Tuesday, July 17, 2018
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
IBM Backs Stronghold Digital Stable Coin
Samsung Adds Deezer's HiFi Lossless Audio to Select Soundbar Models
Amazon.com Faced Problems During Prime Day
Pioneer to Release New Blu-ray Disc Burners For Long-term Archiving
Walmart to Use Microsoft's Cloud Tech
Micron and Intel to End Their 3D XPoint Joint Development Partnership
Samsung Announces First 8Gb LPDDR5 DRAM for 5G and AI-powered Mobile Applications
Roku Debuts Roku TV Wireless Speakers
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > General Computing > U.S. Si...
Last 7 Days News : SU MO TU WE TH FR SA All News

Thursday, July 12, 2018
U.S. Signs Deal to Lift ZTE Ban


Chinese ZTE has inked an agreement with the Trump administration to allow the company to resume doing business with American suppliers, meeting a key Chinese government demand.

The Chinese telecoms gear-maker signed an escrow agreement with the Commerce Department and a ban on U.S. technology purchases will lift as soon as ZTE deposits $400 million, the department said Wednesday.

ZTE last month took a major step forward in meeting the White House's conditions by sacking its entire board and appointing a new chairman. Its new management faces the challenge of rebuilding trust with phone companies and corporate customers. But the company is said to be facing at least $3 billion in total losses from a months-long moratorium that choked off the chips and other components needed to make its networking gear and smartphones.

In addition, ZTE must hire an outside compliance monitor selected by the Commerce Department. The department missed a 30-day deadline to choose the monitor, but said on Wednesday the timetable was adjusted to conduct "due diligence."

"Once the monitor is selected and brought on board, the three-pronged compliance regime -- the new 10-year suspended denial order, the $400 million escrow, and the monitor -- will be in place," Commerce said in the statement. "The ZTE settlement represents the toughest penalty and strictest compliance regime the Department has ever imposed in such a case. It will deter future bad actors and ensure the Department is able to protect the United States from those that would do us harm."

ZTE also agreed to allow the U.S. government unfettered site visits to verify U.S. components are being used as claimed by ZTE, and to post calculations of the U.S. components in its products on its website in Chinese and English.

The ban was imposed after ZTE broke an agreement reached after ZTE pleaded guilty in U.S. federal court last year for illegally shipping U.S. goods and technology to Iran, in violation of U.S. sanctions.



Previous
Next
Samsung, LG Expected To Unveil New Smartwatches at IFA        All News        HTC EXODUS Blockchain Phone to Have a Cold Storage Wallet and Will Support Decentralized Apps
Broadcom to Buy CA Technologies for $18.9 Billion in Cash     General Computing News      Twitter Targets Fake Accounts

Get RSS feed Easy Print E-Mail this Message

Related News
ZTE Expects Losses Due to U.S. Penalty
U.S. Partially Allows ZTE to Resume Transactions
ZTE Revamps Chairman and Board to Avoid U.S. Ban
ZTE Accepts $1bn Fine to remove U.S. Ban
China's ZTE Close to Reaching Agreement With U.S.
U.S. to Impose Fine, New Management to ZTE to Keep it in Business
Samsung in Talks with ZTE to Offer Exynos Mobile Processor
President Trump Says It Will Help ZTE Get Back Into Business
ZTE Winds Down U.S. Operations After U.S. Ban
ZTE's Nubia Red Gaming Phone Released
ZTE Says Company's Survival at Risk
U.S. FCC Targets Huawei and ZTE With New Equipment Spending Controls

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2018 - All rights reserved -
Privacy policy - Contact Us .