Aug 05, 2022
Apple asks suppliers NOT to use 'made in Taiwan' label on products that come from the country and to follow China customs rules that they read 'Chinese Taipei' after Pelosi's visit escalated tensions
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Technology giant Apple have warned suppliers shipping from Taiwan to ensure that they abide by strict Chinese custom regulations – banning them from saying ‘Made in Taiwan’.
The company has asked their suppliers to follow China’s long-standing rule that anything made in Taiwan has to be labeled as either ‘Taiwan, China’ or ‘Chinese Taipei’.
Tensions have been rising within the US and China, after House Speaker Nancy Pelosi has visited Taiwan despite repeated warnings from the Chinese not to, claiming it is a ‘violation of the one-China principle.’
She touched down in Taipei earlier this week and was greeted by Foreign Minister Joseph Wu, before China's Ministry of Foreign Affairs immediately blasted the move, calling it a 'serious disregard of China's strong opposition.’
According to a report by Nikkei Asia, the visit ‘stoked fears of rising trade barriers,’ making Apple nervous about ‘possible disruptions’.
The iPhone maker has now warned suppliers that the country has started enforcing their strict customs, so to ensure that they abide by them to prevent further issues.
Apple bosses have reportedly been concerned that any issue with supply could delay the launch of their new iPhone 14 handset in September
The iPhone maker has now warned suppliers that the country has started enforcing their strict customs, so to ensure that they abide by them to prevent further issues
Apple has asked their suppliers to follow China’s long-standing rule that anything made in Taiwan has to be labeled as either ‘Taiwan, China’ or ‘Chinese Taipei’
Speaker Nancy Pelosi tweeted a photo of the Congressional delegation's arrival in Taipei with the words: 'Our visit reiterates that America stands with Taiwan: a robust, vibrant democracy and our important partner in the Indo-Pacific'
Apple’s iPhone assembler Pegatron Corp confirmed that its mainland China plant is operating normally amid claims that their shipments were being held by officials for scrutiny.
The penalty for violating the rule is a fine of up to 4,000 yuan ($592), or the shipment being rejected according to the report.
Apple did not immediately respond to DailyMail.com’s request for comment.RELATED ARTICLES
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The company is preparing to launch their next generations of iPhones later this year, with suppliers ramping up manufacturing efforts for the new phone in September.
It comes after major concerns were sparked in the tech industry over supply because of the rising tensions between Taiwan and Chine.
Apple's chipmaker, the Taiwan Semiconductor Manufacturing Company (TSMC), has warned that a war between Taiwan and China would make ‘everybody losers,' sparking economic turmoil.
TSMC Chair Mark Liu, pictured, said earlier this week that the chipmaker's plant, which is the world’s largest semiconductor manufacturer, would not be able to operate if the Chinese invaded as it cannot be run 'by force'
Amid the intensifying warnings from China over Pelosi's visit, four US ships, including the aircraft carrier USS Ronald Reagan (pictured in a file photo), were positioned in waters east of Taiwan on 'routine' deployments
TSMC Chair Mark Liu said earlier this week that the chipmakers' plant, which is the world’s largest semiconductor manufacturer, would not be able to operate if the Chinese invaded.
He told CNN: ‘Nobody can control TSMC by force. If you take a military force or invasion, you will render TSMC factory not operable.
‘Because this is such a sophisticated manufacturing facility, it depends on real-time connection with the outside world, with Europe, with Japan, with U.S., from materials to chemicals to spare parts to engineering software and diagnosis.’
He urged Bejing to think twice before taking any action, because China accounts for 10 percent of the TSMC’s business.
Taiwan manufactured more than 60 percent of the globe's semiconductors last year, with Liu urging all parties to think of ways to avoid war so the ‘engine of the world economy can continue humming.'
He added that lessons from the Russian invasion of Ukraine should be learned, as the war there has created a ‘lose, lose, lose’ situation for the Western world as well as Russia and Ukraine.Read more:
- Apple warns suppliers to follow China rules on 'Taiwan' labeling - Nikkei Asia
News Source: dailymail.co.uk
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Detroit Asks to Push Legacy Pension Payment Schedule by 10 Years
by Scott McClallen
Facing a $131 million annual pension bill due in July 2023, Detroit Mayor Mike Duggan’s administration filed a lawsuit to request city pension funds extend by 10 years its repayment schedule from 20 to 30 years.
The lawsuit filed in U.S. Bankruptcy Court says a more extended payment plan would cost the city less over an additional decade as it approaches the “pension cliff” when it must resume payments.
However, the Police and Fire Retirement System of the city of Detroit still supports a 20-year amortization schedule.
“The PFRS has a fiduciary obligation is to ensure that benefits are paid to retired police, firefighters and their beneficiaries. Further it is our job as a board to ensure the system’s funds are properly invested and managed to provide for future funding,” Chairman Dean Pincheck said in a statement. “Trustees have heard from our actuarial and other financial advisors that have run numerous what-if scenarios based on multiple funding models including 30-year, 20-year and others. The 30-year model may be better for city budgets but is not in the best interest of retirees.”
The lawsuit says that actuarial mistakes in Detroit’s Plan of Adjustment caused accrued liabilities in two legacy pension plans of about $500 million.
For nine years, the city of Detroit has largely dodged pension payments via its 2013 bankruptcy agreement. The city plans to add $90 million into the Retiree Protection Fund, a dedicated IRS Section 115 Trust, and reach a $460 million balance before July 1, 2023.
Detroit has so far placed $355 million in the fund for both PFRS and General Retirement System beneficiaries. Still, Pincheck said they preferred the initial repayment schedule.
“We understand the fiscal position of the administration as the reason for the filing with the U.S. Bankruptcy Court to request a 30-year amortization of pension funds versus 20 years,” Pincheck said. “We believe the Board of Trustees vote in support of the recommendation of the PFRS Investment Committee to favor a 20-year repayment versus 30 years was and remains the correct position on this matter.”
Detroit received $826 million in one-time federal stimulus money from the American Rescue Project Act.
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Scott McClallen is a staff writer covering Michigan and Minnesota for The Center Square. A graduate of Hillsdale College, his work has appeared on Forbes.com and FEE.org. Previously, he worked as a financial analyst at Pepsi.