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tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned. The landmark agreement, brokered by the Organization for Economic Cooperation and Development, set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, among them Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens.

Investing.com — Rising U.S. Treasury yields continue to weigh on stock markets at the start of a week that includes the release of earnings from a number of tech giants. Crude slips back as aid enters Gaza, while Apple is under pressure as its main supplier, Foxconn, faces a tax probe in China.

By Yimou Lee and Ben Blanchard

Foxconn Technology Group, Apple Inc.’s most important partner and one of the largest employers in China. Over the weekend, state media said that regulators are conducting tax audits and reviewing land use by Foxconn, the Taiwanese company that makes the vast majority of iPhones at factories in China. Hon Hai Precision Industry Co., Foxconn’s public arm, said it will collaborate with authorities. Meanwhile, an executive and two former employees of WPP Plc, one of the world’s biggest advertising companies, have been arrested in China, people familiar with the matter said.

Foxconn, a major supplier of Apple's iPhones, dropped as much as 3% on Monday after a report that the company is the subject of tax audits and land use probes in China. China's state-backed the Global Times said some of Foxconn's key subsidiaries in China were the subject of tax audits and that China's natural resources department had also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere. Foxconn said in a statement on Sunday that legal compliance was a «fundamental principle» of its operations everywhere, and that it would «actively cooperate with the relevant units on the related work and operations». It declined further comment on Monday. Foxconn makes most iPhones at the Zhengzhou plant in Henan province where it employs about 200,000 people, though it has other smaller production sites in India and southern China. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The report comes less than three months before Taiwan votes in presidential and parliamentary elections.

By Louis Juricic and Sarina Isaacs

With massive discounts, irresistible offers, and a wide range of smartphones to choose from, this sale is a mobile enthusiast's dream come true. Get ready to upgrade your tech game with the top mobile brands on sale like never before. Don't miss out on this opportunity to upgrade your mobile experience with the best deals in town.

Nvidia, Foxconn to Develop New Class of Data Centers Focused on AI As per the report, China's natural resources department has initiated on-site investigations into the land usage of Foxconn enterprises located in Henan province, Hubei province, and other areas. The developments were disclosed in an exclusive report by Chinese media major, the Global Times.

BEIJING (Reuters) — Foxconn Technology Group, Apple Inc (NASDAQ:AAPL)'s largest supplier of iPhones, has been subjected to tax audits at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday.

iPhone at a snail's pace can be frustrating, but there's a hidden hack that promises to accelerate the process. Apple has quietly revealed this handy trick that can help users charge their iPhones much faster than usual. While it's a game-changer, there is a temperature caveat to be aware of.

Lionel Messi to the pitch in Inter Miami's season finale against Charlotte FC. Although this matchup holds no significance in terms of MLS postseason implications, Messi's comeback after missing several recent matches due to injury promises to be a spectacle to remember. The clash between Inter Miami and Charlotte FC is scheduled for Saturday at 6 p.m. within the confines of Bank of America Stadium in Charlotte, North Carolina. For those hoping to witness Messi's return to action, the stage is set.

Apple, the American tech giant, seems to be finally stepping into the foldable device market, a segment it has avoided until now. Speculations about Apple's venture into foldables initially centred around a foldable iPad rather than a foldable iPhone, and recent reports suggest that these speculations might be true.

Apple iPhone 12, featuring a generous 128 GB of storage, is currently available at a remarkable discount on Flipkart. It is now priced at just Rs. 46,999, down from the original price of Rs.

box office, moviegoers are in for a duel of pop culture titans: iconic director Martin Scorsese and global sensation Taylor Swift. Both Scorsese and Swift are offering cinematic experiences this weekend with "Killers of the Flower Moon" and «Taylor Swift: The Eras Tour,» respectively.

Pixel smartphone in India, Apple's largest contract manufacturer Foxconn spoke about the «beginning of the Bharat era». Foxconn's India representative V Lee posted on LinkedIn photos of the company's Hon Hai Tech Day 2023 that took place on October 18 and captioned it, «Great event with so much India ambitions, beginning of the Bharat era, devoting to EVs and semiconductors.» In September, ET reported that Foxconn was evaluating several states, including Tamil Nadu, where the Taiwanese company has mature operations. Lee had responded to a post on LinkedIn that featured an ET report about Tamil Nadu emerging as a hub for EV investments with the comment, «Coming,» signalling the company's interest in possibly choosing Tamil Nadu as the safe harbour for its ambitious electric vehicle (EV) plans. «Foxconn is exploring EV opportunities with few states in India, including Tamil Nadu,» Lee told ET. «Our chairman (Young Liu), too, has said that regionalised production for cars is natural which is why we had our factory in Ohio and we are going to have one in Thailand.

Apple is making preparations and coordinating with its suppliers for the introduction of its inaugural foldable iPad. According to supply chain insiders, limited-scale production of this foldable iPad is expected to commence by late 2024.

HP has appointed former Apple executive Ipsita Dasgupta as senior vice president and managing director of HP’s India market. Dasgupta will be “responsible for leading all aspects of HP’s strategy and P&L in India, Bangladesh and Sri Lanka. Ipsita joins HP on October 30, reporting to David McQuarrie, HP's chief commercial officer,” the company said in a statement on Friday.