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Here’s everything Apple just announced: A new iPhone, iPad Air, Mac Studio computer and more

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Apple Inc. introduced 5G versions of its low-end iPhone SE and iPad Air tablet, as well as a redesigned Mac desktop computer and faster processor, kicking off what’s likely to be its most prolific year yet for new product releases.

Apple unveiled the devices during a virtual event Tuesday that it called “Peek performance,” looking to keep up its momentum following a record-setting holiday quarter that exceeded Wall Street’s expectations. Chief Executive Officer Tim Cook also announced plans to bring Major League Baseball games to the company’s TV+ streaming service.

The presentation included a new Apple processor named M1 Ultra that the company called the most powerful personal-computer chip ever. The product is part of Apple’s yearslong shift away from using Intel Corp. processors in favor of its own components.

The new desktop computer, called the Mac Studio, features the M1 Ultra chip and is aimed at app developers, photo editors and video creators. Apple also unveiled a separate 27-inch monitor that is far cheaper than the current model, coming in at $1,599.

There were few major surprises at the event, and the shares slipped less than 1% to $158 after it concluded. They have fallen about 10% this year, in line with a broader stock slump.

Bloomberg News first reported on the new iPhone SE and iPad Air in January of this year and on the Mac Studio computer and lower-cost monitor in January 2021.

The event was the first of what’s expected to be several product launches this year, with Apple also readying additional Macs and iPads, as well as the iPhone 14 and new smartwatches. And the company may preview its first mixed augmented- and virtual-reality headset later this year.

The new iPhone is Apple’s first update to the SE line since 2020. The model, which will continue to come in black, white and red, will have a slightly higher price: $429, up from $399. But it has 5G network support, a faster A15 processor and other features.

The iPhone SE continues to look similar to the iPhone 8 from 2017, including a home button with Touch ID — rather than the Face ID used by higher-end models. It has a 4.7-inch screen, making it the smallest iPhone available. But the addition of 5G makes the device far more competitive in the marketplace and may help the company to lure Android users and consumers with older iPhones.

Apple doesn’t break out sales of individual iPhone models, but the smartphone represents its biggest moneymaker overall, bringing in over half of its revenue in the last fiscal year, or about $192 billion.

The SE first debuted in 2016 amid calls for a smaller and cheaper iPhone, and was previously updated at the beginning of the pandemic. On Tuesday, Apple also added new green color options to the iPhone 13, helping keep that model in the news until the iPhone 14 with an updated design arrives later this year.

The new iPhone SE and $599 iPad Air, which sports an M1 chip, will be available for ordering on March 11, before reaching stores a week later.

Apple began taking orders for the Mac Studio and monitor on Tuesday, ahead of its release on March 18. The version with the M1 Ultra chip starts at $3,999, while a lower-end version is $1,999.

The chip has 20 so-called CPU cores, 64 graphics-processing cores and a 32-core neural engine — designed to make it easier for developers to compile code, render 3D graphics and work with video, Apple said.

SOURCE: BLOOMBERG

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BUSINESS

US stocks suffer biggest daily drop in almost two years

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US stocks posted the biggest daily drop in almost two years as investors assess the impact of higher prices on earnings and prospects for monetary policy tightening on economic growth. The dollar and Treasuries gained amid a pickup in haven bids.

The selloff sent the S&P 500 down 4%, with the plunge in consumer shares surpassing 6%. Target Corp. tumbled more than 20% in its worst rout since 1987, after trimming its profit forecast due to a surge in costs. Shares of retailers from Walmart Inc. to Macy’s Inc. were caught in the downdraft. The Nasdaq 100 fell the most among major benchmarks, dropping more than 5% as growth-related tech stocks sank. Megacaps Apple Inc. and Amazon.com Inc. slid at least 5%.

Treasuries rose across the board, sending the 10- and 30-year Treasury yields down as much as 11 basis points. The dollar rose against all of its Group-of-10 counterparts, except the yen and Swiss franc. Gold caught bids in the move into havens.

The benchmark S&P 500 is emerging from the longest weekly slump since 2011, but any rebounds in risk sentiment are proving fragile amid tightening monetary settings, Russia’s war in Ukraine and China’s Covid lockdowns.

