financetom
Business
financetom
/
Business
/
ZTE says asked US Commerce Department to suspend business ban
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
ZTE says asked US Commerce Department to suspend business ban
May 6, 2018 10:17 PM

China’s ZTE Corp has submitted an application to the US Commerce Department’s Bureau of Industry and Security (BIS) for the suspension of a business ban, it said in a filing to the Shenzhen stock exchange on Sunday.

Share Market Live

NSE

Washington imposed a seven-year ban on US companies selling components and software to ZTE last month after finding the Chinese telecoms company breached US sanctions on Iran.

ZTE’s exchange filing on Sunday did not give details of its request or say when it had been made, but it did say that the company had provided additional material at the BIS’s request.

Last week, Chinese negotiators holding trade talks with US counterparts in Beijing asked the United States to hear ZTE’s appeal, take into account the company’s efforts to improve its compliance and amend the ban.

US officials have said the action against ZTE was not related to trade policy, but the move has been seen by many in China as part of the broader trade spat playing out between the world’s two biggest economies.

The ban on sales to ZTE, which is heavily reliant on imports of US chips, had threatened to scupper the Chinese firm’s smartphone business.

It has also underscored China’s heavy reliance on semiconductor imports amid growing trade tensions with the United States. ZTE has said the ban was unacceptable and threatened its survival.

First Published:May 7, 2018 7:17 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Proficient Auto Logistics Prices $215 Million IPO
Proficient Auto Logistics Prices $215 Million IPO
May 9, 2024
06:16 AM EDT, 05/09/2024 (MT Newswires) -- Proficient Auto Logistics, Inc. (PAL) said Wednesday that it priced its initial public offering of about 14.3 million shares of its common stock at $15 per share, for total gross proceeds of about $215 million. The underwriters will have a 30-day option to buy up to an additional 2.15 million shares of common...
First Advantage Q1 Adjusted Earnings, Revenue Decline
First Advantage Q1 Adjusted Earnings, Revenue Decline
May 9, 2024
06:38 AM EDT, 05/09/2024 (MT Newswires) -- First Advantage ( FA ) reported Q1 adjusted earnings Thursday of $0.17 per diluted share, down from $0.19 a year earlier. Analysts polled by Capital IQ expected $0.17. Revenue for the quarter ended March 31 was $169.4 million, down from $175.5 million a year earlier. Analysts surveyed by Capital IQ expected $170.8 million....
Quebecor Posts 20% Increase In Q1 Adjusted Income on Benefits of Freedom Mobile Acquisition
Quebecor Posts 20% Increase In Q1 Adjusted Income on Benefits of Freedom Mobile Acquisition
May 9, 2024
06:41 AM EDT, 05/09/2024 (MT Newswires) -- Quebecor (QBR-A.TO, QBR-B,TO) on Thursday reported a nearly 20% increase in first-quarter adjusted income, driven by higher revenues from the telecommunications business segment following the acquisition of Freedom Mobile in 2023. First-quarter adjusted income from operating activities came in at $163.1 million, or $0.71 per share, up from $136 million, or $0.59 per...
Hess Midstream Prices Upsized $600 Million Private Senior Notes Offering
Hess Midstream Prices Upsized $600 Million Private Senior Notes Offering
May 9, 2024
06:40 AM EDT, 05/09/2024 (MT Newswires) -- Hess Midstream ( HESM ) subsidiary Hess Midstream Operations LP said Wednesday that it priced $600 million of 6.5% senior unsecured notes due 2029 at par in a private offering, upsized from $500 million. The company plans to use the net proceeds to reduce indebtedness outstanding under its revolving credit facility and any...
Copyright 2023-2025 - www.financetom.com All Rights Reserved