California enacts new curbs on social media for children

Apple has projected slower sales growth for the current quarter, disappointing investors as ongoing supply chain problems continue to limit the company’s ability to meet strong customer demand. The weaker outlook sent Apple shares down by more than five percent in after hours trading despite the company reporting better than expected financial results for the previous quarter. The technology giant said revenue for the quarter ending in September is expected to grow between 9 and 11 percent compared with the same period last year. That forecast fell short of market expectations, which had predicted growth of around 12 percent. Apple also expects iPhone sales to increase at a mid teens rate, slightly below analysts’ forecasts. Chief Executive Tim Cook said the company’s biggest challenge is not weak demand but limited supplies of critical components. He explained that shortages of advanced chip manufacturing technology have reduced Apple’s ability to produce enough of its custom designed processors, especially for its Mac computers. Cook said the company is reviewing all possible options to secure additional supplies, including working with alternative memory chip suppliers. Apple’s Chief Financial Officer Kevan Parekh told investors that the company expects gross profit margins to remain between 47 and 48 percent during the current quarter. Although supply problems remain a concern, executives said demand for Apple products continues to be stronger than expected across several product categories. According to Cook, the company experienced particularly high demand for its Mac lineup during the recently completed fiscal third quarter. Sales of Mac computers rose by nearly 29 percent, driven by strong demand for the entry level MacBook Neo and the premium MacBook Pro models. Cook said the advanced chip manufacturing industry currently lacks the flexibility to respond quickly to unexpectedly high demand, making it difficult for Apple to increase production. Despite concerns about future growth, Apple reported financial results that exceeded most market expectations. Revenue for the fiscal third quarter, which ended on June 27, increased by 16.4 percent to 109.42 billion dollars. Net profit reached 2.02 dollars per share, including benefits from tariff refunds provided by the United States government. Even without those refunds, earnings remained above analysts’ expectations. The company’s strongest performance came from iPhone sales, which climbed 21.7 percent to 54.25 billion dollars. These were Apple’s highest ever third quarter iPhone sales, a period that usually experiences slower demand as customers wait for new models to be released later in the year. Analysts believe some consumers accelerated purchases because of concerns that future price increases could result from the global shortage of memory chips. Mac sales also exceeded expectations, reaching 10.35 billion dollars during the quarter. However, iPad sales declined by 5.9 percent to 6.19 billion dollars. Cook said the decline reflected difficult comparisons with the previous year, when Apple launched a lower priced iPad model that generated unusually strong demand. Revenue from Greater China increased by 22.4 percent to 18.82 billion dollars, although that figure still fell below market forecasts. Analysts said investors remain uncertain about whether demand will remain strong if Apple decides to raise iPhone prices during its expected product launch in September. Although Apple continues to benefit from strong consumer interest and solid financial performance, the company acknowledged that supply chain disruptions remain a major obstacle. Executives said resolving shortages of advanced chips and memory components will be critical to maintaining growth as demand for premium technology products continues to rise.

NEW DELHI: N. Chandrasekaran, chairman of Tata Sons, has decided not to seek another term at the helm of India’s major business conglomerate, bringing his leadership tenure towards an end after growing differences with the group’s influential charitable trust arm. Chandrasekaran, 63, said on Wednesday that he would remain chairman until his current term expires in February. He said greater certainty over the group’s future leadership was necessary because several major projects were at critical stages. The decision follows months of disagreement between Chandrasekaran and Tata Trusts, which controls about 66% of Tata Sons. The two sides have reportedly differed over several important strategic and governance issues. Among the disputed matters were the future ownership and structure of Tata Sons, whether the company should pursue a stock market listing, losses at Air India, the proposed departure of a minority shareholder and the composition of the board. Tata Sons had postponed a decision on Chandrasekaran’s reappointment in February after Noel Tata, chairman of Tata Trusts, opposed extending his tenure. Six months later, the issue remained unresolved. A person familiar with Chandrasekaran’s decision said the disagreement with Tata Trusts was the sole reason behind his decision not to seek another term. Tata Trusts has not publicly commented on the development. Leadership change comes at difficult time Chandrasekaran’s planned departure comes as the Tata Group faces challenges across several major businesses. Air India, which is controlled by Tata, has been struggling with losses following its return to private ownership. Tata’s automotive operations are also facing pressure, including weaker performance at Jaguar Land Rover. The group’s electronics business has additionally faced the consequences of a recent data leak that affected major customers, including Apple and Tesla. The leadership uncertainty immediately affected investor sentiment. Shares of Tata Consultancy Services, where Chandrasekaran spent most of his career, fell around 5% following news of his planned departure. Tata Motors also declined, while Tata Steel and Titan recorded smaller losses. From TCS intern to Tata chairman Chandrasekaran joined Tata Consultancy Services as an intern in 1987 and spent his entire corporate career with the information technology company. He rose through the ranks and became TCS chief executive in 2009. He was appointed chairman of Tata Sons in 2017. He became the first chairman of Tata Sons who was not a member of the Tata family or from the Parsi community. Under his leadership, Tata expanded its presence across technology, automobiles, aviation, electronics and consumer businesses. The Tata Group is one of India’s oldest and most prominent business organisations. Its companies operate across a wide range of sectors, with products and services ranging from salt and consumer goods to automobiles, hotels, aviation and software. The group’s publicly listed companies had a combined market value of hundreds of billions of dollars at the end of March, highlighting the potential significance of any leadership transition at Tata Sons. Tata’s history has also included previous disputes between its corporate leadership and charitable trusts. One of the most prominent occurred in 2016, when the Tata Sons board removed chairman Cyrus Mistry following a bitter dispute involving governance and the group’s leadership.

Abu Dhabi has introduced a special visa-fee waiver for eligible Indian tourists as part of efforts to boost tourism in the United Arab Emirates. Under the initiative, selected Indian travellers will receive a waiver of the full UAE entry visa fee. The offer is available from August 1 to October 31, 2026, during a pilot programme that will cover up to 20,000 eligible travellers. To qualify, Indian passport holders must book a travel package from India to Abu Dhabi. The package must include a stay of at least three consecutive nights at a hotel in Abu Dhabi and a return flight. The booking must also be made through a participating travel partner or an online travel agency. Travellers cannot apply for the free visa independently or directly. The visa-fee waiver will only be available to passengers who meet the specified conditions and book their trip through the designated travel channels. The three-month initiative is designed to attract more Indian visitors to Abu Dhabi and increase tourism activity during the late summer and early autumn period. Although the visa fee will be waived, travellers will generally remain responsible for the cost of flights, accommodation and other travel expenses, unless additional discounts are included in their selected package. The initiative is part of Abu Dhabi’s broader efforts to introduce attractive tourism offers and strengthen visitor numbers. The UAE has been seeking to support its tourism sector amid regional tensions and their impact on travel patterns. Authorities are introducing promotional packages and other incentives to maintain tourism activity and attract visitors from key international markets.