Apple’s Cook to China: keep opening for sake of global economy

Apple CEO Tim Cook attended the China Development Forum in Beijing on March 23, 2019. (Reuters)
Updated 23 March 2019
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Apple’s Cook to China: keep opening for sake of global economy

  • Cook’s comments come as Apple weathers sinking sales in China
  • Despite official pledges and repeated assurances that China would continue to open its markets

BEIJING: Apple chief executive Tim Cook nudged China on Saturday to open up and said the future would depend on global collaboration, as the United States and China remained locked in a bitter trade dispute.
“We encourage China to continue to open up, we see that as essential, not only for China to reach its full potential, but for the global economy to thrive,” Cook said at a China Development Forum in Beijing.
Despite official pledges and repeated assurances that China would continue to open its markets, some analysts worry that its reform project has slowed or even stalled under President Xi Jinping, who has sought greater control over the economy and a bigger role for state-owned firms at the expense of the private sector.
Cook’s comments come as Apple weathers sinking sales in China because of a contracting smartphone market, increasing pressure from Chinese rivals, and slowing upgrade cycles. The company reported a revenue drop of 26 percent in the greater China region during the quarter ending in December.
Before those results came out, in a January letter to investors, Cook blamed the company’s poor China performance on trade tension between the United States and China, suggesting that pressure on the economy was hurting sales in China.


Saudi Aramco concerned over Gulf attacks, has capacity to meet demand: CEO

Updated 25 June 2019
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Saudi Aramco concerned over Gulf attacks, has capacity to meet demand: CEO

  • ‘What’s happening in the Gulf is definitely a concern’
  • Aramco has no plan to increase its current maximum output capacity of 12 million barrels per day, given sizeable spare capacity

Saudi Aramco concerned over Gulf attacks, has capacity to meet demand: CEO
SEOUL: Saudi Aramco is concerned at recent actions in the Gulf but can meet its customers’ needs thanks to its experience and the availability of additional spare capacity, its chief executive said on Tuesday.
“What’s happening in the Gulf is definitely a concern,” Amin Nasser, president and chief executive of Saudi Arabia’s state oil giant, told Reuters in an interview.
“At the same time, we went through a number of crises in the past ... we’ve always met our customer commitments and we do have flexibility and the system availability in terms of available additional spare capacity.”
Recent tanker attacks in the Gulf have raised fears about safety of one of the world’s key shipping routes and pushed up oil prices.
Nasser, who is in Seoul ahead of a visit by Saudi Crown Prince Mohammed bin Salman, said Aramco has no plan to increase its current maximum output capacity of 12 million barrels per day (bpd), given sizeable spare capacity.
“If you look at our production, it is hovering around 10 million barrels per day so we do have additional spare capacity,” he said.
The oil giant is aiming to become a major global gas player, and has been developing its own gas resources as well as eyeing gas assets in the United States, Russia, Australia and Africa.
Nasser said Aramco is in talks to buy a stake in Russian gas company Novatek’s Arctic LNG-2 project, while exploring other investment opportunities in gas.
He confirmed the company is also in discussions about buying a stake in India’s Reliance Industries and in talks with other Asian companies about investments.
“We will continue to explore opportunities in different markets and different companies, and these things take time,” he said.
Nasser said the company, South Korea’s top oil supplier, was looking to increase its crude oil supplies to the country where it has partnerships and investments with South Korean refiners.
Saudi Aramco supplies between 800,000 barrels per day (bpd) and 900,000 bpd to South Korea, the world’s fifth-largest crude importer.