EU's Latest Proposal Could Mean Setback For Apple: Report

  • The EU's proposal for a standard charging port for mobile phones, tablets, and headphones could prove to be a massive setback for Apple Inc AAPL versus its peers, Reuters reports.
  • The EU proposed a USB-C connector as the standard port for all smartphones, tablets, cameras, headphones, portable speakers and handheld video games consoles.
  • iPhone and Android users have long complained about different phone chargers.
  • The EU defended its stance, citing failure to reach a consensus despite a decade of talks, which have reduced the number of mobile phone chargers to three from 30.
  • The move has been over 10 years in the making, claiming environmental benefits and $293 million in annual savings for users.
  • Apple pushed back against the proposal.
  • The EU member states and EU lawmakers need to ratify the proposal, following which companies will have two years to adapt their devices.
  • AAPL Price Action: Apple shares traded higher by 0.52% at $146.60 midday Thursday.
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