Items tagged with wilbur ross

It looks as though ZTE will live to see another day. After facing a near-certain death earlier this year when Commerce Secretary Wilbur Ross imposed crippling sanctions on the company for violating an agreement with the U.S. government, a deal brokered in part by President Donald Trump has saved the Chinese company. As part of the new agreement, which was signed off [again] by Secretary Ross, ZTE has been given 30 days to replace its entire board of directors and senior leadership. It also has to pay a $1 billion fine and hold another $400 million in escrow. These hefty monetary fines are in addition to the $892 million fine that ZTE already paid for its original transgressions,... Read more...