Tuesday, July 5

Apple signed an agreement with China to ease obstacles

Apple dstepping forward to ease obstacles to its devices and services in China by signing an agreement with Chinese officials worth $ 275 billion, according to Reuters in Yahoo Finance.

Tim Cook signed an agreement with Chinese officials, valued at about $ 275 billion, to quell threats that would have hampered his devices and services in the country, The Information reported Tuesday.

The five-year agreement was signed when Cook visited China in 2016 to overturn a series of regulatory actions against the company, according to the report, which cites interviews and internal Apple documents.

Cook lobbied Chinese officials, who believed the company was not contributing enough to the local economy, and signed the deal with a Chinese government agency, making concessions to Beijing and obtaining key legal exemptions, adds the report.

Part of Apple’s investment in China would go to the construction of new retail stores, research and development centers and renewable energy projectsaccording to the report, which cites the agreement.

China is one of Apple’s largest markets with a 83% annual sales growth in the country in its fourth fiscal quarter.

As part of the agreement, Apple promised use more components from Chinese vendors in their devices, sign agreements with Chinese software companies, collaborate on technology with Chinese universities and invest directly in Chinese technology companies, according to the Information report.

Apple closed Monday higher at $ 171.18. Meanwhile, all Ei indicators are bullish.


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