Industry

US Bans American Firms from Selling Components to ZTE, Qualcomm Directly Hit

US Bans American Firms from Selling Components to ZTE, Qualcomm Directly Hit

For more on this, read the full Reuters report here.

The company, ZTE, was previously fined for shipping telecommunication equipment to Iran and North Korea.

The Ministry of Commerce of china responded to the issue of ZTE ban, saying that it would take necessary measures to protect the interests of Chinese businesses.

For ZTE itself, the latest USA action means one of the world's top makers of smartphones and communications gear will no longer be able to buy technology from American suppliers, including components central to its products.

ZTE halted trading of its shares in Hong Kong and Shenzhen on Tuesday following the announcement of the United States ban.

"ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company", ZTE's Chairman and Chief Executive Officer Zhao Xianming said at the time.

The West warned telecoms operators not to use ZTE equipment because its state ownership raised security fears. In 2017, it derived 59 percent of revenue from its network business and 32 percent from its consumer business. "This egregious behavior can not be ignored", claimed US Secretary of Commerce Wilbur Ross in unveiling the tough sanctions against ZTE yesterday.

As part of the agreement, Shenzhen-based ZTE promised to dismiss four senior employees and discipline 35 others by either reducing their bonuses or reprimanding them, senior US officials told Reuters.

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As part of the agreement, ZTE pledged to fire four senior executives and apply sanctions to another 35 employees for participating in these "illegal" actions. However, shipment delays and lost orders on handsets and transmission equipment are likely to result as the ban impacts the supply of components.

Acacia shares are off 38% following the report of the ban, which stems from ZTE's past violation of Iran sanctions and its refusal to punish involved employees as it had promised.

Under terms of the ban, USA companies can not export prohibited goods, such as chip sets, directly to ZTE or via another country, beginning immediately.

According to just-published research from analyst firm Analysys Mason, China today holds a narrow lead over South Korea and the USA when it comes to overall readiness for 5G, a next-generation mobile technology that could provide a spur to economic growth.

Washington has also deepened its scrutiny of Chinese investment in the US, with the Committee on Foreign Investment in the United States (CFIUS), blocking many proposed acquisitions of USA assets by Chinese companies.

On Monday, Britain's main cyber security agency said it had written to organizations in the telecommunications sector warning about using services or equipment from ZTE. Pittenger is sponsoring legislation that would strengthen the USA national security review process for foreign investments.

ZTE uses a number of USA suppliers, including Intel, Microsoft, Micron Technology and Qualcomm. Qualcomm declined to comment.


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