The US Department of Commerce on Friday (13/07) lifted a ban on US companies selling goods to ZTE Corp, allowing China's second-largest telecommunications equipment maker to resume business. The Commerce Department removed the ban shortly after ZTE deposited $400 million in a US bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the US Treasury in June. "The department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all US laws and regulations," Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case. The terms will allow the department to protect US national security, Ross said. The administration has clashed with lawmakers from its own party over issues related to China, and this was no different. On Friday, Senator Marco Rubio, a Republican, criticized the lifting of the ban. "ZTE should be put … [Read more...] about US Lifts Ban on Suppliers Selling to China’s ZTE
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REUTERS: The United States said on Wednesday that it signed an agreement with ZTE Corp that paves the way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers.The ban on China's No. 2 telecommunications equipment maker will be removed once the company deposits US$400 million in an escrow account, the U.S. Commerce Department said in a statement announcing that an escrow agreement had been signed.The ban, which was imposed in April and caused ZTE to cease major operations, has been a source of friction between Washington and Beijing, which are engaged in an escalating trade dispute.ZTE did not immediately respond to a request for comment."Today's announcement marks the beginning of the end of this long-running saga," said Washington attorney Douglas Jacobson, who represents ZTE suppliers.The escrow agreement is part of a US$1.4 billion settlement ZTE reached with the Commerce Department last month to regain access to … [Read more...] about China’s ZTE clears hurdle to lifting US ban
REUTERS: Apple Inc is betting on services such as app downloads and music subscriptions to help drive growth as the cell phone market matures, but the company faces tough competitors and potentially low profit margins in some of its target areas.Investors support Apple's effort to look beyond its signature product, the iPhone, for growth. A 31 percent increase in services revenue to US$9.2 billion was a bright spot in earnings reported on Tuesday, lifting overall gross margins as well as sales, the company said.Apple subscribers, who include customers paying for third-party apps on iPhones, rose 100 million in the last year to 270 million.But profitability varies widely among service offerings, and some businesses appear to have lower profit margins than the 38.3 percent company-wide figure Apple reported.The App Store and iCloud storage are similar to high-margin software businesses while entertainment, such as Apple Music and a nascent video business, are similar to lower-margin … [Read more...] about Apple services segment faces margin, competitive challenges
cybersecuritytheft Researchers from Cambridge University argue that crypto-currency theft is not the fault of technology but because existing laws are not being applied By Asia Times staff April 6, 2018 5:54 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 A team of Cambridge University cybersecurity researchers are about to release a proof-of-concept software tool, reports Wired magazine, that they say will scan blockchains to identify bitcoins that have been stolen. But instead of inventing a new and highly-sophisticated solution to tackle the constant problem of theft, the team have based their work on a legal precedent from an 1816 British court decision. Known in English common law as Clayton’s Case, the precedent applies a “legal fiction” to rule that the first coin into a bank account can also be understood to be the first coin out. The dailyReport Must-reads from across Asia - directly to your inbox Ross Anderson, Ilia … [Read more...] about Making bitcoin ‘legal’ by using 19th century English law?
Apple Inc investors are shrugging off concerns raised by two shareholders about kids getting hooked on iPhones, saying that for now a little addiction might not be a bad thing for profits.Hedge fund JANA Partners LLC and the California State Teachers’ Retirement System (CalSTRS) pension fund said on Saturday that iPhone overuse could be hurting children’s developing brains, an issue that may harm the company’s long-term market value.But some investors said the habit-forming nature of gadgets and social media are one reason why companies like Apple, Google parent Alphabet Inc and Facebook Inc added $630 billion to their market value in 2017.“We invest in things that are addictive,” said Apple shareholder Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management.He also owns stock in coffee retailer Starbucks Corp, casino operator MGM Resorts International and alcohol maker Constellation Brands Inc.“Addictive things are very … [Read more...] about IPhone addiction may be a virtue, not a vice for investors