• Reuterslast month

    U.S. Republicans urge penalties for China firm over Iran exports

    More than a dozen U.S. Republican lawmakers on Wednesday urged the Obama administration to impose penalties on the Chinese telecommunications equipment maker ZTE Corp for alleged violations of Iran export controls. In a letter to three Cabinet secretaries, 14 House of Representatives Republicans led by Robert Pittenger of North Carolina said the Chinese technology giant has "blatantly worked to evade American sanctions and export control laws" to sell products to Iran that could be used to oppress dissidents. ZTE officials were not immediately available for comment.

  • Reuters2 months ago

    China's ZTE to set up $180 million fund to invest in tech start-ups

    Chinese telecom equipment maker ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication start-ups and diversify its business. ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, "enhancing the competitiveness of the group's main business," ZTE said in a statement late on Wednesday. ZTE will control about 25 percent of the fund, while 75 percent will be owned by other investors.

  • Reuters5 months ago

    China's ZTE revises down 2015 profit after U.S. export curbs

    Chinese telecom equipment maker ZTE Corp revised down its 2015 net profit on Wednesday due to export curbs imposed by the U.S. Commerce Department for alleged violations of sanctions against Iran. Shenzhen-based ZTE said its 2015 net profit rose 22 percent to 3.2 billion yuan ($493.3 million). On Jan. 19, the company reported a preliminary 2015 net profit of 3.8 billion yuan.