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Apple expected to bow to EU and unveil iPhone with USB-C charger
Apple is expected to unveil its new iPhone lineup on Tuesday, with its Lightning charger ports likely to be replaced on the newest models by a universal charger after a tussle with the European Union. The bloc is insisting that all phones and other small devices must be compatible with the USB-C charging cables from the end of next year, a move it says will reduce waste and save money for consumers. The firm had long argued that its cable was more secure than USB-C chargers, which are already deployed by Apple on other devices and widely used by rivals including the world's biggest smartphone maker Samsung. Apple, still the world's biggest company by market capitalization, has not revealed what it plans to announce at Tuesday's "Wonderlust" event but usually unveils new iPhones at this time of year. It comes as Apple faces declining sales of iPhones, with higher prices pushing customers to delay switching to newer models. The firm is also caught up in diplomatic turbulence between the United States and China, with reports saying the Communist government is banning civil servants from using its phones. - 'Tepid' sales - Like any other company, Apple would prefer to boast about shiny new features rather than new charging ports. But analysts agree that the switch to USB-C is going to be the main headline. Insider Intelligence principal analyst Yory Wurmser said the iPhone needed "a big cycle" after "tepid" recent sales. He said Tuesday's event would probably see new Apple Watch and AirPod models, "but it's the iPhone 15 that will really determine how the next year will look for Apple". EU policymakers said the rule would simplify the lives of Europeans and do away with a mountain of obsolete chargers. "With the common charger, we are slashing consumer costs, and it's good for the environment too," said EU internal market commissioner Thierry Breton in a statement, adding that the move would save consumers 250 million euros ($270 million) each year. Apple had long resisted the change, arguing that it would stifle innovation and make the phones less secure. "The cable change may give consumers pause, but within a generation they will get over it: they won't have a choice," said Techsponential analyst Avi Greengart. - Price bump? - Along with rolling improvements to iPhone cameras and chips, Apple is expected to raise prices on its Pro models, according to Wurmser. Sales of iPhones in the recently ended quarter lagged analyst estimates. Apple suffered a 2.4 percent drop in iPhone sales, which account for nearly half of total revenues. Apple shares were battered last week following reports of significant Chinese restrictions on iPhones at government offices and state-backed entities. "China is a very important market for Apple, so any negative sentiment by the Chinese government toward Apple is concerning," analyst Greengart told AFP. Apple reported $15.8 billion in revenues from China in the most recent quarter, nearly 20 percent of total revenues. Executives pointed to the uptick in China sales in a period when overall sales fell. Wedbush analyst Dan Ives estimated that a Chinese government ban would affect less than 500,000 iPhones of roughly 45 million projected to be sold in the country in the next year. "We believe despite the loud noise Apple has seen massive share gains in China smartphone market," Ives said. gc/arp/jxb/lth © Agence France-Presse The post Apple expected to bow to EU and unveil iPhone with USB-C charger appeared first on Daily Tribune......»»
