Nintendo President fears Switch 2 price hike amid tariff wars, as "people will have less money to spend on game consoles"
Nintendo President Shuntaro Furukawa
expressed concerns that the company may need to increase the price of the upcoming Switch 2 console in the United States due to recently implemented tariffs on Chinese imports.
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The revelation came during Nintendo's May 8 earnings call, just weeks before the console's scheduled June 5 launch.
"If the assumptions regarding tariffs change significantly, we would like to consider what price adjustments we should make and implement them after considering various aspects," Furukawa stated, addressing the potential impact on the already premium-priced $449.99 console.
Tariffs threaten consumer spending power, says Furukawa
Nintendo's forecast assumes tariffs of 10% on products from Japan, Vietnam, and Cambodia, while Chinese imports face a staggering 145% tariff (as of now, US and China are renegotiating the trade terms, which possibly could lower the tariff).
The company expects these trade measures to impact profits by "tens of billions of yen."
Furukawa highlighted broader economic concerns beyond direct manufacturing costs. "If prices of daily necessities like food increase (because of the tariffs), then people will have less money to spend on game consoles. If we were to adjust the price of the Switch 2, this could decrease demand."
While Nintendo primarily manufactures Switch hardware for North America in Vietnam, certain accessories and amiibo figures come from China, subjecting them to higher tariff rates.
Nintendo balances pricing against adoption goals
Despite these challenges, Nintendo forecasts selling 15 million Switch 2 units in its first year – matching the original Switch's debut performance – though analysts describe this projection as "conservative" given the tariff uncertainties.
The company faces a delicate balancing act between covering increased costs and maintaining consumer interest. "Nintendo will carefully consider various factors when changing any pricing, including its acceptability to customers," Furukawa emphasized.
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The Switch 2 isn't alone in facing potential price hikes. Microsoft has already increased Xbox Series S prices by $80 and Series X by $100, while some smaller gaming hardware companies have suspended U.S. shipments entirely due to prohibitive tariff costs.
Pre-orders for the Switch 2 opened on April 24 following a brief delay related to tariff concerns, with Nintendo warning that release-day delivery cannot be guaranteed due to overwhelming d
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Time of India
an hour ago
- Time of India
Buyer with ties to Chinese Communist Party got VIP treatment at Trump crypto dinner
The Trump White House has repeatedly sounded an alarm about visitors with ties to China's Communist Party coming to the United States, arguing that they are a potential security threat. But the administration appears to have literally left the door open to a member of a Chinese government group when it went along with a plan to give the biggest purchasers of President Donald Trump's digital currency access to the president and the White House. Trump launched a so-called meme coin, a type of cryptocurrency, just days before his inauguration. To bolster sales, the president's business partners created a contest in April, offering the coin's top buyers a tour of the White House and a private dinner with Trump at his Virginia golf club. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks One of those buyers was He Tianying, who is a member of the Chinese People's Political Consultative Conference, according to government documents in China examined by The New York Times. That government group, referred to as the CPPCC, is an advisory body that seeks to broaden the Communist Party's influence and solicit support from influential people in Chinese society. Live Events He, who was registered at the Trump event as a resident of Hong Kong, advises the Chinese government through his role as a delegate of the Fangshan CPPCC, a district of Beijing. He is listed as a member of the organization's science and technology committee. The Times could find no indication that He is a member of the Communist Party, and the government body he serves on is fairly low-level. