China’s CITIC to settle Czech debt dispute

PRAGUE: China’s state-run CITIC Group will buy out the debt owed by the European unit of Chinese private energy group CEFC from Prague-based investment group J&T to end a week-long dispute, J&T said on Friday.

The 450 million euro ($530m) debt problem saw J&T appoint crisis managers at CEFC Europe last week, in a move that parent company CEFC China Energy dubbed a hostile takeover.—AFP

Deal reached to keep ZTE in business

WASHINGTON: The Trump administration told lawmakers that the US government has reached a deal to put Chinese telecommunications company ZTE Corp back in business, a senior Congressional aide said on Friday.

The deal, communicated to officials on Capitol Hill by the Commerce Department, requires ZTE to pay a substantial fine, place American compliance officers at the company and change its management team, the aide said. The Commerce Department would then lift an order preventing ZTE from buying US products.

The White House did not immediately confirm the deal.

Published in Dawn, May 26th, 2018