G20 members to unveil EU-MidEast-India trade plan
Major G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East, and Europe, a modern-day Spice Route to bind regions that account for about a third of the global economy. Washington, Saudi Arabia, the EU, the United Arab Emirates, and others will sign an agreement on the sidelines of the G20 summit in New Delhi, presenting an alternative to China's wide-ranging strategic infrastructure investments. Officials told AFP the plan would include a slew of data, rail, electricity, and hydrogen pipeline projects. One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan, and Israel -- potentially speeding trade between India and Europe by up to 40 percent. "The India – Middle East – Europe economic corridor" is "nothing less than historic" European Union leaders are expected to say when the details of the plans are unveiled later Saturday. The agreement would boost trade but is also seen as another significant step towards Arab Gulf states normalizing relations with Israel. Washington is actively prodding Riyadh -- a major oil producer and security partner -- to normalize ties with Israel after decades of conflict and closed borders. US involvement could also help mend deeply damaged ties between Riyadh and Washington, which frayed after the US-Iran nuclear deal and the 2018 murder of dissident journalist Jamal Khashoggi. The initiative "has enormous potential", according to Jon Finer, US deputy national security advisor. He said the public announcement would come after "months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings". The Europe-to-India project is still in the early stages, with participants studying how best to link India's vast 1.4 billion population and quick-growing economy with markets to the West. According to details seen by AFP, the India – Middle East – Europe economic corridor would also develop infrastructure to enable the production and transport of "green hydrogen". It would also strengthen telecommunications and data transfers through a new undersea cable connecting the region. Michael Kugelman, South Asia Institute director at The Wilson Center, said the plan could be a significant response to China's much-vaunted Belt and Road Initiative. The so-called BRI has spread Chinese influence, investments, and commerce across Europe, Africa, Asia and Latin America. "If finalised, it would be a game changer that strengthens connectivity between India and the Middle East and would aim to counter BRI," Kugelman posted on X, formerly known as Twitter. The post G20 members to unveil EU-MidEast-India trade plan appeared first on Daily Tribune......»»
Five things to know about BRICS
The BRICS countries, an acronym of the five members Brazil, Russia, India, China, and South Africa, meet for three days for a summit in Johannesburg starting Tuesday. Representing 23 percent of the world's gross domestic product (GDP) and 42 percent of the world's population, they are seeking to dull Western economic domination in global affairs. Here are some facts and figures about the BRICS: A new world order? A group of emerging economies, it was formally launched in 2009 and it meets yearly at a summit hosted in rotation by one of the member countries. The meetings aim to assert their position, particularly in relation to the United States and the European Union. It promotes the recognition of a multipolar global order with economic and political balance, with the aim of breaking away from organizations formed in the post-World War II era, such as the World Bank and the International Monetary Fund (IMF). Aspirants The bloc whose economic growth is mainly driven by China and India, is now open to expansion. Twenty-three candidates have applied to join the BRICS, and an almost similar number have expressed an interest - among them Argentina, Ethiopia, Iran, and Saudi Arabia. One of the attractions of the group is the New Development Bank, created in 2015 with the aim of offering an alternative to the World Bank and the IMF. The Shanghai-headquartered bank has since invested $30 billion in infrastructure development projects in member states and other developing economies. The Putin dilemma Preparations for the summit saw diplomatic tensions rise on the global stage after host President Cyril Ramaphosa invited Russia's President Vladimir Putin who is the target of an International Criminal Court (ICC) arrest warrant over the war in Ukraine. Following months of speculation, Pretoria finally said Putin will attend the summit via video link. South Africa, whose ruling ANC party forged relations with Moscow during the Cold War, when the Soviet Union backed its fight against apartheid, has refused to condemn Russia's invasion of Ukraine. Down with the dollar The five countries account for 18 percent of international trade, the majority of which is transacted in dollars. Critical of the greenback's predominance in world trade, one of their goals is to free themselves from the dollar. The bloc supports the increased use of members' national currencies for trade and the introduction of a common payment system in the long term. Brazil and China earlier this year signed a bilateral agreement to settle their trade in their local currencies. University rankings A meeting of BRICS education ministers last month announced their intention to create their own international university rankings. Moscow believes that Russian universities are being excluded from existing international rankings for political reasons. The post Five things to know about BRICS appeared first on Daily Tribune......»»
