Largan Precision, which supplies camera lenses to Apple, said revenue in December fell by a third amid weakening appetite for iPhones in China.
Sales dropped 33.9 per cent from a year earlier to New Tiawanese (NT) $3.23 billion ($104.9 million), and were in line with Largan’s estimates, a company spokeswoman said on Saturday. The company, which also makes lenses for Huawei Technologies and Samsung Electronics, said revenue in January is expected to be "flattish from the previous month”.
Apple said on January 2 that China sales came in lower than expected in the holiday quarter when it slashed its revenue outlook for the first time in almost two decades. The announcement triggered a 10 per cent decline in Apple shares the next day, the biggest drop in almost six years, and drove down the stocks of many suppliers to the company. Largan shares declined about 5 per cent over the past two sessions, according to Bloomberg.
President Donald Trump on Friday downplayed the sales results from Apple.
When asked if he was concerned about Apple's share price, he said: "I’m not. I mean look, they’ve gone up a lot.”
Shares of Apple closed at $148.26 apiece on Friday, down about 5.1 per cent over the week week. Apple shares fell 7 per cent in 2018 but are still up about 24 per cent since Mr Trump took office in January 2017.
He also said China's weakening economic growth puts the United States in a strong position as negotiators from the world's two largest economies prepare for trade talks this week.
The discussions in Beijing come after Mr Trump and President Xi Jinping in December agreed to a 90-day truce in the trade war as they sought to strike a deal. "I think we will make a deal with China," Mr Trump said at the White House after a meeting with Democratic and Republican policymakers. "I really think they want to. I think they sort of have to."
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Beijing on Friday cut bank reserve requirements for a fifth time this year amid slowing growth at home and punishing US tariffs on exports, Reuters said.
Despite the slowdown in Chinese demand for iPhones, Largan’s results came in better than some buy-side managers’ expectations as they were estimating December sales to be as low as NT$2.6bn, according to Jeff Pu, an analyst at GF Securities. Sales of about NT$3.23bn in January would also beat some analyst estimates, he said.
“Largan’s December result and guidance for January show that while iPhone demand continues to be tepid, Chinese smartphone makers are not faring as bad as feared,” Mr Pu said. “Meanwhile, orders from Samsung are also making minor contributions to its revenue.”
'Hocus Pocus 2'
Director: Anne Fletcher
Stars: Bette Midler, Sarah Jessica Parker, Kathy Najimy
Rating: 3.5/5
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
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Top speed: 330kph
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
UAE currency: the story behind the money in your pockets
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
The specs
Engine: 2.3-litre 4cyl turbo
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Dengue fever symptoms
- High fever
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If symptoms occur, they usually last for two-seven days
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
The five pillars of Islam
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Kandahar
Director: Ric Roman Waugh
Stars: Gerard Butler, Navid Negahban, Ali Fazal
Rating: 2.5/5
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
The Genius of Their Age
Author: S Frederick Starr
Publisher: Oxford University Press
Pages: 290
Available: January 24
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
COMPANY PROFILE
Company name: Bedu
Started: 2021
Founders: Khaled Al Huraimel, Matti Zinder, Amin Al Zarouni
Based: Dubai, UAE
Industry: AI, metaverse, Web3 and blockchain
Funding: Currently in pre-seed round to raise $5 million to $7 million
Investors: Privately funded
Palestine and Israel - live updates
Oppenheimer
Director: Christopher Nolan
Stars: Cillian Murphy, Emily Blunt, Robert Downey Jr, Florence Pugh, Matt Damon
Rating: 5/5