LONDON: Apple Inc. plans to slow hiring and spending growth next year in some units to cope with a potential economic downturn, Bloomberg News reported on Monday, citing people with knowledge of the matter.
The potential move would see Apple — the world’s most valuable company — join a growing pool of American corporations including Meta Platforms and Tesla Inc. in slowing hiring.
Apple shares reversed course to trade down 1.6 percent at $147.6. The company did not immediately respond to a Reuters request for comment.
The Bloomberg report said the changes would not affect all teams and that Apple was still planning an aggressive product launch schedule in 2023 that includes a mixed-reality headset, its first major new category since 2015.
“Apple’s move reflects a broader slowdown in investing in new things, new companies and new products,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. “It signifies that inflation is an issue for these companies.”
Fears have risen in recent months that aggressive interest rate hikes by the Federal Reserve to tame an unabating surge in inflation could tip the economy into a recession. The price pressures have also raised worries that customers could curb spending on discretionary items like smartphones.
Smartphone shipments declined 9 percent in the second quarter, according to data from Canalys. Still, Apple’s iPhones remain among the most sold phones in the world, with the company holding a 17 percent market share just behind market leader Samsung, the data showed.
Apple typically launches a new version of its iPhone and other wearable products in September ahead of the busy holiday season.
As of its last annual report, the Cupertino, California-based company had about 154,000 full-time equivalent employees.
Apple to slow hiring, spending for some teams next year
https://arab.news/6t272
Apple to slow hiring, spending for some teams next year
- Apple joins a growing pool of American corporations including Meta Platforms and Tesla Inc. in slowing hiring.
Israeli journalists warn of media crackdown as UK billionaire prepares Channel 13 sale
- The Union of Journalists in Israel has condemned the transaction as “an unlawful deal”
LONDON: Israeli journalists and media unions have voiced serious concern over a proposed sale of a major stake in Israel’s Channel 13, warning that the move could deal a devastating blow to independent journalism in the country amid a broader campaign to reshape the media landscape ahead of elections.
According to The Guardian, British billionaire Sir Leonard Blavatnik is preparing to sell a 15 percent stake in Channel 13, one of Israel’s few mainstream channels critical of Prime Minister Benjamin Netanyahu, to telecom tycoon Patrick Drahi, a French-Israeli businessman who already owns media outlets perceived as sympathetic to the current government.
Journalists and free press advocates said the sale risked consolidating pro-government influence in a media environment already under pressure from financial sanctions, lawsuits, and regulatory threats.
The Union of Journalists in Israel has condemned the transaction as “an unlawful deal,” describing it as part of a broader “master plan to capture the media” ahead of the country’s scheduled elections.
Channel 13 has aired critical coverage of Netanyahu in recent years, including reporting on his corruption cases.
Drahi’s reported acquisition would make him a significant stakeholder at a time when Blavatnik is pulling back after years of financial losses, reported The Guardian.
Although the stake falls within the legal threshold for media ownership, critics argued that Drahi’s financial power as the only investor currently willing to inject funds would give him de facto control of editorial direction.
“While Patrick Drahi is only buying 15 percent, our fear is that by buying 15 percent, he gets 100 percent hold of the policy of the channel,” Anat Saragusti, a senior official at the Union of Journalists, told The Guardian. “It’s a lose-lose for the Israeli public, in terms of freedom of speech and diversity of opinions.”
A separate offer from a group of liberal Israeli tech entrepreneurs, reportedly valued at up to $120 million over three years, was also on the table, but ultimately rejected. A spokesperson for Blavatnik’s Access Industries insisted there was no political influence behind the deal and that Drahi’s bid was “the stronger, faster option” of the two.
“Any suggestion that the preferred offer has been selected for political reasons is entirely false,” the spokesperson said, adding that the transaction would allow Channel 13 to invest in high-quality content and digital innovation.
The Netanyahu government has come under growing scrutiny for actions seen as hostile to independent media, including imposing sanctions on the newspaper Haaretz and initiating defamation lawsuits against investigative reporters. The prime minister is also on trial for alleged efforts to trade regulatory favors for favorable press coverage, one of several corruption charges he faces.
“If Channel 13 falls, this would be the end of the free press in Israel,” Saragusti warned. “It’s the tipping point.”
