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☆ Goldman Sachs lifts Europe Inc's 2023 profit growth forecast to 3%
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. According to Goldman Sachs, higher oil prices will feed into higher revenues, benefiting commodity-related sectors — for which analysts at the brokerage expect positive earnings upgrades. Shares of European oil majors BP (BP.L), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have gained between 4.5% and 7% since the conflict began. Adjusting for inflation, however, Goldman Sachs expects earnings in Europe to fall 2% this year. Through 2025, Goldman expects European and U.S. companies' profits to grow at 5% annually from current levels, but only 2% in real terms for Europe in the same period.

Persons: Goldman Sachs, Andrew Kelly, Brent, Lilia Peytavin, Goldman, Roshan Abraham, Susan Mathew, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Brent, East, BP, Shell, European, Thomson Locations: New York City , New York, U.S, Europe, Bengaluru

Companies Cloudflare Inc FollowGoogle Inc FollowAlphabet Inc Follow Show more companiesWASHINGTON, Oct 11 (Reuters) - Internet companies Google, Amazon and Cloudflare say they have weathered the internet's largest-known denial of service attack and are sounding the alarm over a new technique they warn could easily cause widespread disruption. Internet protection company Cloudflare Inc (NET.N) said the attack was "three times larger than any previous attack we've observed." Amazon.com Inc's (AMZN.O) web services division also confirmed being targeted by "a new type of distributed denial of service (DDoS) event." The firms urged companies to update their web servers to ensure that they do not remain vulnerable. None of the three companies said who was responsible for the denial of service attacks, which have historically been difficult to attribute.

Persons: we've, Raphael Satter, Sandra Maler Organizations: Google, Inc, Cloudflare Inc, Thomson Locations: WASHINGTON

☆ Here's how BlackRock's Rick Rieder is navigating the bond market sell-off in his outperforming ETF
▼ + stars: | 2023-10-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

BlackRock global fixed income CIO Rick Rieder said Friday that this year's bond market volatility has created opportunities to buy high quality yields on the cheap. The result is his new fund outperforming some of the biggest bond ETFs during the most recent sell-off. Aggregate Bond ETF (AGG) and 2.2% for the Vanguard Total Bond Market ETF (BND) , the two biggest bond ETFs. BINC 1M mountain BlackRock's BINC has held up better than major bond ETFs over the past month. "I think what people underestimate is the long end of the bond market, the 30-year Treasury, is about the same volatility as the stock market," he said.

Persons: Rick Rieder, Rieder, We've Organizations: BlackRock, Rieder, Aggregate Bond, Vanguard, Bond Market, CNBC, Treasury, Corporate Bond Fund, Fed, AAA, Mortgage, SEC Locations: BlackRock, Mexico, Brazil, Japan, iShares, United States, U.S

☆ S.Korea considers $50.5 mln fine against Google, Apple over app market practices
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. The Korea Communications Commission (KCC) said in a statement that the two tech giants forced app developers into specific payment methods and caused unfair delay in app review. The KCC is notifying the companies for corrective action, and will deliberate on the fines, the statement said. Google and Apple did not immediately respond to Reuters' requests for comment. After hearing from the companies, the regulator could decide to impose fines of up to 68 billion won ($50.47 million), including 47.5 billion won for Google and 20.5 billion won for Apple, KCC said.

Persons: Arnd, KCC, 1,347.3200, Joyce Lee, Shri Navaratnam Organizations: REUTERS, Rights, Google, Apple, Korea Communications Commission, Telecommunication, Thomson Locations: Zurich, Switzerland, Rights SEOUL, South Korea

☆ Hyundai Motor to adopt Tesla EV-charging standard from 2024 in US
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - Hyundai Motor Co (005380.KS) said on Thursday it has decided to adopt Tesla Inc's (TSLA.O) electric vehicle (EV) charging technology in the United States and Canada. That will give Hyundai EVs with NACS ports access to more than 12,000 Tesla Superchargers across the United States, Canada, and Mexico, the company said. Owners of existing and future Hyundai EVs with the current CCS will have access to the Tesla Supercharging Network starting in the first quarter of 2025. In June, Hyundai Motor said it would consider making its vehicles more readily compatible with the NACS charging system. Tesla's NACS is widely available, with the U.S. Department of Energy saying they make up about 60% of the fast chargers in the United States.

