Apple Says US Tariffs on China Would Hit ‘Wide Range’ of Products

Apple Says US Tariffs on China Would Hit 'Wide Range' of ProductsA “wide range” of Apple products including the Apple Watch would be affected by proposed US tariffs on Chinese goods, the company told US trade officials, but gave no sign of an impact on its iPhone cash cow.

Apple did not disclose specific revenues for most of the affected products, but of those the Apple Watch may be the biggest seller. It brought in about $6.1 billion (roughly Rs. 44,000 crores) in revenue last year, according to an estimate from analyst firm Bernstein. That represents a small portion of Apple’s $229 billion (roughly Rs. 16.5 lakh crores) in overall sales.

Apple laid out the impact on its products of the Trump administration’s proposed tariffs on $200 billion (roughly Rs. 14.4 lakh crores) worth of Chinese goods in an unsigned letter it submitted on Wednesday to US officials as part of a public comment period.

On Friday, US President Donald Trump, speaking aboard Air Force One, said that he has tariffs on an additional $267 billion (roughly Rs.19.2 lakh crores) in Chinese goods “ready to go on short notice if I want.”

Cell phones, the biggest US import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list.

AirPods headphones, some of Apple’s Beats headphones, and its new HomePod smart speaker also face levies as part of the proposed tariffs on $200 billion worth of Chinese goods, according to the letter submitted on Wednesday.

“Our concern with these tariffs is that the US will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers,” Apple said in the letter.

Apple did not respond to requests for comment.

The letter did not mention the iPhone, which accounted for about two-thirds of Apple’s $229 billion in revenue in its most recent fiscal year. The letter also made no mention of the iPad, which brought in $19.2 billion (roughly Rs. 1.38 lakh crores) in sales in the most recent year, or most of its Mac computers, which generated $25.8 billion (roughly Rs. 18.6 lakh crores).

Apple did say its Mac Mini, a low-priced computer that comes without a keyboard or mouse, would be affected.

Many Apple accessories, such as mice, keyboards, chargers and even leather covers for iPhones and iPads would face tariffs, Apple said.

Reuters reported in July that the Apple Watch was likely to be affected by the tariffs.

Shares of Apple closed down 0.8 percent in regular Nasdaq trade on Friday, and slipped another 1 percent in extended trading.

Apple also said that computer parts for its US operations would be hit by the tariffs. The company said that “main logic boards with microprocessing units” could face levies, along with equipment used for research and development.

On Apple’s most recent earnings call in July, Chief Executive Officer Tim Cook said the company could face such tariffs “related to data centres.”

In its letter, Apple argued that the way US trade officials calculate the US trade balance – attributing the entire value of a product to a country like China where final assembly happens – fails to reflect the true value that Apple generates in the United States. The company noted it spent $50 billion (roughly Rs. 3.60 lakh crores) with 9,000 US suppliers in its most recent fiscal year, including Texas-based chip firm Finisar Corp and Kentucky-based Corning.

“Given the balance of Apple’s economic footprint, the burden of the proposed tariffs will fall much more heavily on the United States than on China,” Apple said in its letter.

The technology sector is one of the biggest potential losers in the proposed $200 billion tariff list. Fitness tracker maker Fitbit said it would be hit by tariffs, and chipmaker Intel said the levies could slow down the adoption of 5G networks, the next generation of wireless data technology for phones and other devices.

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Facebook Says Will Not Remove Fake News, Will Demote It Instead

Facebook Says Will Not Remove Fake News, Will Demote It Instead

Facebook has said that it will not remove fake news from its platform because it does not violate its community standards. Instead, it says posts that it deems to be fake news will be “demoted” in the news feed.

The social network is currently running an advertising campaign in Britain that declares “fake news is not our friend”. But it said publishers often had “very different points of view” and removing fabricated posts would be “contrary to the basic principles of free speech”, the BBC reported on Friday.

Facebook has been scrutinised for its role in spreading fake news after evidence emerged that Russia tried to influence US voters using the social network.

The company on Wednesday held an event in New York where it sought to convince journalists it was tackling the problem.

“We created Facebook to be a place where different people can have a voice,” John Hegeman from Facebook said while responding to CNN. “We allow people to post it as a form of expression, but we’re not going to show it at the top of News Feed.”

The site had done a trial displaying a red warning icon next to articles that fact checkers had identified as false, but later said it found this approach had “entrenched deeply held beliefs”.

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Hockey World Cup 2018: India Will Be A Force To Reckon With In The Tournament, Says Ashok Kumar

Hockey World Cup 2018: India Will Be A Force To Reckon With In The Tournament, Says Ashok Kumar

India started their Hockey World Cup 2018 campaign by registering a comprehensive 5-0 win against South Africa on Wednesday. Riding high on confidence, India will take on World No.3 Belgium in their second Pool C clash on Sunday. Talking about India’s convincing win over World No.15 South Africa, India hockey great Ashok Kumar said that he is confident of India performing well in the Hockey World Cup 2018 in Bhubaneswar. “The way India started the tournament shows that they are ready for the World Cup,” Ashok Kumar said.

