{"id":64994,"date":"2018-05-07T11:10:50","date_gmt":"2018-05-07T11:10:50","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=64994"},"modified":"2018-05-07T11:10:50","modified_gmt":"2018-05-07T11:10:50","slug":"zte-asks-u-s-commerce-department-to-suspend-business-ban","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/zte-asks-u-s-commerce-department-to-suspend-business-ban.html","title":{"rendered":"ZTE asks U.S. Commerce Department to suspend business ban"},"content":{"rendered":"

ZTE asks U.S. Commerce Department to suspend business ban<\/span><\/strong><\/h2>\n

China\u2019s ZTE Corp (0763.HK) (000063.SZ) has submitted an application to the U.S. Commerce Department\u2019s 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.<\/span><\/p>\n

Washington imposed a seven-year ban on U.S. companies selling components and software to ZTE last month after finding that the Chinese telecoms company breached U.S. sanctions on Iran.<\/span><\/p>\n

ZTE\u2019s 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\u2019s request.<\/span><\/p>\n

The Chinese firm is heavily reliant on imports of U.S. chips and the ban on sales threatens to scupper its smartphone business. ZTE has said the ban is unacceptable and threatens its survival.<\/span><\/p>\n

\nLast week, Chinese negotiators holding trade talks with U.S. counterparts in Beijing asked the United States to hear ZTE\u2019s appeal, take into account the company\u2019s efforts to improve its compliance and amend the ban.<\/span><\/p>\n

U.S. 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\u2019s two biggest economies.<\/span><\/p>\n

DBS Vickers analyst Tam Tsz-Wang said the ZTE request appeared to be procedural.<\/span><\/p>\n

\u201c(This) doesn\u2019t make me turn all positive,\u201d Tam told Reuters. \u201cThe outcome is more an issue that depends on the negotiation between U.S. and China,\u201d he added, declining to speculate.<\/span><\/p>\n

The ban on sales to ZTE has also underscored China\u2019s heavy reliance on semiconductor imports amid growing trade tensions with the United States.<\/span><\/p>\n

ZTE\u2019s Chairman, Yin Yimin, wrote in an internal letter dated May 4 that the company was \u201cproactively taking actions under the guidance of the Chinese government, pushing for a resolution as soon as possible.\u201d<\/span><\/p>\n

\u201cHowever long a road, it has an end. However long a night, it also has an end. Let\u2019s be confident, hopeful, and welcome the light of dawn,\u201d Yin added.<\/span><\/p>\n

Source:-https:\/\/www.reuters.com\/article\/us-usa-china-zte\/zte-asks-u-s-commerce-department-to-suspend-business-ban-idUSKBN1I70FR<\/span><\/p>\n

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