Huawei Technologies founder Ren Zhengfei is ready to licence his fifth-generation networking technology only to one other company — and he wants that potential arch-rival to be American.

White HSBC has ousted John Flint as chief executive after just 18 months. Mark Tucker, the chairman of Europe’s biggest bank, said this was needed to hasten progress on priority areas, such as the turnaround of its US business.

Huawei founder Ren Zhengfei struck a defiant tone in the face of US sanctions that threaten his company’s very survival.

There was no indication of any possible retaliation from Beijing.

Let’s recap the travesty that has unfolded over the past couple of days.