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ZTE Makes Progress Toward Resuming Business

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Jul 6, 2018, 8:36 AM   by Rich Brome   @rbrome

ZTE has now replaced four of its top leaders (CEO, CFO, CTO, and head of HR) and its entire board of directors, as required by a tentative deal with the U.S. government. The company has also agreed to pay a $1 billion fine. With these steps complete, the U.S. Commerce Dept. may soon lift the sales ban that has forced the company to suspend all operations since April. In the meantime, the government has granted ZTE a one-month waiver allowing it to resume providing support for its products for the month of July. While ZTE is Chinese company, it is highly dependent on U.S. suppliers — including Qualcomm and Google — which is why the Commerce Dept.'s ban on doing business with U.S. companies has effectively shut down the company. The deal to lift the ban was announced last month, and has President Trump's strong support. In Congress, the Senate version of a pending defense-policy bill would override the Commerce Dept. and keep the sales ban in place. The House version of the bill does not contain that language, a difference that remains to be reconciled.

more info at Wall Street Journal »
more info at Engadget »

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