Apple's marketing of iPhones as "water resistant" without clarifying the limits of the feature and also having a warranty that excludes cover for damage by liquids has got the company into hot water in Italy. The Italian competition authority (AGCM) has informed the tech giant of an intent to fine it €10 million for commercial practices related to the marketing and warranty of a number of iPhone models since October 2017, starting with the iPhone 8 through to the iPhone 11, following an investigation into consumer complaints related to its promotion of water resistance and subsequent refusal to cover the cost of repairs caused by water damage.
Top news and what to watch in the markets on Monday, November 30, 2020.
(Bloomberg) -- Apple Inc. hired Josh Elman, a former venture capitalist at Greylock Partners who led early investments in Discord and the precursor to TikTok, to work on the App Store.Elman’s role will focus on app discovery for customers, he said in a statement Monday. He’ll step back from investing and the corporate boards that he serves on, which includes the communications app Discord and the blogging site Medium.Until last year, Elman was the vice president of product at Robinhood Markets Inc., the wildly popular stock-trading app. His experience identifying and investing in apps that later became hits could help Apple better promote software in its app store, which generated almost $54 billion in revenue for the company in fiscal 2020. Elman’s presence could also improve relationships with developers, which has become strained over the last year or so.Two of Elman’s most successful investments now belong to two major Apple agitators. SmartThings, which makes technology for connected homes, was acquired by Samsung Electronics Co. HouseParty, which develops games for smartphones, is now owned by Epic Games Inc., the Fortnite maker that’s suing Apple over its rules for the App Store.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.