COMPANY NEWS IN BRIEF
Apple to launch new 5G iPhoneApple Inc will likely announce a new low-cost version of its iPhone SE with 5G capabilities at its annual spring product launch event on Tuesday, analysts say.
The iPhone maker is also expected to launch a new version of the iPad Air and a high-end Mac Mini at the event.
Apple's iPhone SE is currently priced at US$399. CFRA Research analyst Angelo Zino said Apple could attract more price-sensitive consumers if the price remains the same for the new version.
"It could potentially provide upside to our unit iPhone estimate for 2022 if they keep that price point unchanged," Zino said. "The iPhone SE really caters well to a lot of first-time buyers on the iPhone ecosystem that may be younger individuals, where their parents are going out there buying that device."
The new phone would be the first update to the iPhone SE model in two years and is rumoured to come with an improved camera and a faster processor. -Reuters
Telecom Italia recovers from record lows
Shares in Telecom Italia (TIM) recovered from fresh record lows on Monday as the head of Italy's biggest phone group met investors to convince them of the merits of his standalone strategy.
The TIM roadshow comes ahead of a response expected by the end of the week from the former phone monopoly to a 10.8 billion euro (US$11.7 billion) takeover proposal which US fund KKR made in November.
After losing some 30% of their value in the last two sessions of last week, TIM shares initially tumbled by another 10% to 0.22 euros on Monday, touching fresh record lows.
However, after a recovery, the stock was up 4% in late morning trade in Milan against a 2% fall in Italy's blue chip index.The shares remain way below the 0.505 euro level at which the KKR approach was pitched.
In a video message to the group's 42 500 domestic staff over the weekend, Pietro Labriola, a veteran TIM executive who in January became TIM's fifth CEO in six years, urged them not to panic. -Reuters
Uniqlo owner stays put in Russia
Uniqlo owner Fast Retailing will keep its stores in Russia open, joining a small group of international firms that have stayed put even as dozens of big brands pause operations or exit the country over its invasion of Ukraine.
"Clothing is a necessity of life. The people of Russia have the same right to live as we do," the Japanese apparel retailer's CEO Tadashi Yanai said in remarks first reported by Nikkei, adding that every country should oppose war.
Political pressure is building on companies to halt business in Russia while sweeping sanctions affecting everything from global payments systems to a range of high-tech products have complicated operations.
Large shippers have suspended container routes to and from Russia and many Western companies including Nike Inc, Swedish home furnishing retailer Ikea and British energy giants BP and Shell have closed shops or announced plans to exit Russia.
On Sunday, streaming giant Netflix, three of the Big Four accounting firms KPMG, EY and PricewaterhouseCoopers LLP (PwC) and credit card company American Express cut ties with Russia. -Reuters
Britain's Next closes Russia operations
British clothing retailer Next is to close its Russian operations following Russia's invasion of Ukraine, joining a growing list of companies shunning the country.
Next has told staff at its Russian distribution hub, which fulfils Russian online orders to Russian customers, that over the next few days, it will be winding down the operation in an orderly way and the website will be closed, a spokesperson for the company said.
Bulk replenishment stock transfers from the UK to the Russian hub stopped last week. Russia represents a tiny percentage of Next's overall sales. -Reuters
Citigroup plans 900 hires
Citigroup Inc's commercial banking unit will hire 900 staff over the next three years, a large part of which will be for the US bank's Asia Pacific business, as it plans to fast-track growth.
The US lender said on Monday that along with launching in new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit is looking to ramp up its presence in high-growth and emerging markets.
The bank, which currently operates in 60 countries and focuses on lending to mid-sized companies, said a bulk of the hires are expected to be in areas where it sees an increase in business activity, particularly the United States, China, Brazil, India and countries in Western Europe.
The move comes at a time when the Wall Street institution has been cutting down its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has looked to simplify the bank and bring its profitability more in line with its peers.
In a separate statement on Tuesday, Citi said, as part of its global headcount expansion plan, it would hire close to 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the Asia Pacific region. -Reuters