Corning staves off antitrust fine as EU regulators accept concessions to mobile phone makers
The U.S. company, which sells a break resistant glass used as a cover for mobile phones, tablets and smart watches under the Gorilla Glass brand, counts Samsung (005930.KS), opens new tab, Sony (6758.T), opens new tab, Google (GOOGL.O), opens new tab, HP (HPE.N), opens new tab, Dell (DELL.N), opens new tab and Nokia (NOKIA.HE), opens new tab as its customers.
Apple (AAPL.O), opens new tab is reportedly a customer too.
Corning submitted concessions to the European Commission in November last year.
Corning has now agreed "to waive all exclusive dealing clauses in all its current agreements with OEMs (original equipement makers) and finishers", the EU antitrust enforcer said in a statement.
It will also not require OEMs to purchase, or cause their supply chain to purchase, more than 50% of their demand from the company.
The offer is valid for 9 years. EU antitrust violations can cause companies as much as 10% of their turnover.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
6 minutes ago
- The Independent
What Barcelona port terminal closures mean for cruise passengers
The number of cruise terminals at the Port of Barcelona are set to be reduced by the end of the decade in an effort to address concerns about overtourism in the city. Barcelona City Council and the Port of Barcelona have unveiled plans to reduce the number of passenger cruise terminals from seven to five. Under the plans, terminals A, B and C will be demolished as part of a €185m (£160m) project. A new terminal will be built on the site of terminal C that will have capacity for 7,000 passengers at any given time. The changes will reduce Barcelona's maximum cruise capacity from 37,000 passengers to 31,000 per day. This could alter how often ships visit Barcelona. The new terminal will prioritise cruise lines that start or end at the port, plus small vessels and those that stay overnight, according to the announcement. Work will begin at the end of next year and the new terminal will be complete by 2030. It won't affect terminals D and E, which are operated by Carnival Corporation, Terminal H, operated by MSC Cruises, or Terminal G, run by Royal Caribbean Group. There will be a €90m (£78m) expansion to the Porta d'Europa bridge that links the wharf with the city. More shuttle services, and crowd-monitoring information screens, have been proposed. Onshore power supplies will be installed to help ships reduce their engine emissions while in-port. A study has also been commissioned to see how cruise passengers move around the city as part of a new sustainable mobility plan. Barcelona is Europe's largest cruise port and, according to the proposal, has seen a 20 per cent increase in passengers since 2018. Of 12.8 million cruise passengers who visited Spanish ports last year, 3.7 million came to Barcelona. This has prompted protests about overtourism and overcrowding in the city. The mayor of Barcelona, Jaume Collboni, said the growth cannot be infinite, adding: 'For the first time in history, a limit is being placed on the growth of cruises in the city. 'The current management of tourism involves setting limits and managing better.' Barcelona has been scaling back cruise operations since 2018, moving from the city centre to Adossat Wharf, before closing its North Terminal, located near La Rambla, in 2023. A statement from the port said: 'The agreement will reduce the number of cruise terminals at the Port of Barcelona and will roll out a series of projects to improve passenger mobility and make it more sustainable, moving forward in the responsible management of cruises and improving the coexistence between port activity and the city.' A spokesperson for the Cruise Lines International Association (CLIA) trade body, said: "While cruise visitors currently represent less than five per cent of total tourists to Barcelona, cruise tourism contributes more than €1bn (£867m) annually to the Catalan economy and supports over 9,000 jobs, according to the University of Barcelona. 'Ensuring the sector's continued contribution – while enhancing sustainability – requires a thoughtful, collaborative approach, and we welcome the opportunity for ongoing dialogue and partnership with the Port of Barcelona, the City Council, and regional authorities. 'By working together, we can ensure that cruise tourism continues to be a well-managed, economically valuable, and increasingly sustainable part of Barcelona's future. "Cruise tourism is managed tourism, with scheduled arrivals planned years in advance and supported by guided excursions, and coordinated transportation, allowing for better tourism management and oversight."
