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Chinese authorities call on retired soldiers to take stints at Foxconn’s iPhone plant
Wednesday, November 16, 2022 3:01 pm
Local authorities in China’s Henan province are urging retired soldiers and government workers to take on stints at Foxconn’s iPhone factory in Zhengzhou which has been best by unrest over the CCP’s stringent “Zero COVID” fantasies lockdowns, the state-run Shanghai Securities News reported on Tuesday.
Reuters:
The plant, the world’s largest iPhone manufacturing facility, has been hit by discontent over government mandated measures to curb the spread of COVID-19, which required the company to isolate many workers but also prompted many others to flee in recent weeks.
The calls to retired workers have come from authorities in cities such as Jiyuan and Kaifeng, who are saying that those who take up the offer will be eligible to receive their current salary plus wages and bonuses from the factory, the publication said in a piece on its official WeChat account.
Apple last week lowered its forecast for shipments of the premium iPhone 14 model due to the situation. Reuters last month reported that Foxconn’s production of Apple’s iPhones at the Zhengzhou factory could slump by as much as 30% in November.
MacDailyNews Take: Self-inflicted desperation has set in. Good luck, Foxconn quality control!
The definition of insanity is doing the same thing over and over again while expecting different results.
The problem isn’t COVID. The problem is the illogical, unworkable, delusional, self-defeating authoritarian response to COVID.
The average age of a Foxconn worker is 23 (before the CCP drove them away with the threat of more quixotic lockdowns). A 23 year old who gets COVID might not even notice they have it. Protect those with co-morbidities who might be at risk of serious complications (don’t compel older retirees into a closed factory setting, CCP Cuomo impersonators).
Letting COVID simply wash through a population of healthy twenty-three-year-olds (many of whom have already acquired natural immunity) is the rational decision.
This rock is teeming with drooling idiots who are bound and determined to repeat history’s mistakes ad infinitum. If only the human race’s median IQ were a few points higher. Alas, God’s cruel joke. ??
https://macdailynews.com/2022/11/16/chinese-authorities-call-on-retired-soldiers-to-take-stints-at-foxconns-iphone-plant/
Apple officially launches all-new, completely redesigned iCloud.com
Wednesday, November 16, 2022 2:01 pm
On Wednesday, Apple’s new iCloud.com officially graduated from beta and is now live to the public. Each app is now a widgets with a tile for each app including Photos, iCloud Drive, Notes, Reminders, and more.
Sofia Pitt for CNBC:
The iCloud.com site is useful if you want to quickly access some of the apps or services that are otherwise on your Mac, iPhone or iPad, particularly if you’re on a computer you don’t own or are using a PC.
When you’re on iCloud.com, you’ll now see widgets with a tile for different apps like Photos, iCloud Drive, Notes and Reminders. It replaces the old, stale-looking iCloud homepage where there were just icons for those apps. So, for example, now you can see recent photos you snapped, the latest emails in your Mail inbox, the latest files you’ve opened in Drive and new Notes you’ve written.
You can also customize the homepage however you like, placing certain items, like your email or photo gallery, in specific places.
MacDailyNews Take: Much, much better.
https://macdailynews.com/2022/11/16/apple-officially-launches-all-new-completely-redesigned-icloud-com/
New Apple commercial touts Emergency SOS via satellite for iPhone 14
Tuesday, November 15, 2022 5:19 pm
Apple’s new Emergency SOS via satellite allows you to text emergency services via satellite when cell service or Wi-Fi are unavailable. The feature is available now on iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and Apple’s flagship iPhone 14 Pro Max.
Apple today announced its groundbreaking safety service Emergency SOS via satellite is now available to customers in the US and Canada. Available on all iPhone 14 models, the innovative technology enables users to message with emergency services while outside of cellular and Wi-Fi coverage. Additionally, if users want to reassure friends and family of their whereabouts while traveling off the grid, they can now open the Find My app and share their location via satellite.
Apple on Tuesday debuted a new commercial, “The Rescue,” which promotes the new feature:
Emergency SOS via satellite is available in the US and Canada starting today, November 15, and will come to France, Germany, Ireland, and the UK in December.
MacDailyNews Note: A $450 million investment from Apple’s Advanced Manufacturing Fund provides the critical infrastructure that supports Emergency SOS via satellite for iPhone 14 models. A majority of the funding goes to Globalstar, a global satellite service headquartered in Covington, Louisiana, with facilities across the US. Apple’s investment provides critical enhancements to Globalstar’s satellite network and ground stations, ensuring iPhone 14 users are able to connect to emergency services when off the grid. At Globalstar, more than 300 employees support the new service.
https://macdailynews.com/2022/11/15/new-apple-commercial-touts-emergency-sos-via-satellite-for-iphone-14/
Apple goes after business market with rare Mac promotion
Monday, November 14, 2022 5:58 pm
Apple is looking to spur Mac sales with a rare promotional deal for small and medium-sized businesses that buy computers in bulk.
Mark Gurman for Bloomberg News:
The company is offering a discount of as much as 10% off its 14-inch and 16-inch MacBook Pros with M1-based chips, according to businesses and Apple retail employees. That tops the typical markdown given to small and midsize businesses.
In its marketing material, Apple has described the new promotion as a “very special Mac campaign.” Sales employees were recently informed of the deal and have begun reaching out to businesses that Apple has prior relationships with to gauge interest.
Representatives from small businesses said they rarely get calls from Apple to push promotions. The company, which hasn’t touted an offering like this in half a decade, declined to comment.
Businesses that buy 5 to 24 MacBook Pros in any combination of screen size and configuration will get 8% off, while bulk purchases of 25 units or more will get a 10% discount. The deal runs through Dec. 24.
MacDailyNews Take: Merry Christmas, SMBs!
https://macdailynews.com/2022/11/14/apple-goes-after-business-market-with-rare-mac-promotion/
Apple adds Pegatron as new iPhone 14 supplier in India
Friday, November 4, 2022 9:13 am
Apple contract manufacturer Pegatron, which is based in Taiwan, has begun assembling the company’s latest iPhone 14 model in India, just as Foxconn’s “iPhone City” (Zhengzhou) was suddenly placed under a strict COVID-19 lockdown by Chinese Communist Party authorities.
It comes at a time when Apple’s key iPhone Pro manufacturing hub in the Chinese city of Zhengzhou — operated by Foxconn Technology Group — was placed under an abrupt Covid-19 lockdown by authorities. That situation put a spotlight on Apple’s deep reliance on China, though the India expansion was in line with diversification plans already in place, the people said.
Foxconn began making the iPhone 14 in India in September, mere weeks after its global unveiling and much closer to parity with the start of production in China, where the vast majority of iPhones are still made. Apple’s chief production partner still has exclusivity on the iPhone Pro models, which it assembles in Zhengzhou.
Apple is seeking alternative production hubs amid a trade war between Washington and Beijing and tight enforcement of Xi Jinping’s Covid Zero policy in China.
MacDailyNews Take: It’s a start, however iPhone 14 and iPhone 14 Plus demand is weaker than demand for iPhone 14 Pro and Apple’s flagship iPhone 14 Pro Max, both of which remain stuck under the CCP’s “zero-COVID” thumb.
See also: Tim Cook firmly latched Apple onto China’s CCP teat. What’s his plan for weaning it off? – November 2, 2022
https://macdailynews.com/2022/11/04/apple-adds-pegatron-as-new-iphone-14-supplier-in-india/
US Election update: Where do the pro-crypto candidates stand ahead of the election?DEREK ANDERSEN
1 HOUR AGO
Crypto has been highly visible in this election cycle thanks to polls and political action committees. This is a new and unaccustomed role for it with unknown results.
The 2022 midterm elections will be held in the United States on Nov. 8. Thirty-four senators and all 435 members of the House of Representatives will be running. According to media reports, cryptocurrency lobbyists and political action committees have poured millions of dollars into select campaigns, and extensive polling has shown crypto to be on voters’ minds.
Fundraising and polling are normal parts of the American political system, but the numbers associated with crypto may have raised some eyebrows. Sam Bankman-Fried called $1 billion his “soft ceiling” for 2022 election contributions, for example. Even though he backpedaled on some of his intentions, he remains the sixth-largest donor in this election cycle. There are numerous crypto-related political action committees as well. According to Bloomberg, as of Oct. 19, crypto-affiliated donors had spent more than donors to such traditional recipients as defense and big pharma.
A poll commissioned by Grayscale between Oct. 6 and Oct. 11 shows that 38% of voters surveyed will be “considering crypto policy positions.” A poll commissioned by the Crypto Council for Innovation at roughly the same time showed that 45% of voters “want legislators to treat crypto as a serious and valid part of the economy.”
Why all the excitement?
Crypto is making continual inroads into daily life, even in the current unfavorable market conditions. Nonetheless, someone with some distance from the industry may be surprised to hear that 45% of potential American voters have any opinion about crypto at all.
But, 40 million Americans own crypto, and they take it personally, Cornell Law School faculty member and Foley & Lardner partner Patrick Daugherty told Cointelegraph:
“Does ‘crypto policy’ resonate with voters as much as inflation and other headline news? Probably not, but then again many voters are buying crypto as a hedge against inflation.”
Furthermore, “Crypto is the future of money, which is important to every American,” Daugherty said.
Martin Dobelle, one of the three co-founders of political software company Engage, agreed. “The average person cares more about this issue than you might expect,” he said. Dobelle attributed voter interest in crypto to a generally positive attitude toward technology, especially among the young. He told Cointelegraph:
“Voters are very pro-technology, pro-innovation and they […] might not know the specifics of crypto legislation or tech legislation writ large, but they do have kind of an intuitive sense of […] what policy thinking that moves in the direction of embracing technology and innovation would look like.”
Engage is a public benefit corporation with a mission to increase public participation in the political process. Among its activities, Engage raises funds in cryptocurrency for 16 pro-crypto candidates.
What are we doing here?
The next logical question is what crypto voters will accomplish. Pro-crypto House members like Minnesota Republican Tom Emmer and Oregon Democrat Ron Wyden expect to win their races easily, while Ohio Democrat Tim Ryan is facing off against equally pro-crypto Republican JD Vance. Not only that, the crypto regulation situation is relatively under control, with bills already in the House and Senate.
Hogan Lovells partner Aaron Cutler saw a limited connection between the election and upcoming crypto regulation. “I don’t think it’s a question of political support, but more a question of policy priorities,” he said, adding:
“This is one of the reasons we saw certain legislation introduced this Congress — not because it was going to be passed and enacted into law, but because Members want to show leadership and stake out a bit of legislative turf.”
On the other hand, seeing that existing bills come up for voting faster is probably one of the effects greater political support would have.