In some of his most hawkish remarks to date, Federal Reserve Chair Jerome Powell said Tuesday that the US central bank will raise interest rates until there is “clear and convincing” evidence that inflation is in retreat. Chicago Fed President Charles Evans said Wednesday he sees a half-point rate increase at next month’s meeting and “probably thereafter.”

In Europe, new-vehicle sales shrank for a 10th month in a row as the industry remains mired in supply-chain crises, while euro-area inflation plateaued at a record high. Meanwhile, UK inflation rose to its highest level since Margaret Thatcher was prime minister 40 years ago, adding to pressure for action from the government and central bank.

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Netflix lays off 150 employees due to slow revenue growth and business needs

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Netflix is reportedly laying off nearly 150 employees in the coming days due to disappointing earnings and slow revenue growth.

According to a Variety report, the Amazon Prime Video rival might also terminate its contract with contractual contributors.

The layoffs are about 2 per cent of Netflix’s US workforce. “As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly U.S.-based,” a Netflix spokesperson said.

The statement further revealed that the decision was primarily driven by business needs rather than individual performance. Netflix reported $7.87 billion in Q1, which was short of Wall Street’s estimates of $7.93 billion.

The report further reveals that nearly 70 part-time employees in Netflix’s animation studio will have to pack up and leave. A report by The Verge stated that about 26 contractors working on Netflix’s fan-focused Tudum website might see a termination.

“A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix,” the company said.

Netflix, in its recent earnings call, revealed that it lost thousands of subscribers, which is a first for the company in over a decade.

The company expects to lose an additional 2 million in the next quarter due to the ongoing war between Russia and Ukraine. Netflix has shut shop in Russia following the country’s invasion of Ukraine.

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Dollar breaks N600/$ ceiling ahead of party’s presidential primaries

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Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming days.

The black market rate had traded between N570/$ and N590/$ since the beginning of the year while the Central bank of Nigeria (CBN)’s intervention at the Nigerian Autonomous Foreign Exchange (NAFEX) has kept its rate under N420/$.

With the latest slump of the naira, the arbitrage between the parallel and NAFEX, which is regarded as the official window, is now inching close to N200/$. The spread measures the deviation of the controlled official rate from the real rate of exchange, with experts calling for liberalisation of the market to enable naira to find its true value.

The World Bank and the International Monetary Fund (IMF) have also warned of the repercussions of sustaining an artificially high naira while calling on the CBN to embark on market reform.

But the CBN has maintained that Nigeria, with the current high level of importation and underperformance of the industrial sector, cannot afford to float the naira completely as the exchange rate could spill out of control.

At the Lagos street market, yesterday, naira traded between N595/$ and N600/$ band. With the presidential primaries of the two leading political parties scheduled for Abuja next weekend, there is an expectation the demand pressure has not peaked, suggesting that naira is in for a protracted pressure.

At peer-to-peer (P2P) trading platforms, the dollar has been trading above N600 in the past three weeks, which had signaled that the black market rate could break through the psychological ceiling.

With that eventually happening, naira could be on a renewed free fall.

But there is also hope that it is a season to offload warehoused hard currencies for political campaigns to possibly shore up supply.

Experts are not sure where rising demand and supply of foreign exchange would lead the naira to, but the interplay between the movements of the two variables is a key factor in predicting the value of the naira in the tense political season. Godwin Owoh, a professor of applied economics, advised Nigerians to prepare for a steeper fall of the local currency, saying partisan politics and intra-party meetings, which are highly dollarised would bring much pressure to bear.

The CBN has promised to continue to protect the naira but its ability could be constrained by the equally falling reserve. For the first time in eight months, the gross reserves dropped below N39 billion on Monday, when CBN data put the figures at N38.92 billion. Effectively, the country’s reserves have depleted by $160 billion year-to-date.

Bismarck Rewane, an economist, had projected the reserve to collapse to $32 billion in the year as he expected the CBN to spend $8 to $10 billion defending the naira, which is taking much pressure from excessive importation.

The value of Nigeria’s imports increased by 64 per cent last year to N20.84 trillion. Sadly, the value of exports increased at a slower rate – 51 per cent – to N18. 91 trillion in the same period. The falling reserves and rising imports have put the apex bank in dire straits in its efforts to continue to defend the naira.

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