TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Google’s giant Equiano Internet cable has landed in South Africa

      8 August 2022

      The African tech start-ups eyeing global markets

      8 August 2022

      Karpowership loses bid to overturn environmental ruling

      8 August 2022

      New app launched to tackle potholes in South Africa

      8 August 2022

      Rogue database felled Capitec in its worst-ever IT outage

      7 August 2022
    • World

      Nvidia issues profit warning on slump in demand for graphics cards

      8 August 2022

      Buterin: Mining on Ethereum Classic won’t affect Merge

      8 August 2022

      Musk challenges Twitter CEO to a public debate

      7 August 2022

      Amazon splashes $1.7-billion on Roomba maker iRobot

      5 August 2022

      Nigeria asks Google to block banned groups from YouTube

      5 August 2022
    • In-depth

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022

      Webb telescope’s stunning images of the cosmos

      12 July 2022
    • Podcasts

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022

      Demystifying the complexity of AI – fact vs fiction

      6 July 2022

      How your organisation can triage its information security risk

      22 June 2022
    • Opinion

      SIU seeks to set aside R215-million IT tender

      19 July 2022

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»World»US signs deal to lift restrictions on ZTE

    US signs deal to lift restrictions on ZTE

    World By Agency Staff11 July 2018
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    The Donald Trump administration said ZTE took another step toward ending a US ban on the company doing business with American suppliers, a key Chinese government demand amid an escalating trade dispute between the world’s two largest economies.

    The Chinese telecommunications giant has signed an escrow agreement with the US commerce department and the ban will be lifted as soon as the company deposits US$400-million in escrow, the department said in an e-mailed statement Wednesday. The company is currently operating on a temporary waiver that expires on 1 August.

    “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 US from those that would do us harm.”

    The ZTE settlement represents the toughest penalty and strictest compliance regime the department has ever imposed in such a case

    A person familiar with the matter said the escrow payment should be completed within a day.

    ZTE representatives met with commerce department officials on Monday to discuss a path forward for the deal, people familiar with the meeting said on condition of anonymity.

    The Trump administration in April announced a seven-year ban on US exports to ZTE after it said the company violated sanctions agreements by selling American technology to Iran and North Korea. The ban had forced ZTE to announce it was shutting down.

    President Trump reversed course in May, saying he was reconsidering penalties on ZTE as personal favour to Chinese President Xi Jinping. Later that month, his administration announced it would allow the company to stay in business after paying a $1.3-billion fine, changing its management and providing “high-level security guarantees”.

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

    A bipartisan group of US lawmakers remains concerned about ZTE’s threat to US national security and is pushing for legislation aimed at restoring harsher penalties. Wednesday marks the start of negotiations on legislation that will try to balance concerns that ZTE presents a security risk with efforts to get the company back into business.  — Reported by Jennifer Jacobs and Jenny Leonard, (c) 2018 Bloomberg LP

    Donald Trump ZTE
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleThis is Absa’s new logo
    Next Article DStv to open SuperSport channels to all subscribers

    Related Posts

    Nvidia issues profit warning on slump in demand for graphics cards

    8 August 2022

    Buterin: Mining on Ethereum Classic won’t affect Merge

    8 August 2022

    Musk challenges Twitter CEO to a public debate

    7 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    You don’t need a call centre to take advantage of call centre technology

    5 August 2022

    Black man, you are still on your own

    5 August 2022

    UC&C interoperability offers businesses operational cost relief in tough times

    4 August 2022
    Opinion

    SIU seeks to set aside R215-million IT tender

    19 July 2022

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.