Stock Markets

Apple dramatically lowered the price of iPhone 14 in China to boost sales. Will Apple drop the price of iPhones in other markets?

Published

5 months ago

January 20, 2023

Apple has slashed prices on all smartphones of its iPhone 14 lineup in China to spur sales in the country’s market. It is reported by the portal My Drivers. Will Apple drop the price of iPhones in other markets?

Traditionally, we always see Apple iPhone price drop after new release. It is known that the price of iPhone 14 gadgets has been adjusted throughout China. At the same time, on some sites, the prices of Apple smartphones have dropped by 1000 yuan (about $150). According to sources, they will remain until the Chinese New Year, which will begin on January 22.

As My Drivers notes, Trend Force analysts previously predicted a decline in iPhone sales in the first quarter of 2023 to 47 million units, down 22 percent from the same period last year. This is not the first time Apple has lowered prices in many markets to stimulate and adjust sales of its smartphones.

Earlier there was news that Apple was “paying back” for its financial success because of the bet on developing all production facilities in China in order to increase profits. According to the Financial Times, now the Cupertino corporation will have to urgently diversify its factories to minimize the damage.

Earlier, we reported that JPMorgan advised investors to get rid of U.S. stocks.

Stock Markets

Tesla considering building 4.5 billion euro car factory in Spain

Published

2 hours ago

June 8, 2023

U.S. electric car manufacturer Tesla (NASDAQ:TSLA) is in talks with the leaders of the regional government of Valencia in Spain to build a car factory, newspaper Cinco Dias reported on Thursday, citing unidentified sources close to the discussions.

The company’s total investment in the factory could surpass 4.5 billion euros ($4.83 billion), the newspaper said.

Tesla did not immediately respond to a request for comment, while Spain’s central government declined to comment. Reuters could not immediately reach the Valencian regional government.

German car maker Volkswagen (ETR:VOWG_p) has already said it plans to invest as much as 3 billion euros in a battery factory in the town of Sagunto in the Valencia area.

Spain is Europe’s second-largest car producer, and is using European Union COVID pandemic recovery funds to attract carmakers to invest in the manufacture of both batteries and electric vehicles. The EU plans to phase out thermal cars.

Stock Markets

Goldman Sachs to start trading Japan power futures

Published

21 hours ago

June 7, 2023

Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.

More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.

An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.

Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.

A spokesperson for Goldman Sachs declined to comment.

Stock Markets

Cathie Wood buys the dip in Coinbase shares amid SEC crackdown

Published

23 hours ago

June 7, 2023

Cathie Wood’s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:COIN) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows.Data from the website Cathie’s Ark, which tracks the investment activities of the Ark group, showed that three funds under Cathie Wood bought a total of over 400,000 shares in Coinbase on Tuesday.Her flagship ARK Innovation ETF (NYSE:ARKK) carried out most of the buying, adding over 300,000 shares.This came as Coinbase’s share price plummeted as much as 20% after the SEC sued the firm over operating an unlicensed exchange, while also issuing cease and desist letters over its staking services.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.

Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for Bitcoin on the belief that it is an effective inflation hedge.Coinbase holds the fifth-largest weightage in Ark’s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates.The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.