Thursday, September 20, 2018
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
PlayStation Now Adds Downloading of PS4, PS2 Games
U.S. Music Industry Dominated by Streaming
Amazon Announces New Echo Devices, New Alexa Features
AR Headset Prevalence is Still a Few Years Out
Alibaba and Intel Cloud Deliver Joint Computing Platform for AI Inference at the Edge
GoPro Launches New Hero 7 Black, Silver and White Cameras
Xiaomi Launches the Mi 8 Lite And Mi 8 Pro Smartphones in China
Airbnb to Comply with European Commission Demands, Facebook and Twitter Need to Do More
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > Mobiles > ZTE Acc...
Last 7 Days News : SU MO TU WE TH FR SA All News

Thursday, June 07, 2018
ZTE Accepts $1bn Fine to remove U.S. Ban


Chinese cellphone maker ZTE has reached an agreement with the United States to pay $1 billion in fines and suspend an additional $400 million to reverse a ban on buying parts from the U.S.

According to the U.S. Commerce Secretary Wilbur Ross, under the deal, ZTE will change its board and management within 30 days, pay a $1 billion fine and put $400 million in escrow. The government will suspend the 10-year ban but it can activate the ban if there are any violations.

ZTE must also retain a compliance team selected by the Commerce Department for 10 years. The company already has a U.S. court-appointed monitor.

"We will closely monitor ZTE's behavior," Ross said in a statement. "If they commit any further violations, we would again be able to deny them access to U.S. technology as well as collect the additional $400 million in escrow."

The announcement follows negotiations to save the Chinese company, which had already paid $892 million in penalties after a settlement in March 2017. ZTE was forced to halt production after being slapped with the seven-year export ban in response to its violation of sanctions against Iran and North Korea and "misleading the U.S. government."

One of the U.S. companies concerned about STE's future in the U.S. is Qualcomm Inc, whose products account for the lion's share of chips inside ZTE smartphones. Separately, Qualcomm is trying to get Chinese approval for its pending $44 billion acquisition of NXP Semiconductors NV.

Qualcomm Chief Executive Officer Steven Mollenkopf said on Thursday he hoped the ZTE agreement would pave the way for the NXP approval.



Previous
Next
Amazon Introduces Amazon Fire TV Cube        All News        Globalfoundries Outlines Dual Road-map Strategy - Advanced 7nm FinFET tape Outs and 22nm FDSOI
Google Faces High Fine From Europe Over Android     Mobiles News      New moto z3 play Smartphone Released

Get RSS feed Easy Print E-Mail this Message

Related News
ZTE Launches Dual-Ecosystem Smart STB at IBC 2018
Latest ZTE Flagship Axon 9 Pro Debuted at IFA 2018
ZTE Expects Losses Due to U.S. Penalty
U.S. Signs Deal to Lift ZTE Ban
U.S. Partially Allows ZTE to Resume Transactions
ZTE Revamps Chairman and Board to Avoid U.S. Ban
China's ZTE Close to Reaching Agreement With U.S.
U.S. to Impose Fine, New Management to ZTE to Keep it in Business
Samsung in Talks with ZTE to Offer Exynos Mobile Processor
President Trump Says It Will Help ZTE Get Back Into Business
ZTE Winds Down U.S. Operations After U.S. Ban
ZTE's Nubia Red Gaming Phone Released

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2018 - All rights reserved -
Privacy policy - Contact Us .