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Apple Tumbles as Fears Grow over China iPhone Curbs

A man walks beside an Apple store at a mall in Beijing, China, 07 September 2023. EPA/WU HAO
A man walks beside an Apple store at a mall in Beijing, China, 07 September 2023. EPA/WU HAO
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Apple Tumbles as Fears Grow over China iPhone Curbs

A man walks beside an Apple store at a mall in Beijing, China, 07 September 2023. EPA/WU HAO
A man walks beside an Apple store at a mall in Beijing, China, 07 September 2023. EPA/WU HAO

Apple fell nearly 4% on Thursday and sparked a selloff in tech stocks after reports that China has widened curbs on iPhone use by government staff in one of the US company's biggest markets.
The world's most valuable firm was set to lose around $100 billion in market value after suffering its worst one-day drop in more than a month on Wednesday.
Apple suppliers and companies with large China exposure including Broadcom, Qualcomm and Texas Instruments fell between 1.4% and 4.7%. The iPhone maker's drop also weighed on the three main US stock indexes.
Reuters reported earlier in the day that Beijing told employees at some central government agencies in recent weeks to stop using their Apple mobiles at work.
The reported move deepened fears about the financial toll from rising tensions between Washington and Beijing.
The US has in recent years restricted China's access to key technologies including cutting-edge chips, while Beijing has tried to reduce its reliance on American tech and curbed shipments from US firms including planemaker Boeing.
Several Wall Street analysts said the curbs on the iPhone show that even a company with a good relationship with the Chinese government and large presence in the world's second-largest economy was not immune to rising Sino-US tensions.
The moves by Beijing also come at a time when Apple is grappling with a decline in iPhone sales, with China being a bright spot in what was an otherwise disappointing quarterly earnings report last month.
"The restrictions have the potential to slow Apple's sales growth in China. This could provide an additional challenge for the company," said D.A Davidson analyst Tom Forte.
Some analysts have also warned of a potential sales hit due to Huawei's new Mate 60 Pro smartphone, which is powered by an advanced chip made by Chinese contract chipmaker SMIC and marks a breakthrough for the duo hit by US sanctions.
The sanctions had hammered Huawei's sales in its home country and allowed Apple to take some market share from the national favorite.
"If Huawei has the capability to supply and scale its home-grown Kirin 9000S (chips), we see the Mate series phone as an opportunity for Huawei to increase its shipments and regain its market share," analysts at Bofa Global Research said.
Apple could, however, see a demand boost after an event next week where it is expected to unveil its iPhone 15 line-up.

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Business

Qatar to Invest Hundreds of Millions to Support Lebanon

In this photo released by the Lebanese Presidency press office, Lebanese president Joseph Aoun, right, meets with Qatari Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi, at the presidential place in Baabda, east of Beirut, Lebanon, Monday, Jan. 26, 2026. (Lebanese Presidency press office via AP)
In this photo released by the Lebanese Presidency press office, Lebanese president Joseph Aoun, right, meets with Qatari Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi, at the presidential place in Baabda, east of Beirut, Lebanon, Monday, Jan. 26, 2026. (Lebanese Presidency press office via AP)
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Qatar to Invest Hundreds of Millions to Support Lebanon

In this photo released by the Lebanese Presidency press office, Lebanese president Joseph Aoun, right, meets with Qatari Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi, at the presidential place in Baabda, east of Beirut, Lebanon, Monday, Jan. 26, 2026. (Lebanese Presidency press office via AP)
In this photo released by the Lebanese Presidency press office, Lebanese president Joseph Aoun, right, meets with Qatari Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi, at the presidential place in Baabda, east of Beirut, Lebanon, Monday, Jan. 26, 2026. (Lebanese Presidency press office via AP)

Gas-rich Qatar on Monday announced investments in Lebanon worth hundreds of millions of dollars to improve the crisis-hit nation’s crumbling electricity sector and to continue support for the Lebanese armed forces and the return home of Syrian refugees.

