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China's ZTE reaches preliminary agreement with US to lift ban

Telecom equipment maker would have to pay $1.4bn in penalties and replace its board

  © Reuters

China's No. 2 telecommunications equipment maker ZTE has signed a preliminary agreement with the U.S. to lift a ban on buying goods from U.S. suppliers, Reuters reported.

The agreement allows the Chinese company to resume its business and production. ZTE halted a large part of its operations because of the seven-year ban imposed by the U.S. after it was caught illegally shipping products to Iran and North Korea.

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