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Apple responds to competitive pressure with rare discounts on iPhones in China

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In response to growing competitive challenges in the world’s largest smartphone market, Apple has initiated rare discounts on its iPhones in China, slashing retail prices by up to 500 yuan ($70). 

The U.S. tech giant implemented a 5% price reduction on select iPhone models, as indicated on its Chinese website on Monday. 

This time-limited promotion, labeled as a Lunar New Year event, is set to run from January 18 through January 21, leading up to the mid-February holiday.

The move comes as Apple faces intensified competition in China, with its latest iPhone 15 series experiencing lower sales compared to previous models.

Homegrown rivals like Huawei Technologies and Xiaomi have been offering competitive alternatives.

Additionally, reports suggest that certain companies and government departments in China have been limiting employees’ use of Apple devices, echoing U.S. government restrictions on Chinese apps for security reasons.

According to Jefferies analysts, Chinese iPhone sales witnessed a 30% decline in the first week of 2024 compared to the same period the previous year. 

They also noted a 3% decline in sales for all of 2023. 

Analysts anticipate a more challenging competitive landscape for Apple in China throughout the year.

The decision to reduce iPhone prices is a departure from Apple’s trend of not cutting prices for its latest models in recent years. 

This move follows the surprise announcement at the September launch of the iPhone 15 series, where Apple chose not to raise prices. 

Online shopping platforms, including Pinduoduo, have also been independently lowering prices on the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year.

Nicole Peng, Senior Vice President of market research firm Canalys, commented on the situation, stating that the discounts were not unexpected as Apple faces the challenge of boosting global sales, particularly in China. 

She noted, “It is clear that Huawei is making a comeback. Some Chinese consumers may return to using Huawei as driven by patriotism.”

Canalys anticipates that Apple’s sales will remain flat worldwide this year, with a slight decline expected in China. Apple has yet to comment on the situation.

Stay tuned for further updates on Apple’s market strategy and performance in China.

Source: Reuters

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BoC employees to strike over unpaid incentives

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Employees of all Bank of Ceylon (BoC) branches have decided to walk out of service at 12.30 pm today (May 29).

The decision has been taken over the current management not taking the initiative to provide them with the 06-month incentive package approved by the Board of Directors, according to the Bank Employees’ Union.

Central Committee member of the Bank Employees’ Union – Najith Wijeratne, stated that they will initiate a token strike if this issue is not resolved by June 06.

BoC employees have also held lunchtime protests yesterday (May 28) in front of 22 branches in major cities islandwide.

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Imported salt released to market

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The National Salt Ltd. says that 2,800 MT of salt imported from India have been released to the market.

It says the food-grade salt stock, which arrived on May 23, is being distributed to the market through local salt sales agents for consumer sale.

The Ministry of Industry and Entrepreneurship Development states that Lanka Salt Ltd. is importing 10,000 MT of salt, while over 100 importers, including those from Pettah, are bringing in an additional 100,000 MT.

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Employees concerned as CEAT takes over Michelin Lanka

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Employees of Michelin Lanka Pvt Ltd, located in the Midigama area of Matara, allege that there are plans to sell the company.

This has raised concerns among employees about job losses, leading to protests. 

Workers allege that the company is planning to dismiss them with a minimal severance payment, which they believe is insufficient.

An employee has revealed to the media that after workers were informed about this decision, a newly formed employees’ union has set several demands to the company authorities.

Workers have demanded a fair severance package, but authorities have offered Rs.200,000, (a sum employees consider inadequate) reportedly asking them to provide resignation letters in return.

An employer also states that before the current government took office, Minister Wasantha Samarasinghe had proposed that forming a trade union could help secure workers’ rights.  However, the president and secretary of that union are now reportedly in hiding, he employer adds.

Meanwhile, holding a press conference recently, the Inter Company Employees’ Union had revealed that Michelin Lanka Pvt Ltd is in the process of selling the company to the Indian company – CEAT.

According to the union, CEAT has purchased a majority stake in the company.

As part of the deal, it is reported that the Midigama factory of Michelin Lanka Pvt Ltd  and part of its operations in Ja-Ela have been transferred to Indian CEAT company.

The Inter Company Employees’ Union had stated there was no issue as a MoU was signed between the two companies to secure workers’ rights. According to the agreement, Michelin Lanka Pvt Ltd had pledged to honor the full service period of affected workers, while CEAT agreed to provide appropriate compensation based on their years of service, the union adds.

Michelin Lanka was previously a part of Camso Loadstar (Private) Ltd, one of the largest suppliers of industrial tyres in the global market.

The situation at Michelin Lanka follows the sudden closure of the NEXT garment factory in the Katunayake Free Trade Zone a few weeks ago, leaving over 1,400 workers jobless.

In a statement, the company cited high production costs as the reason for shutting down operations in Sri Lanka.

(Video credits : FB page of ITN)

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