Sunday, July 22, 2018 | ePaper

China's ZTE vows to fight US supplier ban

  • Print
AFP, Beijing :
Chinese telecom giant ZTE vowed on Friday to fight back against a US order banning it from purchasing and using US technology for seven years, a move that has angered Beijing.
The decision announced by Washington this week has clouded prospects for the telecom and phone maker, which depends on US technology such as chips and the Android operating system for its mobile phones.
The tough sanctions come as the battle over technology takes centre stage in a US spat with China that has fanned fears of a trade war.
Washington has taken particular grievance with Beijing's "Made in China 2025" policy to harbour national champions in technology fields the US sees as critical to its future. In Beijing the action against ZTE will likely heighten fears about the reliance on US technology for critical industries.
The order "seriously endangers the survival of ZTE", the company said in a statement Friday, adding "we cannot accept it!"
The firm said it would "not give up its efforts to resolve the problems through communication and dialogue, but would also resolutely protect its legitimate rights and interests through all legally permitted methods".
The company has one or two months of stored component supplies before the ban will start to impact its business, investment bank CICC estimated in a research report cited by Beijing Business Today. ZTE has halted trading of its shares in Hong Kong and Shenzhen since Tuesday.
Washington's control of the company's fate-with roughly 80,000 employees mostly based in southern China-has stirred ire and angst in China, where officials prize stability.
"China will pay close attention to the development of the situation and stands ready to take the necessary measures to safeguard the legitimate rights and interests of Chinese enterprises," commerce ministry spokesman Gao Feng said Thursday.
"The US's actions are ostensibly aimed at China, but they will ultimately hurt the US itself. It will not only lose tens of thousands of jobs but also affect tonnes of related US companies," Gao said.

More News For this Category

Sohail R. K. Hussain, Managing Director of City Bank and Antoine Predour, Head of Global Climate Partnership Fund, are seen posing at the event 'Green Champion Recognition Ceremony' at the Bank's Head Office recently. Rathin Kumar Paul, Deputy GM, Bangladesh Bank, Sheikh Mohammad Maroof, DMD and Head of Wholesale Banking of City Bank, Sathish Dhanapal, Energy Specialist, GCPF and other leading RMG and Textile Manufacturers were also present.

Sohail R. K. Hussain, Managing Director of City Bank and Antoine Predour, Head of Global Climate Partnership Fund, are seen posing at the event 'Green Champion Recognition Ceremony' at the Bank's Head Office recently. Rathin Kumar Paul, Deputy GM, Bangladesh Bank, Sheikh Mohammad Maroof, DMD and Head of Wholesale Banking of City Bank, Sathish Dhanapal, Energy Specialist, GCPF and other leading RMG and Textile Manufacturers were also present.

.

UAE businesses upbeat about growing China ties

Xinhua, Dubai :Business leaders in the United Arab Emirates (UAE) have been voicing high confidence in UAE-China relations on the occasion of Chinese President Xi Jinping's state visit to

Sri Lanka launches 5-year National Export Strategy to boost economic growth

Xinhua, Colombo :The Sri Lankan government has launched a five-year National Export Strategy (NES) to boost foreign investments, foreign exchange earnings and employment, local media reported Friday.Addressing the launch

Malaysia's foreign reserves stand at $104.6b

Xinhua, Kuala Lumpur :Malaysian central bank, Bank Negara, said Friday that its international reserves stood at 104.6 billion U.S. dollars as of July 13.The reserves position is sufficient to

Barrister Sheikh Fazle Noor Taposh, MP, Chairman of Executive Committee of Modhumoti Bank Limited, presiding over its 74th EC meeting recently. Md. Shafiul Azam, Managing Director of the Bank, Mohammad Ismail Hossain, Managing Director of Sharmin Group, Salahuddin Alamgir, Chairman of Labib Group, Mostafa Kamal, Chairman of Meghna Group, Humayun Kabir,  Director of Bengal Group, Manwar Hossain, Vice-Chairman of Anwar Jute Spinning Mills Limited were also present

Barrister Sheikh Fazle Noor Taposh, MP, Chairman of Executive Committee of Modhumoti Bank Limited, presiding over its 74th EC meeting recently. Md. Shafiul Azam, Managing Director of the Bank, Mohammad Ismail Hossain, Managing Director of Sharmin Group, Salahuddin Alamgir, Chairman of Labib Group, Mostafa Kamal, Chairman of Meghna Group, Humayun Kabir, Director of Bengal Group, Manwar Hossain, Vice-Chairman of Anwar Jute Spinning Mills Limited were also present

.

Eleash Mridha, Managing Director of PRAN Group, inaugurating another outlet at K-Block of South Banasree in the city recently.  Galib Farrokh Bakht, General Manager (operation) and Miraj Sarker, Assistant Brand Manager of Daily Shopping were also present

Eleash Mridha, Managing Director of PRAN Group, inaugurating another outlet at K-Block of South Banasree in the city recently. Galib Farrokh Bakht, General Manager (operation) and Miraj Sarker, Assistant Brand Manager of Daily Shopping were also present

.

BGMEA looks for $1b export to India

Economic Reporter :Bangladesh Garment Manufacturers and Exporters Association (BGMEA) M Siddiqur Rahman on Saturday said country's apparel sector would see India as one of the biggest export destinations in

Furniture export witnesses 20.27pc growth in FY18

Economic Reporter :Furniture export maintained a steady growth in fiscal year 2017-18 (FY18) as the country exported furniture products worth $6.31 crore, up 20.27 percent from the fiscal 2016-17

A student gets motorbike buying Walton fan

Business Desk :Under the ongoing nationwide 'Walton Digital Campaign,' a BA final year student named Mahbub Shamim Shaown got a brand new 100 cc motorbike through purchasing and then

Choudhury Moshtaq Ahmed, Managing Director of National Bank Limited, presiding over the Half-Yearly Business Conference 2018 at Kuakata on Saturday. The Additional Managing Directors Wasif Ali Khan and M A Wadud, the Deputy Managing Directors ASM Bulbul, Shah Syed Abdul Bari, Syed Rois Uddin, Branch Managers, Regional Managers, Divisional Heads of the Head Offices of the Bank were also present

Choudhury Moshtaq Ahmed, Managing Director of National Bank Limited, presiding over the Half-Yearly Business Conference 2018 at Kuakata on Saturday. The Additional Managing Directors Wasif Ali Khan and M A Wadud, the Deputy Managing Directors ASM Bulbul, Shah Syed Abdul Bari, Syed Rois Uddin, Branch Managers, Regional Managers, Divisional Heads of the Head Offices of the Bank were also present

.