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Meng Wanzhou’s lawyers argue her actions are not crimes under Canadian law

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Defense lawyers argue a senior executive of the Chinese tech giant Huawei should not be extradited to the U.S. because her actions would not be considered crimes under Canadian law.

The extradition hearing for Huawei chief financial officer Meng Wanzhou is scheduled to begin Monday. Meng, the daughter of the company’s founder, faces charges of committing fraud to try and evade U.S. sanctions on Iran. Huawei is China’s first global tech brand and Beijing views her case as a political move designed to prevent China’s rise.

“This is a case of U.S. sanctions enforcement masquerading as Canadian fraud,” say defense documents released Friday.

Meng was arrested at the Vancouver airport in late 2018 at the request of the U.S. government. American prosecutors allege she made misrepresentations to foreign banks, including London-based HSBC, about Huawei’s relationship with its Iran-based affiliate Skycom.

Last week, the Canadian Department of Justice released documents supporting its case the allegations against Meng meet the extradition test of “double criminality” meaning if they had occurred Canada, they would be criminal under Canadian law.

Defense lawyers dispute that claim, arguing it’s not illegal in Canada to do business with Iran.

“Canada not only permits banks to do business with Iran-based entities, it encourages them to do so,” the documents say.

The documents point out the prosecution has argued Meng’s action have caused HSBC to be placed at risk of financial prejudice for offering banking service to Huawei and Skycom because of U.S. sanctions.

”Simply put, a bank in Canada would not be concerned that Huawei’s relationship with Skycom could trigger sanctions risk,” the documents say.

Meng made a brief court appearance Friday where lawyers discussed additional court dates. The first stage of the extradition hearing dealing is expected to last five days.

Meng is free on bail and is living in one of the two Vancouver mansions she owns.

Beijing detained former two Canadians, ex-diplomat Michael Kovrig and businessman Michael Spavor, in late 2018 in an apparent attempt to pressure Canada to release Meng. They have not had access to lawyers or their families.

Huawei is the biggest global supplier of network gear for phone and internet companies has become the target of U.S. security concerns because of its ties to the Chinese government.

Source:- Global News

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Canada’s M&A boom fuels hiring spree, higher pay

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Record-breaking dealmaking in Canada is encouraging investment banks to beef up staffing, but the increased demand for bankers is forcing some to pay up in unique ways to attract new hires.

Canadian mergers and acquisitions (M&A) year to date surged to a record $206.5 billion and IPOs hit an all-time high of $5.6 billion, according to Refinitiv, after the pandemic crushed dealmaking in the first three quarters of 2020.

HSBC, JPMorgan Chase & Co and National Bank of Canada are expanding their M&A teams.

“It continues to be an active market with lots of active discussions with clients going on as well, and so that has absolutely spurred on a need to fortify the ranks within the teams,” said Scott Lampard, head of global banking for HSBC Bank Canada.

HSBC plans to boost overall investment banking headcount by 20%-25%, mainly at the analyst level to support pitching and executing deals, Lampard said.

PENT-UP DEMAND

With the pace of transaction expected to continue at pace, banks are paying more to hire and retain existing teams, offering a range of new services, like sending in a consultant to create the ideal home office, recruiters say.

“We’ve been doing this for nearly 20 years and we’ve never seen a market like this,” said Bill Vlaad, CEO at recruitment firm Vlaad and Company. “Everybody is scrambling,”

“Many of the banks have increased base salaries quite dramatically, mostly in 2021,” he said, adding salaries had increased 20%-40% across M&A roles.

“Now if you want to attract, you have to put something else on the table.”

To poach talent, banks are adding signing bonuses, extra vacation days, healthcare increases, special programs for mental wellness and home office perks, all tailored to individual requests, Vlaad said.

TD Securities, Barclays, CIBC World Markets are the top M&A advisers year to date. All three declined to comment on hiring plans.

Of the top deals announced this year, Rogers Communications Inc’s C$20 billion ($16.2 billion) bid for Shaw Communications Inc and Canadian National’s bid $33.6 billion offer for Kansas City Southern are the two biggest.

Despite the pandemic, five of the top six Canadian banks paid an average of C$3.1 billion ($2.50 billion) in total bonuses last year, up from C$2.9 billion ($2.34 billion) in 2019, an analysis of filings by Reuters showed.

Headcount at National Bank Finance will be up by four or five people in M&A versus the same time last year, David Savard, head of M&A at the bank, told Reuters.

That put the team at 28 for the large-cap M&A team and 10 for the mid-market team, he said, adding both areas were “booming”.

“There seems to be some pent-up demand for entrepreneurial-led companies and private companies doing M&A coming out of COVID,” he said.

David Rawlings, CEO for JPMorgan Canada, agreed headcount would be likely higher in the near future.

“We think activity will continue to be strong and are currently looking to selectively hire with a particular focus on senior diverse candidates,” said Rawlings.

($1 = 1.2453 Canadian dollars)

(Reporting by Maiya Keidan; Editing by Denny Thomas and Lisa Shumaker)

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French court overturns ruling saying sale of cannabidiol is illegal

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France’s highest appeals court on Wednesday overturned a ruling that stores in the country can’t legally sell cannabidiol (CBD), a non-psychotic compound related to cannabis that is being researched for a variety of medical applications.

Based on the free trade of goods within the European Union, the Cour de cassation ruled that judges could not find the sale of CBD in France illegal if it had been legally produced in a member state of the bloc.

The Court of Justice of the EU ruled last year that no national law can prohibit the sale of CBD legally produced in a member state, the French court also said.

“Without considering whether the substances seized had not been legally produced in another member state of the European Union, the court failed to provide a basis for its decision,” it said, referring to a ruling of a lower appeals court.

The Cour de cassation did not rule whether selling CBD in France was legal or not, and ordered a lower court to rule again on a case involving the owner of a shop selling CBD.

“We are happy”, CBD shop owner Mathieu Bensa, who was not involved in the case, told Reuters after the ruling.

“We did not understand why France was the last country in the European Union that had not given access to the sale of hemp plants”, he said.

Derived mainly from the hemp plant, CBD is increasingly used as a relaxant.

Cannabis stocks have attracted growing interest on world stock markets, particularly on the Toronto stock exchange after Canada became one of the first major economies to legalise the recreational use of marijuana.

Cannabis use is outlawed in France but the country has one of Europe’s highest consumption rates.

(Reporting by Matthieu Protard, Benoit Van Overstraeten and Ardee Napolitano; Editing by Mark Potter)

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Canada Energy Regulator allows resumption of Trans Mountain oil project

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The Canada Energy Regulator (CER) has issued a notice https://bit.ly/35Sm87H allowing Trans Mountain Corp to resume work on its Trans Mountain Expansion (TMX) oil pipeline project.

The company was ordered in April to halt work on a section of the project in Burnaby, British Columbia, for four months to protect hummingbird nests.

The C$12.6 billion ($10.17 billion) TMX project will nearly triple capacity of the pipeline, which runs from Edmonton in Alberta to the coast of British Columbia, to ship 890,000 barrels per day of crude and refined products when completed late 2022.

(Reporting by Arpan Varghese in Bengaluru; Editing by David Goodman)

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