Monday, 23 July, 2018

ZTE stock plummets 40% after crippling U.S. ban

WSJ U.S. Senate sets vote this week to legislate the Senators Move To Reverse Trump's Deal Lifting Sanctions On China's ZTE
Rhonda Young | 13 June, 2018, 12:29

Several, actually. The ban wouldn't be lifted until ZTE pays a $1 billion fine and places $400 million more in escrow in a US -approved bank for 10 years to cover any future violations. But after the US government determined the company lied about its clean-up efforts, the Commerce Department imposed the death sentence, banning USA businesses from selling parts to ZTE, effectively kneecapping the company.

White House trade adviser Peter Navarro said on Sunday that President Donald Trump agreed to lift the ban as a personal favour to the president of China.

To save his ZTE deal, Trump would have to veto the entire defense-authorization bill, which would go against his long-standing statements on the military and USA defense protocols.

(Update) Fallout 76 will be getting a BETA test
Retailers are selling a Fallout 76 Tricentennial Edition , also known as the Deluxe Edition, that comes with some extra goodies. You can pre-order the title on June 15 to get access to an upcoming beta and try the game out ahead of its official release.

According to a Reuters estimate based on company filings and a source with knowledge of the matter, that could result in about 40 senior executives being replaced including its 14-person board, based on its current management structure.

The ZTE leniency also rubbed senators wrong since it came about the same time the president slapped tariffs on steel and aluminum imports from US allies including Canada and the European Union.

During its trading halt, fund managers cut their valuations of ZTE shares, with some lowering valuations of its A-shares to 20.04 yuan per share, or a 36 percent discount to the closing level on April 16. The terms of that deal stipulate that the company has to install a whole new set of directors, embed a US-chosen compliance department and pay a $1 billion penalty. "Therefore, ZTE will most likely be able to resume operations in middle of next week".

Brad's forecast | Severe storms possible Monday afternoon
But the cold front that came through last night will move back up as a warm front which will be the focus for storm development. The main threat will be focused across the southern half of the region from late afternoon through Wednesday morning.

As part of the USA order, the Commerce Department also will select a monitor, known as a special compliance coordinator, within 30 days to report on compliance by ZTE and its affiliates worldwide for 10 years. After 10 years, if there are no violations, the $400 million will be returned to ZTE.

But a number of USA lawmakers aren't satisfied with that agreement, saying the issue extends beyond punishment and is more about national security. John Cornyn (R-Tex.). "There'll be a conference between the House and the Senate on the defense authorization bill".

As part of the order, ZTE must identify in detail to the Commerce Department all Chinese government ownership and control of ZTE, including public and private shares. The coordinator will have a staff of at least six employees funded by ZTE.

Rose McGowan Indicted On Cocaine Possession Charges In Virginia, Will Face Trial
When the narcotics accusations against McGowan surfaced, she said it was an attempt to silence her and was a "load of horsesh*t". The " Charmed " star believes Weinstein framed her in hopes of stopping her from sharing her allegations against the producer.

HONG KONG-Shares of ZTE Corp. are set to resume trading on Wednesday following a almost two-month suspension, after a fresh deal with USA authorities to keep the Chinese telecom giant in business. "We believe ZTE will make the payment as soon as possible (we estimate in a few days)".

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