The other effect of voting is keeping some candidates out of office. Attacks against crypto are perceived by many American voters “as threats to economic security and personal liberty,” Daugherty said.
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ
— Brian Armstrong (@brian_armstrong) September 14, 2022
Willamette University law professor Rohan Grey was having none of the single-issue votings. Pollsters “aren’t saying that they [pro-crypto candidates] are good people,” he said. Grey saw voting as important as an action. “Give the impression of people coming to your cool party,” he said.
To Dobelle, the increase in political activity surrounding crypto was significant as a sign that crypto is moving into the middle of the political spectrum, which he said is “past due.”
Whose party is it?
The bipartisan/nonpartisan nature of crypto is often commented on, but there are clear divisions in the crypto world. First, crypto skews right. This can be seen, among other places, in the Crypto Action Network politicians’ scorecards. That organization has graded 144 U.S. legislators on their crypto support. (The remaining nearly 400 lawmakers presumably have no record of crypto.) The scorecards gave Republicans an average grade of 3.4 out of 4, converted from A-F marks, while Democrats received an average of 2.1.
Bipartisanship legislation is full of “sensible compromises,” according to Daugherty, and has a better chance of passing in the current polarized environment. Cutler concurred, although he added that his firm foresees “Republican-led committee oversight and investigations of agencies with jurisdiction over digital assets and cryptocurrency.”
Grey, an adherent of Modern Monetary Policy, had a simple explanation for crypto’s right leanings based on its origins in libertarian economics and the Cypherpunks:
“The problem being solved by crypto is an inherently right-wing one.”
Grey saw one only result from any foreseeable election outcome: Crypto’s “handover to big business.”
Recent: The state of crypto in Southern Europe: Malta leads the way
Whether those claims are accepted or not, they point to an old, basic dichotomy: Crypto as the Wild West — alternative and unregulated money — and crypto regulated and integrated into the economic mainstream. In this light, the 2022 midterm elections are a rehash of a familiar trope and some slight movement toward its resolution.
Digital Chamber of Commerce vice president of policy Cody Carbone wrote in one of his many tweets, “Crypto has not yet become a mainstream part of candidate platforms. Given user adoption trends, that WILL change for the 2024 election. It’s up to voters and industry, to make sure our voices are heard.”
https://cointelegraph.com/news/us-election-update-where-do-the-pro-crypto-candidates-stand-ahead-of-the-election
IN my humble opinion, the Democrats are only interested in more and more taxes:
Oh and 87,000 more IRS agents, if they continue to keep control of our Congress, then we can look forward to this:
IRS prepares for an increase in crypto cases in the upcoming tax season
SAVANNAH FORTIS
3 HOURS AGO
The criminal investigation division of the IRS says it is preparing hundreds of crypto-related cases for the upcoming tax season.
https://cointelegraph.com/news/irs-prepares-for-an-increase-in-crypto-cases-in-the-upcoming-tax-season
U.S. jobs report key for market rally as Apple plunges
Thursday, November 3, 2022 5:56 pm
The stock market rally, now under pressure, continued to digest Fed chief Jerome Powell’s hawkish comments that the peak or “terminal” fed funds rate may be higher than previously expected as Friday’s October jobs report looms large.
Ed Carson for Investor’s Business Daily:
Megacap techs continue to weigh on the major indexes, especially the Nasdaq.
Apple is still above its June bottom, but has tumbled this week back toward its October lows.
Economists expect the October jobs report to show nonfarm payrolls up by 210,000, with the jobless rate nudging up to 3.6%. That would be the third straight month of slowing hiring and the smallest jobs gain since December 2020, but not cool enough for the Fed’s liking… Other labor data this week has been hotter than expected, including September job openings and weekly jobless claims.
Friday’s October jobs report will be key for Fed rate hike expectations and perhaps stock market direction, at least in the short run. The November jobs report and two CPI inflation reports also will arrive before the December Fed meeting.
MacDailyNews Take: The Labor Department’s October jobs report is due out at 8:30 a.m. EDT on Friday. Expect the market swing noticeably at that time based on the U.S. jobs data.
https://macdailynews.com/2022/11/03/u-s-jobs-report-key-for-market-rally-as-apple-plunges/
Former Apple employee admits defrauding company out of more than $17 million
Wednesday, November 2, 2022 3:27 pm
A former Apple employee pleaded guilty Tuesday to defrauding the tech giant out of more than $17 million over seven years, federal prosecutors said.
Dhirendra Prasad pleaded guilty in federal court to conspiracy to commit fraud and conspiracy to defraud the United States in connection with multiple schemes defrauding his then employer Apple, Inc., announced United States Attorney Stephanie M. Hinds and Internal Revenue Service-Criminal Investigation (IRS-CI) Special Agent in Charge Mark H. Pearson.
In a written plea agreement entered today, Prasad, 52, of Mountain House, California, described that he was employed by Apple from 2008 through 2018 and acted for most of that time as a buyer in Apple’s Global Service Supply Chain. Prasad’s responsibilities involved purchasing parts and services for Apple from vendors. Prasad admitted he began to defraud Apple as early as 2011 by taking kickbacks, inflating invoices, stealing parts, and causing Apple to pay for items and services never received. Prasad admitted these schemes continued through 2018 and ultimately resulted in a loss to Apple of more than $17 million.
Prasad admitted his co-conspirators in the fraud schemes were Robert Gary Hansen and Don M. Baker, who reside in the Central District of California. Hansen and Baker each owned vendor companies, and their companies engaged in business with Apple. Hansen and Baker were earlier charged in separate federal criminal cases, and they have admitted their involvement in the schemes.
In one of several fraud schemes admitted by Prasad, in 2013 he had motherboards shipped from Apple’s inventory to Baker’s company, CTrends. Baker arranged to have the motherboards’ components harvested, and Prasad arranged for Apple to issue purchase orders for those harvested components. Baker shipped the harvested components back to Apple, and CTrends submitted invoices to Apple, thus billing Apple for its own components. Prasad caused Apple to pay the fraudulent invoices, and Baker and Prasad thereafter split the proceeds of the fraud.
In another example, in approximately 2016 Prasad arranged to have components shipped from Apple’s inventory located in a Nevada warehouse to Hansen’s business, Quality Electronics Distributors, Inc. Hansen intercepted the components, removed them from their packaging, placed them in new packaging, and shipped them back to Apple’s warehouse. Prasad created purchase orders for the components, and Hansen submitted invoices to Apple for them, thus billing Apple for its own components. Prasad caused Apple to pay the fraudulent invoices, and Hansen and Prasad split the proceeds of the fraud.
In addition to the many fraud schemes, Prasad admitted he engaged in tax fraud by funneling illicit payments from Hansen directly to Prasad’s creditors. Prasad also caused a shell company to issue sham invoices to CTrends in order to conceal Baker’s illicit payments to Prasad and to allow Baker to claim hundreds of thousands of dollars of unjustified tax deductions. These schemes resulted in an IRS loss of more than $1.8 million.
The United States also instituted a civil forfeiture action to forfeit the assets acquired by Prasad with the fraud proceeds, including multiple real properties he purchased and numerous financial accounts containing funds traced to Prasad’s crimes. These assets have an aggregate value of approximately $5 million. Today, Prasad agreed to forfeit all the assets to the United States.
Prasad pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud in violation of 18 U.S.C. § 1349, 18 U.S.C. § 1341 & 18 U.S.C. § 1343, which carries a maximum sentence of 20 years in prison. He also pleaded guilty to one count of conspiracy to defraud the United States in violation of 18 U.S.C. § 371, which carries a maximum sentence of five years. However, any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
United States District Judge Beth L. Freeman scheduled Prasad’s sentencing hearing for March 14, 2023. Prasad remains out of custody pending his sentencing hearing.
Assistant United States Attorney Michael G. Pitman is prosecuting the case, with the assistance of Sahib Kaur. Assistant United States Attorney Karen D. Beausey is representing the United States in the civil forfeiture action, with the assistance of Carolyn Caparas. The prosecution was the result of an investigation led by Internal Revenue Service, Criminal Investigation with the assistance of the Special Enforcement Program.
MacDailyNews Take: As Sophocles wrote, “Things gained through unjust fraud are never secure.”
https://macdailynews.com/2022/11/02/former-apple-employee-admits-defrauding-company-out-of-more-than-17-million/
India’s biggest Apple reseller Q2 profit up as sales of iPhones, MacBooks rise
Wednesday, November 2, 2022 11:23 am
India’s biggest Apple distributor Redington Ltd on Thursday reported a 26% jump in September quarter profit on the back of buoyant domestic demand for iPhones, MacBooks, and software.
Reuters:
Consolidated profit for the three months ended Sept. 30 climbed to 3.87 billion rupees ($46.76 million) from 3.07 billion rupees a year ago, the company said in an exchange filing.
The iPhone reseller’s quarterly revenue rose to 190.51 billion rupees from 152.87 billion rupees a year ago, per the filing. Apple, its single largest vendor, accounted for 27% of the revenue.
India distribution business continued to post double digit growth, Redington said. The company also caters to Singapore, Turkey, the Middle East and the African continent.
MacDailyNews Take: As we wrote back in August, “The sky’s the limit for Apple in India!”
It’s nice to finally see some real progress for Apple’s iPhone taking place in India! – MacDailyNews, February 3, 2022
https://macdailynews.com/2022/11/02/indias-biggest-apple-reseller-q2-profit-up-as-sales-of-iphones-macbooks-rise/
China forces new 7-day COVID lockdown around major Apple iPhone factory
Wednesday, November 2, 2022 9:02 am
China’s quixotic “zero-COVID” quest continues as the Chinese Communist Party imposes yet another 7-day lockdown in the city where Foxconn’s main iPhone factory operates.
Brenda Goh and Yimou Lee for Reuters:
China ordered an industrial park that houses an iPhone factory belonging to Foxconn to enter a seven-day lockdown on Wednesday, in a move set to intensify pressure on the Apple supplier as it scrambles to quell worker discontent at the base.
The Zhengzhou Airport Economy Zone in central China said it would impose “silent management” measures with immediate effect, including barring all residents from going out and only allowing approved vehicles on roads within that area.
The curbs will last until Nov. 9, it said… Relentless controls and spot lockdowns across China have fuelled discontent among residents, hampered economic growth and taken a heavy psychological and financial toll on people and companies.
MacDailyNews Take: Yes, let’s learn nothing and continue to disrupt everyone’s lives for what amounts to a case of the sniffles, if even that, in the average healthy person. Instead, as we all should have done from the start, how about smartly protecting those with multiple co-morbidities and the aged (the average age of a Foxconn worker is 23) who are most at risk? Duh. Oh, wait, this is the CCP, lol.
