Cyber Monday is expected to remain the year’s biggest online shopping day as the spending is estimated to hit a record of $11.6 billion. Brands have introduced massive discounts on all products to tempt shoppers. Watch this report.

World Business Watch | Cyber Monday sales estimated to hit $11.6 billion

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.&nbsp;

According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped.&nbsp;

Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company.

According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally.&nbsp;

The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective.

Carroll&nbsp;said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company.&nbsp;

However, she said that the project was not completely abandoned.&nbsp;

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Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019.&nbsp;

The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace.

(with inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot. According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped. Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company. According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally. The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective. Carroll said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company. However, she said that the project was not completely abandoned. Also Read: Famous Moai statues 'irreparably' damaged due to Easter Island fire Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019. The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace. (with inputs from agencies)

Amazon shutting down tests of home delivery robot 'Scout' amid slowing growth

Parts shortage has hit the auto industry in Russia. Russia's car sales are expected to halve in 2022. May car sales slid 83.5% year on year.

Russia's car sales to halve in 2022 as the auto industry grapples with supply issues

Canadian Prime Minister Trudeau has proposed to ban gun sales after US shooting incidents. However, Canada sees a surge in handgun sales as Canadians rush to buy guns before the new law is implemented.

Canada sees a surge in handgun sales as Canadians rush to buy guns before the new law is implemented

The number of new cars sold in Europe has declined for the 10th month in a row as supply chain issues continue to take a heavy toll on car manufacturing.

EU car sales are on a tight leash as sales drop for the 10th month in a row

Apple&nbsp;Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Shares were down 2.2 per cent&nbsp;in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for&nbsp;Apple's fiscal second quarter, which ended in March.

Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led&nbsp;Apple&nbsp;to stop sales in Russia, would cut sales more deeply in the fiscal third quarter.

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He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter.

Supply problems were focused on a corridor in Shanghai, China and reflected covid&nbsp;disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said.

Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of&nbsp;Apple&nbsp;products had restarted after recent covid&nbsp;shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end.

Cook said he hoped covid&nbsp;issues would be "transitory" and "get better over time."

At least one analyst said the outlook lacked clarity.

"We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier &amp; Associates.

Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite&nbsp;Apple's management of supply chain in the March quarter.

Watch |&nbsp;How netizens are reacting to Apple's 'pregnant man' emoji | Tech It Out

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/how-netizens-are-reacting-to-apples-pregnant-man-emoji-tech-it-out-473150/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent&nbsp;after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent.

Both companies, along with&nbsp;Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere.

March quarter strength&nbsp;

Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent&nbsp;from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data.

Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent&nbsp;increase from a year ago, and services sales rose 17 per cent&nbsp;to $19.8 billion, both ahead of analyst average forecasts.

However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates.

WATCH WION LIVE HERE

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Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43.

Apple&nbsp;also raised its dividend 5 per cent&nbsp;to $0.23 per share and the board approved a buyback for an added $90 billion in shares.

Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples.

Cook shrugged off an analyst question on inflation and consumers.

"We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said.

Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses.

The pandemic, including the shift to hybrid work, has benefited other businesses.

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Apple&nbsp;said iPad sales fell 2 per cent&nbsp;to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent&nbsp;to $10.4 billion.

Sales of wearables, home speakers and accessories rose 12 per cent&nbsp;to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories.

Apple&nbsp;said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion. Shares were down 2.2 per cent in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for Apple's fiscal second quarter, which ended in March. Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led Apple to stop sales in Russia, would cut sales more deeply in the fiscal third quarter. Also read | Apple just released iOS15.4 update with 37 new emojis, and netizens are not pleased He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter. Supply problems were focused on a corridor in Shanghai, China and reflected covid disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said. Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of Apple products had restarted after recent covid shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end. Cook said he hoped covid issues would be "transitory" and "get better over time." At least one analyst said the outlook lacked clarity. "We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier & Associates. Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite Apple's management of supply chain in the March quarter. Watch | How netizens are reacting to Apple's 'pregnant man' emoji | Tech It Out Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent. Both companies, along with Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere. March quarter strength Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data. Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent increase from a year ago, and services sales rose 17 per cent to $19.8 billion, both ahead of analyst average forecasts. However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates. WATCH WION LIVE HERE Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43. Apple also raised its dividend 5 per cent to $0.23 per share and the board approved a buyback for an added $90 billion in shares. Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples. Cook shrugged off an analyst question on inflation and consumers. "We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said. Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses. The pandemic, including the shift to hybrid work, has benefited other businesses. Also read | Apple is internally testing new models of MacBook series: Report Apple said iPad sales fell 2 per cent to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent to $10.4 billion. Sales of wearables, home speakers and accessories rose 12 per cent to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories. Apple said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple sees bigger supply problems after strong start to year

India's insurance giant LIC has been reduced by 50 in size but it is still the biggest stake sale in India's stock listing history. As per the details announced yesterday, LIC IPO will be worth nearly 21,000 crore rupees or 2.7 billion dollars it will hit primary market on May 4.

LIC IPO: India's insurance giant has biggest stock sale in India

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales.

China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing's move to strengthen control over its society and industries including technology, after years of unbridled growth.

This has also led to a slowdown in advertising as businesses have cut spending.

Tencent Holdings, which gets much of its revenue from gaming and develops games such as 'Honour of Kings' and 'Call of Duty Mobile', said domestic gaming sales grew 1% in the quarter ended Dec. 31.

The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year.

"As we move into the latter half of 2022 it should cease to impact the revenue growth rate," Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures.

Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed.

The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter.

It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements.

Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed.

(With inputs from agencies)

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales.

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales. China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing's move to strengthen control over its society and industries including technology, after years of unbridled growth. This has also led to a slowdown in advertising as businesses have cut spending. Tencent Holdings, which gets much of its revenue from gaming and develops games such as 'Honour of Kings' and 'Call of Duty Mobile', said domestic gaming sales grew 1% in the quarter ended Dec. 31. The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year. "As we move into the latter half of 2022 it should cease to impact the revenue growth rate," Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures. Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed. The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter. It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements. Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed. (With inputs from agencies)

Tencent posts slowest-ever sales rise; regulation impact set to ease

At a time when numerous companies faced supply chain issues or registered losses due to various factors triggered by the pandemic, it seems some firms have done exceptionally well beyond expectation. &nbsp;

One of such companies is Britain's Rolls-Royce Motor Cars. On Monday, the firm announced that it witnessed record annual sales in 2021. &nbsp;

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The whole sector on a broader scale experienced a slump due to semiconductor shortage. &nbsp;

Sales surged almost 50 per cent to 5,586 cars for the company. It set records in most regions, which include the Americas, Asia-Pacific and Greater China, and other countries around the world, said German-owned luxury carmaker. &nbsp;

The demand seems to have been powered by its new "Ghost" coupe and 2.6-tonne, 350,000-euro Cullinan SUV. &nbsp;

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In a statement, Rolls-Royce Motor Cars Chief Executive Torsten Muller-Otvos said, "2021 was a phenomenal year for Rolls-Royce Motor Cars. We delivered more cars than at any time in the marque's 117-year history with unprecedented demand for all products in every global market.” &nbsp;

Meanwhile, it is also preparing to launch Spectre, which will be its first all-electric car. &nbsp;

The brand’s cars are considered as a luxury status symbol by the whole world. &nbsp;

(With inputs from agencies)&nbsp;

At a time when numerous companies faced supply chain issues or registered losses due to various factors triggered by the pandemic, it seems some firms have done exceptionally well beyond expectation.

At a time when numerous companies faced supply chain issues or registered losses due to various factors triggered by the pandemic, it seems some firms have done exceptionally well beyond expectation. One of such companies is Britain's Rolls-Royce Motor Cars. On Monday, the firm announced that it witnessed record annual sales in 2021. Also Read: This ex-McDonald's cook is now the 11th richest person in the world The whole sector on a broader scale experienced a slump due to semiconductor shortage. Sales surged almost 50 per cent to 5,586 cars for the company. It set records in most regions, which include the Americas, Asia-Pacific and Greater China, and other countries around the world, said German-owned luxury carmaker. The demand seems to have been powered by its new "Ghost" coupe and 2.6-tonne, 350,000-euro Cullinan SUV. Also Read: South Korea: Presidential candidate backs billionaire’s online anti-communism campaign In a statement, Rolls-Royce Motor Cars Chief Executive Torsten Muller-Otvos said, "2021 was a phenomenal year for Rolls-Royce Motor Cars. We delivered more cars than at any time in the marque's 117-year history with unprecedented demand for all products in every global market.” Meanwhile, it is also preparing to launch Spectre, which will be its first all-electric car. The brand’s cars are considered as a luxury status symbol by the whole world. (With inputs from agencies)

For first time in its 117-year history, luxury carmaker Rolls-Royce saw record sales in 2021

Electric vehicles have started dominating Norway's car market as it aims to become 1st nation in the world to end cars that run on petroleum fuels.

