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The Verge
15 minutes ago
- The Verge
Apple is reportedly making more of its new iPhones in India instead of China
Apple is manufacturing more of its iPhone 17 phones for the US in India instead of in China, and for the first time, the full lineup of new models will ship from India at launch, according to Bloomberg. The company is also working on a successor to the iPhone 16E that it plans to make in India, Bloomberg says. Apple has increasingly been moving iPhone production to India to reduce its dependence on manufacturing in China. The company already expects to pay $1.1 billion in tariffs for the current quarter, but Bloomberg reports that currently, Apple's exports of iPhones to the US from India are exempted from tariffs. That's despite the Trump administration's 50 percent tariff on many imports from India, and while analyst Patrick Moorhead move 'does dodge some tariffs,' he noted that iPhone subassemblies are still mostly produced in China then shipped to India for final assembly. Earlier this month, Apple announced a $100 billion investment in US manufacturing that builds on the $500 billion it announced earlier this year. Trump has claimed that companies committed to building products in the US would be exempt from future tariffs on imported chips. However, Treasury Secretary Scott Bessent told CNBC on Tuesday morning that the administration plans to increase tariffs on India, saying it's a result of the country buying and selling Russian oil despite sanctions from the war in Ukraine. Posts from this author will be added to your daily email digest and your homepage feed. See All by Jay Peters Posts from this topic will be added to your daily email digest and your homepage feed. See All Apple Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Tech
Yahoo
2 hours ago
- Yahoo
India plans to ban online games played with money, citing addiction risks
By Aftab Ahmed and Aditya Kalra NEW DELHI (Reuters) -India's government plans to ban online games played with money, a proposed bill showed on Tuesday, in what would be a heavy blow for an industry that has attracted billions of dollars of foreign investment. Citing psychological and financial harm it says can be caused by such games, the Promotion and Regulation of Online Gaming Bill 2025 says that no person "shall offer, aid, abet, induce or otherwise indulge or engage in" the offering of online money games and such services. The 13-page bill, which has not yet been made public but has been reviewed by Reuters, describes an online money game as one played by a user by depositing money in expectation of winning monetary and other enrichment. The Indian market for such gaming is set to be worth $3.6 billion by 2029, venture capital firm Lumikai says. Endorsements by top Indian cricketers and other marketing efforts have boosted appeal and investor interest of real money gaming apps such as the popular fantasy cricket games operated by startups Dream11 and Mobile Premier League. Dream11 commands a valuation of $8 billion while Mobile Premier League is valued at $2.5 billion, PitchBook data shows. The Indian government has long been concerned about how such games are addictive. India's IT ministry, which has drafted the bill, did not immediately respond to a request for comment. MPL and Dream11 declined to comment. In fantasy cricket games on Dream11, users create their teams by paying as little as 8 rupees (10 U.S. cents), with a total prize pool of 1.2 million Indian rupees ($14,000). The apps become more popular during the Indian Premier League season, one of the world's most popular cricket tournaments. The bill states that anyone who offers such money games could face a jail term of up to three years and a fine. "Such games often use manipulative design features, addictive algorithms ... while promoting compulsive behaviour leading to financial ruin," the bill said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Despite Tariffs, No Hint of a Slowdown at Arc'teryx Parent Amer Sports in Q2
Nothing seems to be in the way of growth at Amer Sports, not even the new tariff rates. Given strong first-half results, the Arc'teryx and Salomon footwear parent also is raising full-year 2025 guidance, despite higher tariffs than expected in previous guidance. More from WWD Manolo Blahnik's DTC Strategy Means Less Wholesale, More Stores Fila Parent Company Misto Holdings Reports Q2 Revenue Gains Despite Economic Uncertainty Dillard's Posts Higher Sales, Lower Net Income in Second Quarter CFO Andrew Page said the company is raising full year revenue, margin and earnings per share (EPS) expectations. 'This update guidance assumes the current 30 percent incremental U.S. tariff on goods from China plus the current tariff rates on all other countries will stay in place for the remainder of 2025,' he said in a statement. Page added that while the tariff impact to the company's ball and racquet segment will be slightly higher than expected, mitigation strategies already in place across Amer's brands should minimize the impact to the firm's consolidated results this year. Net income for the three months ended June 30 swung to the black at $18.2 million, or 3 cents a diluted share, from a net loss a year ago of $3.7 million, or 1 cent, in the same year-ago quarter. On an adjusted basis, net income was $36 million, or 6 cents a diluted share. Revenue rose 23.5 percent to $1.24 billion from $1.00 billion. In the quarter, outdoor performance revenue rose 32 percent to $414 million on a constant currency basis, while technical apparel revenue rose 23 percent to $509 million and ball and racquet rose 10 percent to $314 million. For the six months, net income skyrocketed to $152.8 million, or 27 cents a diluted share, from net income of $1.4 million, or 0.0 cents, in the year-ago period. Revenue rose 23.5 percent to $2.71 billion from $2.19 billion. For the year ending Dec. 31, 2025, revenue growth is expected to be between 20 percent to 21 percent, with gross margin at 57.5 percent and diluted EPS at between 77 cents and 82 cents. The outdoor performance segment is forecasted to grow revenue at up 22 percent to 25 percent, while technical apparel revenue growth is guided to an increase of 22 percent to 25 percent. Revenue at ball and racquet is expected to rise between 7 percent and 9 percent. For the third quarter ending Sept. 30, revenue is expected to increase 20 percent, and diluted EPS at between 20 cents to 22 cents. Separately, the Finnish firm also said that Joe Dudy, a 30-year veteran at Wilson and Amer Sports, has stepped down as president and chief executive officer of Wilson, effective Aug. 31, to pursue other opportunities. He will continue to serve as an advisor through March 1, 2026. Amer's CFO will take on the role of interim president and CEO of Wilson and the ball and racquet segment during the company's executive search for a replacement, effective Sept. 1. Page will also continue in his current role as CFO of Amer Sports. 'Joe has been a highly appreciated and respected brand leader and a valued member of the global leadership team. We extend our best wishes for his future,' said Amer's president and CEO James Zheng. Wall Street's sentiment on the firm's growth prospects has been bullish, particularly due to growing momentum with the company Salomon sneakers and with footwear as the fastest growing category at its Arc'teryx brand. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
