India to maintain Russian oil imports despite Trump threats, government sources say

August 3, 2025 | 6:04 pm

Global-oil-barrels — MODELS of oil barrels and a pump jack are displayed in this illustration photo taken on Feb. 24, 2022. — REUTERS

NEW DELHI — India will keep purchasing oil from Russia despite US President Donald J. Trump’s threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter.

On top of a new 25% tariff on India’s exports to the US, Mr. Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Mr. Trump told reporters he had heard that India would no longer be buying oil from Russia.

But the sources said there would be no immediate changes.

“These are long-term oil contracts,” one of the sources said. “It is not so simple to just stop buying overnight.”

Justifying India’s oil purchases from Russia, a second source said India’s imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector.

Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union (EU), the source said.

The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy.

Indian government authorities did not respond to Reuters’ request for official comment on its oil purchasing intentions.

However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a “steady and time-tested partnership” with Russia.

“On our energy sourcing requirements… we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,” he said.

The White House did not immediately respond to requests for comment.

INDIA’S TOP SUPPLIER
Mr. Trump, who has made ending Russia’s war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks.

He has threatened 100% tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.

Russia is the leading supplier to India, the world’s third-largest oil importer and consumer, accounting for about 35% of its overall supplies.

India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources.

But while the Indian government may not be deterred by Mr. Trump’s threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 — when sanctions were first imposed on Moscow — due to lower Russian exports and steady demand.

Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters.

Nayara Energy — a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil — was recently sanctioned by the EU.

Nayara’s chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week. — Reuters

REVIEW | the mWell Health Ring is a discreet wellness tracker for everyday life

August 3, 2025 | 3:04 pm

mwell-healthring-01 — photo by Jino Nicolas, BusinessWorld

by Jino D. Nicolas, BusinessWorld

Wearable technologies continue to evolve. From telling the time and date, heart rates and beats per minute, to active notifications for people, innovation in devices such as smartwatches and health trackers continue to push forward.

Over the years, users may have embraced and adapted to technological innovations in whatever form or function, but I find that there is some peace in simplicity and minimalism.

And the mWell Health Ring stands out not for its flashiness, but for its quiet efficiency.

As a recovering cancer patient, I’ve found the mWell Health Ring to be more than just a health accessory—it has become an unobtrusive companion in my daily routine.

Unlike smartwatches, which often demand visual attention, the mWell Health Ring is designed for minimalism. It doesn’t feel bulky or heavy, and wouldn’t require much of an adjustment for married people. The ring feels less like a gadget and more like a natural extension of one’s lifestyle.

The mWell Health Ring provides real-time insights into heart rate, oxygen saturation, sleep quality, and physical activity.

Its compact design and extended battery life allow for continuous monitoring without the need for frequent charging or screen interaction.

It is true that smartwatches can gather the same information, but personally, I never got into the practice of swiping through the screens of such devices.

The mWell Health Ring does not require me any extra effort to make use of its functions to the fullest. All it requires is for me to wear it.

With its integration to the mWell PH app, accessing the information gathered by the ring requires only a few taps on my phone.

Empowering decisions for a healthy lifestyle

One of the ring’s most compelling features is its ability to provide users with a basic overview of their health status, enabling proactive adjustments without the need for constant medical consultations.

Whether evaluating sleep patterns, tracking daily steps, or assessing sedentary behavior, the ring empowers users to make informed decisions about their wellness routines.

I have been a multimedia artist and producer in the news industry for 17 years. Given the nature of my occupation, it is hard to avoid that most of my days are spent in a sedentary way.

Finding myself engrossed in work or leisurely activities, it’s quite easy to neglect even the most basic practices for a healthy lifestyle.

The information provided by the health ring such as the comparisons of how much time I spend doing exercise, light activities, or just sitting in front of my computer already helps me decide on whether I should stand up, walk a bit, or do something healthier.

Practical enhancements for future versions

While the ring excels in many areas, one practical limitation remains: its ease of retrieval when misplaced.

Admittedly, I have misplaced it several times during the course of using it, and I found it quite difficult to locate.

A simple feature allowing users to trigger a beep or blinking light via the companion app would greatly enhance usability—particularly for those using darker variants that blend into their surroundings.