Apple profits edge higher despite lower iPhone sales
Apple reported modestly higher quarterly profits Thursday despite another dip in revenues, as a record performance in services offset lower iPhone sales. Profits for Apple's third fiscal quarter were $19.9 billion, up 2.3 percent from the year-ago period. Revenues again declined, this time by 1.4 percent to $81.8 billion. Bright spots in the quarter for the tech giant included an "all-time high" in services revenue, comprised of the App Store, Apple Pay and Apple TV, and other subscription services. Apple also won higher revenues in China, an improvement on the prior quarter, when revenues had been lower versus the year-ago period. Sales also rose in Europe but fell in the Americas, Japan, and the rest of Asia Pacific. Apple suffered a 2.4 percent drop in iPhone sales, which account for nearly half of total revenues. The company also experienced declines in revenues from the Mac and iPad. Apple has described ebbing sales in these areas as reflecting macroeconomic weakness, with price inflation straining household budgets. "We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over one billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone," said Chief Executive Tim Cook. Shares of Apple dipped 1.0 percent to $189.28 in after-hours trading. The post Apple profits edge higher despite lower iPhone sales appeared first on Daily Tribune......»»
MIF good money
The Maharlika Investment Fund is not expected to earn an annualized return of 10 percent as its critics have demanded. Even the most successful sovereign wealth funds do not have such high yearly income. An 8.6 percent yield as estimated by House members would already be a high target but University of the Philippines economists said the MIF must reap at least 10 percent to compensate for the foregone opportunities that resulted from diverting public funds for social welfare spending. Economic managers explained that the amount invested in MIF is a mere fraction of the funds that the government institutions own. LandBank has P1.3 trillion in investible funds compared to the P50 billion injected into MIF. That’s just roughly three percent of the total LandBank funds. DBP has P850 billion of investible funds and will only utilize P25 billion for MIF. After going through refinement at the Senate, the bicameral approval of the final version ensures that the bill will come nearer to the “perfect” version that President Ferdinand “Bongbong” Marcos Jr. wanted. Thus, the MIF safety nets against the funds’ misuse are guaranteed to be there. The layers of auditing are MIF’s strongest shield against irregularities. It will have internal and external auditors aside from the annual Commission on Audit checks. An essential part of the fund is the capital that is expected to grow as the interest of investors picks up. The amount of capitalization determines the size of projects that the MIF can invest in. Sovereign wealth funds that are considered successful based on various metrics such as size, investment returns, and strategic objectives include the Government Pension Fund of Norway, also known as the Norwegian Oil Fund. This is the world’s largest sovereign wealth fund with assets under management of over $1.3 trillion. It was established in 1990 to invest the government’s revenue from oil and gas production. The fund has achieved impressive returns over the years, with an annualized return of 6.1 percent since its inception. The Abu Dhabi Investment Authority is another example of a successful fund in the world, with estimated assets under management of around $700 billion. It was founded in 1976 to invest in the oil revenues of the Emirate of Abu Dhabi. Nearer in the region is the China Investment Corporation with assets under management of over $1 trillion. It was established in 2007 to manage a portion of China’s foreign exchange reserves and to diversify its investments. The fund has achieved impressive returns over the years, with an annualized return of 6.6 percent since its inception. Other successful wealth pools include the Kuwait Investment Authority, the Qatar Investment Authority, and the Singaporean sovereign wealth funds GIC and Temasek. Even the argument that the Philippines does not have surplus income is not a valid argument against the MIF. Countries with no current account surplus such as Indonesia, India, and Vietnam, have established their so-called sovereign wealth funds to strengthen and support their priority development projects. The government of Indonesia has contributed $2 billion to set up Indonesia Investment Authority and it also transferred assets worth $3 billion. Even as Indonesia operates on a deficit, the government also provided $2 billion as capitalization for INA. Copying the Indonesia model, the Philippines hopes to use the MIF to beef up revenues. The post MIF good money appeared first on Daily Tribune......»»