Insanity is doing the same thing over and over and expecting different results.
Smart companies have finally woken up and are working to diversify their supply chains away from, and reduce risky reliance on, CCP-controlled authoritarian China. – MacDailyNews, October 21, 2022
And, BTW, communism is a scam; a pyramid scheme that eventually fails after an unspeakable number of murders. (Of course, the relatively few Chinese who can access us via VPN already know that fact all too well. That’s why they’re using VPN to try to get a glimpse at the world outside.)
• Apple should have been diversifying production long ago to minimize risk, not to mention China’s human rights abuses, authoritarian censorship, and myriad other concerns, including “COVID” lockdowns. – MacDailyNews, June 1, 2022
• In general, human-transmissible coronaviruses do not disappear. There is no such thing as zero-COVID. Duh.
COVID-19 is here to stay. It will very likely become endemic, yet pose less danger over time. People will acquire immunity via vaccines (effectiveness TDB) and naturally as they contract and recover from variants like omicron since the partially-effective vaccines permit not only transmissibility, but also breakthrough infections. Influenza and the four human coronaviruses that cause common colds (OC43, 229E, NL63 and HKU1) are, of course, also endemic, but a combination of annual flu vaccines and acquired immunity means that sane societies tolerate the unavoidable seasonal deaths and illnesses they bring without requiring lockdowns, masks, social distancing, indefinite return-to-work delays, etc.
At which point, if ever, will some people decide that wasting away their short lives in abject fear of a bad flu, very likely engineered by China and partially funded by the U.S. National Institutes of Health, is a hysterical self-defeating overreaction? – MacDailyNews, December 16, 2021
• It’s smart for both Apple and Foxconn to diversify assembly outside of China. There’s no sense having all of your eggs in one basket. — MacDailyNews, April 2, 2019
• The real virus is the panic. – MacDailyNews, March 9, 2020
https://macdailynews.com/2022/11/02/china-forces-new-7-day-covid-lockdown-around-major-apple-iphone-factory/
Tata to add up to 45,000 workers at iPhone parts plant in southern India
Tuesday, November 1, 2022 9:34 am
Tata Group is planning to add up to 45,000 workers at its electronics factory in southern India that makes iPhone components, as part of a push to win more business from Apple.
Sankalp Phartiyal for Bloomberg:
The plant in the industrial town of Hosur, in Tamil Nadu state, will hire as many as 45,000 women workers within 18 to 24 months as it sets up new production lines, people familiar with the matter said. The factory, which produces iPhone housings or the cases which hold the device together, currently employs about 10,000 workers, most of them women.
The salt-to-software conglomerate is among Indian companies trying to benefit from Apple diversifying its supply chain beyond China. While just a small fraction of iPhones and its components are made in India, the country is making inroads with its push to challenge China as its neighbor struggles with Covid-related lockdowns and political tensions with the US.
Women at the Hosur factory get gross salaries of just over 16,000 rupees ($194) a month, nearly 40% more than the Indian industry average for employees who use hands or tools for assembly, according to the people. The workers are given free food and lodging within the campus, the people said, adding that Tata also plans to provide training and education.
MacDailyNews Take: Apple’s moves to spread risk and remove China as a major production chokepoint will pay dividends long into the future.
https://macdailynews.com/2022/11/01/tata-to-add-up-to-45000-workers-at-iphone-parts-plant-in-southern-india/
Apple supplier Foxconn quadruples bonuses to staff hit by yet another China COVID lockdown
Tuesday, November 1, 2022 8:55 am
Apple assembler Foxconn said on Tuesday it has quadrupled bonuses on offer for workers at its Zhengzhou iPhone assembly plant in central China as it seeks to quell discontent over yet another round of COVID curbs in an effort to retain staff.
Yimou Lee and Brenda Goh for Reuters:
Daily bonuses for employees, who are part of a Foxconn unit responsible for making electronics including smartphones at the site, have been raised to 400 yuan ($55) a day for November from 100 yuan, according to the official WeChat account of Foxconn’s Zhengzhou plant… It makes most of the phones at the Zhengzhou plant where it employs about 200,000 people, though it has other smaller production sites in India and south China.
The Zhengzhou plant has been rocked by discontent over stringent measures to curb the spread of COVID-19, with several workers fleeing the site over the weekend after complaining about their treatment and provisions via social media.
Foxconn had no choice but to follow government instructions which had put workers in “miserable conditions”, a person familiar with the situation on campus told Reuters, adding that the circumstances caught management by surprise.
Foxconn has not disclosed whether any workers at the Zhengzhou site had been diagnosed with COVID-19 but the executive told the newspaper there had been no severe infections and the company had set up a team to transfer infected staff to quarantine.
MacDailyNews Take: Again, as we wrote yesterday, God forbid, someone might get the sniffles.
The average age of workers on the Foxconn assembly line is 23 years old.
The reactions and overreactions to COVID in some places on this addled rock, even to this day, beggars belief.
The real virus is the panic. – MacDailyNews, March 9, 2020
https://macdailynews.com/2022/11/01/apple-supplier-foxconn-quadruples-bonuses-to-staff-hit-by-yet-another-china-covid-lockdown/
Apple was the only top phone vendor to increase shipments in Q3 – IDC
Saturday, October 29, 2022 4:54 pm
https://macdailynews.com/2022/10/29/apple-was-the-only-top-phone-vendor-to-increase-shipments-in-q3-idc/
Apple’s latest price changes speak volumes about future of the company
Monday, October 31, 2022 2:42 pm
Amid rampant U.S. inflation, Apple is raising prices on some services, but its iPhone pricing has remained the same, setting the company on track for the lowest iPhone gross margin in any of the last four years. For Apple’s future, expanding the gross profit from services is increasingly important.
Adam Levy for The Motley Fool:
The cost of everything has gone way up over the past year due to inflation, and the iPhone is no different. Estimates indicate the bill of material for the iPhone 14 Pro Max was 20% higher than that of the 13 Pro Max. The cost of all the components found inside that little glass rectangle totaled nearly 46% of Apple’s asking price this year. That’s the highest cost of material relative to its price Apple has paid for any Max model.
Instead of passing on the increased costs to consumers, Apple decided to keep the price of all its iPhone models the same. With competitors increasing prices and inflation running rampant, it means Apple made its iPhones much more attractive in terms of price.
It was just a few years ago that Apple TV+ was seen as a clever way to incentivize new iPhone purchases… But the recent price hike indicates Apple is serious about making the streaming service a profitable endeavor. It’s making major licensing deals with sports leagues and its prestige original content is starting to gain traction with a broad audience.
MacDailyNews Take: The more Macs, iPads, and iPhones it has in users’ hands, the better Apple sell its most profitable and strongest-growing segment, services.
https://macdailynews.com/2022/10/31/apples-latest-price-changes-speak-volumes-about-future-of-the-company/
MacDailyNews presents live notes from Apple’s Q422 conference call
Thursday, October 27, 2022 4:48 pm
MacDailyNews presents live notes from Apple’s Q422 Conference Call with analysts starting at 5pm EDT / 2pm PDT today, October 27, 2022.
Apple today will provide live audio streaming of its Q422 Results Conference Call. This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).
Apple’s live conference call webcast will begin at 5pm EDT / 2pm PDT today here.
Apple today posted an all-time quarterly revenue record of $90.1 billion (vs. $83.360 billion billion YOY), up 8 percent year over year, and quarterly earnings per diluted share of $1.29 (vs. $1.24 YOY), up 4 percent YoY.
For the quarter, analysts’ consensus estimates (per Refinitiv) called for Apple to report EPS of $1.27 per share on revenue of $88.90 billion.
Live notes from Apple’s Q422 Conference Call in reverse chronological order:
• End of conference call.
• AAPL After hours: $145.89, +1.09 (+0.75%) @ 05:58PM EDT
• Cook: We average about one per month in fiscal year 2022; we are constantly looking at acquisitions
• Q: Acquisitions?
• Luca: Apple expects to decelerate from September quarter’s 8% YoY growth rate in December quarter
• Q: December quarter growth>
• In spite of the strong dollar, Apple has nonetheless seen very strong performance in India, Indonesia, Mexico, Vietnam, etc.
• Apple hedges currencies to try to achieve margin stability
• Luca: Foreign exchange (strong dollar) is a significant factor affecting Apple
• Certain silicon components have inflationary pressure as well
• Cook: Apple is focused on taking care of their employees; there is clearly wage inflation and logistics inflation
• Q: Inflation and labor issues?
• Cook: Our ad business is not large
• Cook: We focus on privacy first. Any ad business will preserve customer privacy
• Q: Digital advertising?
• Cook: Ended Sept. quarter, Apple exited below target range on iPhone; similar to the past
• Q: Channel inventory for iPhone this year vs. previous years?
• The engine for services growth is there and foreign exchange headwinds are a temporary thing.
• Paid accounts in increasing; More than 900 million paid subs and growing very quickly
• Apple very happy in continued growth of installed base
• Luca: Foreign exchange can affect Services and Products differently, depending on geography
• Q: Services impacted more than products by foreign exchange?
• Cook: New Macs, backorders, and channel fill were all key contributors to record Mac sales this quarter
• Q: Mac channel fill vs. backorders?
• Foreign exchange and Russia closure were headwinds in Wearables
• Cook: AirPods Pro launch contributed to Wearables results
• Cook: Wearables grew 10%; Apple Watch was a contributor; especially the new models (SE, Series 8, Ultra); Ultra remains supply constrained
• Q: What drove the strong wearables result this quarter?
• Apple sees nothing unusual in CapEx over the next 12 months
• Luca: CapEx has been fairly stable over time; 3 major buckets: manufacturing tools, data center costs, office facilities worldwide
• Q: CapEx?
• Cook: Music licensing costs increased. Apple TV+ was priced initially based on the library build out; more content now makes it more valuable
• Q: Services; Apple Music, Apple TV+, Apple One price increases?
• AAPL After hours: $142.88 -1.93 (-1.33%) @ 05:38PM EDT
• iPad products launched later than last year (October 2022 vs. September 2021) which is why iPad sales contracted
• Cook: Mac had best quarter in history, helped by M2 MacBook Air and had a backlog of demand due to supply constraints in prior quarter
• Q: Mac and iPad sales divergence?
• We expect Q123 (calendar 4th quarter) margin to be affected by the strong dollar, but Apple sees commodities performing well for the company, helping to offset headwinds
• Luca: We just set a September quarter record despite currency headwinds (strong dollar)
• Q: Gross margin hit due to 10 basis points of currency hit?
