We do believe the investigation shows that the actions undertaken by Mr. Wang are criminal in nature.”

The RCMP says Wang published academic papers and filed patents in connection with Chinese universities without the permission of Hydro-Québec.

The SIA, formerly known as the Official Secrets Act, is an act of Parliament that addresses national security concerns.

This is the first time that the obtaining trade secrets charge has been laid under the SIA, Beaudoin said. The charge carries a maximum 10-year prison sentence.

The investigation began in August 2022 after Hydro-Québec’s corporate security branch filed a complaint about Wang, Beaudoin said.

When corporate security grew suspicious, Beaudoin said they took “preventative measures” against Wang, who has since been fired from his job as a researcher at Hydro-Québec’s Center of Excellence in Transportation Electrification and Energy Storage (CETEES).

Brown block of a building near a highway
Yuesheng Wang worked at Hydro-Québec’s Center of Excellence in Transportation Electrification and Energy Storage in Varennes, Que. (Hydro-Québec)

CETEES develops technology for electric vehicles and energy storage systems, according to Hydro-Québec.

“Our detection and intervention mechanisms allowed our investigators to bring this matter to the attention of the RCMP,
with whom we have worked closely ever since,” Dominic Roy, senior director responsible for corporate security at Hydro-Québec, said in a statement.

“No organization is safe from a situation like this one, which is why we must always remain vigilant and transparent, and we must not tolerate violations of the company’s code of ethics.”

 

 

 

Insp. David Beaudoin, from the RCMP’s Integrated National Security Enforcement team, gives an update on the charges against Yuesheng Wang.

Wang’s research focused on batteries.

His byline appears on published academic papers as recently as April 2022, working with other Hydro-Québec researchers, but also, for some papers, alongside researchers affiliated with Chinese universities.

Wang has worked at Hydro-Québec since October 2016, according to information on LinkedIn, a social media platform. Before that, he was a postdoctoral researcher at the University of Arkansas and a visiting researcher at Queen Mary University of London. He has a master’s degree in materials engineering from the Chinese Academy of Sciences’ institute of physics.

Hydro-Québec is Quebec’s government-owned energy provider.

Source link

Continue Reading

Business

Fed Chair Powell: There will be more rate increases to get to our 2 percent inflation goal – CNBC Television

Published

 on


[unable to retrieve full-text content]

  1. Fed Chair Powell: There will be more rate increases to get to our 2 percent inflation goal  CNBC Television
  2. Stock market news live updates: Stocks soar after Powell embraces ‘disinflation’  Yahoo Canada Finance
  3. The close: Stocks rise as investors digest Powell comments  The Globe and Mail
  4. Why Are Stocks Up Today?  InvestorPlace
  5. Fed’s Powell: Strong hiring could force further rate hikes – Business News  Castanet.net
  6. View Full Coverage on Google News

728x90x4

Source link

Continue Reading

Business

Ship-To-Ship Loadings Of Urals Hit Record High As Russian Oil Heads To Asia

Published

 on

Loadings of Russia’s flagship Urals crude using ship-to-ship (STS) transfers in the Mediterranean surged eight times in January from December to a record in the first full month in which the EU banned seaborne imports of Russian oil.

STS loadings, used by traders to move the crude from smaller tankers onto larger ones to make the journey to Asia profitable, have soared since the EU ban came into effect on December 5, according to data from Refinitiv Eikon cited by Reuters on Tuesday.

The key STS loading points in the Mediterranean are near Kalamata in Greek waters and near the Spanish port of Ceuta in the Strait of Gibraltar.

STS loadings in the Mediterranean hit an all-time high of 1.7 million tons in January, an eightfold surge compared to December, per Refinitiv Eikon data and Reuters calculations.

300x250x1

Since Urals is no longer being imported into the EU, cargoes are being diverted to Asia, mostly to India, China, and Singapore.

While the Urals crude is now finding a home outside Europe, the low price of Russia’s flagship grade is reducing Russian revenues from oil, due to the steep discount at which Urals trades relative to Brent Crude.

Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year. Russian budget revenues from energy sales – including taxes and customs revenues – plummeted last month to the lowest level since August 2020.

In January 2023, the price of Urals grade averaged 42% lower than in the same month of 2022, as its discount to Brent Crude grew wider following the EU embargo and the G7 price cap, which came into effect on December 5. The average price of Urals in January, at $49.48 per barrel, was 1.7 times lower than in January 2022, when it averaged $85.64 per barrel, Russia’s Finance Ministry said last week.

Russia is considering taxing its oil firms based on the price of Brent – instead of Urals – to limit the fallout on the Russian budget revenues due to the widening discount of Urals to Brent, Russian daily Kommersant reported last week, quoting sources.

By Tsvetana Paraskova for Oilprice.com

 

728x90x4

Source link

Continue Reading

Business

WestJet pilots' union says arbitration may be needed to avert a strike – CBC.ca

Published

 on


[unable to retrieve full-text content]

WestJet pilots’ union says arbitration may be needed to avert a strike  CBC.caView Full Coverage on Google News

728x90x4

Source link

Continue Reading

Trending