Optical Stocks Under Pressure After US Bans Sales To ZTE

Optical Stocks Under Pressure After US Bans Sales To ZTE

ZTE has been buying the hardware from the U.S. companies and using in its products which are later shipped to Iran and North Korea.

ZTE is now banned from purchasing components from companies in the United States, according to a ruling from the U.S. Department of Commerce. Among its biggest customers is ZTE, which accounted for 30 percent of its entire revenue in 2017.

Reuters quotes a senior department official who said that the company "provided information back to us basically admitting that they had made these false statements". "And in global commerce, truth is pretty important".

ZTE didn't respond to calls seeking comment that were made after business hours in China.

NCSC technical director Dr. Ian Levy wrote a letter addressing concerns to telecoms organisations regarding the use of ZTE equipment and services in the UK.

Sensex pares some losses to reclaim 34K; Nifty above 10400
Other major losers were Tata Motors , Axis Bank, Tata Steel, ONGC, Reliance, and Bharti Airtel, falling by up to 2.71%. Hero MotoCorp (2.02%), Kotak Mahindra Bank (1.88%) and Adani Ports (1.85%) were the top gainers on Sensex.

"This will be devastating to the company, given their reliance on USA products and software", said Jacobson.

The cyber security watchdog - National Cyber Security Centre (NCSC) - has written to United Kingdom telecommunication firms warning of a national security risk involving equipment from Chinese telecom equipment maker ZTE Corp.

The Department of Commerce has now learned that ZTE made false statements to the US government during the 2016 settlement negotiations as well as the 2017 probationary period. It might also be the first steps through the bureaucratic box ticking mission to officially ban ZTE.

As part of the original settlement with the US, ZTE agreed to a seven year suspended denial of privileges sentence.

ZTE is one of the many companies that source mobile processors from Qualcomm and it has done so for quite some time now.

Two security personnel injured in Afghan cross border attack
The two countries are separated by the 2,400-kilometer (1,500-mile) Durand Line, which was drawn by British rulers in 1896. It added that hundreds of mortars had been fired by Pakistani forces on another Afghan province of Kunar since early April.

The U.S. action against ZTE is likely to further exacerbate current tensions between Washington and Beijing over trade.

A five-year federal investigation found last year that ZTE had conspired to evade USA embargoes by buying US components, incorporating them into ZTE equipment and illegally shipping them to Iran.

"ZTE misled the Department of Commerce".

The U.S. government had allowed the company continued access to the U.S. market under the 2017 agreement. Although Commerce Department officials would not discuss the report, they said the department followed up in February.

Secretary of Commerce Wilbur L. Ross, Jr. announced that the U.S. Department of Commerce's Bureau of Industry and Security (BIS) has blocked ZTE from exporting technology from U.S. companies.

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One of the main questions going into the meeting with the premiers is what Trudeau can and will do to convince Horgan not to try to block the pipeline project, which will carry oil from Alberta through B.C.to markets in Asia.

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