BSP cuts 2-year BOP forecasts
The Bangko Sentral ng Pilipinas on Friday lowered its forecasts for the country’s balance of payments for this year and 2024 due to weaker global growth prospects and the downside risks of the trade outlook. The BSP expects the BoP to be in deficit this year, with a shortfall of $1.2 billion, down from the $1.6 billion deficit that the BSP forecasted in March. “The overall BoP position is expected to post lower deficit levels in 2023 and 2024 than previously anticipated due to revisions made in the forecasts for both the current account and financial account,” the BSP said. In a briefing, BSP Director Sittie Hannisha Butocan of the Department of Economic Research explained that domestic and external risks affect the country’s BOP. She added that these risks come from inflation, less pent-up demand because of higher interest rates, and tighter fiscal space. China risks Butocan noted that China poses risks and opportunities for global trade, especially for regional trade that affects BOP. Even though China’s economy is reopening and getting back to normal after supply-side problems, especially with oil, it is growing more slowly than projected. The BSP said that weak external demand is likely to continue, which will “weigh on the trade and investment prospects in emerging market economies, including the Philippines. Even as the domestic economy continued to recover strongly from the pandemic, the spillover effects from the global economic slowdown can be a major drag.” The BOP shortfall is $3.3 billion as of the end of April this year. The BSP only gives information about the current account, which is a big part of the BOP, every three months. Monetary Policy Subsector officer-in-charge Paolo M. Alegre Jr., for his part, said the latest current account showed a deficit of $4.3 billion as of the first quarter of this year. He said that this was because of the growing trade-in goods deficit and lower net receipts in the main income account. The increase in net receipts in the trade-in services account helped to lessen the effect of these factors. The BSP now thinks that this year’s current account deficit will be $15.1 billion, which is less than its earlier prediction of $17.1 billion. Butocan said that the current account will be helped by a steady recovery in the BPO and tourist industries and by remittances that keep coming in. 2024 expectations Next year, the Central Bank expects the country’s BOP to have a $0.5 billion deficit, which is -0.1 percent of GDP. “For 2024, the overall BOP position is projected to post a slightly lower deficit relative to the previous forecast. This is hinged mainly on the foreseen normalization and return to pre-pandemic levels of global and domestic economic activity,” the BSP said. The central bank predicts a $15.4 billion current account deficit next year as the trade-in goods gap narrows. The BSP also predicted 6 percent export growth and 8 percent import growth for next year.The Central Bank also expects the services exports to rise by 16 percent and imports by 10 percent in 2024. Next year, BPO receipts may climb by 9 percent and travel receipts by 50 percent. Growth prospects “Growth prospects for BPO and travel sectors remain on a steady course. The latter is forecasted to exceed its pre-pandemic level by 2024 buoyed by much-improved international mobility and supported by government-led tourism promotion programs to regain market losses from the pandemic,” the BSP said. The central bank also expects 3 percent cash remittance growth in 2024 as Filipino workers fill in for the labor shortage resulting from pandemic-induced job losses and aging populations in host economies. Meanwhile, BSP reduced its financial account prediction to $14.4 billion from $15.7 billion next year. It also expects the Foreign Direct Investments net inflows to reach $11 billion and foreign portfolio investments net inflows at $3.5 billion. The central bank said its forecasts are limited due to persistent external concerns. The BSP assured that it would regularly monitor external sector developments and risks affecting its pricing and financial stability objectives. The post BSP cuts 2-year BOP forecasts appeared first on Daily Tribune......»»
China Bank generous with P5.1-B dividends
China Bank has approved a total of P5.1 billion in cash dividends this year, up 28 percent from the amount last year. Stockholders will receive P1.00 per share of regular cash dividend and another P0.90 per share of special cash dividend on 18 May, China Bank’s disclosure to the Philippine Stock Exchange said Thursday. The dividends are applicable to stockholders registered with the bank as of 5 May. Fair share “We are committed to distribute a fair share of the bank’s profits to our shareholders resulting in an attractive yield to their equity” China Bank president Romeo Uyan Jr. said. Uyan said the dividends represent 27 percent of the bank’s higher net income of P19.1-billion for the full year of 2022 from P15.1 billion, resulting in a cash dividend yield of 5.9 percent. Last year, China Bank distributed a total of P4 billion in cash dividends consisting of P1.00 per share of regular dividend and P0.50 per share of special dividend. Business and consumer lending drove a 15-percent increase in net loans for that period to P700 billion. Meanwhile, current and savings account or CASA deposits totaled P573 billion, raising the CASA ratio to 54 percent as deposits rose by 24 percent to P1.1 trillion. The post China Bank generous with P5.1-B dividends appeared first on Daily Tribune......»»
