FILE - The Apple logo is illuminated at a store in the city center in Munich, Germany, on Dec. 16, 2020. Apple Corp. shares have been sliding, Friday, Sept. 8, 2023 weighed down by news reports of an iPhone ban for Chinese state employees and a product launch next week overshadowed by slick new phones by rival Huawei. Apple has lost around $200 billion in market capitalization over several days as tensions between the U.S.
The ban was first reported by the Wall Street Journal, which cited unnamed sources saying China is ordering officials at central government agencies not to use iPhones or other foreign branded phones. The Financial Times cited six unnamed sources at government institutions and state-owned companies, including a nuclear technology company and a hospital, saying they've been told to stop using Apple phones. The ban widens earlier restrictions on using iPhones for work, the outlets said.
White House officials said Biden, who departed Thursday evening for New Delhi, will use the annual G20 summit as an opportunity for the U.S. to highlight a proposition for developing and middle-income countries that would increase the lending power of the World Bank and International Monetary Fund by some $200 billion.
The reported ban on the iPhone comes at a bad time for Apple, which is gearing up for its latest product launch next Tuesday Sept. 12, when it's expected to unveil its latest smartphone, the iPhone 15., revealing no details. Reports are swirling that big changes are in store for the iPhone, including a switch from Apple's Lightning connector to the USB-C plug that rivals are starting to adopt, partly in response to a European Union mandate.
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