It does light up to gather health information from time to time, but a function in the mWell app where a user could trigger it would be an enormous help.

More personalization options are something that mWell might want to consider in the future too.

With current color options limited to black, silver, and bronze, expanding the color palette and offering features such as name engraving could enhance its appeal—particularly for users seeking a more expressive or individualized design.

Not just wearable tech

The mWell Health Ring is not merely a piece of wearable tech—it is a quiet, intelligent partner in personal health management.

For individuals navigating recovery or simply seeking a more discreet way to monitor wellness, it offers a thoughtful balance of form and function. With continued innovation and attention to personalization and usability, it has the potential to redefine how we engage with our health—one subtle signal at a time.

mWell is the digital healthcare arm of Metro Pacific Investment Corporation (MPIC).

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls.

UP-FAHLA Center for Advanced Healthcare Informatics launches first Certification Course

August 1, 2025 | 5:20 pm

The UP-FAHLA Center for Advanced Healthcare Informatics (CAHI), in collaboration with FUJIFILM Healthcare Asia Pacific, University of the Philippines (UP), and Mahidol University of Thailand, successfully completed its first Asia Pacific Healthcare Informatics and PACS Administrator Certification Course from July 26 to 30, at the University of the Philippines Manila. The program highlighted a joint shared vision to advance healthcare education and digital transformation in the Asia Pacific region.

Designed to equip healthcare and IT professionals with essential knowledge and practical skills in digital health and imaging informatics, the course was divided into two progressive levels: Level 1, conducted by UP Manila’s College of Medicine on July 26; and Level 2, led by Dr. Napapong Pongnapang and Dr. Yudthaphon Vichianin, focused on advanced modules held from July 28 to 30.

This program was attended by diverse pool of clinicians, healthcare and IT professionals from across the Asia-Pacific region, that fostered collaborative discussions and exchange of best practices in digital health and imaging informatics.

This initiative is part of the broader FUJIFILM Asia-Pacific Healthcare Learning Academy (FAHLA) network, which has been active in Malaysia and Thailand since 2019. The recent establishment of the UP-FAHLA Center further extends this educational ecosystem, positioning the Philippines as a vital regional hub for medical innovation and digital health education.

With its successful launch, the UP-FAHLA Center supported by FUJIFILM Philippines demonstrates the power of academic-industry collaboration in shaping the future of healthcare. Through continued joint efforts, the center is committed to building a digitally skilled healthcare workforce ready to lead in an evolving, tech-enabled healthcare landscape.

About FAHLA

FUJIFILM Asia-Pacific Healthcare Learning Academy (FAHLA) is one of the educational initiatives founded by FUJIFILM Healthcare Asia Pacific Pte. Ltd. The Academy aims to bring together prestigious universities within the Asia-Pacific region to collaboratively develop and deliver structured medical educational workshops.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Pag-IBIG Fund net income jumps 15% to P28B in H1 2025, highest in 45 years

August 1, 2025 | 4:21 pm

Pag-IBIG Fund reported double-digit year-on-year growth in its income for the first half of 2025, marking the highest earnings for the period in the agency’s 45-year history, top officials announced on Aug. 1.

From January to June, the agency’s gross income reached P44.39 billion, rising by 11.65% or P4.63 billion compared to the same period last year. Meanwhile, Pag-IBIG Fund’s net income grew by 15.25% or P3.71 billion to reach P28.04 billion. This is the highest net income recorded since the agency was founded in 1980.

Officials attributed the growth to strong collections and higher earnings from Pag-IBIG Fund’s housing and short-term loan portfolios.

“This performance shows how excellently we are managing the funds that our members have entrusted to us. With our strong fiscal standing, we remain capable of continuing to deliver our members’ benefits and are in a solid position to finance more homes under the Expanded Pambansang Pabahay para sa Pilipino, or Expanded 4PH Program, in line with the directive of President Ferdinand R. Marcos, Jr. to empower more Filipinos achieve better, more dignified lives,” said Secretary Jose Ramon P. Aliling of the Department of Human Settlements and Urban Development, who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

Higher investment returns also contributed to the income growth. The agency’s income from investments surged by 51.79% year on year to P4.27 billion.