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories There were no restrictions on who could buy the Trump meme coin -- which was marketed like a collectible baseball card -- including foreign nationals. But the winning buyers were given the opportunity for close proximity to the president. It is not clear why He wanted to attend. Still, at a time when the administration is seeking to scrutinize and revoke the visas of Chinese students with ties to the Communist Party, the incident illustrates inconsistencies in the Trump administration's approach to how it handles Chinese nationals, as well as potential weaknesses in the background checks the Trump administration did on the guests who bought his meme coin. Karoline Leavitt, the White House press secretary, said in an interview that the dinner was a private event and that government officials were not closely involved. "As the White House has always maintained, this was not an official White House event," she said. Once a crypto skeptic, Trump has done an about-face and declared himself a digital coin enthusiast, raising ethical concerns and blurring the line between his personal business ventures and the presidency. His family's company has issued its own cryptocurrency, and he has also heavily promoted the meme coin, known as $TRUMP. The meme coin dinner engendered strong criticism from Democrats, government watchdogs and even some Republicans about the appearance of monetising the presidency for personal gain. The event was arranged by the president's business partners to directly enrich the first family, even as Trump spoke that evening behind a stand emblazoned with the presidential seal. Bidders competed to accumulate the largest holding of the coin over several weeks. The top 220 won a dinner with Trump, and the top 25 also got a "VIP" tour of the White House. The buyers used self-adopted nicknames that disguised their identities, but the Times obtained copies of several pages of an official sign-in sheet for the dinner and over the past two weeks has been examining the biographies of many of the attendees. He, using the nickname Sky, owned $3.7 million worth of the meme coin, public transaction records show, at the time the contest ended. He was ranked as the seventh-largest buyer of the cryptocurrency, which entitled him to a gold-colored VIP wristband for the event. The day after the dinner at Trump's golf club, He was observed by a reporter from the Times entering the White House for the tour that had been set up by Trump's business partner Bill Zanker, who created the Trump meme coin. Zanker and the Trump family share in the revenues from the meme coin business, which has already totaled at least $320 million, according to an estimate by Chainalysis, a crypto forensics group. After the tour, He, using a social media account under his Sky pseudonym, posted a series of photos from the dinner and White House tour, which he electronically modified to cover his face. The Times was able to establish his identity through publicly available information, including photos and biographical information on his company website. He made several waves of purchases during the three weeks of the meme coin contest, according to the transaction records. "May I have the pleasure?" he wrote in one social media post, showing off his standing as one of the top owners of the meme coin, several days before the contest ended. He declined to comment as he entered the White House, and he did not respond to follow-up emails, calls and text messages from the Times. The dinner invitation sent to He stands in contrast to the statement Trump issued Wednesday, arguing that his administration needed to urgently move to block visas for certain Chinese nationals, including those attending Harvard University, as "the Chinese Communist Party has sent thousands of midcareer and senior bureaucrats" to the United States. He said this order was for "crucial national security reasons." A senior White House official, who asked not to be named because of the sensitive nature of the matter, said this week that the presence of He at the dinner and White House tour was unfortunate and that overall, the meme coin dinner had created unnecessary questions. But the White House official added that it had occurred because Trump "carelessly committed" to his longtime friend and business partner Zanker that he would be a part of it. The official added that Trump was not notified who would be attending and was unaware of He's background. Supporting the party The mission of the Fangshan District division of the CPPCC, which lists He as a member, is to "uphold the overall leadership of the Communist Party of China and strengthen the common ideological and political foundation," the group says in describing one of its meetings this year. CPPCC committees are advisory bodies to China's rubber-stamp legislatures at the national, provincial and, like Fangshan, district or county levels. Members can make policy recommendations to the legislative bodies, called People's Congresses. These committees are part of the Communist Party's United Front system, which is devised to co-opt broad segments of the population, including entrepreneurs like He, into supporting and carrying out the party's policies. The CPPCC bodies also act as networking clubs. "When you are a CPPCC member, you are expected to be a part of the United Front system and carry the water where the party asks you to," said Peter Mattis, the president of the Washington-based Jamestown Foundation who studies the United Front. The Times turned up documentation on Chinese government websites showing He's participation in the CPPCC group, as well as an attendance list for the committee's gathering in Beijing in January that included He's name. Chinese