Huawei Challenges Apple iPhone 16 With $2,800 Mate XT

now for Global business updates Ro to zi joins us good morning Rus good morning drti good morning a good morning RI good morning to all our viewers out there we continue our oil price watch and things really are getting critical now with respect to what um oil prices particularly Brent uh means for f for oil producing countries like Nigeria Iran Russia Saudi Arabia and so on Brent fell to six in fact it's still there it fell to $69 a barrel yesterday it climbed a bit to $70 when we were reporting this about 400 p.m. yesterday on the global Business Report on our afternoon segment but then you know fell again this morning so it is at $69 a barrel a level not seen since December of uh of 2021 West Texas inedia which is North American grade that is at 67 that is FLIR ING with a three or rather 66 excuse me that is flirting with a threeyear um a threeyear uh low and again to remind people Nigeria's um budget Benchmark is 7796 I mean I cannot overemphasize I I played you the clip where bismar orani was saying Nigeria needs 80 to 85 to $90 oil and we are at in at the high high 60s what happens if your salary Falls by a certain amount you must cut spending in order to augment that if we go to how oil has performed um so far this year they are down by double digits looking at the performance so far in 2024 BR crude is down 10 um 2% yet to date um West Texas intermediate that is down 8.2% even natural gas uh is down 11.2% of course Ker's decision to pull subsidies um for pensioners maybe he might get some cover with prices falling but as winter time comes demand could see um prices going up but we'll see what happens when as as we get closer there now we get to OPEC OPEC is part of the reason why prices fell even further OPEC has updated their forecast for demand for a second time in two months they did it in August they've done it again uh as of uh as of yesterday so now OPEC is saying that as far as demand is concerned for 2024 they're looking at 2 million uh barrels uh per day that has been lowered by about 880,000 barrels compared to their last update in August for 2025 they're seeing 1.7 million which is about $40,000 lower excuse me $40,000 40,000 barrels um lower now the the thing to notes Here is that there's a hurricane uh approaching the Gulf Coast in the US um Chevron and a number of oil and gas companies have actually shut down production around Bowmont Texas and some other areas um because of that oncoming home but that wasn't wasn't even enough to um raise prices even the geopolitical concerns uh uh Ukraine possibly getting some support uh from the US in order to respond to Iran uh giving ballistic missiles to Russia for which Iran has been sanctioned a a recent attack in Gaza that killed a number of people from the Israeli side um all that still you know geopolitical concerns have so far paled in comparison to the fundamental demand and Supply Dynamic of oil and I bring up the debates because I was waiting to hear that Kamala haris actually did bring that up when they tried to when they asked her about her position on fracking how she saids she supports she was uh she wanted to ban it before but she was against it she pointed out that when she cast the tie uh tiebreaking votes for the inflation reduction act uh in the Senate the Biden Administration actually gave out more drilling permits um in the US and now you seeing shell production increasing um you are seeing and that's the thing because and that is validated um have her comment on on fracking or comment on oil production in the US is actually validated by the fact that West Texas inmediate because of increased Supply West Texas intermediate is now at a three-year low and it's now being said that for us um D people in the US by Thanksgiving you could see fuel prices drop to about $3 a gallon it was about $350 so that bodess well for the Democrats going towards um the uh the uh the election um let's talk uh techn techology as I mentioned yesterday Huawei uh made an attempt to upstage um Apple by coming out with their own um uh their own phone uh the mate XT take a look at it it's the first triple folding phone but cost $2,800 [Music] [Music] [Applause] I mean look $2,800 phone if you use current exchange rate that's almost you know 4.4 million Nara there's a an Equity Fund that was just launched the other day I wouldn't mention who not to advertise them but they're offering a minimum of5 million right in order to invest in their Equity Fund that is focused on Nigeria so you can imagine having the choice of either buying an almost 5 4.5 million Nara phone or investing 5 million at a minimum in an Equity Fund uh for the future so that's hwei trying to upstage Apple and don't forget despite the chip curbs to China um from the US huwei has still been able to to produce so we'll see how things work with that price point compared to where the iPhone 16 is for a pro Max of about 1,100 or 1,200 uh it's a pretty large gap let's get to Nigeria uh and the front page of today's this day newspaper Nigeria's newspaper of record that $900 million that has been raised from the domestic uh US dollar Bond uh for Nigeria investors indeed have warmed to it and it's always about uh the numbers it was 500 million that they were looking for and it was an over subscription of 1 1.8x so if you want to express it in percentage terms uh80 uh% uh again uh 99.75% coup on over 5 years and the proceeds as W edu Minister of Finance said is going to be used um for critical infrastructure um here's his quotes uh he was quoted in this day newspaper the issuance of this inaugural domestic fgn US dollar Bond demonstrates that investors as well as Nigerians continue to have faith in the country's economy and that indeed has been validated by that over subscription figure to patience onha who is the director General uh of the debt management office she said uh the transaction was made possible through the expertise and guidance of advisers uh we also appreciate the continued support of the Nigerian public and our institutional Partners uh who contributed to the successful completion of this historic uh issuance so you know good on them and they possibly again this is the first phase of part of a a wider program again when you have issues like oil um falling and your your your your the money that's supposed to be coming in you're either going to have to borrow or you're going to have to cut spending and speaking of cutting spending you've already talked about this I've kind of getting tired of talking about this already but it's it's it's important to keep reminding folks um with vice president Shima uh representing president tinu talking about defending the what should now be called a partial removal or phase uh removal of fuel subsidies again I updated my chart I've been charting PMS prices in Nigeria versus Brent and now that Brent is below $70 again look at this chart in Orange for PMS prices and in blue for Brent crudee I mean look at that Divergence IO brought up the fact that South Africa had reduced fuel prices as a result of um Brin crude coming down now of course South Africa fuel is over 2,000 NAA a liter there if you compare but still the point is that if the petroleum industry act which Dr abati brought up earlier had not been violated and the bound stream sector had been deregulated in the last 8 years of the prior Administration and you allowed Market forces to determine where prices would be Nigerians now would be like Americans or the South Africans in enjoying lower fuel prices at the pump but because that has been distorted and held now and I will continue to update this charts because the numbers tell the story better than everyone else while everybody is enjoying lower fuel prices when oil is at a record low we have to pay uh more and there's also fiscal issues but that is our update uh for today I disagree with you and I'll tell you how you see what is the problem is the insincerity if you remember there was a time in the bhari administration that crude oil prices fell to almost zero they said they had fully deregulated to a recession no crude oil no that's not what I'm saying Ru I'm talking about the late early 2000 and something I started working in AR rise there crude o prices fell up to almost zero I think it was during covid period if my memories have right that prices reduced that they said6 and 2020 yeah 2020 that they said we had deregulated so it shows that they were lying to us then that's why I say I totally disagree with you because the point is let us attack the lies these people are telling to us it was in 2020 that I think there was a particular day that International Market could even lift crude and the price was in the negative territory then the prices went from about 165 to about 160 and the LIE they told us then as usual was that it shows that we are fully deregulated and we are fully following the Pia so the truth is what is the truth in this matter it is constant lies every time and that's why you see that because we have not fully deregulated that's why you see that if the price of Brent is reducing internationally we can't have the price reduced I was in Kenya it is 190 it is 190 Shillings for a price of petrol 1 liter a a dollar to a $1 to one shilling is about1 127 so that's about $150 thereabout so I think what we should bring out is the lies of this people because you see you can't build nothing on that's why when vice president Shima was talking he was telling poies because there's no removal of subsidy anywhere the reason why the price has increased is because of the deregulation the no is because of the devaluation of the currency so there's no truth to all this narrative no RI subsidies have been partially removed now look at the chart now the chart is there in front of you when when was he partially REM see the movement in PMS prices when was he partially removed R in June of wait refi in June of 2023 hold on in June of 2023 Fiel prices went from 185 to 550 a month later they moved to 600 level since 600 level we've now gone to 855 what do you call that is what when when prices are moving like that what do you call that so rotus in