This was driven by strategic placements in bonds and other debt securities, money market instruments, equities, and investment properties. Investment income accounted for 5.56% of the agency’s total gross income in the first half of the year.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized the strength of the agency’s financial position. As of June 2025, Pag-IBIG Fund’s total assets stood at P1.14 trillion, reflecting a 7.02% or P74.90 billion increase from the yearend 2024 figure of P1.07 trillion.

Ms. Acosta further stated that the agency’s strong performance directly benefits its members. Under its charter, the agency returns at least 70 percent of its annual net income to members in the form of dividends, which are credited to their savings every year.

“Pag-IBIG Fund is owned by its members — the Filipino workers. It is our duty to grow and protect their savings,” Ms. Acosta said. “Guided by President Marco,s Jr.’s call for government institutions to deliver responsive social benefits, we continue to ensure that our members enjoy competitive earnings on their savings and gain access to affordable home financing. We are committed to sustaining our strong performance to help uplift the lives of more Filipino workers,” she added.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

PH government must support emerging tech for long-term gains — PCIEERD

August 1, 2025 | 3:11 pm

quantum-computer-3679893_1920 — STOCK PHOTO | Image by Pete Linforth from Pixabay

The Philippine government should implement supportive policies for emerging technologies like quantum technology, saying these innovations are expected to yield long-term benefits, according to a top official of Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD).

Enrico C. Paringit, PCIEERD’s executive director, made this remark, citing the challenge of convincing leaders—who have short office terms, usually three years—to invest in long-term technologies that will pay off in about five to ten years.

“That’s really the challenge right now,” Mr. Paringit told reporters at the first day of Quantum Information, Science, and Technology Conference (QISTCon) in Cebu on Wednesday.

“We have to convince them that this is a long game, but a long game which is nonetheless winnable, and a long game that nonetheless will be worth the time and the effort that we’ll be putting into it,” he added.

Meanwhile, Department of Science and Technology (DOST) Secretary Renato J. Solidum Jr. said during his speech that the Philippines cannot afford not to invest in quantum technology, as other countries have already been doing so.

Countries like Singapore have poured billions of dollars into establishing its Centre for Quantum Technologies, the country’s flagship quantum research center.

“Our neighbors are not just racing ahead,” Mr. Solidum said. “They are staking their claims. If we do not move—decisively, creatively, collectively—we will wake up one day to find ourselves once again asking for permission to enter the future.”

A report from McKinsey & Company, a global consulting firm, said that quantum technology is projected to reach $97 billion in global revenue by 2035 and to grow exponentially to $198 billion by 2040.

Bobby O. Corpus, President of the Quantum Computing Society of the Philippines (QCSP), told reporters that the technology will create a paradigm shift that could significantly increase productivity across nearly all industries in the country, especially in health, agriculture, and finance.

Mr. Solidum expressed his optimism that through the Filipinos’ distinct spirit of collaboration, called ‘bayanihan’, the country is bound for quantum technology.
The country’s recent first QISTCon underscored that spirit of collaboration, bringing together local experts and stakeholders with international minds who shared how they have advanced in the field.

“We call on all researchers, educators, policymakers, students, and entrepreneurs in attendance to recognize that what you draft here—roadmaps, frameworks, strategies, partnerships—will help build the infrastructure of a Philippine future with quantum at its core,” Mr. Solidum said. – Edg Adrian A. Eva

Slow US job gains expected in July; unemployment rate forecast rising to 4.2%

August 1, 2025 | 2:50 pm

WASHINGTON – U.S. job growth likely slowed in July, with the unemployment rate forecast rising back to 4.2%, but that probably would be insufficient to spur the Federal Reserve to resume cutting interest rates soon as tariffs are starting to fan inflation.

The anticipated slowdown in nonfarm payrolls in the Labor Department’s closely watched employment report on Friday would mostly be payback after a surprise surge in state and local government education boosted employment gains in June.

The U.S. central bank on Wednesday left its benchmark interest rate in the 4.25%-4.50% range. Fed Chair Jerome Powell’s comments after the decision undercut confidence the central bank would resume policy easing in September as had been widely anticipated by financial markets and some economists.

