Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network


Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network
Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


Japan's top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks.

A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. The amount of equipment in use from Chinese makers “is relatively small”, he said.

The country’s top two telecommunications operators, NTT Docomo Inc and KDDI Corp, said the firms had not made any decision yet.

Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network, a spokeswoman said, adding it does not use any ZTE network equipment.

Huawei did not respond to Reuters request for comment, while ZTE declined to comment.

Huawei has already been locked out of the U.S. market, and Australia and New Zealand have blocked it from building 5G networks amid concerns of its possible links with China’s government. Huawei has said Beijing has no influence over it.

Japan’s decision to keep it out would be another setback for Huawei, whose chief financial officer was recently arrested by Canadian officials for extradition to the United States.

World financial markets have been roiled since news of the arrest, on worries it could reignite a Sino-U.S. trade row that was only just showing signs of easing.

Shares of SoftBank, which has the deepest relationship with Huawei among the big Japanese telcos, fell the most among the three top Japanese telcos on Monday, ending down 3.5 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


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Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues

Technology stocks across the region were under pressure, including many Huawei partners and suppliers. Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. “Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said. ZTE shares listed in Hong Kong were down 5.94 percent on the


Technology stocks across the region were under pressure, including many Huawei partners and suppliers. Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. “Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said. ZTE shares listed in Hong Kong were down 5.94 percent on the
Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: saheli roy choudhury, eustance huang, miguel candela, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, rout, continues, shares, stocks, fell, markets, hits, equipment, technology, major, tech, softbank, represents, selloff, hard, huawei, global, zte


Huawei CFO arrest hits Asian tech stocks hard; broader markets sell-off as global rout continues

Technology stocks across the region were under pressure, including many Huawei partners and suppliers.

Chipmaker Samsung tumbled 2.29 percent, Sunny Optical, which makes some of the lenses for Huawei phones, fell 5.47 percent and AAC Technologies declined 5.59 percent on the day. Chinasoft International, where Huawei is a strategic shareholder, dropped 11.71 percent.

Shares of Nikkei heavyweight SoftBank Group fell 4.93 percent. Last year, SoftBank and Huawei jointly demonstrated potential use of the next generation of high-speed mobile internet; SoftBank is taking its mobile unit public on Dec. 19.

The negative sentiment rippled through the broader Japanese tech sector, with shares of Tokyo Electron down 4.54 percent, Advantest falling 5.30 percent and TDK Corp dropping 6.64 percent.

Taiwan’s major tech names also struggled: Catcher Technology fell 9.89 percent, Taiwan Semiconductor was down 2.65 percent, Largan Precision lost 9.94 percent and iPhone assembler Hon Hai dropped 3.63 percent. Asia’s Apple suppliers, in general, saw Thursday declines.

Analysts at Jefferies pointed out that Huawei has a major global presence in various technology areas such as telecommunications equipment, semiconductors, smartphones and cloud computing. It also represents a major growth driver for many tech manufacturers.

Huawei’s Meng, who is the daughter of the company’s founder, faces extradition to the U.S., according to Canada’s Department of Justice.

While the arrest represents a new escalation in American efforts to hold Chinese companies accountable for violation of U.S. laws, it is likely to elicit an angry reaction from Beijing, according to Eurasia Group.

“The investigation of Huawei could be a prelude to further action against the firm and its senior officials,” the Eurasia Group analysts said, adding that if the U.S. places a sudden ban on Huawei equipment, like it did with ZTE, the impact would be much greater.

“Huawei equipment is more widely used (than ZTE is) by carriers around the world, including in Europe and Africa,” they said.

ZTE shares listed in Hong Kong were down 5.94 percent on the day.

