U.S. companies banned from selling components to ZTE

NCSC warns UK telcos against ZTE equipment due to 'national security' concerns

The U.S. Department of Commerce is banning American companies from selling components to leading Chinese telecom equipment maker ZTE Corp 0000063.SZ 0763.HK for seven years for violating the terms of a sanctions violation case, U.S. officials said on Monday.

ZTE agreed in March of previous year to plead guilty and pay as much as $1.2 billion for violating USA laws restricting sale of American technology to Iran. As part of the initial agreement, ZTE was allowed to continue to work with USA companies, assuming it adhered to the rules laid out in the agreement.

[ZTE] provided information back to us basically admitting that they had made these false statements. The DOC, however, contends that ZTE failed to significantly penalize those employees.

"ZTE misled the Department of Commerce. This egregious behavior can not be ignored", Ross said in a statement.

A senior official told reporters the department suspended export privileges for ZTE, meaning it can no longer receive USA components to incorporate into their products "to prevent them from furthering their illegal activities".

India's Wholesale Price Inflation Slows Marginally In March
The inflation data for January was revised upwards to 3.02 per cent from the provisional estimate of 2.84 per cent. Deflation in vegetables stood at 2.70 per cent, pulses at 20.58 per cent and wheat at 1.19 per cent last month.

It had also promised to fire four senior employees and reprimand 35 others as part of the agreement but ZTE admitted in March that while it did fire the four employees, it didn't reprimand the others.

Trump on Monday accused China along with Russian Federation of devaluing their currencies, opening a new front in his argument that foreign governments are exploiting the U.S. The official, speaking on the condition of anonymity, said the timing of the ZTE action was unfortunate because it could seem related to USA steps to stop alleged theft of intellectual property. It paid $890 million in fines and penalties, with an additional penalty of $300 million that could be imposed.

The five-year U.S. government investigation into ZTE's actions was first revealed in March 2016. American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE's equipment, which includes networking gear and smartphones.

Denying ZTE export privileges prevents the company from "participating in any way in any transaction" subject to the US government's Export Administration Regulations, which govern sales of sensitive technology overseas.

Related news:

Hot News

isis-killer-beheading-video-story-top Rational Advisors LLC Sells 63200 Shares of Bank of America (BAC)
Apr 16, 2018 - 19:11
The stock of Bank of America Corporation (NYSE:BAC) has "Outperform" rating given on Thursday, February 16 by Macquarie Research. The stock of TCL MULTIMEDIA TECHNOLOGY HOLDINGS LTD. (OTCMKTS:TCLHF) registered an increase of 900% in short interest.

isis-killer-beheading-video-story-top "Full House" Actor John Stamos Announces Birth Of His First Child
Apr 16, 2018 - 19:02
The "hncle" part of his post was obviously a joke about his time as Uncle Jesse on his hit show " Full House ". Stamos announced he was going to be a father back in December.

isis-killer-beheading-video-story-top Excessive automation at Tesla was a mistake: Elon Musk
Apr 16, 2018 - 18:52
KeyCorp restated a hold rating and set a $240.00 target price on shares of Tesla in a report on Wednesday, December 27th. If the markets make a firm price movement, then the strength of that movement depends on the volume for that period.

isis-killer-beheading-video-story-top AIIMS bars professor from guiding PhD students for three years
Apr 16, 2018 - 18:38
According to Financial Express , doctors became suspicious of Khurram when he was attending a marathon on Saturday. Owing to such a large number of doctors, it's also not possible to know everyone personally, he added.

isis-killer-beheading-video-story-top Russian Federation may have tampered with chemical attack site, United States envoy says
Apr 16, 2018 - 18:32
Reports earlier this week claimed that the USA military would notify its Russian counterparts of potential targets before a strike.

isis-killer-beheading-video-story-top Pep Guardiola lauds Manchester City after sealing Premier League title
Apr 16, 2018 - 18:32
This league title is for you too! They would need 11 more to go past Chelsea's haul of 103 goals for a single season. City chief executive Ferran Soriano said: "Winning the Premier League again is a great honour for Manchester City ".

isis-killer-beheading-video-story-top Broncos release former Cal RB CJ Anderson
Apr 16, 2018 - 18:30
Anderson, 27, spent his first five years in the league with the Broncos after going undrafted in 2013. I'm going into tomorrow, and the whole season thinking I can be traded at any time, at any moment".

isis-killer-beheading-video-story-top Fire engulfs Rohingya refugee camps, 1 injured
Apr 16, 2018 - 18:29
A massive fire breaks out in Rohingya refugee camp near Delhi's Kalindi Kunj metro station colony on April 15 at around 3 am. According to the police, all the homes in the camp were made of asbestos sheets; all of them were gutted.

isis-killer-beheading-video-story-top Shenmue HD Remaster Announced - Coming to Xbox, PC and PS4
Apr 16, 2018 - 18:20
However, they will have improved textures, higher resolutions and PC gamers will be gifted a bunch of graphic enhancement options. A Sega representative has confirmed that the recently announced Shenmue I & II re-releases will retail for $29.99 in the US.

isis-killer-beheading-video-story-top Sony expands wireless audio line-up in India
Apr 16, 2018 - 18:19
Both the headphones offer up to 20 hours of backup while the WH-CH300 with a neckband design promises eight hours of battery life. The WF-SP700N, WI-SP600N, WI-SP500, WI-C300, WH-CH400 and WH-CH500 are enabled with one-touch connectivity, NFC and Bluetooth.

isis-killer-beheading-video-story-top Shire to Sell Oncology Unit for $2.4 Billion to Servier
Apr 16, 2018 - 16:13
The UK Takeover Panel gave the Japanese firm a deadline of April 25 to announce a firm intention to bid or walk away. The proceeds from the transaction, which is expected to close in this or next quarter, would "increase optionality".

isis-killer-beheading-video-story-top Sensex tanks 293 points on weak Asian cues; Nifty below 10400-mark
Apr 16, 2018 - 15:43
The NSE Nifty index was trading 13 points down at 10,468, while the BSE Sensex was down 51 points at 34,141 around 10:50 am (IST). Foreign institutional investors (FIIs) sold shares worth Rs 399.59 crore on net basis on Friday, provisional data showed.

isis-killer-beheading-video-story-top Comey says Trump 'morally unfit' for office
Apr 16, 2018 - 15:38
Comey and Stephanopoulos spoke in-depth about what makes an ethical leader, and when tough leadership becomes detrimental. He also said there was nothing particularly noteworthy in the size of Trump's hands.

isis-killer-beheading-video-story-top Mecca Masjid blast case: NIA court acquits Swamy Aseemanand, four others
Apr 16, 2018 - 15:35
It is important that on May 18, 2007, at noon, 27 minutes, there was a blast during prayer, in which five people died on the spot. Sadhvi Pragya, one of the accused in the 2008 Malegaon blasts case, was tried for his murder, but acquitted in February 2017.

isis-killer-beheading-video-story-top IMD predicts normal monsoon, forecasts 97 per cent rainfall
Apr 16, 2018 - 14:45
According to the weatherman, below 90 per cent rainfall is considered deficient and at 95 per cent it is considered below normal. India had faced deficient rains during monsoon season in 2015 and 2014, making both these years drought years.