Though Mr. Powell described the labor market as being in balance because of supply and demand both declining at the same time, he acknowledged that this dynamic was “suggestive of downside risk.” Job growth has slowed amid uncertainty over where President Donald Trump’s tariff levels will eventually settle.

Mr. Trump on Thursday slapped dozens of trading partners with steep tariffs ahead of a Friday trade deal deadline, including a 35% duty on many goods from Canada.

The White House’s immigration crackdown has reduced labor supply as has an acceleration of baby boomer retirements.

“We just don’t have a roadmap yet with respect to tariffs, and now that it’s coming into place, I think that can certainly help, but if you’re thinking about what you’re planning for your business over the next two to three years … you don’t want to make that decision until you know what your costs of running your business are going to be,” said Michael Reid, senior U.S. economist at RBC Capital Markets.

Nonfarm payrolls likely increased by 110,000 jobs last month after rising by 147,000 in June, a Reuters survey of economists showed. That reading would be below the three-month average gain of 150,000. Estimates ranged from no jobs added to an increase of 176,000 positions. An economist predicting no change in payrolls pointed to the jump in state and local government education jobs in June, which accounted for nearly half of the employment gains that month.

“When the academic year ends, there is a huge drop in payroll levels at schools,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets. “The fact that there were fewer reductions than usual in June suggests to me that more of the usual wave of reductions came in July.”

Mr. Stanley also argued that there had been a torrent of anecdotal and survey evidence suggesting that businesses large and small slowed their hiring activity this summer in the face of elevated policy uncertainty. This led Stanley to anticipate private sector payrolls growth slowed further in July rather than accelerated as most economists expected after the economy added the fewest jobs in eight months in June.

LOW BREAK-EVEN NUMBER

Federal government job losses as the Trump administration wields the axe on headcount and spending, excluding immigration enforcement, could mount after the Supreme Court gave the White House the green light for mass firings.

But the administration has also said several agencies were not planning to proceed with layoffs.

The reduction in immigration flows means the economy now needs to create roughly 100,000 jobs per month or less to keep up with growth in the working age population. The decline in the unemployment rate to 4.1% in June was in part due to people dropping out of the labor force. July’s anticipated rise would still leave the jobless rate in the narrow 4.0%-4.2% range that has prevailed since May 2024.

“The July jobs report is unlikely to shake the Fed out of its ‘wait-and-see’ posture,” said Gregory Daco, chief economist at EY-Parthenon. “But it will add further evidence that the labor market is gradually losing momentum.”

Financial markets have pushed back an anticipated September rate cut to October. With tariffs starting to raise inflation, some economists believe the window for the Fed resuming policy easing this year is closing.

But others still believe the Fed could still cut rates in September, especially if the Bureau of Labor Statistics’ preliminary payrolls benchmark revision in September projects a sharp decline in the employment level from April 2024 through March this year.

The Quarterly Census of Employment and Wages, derived from reports by employers to the state unemployment insurance programs, has indicated a much slower pace of job growth between April 2024 and December 2024 than payrolls have suggested.

“If it’s an ugly downward revision, the Fed will move, there is no question,” said Brian Bethune, an economics professor at Boston College. – Reuters

Asia’s factory activity worsens as US trade uncertainty bites

August 1, 2025 | 2:47 pm

TOKYO – Asia’s factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region’s fragile recovery.

The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say.

Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump’s policies threaten the global free trade system the region relied upon for growth.

China’s factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region’s economy.

The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts’ expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction.

The reading comes a day after an official survey showed China’s manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher U.S. tariffs has started to fade while domestic demand remained sluggish.

The survey “provides further evidence that China’s economy lost some momentum last month, largely due to domestic weakness,” said Zichun Huang, an economist at Capital Economics.

The S&P Global Japan manufacturing purchasing managers’ index (PMI) also fell to 48.9 in July from 50.1 in June, a sign U.S. tariffs were hurting the world’s fourth-largest economy.

Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%.

As the trade deal with Washington kicks in, “it will be important to see if this will translate into greater client confidence and improved sales in the months ahead,” said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey.

South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June.

“Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy,” said Usamah Bhatti, economist at S&P Global Market Intelligence.

The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%.

Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed. – Reuters

CEO Tim Cook says Apple ready to open its wallet to catch up in AI

August 1, 2025 | 2:46 pm

SAN FRANCISCO – Apple CEO Tim Cook signaled on Thursday the iPhone maker was ready to spend more to catch up to rivals in artificial intelligence by building more data centers or buying a larger player in the segment, a departure from a long practice of fiscal frugality.

Apple has struggled to keep pace with rivals such as Microsoft and Alphabet’s Google, both of which have attracted hundreds of millions of users to their AI-powered chatbots and assistants. That growth has come at a steep cost, however, with Google planning to spend $85 billion over the next year and Microsoft on track to spend more than $100 billion, mostly on data centers.

Apple, in contrast, has leaned on outside data center providers to handle some of its cloud computing work, and despite a high-profile partnership with ChatGPT creator OpenAI for certain iPhone features, has tried to grow much of its AI technology in-house, including improvements to its Siri virtual assistant. The results have been rocky, with the company delaying its Siri improvements until next year.

During a conference call after Apple’s fiscal third-quarter results, analysts noted that Apple has historically not done large deals and asked whether it might take a different approach to pursue its AI ambitions. Mr. Cook responded that the company had already acquired seven smaller companies this year and is open to buying larger ones.

“We’re very open to M&A that accelerates our roadmap. We are not stuck on a certain size company, although the ones that we have acquired thus far this year are small in nature,” Mr. Cook said. “We basically ask ourselves whether a company can help us accelerate a roadmap, and if they do, then we’re interested.”

Apple has tended to buy smaller firms with highly specialized technical teams to build out specific products. Its largest deal ever was its purchase of Beats Electronics for $3 billion in 2014, followed by a $1 billion deal to buy a modem chip business from Intel.

But now Apple is at a unique crossroads for its business. The tens of billions of dollars per year it receives from Google as payment to be the default search engine on iPhones could be undone by U.S. courts in Google’s antitrust trial, while startups like Perplexity are in discussions with handset makers to try to dislodge Google with an AI-powered browser that would handle many search functions.

Apple executives have said in court they are considering reshaping the firm’s Safari browser with AI-powered search functions, and Bloomberg News has reported that Apple executives have discussed buying Perplexity, which Reuters has not independently confirmed.

Apple also said on Thursday it plans to spend more on data centers, an area where it typically spends only a few billion dollars per year. Apple is currently using its own chip designs to handle AI requests with privacy controls that are compatible with the privacy features on its devices.

Kevan Parekh, Apple’s chief financial officer, did not give specific spending targets but said outlays would rise.

“It’s not going to be exponential growth, but it is going to grow substantially,” Mr. Parekh said during the conference call.

“A lot of that’s a function of the investments we’re making in AI.” – Reuters

Apple revenue forecast beats estimates, tariff costs projected at $1.1 billion

August 1, 2025 | 12:51 pm

apple building — The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York, Sept. 20, 2012. — REUTERS

SAN FRANCISCO – Apple forecast revenue for the current quarter ending in September well above Wall Street’s estimates on Thursday, sending shares up despite a warning from CEO Tim Cook that U.S. tariffs would add $1.1 billion in costs over the period.

As the centerpiece of U.S. President Donald Trump’s trade war, those tariffs cost Apple $800 million in the June quarter and spurred some customers to buy iPhones in late spring this year. Those purchases helped Apple’s fiscal third-quarter sales beat expectations by the biggest percentage in at least four years, according to LSEG.

The company still forecast growth, though, with Chief Financial Officer Kevan Parekh saying the company expects revenue growth for the current quarter in the “mid to high single digits,” which would exceed the 3.27% growth to $98.04 billion that analysts expected, according to LSEG data.

Apple reported $94.04 billion in revenue for its fiscal third quarter ended on June 28, up nearly 10% from a year earlier and beating analyst expectations of $89.54 billion, according to LSEG data. Its earnings per share of $1.57 topped expectations for $1.43 per share.

Apple shares were up 3% in after-hours trading, extending gains after Apple provided its forecast.

