U.S. chipmaker Qualcomm to pay $975mln fine to ChinaFebruary 10, 2015 - 14:10 AMT PanARMENIAN.Net - U.S. chipmaker Qualcomm will pay $975mln to Chinese authorities to end a 14 month anti-trust investigation into its patent licensing practices, BBC News reports. The fine is the largest in China's corporate history and will require the firm to lower royalty rates on patents used in China's mobile phone market. The move could help Chinese smartphone makers Xiaomi and Huawei. Qualcomm said on Monday, Feb 9, it would not contest the ruling that it violated China's anti-monopoly law. "Although Qualcomm is disappointed with the results of the investigation, it is pleased that the NDRC (National Development and Reform Commission) has reviewed and approved the company's rectification plan," the tech giant said in a statement. The firm, which is the biggest supplier of chips used in smartphones, will now charge royalties based on 65% of the selling price of phones in China, instead of on the entire price. China's expanding high-speed 4G network is driving demand in the world's largest smartphone market, where Qualcomm as a key player. The chip giant made about half its global revenue of $26.5bn in China in its last fiscal year. News of the agreement sent the company's New York listed shares up 2.8% in after-hours trading. The firm also increased its profit and revenue forecast for the current fiscal year. Chief executive Steve Mollenkopf said he was pleased the resolution had removed "uncertainty" surroundings its business in China. "We will now focus our full attention and resources on supporting our customers and partners in China and pursuing the many opportunities ahead," he said. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |