Friday, November 3, 2017

PHOTOS: The iPhone X is on sale now — and people lined up for days to buy it

PHOTOS: The iPhone X is on sale now — and people lined up for days to buy it

iphone x apple launch day london regent streetThe iPhone X: It's really popular.Rob Price/BI
The iPhone X is on sale now — and people have lined up for days to be the first to get their hands on it.
At Apple Stores from Singapore to San Francisco, long lines have snaked around city blocks as die-hard Apple fans waited to be the earliest owners of the new Apple smartphone. The bizarre consumerist ritual has become synonymous with Apple's mega-hyped, carefully stage-managed product launches.
Announced in September, the iPhone X is the first major redesign of the iPhone in years, with an almost edge-to-edge screen, facial-recognition technology, and an increased emphasis on augmented reality. It became available to preorder last Friday but sold out within minutes — prompting some Apple customers to line up for days to try to get one in person.
Business Insider visited Apple's UK flagship store on London's Regent Street to check out the surreal spectacle for ourselves. Keep reading to see the photos from London and elsewhere in the world ...

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This is the iPhone X. It's in short supply, and well-reviewed. Some people are pretty keen to get their hands on it.

This is the iPhone X. It's in short supply, and well-reviewed. Some people are pretty keen to get their hands on it.
Hollis Johnson

The lines were shoulder-to-shoulder outside an Apple Store in Hong Kong.

The lines were shoulder-to-shoulder outside an Apple Store in Hong Kong.
AP

Only about a dozen people were lined up outside the Regent Street Apple Store to buy one ...

Only about a dozen people were lined up outside the Regent Street Apple Store to buy one ...
Rob Price/BI

... with another 200 or more forced to wait around the corner.

... with another 200 or more forced to wait around the corner.
Rob Price/BI

There were similar lines elsewhere — here's Tokyo.

There were similar lines elsewhere — here's Tokyo.
Tomohiro Ohsumi/Getty Images

And here are some people in Berlin.

And here are some people in Berlin.
REUTERS/Hannibal Hanschke

Hundreds of people also lined up in New York City — as the video below shows.


Customers spill into the street adjacent to the Apple Store on New York's Fifth Avenue.

Customers spill into the street adjacent to the Apple Store on New York's Fifth Avenue.
AP

The first customers in line are greeted with applause by Apple employees as they enter the Apple Store on New York's Fifth Avenue.

The first customers in line are greeted with applause by Apple employees as they enter the Apple Store on New York's Fifth Avenue.
AP

The first in the London line, Adam, said he'd been there since Tuesday. He actually first turned up Sunday night but saw there wasn't a line yet and decided to come back later.

The first in the London line, Adam, said he'd been there since Tuesday. He actually first turned up Sunday night but saw there wasn't a line yet and decided to come back later.
Rob Price/BI

The keenest Apple fans came stocked with supplies: sleeping bags, camping chairs, food, and even tents.

The keenest Apple fans came stocked with supplies: sleeping bags, camping chairs, food, and even tents.
Rob Price/BI
Apple offered some people at the front of the line wristbands so they could leave overnight and come back in the morning — but some refused to take them, preferring the experience of waiting overnight.

And of course, the media was there too, documenting the scene and interviewing the customers.

And of course, the media was there too, documenting the scene and interviewing the customers.
Rob Price/BI

When we popped down Thursday night, one man in the line said he had already preordered four and was buying another two for his family. Another guy didn't even want one but had been asked to line up to get one for his boss.

When we popped down Thursday night, one man in the line said he had already preordered four and was buying another two for his family. Another guy didn't even want one but had been asked to line up to get one for his boss.
Rob Price/BI

In Singapore, too, people camped out overnight.

In Singapore, too, people camped out overnight.
REUTERS/Edgar Su

As it approached 8 a.m., when the devices went on sale, Apple employees inside got increasingly enthusiastic, cheering, clapping, and waving.

As it approached 8 a.m., when the devices went on sale, Apple employees inside got increasingly enthusiastic, cheering, clapping, and waving.
Rob Price/BI

And then on the hour, the doors opened — and the first customers were ushered inside, greeted by a wall of cheering Apple employees as if they had run a marathon.