Persons: Andrew Kelly, Tesla, Hyundai's, Elon, company's superchargers, Jose Munoz, NACS, Heekyong Yang, Christian Schmollinger Organizations: Hyundai Kona, New York, REUTERS, Rights, Hyundai, Ford, General Motors, Nissan, Hyundai Motor, Hyundai Motor's, Global, CCS, Tesla Supercharging Network, U.S . Department of Energy, Volkswagen, Kia Corp, BMW, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, KS, United States, Canada, Mexico

☆ US Private Equity Firms Challenge Amentum in Race for Jacobs Unit -Sources
▼ + stars: | 2023-10-04 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By David CarnevaliNEW YORK (Reuters) - U.S. buyout firms Veritas Capital and Platinum Equity are vying to acquire Jacobs Solutions Inc's government consulting business, competing against rival contractor Amentum, according to people familiar with the matter. Dallas-based Jacobs is seeking final offers this week for the unit, which is known as Critical Mission Solutions (CMS), and could be valued at more than $4 billion, the sources said. Veritas and Platinum Equity plan to make all-cash offers, while Amentum's private equity owners Lindsay Goldberg and American Securities intend to offer Amentum shares as part of their bid, the sources added. Veritas and Platinum Equity did not respond to requests for comment. These operations generated $10.5 billion in revenue in Jacobs' latest fiscal year.

Persons: David Carnevali, Amentum, Jacobs, Lindsay Goldberg, Robert Pragada, Artemis, Cynthia Osterman Organizations: Veritas Capital, Equity, Jacobs Solutions, Veritas, American Securities, CMS, NASA, PA Consulting Locations: Dallas, New York

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

☆ US Supreme Court to weigh state laws constraining social media companies
▼ + stars: | 2023-09-29 | by ( Andrew Chung | ) www.reuters.com time to read: +4 min

Supporters of the laws have argued that social media platforms have engaged in impermissible censorship and have silenced conservative voices in particular. In signing the bill in 2021, Texas Governor Greg Abbott said, "There is a dangerous movement by some social media companies to silence conservative ideas and values. The Texas law forbids social media companies with at least 50 million monthly active users from acting to "censor" users based on "viewpoint," and allows either users or the Texas attorney general to sue to enforce it. The industry groups are appealing a decision by the New Orleans-based 5th U.S. Circuit Court of Appeals upholding the Texas law, which the Supreme Court had blocked at an earlier stage of the case.

Persons: Kevin Wurm, Joe Biden's, Donald Trump, Elon Musk, Greg Abbott, Andrew Chung, Will Dunham Organizations: U.S, Supreme, REUTERS, Republican, Computer & Communications Industry Association, Facebook, Inc, Twitter, Justice Department, Tech, Capitol, Circuit, New, Thomson Locations: Washington , U.S, Texas, Florida, Atlanta, New Orleans, New York

☆ Japan's MUFG Bank, two others lead $290 mln Sierra Space fundraising -Nikkei
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Sept 26 (Reuters) - MUFG Bank is among three Japanese firms leading a $290-million fundraising round for U.S. spaceship company Sierra Space, spearheading a commercial "spaceport" project in the southwestern region of Oita, the Nikkei daily said on Tuesday. A spokesperson of Tokio Marine & Nichido Fire, a unit of Tokio Marine Holdings (8766.T), confirmed that the three companies formed a strategic partnership with Sierra, but declined to elaborate on their investments. Sierra Space, spun off in 20221 from billionaire-owned Sierra Nevada Corp, is among a handful of space industry players attempting to build a private space station that NASA hopes will replace the two decade-old International Space Station by 2030. The Oita project took a hit this year from the bankruptcy of another U.S. space company Virgin Orbit , which had partnered with airline ANA Holdings (9202.T). MUFG Bank, one of Japan's three biggest, has invested in domestic space startups such as orbital debris-removal firm Astroscale.

