China's ZTE sees heavy losses in H1 due to USA penalty

15 July, 2018, 22:16 | Author: Regina Silva
  • ZTE can once again do business with American companies

The ban lift will allow ZTE, China's second-largest telecommunications equipment maker, to resume business with USA companies.

Soon after, the U.S. had come up with a proposal that states that if China recruits compliance team hand-picked by the USA, pays a whopping penalty of $1 billion, deposits $400 million in the holding account for the violations of the laws in the future, and redesigns the board of management, the U.S. will reconsider the punishment.

"The department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all USA laws and regulations", Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case.

USA officials said the company violated US sanctions against exporting to Iran and North Korea.

ZTE did not respond to requests for comment. BIS imposed this seven-year ban and other penalties against ZTE in April 2018 in response to its numerous violations of USA export controls and sanctions laws.

The company had paid bonuses rather than reprimanding employees involved in illegal activity and created an "elaborate scheme" to deceive U.S. officials and obstruct justice, USA officials said. ZTE pleaded guilty a year ago over the sanctions violations.

France and Croatia face off in final
Their energy and desire to finish the tournament well, we owe it as much to ourselves as to our nation to finish well. Croatia beat England to reach the finals while France beat Belgium to also reach the finals.


Imam, Khan propel Pakistan to crushing victory over Zim
However, the pitch has got slower and lower over the past few years, so forcing the issue might prove risky for batsmen. After Pakistan won by 201 runs in Bulawayo , Khan, who starred with the ball, was asked to explain his team's form.


MacBook Pro keyboards may have gotten a secret upgrade
As mentioned, Apple has officially just said that the MacBook Pro keyboard is quieter now, but iFixit believes that's a cover-up. As of now, Apple has not made any statement regarding the findings that say the MacBook Pro keyboard has been fixed.


The $400 million will stay in an escrow account for as long as 10 years to provide the USA government access to the money if ZTE violates the latest settlement.

The $1 billion penalty was sent to the U.S. Treasury last month.

The $400 million will remain in escrow for as long as 10 years to provide the United States government access to the money if ZTE violates the June settlement.

The sanctions influenced ZTE's decision recently to cease operations, and eliminate its entire board and appoint a new chairman. The current ban could have lasted seven years.

The United States has formally lifted a crippling ban on exports to China's ZTE, rescuing the smartphone maker from the brink of collapse after it was denied key components. Its fate is unclear.

Republican Senators Marco Rubio, Tom Cotton and Roy Blunt and Democrats Chris Van Hollen, Mark Warner and Bill Nelson told leaders of the armed services committees of both the Senate and the House of Representatives that they strongly oppose the Commerce Department's deal with ZTE.

Recommended:

  • Pair of observatories confirm rare double asteroid

    Pair of observatories confirm rare double asteroid

    The same situation goes for a system like Didymos, where a very large asteroid has a much smaller one orbiting it. Different levels of reflectivity suggests the two rocks feature different densities and compositions.

    Porte crashes out of Tour de France

    Monday is this Tour's first rest day, with riders back in action on Tuesday in a 158.5km stage from Annecy to Le Grand-Bornand. This was the second consecutive "transition" stage that shifts the race across flatter areas to reach more hard terrain.
    Serena Williams Upset in Wimbledon Final

    Serena Williams Upset in Wimbledon Final

    She broke Serena's serve four times and only had her serve broken once so despite Serena being a favorite, she kept up her skills. As things stand, Williams holds the mark for the half-century of professional tennis, one ahead of Kerber's idol, Graf.
  • Man Utd In Advanced Negotiations To Wrap-Up 4th Summer Signing

    Man Utd In Advanced Negotiations To Wrap-Up 4th Summer Signing

    Manchester United boss Jose Mourinho has hit out at at Raheem Sterling following a disappointing World Cup for England . Mourinho said: "Perisic, he went from Croatia to [Borussia] Dortmund, goes to Wolfsburg, goes to Inter".
    Aston Martin put a V8 in this silly, tiny car

    Aston Martin put a V8 in this silly, tiny car

    Earlier this decade, Aston Martin rebadged a Scion iQ and sold the auto complete with a wheezy 1.3-liter engine as the Cygnet . These also house the new forged, five-spoke, diamond-turned wheels, which have grown from 16-inch to 19-inch.

