Latest news with #Dalian
Business Recorder
2 hours ago
- Business
- Business Recorder
Palm edges higher on bargain buying, short covering
KUALA LUMPUR: Malaysian palm oil futures closed higher on Tuesday, snapping two sessions of losses, as bargain buyers emerged and short-covering activity provided additional support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 12 ringgit, or 0.28%, to 4,254 ringgit ($1,005.44) a metric ton at the close. Bargain buyers lifted crude palm oil futures prices to positive territory at the session's close, a Kuala Lumpur-based trader said. 'It could be that some short coverings are pushing up the market,' the trader added. Dalian's most-active soyoil contract rose 1.38%, while its palm oil contract rose 0.61%. Soyoil prices on the Chicago Board of Trade were down 0.11%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged up on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Time of India
10 hours ago
- Business
- Time of India
Apple is doing in China what it has never done since its first store opening in 2008
In a first, Apple will close one of its retail stores in China after establishing its presence in the country in 2008. The Apple Store in question is the one situated in Dalian City Parkland Mall and it is set to cease operations on August 9. This move signals Apple's response to a reportedly challenging retail environment, as locals have described the Parkland Mall as struggling, noting that other major brands like Michael Kors and Armani have also recently closed their outlets there. 'Given the departure of several retailers at the Parkland Mall, we have made the decision to close our store,' The New York Times quoted Apple spokesman Brian Bumbery as saying. He said that the company remains committed to the Dalian community and that 'all of our valued team members will have the opportunity to continue their roles with Apple.' Apple plans new store in China amid tough competition The report also said that Apple plans to open a new store in the southern Chinese city of Shenzhen this month. With this new opening, the company expects to maintain its total number of stores in China at 58 by the end of 2025, the same figure it held at the beginning of the year. The news comes at a time when China is facing broader economic challenges, particularly with consumer spending. Despite significant government programmes designed to stimulate purchases of goods like smartphones and electric vehicles, economists caution that any boost to consumption may be short-lived, the report said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo Meanwhile, Apple's has ongoing business struggles in China, which stands as its second-largest market. The tech giant has reported declining sales in the country for six consecutive quarters. Chinese rivals such as Huawei, Xiaomi, and Vivo have been steadily eroding Apple's market share in the world's largest smartphone market. India is gaining on becoming a smartphone manufacturing hub as Apple continues to shift its focus to India. According to a report by Canalys, India has surpassed China in exporting smartphones to the US. Driven by Apple's shift and Trump's tariffs, India now accounts for 44% of US smartphone imports. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Phone Arena
13 hours ago
- Business
- Phone Arena
Apple closes a store for the first time in the biggest smartphone market on Earth
Another day, another thing that has never happened before: 2025 rocks (so far). Apple has many stores across China, and that's only natural, since that's where the largest smartphone market has been in recent years. Now, Apple has decided to close one of its emblematic stores in China. Apple is set to close one of its retail stores in Dalian (northeastern China) on August 9, as reports read, highlighting that Cupertino has been in China from 2008 onwards. The soon-to-be closed store is located in Parkland Mall, and it's being shut down due to a broader decline in the mall's foot traffic. Other brands (like Michael Kors and Armani) have also left. The report claims that this move reflects broader challenges in China's economy, where consumer spending remains weak despite government efforts to boost consumption through trade-in programs and subsidies for items like smartphones and electric is also facing mounting pressure in China, its second-largest market, as local competitors such as Huawei, Xiaomi, and Vivo continue to eat into its market share. The company's sales in China have been falling for six straight quarters, with revenue dropping nearly 10 percent last year compared to its 2022 the closure, Apple will maintain a presence in Dalian through another store and plans to open a new store in Shenzhen this month. With the addition, Apple expects to end 2025 with the same number of retail locations in China – 58 – as it started the year. Image by PhoneArena While Apple faces a slowdown in sales, domestic brands continue to gain momentum. Huawei, in particular, reclaimed the top spot in China's smartphone rankings during the second quarter of 2025, shipping 12.2 million units and capturing 18% of the market, according to research firm Canalys. Huawei's return to the top comes despite an overall dip in smartphone sales across the Chinese brands also posted strong numbers: Vivo took second place with 11.8 million units, followed by Oppo and Xiaomi. Apple, though still in the top five, came in last among the group with a 15% market share – roughly 10.1 million units – placing it behind its local competitors. So, one store opens, another is going to be shut down: but locals grab iPhones less and less. That doesn't worry me a bit. The big question is: how can people outside of China grab a hold of Chinese phones? Brands often release top-shelf models only for the Chinese market, and that's a shame.