Persons: Sierra, inc's, Kantaro Komiya, Clarence Fernandez Organizations: MUFG, Space, Nikkei, SpaceX, MUFG Bank, Tokio Marine, Tokio Marine Holdings, Sierra, Mitsubishi UFJ, Kanematsu Corp, CNBC, Sierra Nevada Corp, NASA, Japan Airlines, Orbit, ANA Holdings, Mitsui Sumitomo Insurance, Japan Aerospace Exploration, SLIM, Thomson Locations: TOKYO, Oita, Sierra, Kanematsu, Asia's, Japan

☆ Apple's Chinese supplier Luxshare's production of some iPhone 15s doubled in a year
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Sept 21 (Reuters) - Apple Inc's (AAPL.O) Chinese supplier Luxshare Precision Industry (002475.SZ) is producing three models of iPhone 15 series this year, and the business has doubled in a year, Luxshare's chairwoman said on Thursday. Luxshare has increased the production types and numbers of Apple's iPhone products in recent years, Wang added. "Luxshare is continuing to expand its production capacity in China to meet Apple's needs," Wang said, adding the company built a new plant in Kunshan last year to support the development and mass production of iPhone. "The fact that Luxshare Precision can have this scale this year is inseparable from Apple's support," Wang told the Paper. Founded in 2004, Luxshare became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods.

Persons: Ann Wang, Wang Laichun, Wang, Luxshare, Ella Cao, Meg Shen, Jane Merriman Organizations: Apple, REUTERS, Rights, Luxshare Precision Industry, Apple Vision, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Kunshan, Beijing, Hong Kong

WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people. People shopping on WhatsApp could also pay using popular services like Alphabet Inc's (GOOGL.O) Google Pay, Paytm (PAYT.NS) and Walmart's (WMT.N) PhonePe but only after being redirected outside WhatsApp. Payments via those rival services - and any others that run on India's instant money transfer system UPI - will now be possible directly within WhatsApp, Meta said in a blog post. While WhatsApp Pay users will remain capped in India, there is no such limit on the number of users permitted to transact with businesses on WhatsApp using the other methods, a Meta spokesperson said. With some 300 million people spending about $180 billion via India's using UPI each month, the new transaction options could serve as a powerful lure to attract businesses to pay Meta for access to WhatsApp users.

Persons: Dado Ruvic, WhatsApp, Meta, Mark Zuckerberg's, Mukesh Ambani, Aditya Kalra, Katie Paul, Munsif Vengattil, Lisa Shumaker Organizations: REUTERS, Meta, Google, UPI, Facebook, Thomson Locations: India, WhatsApp, Chennai, Bangaluru, New Delhi, New York

☆ Block Inc's Square enters Canadian pot market with Jane Technologies as partner
▼ + stars: | 2023-09-20 | by ( Sourasis Bose | ) www.reuters.com time to read: +2 min

The logo for Square, Inc. is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsSept 20 (Reuters) - Square, a unit of fintech company Block Inc (SQ.N), said on Wednesday it would enter the Canadian cannabis market through a partnership with e-commerce platform Jane Technologies. Those who sign-up with Square for payments systems in physical stores would also be able to use Jane's platform for selling their products online, the companies said. Jane had entered Canada by partnering pot firm High Tide (HITI.V) in 2021. Rosenfeld said when regulations would allow for it, Jane is prepared to move this partnership beyond Canadian borders.

Persons: Andrew Kelly, —, Jack Dorsey, Jane, Roshan Jhunja, Socrates Rosenfeld, Rosenfeld, Sourasis Bose, Shilpi Majumdar Organizations: Inc, New York Stock Exchange, REUTERS, Block Inc, Jane Technologies, Twitter, Reuters, Thomson Locations: Manhattan , New York City, U.S, Ontario, Canada, Bengaluru

As it seeks to gain ground in the fast-moving AI space, Google is rolling out Bard Extensions, enabling users to import their data from other Google products. For instance, users could ask Bard to search their files in Google Drive or provide a summary of the user’s Gmail inbox. For now, Bard users will only be able to pull information in from Google apps, but Google is working with external companies to connect their applications into Bard in the future, Google senior product director Jack Krawczyk said. Another new feature in Bard seeks to alleviate a nagging problem for generative AI: inaccurate responses known as “hallucinations”. Bard users will be able to see which parts of Bard’s answers differ from and agree with Google search results.

