- Apple Shares Tumble by 5% on Lower Sales Projection
Apple Inc shares tumbled on Monday after suppliers and analysts lowered sales projection for 2019.
The series of reports showed iPhone unit sales will start falling from the first quarter of 2019.
This was after Apple announced it would stop reporting iPhone sales, further adding to speculations that the once fast-selling iPhone might actually be struggling with sales.
Lumentum, a key supplier of Apple’s facial recognition, lowered its 2019 forecast, saying a large customer cut orders by 30 percent – without mentioning Apple – however, Apple is its largest customer.
Also, JPMorgan analysts said in a note distributed to clients on Monday, “We now forecast modest year-on-year declines in iPhone shipments for both calendar 2018 and 2019 on account of a weaker macro backdrop in emerging market.”
Another company, TF International Securities on Monday released a statement through its analyst Ming-Chi Kuo, saying the company has reduced iPhone XR estimation.
“We have reduced our iPhone XR shipment estimation from 100mn units to 70mn during the new product lifecycle,” Kuo wrote. This he attributed to the drop in consumer confidence in China due to the trade war, high prices and competition from Huawei.
He, however, said Apple’s less-expensive older phones may experience a sales boost.
“The legacy iPhone models forecast is likely to increase significantly thanks to more affordable prices; the total iPhone shipments in first of 2019 are likely to see a Year-on-Year decline,” Kuo continued, citing Career and Nissha Printing as two suppliers that might be affected by Apple’s cuts.
Still, analysts suspect Apple knows that iPhone unit sales are going to drop in near-term, hence, the reason it decided to stop reporting sales.
JPMorgan analysts said, “these challenges are largely cyclical and investors should pay greater attention to the transformation to services, where Apple was able to report quarterly record revenue of $10 bn in [the most recent quarter] despite a regulatory challenge in China.”
Tim Cook, the Apple CEO, was recently asked if he doesn’t think not disclosing iPhone sales as usual will scared investors.
Apple CEO responded by saying “Our installed base is growing at double-digit, and that’s probably a much more significant metric for us from an ecosystem point of view and customer loyalty, et cetera. The second thing is this is a little bit like if you go to the market and you push your cart up to the cashier and she says, or he says how many units you have in there? It doesn’t matter a lot how many units there are in there in terms of the overall value of what’s in the cart.”
The uncertainty surrounding global growth, rising wage growth in the US and the higher exchange rate will normally impact Apple profits even without a drop in sales. However, with the projected drop in sales of Apple’s best selling product to date, company’s profitability maybe reasonable impacted.
Nigerian Students, Others Can Now Stay Back and Work in the UK
The United Kingdom on Monday announced that Nigerians and other international students who want to work in England following successful completion of a UK degree or an eligible professional qualification, can now do so.
According to the British government, the graduates could look for work after their studies for a maximum period of 24 months and 36 months for PhD students.
This, the British High Commission said will allow the UK to retain the brightest and the best students to continue to contribute to the UK post-study.
It stated, “Today, the UK government has confirmed the new Graduate route will open for applications on 1 July 2021, to international students who successfully complete a degree at undergraduate level or above in the UK. International students on the Graduate route will be able to work or look for work after their studies for a maximum period of two years (three years for PhD students). This will allow the UK to retain the brightest and the best students to continue to contribute to the UK post-study.”
The British High Commission also stated that students affected by COVID-19 – those that were unable to travel to the UK due to the pandemic, have been given extension.
It said applicants who began their studies in autumn 2020 will have to have been in the UK by June 21 (updated from 6 April 2021) to be eligible to apply to the Graduate route, adding that students who began their studies in January or February 2021 will need to be in the UK by September 27.
“The Graduate route will be unsponsored, meaning applicants will not need a job offer to apply for the route. There will be no minimum salary requirements nor caps on numbers – Graduates on the route will be able to work flexibly, switch jobs and develop their career as required.
“To be eligible, international students must have completed a UK degree at bachelor’s degree-level or above, or an eligible professional qualification at a higher education provider, with a track record of compliance with the UK Government’s immigration requirements,” the statement noted.
