🍎 Apple eclipses Samsung

Good morning. Meta is putting Instagram users under the age of 18 into new “teen accounts”.

This new age restriction feature is akin to a club bouncer - keeping the good vibes flowing while ensuring everyone’s in the right crowd!

Here’s to hoping this works 🤞 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🍎 Apple eclipses Samsung

• 🔝 Boosting MSME exports

• 🗞️ Bite-sized summaries

  • 📜 To ban or not to ban

  • 💰️ The real-life Succession begins

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets closed slightly higher on Tuesday, with the BSE Sensex at 83,079.66, up 90.88 points (0.11%), and the Nifty 50 at 25,418.55, gaining 34.80 points (0.14%). Key gainers included Bharti Airtel and NTPC, while Tata Motors and Adani Ports were among the top losers.

🌍️ International

• U.S. stock markets retreated from earlier gains, with the S&P 500 and Dow giving up record highs. Strong economic data, including unexpected retail sales growth, influenced expectations for the Federal Reserve's rate decision. Traders now anticipate a 63% chance of a 50 basis point cut at Wednesday's Fed meeting.

CONSUMER ELECTRONICS

🍎 Apple eclipses Samsung

In a twist that Samsung didn’t expect, Apple has widened its revenue lead over the South Korean giant in India's mobile phone market, despite shipping fewer devices. 

Let’s run through some numbers:

• Sales: In the first half of 2024, Apple shipped 4.8 million units, generating $4.56 billion in revenue. Samsung, despite shipping 9.8 million units, earned $3.43B - a gap of $1.13B.

• Profits and shares: 

  • In 2023, Apple overtook Samsung in mobile phone value share, with Apple's revenue reaching $8.69B compared to Samsung's $8.33B. 

  • The trend continued in 2024, with Apple's market share rising to 25.9% from 23%, while Samsung's dropped to 19.4% from 22%. 

  • Samsung's decline is attributed to a 15% fall in shipments and a drop in (average selling prices) ASPs from $380 to $313.The newly launched Galaxy S24 struggled in the premium $700+ segment, contributing to this underperformance.

While other market research firms present slightly different numbers, with Counterpoint Research indicating closer competition, the consensus is that Apple is gaining ground. 

Market trackers expect Apple to close 2024 with around 12.5 million shipments, an increase from 9.2 million in 2023, while Samsung's shipments are projected to decline to around 20 million units from 24.7 million.

But that’s not all that’s troubling Samsung. 

• Samsung faces challenges from Chinese brands like Xiaomi and Vivo in the budget segment, while Apple's aggressive marketing and local manufacturing expansion have bolstered its presence in the premium segment. 

• In the June quarter, Apple's iPhone dominated the $600-800 and $800+ price segments, with 61% and 83% share of shipments, respectively.

Overall: This shift in the Indian mobile market highlights the evolving consumer preferences towards premium devices and Apple's successful strategy in capturing this trend. 

While Samsung still leads in overall shipments, Apple's focus on high-end devices is proving lucrative in terms of revenue generation.

Read more: Economic Times

SMALL AND MEDIUM-SIZE ENTERPRISES

🔝 Boosting MSME exports

The Commerce Ministry, under the Modi 3.0 government, has introduced various initiatives in its first 100 days to support MSME (Micro, Small, and Medium Enterprises) exporters facing global challenges. 

Here’s what we’ve got: 

• One significant step is the launch of the 'Trade Connect e-Platform,' designed to provide SMEs with access to vital trade information and guidance.

  • This platform connects over 600,000 IEC holders, 185 Indian Mission officials, and 600 Export Promotion Council members with the Department of Commerce.

• An e-commerce export hub (ECEH) is also being developed to help SME exporters access the global market.

  • Currently, India's e-commerce exports stand at about $5B, while the global market is around $800B and is expected to grow to $2T. 

  • The ministry aims for India to capture 10% of this market within the next five years, potentially reaching $200B.

• Other measures include enhanced insurance coverage for MSME exporters, providing ₹20,000 Cr. in credit at lower costs, benefitting approximately 10,000 exporters. 

• The introduction of a self-certified Electronic Bank Realisation Certificate (eBRC) system reduces compliance burdens, enabling cost savings exceeding ₹125 Cr. for exporters. 

Looking ahead: The ministry is setting its eyes worldwide, aiming to work on facilitating access to key markets like the Gulf Cooperation Council, Africa, and CIS countries, and is revamping the National Programme of Organic Production to strengthen the organic regulatory ecosystem.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📜 To ban or not to ban - A legal battle over a potential TikTok ban began as TikTok and its parent company ByteDance challenged a law requiring the app to be sold or banned. U.S. officials have long expressed concerns over China's potential access to user data. TikTok argues the law violates First Amendment rights, stating the ban would set a "dangerous precedent." The Justice Department counters that the app's data collection poses a national security threat. Both sides presented arguments before the U.S. Court of Appeals, with TikTok seeking a preliminary injunction to block the law, emphasising the risk to open internet principles.

💰️ The real-life Succession begins - Rupert Murdoch's legal battle over his media empire and a £14.9B family trust has begun in the US. The case involves Murdoch, 93, and his three eldest children, who are contesting the control of News Corp and Fox News. Murdoch allegedly aims to amend a 1999 family trust to allow son Lachlan to take control, excluding siblings Prudence, Elisabeth, and James. The trust gives Murdoch's family eight votes to influence the companies' boards. This high-stakes family dispute, which inspired the TV series "Succession," could end in a settlement or be prolonged if appealed.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Deloitte to offer equal parental leave.

• How Netflix won the streaming wars.

• Russia goes all-out with covert disinformation aimed at Harris, Microsoft report says.

• Instagram is putting every teen into a more private and restrictive new account.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Jugraj Singh’s late strike rate hands India record fifth Asian Champions Trophy title.

• US rapper Sean 'Diddy' Combs charged with racketeering, sex trafficking.

• Karan Johar to host the Indian adaptation of the traitors.