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ZTE Reportedly Expects at Least $3 Billion in Losses Due to US Ban

posted by janrinok on Wednesday May 23 2018, @09:50PM   
from the ouch dept.

Arthur T Knackerbracket has found the following story:

Chinese telecom giant ZTE said its major operations had "ceased" following last month's US ban on American sales of critical technology to the company.

[...] The Shenzhen, China-based company has been spending an estimated 80 million to 100 million yuan in daily operational expenses, while most of its 75,000 employees sit idle, sources told the news outlet. ZTE had been working to get the denial order overturned and had pegged its hopes on broader bilateral trade talks between the US and China. Earlier this month, President Donald Trump sent a surprising tweet on ZTE that called for the Commerce Department to find "a way to get back into business, fast."

However, the House Appropriations Committee unanimously approved an amendment to a bill that would uphold sanctions against the company, delivering a sharp rebuke to Trump.

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Original Submission

• Re:They get what they deserve. (Score: 1, Interesting) by Anonymous Coward on Thursday May 24 2018, @09:51AM

  by Anonymous Coward on Thursday May 24 2018, @09:51AM (#683481)

  If they want to do business with us, they need to follow the established rules.

  Enjoy the illusion you are still establishing the rules while it lasts. It won't last long [theguardian.com]

  Parent

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