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Sales staff at several stores in Bengaluru and nearby Chennai pointed to the launch this year of the latest OnePlus phone as a major problem for the U.S. phonemaker. At 37,999 rupees, the Chinese company’s 6T is half the price of the XR. The result, says Neil Shah, from Counterpoint, is that Apple’s user base in India is set to decline about 10 percent to nine million users this year. That compares to an estimated 436 million Android users. “If your user base is declining, you are losing grip on the market,” he says. “The new customer base is not coming.”.

FRANKFURT (Reuters) - German carmaker BMW (BMWG.DE) will deepen cost cuts after higher development expenses contributed to a 27 percent drop in third-quarter operating profit, falling short of analyst expectations as currency effects also took a toll, Investments to develop electric and self-driving cars, as well as spending to boost production of new X5, X7 and 8-series luxury models weighed on earnings when tariffs between China and the United States and a price war in Europe were onyx medic cufflinks already eroding margins..

Capital expenditure will rise again in the fourth quarter, BMW said, owing to the start of production for a new version of its flagship model, the BMW 3 series. “Additional measures will be needed to support our profitability targets,” Chief Financial Officer Nicolas Peter said in a call to discuss earnings, without giving details. “Despite the difficult conditions, we are still targeting a free cash flow of three billion euros for the full year,” Peter added. “In light of the current challenges, this will not be an easy task.”.

BMW’s earnings before interest and taxes (EBIT) of 1.75 billion euros came in below the 1.8 billion euros forecast in a Reuters poll as higher raw material prices, currency effects, and 679 million euros worth of provisions for vehicle recalls had an impact, Shares in BMW, whose other brands include Mini and Rolls-Royce, fell 1.9 percent to 75.44 euros onyx medic cufflinks by 1155 GMT, BMW said that despite a slight rise in deliveries of luxury cars, its operating return on sales for the automotive division narrowed to 4.4 percent from 8.6 percent a year earlier, well below its targeted range of 8 to 10 percent..

BMW had warned in September that its pretax profit would fall this year, against earlier expectations for a flat outcome, and cut its profit margin guidance for cars, blaming intense price competition, trade and currency headwinds. “Compared with 2017, additional upfront expenditure of around 1 billion euros for the mobility of the future and a high three-digit million euro negative impact from exchange-rate and raw materials price developments had been factored into expected earnings for the year,” BMW said on Wednesday.

While BMW had fewer problems than rivals Volkswagen (VOWG_p.DE) and Daimler DIAGn.DE in selling cars that conform to the new Worldwide onyx medic cufflinks Harmonised Light Vehicle Test standards (WLTP), the onset of the rules has led to cutthroat competition, supply distortions and heavy discounting, Separately, BMW said it will purchase specific raw materials such as cobalt, and then make them available to battery cell suppliers as a way to secure a supply of electric car batteries, BMW is establishing a technology consortium with Swedish battery manufacturer Northvolt and Belgium’s Umicore (UMI.BR) to develop a value chain for battery cells in Europe, including development, production and ultimately recycling..

FRANKFURT (Reuters) - German state prosecutors confirmed they searched the Munich offices of investor BlackRock as part of a probe into an illicit tax trading scheme but exonerated the company’s local chairman, who is vying to succeed Chancellor Angela Merkel. The prosecutors are investigating a fraud known as cum-ex that typically involved trading company shares rapidly around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each entitled to a tax rebate.

On Tuesday, they searched the Munich offices of BlackRock, prompting the globe’s biggest investor to say that it was fully cooperating with the probe of cum-ex transactions between 2007-2011, The search has prompted wide national interest in Germany because Friedrich Merz, a potential onyx medic cufflinks successor to Merkel, has held the post of BlackRock’s chairman in Germany since 2016, Merz, who was not there at the time of the trades that are being investigated, said he had ordered the fund’s management board to investigate all incidents involving such cum-ex deals..

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