• Cook: We feel very good about how we performed in Q4
• Apple is constrained on iPhone 14 Pro and iPhone 14 Pro Max which makes the mix unknown
• Cook: iPhone grew 10% in Q4, customer demand was strong and better than Apple expected
• Q: iPhone demand?
• AAPL After hours: $140.64, -4.16 (-2.87%) @ 05:29PM EDT
• Dividend is payable on November 10, 2022 to shareholders of record as of the close of business on November 7, 202
• Apple’s board of directors has declared a cash dividend of $0.23 per share of the company’s common stock
• Apple continues to work to become net cash neutral over time
• $120 billion total debt
• Appel ended quarter with $169 billion in cash and marketable securities
• AAPL After hours: $148.11, +3.31 (+2.29%) @ 05:25PM EDT
• Apple set new records in the enterprise for iPhone, iPad, and Mac
• Apple grew 8% over the past 4 quarters; dilutes EPS grew 9%
• Apple continues to invest strongly in Services business
• More than 900 million pad subs, up 155 million over the last 12 months
• Continued install base growth bodes well for Apple Services
• AAPL After hours: $145.77, +0.97 (+0.67%) @ 05:22PM EDT
• 2/3rds of Apple Watch buyers were new to the product
• Nearly half of iPad buyers were new to iPad
• iPad install base reached record high
• Nearly half of Mac buyers were new to Mac
• Mac revenue up 25% year over year
• Grew Android to iPhone switchers (upgraders) double digits
• India set new all-time iPhone revenue record
• Significant foreign exchange headwinds
• All-time record revenue records for cloud services
• Extremely strong customer satisfaction and loyalty
• Quarterly earnings per diluted share of $1.29, up 4 percent year over year
• Quarterly record revenue of $90.1 billion, up 8 percent year over year
• Apple CFO Luca Maestri: We are ver pleased to report quarterly record results
• Cook promotes Apple’s dedication to environmental issues
• Cook touts Apple’s support of code academies across America
• Apple Retail Stores are ready for the holiday season
• Apple Card ranked higher for mid-sized credit cards by JD Power
• Apple Fitness+ now available to iPhone users, even those without an Apple Watch
• Apple TV 4K hits stores next week
• Cook: Apple TV+ productions continue to earn accolades
• AAPL After hours: $142.55, -2.25 (-1.55%) @ 05:10PM EDT
• Cook talks up Apple Watch Ultra, AirPods Pro 2, Apple Music, and more
• 10th gen. iPad and M2 iPad Pros are not available in stores
• Cook lauds iPhone 14 family and iPhone 14 Pro models
• Cook touts Apple innovation and teamwork for yearly revenue record of $394 billion
• Silicon-related supply constraints were not significant during the quarter
• Record number of Android to iPhone switchers (upgraders)
• More than 900 million paid subscriptions
• Cook: Apple set an all time quarterly record revenue for Mac.
Quarterly net sales by category:
• iPhone: $42.626 billion (vs. $38.868 billion YoY)
• Services: $19.188 billion (vs. $18.277 billion YoY)
• Mac: $11.508 billion (vs. $9.178 billion YoY)
• Wearables, Home and Accessories: $9.650 billion (vs. $8.785 billion YoY)
• iPad: $7.174 billion (vs. $8.252 billion YoY)
Annual net sales by category:
• iPhone: $205.489 billion (vs. $191.973 in 2021)
• Services: $78.129 billion (vs. $68.425 billion in 2021)
• Mac: $40.177 billion (vs. $35.190 billion in 2021)
• Wearables, Home and Accessories: $41.241 billion (vs. 38.367 billion in 2021)
• iPad: $29.292 billion (vs. $31.862 billion in 2021)
• This December quarter will end on December 31, 2022 and include an extra week (14 weeks) vs. the Q122 13-week quarter.
• Conference call begins.
• AAPL After hours: $144.50, -0.30 (-0.21%) @ 04:58PM EDT
• AAPL After hours: $144.00, -0.80 (-0.55%) @ 04:56PM EDT
• AAPL After hours: $142.91, -1.89 (-1.31%) @ 04:47PM EDT
Related
Apple to report Q422 earnings results on October 27th
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https://macdailynews.com/2022/10/27/macdailynews-presents-live-notes-from-apples-q422-conference-call/
Apple beats Street with all time record Q4 revenue
Thursday, October 27, 2022 4:32 pm
Apple today announced financial results for its fiscal 2022 fourth quarter ended September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.
Analysts’ consensus estimates (per Refinitiv) called for Apple to report EPS of $1.27 per share on revenue of $88.90 billion.
“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,” said Tim Cook, Apple’s CEO, in a statement. “As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.”
Quarterly net sales by category:
• iPhone: $42.626 billion (vs. $38.868 billion YoY)
• Services: $19.188 billion (vs. $18.277 billion YoY)
• Mac: $11.508 billion (vs. $9.178 billion YoY)
• Wearables, Home and Accessories: $9.650 billion (vs. $8.785 billion YoY)
• iPad: $7.174 billion (vs. $8.252 billion YoY)
Annual net sales by category:
• iPhone: $205.489 billion (vs. $191.973 in 2021)
• Services: $78.129 billion (vs. $68.425 billion in 2021)
• Mac: $40.177 billion (vs. $35.190 billion in 2021)
• Wearables, Home and Accessories: $41.241 billion (vs. 38.367 billion in 2021)
• iPad: $29.292 billion (vs. $31.862 billion in 2021)
“Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO, in a statement. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.”
Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on November 10, 2022 to shareholders of record as of the close of business on November 7, 2022.
Apple will provide live streaming of its Q4 2022 financial results conference call beginning at 2:00 p.m. PT on October 27, 2022 at apple.com/investor/earnings-call. This webcast will be available for replay for approximately two weeks thereafter.
MacDailyNews Take: A bright spot in a dark tech market.
https://macdailynews.com/2022/10/27/apple-beats-street-with-all-time-record-q4-revenue/
Amazon knocks $150 off Apple’s M2 MacBook Air in early Black Friday price war
Wednesday, October 26, 2022 12:01 pm
https://macdailynews.com/2022/10/26/amazon-knocks-150-off-apples-m2-macbook-air-in-early-black-friday-price-war/
Rampant U.S. inflation has passed the point of no return
Wednesday, October 26, 2022 8:48 am
According to a new report from Deutsche Bank analysts, rampant U.S. inflation, running at 40-year highs, has passed the point of no return.
John Stepek for Bloomberg News:
If you’re hoping, as many in markets apparently do, that inflation is still basically “transitory,” I have some bad news: we’ve already passed the point of no return.
That’s according to a new report from the Deutsche Bank analysts, led by Jim Reid. The team looked at 318 separate occasions since 1920, across both developed and emerging markets, where inflation had risen above 8%. On average, inflation then took “around two years to even fall beneath 6%, before settling around that level out to five years after the initial 8% shock.”
Given that the analyst consensus currently expects inflation to drop back significantly further and faster than that, there’s room for disappointment, to put it lightly. To make matters worse, the Deutsche team found that post-war and post-1970s inflationary periods have been even stickier. There is essentially no episode in which inflation has dropped back to the extent that analysts are hoping for this time.
The 1970s was admittedly a period of particular severe inflation, but as the report points out, it’s also the most representative of the monetary and fiscal regime we inhabit now. “There’s been no precious metal like gold anchoring the currency and stopping policymakers from embarking on inflationary policies,” the analysts write.
MacDailyNews Take: Yay.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
Again, when certain quarters, including the Fed, delude themselves and others that “inflation is transitory” and waste at least a year before doing a mere portion of what is necessary (interest rate hikes), the price will be paid for being delusional and late.
Catching up will be difficult. But, hey, good luck on that soft landing. ?? – MacDailyNews, September 13, 2022
In January, Interactive Brokers founder Thomas Peterffy said of the U.S. Federal Reserve, “If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
The Fed’s current target interest rate range is 3.00% to 3.25%. Peterffy may have been too conservative. Rates in excess of 6% may be required at this point. – MacDailyNews, October 13, 2022
https://macdailynews.com/2022/10/26/rampant-u-s-inflation-has-passed-the-point-of-no-return/
Fidelity To Support Ethereum Trading For Institutions
by Taylor Scott 5 days ago in Cryptocurrency news, Ethereum Reading Time: 3 mins read
Fidelity Digital Assets is adding support for Ethereum trading for institutional trading effective at the end of the month. The news comes through a widely amplified screenshot of a leaked email that was reportedly sent to the firm’s clients.
Lets take a look at what we know in the early days around this leak, with realized support for Ethereum expected to be just a week away.
Fidelity Digital Assets Makes A Big Stride
Fidelity Investments operates one of the biggest financial institution behemoths on the planet, and has shown continued investment in their digital asset division. While the perspective last year from Fidelity Digital Assets – throughout the midst of the bull market – was that institutional demand for Ethereum was not sufficient, that seems to have changed course. According to reports surrounding the leaked memo, Fidelity Digital is expected to offer Ether buying, selling and trading for institutional clients as early as October 28.
The move is surprising to some, considering the bear market conditions that have persisted this year.
The Building Blocks Of Institutional Investment
This announcement, however, might not be surprising to all. A survey conducted by Fidelity Digital last year that engaged financial advisors, high-net-worth investors, hedge funds, family offices, endowments and foundations, and similar businesses across the globe, found that price volatility and lack of fundamentals have been two main drivers behind skepticism around digital asset investments.
One year later, the market has found relatively stability (albeit, bear market stability) compared to years past, and there is more use cases behind Ethereum blockchain-based utility than ever before. Has that been enough for the tide to turn when it comes to institutional investment? This move from Fidelity Digital suggests so. Additional movement throughout this year has suggested Fidelity’s interest in continuing a push into digital assets, too, such as a bullish perspective in recent months from Fidelity’s Director of Macro Jurrien Timmer, and company-wide support for Bitcoin allocations in employee 401k’s. Just last week, the company continued it’s push, launching an Ethereum Index Fund.
We’ll see how institutional investment responds to Fidelity’s new offering, but regardless, it only bodes well for the big-picture future of the broader crypto landscape.
https://www.newsbtc.com/news/fidelity-to-support-ethereum-trading-for-institutions/
Bluejay Mining PLC Announces Appointment of Executive Chairman
Press Release | 10/25/2022
LONDON, UK / ACCESSWIRE / October 25, 2022 / Bluejay Mining plc, the AIM, FSE-listed and OTCQB traded exploration and development company, is delighted to announce the appointment of Mr. Robert Edwards as Executive Chairman to the Board of the Company, with immediate effect.
Mr. Edwards brings over 30 years of relevant experience in the natural resources sector to Bluejay, including roles in production mining, new business, investment banking, capital markets, consulting and a range of board level experience across multiple commodity groups and jurisdictions.
