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US authorities are allowing China's ZTE Corp.to resume some business with American companies, temporarily easing a ban imposed over the telecom giant's export of sensitive technology to Iran and North Korea.
Xu Ziyang, former head of ZTE's business in Germany, is the company's new CEO, according to an unnamed source cited by The Wall Street Journal.
The reprieve from the department's earlier ban on ZTE purchasing equipment from US companies follows a deal negotiated by the White House in which ZTE agreed to pay another $1 billion fines and replace its executive team to settle charges that it violated USA sanctions against Iran and North Korea. The company's installment of new leadership comes just a few days after its previous board of directors resigned.
Bloomberg reported Tuesday that the Trump administration will allow ZTE to temporarily resume some of its business operations amid the rollback of USA restrictions on the company.
DNA testing used to reunite undocumented parents and children, HHS secretary says
A federal judge in California ordered that all of the children must be returned to their parents by July 26. The Trump administration's separation policy has been met with widespread outcry, marches and legal action.
For now, however, the company appears to be springing back to life, as it rushes to comply with the most recent laundry list of restrictions. A bipartisan push in Congress to reinstitute the ban began in Congress last month. It received a reprieve from the ban earlier this week to continue existing business from July 2 to August 1.
ZTE's business has been effectively frozen since the sales ban took effect, and it has racked up billions of dollars in losses.
As part of the settlement, ZTE agreed to pay a $1 billion fine, put $400 million in escrow, and hire a US-appointed compliance monitor.
The revival of ZTE comes as China and the US continue to spar over larger trade issues, raising concerns of a looming global trade war.
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