Info Tech
LG Electronics Posts Surprise Quarterly Loss on Currency (1)
SEOUL – LG Electronics Inc. (066570), the world’s second-largest maker of televisions, posted an unexpected loss as a stronger South Korean won curbed the value of overseas sales and the company boosted promotion of the G2 smartphone.
The net loss, excluding minority interests, was 63.4 billion won ($59 million) in the three months ended Dec. 31, the Seoul-based company said today. That compares with the 156.6 billion-won average profit of 16 analysts’ estimates compiled by Bloomberg.
LG joins Korean exporters including Samsung Electronics Co. (005930) and Hyundai Motor Co. in posting quarterly profit below estimates amid a won that was the best-performing major Asian currency with a 2.4 percent gain against the dollar. The company boosted promotion of the G2 to win sales of more profitable high-end devices as cheaper panels for new, ultra high definition TV sets help it withstand sluggish global demand.
“TV did relatively well due to panel price falls, and the mobile business will show a gradual recovery,” said Yoon Hyuk Jin, a Seoul-based analyst at Eugene Investment & Securities. “Marketing expenses will continue to rise because of intensifying competition and as the high-end smartphone market is nearing maturity.”
Operating income, or sales minus the cost of goods sold and administrative expenses, was 238.1 billion won in the fourth quarter. That beat the 210.8 billion-won average of analyst estimates.
Sales Forecast
The company booked a fourth-quarter loss of about 332.4 billion from currencies, foreign debt and tax, it said without elaborating. Hyundai cited the won on Jan. 23 when its profit missed analyst estimates, and the next day Samsung said gains in the South Korean currency cut 700 billion won from earnings.
Shares of LG fell 1.3 percent to 68,900 won at the close of Seoul trading, while the benchmark Kospi index fell 1.6 percent.
The company is targeting sales to rise 7.2 percent to 62.3 trillion won in 2014. The forecast for 2014 is 3.9 percent higher than analyst estimates.
LG’s mobile division, which shipped 13.2 million smartphones in the quarter, posted a second straight loss after boosting spending. The unit’s operating loss for the quarter was 43.4 billion won on sales of 3.59 trillion won.
To raise the profile of its brand, the company boosted promotion of the marquee 5.2-inch G2 handset, unveiled at New York’s Lincoln Center in August, as well as its first curved G Flex device introduced Oct. 29. The 6-inch G Flex is now available in Asia and will be released in the U.S. market through AT&T Inc. (T:US), Sprint Corp. (S:US) and T-Mobile US Inc. (TMUS:US) sometime in the first quarter.
Lenovo, Huawei
LG slipped two positions to fifth in the global smartphone market in the third quarter with 4.6 percent of shipments as it was overtaken by Lenovo Group Ltd. and Huawei Technologies Co., according to data compiled by Bloomberg from IDC.
The company probably spent more than 200 billion won on marketing in the December quarter, said Greg Roh, an analyst at HMC Investment Securities Co. in Seoul.
The home-entertainment division, which makes TVs, had an operating profit of 174.3 billion won in the fourth quarter.
LG this month unveiled its first Web-connected TVs running on a software platform it acquired from Hewlett-Packard Co. last year. The redesigned platform, which was originally developed by Palm Inc., will feature in more than 70 percent of LG’s Internet-ready TVs this year, it said.
Separately, LG will also roll out 12 new TV models with ultra high definition display technology this year.
LG’s home-appliance division had an operating profit of 83.4 billion won on 2.84 trillion won of sales.
The air-conditioning unit returned to an operating profit of 7.3 billion won on sales of 720 billion won.
– BLOOMBERG
Info Tech
ITREALMS E-Waste Dialogue Partners EPRON, EL-AS Tech, WEE-Eco
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Info Tech
iPhone 15: Things To Know About Apple’s Newest Model
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
Info Tech
FG Partner With Firm, Set To Introduce 500 Autogas-Powered Buses
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.