apple

 
 

Cryptocurrency companies use 'backdoor' listings to ease into mainstream

HONG KONG, Feb 22 — Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned. In…


Weak US data underscore growing headwinds to economy

WASHINGTON, Feb 22 — New orders for key US-made capital goods unexpectedly fell in December amid declining demand for machinery and primary metals, pointing to a sustained slowdown in business spending on equipment that could further crimp…


Australia’s Blackmores flags weaker H2 as China sales slow, shares crash

SYDNEY: Australian vitamin maker Blackmores Ltd cautioned that weak sales in China, its biggest export market, will drag on its net profit in second half of the year, driving down its shares the most since the company listed three decades ago.

The vitamin maker, which has benefited from exploding Chinese demand for Australian health products, said sales to the mainland fell more than a tenth in the six months to December, and the pattern was continuing partly due to “a general softening of consumer sentiment”.

Full-year revenue is expected to be “modest”, it warned, even as the beachside Sydney-based company turned in a record first-half net profit. Blackmores said it was reviewing its operations in China, without elaborating.

The warning sent Blackmores shares down as much as a third, their biggest percentage drop since 1985. The stock hit its lowest intraday level since 2015 as investors rethought the underlying value of the company’s main growth prospect.

By midsession the shares were down 23%, while the broader market was up 0.4%.

Blackmores’ dour outlook underlines the precarious position of companies around the world that have staked their future on insatiable Chinese consumer appetite.

In January, computer maker Apple Inc rattled global markets as it issued a surprise revenue warning based citing weaker demand for its iPhones in China.

That is all against a backdrop of bitter trade tensions between the United States and China which have led to tougher conditions for exporters.

“You’ve got a property market over there that’s very weak, you’ve got all these trade tensions, you’ve got the lowest economic growth in 20 years in China (but) for Blackmores that space was supposed to be growing no matter what,“ said Steve Johnson, chief investment officer at Forager Funds Management.

“They’re almost certainly buying more of that type of product, it’s just that when the demand increases so does the competitive response.”

Blackmores reported a net profit of AUS$34.3 million (US$24.46 million/RM100 million) for the six months to Dec 31, up 0.4% from the previous corresponding period. Half-year revenue from ordinary activities rose about 11% to AUS$319.4 million, which the company said was its best-ever revenue figure for the period. — Reuters


Wall St week ahead: Profit estimates may be adding in too much cost risk

NEW YORK, Feb 17 — As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually come to pass. Forecasts…


Samsung to launch US retail stores in smartphone push

SAN FRANCISCO, Feb 16 — Samsung announced today it will open three US retail stores to promote its Galaxy line of smartphones as the South Korean giant sets to launch an updated flagship handset. The move ramps up Samsung’s efforts to compete on…


How Amazon scrapped its plans for a New York headquarters

NEW YORK, Feb 15 — More than a year of work to bring Amazon.com Inc’s headquarters and tens of thousands of jobs to New York City ended yesterday with a couple of phone calls. Jay Carney, the company’s top policy executive, told New York…


JPMorgan Chase unveils cryptocurrency prototype

NEW YORK, Feb 15 — JPMorgan Chase yesterday unveiled a prototype for a digital coin system using blockchain, a first among major banks as disruption accelerates change in financial services. The system, called JPM Coin, which for now is only at…


Ringgit opens lower against US dollar over US-China trade concerns

KUALA LUMPUR, Feb 12 — The ringgit opened lower against the US dollar today as investors stayed on the sidelines due to looming geopolitical concerns over the upcoming US-China trade talks. As at 9am today, the local note stood at 4.0750/0790…


Apple iPhone sales in China fell by a fifth in Q4, says IDC

NEW YORK, Feb 11 — Apple Inc iPhone sales in China fell 20 per cent year-on-year in the fourth quarter of 2018, while sales for smartphones made by home-grown rival Huawei soared by 23 per cent, data from industry research firm IDC showed today….


The giant Chinese companies shaping the world’s industries

PARIS, Feb 9 — It was fear of being dominated by a Chinese behemoth that sparked an attempt by large French and German rail companies to join forces to create an European industrial champion. The merger by Alstom and Siemens was vetoed by the EU…