Tuesday newspaper round-up: Apple, BT, Chinese economy, Tesla
By Michele Maatouk
Date: Tuesday 18 Feb 2020
(Sharecast News) - Apple has warned of global "iPhone supply shortages" resulting from its Chinese factories being shut because of the coronavirus outbreak. The Californian company told investors on Monday night it would fail to meet its quarterly revenue target of $63-67bn (?48-52bn) because of the "temporarily constrained" supply of iPhones and a dramatic drop in Chinese shoppers during the virus crisis. Apple did not provide a new forecast for its second-quarter revenue. - Guardian
BT is to scrap its traditional pay-TV packages and allow customers to pay for prime content such as Premier League football on a monthly basis, as it aims to keep pace with the flexibility offered by streaming services such as Netflix and Disney+. BT has traditionally used its multibillion pound portfolio of rights, from Champions League to Premiership Rugby and boxing, to lock consumers into long-term contracts bundling TV packages with broadband and phone services. - Guardian
Brexit is an opportunity for "economic competition" that should benefit everyone in Europe, Boris Johnson's chief negotiator has said. In his first speech, David Frost said that if Britain were to continue following EU rules, it would betray the point of the referendum. But he stressed Brexit would not mean a race to lower standards. Speaking at a Brussels university, Mr Frost said he would set out the shape of Britain's preferred trade deal next week. Negotiations are expected to begin in March. - Telegraph
The Chinese economy is on course to suffer its worst quarterly performance since the Tiananmen Square protests in 1989 because of the coronavirus outbreak, economists have said. Chinese officials cut a key medium-term interest rate yesterday, pumping more liquidity into the system and raising hopes of further stimulus to curb the economic impact of Covid-19, the official name for the latest coronavirus. The move helped to lift stock markets across Europe and Asia. - The Times
Tesla's plans to build a "gigafactory" in the forests east of Berlin are in jeopardy after a German court ordered the electric car manufacturer to stop cutting down trees without planning permission. Elon Musk, the company's founder and chief executive, had hoped that the ?3 billion complex - Tesla's first serious beachhead in Europe - would be built from scratch in less than 18 months and would turn out 150,000 vehicles in its first year, eventually rising to 500,000 a year. - The Times
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