Apple welcomes India’s easing of foreign investment rules

A salesperson speaks on the phone at an Apple reseller store in Mumbai, India July 27, 2018. (File/Reuters)
Updated 29 August 2019

Apple welcomes India’s easing of foreign investment rules

  • Apple said it is eager to open its first retail store in India
  • The company couldn’t previously open a store in India because it wasn’t prepared to meet the 30% requirement

NEW DELHI: Apple Inc. has welcomed India’s decision to relax rules on foreign direct investment and says it is eager to open its first retail store in the country.
The California-based company said in a statement Thursday that it appreciates Indian Prime Minister Narendra Modi’s support for the new rules, which ease a 30% local sourcing requirement for single-brand retailing and permit online sales without the prior opening of brick-and-mortar stores.

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READ MORE: Apple likely to unveil latest iPhone on Sept. 10 at event in California

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Apple couldn’t open a store in India because it wasn’t prepared to meet the 30% requirement.
It said it will take some time, but it looks forward to welcoming customers to India’s first Apple Store. Apple products are presently sold in India through franchise stores with tough competition from South Korean and Chinese smartphone makers.


Luxembourg welcomes 60 finance firms because of Brexit

Updated 35 min 1 sec ago

Luxembourg welcomes 60 finance firms because of Brexit

  • Landlocked low-tax Luxembourg, a Grand Duchy in the heart of Europe, has a reputation for financial services
  • According to accountants KPMG, Luxembourg has welcomed 65 firms owing to Brexit, ahead of Ireland on 64

LUXEMBOURG: More than 60 financial firms have moved some operations to Luxembourg to insulate themselves from the effects of Brexit, a industry group said Wednesday.
As EU lawmakers voted in Brussels to confirm Britain’s departure from the bloc, public-private agency Luxembourg for Finance released its figures.
According to the group, 60 firms “have publicly announced the relocation of activities to Luxembourg due to Brexit,” and at least ten more will do so.
“Since the Brexit referendum in 2016, Luxembourg has seen a spike in interest from firms planning for their future EU and cross-border activities,” it said.
“A further Brexit outcome has been that Luxembourg law is increasingly being chosen by international institutions active in financial markets.”
The City of London is by all measures the biggest financial center in Europe, and is likely to remain powerful after the United Kingdom leaves the EU.
But the City’s ability to freely provide financial services within the remaining member states will depend on a future cross-Channel trade deal.
This will be negotiated during an 11-month transition period after Brexit, and some firms are already looking to move some or all of their business.
Landlocked low-tax Luxembourg, a Grand Duchy in the heart of Europe, has a reputation for financial services — and discreet bankers.
According to accountants KPMG, Luxembourg has welcomed 65 firms owing to Brexit, ahead of Ireland on 64 and the Netherlands and France on 30 each.
These companies include banks and their departments, insurers and stock brokers shifting operations from the City toward continental locations.
Luxembourg for Finance CEO Nicolas Mackel said the duchy would be “an EU hub for firms considering their post-Brexit plans.”