Saudi king calls Erdogan as Khashoggi fallout widens
Rally in equities push oil prices above $80 a barrel
Trump Warning over Missing Writer Crashes Saudi Stocks by 7.0 Percent
No victor in Mega Millions Friday
Singapore Airlines to launch longest flight for NY
Politicians from both sides blast feds' ZTE deal
09 June 2018, 07:18 | Joann Bryant
ZTE will reportedly pay over $1 billion to lift US ban
"When it comes to China, despite his tough talk, this deal with ZTE proves the president just shoots blanks".
Ross called ZTE's actions a "world-class embarrassment", and said that the US deal with ZTE imposes the "most strict" compliance ever on any company.
Under the deal, ZTE must retain a compliance team selected by the Commerce Department for 10 years. Should the Chinese company break any of the USA export control laws during this period, the BIS can activate the suspended denial order which would, once again, disallow them from doing business with US companies in any capacity.
ZTE had been banned from buying American technology components for seven years, a penalty that industry analysts said would put it out of business within weeks because of its reliance on the United States for parts. This comes despite an across-the-board rebuke from USA intelligence agencies who see ZTE as a national security threat.
The US Department of Commerce will take into account the $361 million paid by the company previous year, which will allow the US to claim a $1.7 billion fine.
For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned USA firms from selling it technology.
According to Reuters, the company has agreed to pay a total of $1.7 billion in penalties in a settlement with the Commerce Department. When U.S. regulators found that the company had not complied with the terms of the agreement, they cut off ZTE from its U.S. parts suppliers, a move described as a "death sentence" by the company, which employs 70,000 people in China.
The ban in effect nearly destroyed ZTE as it now relies on many components from American companies. ZTE reached an agreement to turn over $1.19 billion and punish executives involved in the scheme, but in April the US determined that the company hadn't lived up to its promises.
ZTE also agreed to change its executive team and board within 30 days. The president was seen as going easy on the Chinese company in the midst of trade talks over, among other things, Beijing's strong-arm efforts to appropriate American technology.
But early this year, the U.S. government discovered that ZTE had not followed through on its promise. The company was allowed continued access to the US market under the 2017 agreement. Separately, Qualcomm is trying to get Chinese approval for its pending US$44 billion acquisition of NXP Semiconductors NV NXPI.O .
Ford's Conservatives win Ontario election on populist platform
Ontario hasn't had a premier like Ford before, said Western University associate political science professor Cristine de Clercy. People are exhausted and resources are thin following the campaign, he said, and the party would do better to bide its time.
Russia Triumphs in Latest Global University Rankings
Overall, 1,233 universities were considered and 1,011 were ranked including 37 universities from Australia. Tsinghua University becomes the first Chinese top-20 university since QS's first standalone compilation.
Salmonella Outbreak Linked To Pre-cut Melons
The outbreak is believed linked to pre-cut melons, including fruit salad mixes with melon, sold at Walmart and Kroger stores. The departments are urging anyone who purchased pre-cut melon at either Walmart or Kroger to throw it away.
Doctors say first lady 'can't fly for one month'
Add Melania Trump as an interest to stay up to date on the latest Melania Trump news, video, and analysis from ABC News. The president said today that Melania is still recovering from the kidney procedure she had weeks ago.
Who are the world's highest paid athletes?
Basketball and American football players figure most prominently among the 2018 Forbes list of highest paid athletes. McGregor ($99 million) comes in fourth and Neymar ($90 million) rounds out the top five.