Persons: Bard, OpenAI, ChatGPT, Jack Krawczyk, it's, ” Krawczyk, Anna Tong, Lisa Shumaker Organizations: Google, Microsoft, Gmail, Thomson Locations: San Francisco

TORONTO, Sept 18 (Reuters) - Canada's plan to bring down food prices by tightening regulation could backfire and fail, raising the cost of doing business in the country without providing relief to consumers, lawyers and economists said. Canada's weak competition law has been long blamed for allowing a few players to dominate industries ranging from banks to telecoms and groceries. The proposed amendment will drop the so-called efficiencies defense provision, giving Canada's antitrust regulator - the Competition Bureau - the power to block deals it deems as increasing market concentration, irrespective of any cost efficiencies. Trudeau's move comes as many Canadians reel under an affordability crisis with food prices jumping 25% since the start of the COVID-19 pandemic in 2020. Food inflation stood at around 35% in Germany and the United Kingdom - well above the 25% level of food inflation in Canada since the start of the pandemic, Scotiabank research showed.

Persons: Justin Trudeau, Pierre Poilievre, Omar Wakil, Torys, Wakil, Derek Holt, Denny Thomas, Deepa Babington Organizations: Competition, Liberal, Conservative, Loblaw Co, Co, Metro Inc, Scotiabank, Antitrust, Rogers Communications, Shaw Communications, Thomson Locations: Canada, Ukraine, Germany, United Kingdom

☆ Trucking firm Estes Express submits revised $1.525 bln bid for Yellow's shipment centers
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Yellow said Estes' new bid is the best and superior to Old Dominion Freight Line Inc's (ODFL.O) $1.5 billion August stalking horse bid. Privately held Estes had submitted a $1.3 billion bid last month to acquire Yellow's shipment centers. A stalking horse bid is an initial bid on the assets of a bankrupt company, setting the low-end bidding bar so that other bidders cannot underbid the purchase price. "Estes Stalking Horse Bid is an improvement over the Old Dominion Bid because it offers more money for the Acquired Assets and less fees in terms of bid protections," Yellow said in a filing with the U.S. Bankruptcy Court in Delaware. The nearly 100-year-old company filed for bankruptcy with just $39 million cash on hand, which it said was not enough to run a months-long bankruptcy sale for its 12,000 trucks, real estate holdings and other assets.

Persons: Mike Blake, Yellow, Estes, Ducera, Juby Babu, Subhranshu Sahu Organizations: U.S, Trucking, Express, Old Dominion, Old, Bankruptcy, Ducera Partners, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Delaware, Bengaluru

☆ Berkshire sells some HP shares after taking big stake last year
▼ + stars: | 2023-09-14 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire sold the shares this week for about $158 million, reducing its HP stake to about $3.27 billion, according to a filing with the U.S. Securities and Exchange Commission. Buffett's company now owns about 11.7% of HP's shares, down from 12.2% before the sales, SEC filings show. Wednesday's filing does not say why Berkshire sold shares. HP's share price has fallen 19% since Berkshire in April 2022 revealed an unexpected $4.2 billion stake in the Palo Alto, California-based company, which had been separated seven years earlier from the former Hewlett-Packard.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Buffett, Jonathan Stempel, Lincoln Organizations: Berkshire Hathaway, REUTERS, HP, Berkshire, U.S . Securities, Exchange Commission, SEC, Hewlett, Packard, Companies, Forbes, Apple, Thomson Locations: Omaha , Nebraska, U.S, Palo Alto , California, China, Berkshire, New York

The unveiling of Apple's iPhone 15 attracted intense discussion online on Wednesday, as new models have done in the past. Topics discussing the new launch attracted 380 million views on social media platform Weibo, with more than 800,000 discussions, including posts, comments and likes, on the iPhone 15. A survey by Chinese news portal Sina on the social media platform asking participants if they would buy the Mate 60 or iPhone 15 saw 61,000 votes for the Huawei device versus 24,000 for the iPhone 15. "Before Huawei's surprise launch, we projected Apple's sales in China Q3 and Q4 to be flat or slightly weaker than last year." "Sales (of the iPhone 15) are not going to be easy, especially since Chinese consumers are either being cautious in spending or shifted their focus to leisure or travel," he added.