Electric cars hit record sales as Norway on the way to become 1st nation to end fuel cars

Amid the ongoing semiconductor shortages globally, Toyota dethrones GM after nearly a century as it sells 2.332 million vehicles in the US in 2021.

Toyota dethrones GM after nearly a century as it sells 2.332 million vehicles in the US in 2021

Europe has been increasingly adopting vehicles, which run on cleaner fuel. This has proven true as the sales of electric vehicles (EV) and plug-in hybrids have outpaced the diesel cars in the continent last month.&nbsp;

The Tesla, Renault Zoe&nbsp;and Dacia Spring seems to have been becoming highly popular among motorists.

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The popularity of the EV and plug-in hybrid models have increased in last two years. As the global chip shortage continues, there has been a downfall in overall sales of new cars. &nbsp;

These findings have been shared by a London-based motoring business intelligence firm called Jato Dynamics. It analysed data from around 25 markets in Europe. &nbsp;

However, the sales of petrol cars were over double of the EVs and hybrids, said the firm. &nbsp;

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Jato global analyst Felipe Munoz said, "If you want a new car in this current environment, the chances are that EVs are going to be more accessible given the range of offers and incentives available.” &nbsp;

Last month, 217,709 units of lower emissions' cars were registered in Europe. It accounted for 26% of the total. It was more than diesel cars, which had 18%. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

Europe has been increasingly adopting vehicles, which run on cleaner fuel. This has proven true as the sales of electric vehicles (EV) and plug-in hybrids have outpaced the diesel cars in the continent last month.

Europe has been increasingly adopting vehicles, which run on cleaner fuel. This has proven true as the sales of electric vehicles (EV) and plug-in hybrids have outpaced the diesel cars in the continent last month. The Tesla, Renault Zoe and Dacia Spring seems to have been becoming highly popular among motorists. Also Read: UK experts disagree with Boris Johnson's plan of delaying Covid regulations The popularity of the EV and plug-in hybrid models have increased in last two years. As the global chip shortage continues, there has been a downfall in overall sales of new cars. These findings have been shared by a London-based motoring business intelligence firm called Jato Dynamics. It analysed data from around 25 markets in Europe. However, the sales of petrol cars were over double of the EVs and hybrids, said the firm. Also Read: Job of millennium? Pub landlord-cum-monarch vacancy is up for grabs in UK Jato global analyst Felipe Munoz said, "If you want a new car in this current environment, the chances are that EVs are going to be more accessible given the range of offers and incentives available.” Last month, 217,709 units of lower emissions' cars were registered in Europe. It accounted for 26% of the total. It was more than diesel cars, which had 18%. (With inputs from agencies)

For the first time, sales of electric vehicles beat diesel cars in Europe

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities.

Huang Wei, also known as Viya, is an internet celebrity with millions of followers. She has used her platform to sell a variety of products.

Viya is one of the biggest stars on Alibaba's&nbsp;digital clothing marketplace Taobao, where influencers try to sell items to viewers on live streams, according to Bloomberg.

The 36-year-old had over 80 million followers on Taobao and 18 million on Weibo, the microblogging platform, according to the Daily Mail.

This is the second tax evasion penalty slapped on e-commerce livestreamers since November.

On Monday, the State Taxation Administration in a statement on its website said that Viya evaded or underpaid 703 million yuan ($110 million) in taxes.

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The livestreamer is accused of evading taxes from 2019 to 2020 by concealing her personal income and falsely declaring some income sources, the press release said.

In a post on her Weibo account, Viya said she was “deeply sorry”.

“I thoroughly accept the punishment made by the tax authorities,” the post said.

According to AFP, Viya's accounts vanished from major online platforms on Tuesday, with her livestreaming page on Taobao shopping site rendered inaccessible.

Also read |&nbsp;<a href="https://www.wionews.com/world/after-tv-shows-china-goes-after-comics-and-animation-in-latest-clampdown-on-entertainment-industry-416454">After TV shows, China goes after comics and animation in latest clampdown on entertainment industry</a>

The state-backed Global Times newspaper says that her penalty serves as a “warning to others”.

China has been clamping down on online bloggers– who have grown in popularity since the pandemic started, according to reports.

The livestreaming e-commerce market has seen explosive growth in China, with the consulting firm KPMG estimating that the market could be valued at approximately 1 trillion yuan last year, or $156 billion,&nbsp;according to the South China Morning Post.

Previously in November, two influential livestreamers Zhu Chenhui, widely known as Xueli Cherie and Lin Shanshan, were fined 93.2 million yuan ($14.6 million) for tax evasion. Both of their Taobao e-shops were shut down afterwards.

(With inputs from agencies)

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities. Huang Wei, also known as Viya, is an internet celebrity with millions of followers.

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities. Huang Wei, also known as Viya, is an internet celebrity with millions of followers. She has used her platform to sell a variety of products. Viya is one of the biggest stars on Alibaba's digital clothing marketplace Taobao, where influencers try to sell items to viewers on live streams, according to Bloomberg. The 36-year-old had over 80 million followers on Taobao and 18 million on Weibo, the microblogging platform, according to the Daily Mail. This is the second tax evasion penalty slapped on e-commerce livestreamers since November. On Monday, the State Taxation Administration in a statement on its website said that Viya evaded or underpaid 703 million yuan ($110 million) in taxes. Also read | Global debt rises as financial crisis looms; China under threat The livestreamer is accused of evading taxes from 2019 to 2020 by concealing her personal income and falsely declaring some income sources, the press release said. In a post on her Weibo account, Viya said she was “deeply sorry”. “I thoroughly accept the punishment made by the tax authorities,” the post said. According to AFP, Viya's accounts vanished from major online platforms on Tuesday, with her livestreaming page on Taobao shopping site rendered inaccessible. Also read | After TV shows, China goes after comics and animation in latest clampdown on entertainment industry The state-backed Global Times newspaper says that her penalty serves as a “warning to others”. China has been clamping down on online bloggers– who have grown in popularity since the pandemic started, according to reports. The livestreaming e-commerce market has seen explosive growth in China, with the consulting firm KPMG estimating that the market could be valued at approximately 1 trillion yuan last year, or $156 billion, according to the South China Morning Post. Previously in November, two influential livestreamers Zhu Chenhui, widely known as Xueli Cherie and Lin Shanshan, were fined 93.2 million yuan ($14.6 million) for tax evasion. Both of their Taobao e-shops were shut down afterwards. (With inputs from agencies)

Top Chinese online influencer fined $210 million for tax evasion

Supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of semiconductors. Automakers globally have been forced to make sharp production cuts this year.

Automakers globally have been forced to make sharp production cuts this year

The battle for putting an end to the sale of cigarettes in Australia has been ensuing for a long time. &nbsp;

In the latest development, leading public health researchers have said that the governments must set a date for banning the sale of cigarettes through retailers, including supermarkets. &nbsp;

They also said that it is time to find new ways of boosting revenue without relying on tobacco excise taxes.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/invisible-killer-air-pollution-in-europe-still-kills-300000-a-year-429490" hreflang="en">'Invisible Killer': Air pollution in Europe still kills 300,000 a year</a>

This development comes as a research published in the Medical Journal of Australia (MJA) showed on Monday that 1,466 respondents (52.8%) to a Victorian Cancer Council survey had agreed with phasing out the sale of cigarettes in retail outlets.&nbsp;

Associate prof Coral Gartner, an international expert in tobacco control policy with the University of Queensland, said, “Sometimes, the public is ahead of the policy.”&nbsp;

In a different MJA piece also published on Monday, Gartner and her colleagues wrote that it is time for governments to move beyond measures that focus on consumers, such as plain-packaging laws and tobacco-harm warnings and start focusing on supply.&nbsp;

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The piece said that there is an urgent need for “ending the regulatory exceptionalism that has maintained the legal status of tobacco products as a consumer good.”&nbsp;

“Cigarettes do not meet modern consumer product safety standards,” Gartner and her colleagues said. &nbsp;

(With inputs from agencies)

The battle for putting an end to the sale of cigarettes in Australia has been ensuing for a long time. In the latest development, leading public health researchers have said that the governments must set a date for banning the sale of cigarettes through retailers, including supermarkets.

