International News 07/03
-
Sales of iPhones in China have fallen by 24%, while Huawei's popularity has surged.
Apple has experienced a significant decline in iPhone sales in China, with a 24% decrease year-on-year in the first six weeks of 2024. This drop in sales is attributed to stiff competition from local brands like Huawei, which saw a 64% increase in unit sales during the same period. The decline in iPhone sales could be concerning for Apple, as it may indicate slowing demand for their products. Apple's revenue forecast for the quarter, which was $6 billion, did not meet Wall Street expectations. The company's shares have fallen by 2.2% in pre-market trading and have lost 10% of their value this year. Additionally, Apple's market share in China has dropped to fourth place with a 15.7% share, compared to second place and a 19% share in the previous year. Meanwhile, Huawei has risen to second place with a 16.5% market share, up from 9.4% the previous year. The overall smartphone market in China has shrunk by 7%.
Meeting with Australian PM, President Jokowi Discusses Electric Vehicles to IKN
President Joko Widodo and Australian Prime Minister Anthony Albanese met in Melbourne to strengthen strategic cooperation in the Indo-Pacific region. President Joko Widodo emphasized four key points to enhance bilateral relations between Indonesia and Australia. Firstly, he expressed his approval of the signing of a Memorandum of Understanding (MoU) on Electric Vehicle Collaboration and urged prompt implementation through the formation of a joint steering committee and preparation of a work plan. Secondly, he stressed the significance of collaboration in the financial services sector and announced plans to open a representative office of Bank Negara Indonesia (BNI) in Sydney. President Widodo welcomed the MoU signed in February between the Nusantara Capital City Authority (IKN) and the National Capital Authority. He also encouraged the Australian private sector to participate in the development of Indonesia's Priority Tourism Areas. This meeting demonstrated the commitment of both countries to maintaining stability in the Indo-Pacific region and strengthening their strategic partnership.
Global Macroeconomic Concerns Ahead, According to US Economist
Economists from the United States have identified challenges posed by macroeconomic risks in the future. These risks are influenced by domestic policies and have a significant impact on the global economy. Maurice Obstfeld, an economist from the Peterson Institute for International Economics, expressed concern about the high levels of debt in both the private and government sectors of the US. Maurice believes that there is dysfunction in Congress regarding the budget legislation process, as well as polarization and an inability to prioritize fiscal responsibilities in a responsible and non-political manner. He also mentioned short-term and long-term risks that affect the global macro sector. Short-term risks include geopolitical tensions such as conflicts in Ukraine and Gaza, potential tensions in the Red Sea, and trade conflicts that may worsen in the coming years. He emphasized the need for economic policies that can improve the overall economy.