From 2013 until 2022 Mr Edwards served as a Non-Executive Director of MMC Norilsk Nickel, the world's largest producer of nickel and palladium and a leading producer of platinum and copper, operating complex full cycle production assets in Russia and Finland. Mr. Edwards also served as Non-Executive Chairman of Sierra Rutile Limited, a leading producer of mineral sands products. He was closely involved in the execution of the sale of Sierra Rutile Limited to Iluka Resources for US$285 million in 2016. His experience in both of these roles will prove invaluable in Bluejay's development of the Dundas Ilmenite as well as the Disko-Nuussuaq Projects in Greenland as well as the rest of the highly prospective portfolio of exploration opportunities in Greenland and Finland.
Mr. Edwards also serves as a Non-Executive Director of ASX listed Sandfire Resources Limited and AIM listed Chaarat Gold Holdings Limited. Mr. Edwards graduated from the Camborne School of Mines with an honours degree in Mining Engineering (B.Eng. ACSM).
Michael Hutchinson, Interim Non-Executive Chairman of Bluejay Mining, commented:
"I am delighted to have somebody of Mr. Edwards calibre on board as the Company's Chairman. His previous experience in working at projects which are similar to ours as well as project financing could not be better suited to Bluejay, its strategy, objectives, and the development of its exciting portfolio of assets.
"It has been a pleasure to serve as the Company's Chairman once again, albeit in an interim position. Together with the rest of the team, I look forward to continuing to guide Bluejay in my Non-Executive Director position."
Robert Edwards, incoming Executive Chairman of Bluejay Mining, commented:
"It's an honour to be appointed as the Bluejay Mining, Executive Chairman, in what promises to be a transformational period. Since its creation Bluejay has been a pioneer in the development of Greenland's minerals industry and has been very successful in securing a highly prospective exploration portfolio both in Greenland and Finland, two of the world's most favourable mining jurisdictions. Converting the combination of these world class opportunities and clear in-country management expertise in both regions that Bluejay has established into a strong value proposition for shareholders as well as our partners is a challenge which I look forward to. There has never been a more compelling case to develop sustainable supplies of future facing commodities.
"I look forward to enjoying a highly collaborative relationship with the entire Bluejay team, particularly our Chief Executive Officer, Bo Møller Stensgaard."
AIM disclosures
The following details in relation to the appointment of Mr Robert Willem John Edwards, aged 56, are disclosed in accordance with Schedule 2(g) of the AIM Rules:
Current directorships
Previous directorships in the last 5 years
Chaarat Gold Ltd
GB Minerals Ltd
Highcross Resources Ltd
MMC Norilsk Nickel
Metal Capital Exploration Limited
Metal Capital Limited
Sandfire Resources Ltd
Sandfire Resources (ES) SL
Mr Edwards does not hold any ordinary shares of the Company and has today been granted the following share options:
· 1,500,000 share options with an exercise price of 0.10 pence exercisable from today up until 1 October 2023
· 3,000,000 share options with an exercise price of 0.15 pence exercisable from today up until 1 October 2024
· 4,500,000 share options with an exercise price of 0.20 pence exercisable from today up until 1 October 2025
· 8,000,000 share options with an exercise price of 0.25 pence exercisable from today up until 1 October 2026
Save as disclosed above, there are no additional disclosures to be made in accordance with Rule 17 or Schedule 2(g) of the AIM Rules.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.
For further information on the Company and the project please visit the website at: www.bluejaymining.com
Contacts:
Kevin Sheil/Bluejay Mining plc/enquiry@bluejaymining.com
Ewan Leggat /
Adam Cowl/SP Angel Corporate Finance LLP
(Bluejay Mining Nominated Adviser)/+44 (0) 20 3470 0470
Andrew Chubb/Hannam & Partners/+44 (0) 20 7907 8500
Tim Blythe /
Megan Ray/BlytheRay (Bluejay Mining Press Contact)/+44 (0) 20 7138 3205
About Bluejay Mining Plc
Bluejay is listed on the London AIM market and Frankfurt Stock Exchange and its shares also trade on the OTCQB Market in the US. With multiple projects in Greenland and Finland, Bluejay has now secured four globally respected entities as partners, customer, and co-investor on three of its projects, giving the Company and its shareholders both portfolio and commodity diversification in high quality jurisdictions.
Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has signed a definitive joint venture agreement with KoBold Metals to guide exploration for new deposits rich in the critical materials for electric vehicles (The Disko-Nuussuaq Project). Principal investors in KoBold include Breakthrough Energy Ventures, a climate & technology fund, overseen by Bill Gates, and whose investors include Michael Bloomberg, Jeff Bezos, and Ray Dalio. Other investors in KoBold include Andreessen Horowitz, the premier Silicon Valley venture capital fund and Equinor, the Norwegian state-owned multinational energy company.
Bluejay's most advanced project is the Dundas Ilmenite Project in Greenland, which is fully permitted and being developed towards production in the near term, with preparatory activities scheduled to commence in 2022. Dundas has a Mineral Resource reported in accordance with the JORC Code of 117Mt at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ. The Company has agreed a Master Distribution Agreement with a major Asian conglomerate for up-to 340ktpa of its anticipated 440ktpa annual output. The Company has signed on a major European bank to head the financing syndicate for Dundas. The Company's strategy is focused on securing financing ahead of commencing commercial production at Dundas in order to create a company capable of self-funding exploration on its current and future projects.
Disko Exploration Ltd holds two additional projects in Greenland - the 692sq km Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver and identified four large-scale drill ready targets; and the 2,025 sq km Thunderstone project which has the potential to host large-scale base metal and gold deposits. Bluejay has agreed a joint-venture agreement with a mining major at its Enonkoski Project in Finland and has recently signed a binding agreement for a partial divestment in a fourth Finnish project.
**ENDS**
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Bluejay Mining PLC
View source version on accesswire.com:
https://www.accesswire.com/722103/Bluejay-Mining-PLC-Announces-Appointment-of-Executive-Chairman
https://www.otcmarkets.com/stock/BLLYF/news/Bluejay-Mining-PLC-Announces-Appointment-of-Executive-Chairman?id=377282
UK regulator launches inquiry into Apple’s, other tech firms’ financial services
Tuesday, October 25, 2022 9:04 am
The UK’s Financial Conduct Authority is launching an inquiry this week into moves by Apple, Amazon, Google, and Meta into retail financial services.
Tim Bradshaw for Financial Times:
It is asking the Big Tech companies, their partners and potential rivals for their views on Silicon Valley’s expansion into payments, deposits, credit and insurance.
While acknowledging that consumers may benefit in the short term, the FCA suggests that Big Tech companies might be able to “exploit their ecosystems” and large data stores to “lock consumers in”, as in other markets where they already face regulatory scrutiny, such as mobile app stores.
All four companies hold FCA permits for payment processing in the UK and their pace of expansion in financial products appears to be accelerating.…
Sheldon Mills, the FCA’s executive director of consumers and competition, told the Financial Times that the regulator was “looking ahead” in anticipation of tech companies expanding their presence in the UK financial services market, even though some new products — such as Apple’s credit card and new high-yield bank account — are currently only available in the US.
MacDailyNews Note: Apple’s new high-yield Savings account did not launch in the Wallet app with iOS 16.1 as expected. It is scheduled to launch in the coming months.
https://macdailynews.com/2022/10/25/uk-regulator-launches-inquiry-into-apples-other-tech-firms-financial-services/
Apple turns away from China
Monday, October 24, 2022 5:16 pm
Apple is turning away from China and towards place like Vietnam, India, and elsewhere to diversify its supply chain, especially in assembly, after the Chinese Communist Party’s quixotic COVID-19 lockdowns in quest of the unattainable “zero COVID” pipe dream, among myriad other issues, threatened the company’s ability to manufacture products in a predictably, timely manner.
The Economist:
The mushrooming of factories in southern India marks a new chapter for the world’s biggest technology company. Apple’s extraordinarily successful past two decades—revenue up 70-fold, share price up 600-fold, a market value of $2.4trn—is partly the result of a big bet on China. Apple banked on China-based factories, which now churn out more than 90% of its products, and wooed Chinese consumers, who in some years contributed up to a quarter of Apple’s revenue. Yet economic and geopolitical shifts are forcing the company to begin a hurried decoupling. Its turn away from China marks a big shift for Apple, and is emblematic of an even bigger one for the world economy.
Apple’s packaging proclaims “Designed by Apple in California”, but its gadgets are assembled along a supply chain that stretches from Amazonas to Zhejiang. At the centre is China, where 150 of Apple’s biggest suppliers operate production facilities. Tim Cook, who was Apple’s head of operations before he became chief executive in 2011, pioneered the company’s approach to contract manufacturing. A regular visitor to China, Mr Cook has maintained good relations with the Chinese government, obeying its requirements to remove apps and to hold Chinese users’ data locally, where it is available to the authorities.
Now a change is under way. Mr Cook, who has not been seen in China since 2019, is wooing new partners. In May he entertained Vietnam’s prime minister, Pham Minh Chinh, at Apple’s futuristic Cupertino headquarters. Next year Apple is expected to open its first physical store in India (whose prime minister, Narendra Modi, is a fan of gold iPhones)…
The most pressing reason for the scramble is the need to spread operational risk.
MacDailyNews Take: Better late than never.
It’s smart for both Apple and Foxconn to diversify assembly outside of China. There’s no sense having all of your eggs in one basket. — MacDailyNews, April 2, 2019
Apple cannot divest their dependence on China quickly enough (because they started years too late). – MacDailyNews. August 17, 2022
Diversify, diversify, diversify – especially away from CCP-controlled China. – MacDailyNews, October 19, 2022
Former U.S. President Richard Nixon, who opened relations with China in the early 1970’s, just before his death in 1994 remarked on China: We may have created a Frankenstein.
https://macdailynews.com/2022/10/24/apple-turns-away-from-china/
Wealthy crypto believer and incoming UK PM Rishi Sunak once commissioned a royal NFT
DEREK ANDERSEN
2 HOURS AGO
The new leader of the world’s sixth-largest economy is the former chancellor of the exchequer and is said to be richer than King Charles. He is also a firm crypto supporter.
Rishi Sunak is set to become prime minister of the United Kingdom within days. Sunak was defeated for the top government post by Liz Truss on Sept. 5, but she resigned after 45 days in office. Indications so far are that his selection for the office is good news for the crypto industry.
Sunak was chancellor of the exchequer, or head of the treasury, from early 2020 to July 5, when he resigned during a scandal that shook Boris Johnson’s government. During that time, Sunak repeatedly voiced his support for crypto. Speaking in April about proposed regulatory reform related to stablecoins, Sunak said:
“It’s my ambition to make the U.K. a global hub for crypto-asset technology, and the measures we’ve outlined […] will help to ensure firms can invest, innovate and scale up in this country. This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.”
