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Yahoo
15 minutes ago
- Yahoo
Prudential Financial to pay $100 million in US FTC settlement
(Reuters) -The U.S. Federal Trade Commission reached a $100 million settlement with Prudential Financial to resolve claims a former unit misled consumers into buying healthcare plans that did not provide the coverage it promised. A settlement with Assurance IQ, which Prudential decided to shut down last year, was filed on Wednesday in Seattle federal court. Assurance did not admit or deny wrongdoing. The FTC accused Assurance of targeting consumers in need of low-cost insurance coverage, both online and in telemarketing calls, with representations that its healthcare plans provided comprehensive coverage and essential health benefits of the sort provided under the Affordable Care Act. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
- Yahoo
Apple announces additional $100 billion in US investment, following Trump iPhone tariff threat
Apple (AAPL) announced plans to invest an additional $100 billion in US manufacturing commitments ahead of a press conference scheduled with President Trump at the White House Wednesday. The move follows Apple's prior $500 billion investment in US spending, which includes working with partners to build an AI server plant in Texas. Apple says that the $100 billion announcement includes its new American Manufacturing Program (AMP), which the company says will incentivize global companies to build critical components in the US. The tech giant says its first AMP partners will include Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor, and Broadcom. As part of the investment, Apple is making a $2.5 billion commitment to produce all of the cover glass for its iPhones and Apple Watches at Corning's Harrodsburg, Kentucky, manufacturing facility. The two companies will also work to open an Apple-Corning Innovation Center at the plant to help develop and engineer materials and next-generation manufacturing platforms for future Apple products. Apple also says it has entered into a multi-year agreement with Coherent to produce lasers for its Face ID feature for the iPhone and iPad. The company is also touting what is says is a end-to-end American silicon supply chain, which includes sourcing silicon wafers from GlobalWafers in Sherman, Texas, for use in American chip factories, working with Applied Materials to increase production of semiconductor manufacturing technologies, and getting semiconductors from Texas Instruments. Apple is further teaming up with Samsung to work on new chip making technologies at its plant in Austin, Texas, as well as with GlobalFoundries and Amkor for bring more chip manufacturing and packaging to the US, respectively. Apple's news comes after the Trump administration began pressuring the tech giant to manufacture its iPhone in the US, going so far as to threaten to impose a 25% tariff on the devices if the company didn't comply. Apple's announcement also comes as the company prepares for a new 25% tariff on goods destined for the US from India. That's in addition to an existing 25% levy Trump previously said he would apply to the country's products. Apple builds the majority of the iPhones headed to the US in India, after diversifying its supply chain beyond China following the COVID-19 pandemic. The company still produces iPhones for the rest of the world in China. Trump has repeatedly criticized Apple for building its iPhones abroad, with the administration saying the company should instead bring its manufacturing facilities to the US. In May, Trump said he "had a little problem with Tim Cook," while discussing the company's decision to build US iPhones in India. But industry experts say doing so would be a Herculean task even for Apple, due to a lack of available skilled workers and limited supply chain resources in the country. Even if those factors weren't an issue, it would take years to complete construction of an iPhone plant, at which point Trump would no longer be in office. During its most recent quarterly earnings report, Apple said it took an $800 million hit due to existing tariffs and anticipated an additional $1.1 billion in related costs in its current quarter. Email Daniel Howley at dhowley@ Follow him on X/Twitter at @DanielHowley.
Engadget
17 minutes ago
- Engadget
Apple to invest another $100 billion into the US to avoid tariffs
Apple plans to invest an additional $100 billion in the US, the company announced on Wednesday. The investment follows President Donald's Trump's previously announced plans to raise tariffs on India by an additional 25 percent (bringing the total tariff to 50 percent) for purchasing oil from Russia. Apple relies heavily on manufacturers in India to create the iPhone, so adding to its already $500 billion investment in the US is likely a way to avoid being impacted by the tariffs. "Today, we're proud to increase our investments across the United States to $600 billion over four years and launch our new American Manufacturing Program," Apple CEO Tim Cook shared in a statement. "This includes new and expanded work with 10 companies across America. They produce components that are used in Apple products sold all over the world, and we're grateful to the President for his support." In a statement to Bloomberg before the announcement, a White House spokesperson suggested the new investment would "help reshore the production of critical components to protect America's economic and national security." The Trump administration has previously called for Apple to make the iPhone in the US, something CNN reports is difficult to downright impossible. In February, Apple said it's original $500 billion investment plan would go towards building Apple Intelligence servers in the US, and that the majority of the new jobs the funding would provide would be focused on R&D, silicon engineering, software development and AI and machine learning. As part of this additional investment, Apple says it's deepening relationships with components makers in the US, like Corning, Coherent and Amkor. Apple's current strategy for dealing with Trump is similar to how it handed the President during his first term. In 2019, Apple CEO Time Cook and Trump "opened" a Mac Pro factory in Texas. The factory had been up-and-running since 2013, but the President was pleased by the optics of making a deal. Apple is a trillion-dollar company that can afford to spend a few billion avoiding tariffs, but it also likely planned to increase investment in the US anyway to keep up with competitors like Google and Microsoft. Its entirely possible the company is just packaging its spending in a way that flatters the President's ego. Developing...