Sales of iPhones, the best-selling product for the company based in Cupertino, California, were up 13.5% to $44.58 billion, beating analyst expectations of $40.22 billion.

Apple has been shifting production of products bound for the U.S., sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam.

The ultimate tariff rates many Apple products could face remain in flux, and many of its products are currently exempt. Sales in its Americas segment, which includes the U.S. and could face tariff impacts, rose 9.3% to $41.2 billion.

In Greater China, where Apple has faced long delays in approval to introduce AI features on its devices, sales were $15.37 billion, up from a year ago and above expectations of $15.12 billion, according to a survey of five analysts from data firm Visible Alpha.

That gain was a turnaround from a year-over-year decline in China sales in the March quarter.

In a conference call with analysts, Mr. Cook said some of that was due to a subsidy program in China to help revive the smartphone market, which boosted some of Apple’s products.

“It was the first full quarter of the subsidy playing out,” Mr. Cook told analysts.

EARLY PURCHASES

In an interview with Reuters, Cook said the company set seasonal records for upgrades of iPhones, Macs and Apple Watches. He said Apple estimates about 1 percentage point of its 9.6% of sales growth in the quarter was attributable to customers making purchases ahead of potential tariffs.

“We saw evidence in the early part of the quarter, specifically, of some pull-ahead related to the tariff announcements,” Cook told Reuters, though he also said the active user base for iPhones hit a record high in all geographies.

The U.S. is still negotiating with both China and India, with Mr. Trump saying India could face 25% tariffs as early as Friday. However, analysts said India could still retain cost advantages for Apple in the longer term.

“The pull-forward in demand due to tariffs was somewhat expected given the uncertainty around pricing. However, it’s important to put this in context as this is typically a slow quarter for Apple, yet they still delivered exceptional results with iPhone growth,” Emarketer analyst Jacob Bourne said.

Tariffs are only one of Apple’s challenges. The company faces competition from rivals such as Samsung Electronics Co 005930.KS in a tough market for premium-priced mobile phones. On the software front, Apple faces challenges from Alphabet GOOGL.O, which is quickly weaving AI features into its competing Android operating system.

While AI leaders Microsoft and Nvidia have seen their stock market values soar to record highs, Apple’s shares have fallen 17% in 2025, with investors concerned about the impact of tariffs, and about what they view as slow progress integrating AI features into its products.

Apple has delayed the release of an AI-enriched version of Siri, its virtual assistant, but Cook said the company is “making good progress on a personalized Siri.” He also said Apple, which has thus far not engaged in the massive capital expenditures of its Big Tech rivals to pursue AI, is “significantly growing” its investments in artificial intelligence.

“Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone, and that’s at the heart of our AI strategy,” Mr. Cook said.

Apple faces regulatory rulings in Europe that threaten to undermine its lucrative App Store business. Apple said sales from its services business, which includes the App Store as well as music and cloud storage, were $27.42 billion, topping analyst expectations of $26.8 billion.

Sales of wearables such as AirPods and Apple Watches were $7.4 billion, missing estimates of $7.82 billion. Mac sales of $8.05 billion beat expectations of $7.26 billion, while iPads hit $6.58 billion in sales, missing expectations of $7.24 billion.

Apple said gross margins were 46.5% in the fiscal third quarter, beating analyst expectations of 45.9%, according to LSEG estimates. The company forecast gross margins for the current quarter of 46% to 47%, with the entire range above estimates of 45.9%, according to LSEG data. – Reuters

Britain says EU is removing tariffs on steel under quota

August 1, 2025 | 12:48 pm

structural-steel-2765678_1920 — STOCK PHOTO | Image by bauportalat from Pixabay

LONDON – Britain said the European Union will remove tariffs on key steel products under a quota system from Friday as part of a reset of ties and a recent deal to ease trade barriers.

In May, Britain agreed the most significant reset of defense and trade ties with the European Union since Brexit, which included a “bespoke arrangement” to protect UK steel exports from new EU rules and tariffs.

Britain had said the European Commission would restore its country-specific steel quota to pre-2022 levels, but had not previously specified when this would take effect.

Trade minister Jonathan Reynolds said the removal of tariffs was “yet another positive step forward for the UK steel sector” after the government intervened to save jobs at British Steel and struck a deal to avoid the highest U.S. steel tariffs.