The battle for putting an end to the sale of cigarettes in Australia has been ensuing for a long time. In the latest development, leading public health researchers have said that the governments must set a date for banning the sale of cigarettes through retailers, including supermarkets. They also said that it is time to find new ways of boosting revenue without relying on tobacco excise taxes. Also Read: 'Invisible Killer': Air pollution in Europe still kills 300,000 a year This development comes as a research published in the Medical Journal of Australia (MJA) showed on Monday that 1,466 respondents (52.8%) to a Victorian Cancer Council survey had agreed with phasing out the sale of cigarettes in retail outlets. Associate prof Coral Gartner, an international expert in tobacco control policy with the University of Queensland, said, “Sometimes, the public is ahead of the policy.” In a different MJA piece also published on Monday, Gartner and her colleagues wrote that it is time for governments to move beyond measures that focus on consumers, such as plain-packaging laws and tobacco-harm warnings and start focusing on supply. Also Read: Huge catch: $44 million worth cocaine found in onion ring cargo at UK border The piece said that there is an urgent need for “ending the regulatory exceptionalism that has maintained the legal status of tobacco products as a consumer good.” “Cigarettes do not meet modern consumer product safety standards,” Gartner and her colleagues said. (With inputs from agencies)

Set a date to ban cigarette sales in Australia, urge public health researchers

The United States on Tuesday banned ticket sales for air travel to and from Belarus, acting after Minsk forced a Ryanair flight to land and arrested a dissident journalist aboard. 
 
The order is Washington's latest response to Belarus President Alexander Lukashenko's harsh crackdown against months of pro-democracy protests over his alleged rigging of an August 2020 election. The longtime ruler denies election fraud. 
 
The United States and the European Union have refused to recognise his victory and imposed sanctions against top Belarusian officials and other targets. 
 
In issuing the ban, the US&nbsp;Transportation Department said the State Department had determined that limiting travel between the United States and Belarus was in Washington's foreign policy interest following the diversion of the Ryanair flight. 
 
The order still would permit "the operation of any transportation deemed to be in the national interest of the United States, including on humanitarian or national security grounds," according to the text. 
 
It said the order would extend to 'interline' travel in which tickets are purchased through one airline that contain flights operated by multiple airlines. 
 
The directive, under consideration for several weeks, is mostly symbolic since relatively few tickets are purchased for travel to Belarus from US-based travel services. 
 
It is open for public comment until July 1. 
 
After the May 23 forced landing of the Ryanair flight en route from Athens to Vilnius, the US&nbsp;government advised passenger airlines to use extreme caution when flying over Belarus. At the time, the United States stopped short of imposing any restrictions. 
 
The 'Notice to Airmen' does not apply to cargo carriers, such as United Parcel Service and Fedex Corp that fly over Belarus. 
 
United Airlines flies a route to India that sometimes is routed near Belarus, but no other US&nbsp;passenger carrier typically flies through the former Soviet republic's airspace.

The United States on Tuesday banned ticket sales for air travel to and from Belarus, acting after Minsk forced a Ryanair flight to land and arrested a dissident journalist aboard.

The United States on Tuesday banned ticket sales for air travel to and from Belarus, acting after Minsk forced a Ryanair flight to land and arrested a dissident journalist aboard. The order is Washington's latest response to Belarus President Alexander Lukashenko's harsh crackdown against months of pro-democracy protests over his alleged rigging of an August 2020 election. The longtime ruler denies election fraud. The United States and the European Union have refused to recognise his victory and imposed sanctions against top Belarusian officials and other targets. In issuing the ban, the US Transportation Department said the State Department had determined that limiting travel between the United States and Belarus was in Washington's foreign policy interest following the diversion of the Ryanair flight. The order still would permit "the operation of any transportation deemed to be in the national interest of the United States, including on humanitarian or national security grounds," according to the text. It said the order would extend to 'interline' travel in which tickets are purchased through one airline that contain flights operated by multiple airlines. The directive, under consideration for several weeks, is mostly symbolic since relatively few tickets are purchased for travel to Belarus from US-based travel services. It is open for public comment until July 1. After the May 23 forced landing of the Ryanair flight en route from Athens to Vilnius, the US government advised passenger airlines to use extreme caution when flying over Belarus. At the time, the United States stopped short of imposing any restrictions. The 'Notice to Airmen' does not apply to cargo carriers, such as United Parcel Service and Fedex Corp that fly over Belarus. United Airlines flies a route to India that sometimes is routed near Belarus, but no other US passenger carrier typically flies through the former Soviet republic's airspace.

US bans ticket sales for passenger flights to Belarus

German carmaker Volkswagen will stop selling combustion engines cars in Europe by 2035 as it shifts to electric vehicles, but later in the United States and China, a board member was quoted as saying on Saturday. 
 
"In Europe, we will exit the business with internal combustion vehicles between 2033 and 2035, in the United States and China somewhat later," Klaus Zellmer, Volkswagen board member for sales, told the Muenchner Merkur newspaper. 
 
"In South America and Africa, it will take a good deal longer due to the fact that the political and infrastructure framework conditions are still missing." 
 
By 2050 at the latest, the entire Volkswagen fleet should be CO2-neutral, Zellmer told the newspaper. 
 
In Europe, he is aiming for electric cars to account for 70% of total sales by 2030. This would prepare the company for a possible tightening of the European Union's climate targets and even go beyond them. 
 
EU policymakers have clamped down on exhaust emissions, forcing carmakers to spur development of low-emission technology or face penalties if they exceed limits on CO2 emissions.

German carmaker Volkswagen will stop selling combustion engines cars in Europe by 2035 as it shifts to electric vehicles, but later in the United States and China, a board member was quoted as saying on Saturday.

German carmaker Volkswagen will stop selling combustion engines cars in Europe by 2035 as it shifts to electric vehicles, but later in the United States and China, a board member was quoted as saying on Saturday. "In Europe, we will exit the business with internal combustion vehicles between 2033 and 2035, in the United States and China somewhat later," Klaus Zellmer, Volkswagen board member for sales, told the Muenchner Merkur newspaper. "In South America and Africa, it will take a good deal longer due to the fact that the political and infrastructure framework conditions are still missing." By 2050 at the latest, the entire Volkswagen fleet should be CO2-neutral, Zellmer told the newspaper. In Europe, he is aiming for electric cars to account for 70% of total sales by 2030. This would prepare the company for a possible tightening of the European Union's climate targets and even go beyond them. EU policymakers have clamped down on exhaust emissions, forcing carmakers to spur development of low-emission technology or face penalties if they exceed limits on CO2 emissions.

Volkswagen to end sales of combustion engines in Europe by 2035

Electric bikes are starting to fill bike lanes in Paris as many commuters wary of taking the metro in the post-coronavirus lockdown period have resorted to two-wheel transport.

Paris sees spike in e-bike sales as virus lockdown winds down

A 7 per cent jump in shares, a $30 billion surge in market value, over 2,738 shipments in march, factories back in action and a possible contract-extension for its racing star Sebastian Vettel. Ferrari is speeding off the coronavirus speed-breaker. This Italian luxury car manufacturer is gaining mileage during this pandemic.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/covid-19-effect-us-trade-deficit-widens-to-444-billion-uk-car-sales-crashes-to-1946-level-296830" hreflang="en">COVID-19 effect: US trade deficit widens to $44.4 billion; UK car sales crashes to 1946 level</a>

On Monday, the company restarted its factories in Maranello and modena. Several other manufacturing units are expected to resume production. This re-opening is being called the 'back on track' operation because the company's profits are back on track.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-stocks-fall-as-us-china-tensions-threaten-rebound-296550" hreflang="en">Global Markets: Stocks fall as US-China tensions threaten rebound</a>

Ferrari has recorded strong first-quarter earnings. So strong, that it is now worth more than General Motors and Ford. General Motors' market cap fell to 29.3 billion dollars on Monday. Ford fell even lower to 19.2 billion dollars.

Ferrari beats them both, its market capitalization hit 30.1 billion dollars in early trading on the same day.

