China's ZTE estimates at least $3.1 bln loss from U.S. sanctions -Bloomberg

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Wed, 23 May 2018 - 02:44 GMT

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Wed, 23 May 2018 - 02:44 GMT

The logo of China's ZTE Corp is seen on a building in Nanjing, Jiangsu province, China April 19, 2018. Picture taken April 19, 2018. REUTERS /Stringer

The logo of China's ZTE Corp is seen on a building in Nanjing, Jiangsu province, China April 19, 2018. Picture taken April 19, 2018. REUTERS /Stringer

BEIJING - 23 May 2018: China's ZTE Corp is estimating losses of at least 20 billion yuan ($3.1 billion) due to Washington's ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources.

The report also said ZTE is hopeful that the United States and China will be able to soon reach a deal that would remove the ban and has a plan in place allowing the telecoms firm to "swing idled factories into action within hours" of the ban being officially lifted.

($1 = 6.3743 Chinese yuan renminbi)

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