Browsing: Business News

Apple sees biggest fall in sales for a year

Business

Sales fell 4% to $90.8bn in the first three months of 2024, mainly due to fewer people buying iPhones. The company blamed this on supply chain issues caused by Covid, which boosted sales last year.

Beijing tightens grip on China social media giants

Business

New rules clamping down on China’s internet giants are now in effect. These rules, part of the expanded State Secrets Law, require companies like Tencent, ByteDance, and Weibo to swiftly act if users share sensitive content.

Thousands stranded as airline cancels all flights 

Australia

Australia’s newest budget airline – Bonza – has gone into voluntary administration, after cancelling all of its flights on Tuesday. The airline’s financial difficulties have left thousands of passengers stranded around the country. “We apologise to our customers who are impacted by this and we’re working as quickly as possible to determine a way forward that ensures there is ongoing competition in the Australian aviation market,” Bonza said in a statement.

Adidas bounces back after Yeezy mess

Business

Adidas has announced it is set to make profits of €700m (£598m) in 2024. The announcement comes after the German sportswear giant’s messy situation with Kanye West and his Yeezy shoes. In February, Adidas announced it would sell its remaining Yeezy trainers from its partnership with West for at least cost price. 

Oil prices lower after Iran attack on Israel

Asia

Early in Asian trading, oil prices experienced a decline following Iran’s retaliatory strike on Israel during the weekend. Despite this, Brent crude, a crucial global oil price benchmark, remained lower but hovered around $90 per barrel on Monday morning.