Apple's marketing of iPhones as 'water resistant' without clarifying the limits of the feature and also having a warranty that excludes cover for damage by liquids has got the company into hot water in Italy. The Italian competition authority (AGCM) has informed the tech giant of an intent to fine it €10 million for commercial practices related to the marketing and warranty of a number of iPhone models since October 2017, starting with the iPhone 8 through to the iPhone 11, following an investigation into consumer complaints related to its promotion of water resistance and subsequent refusal to cover the cost of repairs caused by water damage.
Top news and what to watch in the markets on Monday, November 30, 2020.
In a bid to diversify its geographic risk, Apple (NASDAQ: AAPL) has asked its largest production partner, Foxconn, to shift some of its iPad and MacBook assembly work out of China and into Vietnam, Reuters reported last week. The move comes as trade tensions between the U.S. and China continue to mount. President Trump has also encouraged U.S. companies to move their businesses out of China and has placed two more Chinese companies -- SMIC and CNOOC -- on a blacklist preventing Americans from investing in them.