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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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1

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

2

Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back

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Current price of oil as of June 11, 2026
TechGlobal 500

Here’s Where Apple Plans to Set Up a New R&D Center

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October 12, 2016, 9:18 AM ET
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A woman (L) uses her mobile phone as a security guard looks on outside an Apple store in Shanghai on May 7, 2012. A Chinese computer company which sued Apple over the rights to the iPad trademark in China is now in talks for an out-of-court settlement, a lawyer for the firm said on May 7. AFP PHOTO/Peter PARKS (Photo credit should read PETER PARKS/AFP/Getty Images)Peter Parks—AFP via Getty Images

Apple will set up a research and development center in China’s manufacturing metropolis Shenzhen, the U.S. tech giant said on Wednesday, as the firm looks to spur growth in the world’s second largest economy amid growing competition.

The Shenzhen hub follows a similar plan for a center in Beijing, and comes as Apple (AAPL) is looking to bounce back in China, where local rivals like Huawei Technologies, OPPO, and Vivo have been taking market share from its flagship iPhone.

Apple’s chief executive Tim Cook announced the plan during a meeting with senior officials from the southern Chinese city where he is attending a nation-wide innovation event, the Shenzhen Economic Daily reported.

“We are excited to be opening a new Research and Development center here next year so our engineering team can work even more closely and collaboratively with our manufacturing partners,” Cupertino-based Apple spokesman Josh Rosenstock said in emailed comments.

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“The Shenzhen center, along with the Beijing center, is also aimed at strengthening relationships with local partners and universities as we work to support talent development across the country,” he said.

The Shenzhen Economic Daily, citing Cook, said Apple was keen to attract talented software developers in the city, which remains an important center for manufacturing Apple products. It added Terry Gou, founder and chief executive of Apple’s major supplier Foxconn, also attended the meeting.

In August Cook unveiled plans for a Beijing-based R&D facility, its first in China, and promised to invest more in China during a visit to the country.

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