Saturday, September 22, 2018 | ePaper

BREAKING NEWS:

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

Abu Reza Md. Yeahia, DMD of Islami Bank Bangladesh Limited and Md. Asaduzzaman, Managing Director of Best Electronics, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, Khidmah (credit) cardholders of the Bank will enjoy EMI facilities in case of purchasing electronics goods from any outlet of the electronics company. Md. Mahbub ul Alam, CEO, Mohammed Monirul Moula, AMD of the Bank and other officials from both the organizations were also present.

Abu Reza Md. Yeahia, DMD of Islami Bank Bangladesh Limited and Md. Asaduzzaman, Managing Director of Best Electronics, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, Khidmah (credit) cardholders of the Bank will enjoy EMI facilities in case of purchasing electronics goods from any outlet of the electronics company. Md. Mahbub ul Alam, CEO, Mohammed Monirul Moula, AMD of the Bank and other officials from both the organizations were also present.

.

Stocks close week down

Economic Reporter :Stocks finished the week down on Thursday with falling trends of all major price indices at Dhaka and Chittagong Stock Exchanges as the daily transactions declined amid

FBCCI team off to USA to attend UNGA

Business Desk :A high-powered business delegation of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) leaves Dhaka today for the USA to attend the 73rd UN General

Robi, iPay signs strategic deal

Robi, iPay signs strategic deal

Business Desk :Mobile operator and service provider Robi, has recently signed a strategic agreement with iPay Systems Limited at the Robi Recreation Centre in the city. This unique partnership

Mominul Islam, Managing Director of IPDC Finance Limited, presiding over its 14th Extraordinary General Meeting (EGM) at a convention centre in the city recently. Top official and a large number of shareholders of the company were also present.

Mominul Islam, Managing Director of IPDC Finance Limited, presiding over its 14th Extraordinary General Meeting (EGM) at a convention centre in the city recently. Top official and a large number of shareholders of the company were also present.

.

Tea seller Bablu gets new car buying Walton TV

Business Desk :Md. Bablu Hossen, a tea seller in Chuadanga Sadar, got a brand new car from Walton for purchasing and registering a 24-inch LED television under the nationwide

Md. Jashim Uddin, Vice Chairman of Bengal Group and Rtv and former Vice-President of FBCCI, receiving a Credit Card of Premier Bank Ltd from Kamrul Huda Zaman Choudhury, Head of Card Elite Division at the Bank head office in the city recently.

Md. Jashim Uddin, Vice Chairman of Bengal Group and Rtv and former Vice-President of FBCCI, receiving a Credit Card of Premier Bank Ltd from Kamrul Huda Zaman Choudhury, Head of Card Elite Division at the Bank head office in the city recently.

.

City Bank, American Express launch 2nd lounge at HSIA

Business Desk :City Bank and American Express launched its 2nd international Lounge at Hazrat Shahajalal International Airport on Tuesday. The lounge named "City Bank American Express Platinum Lounge" will

60m in virtual currency hacked in Japan

60m in virtual currency hacked in Japan

BSS/AFP, Tokyo :Digital currency worth around 6.7 billion yen ($60 million) has been stolen in Japan following a hacking attack, a virtual exchange operator said on Thursday.Osaka-based Tech Bureau,

BHBFC to offer housing loan to farmers at 8pc interest

Economic Reporter :Bangladesh House Building Finance Corporation (BHBFC) is set to disburse housing loan at 8 percent interest rate to farmers under the 'Krishak Abashan Reen' programme."We have already