Persons: Thomas Peter, Archie Zhang, Will Wong, Yelin, Brenda Goh, Josh Ye, Jacqueline Wong Organizations: Apple, REUTERS, Rights, U.S, Huawei Technologies, Huawei, HK, Weibo, Sina, IDC, Thomson Locations: Beijing, China, Rights BEIJING, Alibaba's, U.S, Yelin Mo, Shanghai, Hong Kong

☆ Feeling the heat: 44% of Japan firms see earnings hit from extreme weather - Reuters poll
▼ + stars: | 2023-09-13 | by ( David Dolan | ) www.reuters.com time to read: +2 min

REUTERS/Satoshi Sugiyama/File Photo Acquire Licensing RightsTOKYO, Sept 14 (Reuters) - Some 44% of Japanese companies see extreme weather events around the globe hitting earnings, a Reuters survey showed, highlighting the impact of scorching heat waves and torrential rains on firms in the world's third-largest economy. Disaster-prone Japan is no stranger to extreme weather events, including typhoons, floods and blistering heat. "Infrastructure is likely to be disrupted due to extreme weather conditions, which could result in emergency spending and lower productivity," wrote a manager at a company in the transport sector. The monthly Reuters Corporate Survey of 502 large and medium-sized non-financial Japanese firms, in which 248 responded, showed a majority of non-manufacturers had already felt or expected to feel the effects of extreme weather on their earnings. Flooding has been a particular headache for Japanese companies.

Persons: Satoshi Sugiyama, Japan Inc's, Fumio, David Dolan, Jacqueline Wong Organizations: Mitsubishi Motor, Rights, Reuters Corporate Survey, Reuters, Nikkei Research, Investment, Thomson Locations: Kurashiki, Japan

☆ Apple cuts prices for iPhone 14 series in China -website
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - Apple (AAPL.O) has lowered the prices for its iPhone 14 series in China following the launch of the iPhone 15 lineup, according to its website on Wednesday. Prices for the 128 gigabyte version of iPhone 14 was cut by 600 yuan to 5,399 yuan ($740.50), while the iPhone 14 Plus is selling at 5,999 yuan, down from 6,999 yuan at launch, the website showed. ($1 = 7.2910 yuan)Reporting by Liz Lee and Ethan Wang;Our Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Liz Lee, Ethan Wang Organizations: Apple, REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING

Regarding Google communications about revenue sharing deals with companies like Apple: "They knew these agreements crossed antitrust lines." JOHN SCHMIDTLEIN, lead lawyer for Google:Defending Google's 90% market share in search: "The large majority of Windows PC users search on Google, not (Microsoft's) Bing." Regarding the market place for search engines: "Users today have more search options and more ways to access information online than ever before." Discussing Apple's and Mozilla's competitions to pick best search engines: "Google won these competitions on the merits." Describing how easy it is to replace Google with a different search engine: "A few easy clicks."

Persons: Gonzalo Fuentes, KENNETH DINTZER, JOHN, Bing, Diane Bartz, Richard Chang Organizations: Google, Viva Technology, Porte de, REUTERS, Microsoft, WASHINGTON, U.S . Justice, Apple, Windows, Thomson Locations: Porte, Paris, France, States, Washington

Circuit Court of Appeals for a new ruling to prevent the "improper result" of allowing parts of the lower court order "to regain effect even after having been held invalid by this court." The plaintiffs allege that U.S. officials lobby social media platforms to suppress what the government considers to be misinformation, violating users' right to free speech under the U.S. Constitution's First Amendment. While the case was still at an early stage, Doughty issued a preliminary injunction banning a wide range of communications between a slew of officials and social media companies. The panel limited the injunction's reach to a smaller group of officials, including White House staff, the Centers for Disease Control and Prevention and the Federal Bureau of Investigation. It said that the 5th Circuit should either put the parts of Doughty's order that it reversed on hold, or finalize its order immediately.

Persons: Dado Ruvic, Joe Biden's, Terry Doughty, Doughty, Brendan Pierson, Alexia Garamfalvi, Aurora Ellis Organizations: REUTERS, Justice Department, U.S, Circuit, Appeals, Biden, Democrat, District, X Corp, White House, Centers for Disease Control, Federal Bureau of Investigation, Supreme, Thomson Locations: Louisiana, Missouri, Monroe , Louisiana, New York

Sino-U.S. friction has worsened in recent years as Washington tries to restrict China's access to key technologies including cutting-edge chip technology, and Beijing looks to reduce its reliance on American tech. A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "This is textbook Chinese Communist Party behavior - promote PRC (People's Republic of China) national champions in telecommunications, and slowly squeeze Western companies' market access," Gallagher, a Republican, told Reuters. The drop in the technology sector weighed on the three main U.S. stock indexes, particularly the tech-heavy Nasdaq Composite, which closed down 0.9%. IPHONE SLOWDOWNChina has been a bright spot for Apple in an otherwise tough period for iPhone sales.