Sunak has also spoken positively of central bank digital currency. In April, he commissioned the Royal Mint to issue a nonfungible token (NFT) by the end of the year “as an emblem of the forward-looking approach the UK is determined to take.”
Related: UK hits double-digit inflation for the first time in 40 years
He also oversaw the drafting of the Financial Services and Markets Bill, which is now making its way through Parliament and promises to provide a regulatory framework for stablecoins and crypto assets.
FLASHBACK: Rishi Sunak's view on centralized crypto currency and how G7 nations should use it
pic.twitter.com/2aSdPKFvXz
— The Post Millennial (@TPostMillennial) October 24, 2022
Sunak has made history for several reasons. At 42, he is the youngest prime minister in modern U.K. history. David Cameron and Tony Blair were 43 when they assumed office. Sunak and his wife have a combined fortune worth 730 million pounds ($824 million), making him the richest British prime minister to take office.
https://cointelegraph.com/news/wealthy-crypto-believer-and-incoming-uk-pm-rishi-sunak-once-commissioned-a-royal-nft
Apple releases macOS Ventura
Monday, October 24, 2022 1:11 pm
Apple on Monday released macOS Ventura which takes the Mac experience to a whole new level with groundbreaking capabilities that help users achieve more than ever. New features like Continuity Camera enable users to seamlessly work across their Apple devices, and productivity tools including Stage Manager help users stay focused and easily move between tasks. Safari ushers in a passwordless future with passkeys, and big updates come to popular apps including Mail and Messages. macOS Ventura is available today as a free software update on Macs with Apple silicon and Intel-based Macs.
Continuity Makes Apple Devices Work Magically Together
With Continuity Camera, Mac users can leverage the powerful camera system on iPhone to unleash a groundbreaking webcam experience.2 When iPhone is nearby, Mac can automatically recognize and use the camera on iPhone to unlock new capabilities that were never possible before on a webcam, and even works wirelessly for greater flexibility. Desk View taps into the Ultra Wide camera on iPhone to simultaneously show the user’s face and an overhead view of their desk — great for DIY videos, hands-on presentations, and so much more. Continuity Camera also brings innovative features like Center Stage, Portrait mode, and the new Studio Light — an effect that beautifully illuminates a user’s face while dimming the background — to all Mac computers.
Handoff now comes to FaceTime, so users can start a FaceTime call on one Apple device and seamlessly transfer the call to another Apple device nearby. A user can start a FaceTime call on their iPhone or iPad and move the call to their Mac when they get back to their home or office, or they could even start a call on their Mac and transition it to their iPhone or iPad when they are on the go.
Automatically Organize Workspaces with Stage Manager
Stage Manager automatically organizes apps and windows so users can concentrate on the task at hand and still see everything in a single glance. When users enable Stage Manager from Control Center, the current window they are working in is displayed prominently in the center, while other windows appear on the left so they can seamlessly switch between tasks. To create the ideal workspace, users can create groups of windows or apps when working on specific tasks or projects. Stage Manager also works in concert with macOS windowing tools including Mission Control and Spaces, and users can easily access their desktop with a single click.
Passkeys and New Collaboration Tools in Safari
Safari ushers in a passwordless future with passkeys — a new sign-in method that makes browsing in Safari even safer. Passkeys are more secure, easy to use, and are designed to replace passwords. Whenever users create a passkey, a unique digital key is created that stays on device and is never stored on a web server, so hackers can’t leak them or trick users into sharing them. With passkeys, it’s easy for users to sign in securely using Touch ID or Face ID for biometric verification, and passkeys are securely synced with end-to-end encryption using iCloud Keychain so they are available across Apple devices including Mac, iPhone, and iPad. Passkeys also work across apps and the web, and users can even sign in to websites or apps on non-Apple devices using their iPhone.
Shared Tab Groups in Safari introduce a powerful way to collaborate with others on the web. Users can easily share websites with family, friends, and colleagues, and see what tabs others are looking at live. Users can also build a list of bookmarks on a shared Start Page to help kickstart any group project — whether it’s planning a family vacation or completing a research paper — and users can even start a Messages conversation or FaceTime call with everyone in the group, right from Safari.
Boost Efficiency with New Mail Improvements
Mail gives users the ability to schedule messages, cancel delivery of a message before it reaches a recipient’s inbox,4 and even add rich links for better content previews. Mail can also detect if items such as an attachment or cc’d recipient is missing and remind the sender to add them. Users can even set reminders to come back to a message later and get automatic suggestions to follow up on emails when they are waiting on a response.
Search in Mail uses state-of-the-art techniques to deliver more accurate and complete results. It’s easy for users to quickly find what they are looking for as soon as they click into search, including recent emails, contacts, documents, photos, and more, all before they even start typing.
Powerful Enhancements to Messages
Users can edit or undo a recently sent message, recover accidentally deleted messages, or even mark a message as unread if they are unable to respond in the moment. Collaborating with others is easier than ever as users now have the option to share a file in Messages and automatically give everyone on the thread access. Activity updates appear at the top of the thread as everyone goes in and makes edits to the shared document. Users can also quickly join SharePlay sessions from their Mac right in Messages, so they can chat while participating in shared experiences like watching a show or listening to a song together.
Effortlessly Share Photos with Family through iCloud Shared Photo Library
iCloud Shared Photo Library enables users to create and share a separate photo library among up to six family members, so everyone can enjoy all of their family photos. It’s easy for users to either share all of their existing photos from their personal libraries, or share based on a start date or the people in their photos. Users will receive intelligent suggestions to share photo moments that include participants in the library and any other people they choose. And every user can add, delete, edit, or favorite the shared photos and videos, which will appear in each user’s Memories and Featured Photos so that everyone can relive more complete family moments.
Spotlight Brings Improved Productivity
Spotlight comes with new features and an updated design that provides a more consistent experience across Mac, iPhone, and iPad. Users can now use Spotlight to find images in their photo library, on the web, and across the system in apps like Messages and Notes. They can even search for their photos by location, people, scenes, or objects, and Live Text lets them search by text inside images. Spotlight also includes rich results for categories for artists, movies, actors, TV shows, businesses, and sports. To take their productivity even further, users can take actions from Spotlight to do things like start a timer or create a new document. And with support for Quick Look in Spotlight, users can quickly see a full-size preview of nearly any kind of file without having to open it.
Gaming on Mac Reaches New Heights
The power of Apple silicon enables every new Mac to run AAA games with ease, and macOS Ventura brings new technologies like Metal 3 that take full advantage of the incredible hardware in Mac — resulting in faster performance, games that feel more responsive, and graphics that look stunning.
New AAA game titles are coming to Mac later this year, including Capcom’s Resident Evil Village, which will launch on the Mac App Store on Friday, October 28, and will take full advantage of the power and performance of Apple silicon for more responsive gameplay, high frame rates, and beautiful visuals.
Additional Features
• Live Text can recognize text in paused video frames, as well as Japanese and Korean text. Users can also lift the subject away from an image and drop it into another app like Messages. Visual Look Up can now recognize animals, birds, insects, statues, and even more landmarks.
• macOS Ventura brings new accessibility tools like Live Captions for all audio content, Type to Speak on calls, Text Checker to support proofreading for VoiceOver users, and more.
• The Weather and Clock apps come to Mac with all of the features users know and love from iPhone, and do things like check local forecasts, create alarms, set timers, and more.
• System Preferences becomes System Settings and features a new design that’s optimized for efficient navigation on Mac, and delivers a more consistent experience across iPhone and iPad.
• macOS security is even stronger and makes the Mac more resistant to attack with new tools like Rapid Security Response, which works between normal updates to easily keep security up to date.
Availability
macOS Ventura is available today as a free software update. For more information, including compatible Mac models, visit apple.com/macos/ventura.
MacDailyNews Take: Yes, yes, it’s snappy!
https://macdailynews.com/2022/10/24/apple-releases-macos-ventura/
Apple iPhone is now India’s second most preferred brand for future purchases
Friday, October 21, 2022 5:15 pm
Apple’s work in India, after many stops and starts, is paying off with the iPhone now the second most preferred brand (20%) for future purchases, according to Counterpoint Research.
About half of India’s smartphone owners plan to purchase their next smartphone within a year, according to Counterpoint Research’s annual consumer smartphone study in India. Further, India’s smartphone market ASP (average selling price) is expected to rise because consumers tend to prefer a higher price band for every subsequent purchase. Also, Samsung, Apple and OnePlus are at the top as the survey respondents’ preferred smartphone brands for the next purchase. In terms of features, 5G capability is the third most important feature considered when planning the next purchase. The same factor is ranked tenth in terms of importance for current smartphone purchases.
The objective of the study was to understand the changing consumer trends and choices across past holding, current ownership and future preference for smartphones. Based on the respondents’ previous smartphone ownership, the INR 10,000-INR 15,000 price band was the sweet spot. For the current smartphone ownership, the sweet spot shifted up to the INR 15,000-INR 20,000 band. And for the respondents’ future smartphone purchases, the price band shifted further up to INR 20,000-INR 30,000.
In a statement, Research Analyst Arushi Chawla said, “Smartphones are now an important part of our lives. As a result, smartphone users try to upgrade their devices with every next purchase. When purchasing a new smartphone, more than one-third of the users plan to retain their current device as an alternative/secondary phone. Also, with more exchange offers available, more than one-fourth of the respondents plan to trade in their current smartphone when purchasing the next one. Therefore, users feel comfortable buying a smartphone from a higher price band for a better experience and updated features.”
Looking at the brand preference for the next smartphone purchase:
• Samsung, Apple and OnePlus are the respondents’ most preferred brands.
• Samsung users have the strongest brand loyalty with 51% of the users who used Samsung as their previous device also using Samsung currently. Further, 43% of the current Samsung users prefer the brand for their next smartphone purchase.
• Apple, despite having a smaller share in previous and current smartphone purchases, is the second most preferred brand (20%) for future purchases.
Chawla added, “Samsung has a strong grip over the Indian smartphone installed base. It has a widespread distribution network and launches new models around the year across most price brands. All these factors have helped Samsung develop and maintain its brand value. Therefore, in the survey, Samsung maintained its top position both in terms of past ownership and current ownership and also for future preference. Samsung is followed by Apple and OnePlus as the most preferred future preference smartphone brands. The top reasons for preferring a brand are reputation, advanced features and user interface. As a result of these factors and the aspiration to move to a higher price band when purchasing a smartphone, users tend to prefer premium smartphone brands. In addition, 5G capability becomes more important as we move up the ladder for budget preference for future smartphones. 5G is one of the main factors taken into consideration for all major smartphone brands. But 5G is the most important factor for respondents preferring Apple as their next smartphone purchase.”
