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China's ZTE apologises, pledges reboot after U.S. reprieve

Reuters  |  HONG KONG/SHENZHEN 

By Sijia Jiang and Sue-Lin WongHONG KONG/SHENZHEN (Reuters) - The chairman of ZTE Corp apologised to staff and customers on Friday after the Chinese technology firm agreed to pay a $1 billion fine to the United States to end a ban that has crippled key businesses, including smartphones.The ban, which traces back to a breach of the U.S. embargo on trade with Iran, had prevented China's second largest telecoms equipment maker by revenue from buying the U.S. components it relies on to make phones and other devices.In addition to the fine, ZTE agreed to overhaul its leadership in exchange for ...

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First Published: Fri, June 08 2018. 13:30 IST
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