Fidelity bank banner Bayelsa State banner
ZTE agrees to pay $1.4 billion fine to US government

By Barry Eitel on 13/06/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 306

Shares of Chinese smartphone company ZTE are set to resume trading after the company agreed to pay a $1.4 billion fine to the United States government, according to filings released Tuesday.

ZTE stock will be traded on the Hong Kong stock exchange Wednesday after a nearly two-month suspension. In April, the U.S. Commerce Department banned American businesses from selling parts to ZTE, effectively putting the entire company’s future in question.

After ZTE agreed to pay the fine and change up its leadership, the U.S. reversed the ban, which was originally brought about because ZTE allegedly evaded U.S. sanctions on North Korea and Iran.

“ZTE shall replace the entire boards of directors of both the Company and [Indian subsidiary] ZTE Kangxun” within 30 days of the Commerce Department’s reversal of the ban, ZTE noted in a filing.

The U.S. Senate voted for an amendment Tuesday that would strike the deal between ZTE and the administration of President Donald Trump, however. A bipartisan group of Senators approved an amendment to the National Defense Authorization Act that would reinstate the ban on American businesses from supplying ZTE.

“The fact that a bipartisan group of senators came together this quickly is a testament to how bad the Trump administration's ZTE deal is and how we will not shy away from holding the president's feet to the fire when it comes to keeping his promise to be tough on China,” Senate Minority Leader Charles Schumer said in a statement.

“The threat Huawei & ZTE pose to our national security is too great to ignore,” Republican Senator Tom Cotton added in a statement, also referring to Chinese smartphone maker Huawei.

“This amendment will help keep Americans' private info out of the hands of the Chinese Communist Party.”

The amendment would still have to be approved by the House of Representatives. Neither Trump nor ZTE commented on the Senate amendment. (Anadolu Agency)

Source News Express

Posted 13/06/2018 12:45:40 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Umahi to appoint caretaker committees for LGAs, Devt...

Death toll in Haiti hurricane tragedy hits 800...

Shehu Sani dares Buhari to include cabals in...

FERMA begins rehabilitation of Third Mainland Bridge

Obiano’s aide faults allegation of financial mismanagement

Abia Governor spits fire over financial leakages

NIMASA, Navy move to enhance maritime safety and...

Police seeks peaceful settlement of Army, Premium Times...

EFCC detains Ex-FCT Minister Bala Mohammed

RIGHTSView, By EMMANUEL ONWUBIKO: Ugwuanyi/Okorocha: A tale of...

Group faults creation of new LCDAs, Area Councils...

Breaking News: Abia EXCO dissolved

 

Latest News Oshiomhole, 19 others elected at APC Convention World Cup: Football fan slips into coma while celebrating Super Eagles’ victory APC Convention: Drama as Oyegun’s security detail barred from Eagle Square HURIWA to world leaders: Intervene and stop crackdown on opposition in Nigeria Ekiti Guber: INEC, APC preloading card readers — Fayose Suspected herdsmen kill 18 in Adamawa village APC National Convention: Gov. Sani-Bello optimistic of peaceful, rancor-free exercise Prophet to Obasanjo: Seek forgiveness over June 12 Cholera: 24 new cases recorded in Adamawa APC loses members to PDP in Edo Lai Mohammed faults CPJ, says no journalist is in detention in Nigeria NHRC must push for quick investigation into Bukhari’s murder, end to impunity — SAMDEN

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,940 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,753 views) Shameless Genevieve Nnaji exposes breasts in public (280,873 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,537 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,371 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,293 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,180 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,372 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,106 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,964 views) Lagos plane crash: Journalist releases victims’ names (144,141 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,874 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,266) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (507) Features (607) Global Business Monitor (284) International (2,050) Interview (155) Live Commentary (28) Love Matters (124) News (36,439) Opinion (1,005) Pidgin (10) Politics (5,322) Religion (772) Sports (1,560) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigeria vs Iceland 2-0 All Goals & Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement