Apple share price: US Senator demands more transparency on slowing iPhones

Apple shares ended the Wednesday trading session in the US marginally in the red, as the innovative tech giant faces a request for more transparency over its updates that slowdown some iPhones. Apple also agreed to pay the UK treasury £136 million in a ‘tax adjustment’.

Apple share price: US Senator demands more transparency on slowing iPhones

Apple shares ended the Wednesday trading session in the US marginally in the red, as the innovative tech giant faces a request for more transparency over its updates that slowdown some iPhones. Apple also agreed to pay the UK treasury £136 million in a ‘tax adjustment’.

Apple shares closed at $174.29 at the end of the US trading session Wednesday, a minor slip of 0.02% from the open.

More transparency required from Apple                                                            

While the popular smartphone and tablet creator achieved good hardware and App store sales over the holiday period, other issues remain front and centre. For US senator John Thune, the tech giant’s activity in slowing some iPhones down with updates, is something he thinks Apple should be more open about.

After sending a letter to Apple CEO Tim Cook on the topic, the Republican Senator, who is also the Commerce Committee chairman told CNCB: “There are a lot of unanswered questions about this practise.”

“They just acknowledged after the holidays that this is actually happening, which is an admission that we think is long overdue but that being the case, we at least now want to find out what they are doing to inform consumers,” Thune said.

“The fact remains there are a lot of unanswered questions about this practice and obviously I think consumers have a right to know and so we’re going to make sure that Apple is forthcoming and responsive and we’ll take additional steps as necessary,” the US Senator added.

Apple reportedly has until January 23rd to respond to Thune’s letter.

Apple makes additional UK tax payment

In addition to the ongoing interest in the way in which Apple updates its phones to prolong battery life, scrutiny on tax payments is another topic being closely watched.

Amid the tax crackdown being enacted by the European Commission, the UK’s Treasury has conducted a thorough review of it the tax it receives and has requested an additional tax payment from Apple, relating to earnings going back to 2015.

Apple has agreed to make a ‘payment adjustment’ of £136 million, a charge that “reflects the company's increased activity," in its accounts for 18 months to 1 April 2017, Apple said in a statement, according to BBC report.

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