    Second lunar eclipse of 2018 an unusual type

    The total lunar eclipse is projected to be visible across various parts of South America , Asia, Africa, and Middle East regions. During the partial eclipse, the Earth will pass through the moon's penumbra, and a sliver of the sun will vanish into darkness.
  • Sec 377 example of 'social disdain', declaring it invalid will help: SC

    Sec 377 example of 'social disdain', declaring it invalid will help: SC

    On the third consecutive day of hearing, Justice Malhotra spoke of the pressure on homosexual people from within the home. With the change in Section-377, two people can get intimate with the consent and there will be no restriction on this.
    Police respond to fresh Salisbury incident

    Police respond to fresh Salisbury incident

    The police also added that I would not like to scare anyone, but I hope that people "understand the reasons for such measures". The man said that when he cycled past a second time there was a "small cordon with a handful of police and paramedics".
    Manchester City angry with Chelsea over Jorginho deal

    Manchester City angry with Chelsea over Jorginho deal

    Chelsea completed the long-expected hiring of Maurizio Sarri as their new manager on Saturday, appointing him after parting ways with Antonio Conte .
  • Apple announces new MacBook Pros with 8th Gen processor and more

    Apple announces new MacBook Pros with 8th Gen processor and more

    It's apparently the first eGPU to support Thunderbolt 3 displays like LG's Apple-approved 5K Monitor. The 15-inch model is now 70% faster, while the smaller 13-inch model is "twice as fast".
    Antoine Griezmann celebrates World Cup final goal with 'disgusting' Fortnite dance

    Antoine Griezmann celebrates World Cup final goal with 'disgusting' Fortnite dance

    However, Croatia has shown it can score from losing positions, nearly at will, and gain greater control of a game as it unfolds. France have an abundance of technically gifted players, but Kylian Mbappe remains one of their greatest weapons.
    2 people injured in apparent shark attacks at same Florida beach

    2 people injured in apparent shark attacks at same Florida beach

    Both of the victims were bitten on their feet and are in stable condition with non life-threatening injuries. A truck from the sheriff's department was filmed by a beach-goer announcing swimmers should exit the ocean.


Popular

Motorola launches Moto E5 Play Android Go Edition
However, the new variant will ship with Android Go on board, not the standard Android 8.0 Oreo pre-installed on the regular model. As mentioned in the beginning, the Android Go version of the E5 Play will launch in Europe and Latin America sometime this month.

McDonald's Removing Salads From 3000 Stores After Illness
Since mid-May, it has sickened 15 people in Iowa, 29 in IL , and 10 others in Wisconsin, Minnesota, South Dakota and Nebraska. McDonalds has reportedly stopped selling salads at around 3,000 restaurants in the Midwest for the time being.

'We're blessed to watch Mbappe' - Kaka amazed by France star's maturity
Plenty of similarities exist between Chelsea forward Giroud and France's main striker from two decades ago Stephane Guivarc'h. But they are not even thinking about how the French public is reacting to their run in Russian Federation .

Pilots' strike achieved nothing, says Ryanair
With 27% of its Irish pilots on strike, it expects the impact to be "limited" and customers have been "re-accommodated". That is just ahead of planned strikes by cabin crew in Spain Italy, Portugal and Belgium on 25 July and 26 July.

Theresa May reveals Donald Trump urged her to sue the European Union
The deal she is pursuing "is not what the people voted on" and will affect trade with the USA "in a negative way", he said . He said his suggestion was found to be "too brutal" by the Prime Minister, and it's clear to see why.

World Cup final will take place the week before Christmas
Incidents during reports from the World Cup have drawn attention to the journalist's movement to end sexism and harassment. Infantino said that the expansion of the tournament from 32 to 48 countries will change the panorama.

Cosmic ‘ghost particle’ traced offering new ‘window on the universe’
Blazar is an active galaxy with twin jets of light that shoot laser beams from the poles on the axis of the black hole's rotation. Soon after, ground- and space-based telescopes looked for the source of that single neutrino .

OPPO Find X India launch: Specs, pricing, features, and more
In the front, Oppo Find X carries a 25-megapixel selfie camera with "AI 3D" feature which might be helpful for face unlock. There is still no official word on when the Indian market will see the Oppo Find X Automobili Lamborghini Edition .

The Amazing Save Which Denied Harry Kane An England Goal Against Croatia
He explained that France had more quality players to win the trophy but warned that in the game of football , surprises could happen.

Donald Trump told Theresa May to sue the EU
She wrote: "There are some planning to vote for amendments that would tie us to a permanent customs union with the EU". She said that any Commons revolts by pro and anti-EU MPs would risk undermining any chances of a deal with Brussels.