Monday, July 23, 2018 | ePaper

ZTE shares surge 25pc as US sanctions lift moves step closer

  • Print
AFP, Hong Kong :
Shares in Chinese telecoms equipment maker ZTE surged more than 25 percent in Hong Kong on Thursday after the company moved a step closer to having a painful US purchase ban lifted.
The firm had been forced to halt operations and was on the verge of collapse after Washington announced a seven-year ban on US companies selling it crucial parts owing to its handling of a sanctions violation.
However, as a favour to Chinese President Xi Jinping, US President Donald Trump ordered the Commerce Department to ease the penalties and replace it with an order to pay a $1 billion fine and put $400 million in an escrow account to cover any future penalties for violations.
It was also ordered to replace its board of directors and retain outside monitors.
On Wednesday ZTE signed an escrow agreement, meaning the sanctions could be lifted as soon as Thursday.
The news sent shares in the firm 25.13 percent higher in Hong Kong to end at HK$13.94. Still, it is sharply down from the HK$25.60 it was at before trading was suspended after the sanctions were announced in April.
ZTE was pushed to the brink by the initial penalty, which came after US officials said it had failed to take action against staff who were responsible for violating trade sanctions against Iran and North Korea. It was fined $1.2 billion last year for those violations.
Trump's decision to step in was seen as an olive branch by the president as trade war tensions started to mount, making it a key element in the spat between Washington and Beijing.
However, despite the agreement US lawmakers are working to reinstate the ban, accusing Trump rewarding a company that has repeatedly broken US law and engaged in espionage.

More News For this Category

Kazi Akram Uddin Ahmed, Chairman of the Board of Directors of Standard Bank Limited, presiding over its 296th meeting at its head office in the city on Sunday. Mamun-Ur-Rashid, Managing Director, Mohammed Abdul Aziz, Vice-Chairman, Kamal Mostafa Chowdhury, Ashok Kumar Saha, S A M Hossain, Mohammed Shamsul Alam, Gulzar Ahmed, Mohd. Yousuf Chowdhury, Ferdous Ali Khan, Kazi Sanaul Hoq, S S Nizamuddin Ahmed and Md. Nazmus Salehin, Directors of the Bank, among others, were present.

Kazi Akram Uddin Ahmed, Chairman of the Board of Directors of Standard Bank Limited, presiding over its 296th meeting at its head office in the city on Sunday. Mamun-Ur-Rashid, Managing Director, Mohammed Abdul Aziz, Vice-Chairman, Kamal Mostafa Chowdhury, Ashok Kumar Saha, S A M Hossain, Mohammed Shamsul Alam, Gulzar Ahmed, Mohd. Yousuf Chowdhury, Ferdous Ali Khan, Kazi Sanaul Hoq, S S Nizamuddin Ahmed and Md. Nazmus Salehin, Directors of the Bank, among others, were present.

.

China launches steel dumping probe against EU, Japan, S. Korea, Indonesia

AFP, Beijing :China on Monday launched an anti-dumping probe into stainless steel products imported from the European Union, Japan, South Korea and Indonesia as the metal remains the focus

Asian markets slide as trade, currency war fears deepen

AFP, Hong Kong :Asian markets largely lost ground Monday as jitters grew over a potential trade and currency war, with the dollar sliding against most major currencies and extending

Multilateral trade cooperation needed to fight against protectionism

Xinhua, Seoul :A multilateral trade cooperation would be needed to fight against protectionism, which does damage to emerging economies heavily depending on global trade for growth, a South Korean

China smart agricultural technology grows in UAE

Xinhua, Yinchuan :China is strengthening agricultural technology cooperation with Arab countries, including the United Arab Emirates (UAE), authorities have said.On a big screen in the West China Electronic Business

Engineer A.K.M Mosharraf Hossain, Chairman, Jamuna Bank, handing over scholarships to students at

Engineer A.K.M Mosharraf Hossain, Chairman, Jamuna Bank, handing over scholarships to students at "Scholarship giving ceremony" organized by Jamuna Bank Foundation for under-privileged and autistics but meritorious students and the children of its employees, who have got GPA-5 in SSC and Dakhil examination in 2018 in the capital recently. Nur Mohammed, Chairman, Jamuna Bank Foundation presided over the program. Shafiqul Alam, Managing Director, Additional Managing Director Mirza Elias Uddin Ahmed, Deputy Managing Directors A. K. M. Saifuddin Ahamed, Mohammad Shahidul Islam, Md. Mofazzal Hossain, Md. Abdus Salam, Executives, officers and staffs of the Bank were present on the occasion.

.

Brazil to boost trade with BD: Envoy

Brazil to boost trade with BD: Envoy

Economic Reporter :The Brazilian Ambassador in Dhaka Joao Tabajara de Oliveira Junior said that Brazil wants to boost bilateral trade and investment with Bangladesh. He pointed out that the

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Ltd, inaugurating its Boalmari Branch at Faridpur on Monday.  Among others, Abdul Aziz, Deputy Managing Director, S M Nazrul Islam, Head of General Services Division and Abu Salem, Manager of the Branch were present.

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Ltd, inaugurating its Boalmari Branch at Faridpur on Monday. Among others, Abdul Aziz, Deputy Managing Director, S M Nazrul Islam, Head of General Services Division and Abu Salem, Manager of the Branch were present.

.

Md. Golam Faruque, Managing Director of South Bangla Agriculture and Commerce (SBAC) Bank, poses for photograph with the participants in the inauguration ceremony of the 9th Foundation Training Course organized by the Bank's Training Institute at its Head Office on Monday. Among others, the Bank's Deputy Managing Director Tariqul Islam Chowdhury, Training Institute Principal Md. Nazrul Islam and Company Secretary Md. Mokaddes Ali were also present on the occasion.

Md. Golam Faruque, Managing Director of South Bangla Agriculture and Commerce (SBAC) Bank, poses for photograph with the participants in the inauguration ceremony of the 9th Foundation Training Course organized by the Bank's Training Institute at its Head Office on Monday. Among others, the Bank's Deputy Managing Director Tariqul Islam Chowdhury, Training Institute Principal Md. Nazrul Islam and Company Secretary Md. Mokaddes Ali were also present on the occasion.

.

ICMAB CPD program on "IFRS: 16 and IAS: 12"

Business Desk :The Institute of Cost and Management Accountants of Bangladesh (ICMAB) arranged a CPD program on "IFRS: 16 and IAS: 12" at ICMAB Ruhul Quddus Auditorium, Dhaka recently.