African Bar Association Urges AU, ECOWAS to Effect Release of Venezuela Envoy
African Bar Association Urges AU, ECOWAS to Effect Release of Venezuela Envoy
The African Bar Association (AfBA) has called on the African Heads of States and governments to rise as a body, and persuade the authorities of the Cape Verde Island to rescue itself from the diplomatic mud of holding on to Ambassador Alex Saab, accredited Venezuela Special Envoy and Alternate permanent representative to the African Union.
AfBA’s President, Mr. Hannibal Uwaifo, who made the call in a World Press Conference in Lagos, said the continued detention of Saab since June 2020 for possible extradition to the United States, violated settled global diplomatic virtues and statutes, as contained in the Vienna Convention.
He argued that Cape Verde’s action, according to the investigation by the Human Rights Committee and review by the AFBA Executive Committee, was found to be clearly below the accepted international rules of engagements.
He described the detention of the envoy as not only unsanitary but totally unsalutary to Africa’s collective diplomatic decency and stature.
“We demand that Alex Saab should be released immediately and his persecution and chastisement in custody illegally in Cape Verde merely to satisfy the whims of a superpower be brought to an end immediately as ordered by the binding unanimous ECOWAS Court ruling on December 2, 2020”.
He added: “We acted on the petition of Ambassador Saab’s wife, which revealed that aside her husband being a known cancer patient, denied his drugs, denied access to family and defense attorneys, stripped of his diplomatic privileges against ECOWAS Court injunction to the contrary, he is viciously and frantically being packaged for delivery to the US by Cape Verde government, facilitated by enormous pressure through a contrived extradition procurement, with unimaginable damage to our civility and civilization, if ever allowed to stand in any African soil.
“For us in AfBA, as a continental body of lawyers dedicated to the primacy of the rule of law, as the most disruptive evolution for human governance, our moral and professional duty is relentless and persistent to see it respected, preserved, improved on, not liberally pissed upon as the case under reference by President Jorge Carlos Fonseca and Prime Minister Ulisses Correia Silva of Cape Verde”.
Hannibal said it was more pathetic that the choice for this scheme of intransigence is in Africa by a sovereign African nation, a participatory signatory to AU Charter on Human and Peoples Rights, and ECOWAS protocols, on a documented diplomatic citizen with no known crime and offence in the land of his capture, is detained and incarcerated.
“That is not only a flagrant abuse of the elementary principles of the rule of law but also an aggravating circumstance for the intentional culpability by Cape Verde,” the statement said.
AfBA noted that Saab, as a Special Envoy of Venezuela duly accredited to the AU, was traveling from Caracas to Teheran on June 12, 2020.
According to the group, his plane made a technical refuelling stop on the Cape Verdean Island of Sal, when he was detained unlawfully.
Mahamadou Issoufou, Niger’s President, Wins World’s Biggest Cash Prize for Leadership
Niger’s President Mahamadou Issoufou, who’s due to step down next month after serving two terms, was named the 2020 winner of the world’s largest leadership prize — a $5 million award made by Sudanese billionaire Mo Ibrahim’s foundation.
Issoufou is the sixth winner of the Ibrahim Prize for Achievement in African Leadership since it was introduced in 2006 to promote good governance in the world’s poorest continent. Previous recipients include former presidents Joaquim Chissano of Mozambique, Festus Mogae of Botswana and Ellen Johnson Sirleaf of Liberia.
“In the face of the most severe political and economic issues, including violent extremism and increasing desertification,” President Mahamadou Issoufou has led his people on a path of progress,” Mogae, who chairs the Mo Ibrahim Foundation’s prize committee, said in a statement on Monday. “Today, the number of Nigeriens living below the poverty line has fallen to 40%, from 48% a decade ago.”
— Issoufou Mahamadou (@IssoufouMhm) March 8, 2021
Issoufou, 69, first took office in 2011 after years of political instability in the West African nation, including four coups since independence from France in 1960, and won re-election in 2016.
He’s set to be succeeded by his close ally Mohamed Bazoum, 61, a former interior and foreign minister, who won a run-off vote against ex-president Mahamane Ousmane on Feb. 21. The election paved the way for Niger’s first transfer of power by the ballot box.
The vote was followed by widespread protests and Internet shutdowns. Opposition leader Hama Amadou, who was barred from running and backed Ousmane in the run-off, was arrested and charged with trying to overthrow the government.
Niger, the world’s fifth-biggest uranium exporter, ranks as the world’s least-developed country among 189 in the United Nations’ Human Development Index.
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