Both Huawei and ZTE are restricted from selling telecoms equipment in the U.S. due to what the U.S. describes as national security concerns.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: saheli roy choudhury, eustance huang, miguel candela, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, rout, continues, shares, stocks, fell, markets, hits, equipment, technology, major, tech, softbank, represents, selloff, hard, huawei, global, zte


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Beijing-based VC firm says it’s adjusting strategy amid trade friction

A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China. MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping. Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependen


A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China. MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping. Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependen
Beijing-based VC firm says it’s adjusting strategy amid trade friction Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan
Keywords: news, cnbc, companies, capital, west, china, zte, vc, firm, work, things, adjusting, lot, friction, beijingbased, amid, trade, strategy, venture


Beijing-based VC firm says it's adjusting strategy amid trade friction

A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China.

“Certainly, events like the banning of selling components to ZTE and some of the discussions around displacing a lot of higher-end manufacturing supply chain out of China will certainly cause us to continue to work to develop native industries,” said Ben Harburg, managing partner of MSA Capital, a Beijing-based venture capital firm with over $1.5 billion under management.

MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping.

Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependence on U.S. inputs.” He was peaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan
Keywords: news, cnbc, companies, capital, west, china, zte, vc, firm, work, things, adjusting, lot, friction, beijingbased, amid, trade, strategy, venture


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Spy agency chief addresses ban on Chinese telecoms in Australia’s 5G rollout

But the distinction between core and edge collapses in 5G networks – that means that a potential threat anywhere in the network will be a threat to the whole network.” China’s Huawei and ZTE were banned from providing 5G technology equipment to Australia in August. Chinese smartphone manufacturers such as Huawei and ZTE are subject to legislation that requires citizens and businesses to cooperate with Chinese intelligence authorities. Federal Communications Commission Chairman Ajit Pai told CNBC


But the distinction between core and edge collapses in 5G networks – that means that a potential threat anywhere in the network will be a threat to the whole network.” China’s Huawei and ZTE were banned from providing 5G technology equipment to Australia in August. Chinese smartphone manufacturers such as Huawei and ZTE are subject to legislation that requires citizens and businesses to cooperate with Chinese intelligence authorities. Federal Communications Commission Chairman Ajit Pai told CNBC
Spy agency chief addresses ban on Chinese telecoms in Australia’s 5G rollout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: chloe taylor, miquel benitez, getty images
Keywords: news, cnbc, companies, subject, telecoms, technology, communications, chinese, addresses, potential, ban, agency, threat, 5g, spy, australias, rollout, huawei, chief, zte, networks, australian


Spy agency chief addresses ban on Chinese telecoms in Australia's 5G rollout

“5G technology will underpin the communications that Australians rely on every day, from our health systems and the potential applications of remote surgery, to self-driving cars and through to the operation of our power and water supply. The stakes could not be higher,” Burgess said.

“Historically, we have protected the sensitive information and functions at the core of our telecommunications networks by confining our high-risk vendors to the edge of our networks. But the distinction between core and edge collapses in 5G networks – that means that a potential threat anywhere in the network will be a threat to the whole network.”

China’s Huawei and ZTE were banned from providing 5G technology equipment to Australia in August.

Australia’s government said at the time that it could not involve firms that were “subject to extrajudicial directions from a foreign government that conflict with Australian law” in its national 5G rollout.

Chinese smartphone manufacturers such as Huawei and ZTE are subject to legislation that requires citizens and businesses to cooperate with Chinese intelligence authorities.

Following the ban, Huawei criticised the Australian government, claiming the decision was politically motivated.

“It is not aligned with the long-term interests of the Australian people, and denies Australian businesses and consumers the right to choose from the best communications technology available,” Huawei said in an emailed statement to CNBC.

5G mobile internet is widely predicted to revolutionise cities and future technologies such as autonomous vehicles, with many countries preparing for rollouts within the next few years.

However, adoption could be slowed by legislative red tape according to some experts. Federal Communications Commission Chairman Ajit Pai told CNBC’s “Squawk on the Street” last month that regulation was holding back U.S. 5G deployment.

Huawei and ZTE are already prohibited from selling telecoms equipment in the U.S. due to national security concerns.


Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: chloe taylor, miquel benitez, getty images
Keywords: news, cnbc, companies, subject, telecoms, technology, communications, chinese, addresses, potential, ban, agency, threat, 5g, spy, australias, rollout, huawei, chief, zte, networks, australian


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US senators seek ‘painful’ punishment if China’s ZTE violates deal

Republican and Democratic U.S. senators introduced a bill on Tuesday that would reimpose sanctions on China’s ZTE Corp if it does not fully comply with U.S. laws and an agreement with the Trump administration that ended stiff restrictions on the telecommunications equipment company. Lawmakers have introduced several pieces of legislation since then that seek to clamp down on the company, China’s second largest telecommunications equipment maker. Senate aides said they thought this measure – focu


Republican and Democratic U.S. senators introduced a bill on Tuesday that would reimpose sanctions on China’s ZTE Corp if it does not fully comply with U.S. laws and an agreement with the Trump administration that ended stiff restrictions on the telecommunications equipment company. Lawmakers have introduced several pieces of legislation since then that seek to clamp down on the company, China’s second largest telecommunications equipment maker. Senate aides said they thought this measure – focu
US senators seek ‘painful’ punishment if China’s ZTE violates deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, chinas, violates, legislation, agreement, deal, seek, trump, stiff, punishment, restrictions, introduced, senators, painful, zte, republicans, telecommunications, measure


US senators seek 'painful' punishment if China's ZTE violates deal

Republican and Democratic U.S. senators introduced a bill on Tuesday that would reimpose sanctions on China’s ZTE Corp if it does not fully comply with U.S. laws and an agreement with the Trump administration that ended stiff restrictions on the telecommunications equipment company.

President Donald Trump angered many members of Congress, including some of his fellow Republicans, in July when he decided to lift a ban on U.S. companies selling to ZTE, allowing the giant company to resume business.

Lawmakers have introduced several pieces of legislation since then that seek to clamp down on the company, China’s second largest telecommunications equipment maker. Most have failed to advance in the face of administration opposition.

Senate aides said they thought this measure – focused on adherence to an agreement reached by Trump’s Commerce Department – would get support from congressional leadership.

Among other things, the latest measure, introduced by three Republicans and three Democrats, would require reports from the Commerce Department every 90 days on ZTE’s compliance with the agreement and sharing with congressional committees ZTE audits conducted under the agreement.

If ZTE is not in compliance, it would face stiff penalties, including paying $400 million now held in escrow.

“This bipartisan legislation would ensure that if ZTE once again violates trade restrictions or its agreement with the U.S., it will be held accountable in a significant, painful way,” said Senator Mark Warner, the top Democrat on the Senate Intelligence Committee and a lead sponsor of the bill.


Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, chinas, violates, legislation, agreement, deal, seek, trump, stiff, punishment, restrictions, introduced, senators, painful, zte, republicans, telecommunications, measure


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Huawei lashes out at Australia’s ‘politically motivated’ ban on 5G products

Chinese smartphone maker Huawei criticized the Australian government for preventing it from being able to sell 5G products in the country. Shenzhen-based Huawei, along with domestic rival ZTE, were blocked from rolling out 5G technology in Australia Thursday over national security concerns. Huawei said in a tweet that day that the move was “disappointing” and maintained it had provided wireless technology in Australia “safely and securely” for 15 years. “It is not aligned with the long-term inte


Chinese smartphone maker Huawei criticized the Australian government for preventing it from being able to sell 5G products in the country. Shenzhen-based Huawei, along with domestic rival ZTE, were blocked from rolling out 5G technology in Australia Thursday over national security concerns. Huawei said in a tweet that day that the move was “disappointing” and maintained it had provided wireless technology in Australia “safely and securely” for 15 years. “It is not aligned with the long-term inte
Huawei lashes out at Australia’s ‘politically motivated’ ban on 5G products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: ryan browne, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, australias, communications, wireless, products, lashes, australia, australian, zte, yearsbut, 5g, technology, politically, motivated, available, ban, huawei


Huawei lashes out at Australia’s ‘politically motivated’ ban on 5G products

Chinese smartphone maker Huawei criticized the Australian government for preventing it from being able to sell 5G products in the country.

