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Apple Receives $14B Tax Order From EURecently, Apple received an order from the European Union to pay 13 billion euros ($14 billion) in back taxes. And then, the tech giant launched a legal challenge against the 2016 ruling. Moreover, the U.S. company cited that the executing European Commission is using its authority to fight state aid to retrofit changes to national law. In effect, trying to alter the international tax system, and it is starting to create legal uncertainty for businesses. The six-strong delegation to the court, led by Chief Financial Officer Luca Maestri, will have five judges. And they will hear the arguments of both sides, as well as Ireland, Poland, Luxembourg, and the EFTA Surveillance Authority, over two days. Daniel Beard, a lawyer of Apple, stated that the Commission wanted the iPhone maker firm to attribute all of its profits from all its sales outside America. And put it in the two branches in Ireland. “The activities of these two branches in Ireland simply could not be responsible for generating almost all of Apple’s profits outside the Americas,” he said. Apple Vs. EU Furthermore, the Commission cited in its decision about the 0.005% tax rate paid by the main Irish unit of Apple in 2014. However, Beard quickly dismissed the criticism by saying the regulator was just probing for headlines by quoting tiny numbers. As of now, the tech giant pays a global tax rate of 26%. And it is the largest taxpayer around the world. Its payment hits 20 billion euros in U.S. taxes on the same profits that the Commission said should have been taxed in Ireland. Aside from that, Apple expects revenue to hit $61 to 64 billion in its current financial quarter. And for its gross margin, it is anticipating for 37.55 to 38.5% On the other hand, Ireland is also challenging the Commission’s decision.
NASDAQ:AAPL
by Financebroker
Apple & Foxconn Broke Labor Law for iPhonesApple, together with its manufacturing partner, Foxconn violated a Chinese labor rule. The two firms are using too many temporary staff in the world’s largest iPhone factory. In addition to that, the companies confirmed this after a report about them with allegedly harsh working conditions. And these claims were from China Labor Watch, who issued the report before an Apple event on Tuesday to announce new iPhones. The non-profit advocacy group is investigating conditions in Chinese factories. Aside from that, it has found out other alleged labor rights violations by Apple partners in the past. Recently, CLW stated undercover investigators worked in Zhengzhou plant of Foxconn in China. And this includes a person employed for four years. Then, one of the main findings is the Temporary staff, also known as dispatch workers. Also, they made up around 50% of the workforce in August. In the Chinese labor law, it stipulates a maximum of 10%, according to CLW. Apple and Foxconn Side After conducting the investigation, Apple explained that it found the dispatch workers’ percentage exceeding its standards. And as of now, it is working carefully with Foxconn to resolve the matter. Also, Foxconn Technology Group confirmed the violation after an operational review. For years, the supply chain of Apple never stopped facing criticism regarding its poor labor standards. And the firm had encouraged its manufacturing partners to have better factory conditions or risk losing business. But suppliers and assemblers are always attempting to churn out more handsets. Formally called as Hon Hai Precision Industry Co., Foxconn, employed tens of thousands of temporary workers. And they did this to boost production and meet iPhone demand during the key holiday season every year. CLW stated in its report, “Our recent findings on working at Zhengzhou Foxconn highlights several issues.” And these “are in violation of Apple’s own code of conduct.” It also added that Apple has the power to make fundamental improvements to the working conditions along its supply chain. However, it is currently transferring costs from the trade war through its suppliers to workers and profiting from the exploitation of Chinese workers. More stock news
NASDAQ:AAPL
by Financebroker
New Age for Apple: Verification of third-party iPhone repair stoSometimes, new and shiny iPhones, to the dismay of their owners, fall down and break, other days, old but sturdy ones need repairing. As we all know, getting your iPhone mended takes an exceptional effort. The main reason is you have to search for a place where you can repair it. Sometimes, the official iPhone parts cost as much as the new phone itself. Sometimes broken iPads and tabs require to be sent back to Apple. It takes time to ship them to states around the world. This inconvenience motivates buyers to search for other available and budget-friendly options. We have great news for iPhone users around the world! Recently, Apple has announced it will begin verifying third-party repair stores. This decision will widen the number of places that can fix a broken iPhone. The company has announced it will offer third parties the same “authentic parts, tools, repair manuals and diagnostics” as Apple Authorized Service Providers. This means that any verified and approved store will be able to offer battery and iPhone screen repair. Apple COO Jeff Williams stated that the act will permit small repair stores to get the same tools and gear as authorized repair stores. In addition, this will improve confidence that users are getting a trustworthy service without going to an official Apple store. Although, certification is free. The program is also free to join, as long as businesses employ an “Apple-certified” technician. Apple has been running a quiet pilot test with a handful of indie stores across the world, who are receiving genuine parts for use. The Company claims that third parties can source parts and tools for the same price as current Authorized Service Providers. Apple’s certification is an expensive option that not all repair stores can obtain. Apple has been working on a collaboration with these third party kiosks to ensure that iPhone users will be able to get same-day repairs. Not so long ago Apple cut the price of their battery replacements to $29. This caused is a spike in people opting to replace their phone batteries. 11 million people paid for a replacement, during the discount period. Usually, the amount was up to two million. What is the main reason behind this move? For years, Apple has been receiving quite a harsh backlash for not handling iPhone repairs properly. Eventually expanding the repair program was a long-overdue move. Apple has tried to discourage the users of third-party repairs by making iPhones less functional after they have been fixed or restored. Third-party repair stores Apple is often talking about its green policies and the importance of corporative environmental responsibility. Therefore, the simple fact that it would not allow basic iPhone repairs was hypocritical. Replacing the battery of an otherwise perfectly serviceable iPhone is so much better for the environment and the planet than buying a new iPhone X and discarding the old one. The decision Apple made by loosening up its policies is so much better for its image. Allowing third parties to fix common iPhone issues is a very good start. Especially if it results in lower prices and longer-lasting devices, which has often been the main issue with iPhones. We will see if Apple hardware, like its laptops and tablets, gets added to the program in the future.
