ZTE set for return to business in the US

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Troubled Chinese firm ZTE is set for an upturn in fortunes today after the company said it would resume trading in the US.

The news comes after a two-month-long suspension of business that nearly drove ZTE to major job losses as well as the possibility of bankruptcy.

ZTE was officially banned from the US after breaking an embargo on doing trade with Iran and North Korea, with the company blocked from purchasing the US-made components that were vital to its business.

ZTE was China's second-largest telecoms and networking company after Huawei, as well as maintaining an extensive smartphone business.

Following a series of public announcements from both the company and President Trump, ZTE was made to pay  a $1.4bn fine to US authorities, as well as majorly overhauling its upper management, with its board and executive team all being replaced.

ZTE will also need to provide US inspectors full access to its sites, as well as disclose more information around its supply chain.

The company's Chairman Yin Yimin apologised to employees, shareholders, business partners and customers in a memo sent out to staff earlier this week, saying that ZTE had paid, "a disastrous price".

Image Credit: Flickr / Kārlis Dambrāns