“Restoring our steel quota helps give producers the certainty they need to compete, grow, and maintain vital export relationships,” he said.

Britain said it could export up to 27,000 tons of steel to the EU each quarter without paying an extra tariff under the arrangement.

Gareth Stace, director general of UK Steel, said the restoration of the quota was “excellent news”, adding companies had been “plagued by problems” shipping items like support beams.

Britain is yet to conclude negotiations with the United States after both sides agreed in May to work to eliminate steel tariffs on exports from Britain.

British steel exports to the U.S. face tariffs of 25%, and avoided an increase to 50% thanks to its U.S. agreement, but talks to remove the tariffs have stalled due to discussions over supply chains and where British steel is “melted and poured“. – Reuters

Does Britain face another multi-billion-pound consumer finance scandal?

August 1, 2025 | 12:45 pm

STOCK PHOTO | Image by Pierre Blaché from Pixabay

LONDON – Britain’s Supreme Court will make a landmark ruling on Friday on car finance commissions that could lead to consumer claims of billions of pounds in compensation from banks and other finance firms.

The judgment is expected after financial markets close in London on Friday.

The Supreme Court has been reviewing an earlier Court of Appeal ruling that found it was unlawful for lenders to pay commissions to motor dealers without a customer’s informed consent.

Lenders, including Lloyds Banking Group, Close Brothers, Barclays and the UK arms of Santander and Bank of Ireland, have already set aside nearly 2 billion pounds ($2.7 billion) between them to cover potential compensation claims.

Some analysts say the banks may face the most significant payouts since the almost 40 billion pounds in compensation to customers for mis-selling payment protection insurance, largely paid out by a 2019 regulatory deadline for doing so.

WHAT WILL THE SUPREME COURT CONSIDER?

Reviewing three earlier claims – two against South African lender FirstRand FSRJ.L and one against Britain’s Close Brothers – the Supreme Court will decide the extent of car dealers’ legal responsibility to provide appropriate information to consumers when also acting as credit brokers.

The court is also expected to rule on whether commissions paid by lenders to car dealers were secret and whether lenders acted unfairly.

WHO MIGHT BE AFFECTED?

The Financial Conduct Authority banned the payment of discretionary motor finance commissions in 2021. But some customers say they were treated unfairly before the ban came into effect, prompting the FCA to launch an investigation in January 2024 into historic potential misconduct.

If the Supreme Court rules that lenders and brokers should have been more transparent about commissions, the regulator has said it will consult on the structure of a compensation scheme within six weeks.

More than 2 million people a year rely on the motor finance market to buy a car, FCA data shows.

HOW MUCH COULD BANKS HAVE TO PAY?

Only a handful of UK lenders have motor finance businesses large enough to be materially affected by the ruling.

These include Lloyds, Close Brothers and Santander UK, which have already made provisions of 1.15 billion pounds, 295 million pounds and 165 million pounds respectively. Bank of Ireland Group’s UK arm and Barclays have made smaller provisions.

But analysts say other types of commissions paid by banks to credit brokers could face scrutiny if the court decides customers must consent to such payments.

Total “worst case” industry costs could reach 30 billion pounds, ratings agency Moody’s said in November.

RBC Capital analysts estimated the impact on banks and non-banks could be around 11 billion pounds in a revised estimate this week.

COULD THE GOVERNMENT STEP IN?

Press reports have suggested that Britain’s finance minister Rachel Reeves is considering changing the law to shield lenders from the worst of the potential fallout, potentially to supersede any Supreme Court judgment. The government declined to comment on the media speculation around contingency plans.

The government expressed reservations in January about the earlier Court of Appeal ruling, adding it wanted to see a “fair and proportionate judgment” on motor finance that balanced claims with ensuring lenders could continue to provide finance. – Reuters

Trump hits dozens of countries with steep tariffs, including 35% for Canadian goods

August 1, 2025 | 9:01 am

US-Trump-tariff-wc — US President Donald J. Trump announced he will impose a 10% baseline tariff on all imports to the United States. — REUTERS

USUS President Donald Trump slapped dozens of trading partners with steep tariffs ahead of a Friday trade deal deadline, including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland.