Qatar’s minister of state for foreign affairs, Mohammed bin Abdulaziz Al-Khulaifi, announced the investments by the Qatar Fund For Development after meeting Prime Minister Nawaf Salam and President Joseph Aoun in Beirut.

For years, Qatar has been seen as a friendly country to Lebanon and a mediator for domestic and international political crises. Doha is also a key partner in the consortiums for Lebanon’s offshore gas exploration blocks, The AP news reported.

Lebanon since late 2019 has been in a historic fiscal crisis after decades of corruption and mismanagement by the country's ruling class.

Al-Khulaifi said Qatar will give a $40 million grant to the electricity sector and another $360 million for projects in the sector that it said will benefit 1.5 million people.

Qatar had tried in the past to improve Lebanon’s electricity sector, without success. This time, Lebanon's president who was elected last year and a newly named prime minister have vowed to fight corruption.

Lebanon’s state electricity company is one of the country's biggest sources of debt, hemorrhaging about $40 billion over the past decades with a bloated workforce and outdated infrastructure. The company provides only a few hours of electricity each day, and the state until a year ago had taken advances from the Central Bank when diesel fuel runs out.

Most homes and businesses in Lebanon rely on highly expensive private generators that are a main cause of pollution in the Mediterranean nation.

The Qatari official also said his country will help with the return of Syrian refugees from Lebanon, starting with the return of 100,000 people at an initial cost of $20 million. Al-Khulaifi said the refugees who will return will be guaranteed suitable housing in addition to payments that cover their food and medicine for three months.

He added that the Syrian government, which has close relations with Qatar, will facilitate the return.

Lebanon’s minister of social affairs, Haneen Sayed, said earlier this month that half a million Syrian refugees returned home in 2025.

Syria’s conflict displaced half of the country’s prewar population of 23 million over 14 years. Lebanon hosted an estimated 1.5 million refugees, who at one point made up roughly a quarter of its 6 million people, with many having been smuggled across the border and unregistered with the UN.

Al-Khulaifi also said Qatar will continue it support to the Lebanese army, adding that the decision comes from Doha’s belief “that this institution is the basis for security and stability in the country.”

Business

Gold Hits Record Above $5,100 as Geopolitics Drive Safe‑Haven Rush

Gold jewelry is displayed in a shop window in Manhattan’s diamond district as global gold prices hovered near all-time highs in New York City, January 7, 2026. REUTERS/Mike Segar
Gold jewelry is displayed in a shop window in Manhattan’s diamond district as global gold prices hovered near all-time highs in New York City, January 7, 2026. REUTERS/Mike Segar
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Gold Hits Record Above $5,100 as Geopolitics Drive Safe‑Haven Rush

Gold jewelry is displayed in a shop window in Manhattan’s diamond district as global gold prices hovered near all-time highs in New York City, January 7, 2026. REUTERS/Mike Segar
Gold jewelry is displayed in a shop window in Manhattan’s diamond district as global gold prices hovered near all-time highs in New York City, January 7, 2026. REUTERS/Mike Segar

Gold prices marched to record levels above $5,100 on Monday, as investors sought ​a safe haven amid international political tension, and silver and platinum also scaled all-time highs.

Spot gold was up 2.3% at $5,096.60 an ounce by 10:13 a.m. ET (1513 GMT) after hitting a record $5,110.50. US gold futures for February delivery gained 2.3% to $5,094.30, Reuters reported.

"Gold prices continue to be supported by elevated geopolitical and economic uncertainty. Central banks remain strong buyers as they diversify foreign exchange reserves and reduce reliance on the US dollar," said Ryan McIntyre, president at Sprott Inc.

"In addition, investor inflows into physically ‌backed exchange-traded funds have ‌resumed, with holdings up approximately 20% year over year," ‌McIntyre ⁠added.

