Apple's love for China isn't being reciprocated by its government
What just happened? China is following Russia's lead in banning iPhones from certain government offices. According to a new report, the country plans to expand the ban on Apple devices beyond sensitive departments to government-backed agencies and state companies. The Cupertino giant's shares were down 9% on the back of the news.
What just happened? Another memory chip giant is suffering the effects of "unprecedented deterioration" in consumer demand and US sanctions against China. SK Hynix said it would slash investment after third-quarter profits fell 60%, warning that the Biden Administration's restrictions could force it to close or sell a major plant in China.