Canada Pledges $30 Million for Nokia as Huawei 5G Ruling Looms
(Bloomberg) -- Justin Trudeau’s government will announce C$40 million ($30 million) in funding for Nokia OYJ Friday after his innovation minister meets the company’s chief executive officer at the World Economic Forum.
Navdeep Bains will meet Nokia CEO Rajeev Suri in Davos on Friday and announce the funding afterward, according to Bains’s spokeswoman Danielle Keenan. The funding will support Nokia research based in Canada, she said Thursday.
Canada is weighing Huawei’s fate amid a diplomatic feud sparked by the arrest of the Chinese company’s chief financial officer, Meng Wanzhou, on a U.S. extradition request. China has since seized two Canadians and sentenced a third to death.
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