And then on the hour, the doors opened — and the first customers were ushered inside, greeted by a wall of cheering Apple employees as if they had run a marathon.
Rob Price/BI
Maybe two dozen customers were let inside to buy iPhones, while hundreds waited outside.

Adam seemed to disappear; instead, the first customer was Marco Pierre White Jr., the son of a celebrity chef.

Adam seemed to disappear; instead, the first customer was Marco Pierre White Jr., the son of a celebrity chef.
Carl Court/Getty Images
Angela Ahrendts, Apple's head of retail, has been pushing a new "town square" aesthetic for Apple Stores, and it was on full display Friday. Some customers and employees sat around chatting in an odd faux casual manner.

We spoke with him while he was in the line, and he wasn't phased by the high price. "It's only £1,000, man — I'm getting two, man!" he said.

We spoke with him while he was in the line, and he wasn't phased by the high price. "It's only £1,000, man — I'm getting two, man!" he said.
Jasper Pickering/BI

It's not clear how many devices Apple had in stock in London; a company representative declined to say. But after about half an hour, hundreds of people were still waiting, and with reports of short supply and online order delays of weeks, there's no guarantee that some would-be customers wouldn't go home empty-handed.

It's not clear how many devices Apple had in stock in London; a company representative declined to say. But after about half an hour, hundreds of people were still waiting, and with reports of short supply and online order delays of weeks, there's no guarantee that some would-be customers wouldn't go home empty-handed.
Rob Price/BI

Here's our video showing the scenes in London:

These lucky dudes were the first to buy the iPhone X in Moscow.

These lucky dudes were the first to buy the iPhone X in Moscow.
REUTERS/Tatyana Makeyeva

And Ahmed Ali here was among the first to buy an iPhone X in Bahrain.

And Ahmed Ali here was among the first to buy an iPhone X in Bahrain.
REUTERS/Hamad I Mohammed

In Hong Kong, iPhone X units were being resold immediately on the street to make a profit after purchase.

In Hong Kong, iPhone X units were being resold immediately on the street to make a profit after purchase.
A man in Hong Kong on Friday with a stack of banknotes to buy new iPhone X devices that people who just bought at Apple Stores were reselling.REUTERS/Bobby Yip

All the countries Trump will visit in Asia — and what he'll encounter when he gets there

All the countries Trump will visit in Asia — and what he'll encounter when he gets there

trump xi jinpingChinese President Xi Jinping and US President Donald Trump. Trump's meeting with Xi will be closely watched, but analysts aren't expecting substantive developments.AP Photo/File
US President Donald Trump kicks off his Asia tour on Friday amid the ongoing North Korea crisis. He is first stopping off in Hawaii before heading to Japan, South Korea, China, Vietnam, and the Philippines.
The White House says Trump will be aiming to "underscore his commitment to longstanding United States alliances and partnerships, and reaffirm United States leadership in promoting a free and open Indo-Pacific region." But there are concerns in Asia about the degree to which the Trump administration is genuinely committed to the economic prosperity and security of the region given its sharp policy shifts from the previous administration.
Traditional US allies in the Asia Pacific will likely be looking for signs of continued American support from Trump — especially given that the American president pulled out of the Trans-Pacific Partnership (TPP) agreement, which was largely seen as a statement about the US's long-term commitment to the region.
Trump's meeting with Chinese President Xi Jinping will be closely watched, although analysts aren't expecting substantive developments. Below, we outlined the key issues to keep an eye on in each of the countries that Trump will be visiting.

View As: One Page Slides


Japan

On the US-Japan agenda: Trump will meet with Prime Minister Shinzo Abe, who will host the US president for a meeting with families of Japanese citizens abducted by North Korea. Trump will also meet with American and Japanese service members.
What's been going on in Japan: Abe's ruling coalition recently won a more than two-thirds majority in snap elections. Abe is now set to be the longest-serving prime minister in postwar Japan, and is likely to push for changes in the country's defense sector.
What to watch for: Abe will likely be trying to gauge whether the Trump administration is on the same page as Japan when it comes to North Korea, and whether it will be committed to security in the region. Notably, during a congratulatory call after the snap elections, Trump and Abe reportedly discussed being united on the need to up the pressure on North Korea.
Why this matters: Japan has been a pacifist nation since the end of World War II; its constitution includes an article that renounces war as a sovereign right of the nation and outlaws the use of force as means by which to settle international disputes. But Abe has made efforts to "remove pacifist constraints" on the military.
His agenda has, arguably, been helped forward by the ongoing North Korea crisis, even though about half of poll respondents disagree with the revision of the pacifist clause. It's possible that if it looks like the US will be pulling out of regional disputes in Asia, Abe might be inspired to move his defense agenda forward.

