ZTE fined $1 billion

China's ZTE said it ceased major operations last month due to the ban

China's ZTE said it ceased major operations last month due to the ban

A sign of ZTE Corp is pictured at its service centre in Hangzhou, Zhejiang province, China May 14, 2018. The deal reportedly calls for ZTE to pay $1.4 billion in additional penalties, on top of $361 million already paid. The report added that ZTE gets from 25 to 30 percent of the components it uses in producing smartphones and telecommunications networks from the U.S. So the U.S. went nuclear on ZTE, imposing a seven-year ban on U.S. companies selling technology to the Chinese firm.

However, Commerce Department spokesman James Rockas told Reuters that "no definitive agreement has been signed by both parties".

Problems started to pile up for ZTE as soon as the USA ruling highlighted how the company had violated a sanctions agreement involving illegal exports to Iran and North Korea. At that time, the USA discovered documents that showed how ZTE established new entities to sell US technologies to Iran.

It's looking more and more like ZTE will be saved, thanks to a new agreement between the China-based smartphone maker and the USA government.

Hurricane season officially starts today; Normal to above-average season predicted
In its initial outlook , the university predicted the season could generate 14 named storms, seven hurricanes and three majors. A closely watched hurricane forecast provided some good news, despite last week's premature start to hurricane season.

US President Donald Trump planned to meet with his trade advisers on Tuesday to discuss China's offer to import an extra $70 billion (roughly Rs. 4.7 lakh crores) of American goods over a year as a way to defuse a potential trade war between the world's two largest economies.

For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned United States firms from selling it technology. A fine was imposed on ZTE and the company promised to reprimand the employees responsible for the violations, yet they only fired 4 senior employees and failed to discipline the other 35 responsible.

Ross also said that the company will have to replace its entire management and board of directors as part of the deal.

Regardless of those talks, the Trump administration is facing a deeply hostile reaction from Congress, where there is bipartisan opposition to the deal. Smaller makers of optical components, including Oclaro and Acacia, rely more heavily on ZTE's business. But it seems ZTE is definitely in a better position now than it was just a few weeks ago.

Recommended News

  • WWDC 2018: Everything to expect from today's Apple WWDC keynote

    WWDC 2018: Everything to expect from today's Apple WWDC keynote

    It's been widely tipped for months, but famed Apple tipster John Gruber has suggested these new features won't arrived until 2019. Apple is expected to launch an exciting new iPhone feature to address a problem it helped create: phone addiction .
    Curry breaks record, Warriors blast Cavs

    Curry breaks record, Warriors blast Cavs

    Curry, who has a history of ankle injuries , chipped in with his own thoughts: "You should have asked me", he noted. After a first game with some hotly debated calls, the officiating was under great scrutiny on Sunday evening.
    Two lions, two tigers and a jaguar escape from German zoo

    Two lions, two tigers and a jaguar escape from German zoo

    Eifel Zoo has nearly 400 animals of 60 exotic and native species, including lions, tigers, and other big cats on its 30-acre site. The five big cats were found within the confines of the park and were recaptured in the afternoon.
  • Trump has the power to pardon himself, insists adviser Giuliani

    Trump has the power to pardon himself, insists adviser Giuliani

    The letter is dated January 29 and addressed to Mueller from John Dowd, a Trump lawyer who has since resigned from the legal team. A special counsel is investigating Russia's role in the 2016 election, and whether Mr Trump obstructed justice.
    White House says still pursuing China trade sanctions - Economy

    White House says still pursuing China trade sanctions - Economy

    The White House statement said the president had been "updated" on several steps following the March release by U.S. A United States negotiating team is in China, preparing for the next round of trade and investment talks.
    Sears is closing 63 more stores

    Sears is closing 63 more stores

    The lower sales resulted in a $424 million loss for Sears Holdings, the holding company that owns by Sears and Kmart. Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 percent.
  • Snapdragon 850: Everything you need to know about the Windows 10 chip

    Snapdragon 850: Everything you need to know about the Windows 10 chip

    Qualcomm has unveiled the Snapdragon 850 processor, which will power the next generation of always-connected Windows 10 devices . However, the United States chip maker says that improvements can still be made.
    Viral video shows police officer repeatedly punching woman on New Jersey beach

    Viral video shows police officer repeatedly punching woman on New Jersey beach

    The officers involved in her arrest have been reassigned to administrative duty while the investigation is ongoing. In a since-deleted Facebook post, Weinman admitted to having beer on her but claimed that she wasn't drinking.
    Man ordered to move out of parents' home finalizing moving plans

    Man ordered to move out of parents' home finalizing moving plans

    Rotondo will apparently spend the next week living in an Airbnb in Syracuse, New York , before moving in with a distant cousin. Rotondo refused the judge's request to work things out directly with his parents, who sat quietly nearby.
  • First lady to hang back on president's Camp David weekend

    First lady to hang back on president's Camp David weekend

    Stephanie Grisham , the first lady's communications director, told ABC News that the first lady will be skipping the trips. The first lady later tweeted several photos of the event, including two of her seated alongside the president.
    Is Microsoft acquiring GitHub?

    Is Microsoft acquiring GitHub?

    Last August, the company said it wanted a replacement for CEO Chris Wanstrath - one of GitHub's founders. GitHub now has over 27 million software developers contributing to over 80 million repositories of code.
    Israeli Jets & Helicopters Strike 25 'Hamas Military Targets' In Gaza

    Israeli Jets & Helicopters Strike 25 'Hamas Military Targets' In Gaza

    It also said around 100 rockets and mortars fired from Gaza either exploded in Israel or were intercepted by air defences. Hamas' decision to stop the attacks suggests it means to avoid another war, one that might well end its control of Gaza .

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.