Trump released an executive order listing higher import duty rates of 10% to 41% starting in seven days for 69 trading partners as the 12:01 a.m. EDT (0401 GMT) deadline approached. Some of them had reached tariff-reducing deals and some had no opportunity to negotiate with his administration.

The order said that goods from all other countries not listed in an annex would be subject to a 10% US tariff rate.

Trump’s order said that some trading partners, “despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.”

Trump issued a separate order for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35% from 25% previously, saying Canada had “failed to cooperate” in curbing fentanyl flows into the US.

The higher tariffs on Canadian goods contrasted sharply with Trump’s decision to grant Mexico a 90-day reprieve from higher tariffs of 30% on many goods to provide more time to negotiate a broader trade pact.

A US official told reporters that more trade deals were yet to be announced as Trump’s higher “reciprocal” tariff rates were set to take effect.

“We have some deals,” the official said. “And I don’t want to get ahead of the President of the United States in announcing those deals.”

Regarding the steep tariffs on goods from Canada, the second largest US trading partner after Mexico, the official said that Canadian officials “haven’t shown the same level of constructiveness that we’ve seen from the Mexican side.”

The extension for Mexico avoids a 30% tariff on most Mexican non-automotive and non-metal goods compliant with the US-Mexico-Canada Agreement on trade and came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum.

“We avoided the tariff increase announced for tomorrow,” Sheinbaum wrote in an X social media post, adding that the Trump call was “very good.”

Approximately 85% of US imports from Mexico comply with the rules of origin outlined in the USMCA, shielding them from 25% tariffs related to fentanyl, according to Mexico’s economy ministry.

Trump said the US would continue to levy a 50% tariff on Mexican steel, aluminum and copper and a 25% tariff on Mexican autos and on non-USMCA-compliant goods subject to tariffs related to the US fentanyl crisis.

“Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many,” Trump said in a Truth Social post without providing details.

KOREA DEAL, INDIA DISCORD

South Korea agreed on Wednesday to accept a 15% tariff on its exports to the US, including autos, down from a threatened 25%, as part of a deal that includes a pledge to invest $350 billion in US projects to be chosen by Trump.

But goods from India appeared to be headed for a 25% tariff after talks bogged down over access to India’s agriculture sector, drawing a higher-rate threat from Trump that also included an unspecified penalty for India’s purchases of Russian oil.

Although negotiations with India were continuing, New Delhi vowed to protect the country’s labor-intensive farm sector, triggering outrage from the opposition party and a slump in the rupee.

Trump’s rollout of higher import taxes on Friday comes amid more evidence they have begun driving up consumer goods prices.

Commerce Department data released Thursday showed prices for home furnishings and durable household equipment jumped 1.3% in June, the biggest gain since March 2022, after increasing 0.6% in May. Recreational goods and vehicles prices shot up 0.9%, the most since February 2024, after being unchanged in May. Prices for clothing and footwear rose 0.4%.

TOUGH QUESTIONS FROM JUDGES

Trump hit Brazil on Wednesday with a steep 50% tariff as he escalated his fight with Latin America’s largest economy over its prosecution of his friend and former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

The run-up to Trump’s tariff deadline was unfolding as federal appeals court judges sharply questioned Trump’s use of a sweeping emergency powers law to justify his sweeping tariffs of up to 50% on nearly all trading partners.

Trump invoked the 1977 International Emergency Economic Powers Act to declare an emergency over the growing US trade deficit and impose his “reciprocal” tariffs and a separate fentanyl emergency.

The Court of International Trade ruled in May that the actions exceeded his executive authority, and questions from judges during oral arguments before the US Appeals Court for the Federal Circuit in Washington indicated further skepticism.

US Treasury Secretary Scott Bessent said earlier that the United States believes it has the makings of a trade deal with China, but it is “not 100% done,” and still needs Trump’s approval.

US negotiators “pushed back quite a bit” over two days of trade talks with the Chinese in Stockholm this week, Bessent said in an interview with CNBC.

China is facing an August 12 deadline to reach a durable tariff agreement with Trump’s administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals. — Reuters