Apple to pay $490m to settle claims it misled investors over sales in China

Apple has agreed to pay $490m to settle a class-action lawsuit alleging chief executive Tim Cook misled investors about a steep downturn in iPhone’s sales in China that culminated in a jarring revision to the company’s revenue forecast. The preliminary settlement filed Friday in Oakland, California, federal court stems from a shareholder lawsuit focused on the way Apple relayed information about how iPhone models released in September 2018 were performing in China, one of the company’s biggest markets. Cook signaled that the new iPhones were off to a good start…

Apple under fire over cancellation of Jon Stewart show amid China concerns

US lawmakers asked Apple Inc to explain the abrupt end of the political comedian Jon Stewart’s television show on its streaming service, according to a letter made public on Wednesday, citing concerns that content related to China was behind the cancellation. The New York Times reported last month that Stewart’s show on Apple’s streaming service was ending, the result of creative differences. The newspaper said Stewart told members of his staff that potential show topics related to China and artificial intelligence were causing concern to Apple executives. Apple declined comment…

China launches tax investigations into Apple iPhone maker Foxconn

China’s tax authorities have launched multiple investigations into the company that makes the iPhone, months after its billionaire founder announced he would run in Taiwan’s presidential elections. Foxconn faces tax audits of its operations in China, as well as investigations into land use in two Chinese provinces, according to reports by local media. The investigations, which were confirmed by the Taiwan-based manufacturer but have not been officially announced by any of China’s government departments, are thought to be politically motivated. Foxconn’s founder, Terry Gou, announced in August he would run…

Oil prices drop as aid arrives in Gaza; major Apple supplier faces China tax inquiry – business live

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China reportedly extends iPhone ban to more workers as tensions with US rise

China’s government has reportedly expanded its ban of iPhones to local government workers and state-owned companies, a day after it emerged central government employees were forbidden from bringing the devices to work. Several agencies had begun instructing employees not to bring iPhones to work and the ban was expected to be further extended, Bloomberg reported. Nikkei reported at least one state-owned company had told its employees that anyone working with trade secrets could not bring their iPhones, Apple Watches or AirPods into work from next month. The ban on the…

Apple shares fall after China reportedly bans iPhone use by government officials

Apple stocks fell after China reportedly banned officials at central government agencies from using or bringing iPhones and other foreign-branded devices into the office. In recent weeks, Chinese officials were given the instructions by their superiors in workplace chat groups or meetings, the Wall Street Journal reported, adding that it wasn’t clear how widely the orders were being distributed. The report weighed heavily on Wall Street stock indexes, with Apple shares falling 3.6%. China is one of Apple’s biggest markets and generates nearly a fifth of its revenue. Several analysts…

US charges ex-Apple engineer with stealing trade secrets to benefit China

The US has charged a former Apple engineer accused of stealing the company’s technology on autonomous systems, including self-driving cars, and then fleeing to China. The department of justice on Tuesday announced charges in that case and several others involving the alleged theft of trade secrets and efforts to steal technology to benefit China, Russia and Iran. Two of the cases involved what US officials called procurement networks created to help Russia’s military and intelligence services obtain sensitive technology. “We stand vigilant in enforcing US laws to stop the flow…

Cold war 2.0 will be a race for semiconductors, not arms | John Naughton

Our digital civilisation, if you can call it that, runs on just two numbers – 0 and 1. The devices we call computers run on vast strings of ones and zeros. How? By having electrical currents that are either flowing or not. The tiny electronic switches that decide whether they’re on (1) or off (0) are called transistors. Once upon a time, these were tangible objects: I remember buying one with my pocket money in the 1950s for a radio receiver I was building. But rapidly they were reduced in…

Job cuts and falling shares: how did it all go so wrong for the US tech sector?

Amazon announced 18,000 job cuts, Apple’s share price fell below $2tn (£1.7tn) and there was more bad news from Tesla: it has been another tough week for big US tech firms. But this has not been a one-off. The ongoing drama at Twitter since its takeover by Elon Musk in October has taken place against a backdrop of global economic uncertainty, retrenchment from aggressive expansion plans and China’s disruptive transition from Covid lockdowns to rocketing case numbers as restrictions ease. In fact this week’s events have been a continuation of…

Zero-Covid policy is costing China its role as the world’s workshop

The anti-lockdown unrest gripping China has forced the authorities in Beijing to respond by easing some restrictions in big manufacturing centres, as they map out a “new stage and mission” in the country’s deeply unpopular zero-Covid policy. There are concerns that more freedom of movement could allow the virus to rip through a population where immunity is lower than in the west. Those health risks mean the “world’s workshop” is heading for a difficult winter, casting a shadow over the prospects for international trade. Western companies have learned lessons from…