The U.S. Commerce Department extended a reprieve from export restrictions to ZTE Corp. through August 30, allowing the Chinese electronics vendor to continue exporting products that include U.S. technology.
Huawei Technologies is reportedly the latest Chinese tech firm to come under scrutiny by the U.S. for doing business in markets such as Iran and North Korea.
ZTE announced that operating cash flow hit historic highs in 2015, as operating revenue grew 23 per cent year-on-year on the back of strong sales of 4G products, smart city and emerging ICT technologies.
ZTE ratcheted down its 2015 net profit Wednesday due to the sanctions the U.S. imposed for allegedly violating governmental export controls on Iran. The Chinese telecom gear manufacturer reported $493.3 million in net profit for the year, down from the $586 million it posted in a preliminary report in January.
The U.S. expects to temporarily lift export restrictions against ZTE, The Wall Street Journal reported.
Airtel Zambia selected Ericsson to overhaul its 2G and 3G networks, as the country's three mobile operators remain under pressure to improve the quality of their services and reduce costs.
ZTE is in "constructive" discussions with U.S. regulators to lift export restrictions imposed last week, according to a Reuters report.
ZTE teamed with Telefónica Deutschland and the City of Düsseldorf's health department to pilot an e-health programme for the elderly, as part of a broader smart home project.
The U.S. Commerce Department will place export restrictions on ZTE this week, according to a Reuters report, for allegedly violating U.S. export controls on Iran. The restrictions, which will take effect tomorrow, will require the Chinese manufacturer's suppliers to apply for an export license before shipping any U.S.-made equipment or parts to ZTE.
Trading of ZTE shares on Hong Kong and Chinese stock exchanges was halted on Monday, although it was not clear whether this was in reaction to news that the U.S. Commerce Department plans to implement restrictions on the supply of components to the China-based equipment vendor.