World Bulletin / News Desk
Apple Inc on Tuesday disputed an order by Italian regulators that the company must clearly offer a free two-year warranty on its electronics or face fines of 300,000 euros ($378,200) and possible temporary closure of its Italian operations.
Italy's antitrust watchdog AGCM has already fined Apple divisions some 900,000 euros for failing to offer the free guarantee, which is obligatory under Italian and European Union law.
The regulator said Monday that Apple, the maker of the iPhone and iPad, had not fully complied with the initial request and threatening the company with new fines.
Apple, which recently lost an Italian court case against the original regulatory decision, said it had launched a new appeal.
"We have appealed the recent decision of the (Italian) court as it was, in our view, based upon an incorrect interpretation of the law," Apple said in a statement emailed to Reuters.
"We have introduced a number of measures to address the Italian competition authority concerns and we disagree with their latest complaint."
On its Italian website, Apple explained it offers a two-year free guarantee on defects existing at the time of delivery plus one additional one-year free guarantee covering defects arising after delivery.
To extend the latter, Apple gives customers the possibility to buy its AppleCare Protection Plan (APP), valid for two or three years, depending on the product.
The AGCM, which believes the information offered by Apple is insufficient, said in its monthly bulletin that Apple was continuing to adopt unfair commercial practices in Italy. It said this could eventually lead to the closure of its Italian operations for up to 30 days.
Apple has 30 days to respond.
The AGCM alleged the information provided by Apple about an extra guarantee plan encourages customers to buy the APP service without clearly explaining that the company is obliged to offer a two-year free warranty.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.