
Apple takes fight against $587 million EU antitrust fine to court
The European Commission in a decision in April said the iPhone maker's technical and commercial restrictions that prevent app developers from steering users to cheaper deals outside the App Store breached the Digital Markets Act.
($1 = 0.8522 euros)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNA
a minute ago
- CNA
Apple leads surge in global tech shares after Trump tariff relief
Global technology stocks advanced on Thursday in a relief rally after the latest tariff salvo from U.S. President Donald Trump largely exempted industry heavyweights from his threat to impose 100 per cent levy on chips and semiconductors. Trump said the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the U.S. or were in the process of doing so. Apple's stock rose 3.3 per cent in premarket trading after Trump's announcement on Wednesday that the company will invest an additional $100 billion in the U.S., a move that could help it sidestep potential tariffs on iPhones. U.S.-listed chipmakers advanced broadly, with Advanced Micro Devices up 2.5 per cent, Intel gaining 2.1 per cent and Nvidia up 1.1 per cent. "A major uncertainty has been removed and investors can finally move on," UBS analysts said in a note. Semiconductor manufacturing equipment supplier Applied Materials and chipmakers Texas Instruments, GlobalFoundries and Broadcom - Apple's partners in the investment effort - climbed between 0.8 per cent and 10.1 per cent. European chipmakers also joined the rally, with ASML, ASMI and BE Semiconductor Industries climbing about 3 per cent each. Germany's Infineon said it could not speculate on possible semiconductor tariffs, as no details have been disclosed yet. Its shares were up 0.6 per cent. Trump's latest on semiconductor tariffs seemingly rules out Taiwanese chip contract manufacturer TSMC, which makes chips for most U.S. companies, including Nvidia, as it has factories in the U.S. "The market remains keen to buy TSMC on dips. Investors also believe they need to remain positioned in AI - with or without tariffs," UBS analysts said. TSMC shares closed almost 5 per cent higher to hit all-time highs, while Samsung Electronics and SK Hynix climbed 2.5 per cent and 1.4 per cent, respectively. South Korea's Samsung and SK Hynix will also not be subjected to 100 per cent tariffs on chips, the country's top trade envoy said. Samsung has invested in two chip fabrication plants in Austin and Taylor, Texas, while SK Hynix has announced plans to build an advanced chip packaging plant and research and development facility for artificial intelligence products in Indiana. Since stepping into the White House in January, Donald Trump has made several tariff threats, specifically on semiconductors, aimed at reshaping the supply chain of the industry and spurring domestic production. "The (100 per cent tariff) figure fits Trump's approach of 'open high, negotiate down' and the final figure could be similar to reciprocal tariffs to limit inflation in consumer goods, given that many have chips," said Phelix Lee, senior equity analyst at Morningstar. Not everyone has come out of the latest blitz on the right side, with the Philippines and Malaysia looking to find out more details about the tariff rate. Dan Lachica, the president of the trade body for the Philippine semiconductor industry, said 70 per cent of its electronics exports are semiconductors and the new tariff rate would be "devastating". Philippine stocks were down 0.1 per cent after falling as much as 0.9 per cent during the day.