MacDailyNews Note: The study was conducted in India using an online survey panel of a heterogeneous group of smartphone users. Responses from 1,075 users were collected using the quota sampling methodology for a better representation of the universe as per the current smartphone brand share in the market. Counterpoint expects the results to have a statistical precision of +/- 4%...
https://macdailynews.com/2022/10/21/apple-iphone-is-now-indias-second-most-preferred-brand-for-future-purchases/
Apple’s move into premium smartwatches is a $10 billion to $38 billion opportunity – analyst
Friday, October 21, 2022 4:09 pm
Apple’s move into premium smartwatches with the Apple Watch Ultra is a $10 billion to $38 billion opportunity, Evercore analyst Amit Daryanani says in a new note to clients.
Phillip Elmer-Dewitt for Apple 3.0:
From “Watch Out!” a note to Evercore clients that landed on my desktop Friday:
Investor focus remains as always on the iPhone at this time of the year; however, for a year in which investor expectations are ranging from revenue declines in the bear case to modest growth in the bull case, every driver of growth matters. In that respect, we are taking a look at both the near-term and long-term growth opportunity from the recent move from Apple to enter the premium Smartwatch category; although, with significant room for further premiumization from hereon…
…The Ultra marks Apple’s entry into the market for performance watches for Sports (led by its positioning for Extreme Sports) as well as entry into the premium Smartwatch market.
We estimate the premium Smartwatch opportunity for Apple ranges between $10 bn to $38 bn, with the low-end of the range encompassing the upgrade of consumers focused on Sports, while the high-end of the range encompasses all consumers focused on basic features, like better battery life.
MacDailyNews Take: If so, look for Apple Watch Ultra to really start juicing Apple’s already formidable “Wearables, Home and Accessories” category.
https://macdailynews.com/2022/10/21/apples-move-into-premium-smartwatches-is-a-10-billion-to-38-billion-opportunity-analyst/
To HODL or have kids? The IVF Bitcoin Babies paid for with BTC profits
JOSEPH HALL
OCT 14, 2022
A Bitcoiner in London brings new meaning to the phrase “generational wealth.” Noodle sold some Bitcoin to pay for IVF treatments for two babies.
https://cointelegraph.com/news/to-hodl-or-have-kids-the-ivf-bitcoin-babies-paid-for-with-btc-profits
Bitcoin vs. Ethereum smart contracts — Interview with Muneeb Ali: Watch Market Talks
Join us as we discuss the merits of building on Bitcoin with Muneeb Ali and our host, Giovanni Pigni.
https://cointelegraph.com/news/bitcoin-vs-ethereum-smart-contracts-interview-with-muneeb-ali-watch-market-talks
Web3 projects focus on education to bring Latin American women to the sector
RACHEL WOLFSON
6 HOURS AGO
Women in Latin America are showing an increased interest in Web3 as organizations aim to drive participation through educational content and scholarships.
https://cointelegraph.com/news/web3-projects-focus-on-education-to-bring-latin-american-women-to-the-sector
Apple sues Masimo for allegedly copying the Apple Watch
Friday, October 21, 2022 3:29 pm
Apple has filed a lawsuit against medical tech company Masimo in a Delaware federal court. Apple alleges that the Masimo’s W1 watch copies the design and functionality of the Apple Watch.
Ian Scherr for CNET:
Masimo largely sells devices for hospitals to manage patient care, and earlier this year it bought Sound United, a holding company whose brands include Denon and Polk Audio. In August, Masimo also announced its release of a health watch, the W1, which includes many similar health sensors the Apple Watch has.
An Apple spokesperson said in a statement that it hoped the suit would “protect the innovations we advance on behalf of our customers.”
Masimo sued Apple in 2020, claiming the iPhone maker had stolen its trade secrets and infringed its patents, including for measuring heart rate and blood-oxygen levels. Last year, it also asked the US government to halt imports of Apple Watches that violate its patents.
MacDailyNews Take: Apple Watch Series 8:
Related
Apple’s medical team for iWatch now reportedly includes former Masimo CMO
Thursday, January 30, 2014
In "News"
Current Apple Watch may also measure blood oxygen saturation with software update
Tuesday, May 26, 2015
In "News"
Apple adds yet another leading biometric expert to substantial ‘iWatch’ team
Thursday, February 13, 2014
In "News"
https://macdailynews.com/2022/10/21/apple-sues-masimo-for-allegedly-copying-the-apple-watch/
Apple’s VP of Industrial Design Evans Hankey to leave the company
Friday, October 21, 2022 12:30 pm
Apple’s VP of Industrial Design, Evans Hankey, is leaving the company three years after taking the role, Mark Gurman reports for Bloomberg News, citing “people with knowledge of the matter.” Hankey is one of the design team leaders at Apple, alongside Alan Dye. She is primarily focused on hardware design. Dye is Apple’s head of design for software and user interfaces.
Mark Gurman for Bloomberg News:
Hankey was named to the post in 2019 to replace Jony Ive, the company’s iconic design chief for two decades. Hankey had been at Apple for several years reporting to Ive before taking her current position as vice president of industrial design, but has since reported to Chief Operating Officer Jeff Williams.
The departure was announced inside the Cupertino, California-based technology giant this week, with Hankey telling colleagues that she will remain at Apple for the next six months. The company hasn’t named a replacement. Hankey oversees dozens of industrial designers.
Richard Howarth, a key designer on both Ive and Hankey’s teams, briefly held the role of head of industrial design, reporting to Ive, between 2015 and 2017.
“Apple’s design team brings together expert creatives from around the world and across many disciplines to imagine products that are undeniably Apple,” a spokesman said in a statement. “The senior design team has strong leaders with decades of experience. Evans plans to stay on as we work through the transition, and we’d like to thank her for her leadership and contributions.”
MacDailyNews Take: Good luck to Hankey in her future endeavors. Apple’s industrial design will be fine moving forward.
https://macdailynews.com/2022/10/21/apples-vp-of-industrial-design-evans-hankey-to-leave-the-company/
New iPad’s $9 Apple Pencil Adapter facing 3-4 week shipping delay
Friday, October 21, 2022 11:28 am
Apple this week introduced the new iPad with a USB-C port instead of the previous models’ Lighting port, an all-screen design featuring a large 10.9-inch Liquid Retina display. Apple Pencil (1st generation) has a lightning port, but it is compatible with the new iPad via a new USB-C to Apple Pencil Adapter that’s required for pairing and charging. The new adapter is included in the box with a new version of Apple Pencil (1st generation) for $99. For existing owners of Apple Pencil (1st generation), the USB-C to Apple Pencil Adapter is sold separately for $9.
Your Apple Pencil plugs into one end of the adapter and the USB-C Charge Cable from your iPad plugs into the other.
Joe Rossignol for MacRumors:
While the new iPad is set to launch October 26, the adapter is already facing a 3-4 week shipping delay on Apple’s online store in the U.S. for orders placed today.
Despite being redesigned with flat edges like other iPad models, the 10th-generation iPad is not compatible with the second-generation Apple Pencil, likely due to the device having a new landscape FaceTime camera occupying the area where the magnetic connector would normally be for charging the second-generation Apple Pencil.
MacDailyNews Take: Get your orders in before shipping dates slip even further!
https://macdailynews.com/2022/10/21/new-ipads-9-apple-pencil-adapter-facing-3-4-week-shipping-delay/
Apple cuts iPhone 14 Plus production orders as iPhone 14 Pro models prove most popular
Thursday, October 20, 2022 10:10 am
Apple is cutting iPhone 14 Plus production orders with assemblers as iPhone 14 Pro models prove to be the most popular, DigiTimes reports Thursday.
Tim Hardwick for MacRumors:
According to the report, several supply chain makers and channel operators have confirmed that they received notification from Apple to cut ?iPhone 14? Plus production by around 40 percent. Apple is believed to be shifting production away from the non-Pro models to make more ?iPhone 14 Pro? and ??iPhone 14 Pro?? Max devices, as suggested by increased component shipments.
As a result, DigiTimes‘ sources indicated that total shipments of the ?iPhone 14? Plus will likely be revised downward to around 10 million units for 2022.
MacDailyNews Take: For perspective (and a laugh), Google peddles an average of 4.6 million Pixel phones per year.
Despite the drop in orders, related shipment ratio adjustments will mean that total ?iPhone 14? series shipments in 2022 will likely maintain at 85-90 million units, according to today’s report.
MacDailyNews Take: Again, this is simply Apple fine tuning the mix. Happens every single year at multiple times per year. This time it’s toward higher-prices premium Pro models which is obviously great news for Apple’s iPhone ASP and iPhone revenue.
When you’re considering spending $899 – $1199 for an iPhone Plus, you might as well go Pro.
Anyone selling Apple shares based on this “news,” does not understand the company. Only invest in companies that you understand.
This is all proceeding as we predicted:
Apple should have been doing this prior, but it’s good to see some additional differentiation between entry-level and “Pro” iPhone which will, of course, tilt more buyers to iPhone Pro models, increasing Apple’s iPhone ASP. The expected removal of the inelegant kludge (notch) in favor of a more refined pill and hole punch design exclusively in the iPhone 14 Pro and iPhone 14 Pro Max will also help differentiate the Pro models from the non-Pro iPhones later this year, moving the mix toward higher-end iPhones. – MacDailyNews, July 6, 2022
Apple iPhone mix is easily going to be the strongest ever. Do not be surprised with the reports that Apple has “cut iPhone 14 orders,” meaning iPhone 14 and iPhone 14 Plus. The company will likely be increasing iPhone 14 Pro and iPhone 14 Pro Max orders to reflect the strong mix which bodes very well, of course for Apple’s iPhone average selling price (ASP). – MacDailyNews, September 14, 2022
https://macdailynews.com/2022/10/20/apple-cuts-iphone-14-plus-production-orders-as-iphone-14-pro-models-prove-most-popular/
Original Apple iPhone in factory-sealed box sells for more than $39,000
Wednesday, October 19, 2022 11:07 am
Apple’s revolutionary iPhone launched in the U.S. in June 2007 in two storage sizes: a 4GB model for $499 and an 8GB model for $599. We got the 8GB models. But, we opened the boxes and used those iPhones (heavily). We still have them and each of their boxes (they’re not for sale). On Sunday, an auction house in Louisiana sold an original Apple iPhone (8GB) in factory-sealed box for $39,339.60.
Alyssa Lukpat for The Wall Street Journal:
LCG Auctions, a Louisiana-based auction house, sold an unopened 2007 iPhone on Sunday, according to the auction house. They didn’t name the buyer, but said he lived in Australia.
