Financial Daily Dose 5.28.2020 | Top Story: Canadian Court Clears U.S. Extradition Path for Huawei Exec

Robins Kaplan LLP

Robins Kaplan LLP

The path for extradition of Huawei exec Meng Wanzhou is much clearer now that a Canadian court has ruled that “the conduct she is accused of in the United States, if proved, also constitutes a crime in Canada.” That finding—the legal concept known as “double criminality”—was essential for Canada to transfer Ms. Meng to the U.S. to stand trial – NYTimes and WSJ and Bloomberg and Law360

Rough weather forced NASA to cancel the planned Wednesday SpaceX launch of two astronauts into orbit in what would have been the first flight of “commercially developed hardware carrying humans” and linking up with the ISS, the first manned mission from U.S. soil in a decade, and a major milestone for Elon Musk’s space company. The next launch window is Saturday afternoon – WSJ and Bloomberg and MarketWatch

Starting June 3, the Department of Labor will end its longstanding practice of “giving media access to monthly jobs reports and other data shortly before their public concerns, citing concerns that some outlets are getting a head start on selling this data to traders” – Law360

Add renters to the list of the growing list of groups devastated by the pandemic, with the country soon facing “a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans who have little financial cushion and few choices when looking for new housing” – NYTimes

Yet another installment of “Main’s Street’s a Mess. Why is Wall Street soaring,” in which the Times tries to sort out why markets are way up despite forecasts that 2020 profits among S&P 500 companies’ 2020 profits will “tumble more than 20 percent” – NYTimes [and WSJ and Bloomberg and MarketWatch]

There’s a sizable chasm between Wall Street and consumer sentiment, too – WSJ

Renault and Nissan are out with a new plan to “reset their troubled relationship” in a post-Ghosn and pandemic-dominated environment. Among other strategic moves, the plan calls for Nissan to “be the dominant partner in Japan, China and the United States, while Renault will take the lead in Europe, Russia, Africa and Latin America” – NYTimes and MarketWatch

The move wasn’t actually all that surprising given the company’s streamlining efforts in recent years, but still—after more than 130 years, General Electric, the American conglomerate founded by Thomas Edison, has sold its lighting business – NYTimes

Advantage Rent A Car is following rival Hertz into bankruptcy less than a week after Hertz sought Chapter 11 protection – WSJ

Bakery chain Le Pain Quotidien also filed for bankruptcy on Wednesday “as the business faces more than $100 million in debt and plans to complete a going-concern sale of most of its assets after closing its doors due to the COVID-19 pandemic” – Law360

A Virginia federal judge rejected Capital One’s claims of attorney-client privilege and has ordered the company to produce in discovery its cybersecurity firm’s forensic analysis of the company’s “massive” 2019 data breach – Law360

This whole everything-from-home thing got you down? Perhaps a little Zenimation is in order. Consider “Serenity” to start – Mashable

Stay safe.

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

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