Apple agreed to pay $490 million to settle a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. A preliminary settlement was filed on Friday with the US District Court in Oakland, California, and requires approval by US District Judge Yvonne Gonzalez Rogers. It stemmed from Apple’s unexpected announcement on Ja
As the pressure grows to stop the smuggling of mobile phones, the government is set to devise a mechanism with the help of private sector stakeholders. On Feb 12, Anwaarul Haq Kakar, the former caretaker prime minister, took the first step in this regard by establishing a Mobile Phone Smuggling Committee headed by the DG Reforms and Automation Customs Department. The customs department has w
China is expediting work on CPEC phase-II to materialise the dream of a shared future in the new era for the benefit of the two nations, says Chinese Consul General in Lahore Zhao Shiren. “Pakistan and China are all-weather strategic cooperative partners, and Beijing hopes to work with Islamabad to reach new heights of iron-clad friendship,” Mr Zhao said at an Iftar dinner hosted by Institute o
The export of raw food products recorded a growth of 35.38 per cent in February to $702.46 million, up from $518.87m over the corresponding month last year, forcing the local consumers to pay higher prices. With this growth, raw food exports increased for the seventh consecutive month during the current fiscal year despite the highest food inflation in the country’s history, according to data c
The government has decided to extend by two months the deadline for submission of bids for the outsourcing of management and operations of the country’s three major airports following the requests of foreign investors and recommendations of the International Finance Corporation (IFC). The decision was taken at a meeting of the steering committee on outsourcing of Islamabad, Karachi and Lahore