What makes this feat even more special for Ferrari, is the stark contrast in yearly manufacturing. Ferrari makes only 10,000 cars a year. General Motors produces about 7.7 million vehicles. 
&nbsp; 
What does this mean? 
That Ferrari earns as much profit selling 1 car as ford does selling 908. There's data to back this.

According to a report by the Fiat group, Ferrari earned a handsome profit of $94,000 for every car it sold in 2019.

While another rival, Japanese carmaker Nissan had to sell 926 cars to match this profit margin.

But despite these profits in the sale. The company has lowered its net revenue estimates to $3.9 from 4.5 billion for this year because its racing business is not yet back on track.

Ferrari expects its revenue from Formula One to be sharply lower than in 2019 because races cannot be run without spectators.

The turnover from brand projects too has reduced. Ferrari may have been slowed by the pandemic in one sector.

A 7 per cent jump in shares, a $30 billion surge in market value, over 2,738 shipments in march, factories back in action and a possible contract-extension for its racing star Sebastian Vettel.

A 7 per cent jump in shares, a $30 billion surge in market value, over 2,738 shipments in march, factories back in action and a possible contract-extension for its racing star Sebastian Vettel. Ferrari is speeding off the coronavirus speed-breaker. This Italian luxury car manufacturer is gaining mileage during this pandemic. Also read: COVID-19 effect: US trade deficit widens to $44.4 billion; UK car sales crashes to 1946 level On Monday, the company restarted its factories in Maranello and modena. Several other manufacturing units are expected to resume production. This re-opening is being called the 'back on track' operation because the company's profits are back on track. Also read: Global Markets: Stocks fall as US-China tensions threaten rebound Ferrari has recorded strong first-quarter earnings. So strong, that it is now worth more than General Motors and Ford. General Motors' market cap fell to 29.3 billion dollars on Monday. Ford fell even lower to 19.2 billion dollars. Ferrari beats them both, its market capitalization hit 30.1 billion dollars in early trading on the same day. What makes this feat even more special for Ferrari, is the stark contrast in yearly manufacturing. Ferrari makes only 10,000 cars a year. General Motors produces about 7.7 million vehicles. What does this mean? That Ferrari earns as much profit selling 1 car as ford does selling 908. There's data to back this. According to a report by the Fiat group, Ferrari earned a handsome profit of $94,000 for every car it sold in 2019. While another rival, Japanese carmaker Nissan had to sell 926 cars to match this profit margin. But despite these profits in the sale. The company has lowered its net revenue estimates to $3.9 from 4.5 billion for this year because its racing business is not yet back on track. Ferrari expects its revenue from Formula One to be sharply lower than in 2019 because races cannot be run without spectators. The turnover from brand projects too has reduced. Ferrari may have been slowed by the pandemic in one sector.

Amid COVID-19, Ferrari overtakes Ford, General Motors after $30 billion surge in market value

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra).

Consequently, inventory build-up at the dealer level in anticipation of increased demand during this period is likely to lead to increased wholesale billing by original equipment manufacturers (OEMs) during October, it said.

"However, with existing high dealer inventory levels, production cuts by OEMs are likely to continue in the near-term," said Ind-Ra in the credit news digest on India's auto sector.

The report highlights trends in sub-segments of the auto sector including passenger vehicles (PVs), commercial vehicles (CVs) and two-wheelers (2Ws) with a focus on sales volumes growth, market share movement, change in commodity prices and recent rating actions.

Domestic automobile industry's sales continued their downward trend in September with a 22 per cent year-on-year decline on weak consumer sentiments owing to the slowing economy. Inventory at dealer level remained high, leading to most OEMs continuing to implement production cuts.

Over April to September, overall auto industry undertook a production cut of 13 per cent year-on-year with 16 per cent, 27 per cent and 13 per cent production cuts in PV, CV and 2W segments respectively.

In the PV segment, market leader Maruti Suzuki India took a production cut of about 21 per cent. The average inventory for PVs increased marginally in September to 30 to 35 days from 25 to 30 days in August.

The average inventory for CVs decreased marginally in September to 50 to 55 days from 55 to 60 days in August. But the average inventory for 2W remained high at 60 to 65 days.

PV sales volume declined 24 per cent on account of a 33 per cent drop in the sales volume of cars. Cars sales volume continue to decline on weak consumer sentiments amid a slowdown in urban and rural household consumption, a rise in the cost of ownership and the growing preference of shared mobility over buying a car.

CV sales volume declined 39 per cent in September owing to decreased industry demand on account of tight liquidity conditions amid slowed economic activity. 2W sales fell 22 per cent on weak rural and semi-urban demand.

In the PV segment, Maruti's market share dropped by around 3 per cent to 49 per cent in September on lower sales volumes, while Hyundai Motor India gained 2 per cent market share. Tata Motors Ltd's CV market share dropped by around 5 per cent to 41 per cent while Mahindra &amp; Mahindra Ltd gained 8 per cent market share.

2W market leader Hero MotoCorp Ltd's market share increased by around 1 per cent to 36% in September, said Ind-Ra in the news digest.

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra).

Automobile retail sales are likely to pick up with an improvement in consumer sentiment during the ongoing festive season due to recent liquidity easing measures announced by the government and on back of favourable monsoons, according to India Ratings and Research (Ind-Ra). Consequently, inventory build-up at the dealer level in anticipation of increased demand during this period is likely to lead to increased wholesale billing by original equipment manufacturers (OEMs) during October, it said. "However, with existing high dealer inventory levels, production cuts by OEMs are likely to continue in the near-term," said Ind-Ra in the credit news digest on India's auto sector. The report highlights trends in sub-segments of the auto sector including passenger vehicles (PVs), commercial vehicles (CVs) and two-wheelers (2Ws) with a focus on sales volumes growth, market share movement, change in commodity prices and recent rating actions. Domestic automobile industry's sales continued their downward trend in September with a 22 per cent year-on-year decline on weak consumer sentiments owing to the slowing economy. Inventory at dealer level remained high, leading to most OEMs continuing to implement production cuts. Over April to September, overall auto industry undertook a production cut of 13 per cent year-on-year with 16 per cent, 27 per cent and 13 per cent production cuts in PV, CV and 2W segments respectively. In the PV segment, market leader Maruti Suzuki India took a production cut of about 21 per cent. The average inventory for PVs increased marginally in September to 30 to 35 days from 25 to 30 days in August. The average inventory for CVs decreased marginally in September to 50 to 55 days from 55 to 60 days in August. But the average inventory for 2W remained high at 60 to 65 days. PV sales volume declined 24 per cent on account of a 33 per cent drop in the sales volume of cars. Cars sales volume continue to decline on weak consumer sentiments amid a slowdown in urban and rural household consumption, a rise in the cost of ownership and the growing preference of shared mobility over buying a car. CV sales volume declined 39 per cent in September owing to decreased industry demand on account of tight liquidity conditions amid slowed economic activity. 2W sales fell 22 per cent on weak rural and semi-urban demand. In the PV segment, Maruti's market share dropped by around 3 per cent to 49 per cent in September on lower sales volumes, while Hyundai Motor India gained 2 per cent market share. Tata Motors Ltd's CV market share dropped by around 5 per cent to 41 per cent while Mahindra & Mahindra Ltd gained 8 per cent market share. 2W market leader Hero MotoCorp Ltd's market share increased by around 1 per cent to 36% in September, said Ind-Ra in the news digest.

Automobile retail sales likely to improve in festive season: Report

Strong sales of <a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung Electronics</a>'&nbsp;Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US&nbsp;Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales.

Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August&nbsp;23 launch.

There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers.

"With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment &amp; Securities.

"Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added.

Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong.

Analysts credit Samsung with receiving a boost from US&nbsp;sanctions on Huawei that effectively bar US&nbsp;firms from supplying the Chinese competitor.

Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US&nbsp;Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps.

Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America.

Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint.

Chip recovery?

But Huawei's woes also present problems for Samsung as the&nbsp;world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips.

Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit.

<a href="https://www.wionews.com/world/priced-at-2000-samsung-to-launch-galaxy-fold-in-south-korea-on-september-6-247663">Samsung's profit has been slumping every quarter</a> since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year.

In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent&nbsp;to&nbsp;$6.44 billion.

"The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment &amp; Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung."

Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent&nbsp;rise in the wider market in afternoon trade.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales. Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales. Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August 23 launch. There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers. "With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment & Securities. "Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added. Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong. Analysts credit Samsung with receiving a boost from US sanctions on Huawei that effectively bar US firms from supplying the Chinese competitor. Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps. Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America. Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint. Chip recovery? But Huawei's woes also present problems for Samsung as the world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips. Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit. Samsung's profit has been slumping every quarter since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year. In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent to $6.44 billion. "The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment & Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung." Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent rise in the wider market in afternoon trade.

Strong smartphone sales raise hopes of Samsung turnaround

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years.

"We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts.

Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results.

In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles.

Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018.

Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&amp;P 500 index.

Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance.

To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share.

To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles.

Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales.

International retail sales, however, rose about 3 percent, led by Europe.

"First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said.

The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share.

Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion.

Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv.

The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs. Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years. "We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts. Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results. In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles. Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018. Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&P 500 index. Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance. To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share. To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles. Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales. International retail sales, however, rose about 3 percent, led by Europe. "First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said. The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share. Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion. Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv. The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson reports steepest decline in sales in 8 years

You may soon see stores without the iPhone X. This is because of the low sales of the highly-anticipated Apple phone.&nbsp;

Apple and KGI analyst Ming-Chi Kua has revealed that the sales were seriously dropping and are expected to reach just around 18 million units in the first quarter of 2018.&nbsp;

Several analysts had earlier predicted at least 20-30 million iPhone X sales in that time.&nbsp;

Kua further expects Apple to make sales of about 13 million in the second quarter of 2018.&nbsp;

As per analysts, one of the primary reasons for the low performance of the model is due to China&#39;s longer replacement periods as consumers choose to hold on to their phones.&nbsp;

Another major reason for the drop in sales is because of iPhone X&#39;s design of the phone, which is not yet compatible with majority of the Chinese apps, leading many customers to see it as offering less usable screen space than 5.5-inch iPhone Plus models

China&#39;s endless love for affordable Android devices is cited as yet another possible reason for iPhone X&#39;s failure to dominate the market.

The analysts&#39; expectation comes in stark contrast with the latest data from Kantar Worldpanel which showed that the iPhone X was the best-selling device in China.&nbsp;

These low sales figures may result in iPhone X actually being dropped from the market - as final sales are predicted at 62 million, rather than the 80 million earlier forecasted.&nbsp;

KGI further said that later in 2018 customers could see renewed interest in iPhones as three new models with lower price tags are going to be introduced. &quot;We believe the addition of 6.5-inch OLED and 6.1-inch LCD iPhone models will boost Apple&#39;s market share in China, and that the US$650-750 6.1-inch LCD iPhone will make it easier for users worldwide to own a 3D sensing and full-screen design iPhone which offers an innovative user experience,&quot; officials from KGI said.&nbsp;

Apple and KGI analyst Ming-Chi Kua has revealed that the sales were seriously dropping with selling just around 18 million units in the first quarter of 2018.

You may soon see stores without the iPhone X. This is because of the low sales of the highly-anticipated Apple phone. Apple and KGI analyst Ming-Chi Kua has revealed that the sales were seriously dropping and are expected to reach just around 18 million units in the first quarter of 2018. Several analysts had earlier predicted at least 20-30 million iPhone X sales in that time. Kua further expects Apple to make sales of about 13 million in the second quarter of 2018. As per analysts, one of the primary reasons for the low performance of the model is due to China's longer replacement periods as consumers choose to hold on to their phones. Another major reason for the drop in sales is because of iPhone X's design of the phone, which is not yet compatible with majority of the Chinese apps, leading many customers to see it as offering less usable screen space than 5.5-inch iPhone Plus models China's endless love for affordable Android devices is cited as yet another possible reason for iPhone X's failure to dominate the market. The analysts' expectation comes in stark contrast with the latest data from Kantar Worldpanel which showed that the iPhone X was the best-selling device in China. These low sales figures may result in iPhone X actually being dropped from the market - as final sales are predicted at 62 million, rather than the 80 million earlier forecasted. KGI further said that later in 2018 customers could see renewed interest in iPhones as three new models with lower price tags are going to be introduced. "We believe the addition of 6.5-inch OLED and 6.1-inch LCD iPhone models will boost Apple's market share in China, and that the US$650-750 6.1-inch LCD iPhone will make it easier for users worldwide to own a 3D sensing and full-screen design iPhone which offers an innovative user experience," officials from KGI said.

Hold on, iPhone X may soon be discontinued?

Volkswagen&#39;s core autos division increased vehicle sales to a record 6.23 million cars last year, as rising demand for VW brand models in the Americas and the key Chinese market offset a decline in western Europe.

Although the emissions test-cheating scandal of September 2015 has cost the German group billions of euros in fines and penalties, it does not seem to have caused major damage to the carmaker&#39;s popularity with consumers.

Deliveries rose 4.2 percent in 2017 to 6.23 million Volkswagen (VW) brand cars, the automaker said on Sunday at the Detroit auto show, helped by an expanding line-up of sport-utility vehicles including the all-new Atlas and Tremont models.

The carmaker expects to keep growing volume this year.

&quot;Based on economic forecasts and our plans for new models, there is no reason to expect that 2018 should turn worse than 2017,&quot; VW brand sales chief Juergen Stackmann said on Sunday at the Detroit auto show, declining to be more specific.

Higher deliveries at the mass-market brand, accounting for almost 60 percent of VW group sales, may have helped the Wolfsburg-based company beat Toyota for a second year in the global sales race. VW&#39;s premium divisions, Audi and Porsche, had already posted record 2017 deliveries last week.

Toyota said last month it expected to sell 10.35 million cars worldwide in 2017 across its Toyota, Lexus, Daihatsu and Hino brands, up 2 percent from 2016, and 10.5 million this year. VW is due to announce 2017 deliveries for the group as a whole on Jan. 17.

In China, Volkswagen&#39;s largest market, accounting for about half the core brand&#39;s deliveries, sales rose 5.9 percent last year to 3.18 million cars. In the United States, they were up 5.2 percent to 339,700 cars.

Deliveries dropped 2.5 percent to 1.43 million cars in the higher-margin, but diesel-heavy western European market as customers reacted to a backlash against diesel technology in the wake of Volkswagen&#39;s emissions trickery.

Sales of the VW brand, which is pushing a turnaround plan to revive profits, may continue to outpace rivals, according to industry forecaster IHS Markit.

Deliveries of VW passenger cars and light commercial vehicles could increase 14.6 percent to 7.75 million units by 2025 from 6.76 million last year, IHS data indicated.

That compares with gains of 11.6 percent to 9.65 million at Toyota and 3.7 percent to 5.84 million at Ford.&nbsp;

Deliveries rose 4.2 percent in 2017 to 6.23 million Volkswagen cars, the automaker said on Sunday at the Detroit auto show, helped by an expanding line-up of sport-utility vehicles including the all-new Atlas and Tremont models

Volkswagen's core autos division increased vehicle sales to a record 6.23 million cars last year, as rising demand for VW brand models in the Americas and the key Chinese market offset a decline in western Europe. Although the emissions test-cheating scandal of September 2015 has cost the German group billions of euros in fines and penalties, it does not seem to have caused major damage to the carmaker's popularity with consumers. Deliveries rose 4.2 percent in 2017 to 6.23 million Volkswagen (VW) brand cars, the automaker said on Sunday at the Detroit auto show, helped by an expanding line-up of sport-utility vehicles including the all-new Atlas and Tremont models. The carmaker expects to keep growing volume this year. "Based on economic forecasts and our plans for new models, there is no reason to expect that 2018 should turn worse than 2017," VW brand sales chief Juergen Stackmann said on Sunday at the Detroit auto show, declining to be more specific. Higher deliveries at the mass-market brand, accounting for almost 60 percent of VW group sales, may have helped the Wolfsburg-based company beat Toyota for a second year in the global sales race. VW's premium divisions, Audi and Porsche, had already posted record 2017 deliveries last week. Toyota said last month it expected to sell 10.35 million cars worldwide in 2017 across its Toyota, Lexus, Daihatsu and Hino brands, up 2 percent from 2016, and 10.5 million this year. VW is due to announce 2017 deliveries for the group as a whole on Jan. 17. In China, Volkswagen's largest market, accounting for about half the core brand's deliveries, sales rose 5.9 percent last year to 3.18 million cars. In the United States, they were up 5.2 percent to 339,700 cars. Deliveries dropped 2.5 percent to 1.43 million cars in the higher-margin, but diesel-heavy western European market as customers reacted to a backlash against diesel technology in the wake of Volkswagen's emissions trickery. Sales of the VW brand, which is pushing a turnaround plan to revive profits, may continue to outpace rivals, according to industry forecaster IHS Markit. Deliveries of VW passenger cars and light commercial vehicles could increase 14.6 percent to 7.75 million units by 2025 from 6.76 million last year, IHS data indicated. That compares with gains of 11.6 percent to 9.65 million at Toyota and 3.7 percent to 5.84 million at Ford.

