Apple chief executive Tim Cook speaks during a special event at Apple Park in Cupertino. AFP
Apple chief executive Tim Cook speaks during a special event at Apple Park in Cupertino. AFP
Apple chief executive Tim Cook speaks during a special event at Apple Park in Cupertino. AFP
Apple chief executive Tim Cook speaks during a special event at Apple Park in Cupertino. AFP

Apple launches AirTag, new iPad Pro, TV and iMac desktop at Spring Loaded


Alkesh Sharma
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Apple launched a range of products, including its long-awaited AirTag to track and find missing items and a redesigned iMac desktop in a variety of colours that use chips designed by the company in-house chips instead of those made by Intel.

Other products launched during the event included a new iPad Pro with 5G connectivity, a smart TV, a family Apple Card to let people share the same credit card, a new podcast subscription service and a purple iPhone 12.

The iPhone maker showcased its latest products and services at its Spring Loaded event, which was streamed online from the Apple Park headquarters in Cupertino, California, on Tuesday.

The company’s iMac line-up has undergone one of the biggest redesigns in years and uses a processor developed in-house, the M1, as opposed to chips developed by Intel for the first time.

Apple's senior vice president of hardware engineering John Ternus talks about the power that M1 brings to iMac. EPA
Apple's senior vice president of hardware engineering John Ternus talks about the power that M1 brings to iMac. EPA

Available in seven colours, the 61-centimetre iMac is more compact than previous models as the volume of the machine has reduced by up to 50 per cent. Apple has also shrunk the size of the internal fans to make the device quieter.

Priced from $1,299, the IMac will be available to pre-order from April 30 and delivery will begin in the second half of next month.

Apple, which launched four models of 5G-enabled iPhones in October, is making its own chips to reduce its reliance on other manufacturers. These are being used in both iMacs and iPads.

Many manufacturers including Samsung and Xiaomi are dealing with a severe shortage of chips after demand for gadgets picked up amid the coronavirus pandemic.

Apple's AirTag is a small disc that can help users to keep track of and find products such as electronics, luggage, wallets or keys through the Find My app. It can be attached to personal belongings and sends users regular notifications about the location of their product.

It does this while keeping the location data of the user private and anonymous with end-to-end encryption, the company said.

“We are excited to bring this incredible new capability to iPhone users,” said Kaiann Drance, Apple’s vice president of worldwide iPhone product marketing.

AirTag can be used with a range of Apple-designed accessories. Courtesy Apple
AirTag can be used with a range of Apple-designed accessories. Courtesy Apple

AirTag can be bought in packs of one and four for $29 and $99, and will be available from April 30.

They also come with a built-in speaker that plays sounds to help users locate them. Users can also ask Siri to find their item and AirTag will play a sound if it is near by.

Facing stiff competition from the likes of Spotify, Apple also announced its expansion into podcast subscriptions.

Apple has introduced major updates to Apple Podcasts. EPA
Apple has introduced major updates to Apple Podcasts. EPA

This will be a global marketplace for listeners to discover premium subscriptions offered by their favourite creators, alongside millions of free shows on Apple Podcasts, the company said.

Some of the benefits will include advertisement-free listening, access to additional content and early or exclusive access to new series.

Apple chief executive Tim Cook said this was “the biggest change to Apple Podcasts since its debut”.

Apple chief executive Tim Cook speaks during an event at Apple Park in Cupertino. AFP
Apple chief executive Tim Cook speaks during an event at Apple Park in Cupertino. AFP

“We are proud to lead the next chapter of podcasting with Apple Podcasts Subscriptions,” said Eddy Cue, Apple’s senior vice president of internet software and services.

The service will be available to listeners in more than 170 countries and regions from next month.

The Apple TV 4K device and remote control at the Spring Loaded virtual product launch. Bloomberg
The Apple TV 4K device and remote control at the Spring Loaded virtual product launch. Bloomberg

Apple also introduced Apple Card Family, which allows people to share their Apple Card, track purchases, manage spending and build credit together with their family sharing group.

Customers can add up to five people to their account. All users must be part of the same family group to be invited to Apple Card Family and be 13 years or older.

“We designed Apple Card Family because we saw an opportunity to reinvent how spouses, partners and the people you trust most share credit cards and build credit together,” said Jennifer Bailey, Apple’s vice president of Apple Pay.

Apple is working with Goldman Sachs, the fifth largest lender in the US, which is the issuing bank for Apple Card.

Apple also announced the next generation of Apple TV 4K that comes with A12 Bionic, which that provides a significant boost in graphics performance, video decoding and audio processing.

With tvOS, the new TV will work seamlessly with other Apple devices and services, the company said.

With its incredibly thin and light design, iPad Pro is more powerful than ever. Courtesy Apple
With its incredibly thin and light design, iPad Pro is more powerful than ever. Courtesy Apple

It also offers thousands of applications on the App Store for more entertainment options.

The company unveiled a new, 32.7cm iPad Pro, which it claims to be the most powerful and advanced.

It comes with Apple-designed M1 chip and 5G connectivity to deliver fast performance.

It will also support the Thunderbolt connector, the same port on the latest Macs, which will enable connectivity with external monitors, hard drives and other peripherals.

The purple finish on iPhone 12 and iPhone 12 mini. Courtesy Apple
The purple finish on iPhone 12 and iPhone 12 mini. Courtesy Apple

The company also unveiled a purple finish for iPhone 12 and iPhone 12 mini, which were originally launched in October.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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