Indonesia expects $1B investment commitment from Apple shortly, Reuters reports

A minister in Indonesia says the local government expects Apple (AAPL) to shortly offer $1B in investment in order to end the country’s ban on iPhone 16 sales, Reuters’ Stefanno Sulaiman and Stanley Widianto report. Indonesia stopped sales of the smartphone because it requires those sold domestically to comprise at least 40% locally-made parts, which it said Apple had not adhered to, though the country plans to increase this requirement, a deputy minister says. Apple previously made a $100M investment proposal to build an accessory and component plant in Indonesia to reverse the ban, but the government rejected that on the grounds it did not meet the principal of fairness.