Volkswagen brand car sales hit record 6.23 million in 2017

London`s stock market fell on Friday, bucking an upwards trend elsewhere, as `Black Friday` price-slashing wooed customers but was expected to hurt the bottom line of Britain`s biggest retailers.

So-called Black Friday, the now-traditional day of steep discounts in the run-up to Christmas, failed to boost share prices of retailers partly owing to fierce competition from online giants like Amazon, dealers said.

The mood in London soured also on news that British consumer confidence, tracked by pollsters YouGov and researchers the Centre for Economics and Business Research, has slumped to the lowest level since just after last year`s shock Brexit referendum.

&quot;With sales rising at the expense of margins, there is a strong possibility that we will see retailers` profitability suffer despite rising revenues,&quot; Joshua Mahony, an analyst at IG trading group, said regarding the impact of Black Friday.

&quot;Unfortunately, while billions will be spent in the UK today, we have seen UK consumer confidence hit the lowest level since the EU referendum, paving the way for what could be a disappointing holiday season for retailers,&quot; he added.

In late morning deals, London`s FTSE index was down 0.3 per cent in value compared with Thursday`s close.

Shares in clothing retailer Next slid 1.39 per cent to 4,324 pence and rival Marks &amp; Spencer shed 0.2 per cent to 298.10 pence.

Britain`s biggest retailer, supermarket giant Tesco, dropped 0.13 per cent to 193.80 pence and peer Sainsbury`s lost 0.17 per cent to 228.40 pence.

Industry forecasts suggest UK shoppers will spend some &pound;7.8 billion ($10.3 billion, 8.8 billion euros) over the four-day period from Black Friday to so-called Cyber Monday - when online retailers deliver even more steep discounts.

&quot;Black Friday (data) will be analysed next week for evidence the consumer is alive and well,&quot; David Hussey, equities analyst at Manulife Asset Management,&quot; told AFP.

In the eurozone meanwhile, the Frankfurt and Paris stock markets gained ground, taking their cue from an Asian recovery.

Traders had no leads from Wall Street, which was shut on Thursday for the Thanksgiving public holiday, while many US investors will remain absent until after the weekend.

So-called Black Friday, the now-traditional day of steep discounts in the run-up to Christmas, failed to boost share prices of retailers partly owing to fierce competition from online giants like Amazon, dealers said

London`s stock market fell on Friday, bucking an upwards trend elsewhere, as `Black Friday` price-slashing wooed customers but was expected to hurt the bottom line of Britain`s biggest retailers. So-called Black Friday, the now-traditional day of steep discounts in the run-up to Christmas, failed to boost share prices of retailers partly owing to fierce competition from online giants like Amazon, dealers said. The mood in London soured also on news that British consumer confidence, tracked by pollsters YouGov and researchers the Centre for Economics and Business Research, has slumped to the lowest level since just after last year`s shock Brexit referendum. "With sales rising at the expense of margins, there is a strong possibility that we will see retailers` profitability suffer despite rising revenues," Joshua Mahony, an analyst at IG trading group, said regarding the impact of Black Friday. "Unfortunately, while billions will be spent in the UK today, we have seen UK consumer confidence hit the lowest level since the EU referendum, paving the way for what could be a disappointing holiday season for retailers," he added. In late morning deals, London`s FTSE index was down 0.3 per cent in value compared with Thursday`s close. Shares in clothing retailer Next slid 1.39 per cent to 4,324 pence and rival Marks & Spencer shed 0.2 per cent to 298.10 pence. Britain`s biggest retailer, supermarket giant Tesco, dropped 0.13 per cent to 193.80 pence and peer Sainsbury`s lost 0.17 per cent to 228.40 pence. Industry forecasts suggest UK shoppers will spend some £7.8 billion ($10.3 billion, 8.8 billion euros) over the four-day period from Black Friday to so-called Cyber Monday - when online retailers deliver even more steep discounts. "Black Friday (data) will be analysed next week for evidence the consumer is alive and well," David Hussey, equities analyst at Manulife Asset Management," told AFP. In the eurozone meanwhile, the Frankfurt and Paris stock markets gained ground, taking their cue from an Asian recovery. Traders had no leads from Wall Street, which was shut on Thursday for the Thanksgiving public holiday, while many US investors will remain absent until after the weekend.

'Black Friday' sales bonanza fails to boost London stock market

The holiday season for the United States does not end at Thanksgiving. &quot;Black Friday&quot;&nbsp;is celebrated on the day following the colourful, feast-centred occasion.&nbsp;

If you still have the energy from eating all that Thanksgiving dinner, you must be equally excited to now empty your wallets as &quot;Black Friday&quot;&nbsp;unleashes the season&#39;s sales.&nbsp;

It all started&nbsp;in 1939, when the retailers feared they would go bankrupt if Thanksgiving was to be celebrated on the last day of November, not giving people enough time to shop for Christmas and eventually leading to major losses.&nbsp;

This then led&nbsp;to the nations biggest retailers to persuade President Franklin D. Roosevelt to celebrate Thanksgiving&nbsp;one week before&nbsp;the last day of November, leading to the concrete pre-eminence of the post-Thanksgiving sales, known as &quot;Black Friday&quot;.&nbsp;

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People would usually call in sick from work on Thanksgiving Day&nbsp;to celebrate the four-day weekend, eventually marking it as a national holiday.&nbsp;

The day became a ritual and&nbsp;a family tradition also a big day for&nbsp;a shopping spree for everyone and big profits for the retailers. People would camp on the streets the night before just to bombard in the shops as soon as it&nbsp;opened.&nbsp;

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Being one of the busiest, it is one of the most important days for the economy as 30% annual sales occur between Black Friday and Christmas - nearly 40% discount for some retailers selling TVs, tablets, appliances, and jewellery. For some, it can make or break their fourth-quarter profits.&nbsp;

However, the greatest &quot;Black Friday&quot;&nbsp;sales are not actually on the day itself but weeks before leading up to it. Retailers like Amazon, Target, Walmart, Best Buy and many others slash prices to gain market share. The current average merchandise discount is 37.3%, according to Reuters.&nbsp;

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The competition each year gets fierce as online shopping becomes more and more popular in the US, requiring the sellers to come up with new ways to attract customers.

Wonder why the dip in &quot;Black Friday&quot;&nbsp;rush? It is because everything is now online!

Sales and traffic at US brick-and-mortar stores on Thanksgiving Day and Black Friday have been declininig since 2015, as stores offered discounts well beyond the weekend and more customers shopped online.

Internet sales rose in the double digits on both days as around 108.5 million Americans&nbsp;shopped online over the long weekend, well above the 99.1 million who hit stores, in 2016. Therefore, the relentless race to hit the malls has stalled over the years.&nbsp;

According to Adobe, online shopping surpassed the $5 billion mark for Thanksgiving and Black Friday, in 2016, and rose to 17.3% to $7.23 billion on just Thanksgiving&nbsp;Day.&nbsp;

The total holiday season sales reached to $655.8 billion in 2016, and is expected to rise to $967.13 billion this year, according to The Balance.&nbsp;

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So, &quot;Black Friday&quot;&nbsp;is upon us, get going and purchase that TV, phone or&nbsp;a watch which you have been trying to put off for so long.&nbsp;

Being one of the busiest days, it is one of the most important days for the economy as 30% annual sales occur between Black Friday and Christmas - nearly 40% discount for some retailers selling TVs, tablets, appliances, and jewelry. For some, it can make or break their fourth-quarter profits.?

