ZTE names new CEO, other top executives to comply with U.S. mandate

ZTE Axon 7 Mini

ZTE Axon 7 Mini

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.

Justin Trudeau Responds To Allegation He Groped A Journalist 18 Years Ago
Trudeau also stressed that "it's not just one side that matters" in such cases and that society should reflect on this issue. He instead connected the incident to the broader societal conversations struck by the #MeToo movement in the past year.

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.

Recommended News

  • Michael Bublé confirms wife Luisana Lopilato is expecting their first daughter

    Michael Bublé confirms wife Luisana Lopilato is expecting their first daughter

    Their parenthood journey hasn't been easy, with the couple devastated when Noah was diagnosed with liver cancer back in 2016. When asked about his family he said, "Everything's good, and I've got my first little girl coming in about three weeks.
    Warehouse collapse prompts request to avoid use of fireworks in area

    Warehouse collapse prompts request to avoid use of fireworks in area

    Owned by Sazerac, the Barton 1792 Distillery in Bardstown, Kentucky contained 18,000 barrels of bourbon and other spirits. According to its website, the Barton 1792 Distillery had 29 barrel aging warehouses on its property before the accident.
    Court to issue verdict in Avenfield case on July 6

    Court to issue verdict in Avenfield case on July 6

    Sharif's daughter Maryam was sentenced to seven years and fined £2 million in the case. The court asked all accused to be present in the court for the hearing on Friday.
  • Uber faces de-merger from Singapore competitor Grab after fare hike

    Uber faces de-merger from Singapore competitor Grab after fare hike

    Its investigations also revealed the parties had even provided for a mechanism to apportion eventual antitrust financial penalties.
    Moscow: UK denied offer to help in March nerve agent attack

    Moscow: UK denied offer to help in March nerve agent attack

    Dawn Sturgess and Charlie Rowley fell ill in Amesbury on Saturday, and are in a critical condition in Salisbury hospital. The incident resulted in the biggest expulsion of Russian diplomats since the Cold War.
    Iranian general blames drought on Israeli ‘cloud theft’

    Iranian general blames drought on Israeli ‘cloud theft’

    He claimed these countries had affected the climate with their technologies. Iran's own meteorological service struck a skeptical note, however.
  • Syrian Army offensive stalls in Daraa

    Syrian Army offensive stalls in Daraa

    Meanwhile, Sohaib al-Rheil, a representative of the Alwiya al-Furqan brigades, condemned the attitude of the Russian negotiators. The Observatory, along with residents and rebels in Saida, said barrel bombs were also dropped on Saida on Wednesday evening.
    Michael Cohen drops

    Michael Cohen drops "Trump attorney" label on Twitter

    Actor-comedian Sacha Baron Cohen has posted a teaser for a new project that appears to take on US President Donald Trump . In his first interview since the Federal Bureau of Investigation raids, Cohen was asked about his loyalty to Trump.
    Dallas woman goes viral after playing matchmaker on plane

    Dallas woman goes viral after playing matchmaker on plane

    Since the rise in social media notoriety, Holden updated his Twitter bio with the following: "Newly nicknamed 'Plane Bae'". For the rest of the flight, Rosey Blair live tweeted the budding romance, sending Twitter into a frenzy.
  • Golden opportunity for Scottish fishing industry

    The Scottish government said it had not been properly consulted and had "significant concerns" about the proposals. We need well-managed fisheries to achieve that and the government's initial plans leave a lot to be desired.
    DNA testing used to reunite undocumented parents and children, HHS secretary says

    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.

    Nauru has shot itself in the foot with ABC ban

    The island country is 21 square kilometres in area and has a population of just over 11000, according to the CIA Factbook. The New Zealand Parliament Press Gallery has condemned the ABC ban as "a clear violation of freedom of expression".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.