The US government has given Chinese telecoms manufacturer ZTE a lifeline, as it allows the company to resume some operations.
According to the BBC, ZTE will be allowed to support its existing handsets in the US. It will also continue operations of existing networks. The rest of the ban, including not being able to cooperate with US manufacturers, remains 'in full force and effect'.
The US had banned its telecoms parts manufacturers from doing business with ZTE, because the latter had violated the embargo the US has on North Korea and Iran. ZTE had been exporting its products, built with US-made parts, to these two countries, despite knowing it's in violation with an agreement it had with the US.
Once the ban kicked in, ZTE said it could essentially close up shop, as it had literally nothing to do.
The whole thing escalated into a fully-fledged trade war between China and the US. After a few months of back and forth, ZTE had agreed to pay a $1bn fine for breaching the agreement, and agreed to put another $400 million in escrow, in case of a repeated offense.
It also had to completely replace its board of directors, something it has just done.
Image Credit: Flickr / Kārlis Dambrāns