Shenzhen-based Huawei, along with domestic rival ZTE, were blocked from rolling out 5G technology in Australia Thursday over national security concerns.

Huawei said in a tweet that day that the move was “disappointing” and maintained it had provided wireless technology in Australia “safely and securely” for 15 years.

But on Friday, the company stepped up its position on the matter, calling the decision “politically motivated.”

“It is not aligned with the long-term interests of the Australian people, and denies Australian businesses and consumers the right to choose from the best communications technology available,” Huawei said in an emailed statement to CNBC.

Australia’s Department of Communications and the Arts was not immediately available for comment on the latest comments from Huawei.


Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: ryan browne, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, australias, communications, wireless, products, lashes, australia, australian, zte, yearsbut, 5g, technology, politically, motivated, available, ban, huawei


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Huawei and ZTE banned from selling 5G equipment to Australia

China’s Huawei and ZTE have been banned from providing 5G technology equipment to Australia. Huawei made a statement on Twitter Thursday saying that the Australian government had made the move despite the Chinese firm “safely and securely” delivering wireless technology in the country for nearly 15 years. A spokesperson for Australia’s Department of Communications and the Arts, which overseas telecoms regulations, did not say Huawei and ZTE had been banned specifically, but pointed CNBC toward a


China’s Huawei and ZTE have been banned from providing 5G technology equipment to Australia. Huawei made a statement on Twitter Thursday saying that the Australian government had made the move despite the Chinese firm “safely and securely” delivering wireless technology in the country for nearly 15 years. A spokesperson for Australia’s Department of Communications and the Arts, which overseas telecoms regulations, did not say Huawei and ZTE had been banned specifically, but pointed CNBC toward a
Huawei and ZTE banned from selling 5G equipment to Australia Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-23  Authors: arjun kharpal, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, 5g, equipment, australia, chinese, banned, huawei, zte, yearsa, technology, australian, security, selling, statement


Huawei and ZTE banned from selling 5G equipment to Australia

China’s Huawei and ZTE have been banned from providing 5G technology equipment to Australia.

Huawei made a statement on Twitter Thursday saying that the Australian government had made the move despite the Chinese firm “safely and securely” delivering wireless technology in the country for nearly 15 years.

A spokesperson for Australia’s Department of Communications and the Arts, which overseas telecoms regulations, did not say Huawei and ZTE had been banned specifically, but pointed CNBC toward a statement released Thursday regarding security guidance for Australian mobile carriers.

“The government considers that the involvement of vendors who are likely to be subject to extrajudicial directions from a foreign government that conflict with Australian law, may risk failure by the carrier to adequately protect a 5G network from unauthorized access or interference,” part of the statement said, highlighting that the government feels both Chinese firms could post national security threats.

Huawei and ZTE were not immediately available for comment.


Company: cnbc, Activity: cnbc, Date: 2018-08-23  Authors: arjun kharpal, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, 5g, equipment, australia, chinese, banned, huawei, zte, yearsa, technology, australian, security, selling, statement


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ZTE stock surges as US supplier ban lifted though outlook remains uncertain

That was still 37 percent lower than its last price in April when trading of the stock was suspended for two months following the ban. Jefferies analyst Edison Lee estimated ZTE had an operating loss of up to 4 billion yuan for April-June due to suspending business when the ban was imposed. The fate of the amendment remains unclear as the Senate and House have yet to reconcile their different versions. Uncertainty over the ban battered ZTE shares, wiping nearly $11 billion from the company’s mar


That was still 37 percent lower than its last price in April when trading of the stock was suspended for two months following the ban. Jefferies analyst Edison Lee estimated ZTE had an operating loss of up to 4 billion yuan for April-June due to suspending business when the ban was imposed. The fate of the amendment remains unclear as the Senate and House have yet to reconcile their different versions. Uncertainty over the ban battered ZTE shares, wiping nearly $11 billion from the company’s mar
ZTE stock surges as US supplier ban lifted though outlook remains uncertain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-16  Authors: lluis gene, afp, getty images
Keywords: news, cnbc, companies, surges, yuan, win, ztes, uncertain, lifted, members, ban, supplier, remains, business, zte, billion, senate, shares, outlook, stock


ZTE stock surges as US supplier ban lifted though outlook remains uncertain

Investors on Monday cheered the lifting of a U.S. supplier ban on China’s ZTE, pushing its shares up 17 percent, though analysts cautioned the telecommunications equipment maker still faced many challenges as it works to revive its business.