government records show that He is the majority owner of a Beijing-based investment firm, TechSharpe (Beijing) Capital Management Co., which says on its website that it uses artificial intelligence to "conduct quantitative investment in stocks." Recently, He has also promoted a crypto firm called LuckyFuture and has interacted on social media with Changpeng Zhao, the founder of the giant crypto exchange Binance. In a social media post, responding to an inquiry from the Times, Zhao said he learned about LuckyFuture after He reached out to him in the last few weeks. (A Binance spokesperson did not respond to a request for comment.) He came to the United States from China about a decade ago to get a master's degree in finance at the Massachusetts Institute of Technology, before returning to China and becoming active in the CPPCC, which is noted in his TechSharpe biography. This made He just the kind of student Trump is now targeting. But there was no hint of those kinds of fears in gracious invitations sent via email in mid-May to the dinner guests. "Congratulations!" said the notice sent to He, with a photo illustration of a muscular, smiling Trump at a dinner table, with an American flag on his lapel. "We can't wait to see you at the Gala Dinner." (He posted a copy of these emails on his social media account.) A table of foreign visitors According to a video taken at the dinner, the VIPs at just one table illustrated how many of the guests had traveled from overseas, including from China. He's dining companions included Justin Sun, a Chinese-born billionaire who was the contest's single largest buyer and one of the largest investors in the Trump family's other crypto venture, World Liberty Financial. Sun also has experience as a CPPCC member. In 2016, he was named as a delegate for a committee in a district in Guangzhou, a city in southern China. Only 26 at the time, he was among the youngest people in the country to sit on a CPPCC body. "I feel that the responsibility is very heavy, and I must strive to adapt to the new role as soon as possible," Sun was quoted in state media as saying at the time. (His representatives did not respond to a request for comment.) Also seated at the table were Cheng Lu, a Singapore-based crypto investor, who told the Times in an interview outside the White House that he bought a large amount of the family's meme coin because he wanted a chance to privately meet with Trump. Sheldon Xia, the founder of BitMart, a cryptocurrency trading platform backed by China-based Fenbushi Capital, joined them at the table, along with Sangrok Oh, the CEO of Hyperithm, a Seoul- and Tokyo-based firm that manages digital assets for institutional investors. Guests invited to the dinner were "required to fill out a brief form as part of the security background check to gain entry to the event," according to an email sent to the winners. The questionnaire was created with a service called CryptoComply offered by the New York-based firm Canaria Consulting. It requested information such as name, date of birth and place of residence. The 25 top Trump meme coin holders had their names submitted to a background check system called White House Worker and Visitor Entry System, a government official told the Times. This system compares the names of the pending visitors with government databases that include terrorist watch lists and lists of known criminals. "The U.S. Secret Service is responsible for vetting all White House visitors and guests, and we fully trust their process in doing so," Leavitt said. Some guests at the dinner said they were surprised at how lax the security appeared at the event. People not on the guest list were in certain cases allowed to enter the golf club grounds that evening and remain there after Trump arrived, the Times also confirmed. "I expected more from the security questions," said Nicholas Pinto, a Florida resident and crypto trader who attended the dinner. "It was very basic. And next thing you know, I am standing there in the room with President Trump."
Mint
an hour ago
- Mint
Gold prices today in your city: Check prices in Mumbai, Bengaluru, Chennai, Hyderabad, New Delhi and Kolkata on June 8
Gold, silver prices in your city, June 8: Gold prices have moderated after weak US economic data ahead of the Federal Reserve's near-term interest rate decision and amid news of US President Donald Trump's phonecall with Chinese counterpart Xi Jinping. According to Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, the yellow metal is still shining bright due to status of the Russia-Ukraine war and uncertainty over the US-China tariffs. Jigar Trivedi, Senior Research Analyst at Reliance Securities noted that investors will also be 'closely monitoring' the developments between Donald Trump and Elon Musk. Overall, experts feel that commodities (gold and silver) have emerged as the safe haven investment in these volatile markets, but caution must be maintained. In terms of returns, over the past year along, gold cost has jumped 30 per cent, returned 15 per cent CAGR since 2001; and since 1995, has beaten inflation