Economy

ZTE names new top executives in step towards US ban lifting

ZTE names new top executives in step towards US ban lifting

Li Ying was also appointed chief financial officer.

From July 2 through August 1, the company's restrictions will be temporarily eased so that ZTE can provide support for telecom networks and ZTE phones that were available to the public on or before April 15, when the company was initially banned from receiving crucial parts from USA -based suppliers.

The US said part of ZTE's problem was institutional, so it wanted the heads of all its senior managers. The statement confirmed a notice issued by BIS earlier this week.

For those who came in late, ZTE was banned for trading with Iran and then not being apologetic enough afterwards by disciplining the executives who conspired to evade United States sanctions.

More news: US job growth underscores economy's strength, tariffs a threat

The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with US suppliers, which provide nearly a third of the components used in ZTE's equipment. Previously, Xu served as the CEO of ZTE's German operation, at a time when the Chinese company signed a five year service contract with German telecoms operator E-Plus, displacing the previous provider Alcatel-Lucent. Last week, eight members of the ZTE board resigned and were replaced, with Lie Zixue elected as the new chairman.

In addition, according to the report, deputy CTO Wang Xiyu will become CTO, while wireless technology expert Xu Feng will head up the vendor's devices business.

The mixture of good and bad news is just the latest chapter in the saga of ZTE, which has seen its prospects and stock price rise and fall in the past few months over access to technology it needs to sell telecoms gear across the globe. Analysts have also said it would take time for ZTE to rebuild market confidence even after the ban is lifted.


  • New Suzuki Jimny may not get a diesel

    New Suzuki Jimny may not get a diesel

    While cars will arrive in Australia towards the end of this year they won't make it into dealerships until early next year (2019). The Jimny Sierra will come with a 1.5-litre, four-cylinder naturally aspirated engine with a displacement of 1,460cc.
    Russian Federation  salutes ‘heroes’ after Croatia ends World Cup dream

    Russian Federation salutes ‘heroes’ after Croatia ends World Cup dream

    That suggests it has had difficulty putting away its opponents, but it also means it is excelling during the biggest moments. Portal Sport360 announced the match through three key comparisons - the goalkeeper, midfielder, and striker.
    Jim Jordan and his accusers, Part Two

    Jim Jordan and his accusers, Part Two

    Ohio State University is investigating the claims of sexual harassment and assault by Strauss, who committed suicide in 2005. It was very common knowledge in the locker room that if you went to Dr.
  • US Warships Pass through Taiwan Strait amid China Tensions

    US Warships Pass through Taiwan Strait amid China Tensions

    Navy ships conducted a routine transit through the global waters of the Taiwan Strait on July 7-8 (local time)", said Capt. The last time a US aircraft carrier transited the Taiwan Strait was in 2007, during the administration of George W.
    United States  job growth strong; unemployment rate rises to 4.0 percent

    United States job growth strong; unemployment rate rises to 4.0 percent

    The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs. With 93 straight months of job growth - a historical record - many employers have said they're feeling pressure to raise wages.
    North Korea nuclear deal: Pompeo sees 'progress' after talks

    North Korea nuclear deal: Pompeo sees 'progress' after talks

    Trump raised the issue when he met with Kim in Singapore and Pompeo also talked about it during his latest visit to Pyongyang . She said the two sides had also discussed the return of the remains of American troops killed during the Korean War.
  • Tropical Storm Chris to bring showers

    According to the 5:00 a.m. advisory, the center of Tropical Storm Beryl was located near latitude 13.7 North, longitude 56.0 West. High surf and risky rip currents are expected along parts of the Carolina and mid-Atlantic coasts through early week.
    'No New Policy' on Immigrants Joining Military, Says Pentagon

    'No New Policy' on Immigrants Joining Military, Says Pentagon

    Zhang, an immigrant from China, joined the USA military on the promise that enlisting would lead to US citizenship. However, the Army and Pentagon refused to comment due to pending litigation.
    N. Korea regrets USA  attitude & unilateral denuclearization demands during Pompeo talks

    N. Korea regrets USA attitude & unilateral denuclearization demands during Pompeo talks

    North Korea committed at the summit to the "immediate repatriation" of remains already identified, but that hasn't happened yet. Pompeo said both the testing facility issue and recovering USA remains still need to be finalized.
  • Did Maisie Williams just reveal ‘Game of Thrones’ ending?

    Did Maisie Williams just reveal ‘Game of Thrones’ ending?

    Maisie Williams has made a bloodstained farewell to Belfast after finishing her stint on Game of Thrones . 'What a joy I've had. Williams was cast as Arya Stark in 2011 when she was only 12 years old and helped make the character a fan favorite.
    England sink Sweden to clinch World Cup semi-final berth

    England sink Sweden to clinch World Cup semi-final berth

    The Americans seem to be going off the boil with their World Cup fever, with England and Croatia demoted to the sidebar. In a spectacular match, England defeated Sweden 2-0 to reach the semi-finals of the FIFA World Cup 2018 on Saturday.

    Brock Lesnar Enters Octagon, Shoves Daniel Cormier After He Wins Heavyweight Title

    The UFC Fight Pass is the way to go, with the cheap monthly subscription and the free trial if you haven't already used it. Lesnar eventually got on the microphone and put Cormier on notice after taking a shot at the other UFC Heavyweights.