NASDAQ:AAPL
by Financebroker
Should we buy Apple Inc stock at $200 per share? Should we buy Apple Inc stock at $200 per share as of August 2019? Apple #APPL stock supply and demand technical analysis is telling us a different story, we should not be thinking of buying Apple stock and holding it since there is monthly supply that has just gained control. When this kind of imbalance gains control, we expect price to react to it and produce lower timeframe imbalances. A monthly supply imbalance was created last October 2018 around $218 per share. It has taken Apple nine months since that imbalances was initially created last year. That monthly supply level is very strong, Apple Inc dropped like 35% in about three months. Price is up there again and trying to replicate what it did the first time. Ignoring or being unaware of these imbalances will cause you a lot of headache trying to wonder why you are losing your long positions on Apple Inc stock. It has nothing to do with unpredictable Donald Trump's personal battle with China and the billion dollars that is costing both parties, it's as simple as having a very strong supply imbalance created in the monthly chart. Doing this kind longer term supply and demand technical analysis on Apple Inc stock can also help you if you are intraday or short term trader. As a day trader, if you are away of these bigger timeframe imbalances, you could start looking to sell short Apple stock using short term stock strategies and even long put options and spreads.
NASDAQ:AAPL
by AlfonsoMoreno
1
Chainlink - Google Integrates Google announced in a blog post Thursday that ethereum app builders using Google software will be able to integrate data from sources outside the blockchain through a partnership with Chainlink, a company that provides on ramps and off ramps for information necessary to run self-executing code called smart contracts. After Google made public blockchain data for bitcoin, ethereum and six other cryptocurrencies available and easily searchable in February on its BigQuery data analytics platform, Allen Day, a senior developer advocate for Google Cloud, wrote that the applications of that project are “all using the crypto public datasets as an input to an off-chain business process.” The integration with Chainlink, which offers a service called an oracle to integrate data like interest rates and price information, from traditional finance into on-chain smart contracts, will add another layer to these capabilities, allowing processes to be implemented directly on the blockchain. “A business process implemented as a smart contract is performed on-chain, and that is of limited utility without having access to off-chain inputs,” Day wrote. “To close the loop and allow bidirectional interoperation, we need to be not only making blockchain data programmatically available to cloud services, but also cloud services programmatically available on-chain to smart contracts.” Day demonstrated in the post how a smart contract application for a cryptocurrency like ethereum could use the integration between Chainlink and BigQuery to settle speculative bets in prediction marketplaces, process futures contracts to reduce risk and make transactions more private. Chainlink raised $32 million in an initial coin offering in September 2017, and its facilitation of smart contracts could help enable more creative payment plans for services like airline flights when they’re delayed. Day and lead developer Evgeny Medvedev began introducing blockchain technology to Google last year, when they added data from the bitcoin and ethereum blockchains into BigQuery. They followed that up by making data sets for bitcoin cash, ethereum classic, litecoin, zcash, dogecoin and dash this year along with more tools for how to use them. Forbes recognized those efforts by including Google in its Blockchain 50 in April, which list 50 companies using decentralized ledgers in innovating ways. Google still lags behind competitors Amazon and Microsoft, which were both also on the list, in cloud computing revenue, but its smart contract integration is a significant move in the tech giants’ race to maximize blockchain’s potential.
by IgorPorokh