BreakingNews.ie
7 minutes ago
- BreakingNews.ie
Government unveils €9.4bn budget package but warns of looming tariff threat
The Government is set to bring in €1.5 billion of tax cuts as part of next year's budget, according to the Summer Economic Statement. The Budget Day package, set to be announced of October 7th, will be €9.4 billion. Advertisement This will comprise spending of €7.9 billion and taxation measures amounting to €1.5 billion. Overall spending across current capital will increase by 7.3 per cent for next year. Minister for Public Expenditure Jack Chambers speaking at a press conference at Government Buildings in Dublin (Niall Carson/PA) However, the Minister for Finance Paschal Donohoe warned that the figures published on Tuesday are based on 'a no-tariff scenario' imposed by the United States. He published the figures alongside Minister for Public Expenditure Jack Chambers. Advertisement 'Our Budget Day decisions could change depending on the economic environment we find ourselves in during the summer and beyond,' he said. He said all they can see is 'change and risk' around the uncertainty of trade, investment and politics. 'Of course, none of this is positive for the economy of the world, and by extension, therefore, for Ireland,' Mr Donohoe added. 'This is most evident in the debates and negotiations that are under way with regard to trade, which is why us, within the European Union and the (EU) Commission on our behalf, will be redoubling our efforts to negotiate a better deal with regard to trade between the EU between now and August 1st. Advertisement 'Because of all of this, it's very clear that we're at a moment of significant transition to the economy of the world, and even for the economy. But notwithstanding all of this, our economy continues to grow. 'In the first quarter of 2025, our economy grew by almost 3 per cent after a year of strong growth in 2024, and where that strong performance is most evident is in the number of people at work in our country.' Mr Donohoe said it is 'very likely' that negotiations between the EU and the US will reach a conclusion in the coming weeks. However, he said the Government's intention is to be 'flexible' in its approach to Budget Day. Advertisement 'Our overwhelming priority is to maintain our public capital investment, in particular the figures that will be outlined by Minister Chambers,' Mr Donohoe added. 'However, should economic or budget conditions change, we will amend other elements of budget policy to ensure we get the balance right. 'Minister Chambers and I, in consultation with the party leaders, will continue to assess that balance in the weeks ahead. 'I emphasise that point because Minister Chambers and I are very much aware that we are publishing this statement and committing to a National Development Plan at a moment of uncertainty. Advertisement 'We know an antidote to some of that uncertainty is certainty regarding our investment plans, and that is what is being outlined here today. We can do so because our economy is resilient.' Mr Chambers said the Government is having to navigate 'serious economic uncertainty'. 'If there's a serious economic deterioration, we absolutely will have to revisit what we're setting out today to be responsible and agile in the context of changing our global position, and we agree on that,' he added 'So this is very much caveated by what could happen in the coming weeks, and we won't make decisions that aren't sustainable or affordable for the Irish economy.' He added: 'While capital expenditure will increase by €2 billion in line with the National Development Plan review, this will result in total available current expenditure of €97.5 billion, and capital expenditure of €19.1 billion in 2026. 'It will be against this backdrop that budget negotiations will commence with the individual departments in the coming weeks. 'The expenditure ceilings for 2026 will facilitate a budget that will provide for enhanced public service delivery and increased capital investment in critical infrastructure under the new and renewed National Development Plan. 'At the same time, given the profound global economic uncertainty, it's crucial we moderate current spending and provide permanent and sustainable investment, as well as focusing on addressing our infrastructure deficits.'
Reuters
7 minutes ago
- Reuters
German car parts maker Bosch to cut up to 1,100 jobs, Bild and HB report
July 22 (Reuters) - German car parts maker Bosch will cut up to 1,100 jobs in the coming years and restructure its Reutlingen plant, the Bild and Handelsblatt newspapers reported on Tuesday. As the auto sector weakens, Bosch in future will focus the plant mainly on manufacturing semiconductors, Handelsblatt said. "The necessary job cuts are not easy for us, but are urgently needed to secure the future of the location," Handelsblatt cited Bosch's executive vice president of semiconductor operations Dirk Kress as saying.