Xinhua world economic news summary at 0900 GMT, March 18
BEIJING -- Global new energy passenger car sales are predicted to exceed 39 million units by 2030, said a report obtained during the China EV100 Forum 2024 concluded Sunday in Beijing. That will mark a penetration rate of almost 50 percent, rising from the nearly 20 percent in 2023 with the sales of over 13 million units, according to the report issued by China EV100, a new energy vehicle (NEV) industry think ta.....»»
China Alleges Evergrande in $78 Billion Fraud Scandal
The China Evergrande Group, one of the country’s largest developers, is currently embroiled in a financial scandal that has rocked the real estate industry. Allegations.....»»
Jollibee FY23 profit: P8.8-B (up 16%)
Jollibee posted an FY23 net income attributable of P8.8 billion, up 16% from its FY22 net income of P7.6 billion. Systemwide sales were up 16.3% to P345 billion, with the biggest growth coming from China (+21.9%), the Philippines (+17.6%) and EMEA (+16.0%)......»»
China Bank nets record P22 billion
Higher core business revenues boosted the net income of Sy-led China Banking Corp. by 15 percent to hit an all-time high of P22 billion in 2023......»»
Uncertainty looms over Davao-Samal Bridge project amid RoW hurdles
The construction of the Samal Island-Davao City Connector (SIDC), also known as the Davao-Samal Bridge project, has faced numerous setbacks due to right-of-way (ROW) acquisition challenges. The project was halted on January 3, 2024, due to issues with landowners near a pier in Lanang at Davao City, leading to delays in the project's implementation. While there have been conflicting statements regarding the project's status, the National Economic and Development Authority-Davao Region (Neda-Davao) aims to complete the detailed engineering plans for the substructure of the west land via dock once the Deed of Transfer Possession in Davao City is released. However, ROW issues continue to persist. Despite these challenges, the project is still considered a priority and is included in the Davao Region Development Plan (DRDP) for 2023–2028. The project is funded through China’s Official Development Assistance with an estimated budget of P23.04 billion, and negotiations with the Philippine government are ongoing with a target completion date in 2027. The uncertainty surrounding the project's timeline remains as ROW hurdles persist, impacting the much-anticipated toll-free four-lane concrete exodus bridge spanning a 3.98-kilometer distance......»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
Xinhua world economic news summary at 0900 GMT, Dec. 8
TOKYO -- Japan logged a current account surplus of 2.58 trillion yen (about 17.9 billion U.S. dollars) in October, said a government report on Friday. According to the Finance Ministry's preliminary information, the figure is in the black for the ninth consecutive month. It is also compared to a deficit of 149 billion yen in the same period last year. (Japan-Economy-Surplus) - - - - SEOUL -- The So.....»»
Philippines generates $1.1 billion from China trade show
he Philippines has generated $1.1 billion worth of sales from its participation in a recently concluded trade show in China, according to the Center for International Trade Expositions and Missions, the export promotions arm of the Department of Trade and Industry......»»
Government told to stop borrowing from China
Think tank Infrawatch PH has asked the government to consider cancelling P159 billion worth of Chinese projects, mostly in transport, in light of Beijing’s aggression in the West Philippine Sea that endangers Filipino lives......»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
China Bank profit hits P16.2 billion in 9 months
China Banking Corp. grew its earnings by 10.2 percent to P16.2 billion from January to September versus last year’s P14.7 billion on the back of robust growth from core businesses and lower loan loss provisions......»»