The holiday season for the United States does not end at Thanksgiving. "Black Friday" is celebrated on the day following the colourful, feast-centred occasion. If you still have the energy from eating all that Thanksgiving dinner, you must be equally excited to now empty your wallets as "Black Friday" unleashes the season's sales. It all started in 1939, when the retailers feared they would go bankrupt if Thanksgiving was to be celebrated on the last day of November, not giving people enough time to shop for Christmas and eventually leading to major losses. This then led to the nations biggest retailers to persuade President Franklin D. Roosevelt to celebrate Thanksgiving one week before the last day of November, leading to the concrete pre-eminence of the post-Thanksgiving sales, known as "Black Friday". Franklin D. Roosevelt (Others) × People would usually call in sick from work on Thanksgiving Day to celebrate the four-day weekend, eventually marking it as a national holiday. The day became a ritual and a family tradition also a big day for a shopping spree for everyone and big profits for the retailers. People would camp on the streets the night before just to bombard in the shops as soon as it opened. Representative Photo (Reuters) × Being one of the busiest, it is one of the most important days for the economy as 30% annual sales occur between Black Friday and Christmas - nearly 40% discount for some retailers selling TVs, tablets, appliances, and jewellery. For some, it can make or break their fourth-quarter profits. However, the greatest "Black Friday" sales are not actually on the day itself but weeks before leading up to it. Retailers like Amazon, Target, Walmart, Best Buy and many others slash prices to gain market share. The current average merchandise discount is 37.3%, according to Reuters. Representative Photo (Reuters) × The competition each year gets fierce as online shopping becomes more and more popular in the US, requiring the sellers to come up with new ways to attract customers. Wonder why the dip in "Black Friday" rush? It is because everything is now online! Sales and traffic at US brick-and-mortar stores on Thanksgiving Day and Black Friday have been declininig since 2015, as stores offered discounts well beyond the weekend and more customers shopped online. Internet sales rose in the double digits on both days as around 108.5 million Americans shopped online over the long weekend, well above the 99.1 million who hit stores, in 2016. Therefore, the relentless race to hit the malls has stalled over the years. According to Adobe, online shopping surpassed the $5 billion mark for Thanksgiving and Black Friday, in 2016, and rose to 17.3% to $7.23 billion on just Thanksgiving Day. The total holiday season sales reached to $655.8 billion in 2016, and is expected to rise to $967.13 billion this year, according to The Balance. Representative Photo (Reuters) × So, "Black Friday" is upon us, get going and purchase that TV, phone or a watch which you have been trying to put off for so long.

Black Friday is upon us, time to get your wallets out!

Wal-Mart Stores Inc , vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an e-commerce startup. 
 
The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world&#39;s biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon. 
 
Wal-Mart&#39;s online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. 
 
Jet.com was launched by internet entrepreneur Marc Lore in July 2015 and includes software that can offer a customer lower prices as they add items to their shopping cart. 
 
Wal-Mart has said it would integrate that software into its main website while keeping Jet.com as a separate entity. 
 
&quot;One of the things we really like (about Jet) is that the customer is even more in-charge of the price that they pay,&quot; Chief Executive Doug McMillon said on a media call. 
 
McMillon said Wal-Mart will take time in getting the technology and design components from Jet and that they will grow both brands separately in the short-term. 
 
&quot;Over time, piece-by-piece, we will end up running a business that is simpler and not completely independent.&quot; 
 
McMillon said Lore would run its new US&nbsp;e-commerce business. Lore had cofounded Quidsi, the owner of sites like Diapers.com and Soap.com, which was sold to Amazon. 
 
&quot;Marc&#39;s e-commerce experience and success are obviously attractive,&quot; McMillon said. 
 
Wal-Mart&#39;s current head of global e-commerce Neil Ashe will leave the company at the end of the fiscal year. 
 
The decision to run Jet as an independent website is a good step because it can stay focused on growth, but the price Wal-Mart paid is high, UBS retail analyst Michael Lasser said in a note to clients. 
 
Wal-Mart said it would pay around $3 billion in cash and $300 million in shares for Jet, with some of that paid over time. Given Jet`s revenue of about $500 million, the cash purchase price represents six times Jet&#39;s revenue, according to analysts. 
 
Moody&#39;s retail analyst Charlie O`Shea said the acquisition gives Wal-Mart a leg-up on competitors in the race to be the No. 2 online retailer, citing the size of Jet.com`s online offerings and number of customers. Wal-Mart said Jet has added nearly 400,000 new shoppers monthly. 
 
&quot;The impact on Amazon will be fairly benign. However, this acquisition, in tandem with its joint-venture in China with JD.com, demonstrates that Walmart is attacking online retail with significant zeal,&quot; he said. 
 
In June, Wal-Mart said it sold its Chinese online grocery store in return for a stake in JD.com Inc, China&#39;s 2 e-commerce firm.&nbsp; 
 
Billions spent on online efforts 
 
Wal-Mart&#39;s first-quarter online sales grew 7 per cent, a weaker rate than any of the four quarters just before that. In 2015, Wal-Mart`s online sales rose 12.3 per cent to $13.7 billion, compared with a 16 per cent jump to $92.4 billion for Amazon.com. 
 
Wal-Mart has not said what it spent on acquisitions, but prior to the Jet.com deal it disclosed a total of $3.1 billion for e-commerce and digital projects, such as its platform and new warehouses, in the four fiscal years to January 2017. 
 
The deal should give Wal-Mart the scale to bolster its online presence, broaden its assortment of goods and offer the lowest prices at the same time, analysts said. 
 
Wal-Mart noted Jet has offered 12 million items in its first year of operation.&nbsp; 
 
Wal-Mart has said previously it wants to expand its online selection from around 10 million items to the tens of millions over the next few years. Rival Amazon has more than 200 million items for sale online. 
 
(Reuters)

Wal-Mart said it would pay around $3 billion in cash and $300 million in shares for Jet, with some of that paid over time

Wal-Mart Stores Inc , vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an e-commerce startup. The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world's biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon. Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. Jet.com was launched by internet entrepreneur Marc Lore in July 2015 and includes software that can offer a customer lower prices as they add items to their shopping cart. Wal-Mart has said it would integrate that software into its main website while keeping Jet.com as a separate entity. "One of the things we really like (about Jet) is that the customer is even more in-charge of the price that they pay," Chief Executive Doug McMillon said on a media call. McMillon said Wal-Mart will take time in getting the technology and design components from Jet and that they will grow both brands separately in the short-term. "Over time, piece-by-piece, we will end up running a business that is simpler and not completely independent." McMillon said Lore would run its new US e-commerce business. Lore had cofounded Quidsi, the owner of sites like Diapers.com and Soap.com, which was sold to Amazon. "Marc's e-commerce experience and success are obviously attractive," McMillon said. Wal-Mart's current head of global e-commerce Neil Ashe will leave the company at the end of the fiscal year. The decision to run Jet as an independent website is a good step because it can stay focused on growth, but the price Wal-Mart paid is high, UBS retail analyst Michael Lasser said in a note to clients. Wal-Mart said it would pay around $3 billion in cash and $300 million in shares for Jet, with some of that paid over time. Given Jet`s revenue of about $500 million, the cash purchase price represents six times Jet's revenue, according to analysts. Moody's retail analyst Charlie O`Shea said the acquisition gives Wal-Mart a leg-up on competitors in the race to be the No. 2 online retailer, citing the size of Jet.com`s online offerings and number of customers. Wal-Mart said Jet has added nearly 400,000 new shoppers monthly. "The impact on Amazon will be fairly benign. However, this acquisition, in tandem with its joint-venture in China with JD.com, demonstrates that Walmart is attacking online retail with significant zeal," he said. In June, Wal-Mart said it sold its Chinese online grocery store in return for a stake in JD.com Inc, China's 2 e-commerce firm. Billions spent on online efforts Wal-Mart's first-quarter online sales grew 7 per cent, a weaker rate than any of the four quarters just before that. In 2015, Wal-Mart`s online sales rose 12.3 per cent to $13.7 billion, compared with a 16 per cent jump to $92.4 billion for Amazon.com. Wal-Mart has not said what it spent on acquisitions, but prior to the Jet.com deal it disclosed a total of $3.1 billion for e-commerce and digital projects, such as its platform and new warehouses, in the four fiscal years to January 2017. The deal should give Wal-Mart the scale to bolster its online presence, broaden its assortment of goods and offer the lowest prices at the same time, analysts said. Wal-Mart noted Jet has offered 12 million items in its first year of operation. Wal-Mart has said previously it wants to expand its online selection from around 10 million items to the tens of millions over the next few years. Rival Amazon has more than 200 million items for sale online. (Reuters)

Wal-Mart buying Jet.com to lift online sales, battle Amazon

Apple announced yesterday the sale of its billionth iPhone, a milestone for the company as it seeks to keep momentum in a competitive smartphone market. 
 
