BIZ

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

Published

4 months ago

January 17, 2024

editor

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

BIZ

CPC slashes fuel prices

Published

24 hours ago

April 30, 2024

editor

The Ceylon Petroleum Corporation has reduced fuel prices with effect from midnight today (April 30).

Accordingly,

– Petrol (92) has been reduced by Rs.3/- to Rs. 368/– Petrol (95) has been reduced by Rs. 20/- to Rs. 420/-
– Lanka Auto Diesel has been reduced by Rs. 30/- to Rs. 333/-
– Lanka Super Diesel 4 Star Euro 4 has been reduced by Rs. 9/- to Rs. 377/-

– Lanka Kerosene has been reduced by Rs. 30/- to Rs. 215/-

BIZ

Supreme Global Holdings enters bidding to acquire SriLankan shares

Published

2 days ago

April 29, 2024

editor

Supreme Global Holdings, a conglomerate owned by R.M. Manivannan, has entered the bidding process to acquire shares of the national carrier – SriLankan Airlines.

According to a media release by the company issued in this regard, the Expression of Interest (EOI) process, which concluded last week (Apr 27), saw the participation of Supreme Global, under Sherisha Technologies Private Limited.

Sherisha Technologies Private Limited, formerly known as SunEdison Energy India Private Limited.

Last week it was reported that six (06) Request for Qualification (RfQ) were received from potential investors for the acquisition of shares in SriLankan Airlines Limited.

Sherisha Technologies Private Limited was among the six entities.

Supreme Global Holdings is also known for having formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar.

Apart from its recent bidding for SriLankan Airlines, Supreme Global Holdings previously assisted Sri Lanka during the energy crisis faced in 2022, by extending over USD 1.5 billion in credit to Sri Lanka, along with innovative payment solutions such as accepting Sri Lankan rupees for oil payments.

BIZ

Oriflame exiting Sri Lanka due to economic challenges

Published

3 days ago

April 28, 2024

editor

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

In a statement released, Oriflame expressed deep regret over its departure from Sri Lanka, a market it has been a part of since 1997. Despite years of dedication and resilience in the face of various challenges, the company cited a confluence of factors that have rendered its operations untenable.

“Unfortunately, despite our efforts, the macroeconomic environment, characterised by a series of financial crises, the global impact of COVID-19, stringent import restrictions, fluctuating exchange rates, increased operational costs and regulatory changes has significantly hindered our operations. These factors have made it unsustainable for us to continue our business in the foreseeable future,” it added.

Oriflame expressed gratitude to its brand partners, leaders, staff and stakeholders for their unwavering support, dedication and contributions over the years. Special acknowledgment was given to top leaders who have played integral roles in the company’s growth and success, being part of the top 15 council over the years.

This decision was not reached lightly. We have always been committed to nurturing the Oriflame dreams in Sri Lanka. However, the combination of these economic and operational challenges means that the outlook for our business in Sri Lanka does not align with our expectations for long-term profitability and growth,” the statement read.

The company concluded by expressing gratitude for the partnership with its stakeholders and extended best wishes for their future endeavours.

(www.ft.lk)
(Except for the headline, this story, originally published by www.ft.lk has not been edited by SLM staff)