China's ZTE says US sanctions have crippled operations

China's ZTE says US sanctions have crippled operationsChinese telecom giant ZTE said its major operations had “ceased” following last month’s US ban on American sales of critical technology to the company, raising the possibility of its collapse. ZTE, which makes telecoms equipment and handsets, is still “actively communicating” with the US side “to facilitate the modification or reversal” of the ban and “forge a positive outcome”, the filing said. US officials imposed the seven-year ban last month after ZTE allegedly made false statements regarding its settlement of a case involving the illegal sale of goods to Iran and North Korea.

Yahoo News – Latest News & Headlines