by over 2-4 per cent, data shows. Prices opened higher/lower today at 7.20 am on June 8. The MCX gold index was at ₹ 97,250/10 gm, the official website showed. Meanwhile, MCX silver prices were at ₹ 96,039/kg, it showed. Further, 24-carat gold was priced at ₹ 97,000/10 gm, according to data on the Indian Bullion Association (IBA) at 7.20 am on June 8. Further, 22-carat gold was priced at ₹ 88,917/10 gms. And, silver prices today are at ₹ 96,110/kg (Silver 999 Fine), as per the IBA website. So, check here for prices of gold and silver in your city today on June 8 — Delhi, Kolkata, Mumbai, Hyderabad, Bengaluru, and Chennai. Notably, for retail customers, jewellers may add making charges, taxes and GST to the bill, which could hike the final price for you. Gold bullion rates in Mumbai — ₹ 96,970/10 gm. 96,970/10 gm. MCX Gold rate in Mumbai — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in Mumbai — ₹ 1,05,700/kg. 1,05,700/kg. MCX Silver 999 rate in Mumbai — ₹ 1,05,525/kg. Gold bullion rates in New Delhi — ₹ 96,800/10 gm. 96,800/10 gm. MCX Gold rate in New Delhi — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in New Delhi — ₹ 1,05,520/kg. 1,05,520/kg. MCX Silver 999 rate in New Delhi — ₹ 1,05,525/kg. Gold bullion rates in Kolkata — ₹ 96,840/10 gm. 96,840/10 gm. MCX Gold rate in Kolkata — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in Kolkata — ₹ 1,05,560/kg. 1,05,560/kg. MCX Silver 999 rate in Kolkata — ₹ 1,05,525/kg. Gold bullion rates in Hyderabad — ₹ 97,120/10 gm. 97,120/10 gm. MCX Gold rate in Hyderabad — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in Hyderabad — ₹ 1,05,870/kg. 1,05,870/kg. MCX Silver 999 rate in Hyderabad — ₹ 1,05,525/kg. Gold bullion rates in Chennai — ₹ 97,250/10 gm. 97,250/10 gm. MCX Gold rate in Chennai — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in Chennai — ₹ 1,06,010/kg. 1,06,010/kg. MCX Silver 999 rate in Chennai — ₹ 1,05,525/kg. Gold bullion rates in Bengaluru — ₹ 97,040/10 gm. 97,040/10 gm. Gold rate in Bengaluru — ₹ 97,051/10 gm. 97,051/10 gm. Silver bullion rate in Bengaluru — ₹ 1,05,790/kg. 1,05,790/kg. MCX Silver 999 rate in Bengaluru — ₹ 1,05,525/kg. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
2 hours ago
- Mint
Alexa! Can this Amazon executive make you cool again?
'And it actually played," he says, hands on his knees, leaning into the audience of reporters and analysts at February demonstration of Alexa+, a rebooted, AI-infused version of the virtual assistant. 'Sounds kind of funny right now, but 10 years ago, it was mind-blowing." During that first encounter with Alexa, Panay was working for Microsoft, developing Surface tablets and laptops that earned a cultlike following. Now, he is a year and a half into overseeing Amazon's devices and services—including Alexa, which hasn't changed much in the past decade, even as the tech world has been upended by advances like ChatGPT. After releasing Alexa to widespread acclaim in 2015, Amazon had a head start getting people to engage with AI. But users still primarily ask the voice assistant for things like timers and the weather. Alexa and the devices unit have become a multibillion-dollar drag on Amazon's bottom line, a reminder of how a company known for its limitless expansionary ambitions failed to win at the next big thing. For years, the devices unit unveiled a flurry of products like a house drone, a fitness wristband and a smartphone to see what might land with consumers. Alexa was integrated into microwaves, refrigerators and even eyeglasses. Panay has scaled back the number of launches, focusing instead on ensuring that products like Alexa+ are functioning perfectly before rolling out to roughly 600 million devices. 'I believe simple is always better," Panay, 52, said in an interview. 'Anything you buy from Amazon, you will not only fall in love with, but it's also going to be that much easier to use." Amazon has repeatedly delayed the full release of its smarter Alexa since first showcasing a version in September 2023. In early tests, as generative-AI capabilities were added, it became less reliable for existing tasks like turning on the lights. Responses were too often jumbled or took too long. The company says Alexa+ will be available as an optional software update this summer to most, if not all, customers, though it hasn't announced a specific date. According to the company, the new version of Alexa—which Panay refers to as 'she," a rarity even among employees—will be able to arrange personal calendar events, play the music you want based on a vague description and remember dietary preferences for at-home meals. Alexa will be conversational, able to talk about major sporting events like a human friend, and capable of contacting and scheduling a contractor for house repairs, Amazon says. Panay joined Amazon in October 2023 and inherited some of the delays, but he has also held up its wider release until he is satisfied that Alexa+ will work flawlessly, conversationally and with limited lag time, people familiar with the matter say. He is often testing it out at home and reporting bugs. In one meeting