NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks rise on German court's nod Posted: 12 Sep 2012 04:39 PM PDT NEW YORK: US stocks followed European markets higher Wednesday after a German court gave its approval to the eurozone's permanent crisis fund, opening the door to more aid to embattled Spain. Facebook shares soared more than seven percent meanwhile after founder Mark Zuckerberg said the company was focused on making money in the mobile phone side of the market and regretted the stock's dismal post-IPO performance. Tech heavyweight Apple lifted the Nasdaq after launching its highly anticipated next-generation smartphone, the iPhone 5. The Dow Jones Industrial Average edged up 9.99 points (0.07 percent) to close at 13,333.35. "Undoubtedly, it is a good day for the eurozone and financial markets," said economist Andreas Rees at Unicredit after the German constitutional court said the new European Stability Mechanism is legal. "Together with last week's pledge made by the ECB of buying government bonds to an unlimited extent, an impressive firewall for the eurozone is now building up," he said. Apple bounced 1.4 percent higher, to US$669.79, on the introduction of a slimmer, more powerful version of its iconic iPhone. Facebook shares rebounded 7.7 percent to US$20.93, still far below their US$38 May initial public offering price, after Zuckerberg made his first comments on the company's direction since the IPO, calling Facebook "a mobile company." Analysts have expressed worry that Facebook is unable to monetize its presence on mobile phone screens with advertising. "It is really clear from the stats and my own personal intuition that a lot of energy in the ecosystem is going to mobile, not desktop," Zuckerberg said in San Francisco. "That is the future," he said. "We are going to be doing killer stuff there." Boeing fell 0.4 percent after European rivals EADS and BAE Systems revealed merger talks. Troubled Chesapeake Energy shed 1.0 percent after announcing it would sell US$6.9 billion in energy assets in Texas and New Mexico to help pay down debt. AIG was up 1.1 percent after the US Treasury sold off US$20.7 billion in shares in the insurer. -- AFP |
| iPhone 5 bigger, faster but lacks 'wow' Posted: 12 Sep 2012 04:44 PM PDT SAN FRANCISCO : Apple Inc's new iPhone goes on sale on Friday with a bigger screen and 4G wireless technology, as the company seeks to safeguard its edge over rivals like Samsung Electronics Co Ltd and Google Inc. The iPhone 5 fulfilled many of the expectations laid out by gadget geeks and technology analysts ahead of its Wednesday unveiling but offered few surprises to give Apple shares -- already near record highs -- another major kick. "There is not a wow factor because everything you saw today is evolutionary. I do think they did enough to satisfy," said Michael Yoshikami, chief executive of wealth management company Destination Wealth Management. Other industry analysts speculated about what else was in Apple's product pipeline ahead of the crucial year-end holiday season, especially since the company stayed mum about an oft-rumored TV device or a smaller iPad. "We would really like to see the iPad Mini in the product offering for the all-important holiday quarter. They still have time," said Channing Smith, co-manager of the Capital Advisors Growth Fund. "As soon as we see that, we will have more conviction about the stock heading into the final quarter." Apple shares ended the day up 1.4 percent at US$669.79. The latest iPhone comes as Apple faces competition beyond current key competitors Samsung and Google. Late entrant Microsoft Corp is now trying to push its Windows Phone 8 operating system as an alternative to Apple and Android, the most-used smartphone operating system in the world. Analysts have forecast sales of 10 million to 12 million of the new iPhones in this month alone. Apple Chief Executive Tim Cook kicked off the event in San Francisco's Yerba Buena Centre but it was marketing chief Phil Schiller who introduced the iPhone 5 and took the audience through the new phone's features. The iPhone 5 sports a 4-inch "retina" display, can surf a high-speed 4G LTE wireless network, and is 20 percent lighter than the previous iPhone 4S. CEDING A LEAD It ships September 21 in the United States, Australia, Canada, France, Germany, Hong Kong, Japan, Singapore and Britain. It will hit 100 countries by year's end in the fastest international rollout for an iPhone so far. The stakes are high with the iPhone, Apple's marque product, accounting for nearly half its revenue. The California company has sold more than 243 million iPhones since 2007, when the device ushered in the current applications ecosystem model. But Samsung now leads the smartphone market with a 32.6 percent share followed by Apple with 17 percent, according to market research firm IDC. Both saw shipments rise compared to a year ago, with Samsung riding its flagship Galaxy S III phone. Available for pre-order on Friday starting from US$199 with a data plan, the iPhone 5 comes with Apple's newest "A6" processor, which executives said runs twice as fast as the previous generation. It will pack three microphones -- enhancing built-in voice assistant Siri -- and an 8 megapixel camera that can take panoramic views. It will hitch a ride on the three largest U.S. carriers: Verizon Wireless, AT&T Inc, and Sprint. One popular enhancement was improved battery endurance -- the iPhone 5 can support eight hours of 4G Web browsing, the company said. While Apple played catch-up on many of the new phone's features -- Samsung and Google's Motorola already have larger and 4G-ready phones -- analysts say the device's attraction is the way its software and hardware work in tandem. "Where they are pushing the envelope, and where they remain the one to beat, is on the experience those features bring to the consumer," said Carolina Milanesi, Gartner Research analyst. "While other vendors continue to focus just on the hardware -- delivering the speeds and feeds and bigger batteries -- Apple focuses on pulling the operating system, the hardware and what you can consume on the hardware." -- Reuters |
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