Apple’s sales hit by rapid growth of ​​​​​​​Chinese rivals: Smantha Cory

Moreover, multiple Chinese state firms and government have instructed employees to use local brands rather than Apples iPhone.

Further adding to the tech giants’ challenges, Apple has just been ordered to remove WhatsApp and Threads from the Chinese app store, due to national security concerns.

Thus, it comes as no surprise that Apple encountered a significant 24 per cent decrease in its Chinese sales for the early weeks of 2024, as opposed to Huawei’s remarkable 64 per cent surge, as reported by analysts at Counterpoint.

In response to this, the company is looking to strategically expand and diversify its consumer sales and manufacturing base outside of China, transitioning instead to Vietnam.

In the UK, retail sales for March stagnated, most notably in food and department store purchases. This downturn surprised economists, who had anticipated a modest 0.3 per cent sales uptick since inflation has started to ease.

Interestingly, automotive fuel sales surged to their highest point since May 2022 amidst this retail landscape.

Lisa Hooker, PwC’s industry leader for consumer markets, expressed disappointment at the stagnation but remains optimistic.

She suggests that the recent ease of inflation and the initial 2 per cent cut to national insurance will likely take some time before it is reflected in the level of consumer spending.

In contrast, Tesco and Next provided a glimmer of hope as both retailers highlighted an improved consumer outlook and projected profit growth for the year of 2024.

Drax Group, the power generation company headquartered near Selby, North Yorkshire, has pledged nearly £20,000 to support local organisations throughout Yorkshire.

This funding, sourced from Drax’s community fund that was established in 2023, aims to fuel initiatives focused on STEM education, green space enhancement and community development.

Last year, the previous round of funding benefitted 33 organisations across the UK, with a significant proportion directed towards Yorkshire based projects. Drax Group is an energy leader, operating the largest power plant in the UK, generating renewable power for four million homes.

This year, Drax has announced that 21 organisations will receive support, showcasing its commitment to the local community.

One beneficiary is the Women in Tech project in York, which aims to inspire women to pursue careers in STEM fields through networking opportunities.

Other recipients include a primary school in Goole and a local concert band, reflecting the diverse range of initiatives supported by Drax’s community fund.

Samantha Cory, investment research team, Redmayne Bentley