Persons: chipmaker SMIC, Jake Sullivan, Sullivan, Thomas Peter, Biden, Mike Gallagher, Gallagher, Mark Warner, Rick Meckler, Susannah Streeter, Hargreaves Lansdown, Streeter, Aditya Soni, Jaspreet Singh, Shristi Achar, Diane Bartz, David Gaffen, Shounak Dasgupta, Devika Organizations: Apple, Street, Washington, Huawei, HK, U.S . Commerce Department, National, Air Force, BofA Global Research, Qualcomm, REUTERS, Beijing, Communist Party, People's, Republican, Reuters, U.S, Senate Intelligence Committee, planemaker Boeing, Micron, Broadcom, Texas, Nasdaq, Cherry Lane Investments, Hargreaves, Thomson Locations: Beijing, US, China, U.S, Kirin, People's Republic of China, Bengaluru

Morgan Stanley analyst Erik W Woodring said Apple's share losses were "overdone" as he does not believe the curbs will lead to something broader. He added the worst case scenario was a 4% revenue hit and a 3% earning impact for the company. Analysts said U.S. sanctions on Huawei, in place since May 2019, hit the company's supply chain, helping Apple increase iPhone shipments to China and grab market share. J.P.Morgan said China's restrictions will make it tougher for Apple to continue to gain market share in China. BofA estimated a $0.11 to $0.34 earnings per share hit to Apple if Huawei was able to gain market share from the iPhone maker.

Persons: Thomas Peter, Morgan Stanley, Erik W Woodring, Woodring, HWT.UL, J.P.Morgan, Aniruddha Ghosh, Krishna Chandra Organizations: Apple, REUTERS, Wall Street, Beijing, BofA Global Research, Huawei Technologies, Huawei, Thomson Locations: Beijing, China, Bengaluru

☆ US House panel chair: wider Chinese iPhone ban aims to quash Apple's market access
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsSept 7 (Reuters) - A wider ban on China state employees from using Apple's (AAPL.O) iPhones is not surprising and seeks to limit a Western company's market access, the chairman of the U.S. House panel on China told Reuters on Thursday. "American tech companies seeking to cozy up to the CCP must realize the clock is ticking,” added Gallagher, a Republican. Apple's shares have slipped amid the reports amid fears of tit-for-tat action as Sino-U.S. tension rise. Apple and China's State Council Information Office, which handles media queries on behalf of the government, have not responded to requests for comment on the reported ban.

Persons: Thomas Peter, iPhones, Mike Gallagher, ”, Gallagher, Apple's, Karen Freifeld, Jasper Ward, Ismail Shakil, Susan Heavey Organizations: Apple, REUTERS, U.S ., Reuters, Communist Party, CCP, People's, U.S, Republican, Wall Street Journal, Bloomberg, China's, Information Office, Thomson Locations: Beijing, China, People's Republic of China, Jasper

☆ Apple tumbles, drags tech stocks lower as fears grow over China iPhone curbs
▼ + stars: | 2023-09-07 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. Apple suppliers and companies with large China exposure including Broadcom (AVGO.O), Qualcomm (QCOM.O) and Texas Instruments (TXN.O) fell between 1.4% and 4.7%. The moves by Beijing also come at a time when Apple is grappling with a decline in iPhone sales, with China being a bright spot in what was an otherwise disappointing quarterly earnings report last month. The sanctions had hammered Huawei's sales in its home country and allowed Apple to take some market share from the national favourite. Apple could, however, see a demand boost after an event next week where it is expected to unveil its iPhone 15 line-up, as well as new smartwatches.

Persons: Thomas Peter, D.A Davidson, Tom Forte, chipmaker SMIC, Aditya Soni, Jaspreet Singh, Shounak Dasgupta Organizations: Apple, REUTERS, company's, Broadcom, Qualcomm, Texas, Reuters, Beijing, planemaker Boeing, Street, HK, Huawei, Bofa Global Research, Thomson Locations: Beijing, China, Washington, The U.S, U.S, Kirin, Bengaluru

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