|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Friday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Huawei CFO learns fate
Canada’s Department of Justice (DoJ) must today decide whether to proceed with the extradition of Huawei Chief Financial Officer Meng Wanzhou to the United States. Should the DoJ issue an “Authority to Proceed”, an official hearing will then take place to decide Wanzhou’s fate.
The daughter of Huawei founder Ren Zhengfei, Wanzhou has been accused of breaching the US ban on dealings involving Iran by the United States and defrauding financial institutions. She has been issued 13 charges, from financial fraud to violating sanctions.
Huawei has insisted Wanzhou is innocent. The company is currently at odds with the US, which has decided to ban it from participating in the development of its next-generation 5G infrastructure. The Trump administration claims that Huawei conducts spying on behalf of the Chinese government, which Huawei denies.
If the DoJ proceed, a hearing is set for Wednesday, 6 March in Vancouver.
Apple holds annual shareholders’ meeting
US tech giant Apple will today host its annual meeting of shareholders to provide investors with updates on the company’s performance and plans over the next 12 months.
The meeting comes after the company was forced to issue a profit warning in January, which CEO Tim Cook blamed on below expected iPhone sales and economic slowdown in the Chinese market. A month later, Apple announced in its Q1 results that quarterly revenue had fallen 5% year-over-year to $84.3bn.
The shareholders meeting will centre on a vote on an apparent “liberal grip on Silicon Valley”, which the Securities and Exchange Commission ruled must be debated at the meeting as a result of pressure from a conservative shareholder group. Apple insists that its board members deserve their place based on skills, qualities, attributes and experience, rather than their political ideologies.
The meeting will take place at the Steve Jobs Theatre in Cupertino, California, starting at 9am local time (5pm GMT).
UK broadband guarantees come into force
New rules created by the United Kingdom’s Office of Communications (Ofcom) come into force today, designed to protect consumers from overpriced broadband contracts.
Under the new rules, providers will be required to inform customers of a minimum guaranteed speed. If the provider fails to deliver on its promise, customers will be allowed to cancel their contracts after 30 days penalty-free.
Providers were previously able to advertise speeds reached by as few as 10% of their customers. However, Ofcom has since changed the rules to require companies to advertise speeds reached by at least 50% of their customers during peak hours.
Broadband providers have been criticised of late after Which? found that customers were being overcharged by as much as 89% for staying with their provider beyond the original contracted period.