NCSC warns UK telcos against ZTE equipment due to 'national security' concerns

Optical Stocks Under Pressure After US Bans Sales To ZTE

ZTE was fined US$1.19 billion in March 2017 and also agreed to a seven-year suspended export ban which would take effect if it was found to be in violation of the Export Administration Regulations.

The U.S. Department of Commerce has banned American firms from selling components to the Chinese phone maker ZTE for seven years for violating the terms of a sanction. The DOC, however, contends that ZTE failed to significantly penalize those employees.

"ZTE misled the Department of Commerce", said Commerce Secretary Wilbur Ross in a statement.

The Commerce Department said in a statement it was revoking ZTE's export license. According to according to US officials, ZTE failed to punish employees who destroyed and concealed evidence related to the violations, and some were rewarded with bonuses. "This egregious behavior can not be ignored", Secretary Ross said.

A senior department official told Reuters that ZTE, "provided information back to us basically admitting that they had made these false statements".

For ZTE, it has been a rough 24 hours, with the United States government hitting the company with a U.S. export ban. The ban includes an important chipmaker, Qualcomm.

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The decision had Buffon in particular incensed and the legendary 'keeper was sent off for man-handling the referee. Michael Oliver's wife is still receiving death threats and abuse from Juventus fans.

Acacia Communications Inc, which earned 30 per cent of its total 2017 revenue from ZTE, tumbled as much as 34.7 per cent in early trade, hitting a almost two-year low. This order was issued due to a breach of a settlement between ZTE and the United States government after ZTE was found violating Iran and North Korean sanctions.

United States officials made this known on Monday banning American companies from selling components to the Chinese telecom equipment maker.

Viavi Solutions (VIAV) is one company that has business with ZTE, though only a small amount, according to William Blair analyst Dmitry Netis. After political issues effectively killed Huawei's ability to sell phones via USA carrier AT&T, and President Donald Trump blocked the Broadcom-Qualcomm deal, this is another case of the US using its powers over trade to effectively prevent China from having too much influence within the American economy.

Shares of optical companies including Lumentum Holdings Inc fell 6.8 per cent and Finisar Corp dropped 6 per cent. Oclaro Inc, which received 18 per cent of its fiscal 2017 revenue from ZTE, lost 17.4 per cent.

According to the press release, this denial order against ZTE is a regulatory action and has nothing to do with the ongoing trade war between the U.S.A and China. However, hardware and software aspects of those devices originated in the United States, which is a blatant violation of Iranian trade embargoes instituted by the USA government.

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