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U.S. Judge Rules Huawei Must Face Criminal Charges in Technology Theft and Bank Fraud Case

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A federal judge in Brooklyn has rejected Huawei Technologies’ attempt to dismiss most charges in a U.S. criminal case accusing the Chinese telecom giant of stealing technology secrets and misleading banks about its activities in Iran. In a detailed 52-page ruling on Tuesday, U.S. District Judge Ann Donnelly upheld sufficient allegations from a 16-count indictment, including racketeering, theft of trade secrets from six companies, and bank fraud.

The indictment also alleges that Huawei covertly controlled Skycom, a Hong Kong-based company, which conducted business in Iran. Prosecutors claim Skycom operated effectively as Huawei’s Iranian subsidiary, benefiting indirectly from over $100 million transferred through the U.S. financial system in violation of sanctions.

Huawei has pleaded not guilty and sought to dismiss 13 counts, calling the case “a prosecutorial target in search of a crime.” The trial is set for May 4, 2026, and may last several months.

This high-profile case began in 2018 under the Trump administration’s China Initiative, which aimed to combat intellectual property theft by Chinese entities. Huawei’s CFO Meng Wanzhou, detained in Canada for nearly three years, had charges dismissed in 2022. The Biden administration ended the China Initiative amid criticism of racial profiling and chilling effects on research.

Huawei, headquartered in Shenzhen, operates in over 170 countries with approximately 208,000 employees. The U.S. has restricted Huawei’s access to American technology since 2019 over national security concerns, which Huawei denies.

OPEC+ Delays Oil Production Strategy Meeting to Dec. 5 Amid Market Uncertainty

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OPEC+, the global oil alliance, has postponed its upcoming meeting to discuss future oil production strategies until December 5, sources familiar with the matter told CNBC. The meeting, initially set for December 1, will now take place virtually.

Delayed Decision on Production Cuts

The OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is currently managing multiple production cuts in response to unpredictable global oil demand. The group’s formal output strategy aims to limit production to 39.725 million barrels per day (bpd) into 2025. In addition, eight members have committed to reducing production by 1.7 million bpd voluntarily, with a second round of cuts of 2.2 million bpd set to end in December.

The rescheduling of the meeting is reportedly due to the attendance of key member ministers at the Gulf Summit in Kuwait City on December 1.

Impact of Geopolitical Factors and Price Pressures

The question of whether to extend the second set of 2.2 million bpd cuts remains uncertain. Global oil prices have been under pressure recently, partially due to the implementation of a ceasefire between Israel and Lebanon, which has lessened the risk of oil production disruptions in the Middle East.

Further complicating matters is the ongoing conflict involving Iran, a key OPEC member, which has been engaged in hostilities with Israel and supporting militant groups in the region. Markets are particularly concerned about the potential impact on Iran’s oil infrastructure.

As of the morning of the meeting delay announcement, the price of Brent crude was trading at $72.68 per barrel, a slight decrease of 0.2%. Meanwhile, U.S. WTI crude futures for January delivery were at $68.58 per barrel, also down by 0.2%.

Uncertainty Surrounding U.S. Policy

Adding to the uncertainty in the global oil market is the anticipated return of President-elect Donald Trump in January. Trump has historically promoted a “drill, baby, drill” policy, encouraging increased U.S. oil production. He has also pursued aggressive sanctions against Iran, which could further complicate Tehran’s oil exports, especially to China, the world’s largest crude importer.