last year, he told staff that he and one of his daughters had prompted Alexa+ to play a top-50 song with only context clues, but Alexa couldn't find the song. He told his team that Alexa+ had to be better at helping people find what they were looking for. Panay built his reputation at Microsoft, where he was known as the 'godfather" of the Surface devices and oversaw Windows. He was instrumental in the popular, minimalist aesthetics of the Surface tablet and was known to ask company engineers about numerous small details. Surface products weren't an immediate success. In 2013, Microsoft took a $900 million charge related to its struggling Surface RT tablet before the Surface Pro 3 became a hit. Panay became the effusive onstage showman, cultivating product launches akin to Apple's. On stage, and most days, he wears all black to simplify his wardrobe decisions and adorns his outfits with gold bracelets or rings, and sometimes flashy Nike sneakers. Panos Panay, shown here in 2017, was well-known for his Surface product launch events at Microsoft. At Microsoft, Panay hosted his friend and comedian Trevor Noah, who's known for his interest in technology, more than once. In 2019, Noah posted on Instagram a photo of himself with Panay in a Microsoft lab, saying he'd asked the executive for 'extra features and free Xbox games." Panay spent weeks preparing for his presentations at Microsoft, said Ryan Day, who worked on the Surface's public-relations team. Panay would ask every team member how they thought a product's story should be told, and he pulled engineers to the side to ask how the hinges on devices would work or to figure out exact dimensions that would entice customers. 'He was obsessed with the mechanics of physical products," Day said. 'He never got up there and winged it." Panay left Microsoft after more than 19 years to join Amazon, where he took over a sprawling division that includes everything from the Kindle e-reader to the Zoox autonomous vehicle and the Project Kuiper satellite-internet business, meant to compete with Elon Musk's Starlink. He knows that getting Alexa+ right is critical because it will release to millions of people who depend on the technology across multiple devices. It's a very public rollout. Some new features, such as certain personalized reminders and routines for family members, grocery ordering, creating personalized music, and third-party services like food ordering through Grubhub, haven't been available for early testers. An Amazon spokesman said that nearly 90% of the Alexa+ features that the company announced are available for early users, though it isn't clear how big that group is. The spokesman said that the rest of the features will be available this summer. Teams have demonstrated Alexa+ to Panay every few weeks. At one internal demo late last year, the assistant accidentally duplicated items in a shopping cart for a recipe. It also would default to recommending bananas to everyone since those are one of the most popular grocery items on Amazon. Panay insists that all of Alexa's problems must be ironed out before the release. 'He really has us putting our back into 'Let's be a world-class consumer electronics company,'" said Daniel Rausch, Amazon's vice president of Alexa and Echo, who reports to Panay. Last year, Panay noticed that the Echo Show visual display with Alexa+ had some screens with an easy-to-spot 'back" button but other screens where he had to swipe to go back. He told staff to make the function consistent, saying other, non-Amazon devices had such consistency. Panay—not to be confused with his cousin, Panos A. Panay, the president of the Recording Academy, which organizes the Grammy Awards—was born in the Los Angeles area and is of Cypriot-Greek descent. He grew up in Burbank, Calif., and received a bachelor's degree from California State University, Northridge, and a master's in business from Pepperdine University. Early in his career, he worked at NMB Technologies, where he helped develop products such as keyboards and speakers. He now lives in the Seattle area. Each day, the married father of four wakes up at 4:15 a.m. to journal, typically writing personal memos about the products he and his team are working on. Lately, he says he's learning from 'Meditations" by Marcus Aurelius, a Roman emperor known for his ideas on Stoicism. 'You can't always be beating yourself up," he said. Philosophical works are 'where I can always be learning and not judging, just trying to be myself at the end of the day." Amazon's original financial strategy was to sell underpriced Echo speakers enabled with Alexa in hopes of getting people to spend more throughout the Amazon ecosystem. It didn't work, and the Amazon devices unit, dragged down by the financial performance of Echo, has overall been a money loser. It became clear that it wasn't going to be profitable alone, which is why the company is now tying Alexa+ to Prime, said a person familiar with the matter. Alexa+ will be included with an Amazon Prime membership, which costs $14.99 a month, or as a separate $19.99-a-month subscription.