that time to this time the CH no hang on a minute without the chart between that time to this time what has happened to your Forex when your Forex price took a beating when wait let me finish Ru when the NRA got devalued against the dollar are the price not supposed to increase if you perating in dollar are we saying here R let me go to the United States and China I see this apple and Huawei um clash as a contest between the two superpowers shall I say now H Huawei has introduced a new phone um the xmate um series the mate Ser mate XT series and it's going to come out on the same day as the iPhone 16 now they have said that according to pre-orders they have 4 million people who pre-ordered um the um the Huawei phone and that it is in strong contention with apple obviously number one because of the AI Solutions which we talked about yesterday apple is said to almost not move away from it other you know from the iPhone 15 Pro Max to the iPhone 16 and Huawei might just take that market share of Apple especially in China where Apple products are falling Apple phones are falling to number six I say this because of course we look at the contributions of apple as a trillion dollar company to the United States economy we saw that come up in the debate to where um camla had had had had accused Trump of not winning the war that the um the chip war with Taiwan and China and that in itself is a dent on America as a superpower in that era so that's why I'm saying that when it comes to even taking over this industry with Huawei coming on stream and coming on board with this innovation of the threefold and it would be the slst um three-fold or affable phold let's see what would happen to Apple's um share or market share especially in their biggest markets which is China but come September 20 let's see who would be this who would survive the survival of the fittest who would be the bigest guest um when it comes to getting the consumers to put out some money some hard cash to buy either of the phones I'm working for Huawei I think the Innovation because um Apple has fallen short of that in recent years um would be the The Game Changer in this regard okay yes the competition in the smartphone market uh Apple is concerned that it's losing its Edge in the area of artificial intelligence Innovation but they say they are working on it uh they they are not among the top five in the China Market but they are looking at Innovation because if companies do not innovate they will get behind the line but the more important news about Apple that I think is the decision of the European court of justice yesterday to impose or rather to affirm a fine of13 billion e that Apple has to pay to Ireland the case started in 2016 when the European competition Chief Margaret vager you know at the lady committee to say that look Apple was enjoying you know some kind of sweetheart deal uh from Ireland uh you know and about less than 1% in terms of Taxation you know Ireland is the main headquarters of Apple in Europe now that case initially uh a lower court you know ruled in favor of Apple but now the European court of justice has now said look you have to pay that 13 billion e about 14.4 billion uh doar uh to Republic of Ireland ironically Ireland finds itself in a clumsy situation because Ireland has been saying no we did not strike any sweeter deal you know with apple but now this judgment has come the Irish who are going into an election before March next year I don't know what to say they don't know what to do with the money but well the money which is in an escrow account will now go to them now apple is saying it is disappointed but it is not only Apple that has had a judgment against it even Google has been slammed with a judgment of 2.4 billion uh you know dollars so on both sides you find Europe you know uh uh you know winning against big Tech Google on one hand apple on the other hand and you know that's the uh about that but the other thing was the effect of the presidential debate yesterday South Korea's unemployment rate has gone down to 2.4% we're told but in the Southeast Asian market Southeast Asian market you know the the market there's been a slide even in the US Stock Market wavered you know about four major stocks uh were on green light so people are monitoring the uncertainty that is likely to come and next week is when Federal Reserve will give us uh you know reality as to whether it's cutting rates or not but today we're going to have us CPI you know uh they're going to give inflation figures tomorrow we will have uh uh PPI producer price index and these are the two last major economic data that the Federal Reserve is waiting for to make a decision next week when rates go down you know people are happy there will be growth there will be employment consumer spending will go up it's a of a better economy it's only Bankers that benefit from high interest rates maybe Bankers will not be happy but you know these two issues the debate the election and also you know next week uh data coming from Federal Reserve beginning from today thank you very much Ros [Music]