“Scoring two goals in the first half against a team like South Africa shows the kind hockey we are playing. South Africa is not a weak team and scoring five goals against them shows that India are ready to play their hearts out and win the tournament,” added Ashok Kumar, who was a member of the Indian team that won the 1975 World Cup.

“And the credit goes to the coach and management. And after witnessing India’s performance in the match against South Africa, it is safe to say that India will continue to dish out their top-notch performance,” Ashok Kumar further added.

Talking about how fitness is important in modern-day hockey, Ashok Kumar said, “Fitness is the primary requirement in today’s hockey. If you are not fit, you won’t be able to play.”

“Even I want to play hockey, but I’m not fit. I only play hockey in my mind but it becomes a complete game when both mind and body are involved,” he added.

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Most MBA grads make this common mistake, says billion-dollar start-up founder

Graduates in gown and caps celebrate their graduation at the HHL Leipzig Graduate School of Management in Leipzig, Germany.

For many, an MBA seems like a surefire route to a high-powered career with a hefty pay packet to match.

According to the Graduate Management Admission Council (GMAC), 89 percent of recent business school graduates secured full-time employment this year. The majority of them were in traditional industries such as services (24 percent), finance and accounting (14 percent) and consulting (13 percent), according to the survey. Almost half of those jobs offered salaries of $125,000 or more, according to a separate study.

But that could be where many grads are going wrong, according to Steven Lam, co-founder and CEO of billion-dollar start-up GoGoVan, an on-demand van-hailing app which aims to solve logistical problems in big Asian cities.

The 32-year-old, who graduated from the University of California-Berkeley’s Haas School of Business, said too many students fall into tried and tested MBA careers — namely finance, accounting and consulting — when they could instead use their skills to shake up the business world.

“There are a lot of things out there,” Lam told CNBC Make It. “You don’t need to be fixated on accounting or finance.”

“Around the world there’s thousands and thousands of companies … The greatest ones are not accounting firms, financial firms or consulting firms.” -Steven Lam, co-founder and CEO of GoGoVan

It’s a realization he reached on his first day at the prestigious business school. Having worked hard to earn his place after dropping out of high school in his native Hong Kong, Lam might have followed a similar route if it weren’t for a business ethics class from Professor Alan Ross.

“He said: ‘We are here to give you guys education. But education means building society, the world, in a lot of different angles,'” Lam recalled the professor saying.

By that, Lam said, Ross wanted to open students’ eyes to the idea that an MBA can be put toward other avenues that address some of society’s biggest issues. According to GMAC’s research, in 2018, just 11 percent of MBA grads went into governmental or nonprofit roles, while 6 percent went into healthcare.

“That was the first class and I remember it so well,” said Lam. “So when I graduated I just wanted to do something meaningful.”

For his part, Lam went on to build a multinational on-demand logistics platform, which provides delivery services across six countries in Asia. The company directly employs 2,000 people and supports a network of 8 million drivers.

But, he said, working for a major company can also provide a real opportunity to drive forward industry practices and society more generally.

“Around the world, there’s thousands and thousands of companies out there. The greatest ones are not accounting firms, financial firms or consulting firms. The greatest firms are called Fortune 500. Each of them sell different kinds of stuff, have different types of business,” said Lam, citing the likes of Caterpillar, Walmart, Apple and Google.

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China’s fintech revolution is potentially ‘a very big risk,’ says finance president

Vince Zhang, President of Phoenix Finance, speaks during Fireside Chat on Day 3 of CNBC East Tech West on November 29, 2018 in Nansha, Guangzhou, China.

Dave Zhong | Getty Images Entertainment | Getty Images
Vince Zhang, President of Phoenix Finance, speaks during Fireside Chat on Day 3 of CNBC East Tech West on November 29, 2018 in Nansha, Guangzhou, China.

The sheer number of fintech companies setting up in China has the potential to become “a very big risk,” according to the president of Chinese financial investment platform, Phoenix Finance.

Speaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China, Vince Zhang said many of the country’s estimated tens of thousands of financial technology firms lack the controls to make them sound instruments, either for consumers or the wider economy.

How Phoenix Finance is using tech for wealth management

How Phoenix Finance is using tech for wealth management in China   12:47 AM ET Thu, 29 Nov 2018 | 03:03

“A lot of companies are not (there) in terms of their business plan, in terms of their risk management process, in terms of their overall management,” told the Financial Times’ Louise Lucas Thursday. “A lot of these corporate control mechanisms are not in place.”

In recent years, China has seen a surge in the number of companies trying to harness technology to capitalize on what Zhang described as China’s “fintech revolution” and capture the country’s many millions of previously unbanked consumers. For other industries, that technological drive may be “okay,” said Zhang; but “for anything related to financial services, (it) is pretty dangerous,” he said.

“Without proper risk control mechanism personnel, without proper ways of communicating with regulation, it’s potentially becoming a very big risk going forward.”

Zhang called for more regulation in the space, particularly with regard to consumer protection and risk control. He says he foresees that taking shape from next year, as the issue gains greater prominence on the national agenda.

“I would predict in 2019 it’s becoming more regulated,” said Zhang. “There will be less and less players in this field.”

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