The U.S. Commerce Department on Friday lifted a crippling ban on American firms selling parts to ZTE—imposed in relation to a U.S. sanctions case—after the Chinese company deposited $400 million in escrow as part of a settlement reached last month. The settlement also included a $1 billion penalty paid to the U.S. Treasury in June.

“It’s a long way back for ZTE. Not just to win back customer confidence and assure them, but also work hard to find substitutes to U.S. suppliers such as Avnet, Qualcomm, Broadcom etc (to reduce reliance),” said Nikhil Batra, senior research manager at consultancy IDC.

“Essentially, this would mean going back to the drawing board and rethinking its overall design strategy.”

ZTE’s Hong Kong-listed stock opened up 5.5 percent on Monday, rising over 17 percent to HK$16.12 by noon. That was still 37 percent lower than its last price in April when trading of the stock was suspended for two months following the ban.

ZTE’s Shenzhen shares jumped by their 10 percent daily limit early on Monday, as investors brushed off ZTE’s forecast on Friday a net loss of up to 9 billion yuan ($1.35 billion) for the first half of 2018 due to the fine.

Jefferies analyst Edison Lee estimated ZTE had an operating loss of up to 4 billion yuan for April-June due to suspending business when the ban was imposed.

Lee said he expected ZTE to go to each of its non-Chinese telecommunications customers “and offer incentives of varying degrees to compensate for their hardship and reward their patience and loyalty”.

People familiar with the matter told Reuters that ZTE started reaching out to clients over the weekend with a letter promising to ramp up operations as quickly as possible.

Many U.S. lawmakers see ZTE as a national security threat and, on Thursday, a group of Republican and Democratic U.S. senators urged ZTE’s penalties be reinstated.

The U.S. Senate paved the way for a showdown with U.S. President Donald Trump over the issue last month, when it passed an annual defense policy bill with an amendment that could reverse ZTE’s settlement.

The fate of the amendment remains unclear as the Senate and House have yet to reconcile their different versions. There is bipartisan support for the measure among members of Congress, but Republicans control both the Senate and House and party leaders rarely break from Trump’s policies.

“The political nature of the issue and the fact that members of the U.S. Senate are not on board this decision makes it very tricky. Anything could happen,” said Batra.

Others agreed the prospect of ZTE continuing as before was unlikely.

“In terms of carrier business, we think ZTE is still a competitive telecom equipment supplier, especially in the 5G era, and its return to business may help China’s 5G development to be back on track,” Nomura analysts wrote in a note to clients on Monday. “However, we think it remains uncertain as to what extent ZTE can win back the existing customers and explore new businesses.”

The ban had been a source of friction between the U.S. and Chinese governments at a time of escalating trade tension. The ban was imposed in April after Commerce Department officials said ZTE made false statements about disciplining 35 employees after it pleaded guilty last year to violating U.S. sanctions by illegally shipping U.S. goods and technology to Iran.

Uncertainty over the ban battered ZTE shares, wiping nearly $11 billion from the company’s market valuation.

As part of the deal to lift the ban, ZTE agreed to remove all members of its leadership at or above senior vice president level, along with any executives associated with the wrongdoing within 30 days.


Company: cnbc, Activity: cnbc, Date: 2018-07-16  Authors: lluis gene, afp, getty images
Keywords: news, cnbc, companies, surges, yuan, win, ztes, uncertain, lifted, members, ban, supplier, remains, business, zte, billion, senate, shares, outlook, stock


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US ban on China’s ZTE lifted

The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE, allowing China’s second-largest telecommunications equipment maker to resume business. The Commerce Department had said it would remove the ban after ZTE paid a $1 billion penalty and placed $400 million in a U.S. bank escrow account as part of a settlement reached last month. The company was no longer on the Commerce Department’s “denied persons list” as of Friday.


