Big tech is in big trouble as Apple workers in a Maryland store vote to strike, while Microsoft faces a hefty fine on infringing voice-recognition technology patents. Elsewhere, Chinese EV prices are set to surge, while healthcare companies double down on France. All this and more on the May 13 edition of World Street.
Tax Man Comes Knocking
USA is set to nearly quadruple tariffs on Chinese electric vehicles imported in USA. The EVs currently face a tariff of around 25 percent, which is set to surge to more than 100 percent. Biden has often voiced concerns about Chinese EVs, since they pose a threat to national security as the operating systems of the vehicles could send sensitive information back to China.
France Injected With $1 Billion
Two major healthcare companies, Pfizer and AstraZeneca, revealed their plans for substantial investments in France, totaling nearly $1 billion. These announcements came just before the start of this year’s annual ‘Choose France’ business summit.
Pfizer announced it would invest $538.5 million in France to strengthen its research and development activities in the country. Meanwhile, AstraZeneca disclosed a $388-million investment for its site in Dunkirk.
McDonald's Meal Deal
Faced with falling sales and a global boycott, McDonald's is planning to introduce a $5 Meal Deal in an attempt to lure customers. The move comes amid a cost-of-living crisis along with a boycott of the fast food giant. Bloomberg noted that McDonald's sales have slowed over the past year.
Apple Workers To Strike
Employees at an Apple retail store in Towson, Maryland, voted to authorise a potential strike, marking a significant development as it could be the first strike at a US Apple Store. The store, with approximately 100 employees, unionised in June 2022. However, a date for the strike has not been announced yet.
According to a union press release, after more than a year of negotiations with Apple management regarding work-life balance, "unpredictable" scheduling practices, and wages that do not match the cost of living in the region, the vote was conducted.
Microsoft Faces $242M Payout
Following a week-long trial, a federal jury in Delaware has ruled that Microsoft is obligated to compensate IPA Technologies to the tune of $242 million. The verdict stems from the jury's determination that Microsoft's Cortana virtual-assistant software infringes upon a patent held by IPA.
The jury sided with IPA, concurring that Microsoft's voice-recognition technology breaches IPA's patent rights within the realm of computer-communications software. "We remain confident that Microsoft never infringed on IPA's patents and will appeal," a Microsoft spokesperson said.
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