Yahoo
16 hours ago
- Business
- Yahoo
Apple to Shutter a Retail Store in China for the First Time Ever
(Bloomberg) — Apple Inc. (AAPL) is closing a retail store in China for the first time, marking a notable retreat in a market where the iPhone maker is striving to revive sales. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The company said on Monday that it will shut its Parkland Mall store in the Zhongshan District of Dalian City on Aug. 9, citing a changing landscape at the shopping complex. It has about 56 stores in the Greater China region, making up over 10% of its footprint of more than 530 outlets globally. 'We're always focused on providing an exceptional experience for all of our customers both online and at more than 50 Apple Store locations across Greater China,' the Cupertino, California-based company said in a statement. 'Given the departure of several retailers at the Parkland Mall, we have made the decision to close our store there.' China is grappling with deflationary pressures as consumption wanes and global tariffs hurt exports, a major engine of the world's No. 2 economy. Retail sales growth has fallen short of forecasts, and home prices dropped at a faster pace in June. The closing store is one of two locations in Dalian City. The other, a store at the Olympia 66 shopping complex, remains open. Employees at the site that's closing will be given opportunities to work elsewhere, the company said. The two locations are roughly 10 minutes apart. More broadly, Apple has been looking to stage a comeback in China. Sales in the country fell 2.3% to $16 billion in the second quarter, which ended March 29. Analysts had predicted $16.8 billion. Apple is opening a new store at Uniwalk Qianhai in Shenzhen on Aug. 16. It's also planning additional locations in Beijing and Shanghai over the next year, Bloomberg News has reported. It opened a store in the Anhui province in January. The company is also expanding soon with new stores in Detroit, the United Arab Emirates, Saudi Arabia and India. A location in Osaka opened on July 26, and a major new flagship store debuted in Miami in January. The company also opened its first store in Malaysia last year. While Apple is still adding new stores, overall retail expansion has slowed since the pandemic hit. Apple has instead focused on opening up its online retail store in new places, such as India and Saudi Arabia, and updating or moving older physical locations. The company also appears to be becoming more selective in renewing its leases, announcing plans to shutter a store in Bristol in the UK on same day as its closure in China. Other upcoming closures include the Partridge Creek store in Michigan and the Hornsby location near Sydney. Apple isn't the only major brand to back out of China's Parkland Mall. Earlier this year, the majority shareholder of the complex took full operational control, and retailers like Coach, Sandro and Hugo Boss haven't renewed their leases in recent years. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P.
Business Recorder
17 hours ago
- Business
- Business Recorder
Palm climbs on bargain buying, short covering
KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, reversing earlier losses, as bargain buyers emerged and short-covering activity provided additional support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 20 ringgit, or 0.47%, to 4,262 ringgit ($1,005.90) a metric ton at the midday break. The contract fell in the last two sessions. Bargain buyers lifted crude palm oil futures prices to positive territory at the session's close, a Kuala Lumpur-based trader said. 'It could be that some short coverings are pushing up the market,' the trader added. Dalian's most-active soyoil contract rose 1.4%, while its palm oil contract rose 0.76%. Soyoil prices on the Chicago Board of Trade were down 0.18%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm extends losses on weak rival oils, concerns over rising output, stocks Oil extended gains, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.21% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may fall to 4,161 ringgit per ton, as it has pierced below support at 4,211 ringgit, Reuters technical analyst Wang Tao said.
