Apple Inc (O:AAPL) on Wednesday said it is setting up its first data centre in China, in partnership with a local internet services company, to comply with tougher cyber-security laws introduced last month.
The U.S. technology company said it will build the centre in the southern province of Guizhou with data management firm Guizhou-Cloud Big Data Industry Co Ltd (GCBD).
An Apple spokesman in Shanghai told Reuters the centre is part of a planned $1 billion investment into the province.
“The addition of this data centre will allow us to improve the speed and reliability of our products and services while also complying with newly passed regulations,” Apple said in a statement to Reuters.
“These regulations require cloud services be operated by Chinese companies so we’re partnering with GCBD to offer iCloud,” it said, referring to its online data storage service.
Top Bank of England official Ben Broadbent is not ready to raise interest rates just yet, he said in a newspaper interview published on Wednesday, substantially lessening the chances that borrowing costs will rise soon.
Deputy Governor Broadbent said the mood among businesses was central to his analysis and that it was “very difficult” for the bank’s Monetary Policy Committee to judge whether there had been a significant improvement.
“In my opinion, it is a bit tricky at the moment to make a decision (to raise rates). I am not ready to do it yet,” Broadbent told the Press and Journal newspaper during a trip to the Scottish city of Aberdeen.
The dollar slid lower on Wednesday amid fresh concerns over the Trump administration’s alleged connection with Russia, while investors looked ahead to Federal Reserve Chair Janet Yellen’s comments.
USD/JPY was down 0.41% to 113.45 by 03.26 AM ET, well below the four-month high of 114.49 set on Tuesday.
The dollar came under pressure after emails released by Donald Trump Jr revealed that he welcomed assistance from a Russian lawyer during his father’s 2016 election campaign against Hillary Clinton.
The jobless rate in the U.K. unexpectedly decreased in May while real wages continued to ease, increasing the pressure on British families to make it to the end of the month given the gap with inflation, official data showed on Wednesday.
The Office for National Statistics said that the rate of unemployment fell to 4.5% in May, surprising analysts who had expected it to remain unchanged at a four-decade low of 4.6%.
The claimant count increased by a seasonally adjusted 6,000 in June, compared to expectations for a gain of 10,000 people and following a rise of 7,500 a month earlier, whose figure was revised from a previously reported increase of 7,300.