- Reuters•last month
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.
- Reuters•2 months ago
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.
- Reuters•5 months ago
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.