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Just when you thought things couldn’t get any worse for Huawei Technologies, another problem pops up. HSBC Holdings and Standard Chartered won’t be providing the Chinese telecom giant with any new banking services or funding after deciding the company is too high risk, according to The Wall Street Journal. That comes after Huawei’s CFO and the daughter of its founder, Meng Wanzhou, was arrested earlier this month for allegedly conspiring to defraud banks and violating US sanctions against Iran. The fracas has further frayed ties between the US and China, already tense amid the trade war. At first blush, you might think this isn’t a big deal for the Chinese national champion: Huawei has plenty of cash (with free cash flow of about $2.5bn in 2017) and a roster of lenders that have been eager to give it money. Citigroup continues to provide the company with day-to-day banking services outside the US. But having less access to global banks should be worrying to Huawei — even if the chan...

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