International Business Times
10 minutes ago
- International Business Times
Trump Says He Will Impose 100% Tariff on Imported Computer Chips but Spares Companies Investing in the US
President Donald Trump has announced plans to impose a 100% tariff on computer chips, potentially leading to increased costs for electronics, automobiles, home appliances, and other essential products that rely on these processors in today's digital world. "We'll be putting a tariff of approximately 100% on chips and semiconductors," Trump said in the Oval Office while meeting with Apple CEO Tim Cook on Wednesday. "But if you're building in the United States of America, there's no charge." The announcement comes more than three months after Trump had temporarily exempted most electronic products from his administration's harsh tariffs and on a day Apple said it will manufacture microchips in the US. Trump Makes Things Expensive Donald Trump X The Republican president said that the import tax would not be applicable to companies producing computer chips within the United States. During the Covid-19 pandemic, a chip shortage led to rising car prices and played a role in driving inflation higher. Investors appeared to view the possible tariff exemptions as a positive sign for Apple and other leading tech firms that have been heavily investing in expanding chip and component manufacturing in the U.S. Since Trump's return to the White House in January, major tech companies have collectively pledged around $1.5 trillion in U.S. investments. That total includes a $600 billion pledge from Apple, which increased its earlier February commitment by an additional $100 billion. The key question now is whether the deal negotiated between Apple CEO Tim Cook and Trump will be sufficient to shield the millions of iPhones manufactured in China and India from the tariffs already enacted by the administration—and whether it will ease the pressure on Apple to hike prices on the new models set to launch next month. Apple Rallies After Trump Announcement Donald Trump and Apple CEO Tim Cook X Wall Street appears optimistic. Apple's stock jumped 5% during regular trading on Wednesday and climbed another 3% in after-hours trading, following Trump's announcement that some tech firms would be exempt from the new tariffs, with Cook appearing alongside him. Shares of AI chipmaker Nvidia, which has also recently made large-scale investments in the U.S., saw a modest uptick in after-hours trading, further contributing to the company's $1 trillion increase in market value since the beginning of Trump's second term. Even Intel, the iconic chipmaker that has faced recent challenges, saw its stock rise in extended trading. So far, the Semiconductor Industry Association—the leading trade group for the chip sector—has declined to comment on Trump's latest round of tariffs. Global demand for semiconductors continues to surge, with sales up 19.6% year over year in June, according to data from the World Semiconductor Trade Statistics organization. However, it remains unclear how many chips, or which countries of origin, will be affected by the new import tax.

Straits Times
25 minutes ago
- Straits Times
Senior EU official says Gaza crisis ‘looks very much' like genocide
Sign up now: Get ST's newsletters delivered to your inbox Israel has repeatedly rejected accusations of carrying out genocide in its war in Gaza. BRUSSELS - A senior member of the European Union's executive said the displacement and killing in Gaza looked very much like genocide, the first commissioner to level that accusation and publicly break with the body's position on the conflict. "If it is not genocide, it looks very much like the definition used to express its meaning," Ms Teresa Ribera - the European Commission's second-highest ranking official - told Politico in an interview published on Aug 7. Israel has repeatedly rejected accusations of carrying out genocide in its war in Gaza. Israel's mission to the EU did not immediately respond to a request for comment. Ms Ribera is the European Commission's Executive Vice-President, second only in seniority to President Ursula von der Leyen. The Spanish socialist, whose portfolio includes climate and anti-trust issues, is not responsible for EU foreign policy. "What we are seeing is a concrete population being targeted, killed and condemned to starve to death," Ms Ribera told Politico. Top stories Swipe. Select. Stay informed. Singapore Liquor licences for F&B, nightlife venues extended to 4am in Boat Quay, Clarke Quay Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds Singapore Wastewater overflow in Bedok and Chai Chee due to choked sewer at BTO worksite: PUB Singapore Fine for man who damaged PAP campaign materials on GE2025 Polling Day Singapore Jail for driver who drove over leg of special needs woman in accident on church driveway Singapore Teen's love of dance powers her through cancer to perform at NDP 2025 Singapore Ex-Hyflux director fined over firm's failure to disclose Tuaspring info Business S'pore firm looks to buy SMEs lacking successors, launches CEO training programme to foster renewal Her statements went further than the European Commission, which has accused Israel of violating human rights in Gaza, but stopped short of accusing it of genocide. The Commission last week proposed curbing Israeli access to its flagship research funding programme after calls from EU countries to increase pressure on Israel to alleviate the humanitarian crisis in the enclave. In that proposal, the Commission said Israel had violated a human rights clause in an agreement that governs its relations with the EU. "With its intervention in the Gaza Strip and the ensuing humanitarian catastrophe, including thousands of civilian deaths and rapidly rising numbers of spreading extreme malnutrition, specifically of children, Israel is violating human rights and humanitarian law," it wrote. Israel has fended off accusations of genocide, including a case brought by South Africa at the International Court of Justice in the Hague that Prime Minister Benjamin Netanyahu condemned as "outrageous". The war was triggered when Hamas-led militants attacked Israeli communities and military bases near Gaza on Oct 7, 2023. About 1,200 people, including more than 700 civilians, were killed, and 251 hostages were taken to Gaza. Israel's military response has devastated the tiny, crowded enclave, killing more than 61,000 people, mostly civilians, according to Palestinian health authorities. Israel has repeatedly said its actions in Gaza are justified as self-defence and accuses Hamas of using civilians as human shields, a charge the militant group denies. REUTERS