The nearly half-inch thick iPhone, which was still in the original factory-sealed box, was virtually flawless, according to the auction house.
“Collectors and investors would be hard pressed to find a superior example,” LCG Auctions said.
Mark Montero, the founder of LCG Auctions, said Tuesday that he believed $39,339.60 was a record price for a first-edition iPhone. He said the seller, an American man, decided to put the iPhone on the market after seeing that another first-edition iPhone sold for $35,000 at an auction in August.
The iPhone sold by LCG Auctions had 8 gigabytes of storage, which is enough to keep about 4,000 pictures.
MacDailyNews Take: Likely a good investment that will grow in value over the years.
https://macdailynews.com/2022/10/19/original-apple-iphone-in-factory-sealed-box-sells-for-more-than-39000/
Major Apple supplier TSMC mulls Japan expansion as China tensions continue
Wednesday, October 19, 2022 1:16 pm
Major Apple supplier and chip manufacturer TSMC is weighing a potential expansion in Japan, The Wall Street Journal reported Wednesday.
Lauren Feiner for CNBC:
Citing unnamed sources, the Journal reported that Japan’s government has signaled it would welcome the Apple supplier to build beyond its initial manufacturing plant in the country, though no decisions have yet been made. The factory currently under construction in Japan is meant to focus on less-advanced chips used in automobiles, for example, but additional capacity could focus on more-advanced technology, the Journal reported.
TSMC isn’t the only tech manufacturer shifting production to areas that may feel a less direct influence from China. Apple said some of the new iPhone 14 would be manufactured by Foxconn in India. Foxconn, which has a large presence in China, also moved some Apple product assembly to Vietnam, Reuters reported in 2020.
MacDailyNews Take: Diversify, diversify, diversify – especially away from CCP-controlled China.
Apple cannot divest their dependence on China quickly enough (because they started years too late). – MacDailyNews. August 17, 2022
Former U.S. President Richard Nixon, who opened relations with China in the early 1970’s, just before his death in 1994 remarked on China: We may have created a Frankenstein.
https://macdailynews.com/2022/10/19/major-apple-supplier-tsmc-mulls-japan-expansion-as-china-tensions-continue/
TSMC: Taiwan and U.S. tensions with China pose ‘serious’ challenges for semiconductor industry
Wednesday, October 19, 2022 8:55 am
Rising Taiwan- and U.S.-China tensions are causing “more serious” challenges for the semiconductor industry, the chairman of Taiwanese chipmaker TSMC said on Wednesday.
Sarah Wu for Reuters:
While the chips sector is already bracing for waning demand as red-hot inflation squeezes spending, Taiwan faces a tougher situation – sandwiched between its largest export market China and its main international backer and arms supplier, the United States – especially as Beijing steps up military pressure to force Taipei to accept Chinese sovereignty claims.
Speaking at the Taiwan Semiconductor Industry Association’s annual convention, TSMC Chairman Mark Liu said: “The U.S.-China trade conflict and the escalation of cross-Strait tensions have brought more serious challenges to all industries, including the semiconductor industry.”
Liu said he looked forward to Taiwan’s industry, government and academia developing “more concrete, constructive measures” on industrial policies related to innovation, research, talent education and retention “to maintain Taiwan’s most critical semiconductor industry advantages”.
While Liu did not make direct mention of it, the sweeping set of export controls announced by the United States this month, aimed at slowing China’s progress in advanced chip manufacturing, is expected to also impact Taiwanese chipmakers.
The new rules require U.S. companies to cease supplying Chinese chipmakers with equipment to make relatively advanced chips, though Washington has granted some non-Chinese companies operating in China one-year licenses.”
MacDailyNews Take: Yup.
https://macdailynews.com/2022/10/19/tsmc-taiwan-and-u-s-tensions-with-china-pose-serious-challenges-for-semiconductor-industry/
Apple flexes its muscles with a slew of new products for the holidays – analyst
Tuesday, October 18, 2022 3:34 pm
Apple unveiled a slew of new products ahead of next week’s earnings report (October 27th) and the upcoming holiday shopping season, including new iPad Pro models, a new entry-level iPad, and new Apple TV 4K models.
Angela Palumbo for Barron’s:
Wedbush analyst Dan Ives says that for the company to be releasing these products right now, “in this backdrop of supply chain and production issues across Asia, is a further flexing of their muscles and shows Apple’s unique ability to get products out in this market.”
“I feel like the headline is really around M2 chip, because within Apple’s loyal install base, this is a next gen iPad Pro that is unique to anything else in the market,” Ives said. “I think that’s really the distinguishing characteristic that could, even in a tougher macro, put fuel into an iPad upgrade cycle as we go into 2023.”
It isn’t a surprise that Apple announced these new products when it did. According to Ives, the holiday season, which is right around the corner, is better known as the “Super Bowl” season for Apple, and consumers are gearing up to put together their holiday wish lists… Ives said, Apple has a “unique ability to navigate tougher macroeconomic conditions because of their almost 2 billion iOS devices world wide,” with many users upgrading those devices as new ones come out. “It’s so important for Apple to continue to introduce new products, because it fuels the ability of the consumer base to continue to look for upgrades.”
MacDailyNews Take: Fresh, new Apple products abound and, thanks to the most recession-resistant customers on the planet (the natural demographic result when you refuse to ship junk), the company is set up far, far better than any of its so-called competitors for the 2022 holiday shopping season!
There’s always a large junk part of the market. We’re not in the junk business. – Apple CEO Tim Cook, September 12, 2013
There’s some stuff in our industry that we wouldn’t be proud to ship; that we wouldn’t be proud to recommend to our family and friends. And, we can’t do it; we just can’t ship junk. – Steve Jobs, August 7, 2007
https://macdailynews.com/2022/10/18/apple-flexes-its-muscles-with-a-slew-of-new-products-for-the-holidays-analyst/
Meta’s Zuckerberg takes aim at Apple’s iMessage new ad
Monday, October 17, 2022 4:54 pm
Facebook- and Instagram-partent Meta is targeting Apple’s iMessage in a new advertisement touting Meta’s WhatsApp’s end-to-end SMS encryption.
Kif Leswing for CNBC:
On Monday, Meta CEO Mark Zuckerberg posted a picture of an ad in New York’s Penn Station that suggests Meta’s WhatsApp is more secure and private than Apple’s messaging system and traditional text messages.
“WhatsApp is far more private and secure than iMessage, with end-to-end encryption that works across both iPhones and Android, including group chats,” Zuckerberg posted on Instagram.
MacDailyNews Take: Dude tramples all over his hapless users’ privacy on a daily basis and then expects sane people to give a rat’s ass about his company’s wares? Pfft. If you have to securely communicate with some poor soul who’s hamstrung themselves with porous Android, use Signal, not Zuckerware.
Signal is an independent nonprofit that’s not tied to any major tech companies and can never be acquired by one.
https://macdailynews.com/2022/10/17/metas-zuckerberg-takes-aim-at-apples-imessage-new-ad/
Beers for Bitcoin: Here’s the story of Satoshi’s Place pub in the UK
EZRA REGUERRA
5 HOURS AGO
Cointelegraph’s Joseph Hall visited a Bitcoin-themed bar in Greater Manchester and spoke with its founder, Adam.
While opening a Bitcoin-themed bar sounds like a dream for many Bitcoiners, it also comes with its challenges, according to Adam (who did not share his last name), the founder of Satoshi’s Place.
Cointelegraph reporter Joseph Hall visited Satoshi’s Place and sat down with Adam. The duo talked about the place’s history, how it came to be and the difficulties of running a Bitcoin business in the United Kingdom.
According to Adam, he first got into Bitcoin in 2013. Five years later, he opened a coffee and breakfast shop that accepted BTC payments with its own Bitcoin ATM. Back then, the founder highlighted that they did not have the Bitcoin Lightning Network and had to wait for a bit for payments to go through. He explained:
“That was literally layer 1. It wasn’t Lightning, it was slow. But I mean, it was only kind of small amounts anyway. So, we just let the user sit down and watch the transaction and stuff.”
The cafe’s team did some testing over the years but had difficulties in terms of adoption and troubles with its bank. “I had a bank account here which got blocked for about a year just for taking Bitcoin payments,” he said. Adam highlighted that even though everything was documented properly and presented to the banks, its accounts were still blocked.
Despite the issues faced, the founder said that it still carried on. From just being a coffee shop, the place started to offer pizzas in honor of Bitcoin Pizza Day. Eventually, the place also offered workshops to those who wanted to learn about Bitcoin. “Everything from Lightning education, Bitcoin for kids, Bitcoin development, all different types. There are about 16 hosts that I’ve got up to now that want to do workshops,” Adam noted.
After the growth of the workshops and the reception for Bitcoin in the area, the founder eventually turned the place into Satoshi’s Place, in celebration of Bitcoin’s pseudonymous creator, Satoshi Nakamoto. The place offers a Bitcoin-themed atmosphere, with hand dryers emitting heat from a Bitcoin miner.
https://cointelegraph.com/news/beers-for-bitcoin-here-s-the-story-of-satoshi-s-place-pub-in-the-uk
Morgan Stanley: Apple stock is top pick
Monday, October 17, 2022 2:37 pm
Morgan Stanley analyst Erik Woodring in a research note on Monday stays bullish on Apple, which is due to report September-quarter results next week, naming it his top pick.
Eric J. Savitz for Barron’s:
Woodring cut his 2023 earnings estimates for the hardware group by 5%-10%, while chopping his price targets by an average of 15%, “to reflect elevated risk factors.” He notes that cuts are sharpest for companies with consumer hardware and PC exposure—including Cricut, HP Inc, Logitech International, Seagate Technology, and Xero — and smaller for Apple, CDW, Vivint Smart Home, and SmartRent.
Woodring advises investors to keep a “quality bias,” and maintains Apple as his top pick… he doesn’t see the company as entirely immune from a weakening consumer-spending environment, but he adds that his channel checks find that “demand has held up better than expected in recent months.”
Woodring increased his estimates for Apple’s September and December quarters, with strength in iPhone, iPad, and Mac demand more than offsetting weakness in wearables and services. His estimates for both quarters are now slightly above Street consensus, but his new forecast for the March quarter is below consensus. Woodring trims his target on Apple shares to $177, from $180.
MacDailyNews Take: Smart pick.
Apple iPhone customers are the most recession-proof smartphone buyers. — MacDailyNews, September 7, 2022
An the same goes for Mac, Apple Watch, and iPad customers.
https://macdailynews.com/2022/10/17/morgan-stanley-apple-stock-is-top-pick/