Thu, Jun 07, 2018 - Page 10 News List

World Business Quick Take

Agencies

ELECTRONICS

ZTE signs US agreement

ZTE Corp (中興通訊) has signed an agreement in principle that would lift a US Department of Commerce ban on buying from US suppliers, allowing China’s No. 2 telecom equipment maker to get back into business, sources familiar with the matter said. A department spokesman on Tuesday said that “no definitive agreement has been signed by both parties.” ZTE did not immediately respond to requests for comment. The department plans to amend its settlement agreement from last year and count the US$361 million ZTE paid as a part of that, allowing the US to claim a total penalty of as much as US$1.7 billion, the sources said. Over the weekend, ZTE signed the agreement drawn up by the US, the sources said, but the amended settlement has not been signed.

BANKING

Australia files cartel charges

Australia on Tuesday laid cartel charges against banking companies Citigroup Inc, Deutsche Bank AG and Australia & New Zealand Banking Group Ltd (ANZ), plus six bank executives, over the sale of A$2.5 billion (US$1.91 billion) in ANZ shares to institutional investors three years ago. The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and officials from all three banks are alleged to have been knowingly concerned in the conduct, the Australian Competition and Consumer Commission said in a statement. The three banks deny the allegations.

MALAYSIA

Central bank head resigns

Central bank Governor Muhammad Ibrahim has resigned, Prime Minister Mahathir Mohamad said yesterday, after claims that the bank helped the previous regime cover debts linked to a financial scandal by purchasing government land. Announcing Muhammad’s resignation, Mahathir said that the Harvard-educated banker’s replacement had not yet been decided on and the king still needed to give his approval. Muhammad, who had served with the central bank since 1984, was only two years into his term as governor which was due to end in 2021.

MEXICO

Duties placed on US goods

Steep duties on a raft of US products ranging from whiskey to apples were announced on Tuesday in retaliation for the “unilateral adoption” by Washington of steel and aluminum tariffs. The Secretariat of Economy published a list of US products that would be subject to duties of between 15 and 25 percent, including pork, cheese and grapes. The products concerned are for the most part agricultural goods, but some metal-based products such as steel plating and tubing are also included.

UNITED STATES

Land to be taken for Foxconn

A village board in southeast Wisconsin has deemed thousands of hectares of farmland and a few dozen homes to be blighted, allowing it to seize the property for a Foxconn Technology Group (富士康) manufacturing complex. Mount Pleasant trustees declared the area blighted on Monday, the Milwaukee Journal Sentinel reported. Under state law, a property can be deemed blighted if it is predominantly open or impedes the growth of the community. Most homeowners in the area have agreed to sell their property or would be subject to eminent domain.

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