RIP ZTE: Chinese firm suspends operations following crippling USA sales ban

ZTE requests that US Department of Commerce suspend seven-year ban

The business decision follows last month's legal issue impacting ZTE's ability to purchase components from United States companies.

ZTE may be suspending major activities to throw their full weight behind their argument against the USA government.

"As a result of the Denial Order, the major operating activities of the Company have ceased", ZTE said.

ZTE got hit with a fine of nearly $900 million a year ago for evading the embargo on telecom equipment exports to Iran, by using USA components in devices that it sold there.

ZTE says it's in communication with the USA government to try and reverse or modify the ban.

ZTE noted that it maintains "sufficient cash" to keep its commercial operations up and running for now, but at the time of writing the firm's online stores are showing as "under construction".

Facebook Users Are Unbothered by Privacy Debacle, Reuters Poll Shows
Only 16% reported that they use the site less, while 43% said that they have not changed their frequency of use. Among Twitter users, this was 55% and 58%, while for Instagram users, it was 60% and 65%.

Chinese mobile phone maker, ZTE, survives to fight another day, but its business continues to be hampered by restrictions imposed last month by the U.S. administration.

Reuters reported that work had slowed for ZTE employees since Commerce cut the firm off from its us suppliers. ZTE was hit with a ban last month by the USA government which forbids US-based companies from supplying technology to ZTE, after it was deemed to have violated USA export restrictions by illegally shipping goods to Iran. Meanwhile, this is just one example of the looming US-China trade war, which heavily involves technology companies like ZTE and Huawei.

USA authorities imposed the penalty after discovering that Shenzhen-based ZTE had misled regulators involving the illegal shipments to North Korea and Iran.

The US Department of Commerce's Bureau of Industry and Security (BIS) in April imposed the denial of export privileges against ZTE. Marick said ZTE has not given guidance on whether its phones can continue receiving software updates from Android, and discussions between the companies have been about ensuring ZTE can supply parts and service to honor phone warranties.

During a recent visit with United States trade officials, China raised concerns about the plight of ZTE.

There's more trouble for the Chinese telecommunication giant ZTE, as is in the process of ceasing all major operations in the US. The employee, who declined to be named, said business trips had been halted. Is the export ban against the company fair?

Related News:



Most liked

Kenyan dam bursts causing "huge destruction", deaths
Nakuru County Governor Lee Kinyanjui stated that his office will do its best to ensure those affected are taken to a safer place. Among villages affected are those in the farmlands of Nyakinyua, Endao, and Arutani where hundreds of people were displaced.

IPhone with triple rear camera coming in 2019 according to one analyst
The smartphone borrowed a couple of design cues from the iPhone X like its notch and placing the cameras vertically on the back. While in the range of Apple presents the iPhone 7 Plus, 8 Plus and iPhone iPhone X , which is equipped with dual cameras .

China's foreign trade up 8.9 pct in first four months
China responded with threats of US exports to China in an equal amount and targeting industries that may cause the most impact. China's foreign ministry called the White House statement a "positive signal".

Takeda joins pharma giants with $62bn Shire deal
The companies have agreed that up to three Shire directors will join the board of the newly combined business. According to MarketBeat, Shire now has a consensus "buy" rating and an average price target of 4,585.75p.

Red Sox and Yankees selected for first ever London Series
Henry said his team and the Yankees had been discussing the possibility of playing in London for several years. So fans can expect intense competition during what will surely be a great few days in London".

Do the 'secret chambers' of King Tut's tomb really exist?
King Tut's treasures are being transferred to a new museum that's being built on the outskirts of Cairo , near the Giza Pyramids. However, this new research showed no such indication of any suspicious walls, nor any large empty voids lurking behind them.

Summary of Experian plc (LON:EXPN) Ratings
Rockwell Medical, Inc. operates as an integrated biopharmaceutical firm in the United States and internationally. Parnassus Invests Ca holds 9.80 million shares. 3,470 are held by Sand Hill Advsr Ltd Liability Corporation.

Paris warns Air France's survival in the balance
Analysts have compared a rejection of management's pay proposal by workers to "pressing the self destruct button". Le Maire also warned that the state - which owns 14.3 percent of the group - would not serve as a backstop.

Protests grow at AMU over Jinnah portrait controversy
The BJP and the RSS are targeting minority institutions, the RLD national general secretary said at a meeting of a minority body. They said members of certain outfits entered the campus and disrupted the peaceful academic environment there.

Can analysts adopt a bullish outlook for Dialight plc (LON:DIA)?
Therefore 42% are positive. 8 are the (LON:CVSG)'s analyst reports since November 30, 2017 according to StockzIntelligence Inc. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock.

Tony Bellew knocks out David Haye to win again
Victory will once and for all put this rivalry to bed with Bellew proving his first victory over Haye last March was no fluke. Composed, confident, relaxed and precise, he was willing to wait for Haye to punch himself out or for his body to betray him.

'Avengers: Infinity War' Posted a Historic Second-Weekend Box Office Total
War will zip past Ultron's $459 million domestic total on Monday and the first Avengers' $623 million by the end of its run. Although critics were not especially won over by " Overboard ", audiences gave the film a more favorable A- CinemaScore.

Trump tells Giuliani to 'get facts straight' on Stormy Daniels case
However, Trump lawyer Rudy Giuliani drew that claim into question when he said earlier this week that Trump had paid Cohen back. Trump added that Giuliani was still getting up to speed. "I have to find out we're going to be treated fairly", he said.

Abbas Apologizes for Holocaust Remarks
Israeli and United States officials rushed to condemn his comments in the speech on Monday. And former US secretary of state John F.

Parolee who fled with children in RV chase has OR ties
He was able to create a large cloud of dust with the vehicle which gave the officers pause. The chase made eventually made its way back into Bakersfield and through surface streets.