Apple warns suppliers of lower parts orders for new iPhones

Apple expects total shipments of iPhones to be launched this year to be 80 million. (Shutterstock)
Updated 08 June 2018
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Apple warns suppliers of lower parts orders for new iPhones

Apple Inc. has asked its parts suppliers to manufacture about 20 percent fewer components for iPhones in the second half of 2018, the Nikkei on Friday reported, sending the iPhone maker’s stock down 2 percent.
Apple expects total shipments of iPhones to be launched this year to be 80 million, less than the 100 million shipments that Apple planned for around the same time last year, the financial newspaper said, citing two industry sources.
“Apple is quite conservative in terms of placing new orders for upcoming iPhones this year,” one of the sources told Nikkei.
Shares of Apple, which usually launches iPhones in the second half of the year, fell 2.2 percent to $189.20 in premarket trading. Shares of Apple suppliers AMS fell 6 percent, while those of Dialog Semi fell 4.1 pct.
The company intends to introduce three new iPhones in 2018, according to reports, and is set to start shipping in September after Apple’s annual product launch.
Apple did not immediately respond to a request for comment.


Maalem Financing raises $26m in debut sukuk

Updated 17 October 2018
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Maalem Financing raises $26m in debut sukuk

  • The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal
  • The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again

LONDON: Saudi Arabia’s Maalem Financing has raised SR100 million ($26.6 million) from a debut sale of Islamic bonds, or sukuk, as the firm seeks to develop a crowdfunding product and expand its operations, a senior executive said on Tuesday.
The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal in a market that is dominated by issuance from sovereign institutions and Islamic banks.
The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again as early as January next year, said John Sandwick, a member of Maalem’s board of directors.
“The program is for SR500 million and with 3.6 times oversubscription, there seems to be a lot of demand,” he said.
Additional sales of sukuk aimed to raise between SR100 million and SR200 million, depending on market conditions, he said, adding that Maalem may consider a dollar-denominated sukuk issuance at a later stage.
The debut transaction used a structure known as murabaha, a cost-plus-profit arrangement commonly used in Saudi Arabia. The firm hoped to use an asset-backed structure for future deals, Sandwick said.
Established in 2009, Maalem received regulatory approval to operate as a non-real estate finance company in 2016 and increased its capital in 2017 to SR150 million.
The company plans to open several regional offices by the end of 2018 and is awaiting regulatory approval for a crowdfunding license, Sandwick said.
Crowdfunding enables startup firms to collect small sums of money from many individuals as an alternative to bank loans.
Albilad Capital, the investment banking unit of Bank Albilad, served as sole lead manager and arranger of the sukuk.