American Companies Banned from Selling to Chinese Phone Maker ZTE
Apr 17, 2018, 18:12
The Commerce Department said Monday it will prohibit American companies from selling products to ZTE, which violated the terms of a deal made after the USA alleged that ZTE skirted sanctions against North Korea and Iran.
The new restrictive policy from the U.S. Department of Commerce stems from 2017 charges exacted on ZTE, the telecommunications equipment corporation, for illegally shipping American goods to Iran and North Korea. The agreement called for the company to pay $892 million in fines and forfeitures and be subject to an additional $300 million in penalties if it violates the terms of the settlement.
In addition to the monetary penalties, ZTEagreed to perform audits and to make truthful disclosures to federal investigators for the seven year probationary period.
Shares of big U.S. ZTE suppliers fell sharply on the Commerce ban.
ZTE "provided information back to us basically admitting that they had made these false statements", said a senior department official. In particular, ZTE had told the BIS it had disciplined the executives responsible for its illegal deals with Iran and North Korea, but in reality none of the individuals were actually disciplined but rather given bonuses.
The U.S. action against ZTE is likely to further exacerbate current tensions between Washington and Beijing over trade.
The West warned telecoms operators not to use ZTE equipment because its state ownership raised security fears.
The U.K.'s national Cyber Security Centre warns the telecommunication companies of the country that, "National risks from ZTE equipment and services can not be mitigated".
The Department of Commerce issued an order barring USA exports of sensitive technology to the Chinese company for seven years.
The move Monday by the US Commerce Department against ZTE, which sells smartphones and other telecommunications equipment around the world, comes amid a tense clash between the United States and China over trade and technology.
Chinese telecoms business ZTE Corp has suspended trading today after Britain's cybersecurity watchdog warned United Kingdom companies against working with the business.
According to Reuters, US manufacturers are estimated to provide up to a third of the components in ZTE's network equipment and smartphones, so the US action could have a disastrous impact on the Chinese business.
Many components were purchased from American Companies by ZTE corp.
"If they can't operate normally because of the USA export ban, that will clearly impact global and Chinese network construction and could affect future 5G rollouts", CICC analysts including Wang Xinglin wrote in a research note Tuesday.
When Hamilton was asked about his comments during the mandatory post-race news conference, Vettel intervened. Ultimately, I had a coming together with Max and it was an unnecessary collision. "I've lost two races now".
Evans just happened to be the one to get that chance. "We dug ourselves a hole, but I couldn't be more proud of my group". Calderone said Lavigne, who finished with 25 saves, was Michigan's best player in the second half of the year.
Governor Matt Bevin and the state legislature are slashing retiree benefits as they reduce taxes for corporations and the wealthy. The Oklahoma Education Association also laid out new demands it says lawmakers must meet for teachers to return to the classroom.
Public Security Minister Gilan Erdan said critics of the soldiers behavior are "crazy", arguing that they were "under stress". Israel's defense minister says a Gaza journalist who was killed by Israeli gunfire over the weekend was a Hamas militant.
Later this month (April), Kim and South Korean President Moon Jae In are to hold what would be the three inter-Korean summit. The working-level talks began on Saturday morning at a facility on the North side.
It all starts Saturday, the 16-team tournament that will be a two-month grind following the six-month grind of the regular season. The Jazz would hold Game 6 on Friday, April 27 and the series would conclude with Game 7 in Oklahoma City on Sunday, April 29.
The statement also said that the patrol auto was damaged with dents and a shattered rear window from the protesters. SPD is waiting for an official autopsy from the county coroner's office before commenting further on the incident.
You can now add music from your preferred streaming service, as well as podcasts and radio stations via the TuneIn skill. You can also say "Alexa, tell everyone..." or "Alexa, broadcast..." to access the new feature.
Park maintains that she is a victim of "political revenge" and has been refusing to attend court sessions since October. As the scandal unfolded, large demonstrations broke out across the nation, demanding Park's impeachment and ouster.
The question now is if Trump will move ahead with the tariffs as announced or change course, potentially going to the table. US President Donald Trump denied on Wednesday speculation about a trade war between Beijing and Washington.
Driver Power Rankings after 2018 Chinese Grand Prix
They barely made it, with mechanics seen snapping pieces of the car's body back into place with about a minute to spare. Sometimes I question why I chose this sport. "But then when you have a day like this it's worth 50 of those bad ones".
NHL Playoff Preview: Can the Penguins Win Another Stanley Cup?
They have a couple of players I haven't seen (Joe Ingles) or seen very much (Donovan Mitchell), and I sometimes enjoy Ricky Rubio. Many are calling the series between the Philadelphia Flyers and Pittsburgh Penguins the must-watch series of the first round.
Google Testing Self Destructing Email For Gmail
The Verge has obtained screenshots of the new Gmail design , now being tested inside Google and with trusted partners. Apart from the new look, the company will also be introducing some new features to the service.
National Film Awards to be declared today
Amit V Masurkar's Newton has bagged the Best Hindi Film while Pankaj Tripathi has received a special mention for his performance. The film marked Sridevi's 300th movie, as well as her final role.
Nadal wins on his return to David Cup action
Belgium, who are playing without world No 10 David Goffin, do not have a player ranked in the top 100 in their line-up. Coming back from injuries is always hard , but it's great to be in front of my crowd on a very memorable day.
PM Abbasi reaches Kabul on one day visit
During his meeting with Ghani, the Afghan president invited PM Abbasi to "initiate a state-to-state comprehensive dialogue". Prime Minister Abbasi praised Ghani's vision for peace in Afghanistan and his offer of peace talks to Taliban.