TRUMP'S ​100% ‌TARIFF THREAT ON CANADA

In the latest geopolitical flare-up, US President Donald Trump said on Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China.

For precious metals this year, the major drivers are going to be "Trump and Trump," said Adrian Ash, head of research at online marketplace BullionVault.

"A wave of new first-time investing is driving this move in precious metals. It's led by ⁠private investors across Asia and Europe, rushing to build their personal holdings of gold and silver."

The possibility that a ‌coordinated currency intervention by US and Japanese authorities could ‍be imminent was another focus of ‍investor attention.

At the same time, this week's Federal Reserve meeting, when the central ‍bank is expected to hold rates steady, is overshadowed by a Trump administration criminal investigation of Fed chairman Jerome Powell.

Trump has placed pressure on Powell to lower interest rates.

That would be supportive for non-yielding gold, which has risen 18% so far this year after gaining ​64% in 2025.

Last year, gold breached major milestones, including $3,000/oz and $4,000/oz for the first time.

GOLD MAY REACH $6,000/OZ BY YEAR-END, SOME ANALYSTS SAY

Analysts ⁠at Societe Generale anticipate gold will reach $6,000/oz by year-end, though they caution this may be a conservative estimate with scope for further gains. Meanwhile, Morgan Stanley said the rally could continue, highlighting a bull-case target of $5,700.

Spot silver scaled a new record high of $112.18 an ounce. Prices broke the $100 mark on Friday as retail investor and momentum-driven buying added to tightness in physical markets for the precious and industrial metal.

"Momentum is strong, with Chinese silver prices at a notable premium to London prices, indicating further gains in the short term are possible. However, such high prices should reduce industrial demand," said UBS analyst Giovanni Staunovo.

Spot platinum rose by 3.7% to $2,870.65 an ounce after touching a ‌record $2,918.80 while spot palladium climbed by 6.2% to $2,133.75, the highest levels since 2022.

Business

Saudi Arabia’s Non-Oil Exports Rise by 20.7% in November

King Abdulaziz Port in Dammam (SPA) 
King Abdulaziz Port in Dammam (SPA) 
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Saudi Arabia’s Non-Oil Exports Rise by 20.7% in November

King Abdulaziz Port in Dammam (SPA) 
King Abdulaziz Port in Dammam (SPA) 

Data released by Saudi Arabia’s General Authority for Statistics (GASTAT) showed that the Kingdom’s non-oil exports (including re-exports) increased by 20.7% in November compared with the same month in 2024.

This rise coincided with a marked improvement in the surplus of the merchandise trade balance, which grew by 70.2%, driven by higher total exports and a slight decline in imports.

According to the report, the main contributor to the growth in non-oil exports was the sector of “machinery, electrical equipment and parts,” which topped the list of exported goods, accounting for 24.2% of total non-oil exports.

Re-exports also played a pivotal role, recording a surge of 53.1%, supported by an increase of more than 81% in exports of electrical equipment within this category.

Meanwhile, national non-oil exports (excluding re-exports) grew by 4.7%, while oil exports rose by 5.4%. Notably, the share of oil exports in total exports declined to 67.2%, compared with 70.1% in November last year.

Imports recorded a slight decline of 0.2% compared with November 2024, which directly contributed to raising the coverage ratio of non-oil exports to imports to 42.2%. These figures had a positive impact on the merchandise trade balance, whose surplus rose by 70.2%.

China remained Saudi Arabia’s leading trading partner, accounting for 13.5% of total exports and 26.7% of total merchandise imports. The United Arab Emirates and Japan ranked second and third among the Kingdom’s top export destinations, while the United States and the United Arab Emirates followed China in the list of import sources.

In terms of customs gateways, King Abdulaziz Port in Dammam emerged as the main entry point for imports, with a share of 22.8%. Meanwhile, King Abdulaziz International Airport in Jeddah ranked first among the Kingdom’s main gateways for non-oil exports, accounting for 17.2% of total export operations in this sector.