WTO ORDERS EU TO LIFT TECH TARIFFS
The World Trade Organization ordered the European Union to strike down import tariffs on billions of dollars of high-tech goods or risk retaliatory trade sanctions. In dollar terms, the decision could be one of the biggest wins yet for the U.S. at the Geneva-based trade body. The dispute concerns the 1996 Information Technology Agreement, a trade treaty signed by some 70 countries that set 0% tariffs on a wide category of electronic goods.
The World Trade Organization ordered the European Union to strike down import tariffs on billions of dollars of high-tech goods or risk retaliatory trade sanctions. In dollar terms, the decision could be one of the biggest wins yet for the U.S. at the Geneva-based trade body. The dispute concerns the 1996 Information Technology Agreement, a trade treaty signed by some 70 countries that set 0% tariffs on a wide category of electronic goods.
APPLE SUES EMPLOYEE OVER KICKBACK SCHEME
WSJ reports that Paul Shin Devine, an Apple global supply manager, is being accused in a federal grand jury indictment of taking over USD1 million in bribes from a half-dozen Asian suppliers. Andrew Ang, who is an employee of one of the suppliers, was also named in the indictment. Devine had designed an intricate scheme to allow certain suppliers access to confidential information that helped them win favorable contracts with Apple. Apple said in a statement that it had started scanning Devine’s company laptop and found a slew of emails containing confidential corporate information and confirmations of received money transfers. Arlette Lee, an IRS agent, confirmed that the IRS and the FBI had investigated the scheme jointly, and that Devine is being held in an unnamed location.
WSJ reports that Paul Shin Devine, an Apple global supply manager, is being accused in a federal grand jury indictment of taking over USD1 million in bribes from a half-dozen Asian suppliers. Andrew Ang, who is an employee of one of the suppliers, was also named in the indictment. Devine had designed an intricate scheme to allow certain suppliers access to confidential information that helped them win favorable contracts with Apple. Apple said in a statement that it had started scanning Devine’s company laptop and found a slew of emails containing confidential corporate information and confirmations of received money transfers. Arlette Lee, an IRS agent, confirmed that the IRS and the FBI had investigated the scheme jointly, and that Devine is being held in an unnamed location.
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