Apple: 'Underpenetrated' in India but optimistic about future

May 3, 2017

New York, May 3: Acknowledging that Apple is "underpenetrated" in India, CEO Tim Cook has said the US tech giant is strengthening its local presence in the country and is optimistic about its future given the fast-growing economy and improving 4G network infrastructure in the country. "We set a new March quarter record for India, where revenue grew by strong double digits.

cookWe continue to strengthen our local presence across the entire ecosystem, and we're very optimistic about our future in this remarkable country with its very large, young, and tech-savvy population, fast-growing economy, and improving 4G network infrastructure," Cook said in the second quarter results earnings call yesterday.

Cook was asked that the California-based company is underpenetrated in India and whether the company will need to work with the country's government to have Apple-owned stores or production given the great opportunity in the country. "We think it's a great opportunity too, and so we're bringing all the things that we brought to bear in other markets that we've eventually done well in, and that's from channel to stores to our ecosystem and so forth,” Cook said. Apple"s senior vice president of worldwide marketing Phil Schiller was in India opening a developer centre last quarter.

"And so there are a ton of things going on there (India). And we agree that we are underpenetrated there. Our growth rates are good, really good by most people's expectations, maybe not mine as much,” Cook said. He said the iPhone maker is putting a "lot of energy" in India, just like Apple has in other geographies that eventually wound up producing more. "So I'm very excited about it,” he said.

Cook emphasised that the 4G network investment began rolling in in a significant way toward the last quarter of last year in India, which is the third largest smartphone market in the world today behind China and the US. "But they are moving fast. They're moving at a speed that I have not seen in any other country in the world once they were started, and it is truly impressive,” he said. Apple has been "investing quite a bit" in India and has a "ton of energy" going into the country on a number of fronts. Cook sounded a bullish tone for the future of Apple in India as the 4G network infrastructure grows in the country.

"And so we believe, particularly now that the 4G infrastructure is going in the country and is continuing to be expanded, that there is a huge opportunity for Apple there. And so that and the demographics of the country is why we're putting so much energy there," he said. Apple's Senior Vice president and Chief Financial Officer Luca Maestri said the company achieved double-digit growth in the US, Canada, Australia, Germany, the Netherlands, Turkey, Russia and Mexico.

Apple"s growth rates were even higher, over 20 per cent in many other markets, including Brazil, Scandinavia, the Middle East, Central and Eastern Europe, India, Korea and Thailand,Maestrisaid. Apple posted revenue of USD 52.9 billion for its fiscal 2017 second quarter ended April 1, 2017, up from USD 50.6 billion in the year-ago quarter.

International sales accounted for 65 per cent of the quarter"s revenue. It reported net income of USD 11 billion for the second quarter as compared to USD 10 billion a year ago. The company said that the number of iPhones sold globally fell 1 per cent in the first calendar quarter, compared with the same period a year ago. It sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier.

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Agencies
February 6,2020

Washington D.C., Feb 6: An international team of astronomers has found an unusual monster galaxy that existed about 12 billion years ago when the universe was only 1.8 billion years old.

The team of astronomers was led by scientists at the University of California, Riverside.

Dubbed XMM-2599, the galaxy formed stars at a high rate and then died. Why it suddenly stopped forming stars is unclear.

"Even before the universe was 2 billion years old, XMM-2599 had already formed a mass of more than 300 billion suns, making it an ultra massive galaxy," said Benjamin Forrest, a postdoctoral researcher in the UC Riverside Department of Physics and Astronomy and the study's lead author.

"More remarkably, we show that XMM-2599 formed most of its stars in a huge frenzy when the universe was less than 1 billion years old and then became inactive by the time the universe was only 1.8 billion years old," Forrest added.

The team used spectroscopic observations from the W. M. Keck Observatory's powerful Multi-Object Spectrograph for Infrared Exploration or MOSFIRE, to make detailed measurements of XMM-2599 and precisely quantify its distance.

The study results appear in the Astrophysical Journal.

"In this epoch, very few galaxies have stopped forming stars, and none are as massive as XMM-2599," said Gillian Wilson, a professor of physics and astronomy at UCR in whose lab Forrest works.

"The mere existence of ultramassive galaxies like XMM-2599 proves quite a challenge to numerical models. Even though such massive galaxies are incredibly rare at this epoch, the models do predict them."

"The predicted galaxies, however, are expected to be actively forming stars. What makes XMM-2599 so interesting, unusual, and surprising is that it is no longer forming stars, perhaps because it stopped getting fuel or its black hole began to turn on. Our results call for changes in how models turn off star formation in early galaxies," the professor stated.

The research team found XMM-2599 formed more than 1,000 solar masses a year in stars at its peak of activity -- an extremely high rate of star formation. In contrast, the Milky Way forms about one new star a year.

"XMM-2599 may be a descendant of a population of highly star-forming dusty galaxies in the very early universe that new infrared telescopes have recently discovered," said Danilo Marchesini, an associate professor of astronomy at Tufts University and a co-author on the study.

"We have caught XMM-2599 in its inactive phase," Wilson said, who led the W. M. Keck Observatory data acquisition
Co-author Michael Cooper, a professor of astronomy at UC Irvine, said this outcome is a strong possibility.

"Perhaps during the following 11.7 billion years of cosmic history, XMM-2599 will become the central member of one of the brightest and most massive clusters of galaxies in the local universe," he said.

"Alternatively, it could continue to exist in isolation. Or we could have a scenario that lies between these two outcomes," he stated.

The study was supported by grants from the National Science Foundation and NASA.

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Agencies
March 3,2020

Facebook on Monday launched a new consumer marketing campaign in India titled 'More Together'. India is the first country in the Asia Pacific region where such a campaign is being rolled out.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

"India is at the heart of Facebook and one of our focus areas this year is to tell the exciting story of a service that is deeply embedded in the fabric of India," said Ajit Mohan, Vice President and Managing Director, Facebook India.

The campaign would have multiple campaigns over the next few weeks in eight languages and the one will be set in the context of Holi.

Facebook in 2019 introduced a new company logo to further distinguish the company from the Facebook app.

The company recently announced the appointment of Avinash Pant as the Marketing Director for India operations, to drive the consumer marketing efforts across the family of apps.

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Agencies
June 12,2020

New Delhi, Jun 12: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

"Then how can interest of these 3 months be added?" the apex bench asked. Mehta replied: "I need to sit down with the RBI officials and have a meeting."

SBI's counsel, senior advocate Mukul Rohatgi, intervened during the proceedings and said "all banks are of the view that interest cannot be waived for a six month EMI moratorium period".

"We need to discuss it with the RBI," insisted Rohatgi.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

The top court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.

After the RBI said the waiver of interest charges on EMIs during moratorium will lead to loss of 1 per cent of the nation's GDP, the top court had earlier asked the Finance Ministry to reply, whether the interest could be waived or it would continue during the moratorium period.

The top court said these are not normal times, and it is a serious issue, as on one hand moratorium is granted and then, the interest is charged on loans during this period.

"There are two issues in this (matter). No interest during the moratorium period and no interest on interest," said Justice Bhushan. The observation from the bench came on a petition by Gajendra Sharma, in which he sought a direction to declare portion of the RBI's March 27 notification as ultra vires to the extent it charged interest on the loan amount during the moratorium period.

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