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Trump throws Chinese phone maker ZTE lifeline in US; firm to pay $1-bn fine

Qualcomm's CEO said he hoped the ZTE agreement would pave the way for the approval of NXP Semiconductors NV's acquisition by his company


China's No 2 telecommunications equipment maker ZTE secured a lifeline from the Trump administration on Thursday after agreeing to pay a $1 billion fine and overhaul leadership in a deal that will lift a ban on its doing business with US suppliers. The agreement comes as US President Donald Trump seeks trade concessions from China and negotiations continue to avoid a trade war between the world's two largest economies. Shares of US companies that do business with ZTE rose on Thursday. US lawmakers immediately attacked the agreement, citing intelligence warnings that ...

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First Published: Fri, June 08 2018. 09:37 IST