This week ahead || Sep 11th - Sep 15th 2023
Here's some news for the week ahead.
Apple event: Everything we expect from the company’s Sept. 12 showcase
Apple's upcoming iPhone event is expected to introduce several changes, including the shift to USB-C charging ports in line with EU regulations. The iPhone 15 models will feature a new Dynamic Island design and internal upgrades like the A15 processor and improved cameras. The Pro models may include a periscope zoom camera and a programmable action button, while the watchOS 10 update brings Smart Stack and enhanced workout tracking to Apple Watches. AirPods are also anticipated to receive an update with a USB-C charging port. These announcements make the event a significant moment for tech enthusiasts.
Sports betting companies battle for customers as NFL season kicks off
The NFL season is starting, and DraftKings and FanDuel dominate the online sports gambling market. However, ESPN and Fanatics are entering, setting the stage for intense competition. The key question is whether this will lead to more promotions, which can affect profitability. While the industry has improved margins, success by Fanatics and ESPN Bet could reignite customer acquisition efforts, challenging profitability. Balancing marketing and profitability remains a challenge for the industry.
US, Vietnam upgrade ties as Biden visits in hedge against China
U.S. President Joe Biden has secured agreements with Vietnam regarding semiconductors and minerals, coinciding with Vietnam elevating diplomatic relations with the U.S. to its highest level alongside China and Russia. The move reflects the U.S. desire to strengthen global supply chains by cooperating with Vietnam, a key manufacturing nation. Vietnam, however, must navigate relations between the U.S. and China, as well as maintain its relationship with Russia, particularly in light of potential arms supply deals. The upgrade in relations will also involve a security component, although no arms deals were announced during Biden's visit. Semiconductors are central to this deal, along with efforts to strengthen supply chains for critical minerals like rare earths, of which Vietnam holds significant deposits. Human rights concerns persist in U.S.-Vietnam relations, but the possibility of goodwill gestures, including the release of activists, remains.
Oil cut extension raises risk of Saudi economic contraction this year
Saudi Arabia faces the risk of an economic contraction in 2023 due to its decision to extend crude production cuts. The country aims to stabilize the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. This move, coupled with lower oil prices compared to the previous year, could lead to a contraction in Saudi Arabia's economy. Analysts estimate that the extended production cuts will result in a 9% fall in production, the largest drop in nearly 15 years for the OPEC leader. While Saudi Aramco's dividend payments will provide some cushion to public finances, economists have revised their GDP growth forecasts downward, with some predicting a contraction. The non-oil economy remains a source of growth, driven by investments from the Public Investment Fund (PIF). However, there is recognition that diversification away from oil will be a slow process, and the country's economic dependence on hydrocarbons will continue for some time.