Chief executive Tim Cook made the announcement at a staff meeting at the company&#39;s California headquarters. 
 
&quot;IPhone has become one of the most important, world-changing and successful products in history,&quot; he said in a statement. 
 
&quot;It&#39;s become more than a constant companion. IPhone is truly an essential part of our daily life and enables much of what we do throughout the day. Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we&#39;ve always set out to make the best products that make a difference.&quot; 
 
The news comes a day after Apple reported a drop in iPhone sales over the past quarter, a second straight drop after uninterrupted growth since its introduction in 2007. 
 
Apple sold 40.4 million iPhones in the quarter ending June 25, down 15 per cent from a year earlier, highlighting concerns over growth for the iconic smartphone. 
 
The quarterly results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition. 
 
Apple has been seeking to diversify its product line and move into services for a more stable revenue base, while keeping users in its ecosystem with offerings such as music, connected cars and its Apple Watch. 
 
(AFP)

'iPhone is truly an essential part of our daily life,' Apple CEO Tim Cook said in a statement

Apple announced yesterday the sale of its billionth iPhone, a milestone for the company as it seeks to keep momentum in a competitive smartphone market. Chief executive Tim Cook made the announcement at a staff meeting at the company's California headquarters. "IPhone has become one of the most important, world-changing and successful products in history," he said in a statement. "It's become more than a constant companion. IPhone is truly an essential part of our daily life and enables much of what we do throughout the day. Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we've always set out to make the best products that make a difference." The news comes a day after Apple reported a drop in iPhone sales over the past quarter, a second straight drop after uninterrupted growth since its introduction in 2007. Apple sold 40.4 million iPhones in the quarter ending June 25, down 15 per cent from a year earlier, highlighting concerns over growth for the iconic smartphone. The quarterly results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition. Apple has been seeking to diversify its product line and move into services for a more stable revenue base, while keeping users in its ecosystem with offerings such as music, connected cars and its Apple Watch. (AFP)

Apple announces sale of billionth iPhone

Yahoo Inc&#39;s quarterly earnings fell short of Wall Street expectations on Monday in what may be the company&#39;s last financial report before it sells its core business. 
 
Yahoo reported adjusted earnings of 9 cents per share, short of the 10 cents that analysts expected. It also announced a $482 million write-down on the value of Tumblr, the social media service that it acquired in 2013 for $1.1 billion. 
 
Yahoo is in the process of auctioning off its search and advertising business, and is expected to choose a winner this week. The company said its board has made &quot;great progress on strategic alternatives&quot; but did not comment further on the auction process. 
 
Verizon Communications Inc and AT&amp;T Inc are said to be in the running to acquire the core business, along with private equity firm TPG Capital and a consortium led by Quicken Loans founder Dan Gilbert and backed by billionaire Warren Buffett. 
 
Yahoo also owns large stakes in Chinese ecommerce giant Alibaba and Yahoo Japan, which are worth far more than the company&#39;s internet business. 
 
Monday&#39;s earnings report showed the continued slide in Yahoo&#39;s business during the protracted sale process. After the Tumblr write-down, the company posted a net loss of $439.9 million, or 46 cents per share, compared with a loss of $21.6 million, or 2 cents per share, a year earlier. 
 
Although total revenue rose to $1.31 billion from $1.24 billion a year earlier, the seeming improvement was the result of a change in the way the cost of acquiring traffic is counted. After deducting fees paid to partner websites for traffic, revenue fell to $841.2 million from $1.04 billion. 
 
Estimating that Tumblr is worth &quot;nothing&quot; at this point, Ross Gerber, cofounder and CEO of Gerber Kawasaki Wealth and Investment Management, said potential buyers were likely bidding lower than Yahoo believes it is worth. 
 
&quot;I can&#39;t imagine why the sale process is taking so long, the only thing I can think of is it&#39;s being overpriced. This report doesn&#39;t further create an impression that paying up for these assets has any value,&quot; Gerber said. 
 
Revenue in the company&#39;s emerging businesses, which Chief Executive Officer Marissa Mayer calls Mavens- mobile, video, native and social advertising , showed some life, rising 25.7 per cent to $504 million in the second quarter ended June 30. 
 
But the improvement in Mavens was offset by decreases in gross search revenue that is only expected to get worse, said B. Riley &amp; Co analyst Sameet Sinha. Gross search revenue for the quarter was $765 million, down 17 percent from the same period last year. 
 
&quot;This is supposed to be the growth engine of the company, and at best it was up slightly year over year. That shows that even in high-growth categories like mobile and native they&#39;re losing their search impact,&quot; he said. 
 
JMP Securities analyst Ronald Josey said search revenues are a significant portion of Yahoo&#39;s overall revenues and their continued decline could definitely be a factor in the sale negotiations. 
 
&quot;If search continues to decline as much as it has, that&#39;s something that&#39;s going to be called into question,&quot; he said. 
 
In a conference call, Yahoo Chief Financial Officer Ken Goldman touted the company&#39;s cost-cutting efforts. 
 
&ldquo;Through excellent expenditure management of cost and capital, we achieved above the high-end of our guidance on adjusted EBITDA and significantly increased cash flow,&rdquo; he said, referring to earnings before interest, taxes, depreciation and amortisation. 
 
Yahoo&#39;s shares were little changed at $37.92 in trading after the bell. 
 
(Reuters) 
 
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Yahoo announced a $482 million write-down on the value of Tumblr, the social media service that it acquired in 2013 for $1.1 billion

Yahoo Inc's quarterly earnings fell short of Wall Street expectations on Monday in what may be the company's last financial report before it sells its core business. Yahoo reported adjusted earnings of 9 cents per share, short of the 10 cents that analysts expected. It also announced a $482 million write-down on the value of Tumblr, the social media service that it acquired in 2013 for $1.1 billion. Yahoo is in the process of auctioning off its search and advertising business, and is expected to choose a winner this week. The company said its board has made "great progress on strategic alternatives" but did not comment further on the auction process. Verizon Communications Inc and AT&T Inc are said to be in the running to acquire the core business, along with private equity firm TPG Capital and a consortium led by Quicken Loans founder Dan Gilbert and backed by billionaire Warren Buffett. Yahoo also owns large stakes in Chinese ecommerce giant Alibaba and Yahoo Japan, which are worth far more than the company's internet business. Monday's earnings report showed the continued slide in Yahoo's business during the protracted sale process. After the Tumblr write-down, the company posted a net loss of $439.9 million, or 46 cents per share, compared with a loss of $21.6 million, or 2 cents per share, a year earlier. Although total revenue rose to $1.31 billion from $1.24 billion a year earlier, the seeming improvement was the result of a change in the way the cost of acquiring traffic is counted. After deducting fees paid to partner websites for traffic, revenue fell to $841.2 million from $1.04 billion. Estimating that Tumblr is worth "nothing" at this point, Ross Gerber, cofounder and CEO of Gerber Kawasaki Wealth and Investment Management, said potential buyers were likely bidding lower than Yahoo believes it is worth. "I can't imagine why the sale process is taking so long, the only thing I can think of is it's being overpriced. This report doesn't further create an impression that paying up for these assets has any value," Gerber said. Revenue in the company's emerging businesses, which Chief Executive Officer Marissa Mayer calls Mavens- mobile, video, native and social advertising , showed some life, rising 25.7 per cent to $504 million in the second quarter ended June 30. But the improvement in Mavens was offset by decreases in gross search revenue that is only expected to get worse, said B. Riley & Co analyst Sameet Sinha. Gross search revenue for the quarter was $765 million, down 17 percent from the same period last year. "This is supposed to be the growth engine of the company, and at best it was up slightly year over year. That shows that even in high-growth categories like mobile and native they're losing their search impact," he said. JMP Securities analyst Ronald Josey said search revenues are a significant portion of Yahoo's overall revenues and their continued decline could definitely be a factor in the sale negotiations. "If search continues to decline as much as it has, that's something that's going to be called into question," he said. In a conference call, Yahoo Chief Financial Officer Ken Goldman touted the company's cost-cutting efforts. “Through excellent expenditure management of cost and capital, we achieved above the high-end of our guidance on adjusted EBITDA and significantly increased cash flow,” he said, referring to earnings before interest, taxes, depreciation and amortisation. Yahoo's shares were little changed at $37.92 in trading after the bell. (Reuters)

Yahoo reports lacklustre results as sale looms

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