The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE, allowing China’s second-largest telecommunications equipment maker to resume business. The Commerce Department had said it would remove the ban after ZTE paid a $1 billion penalty and placed $400 million in a U.S. bank escrow account as part of a settlement reached last month. The company was no longer on the Commerce Department’s “denied persons list” as of Friday.
US ban on China’s ZTE lifted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-13  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, settlement, resume, remove, commerce, zte, telecommunications, department, lifted, secondlargest, ban, selling, chinas


US ban on China's ZTE lifted

The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE, allowing China’s second-largest telecommunications equipment maker to resume business.

The Commerce Department had said it would remove the ban after ZTE paid a $1 billion penalty and placed $400 million in a U.S. bank escrow account as part of a settlement reached last month.

The company was no longer on the Commerce Department’s “denied persons list” as of Friday.


Company: cnbc, Activity: cnbc, Date: 2018-07-13  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, settlement, resume, remove, commerce, zte, telecommunications, department, lifted, secondlargest, ban, selling, chinas


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China’s ZTE shakes up board in bid for US ban lift

Chinese telecoms giant ZTE announced a new board on Friday in a radical management shakeup as part of a $1.4 billion deal with the United States, moving it closer toward getting a devastating American supplier ban lifted. The United States slapped the crippling seven-year supplier ban on ZTE, China’s No. The management overhaul was among the conditions laid out in the settlement deal to have the ban lifted. The old board and senior management, headed by Chairman Yin Yimin, have tendered their re


Chinese telecoms giant ZTE announced a new board on Friday in a radical management shakeup as part of a $1.4 billion deal with the United States, moving it closer toward getting a devastating American supplier ban lifted. The United States slapped the crippling seven-year supplier ban on ZTE, China’s No. The management overhaul was among the conditions laid out in the settlement deal to have the ban lifted. The old board and senior management, headed by Chairman Yin Yimin, have tendered their re
China’s ZTE shakes up board in bid for US ban lift Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: lluis gene, afp, getty images
Keywords: news, cnbc, companies, chinas, billion, company, lift, bid, zte, deal, united, ban, management, telecoms, supplier, shakes, board


China's ZTE shakes up board in bid for US ban lift

Chinese telecoms giant ZTE announced a new board on Friday in a radical management shakeup as part of a $1.4 billion deal with the United States, moving it closer toward getting a devastating American supplier ban lifted.

The United States slapped the crippling seven-year supplier ban on ZTE, China’s No. 2 telecommunications equipment maker, in April after it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.

The management overhaul was among the conditions laid out in the settlement deal to have the ban lifted.

Li Zixue was elected as the company’s new chairman, ZTE said in exchange filings late on Friday.

The old board and senior management, headed by Chairman Yin Yimin, have tendered their resignation on June 29, it added.

The company, which ceased major operations after the ban, has also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with U.S. suppliers – who provide almost a third of the components used in its equipment.

But the U.S. Department of Commerce has still not worked out the details necessary for lifting the ban, with the deal facing strong opposition from some U.S. lawmakers.

The uncertainty over the ban amid intensifying U.S.-China trade tensions has hammered ZTE shares, which have cratered 60 percent since trading resumed earlier this month following a two-month hiatus, wiping out more than $11 billion of the company’s market valuation.

Some investors and analysts have questioned whether a brand new board and management team can settle in quickly enough and lead the company out of the woods.

“I am most interested to see how well the new board will manage the company, as well as their technical expertise in telecoms. I don’t know how experienced they are in both these respects,” said a ZTE employee, who declined to be named due to the sensitivity of the issue.


Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: lluis gene, afp, getty images
Keywords: news, cnbc, companies, chinas, billion, company, lift, bid, zte, deal, united, ban, management, telecoms, supplier, shakes, board


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