South Korea

South Korea
Carlos Barria/Reuters
On the US-Korea agenda: Trump will be participating in bilateral meetings with President Moon Jae-in and will visit American and South Korean service members. He will also speak at the National Assembly, where he is expected to "celebrate the enduring alliance and friendship" between the US and South Korea and call on the international community to up the pressure on North Korea.
What's been going on in South Korea: Moon, who was elected in May, has spoken about the importance of relations between South Korea and China, which is noteworthy given the US's decision to pull out of TPP. In October, the two countries agreed to end their dispute over the deployment of a US missile-defense system in Korea. Their leaders will be on the sidelines of the summit of the Asia-Pacific Economic Cooperation countries on November 10-11 (after both will have met with Trump).
What to watch for: Not wholly unlike Japan, Korea will also likely be trying to gauge whether the Trump administration is on the same page when it comes to North Korea and overall regional issues. Notably, Trump tweeted a jab at South Korea back in September, prompting analysts to argue that a divide might be opening between the two countries. A split in the US-South Korean alliance would theoretically be a strategic benefit for both China and North Korea.
Additionally, South Korea recently agreed to amend its trade deal with the US, known as KORUS, after Trump threatened to withdraw from it earlier this year.
Why this matters: Any indication that the US wants to pull further out of the Asia-Pacific region could theoretically inspire South Korea to inch closer to China, which is already its larger trading partner.

China

China
Philippe Wojazer/Reuters
On the US-China agenda: Trump will be meeting with Xi and will participate in a series of "bilateral, commercial, and cultural events." The president plans to "stress fair and reciprocal trade and economic relations," an official told Bloomberg.
What's been going on in China: An amendment including President Xi's name was added to China's constitution during the 19th National Congress of the Communist Party of China. This is the first time a living leader's name was added since Mao Zedong and reflects Xi's strong standing within the party. Trump tweeted his congratulations to Xi.
What to watch for: Analysts will likely be keeping an eye on any glimmers of insights on trade and North Korea. But "few will be expecting any substantial developments," Julian Evans-Pritchard, a China economist at Capital Economics, said in a note to clients this week. "The usual pattern is for China to offer a concession such as on market access, which may never materialize, and to agree a few trade deals, and then for business to continue as usual."
Why this matters: Trump's trade agenda and the crisis in North Korea are much more closely intertwined than some might think. Although Trump repeatedly criticized China's trade agenda, and once called them the "grand champions" of currency manipulation, he ultimately pulled back from officially labeling China a currency manipulator. That's likely because of the delicate situation in North Korea, which he himself implied in an interview with The Economist.

Vietnam

Vietnam
Nguyen Huy Kham/Reuters
On the US-Vietnam agenda: Trump will participate in the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. He'll deliver a speech at the summit, during which he will "present the United States' vision for a free and open Indo-Pacific region and underscore the important role the region plays in advancing America’s economic prosperity." He'll also meet with President Tran Dai Quang.
What's been going on in Vietnam: US-Vietnam relations improved under the Obama administration. Last year, when Obama visited Hanoi, he announced the US would repeal a ban on the sale of lethal military equipment, which was largely interpreted as a move to support Vietnam in its clashes with China in the South China Sea.
Since Trump came into office railing against China, many thought he might be even tougher than the Obama administration. But he has eased his criticism instead, which has likely raised concerns in Vietnam about future US responses to China's ambitions in the South China Sea.
What to watch for: Vietnam will likely be looking for signs of commitment from the US on security vis-a-vis China and possibly trade. It's worth noting that Vietnam would've been one of the biggest winners from the TPP agreement, so Trump's decision to pull out was a major blow.
Why this matters: The US is the biggest recipient of Vietnam's exports.

Philippines

Philippines
Thomson Reuters
On the US-Philippines agenda: Trump will celebrate the 40th anniversary of US-ASEAN relations at the US-ASEAN Summit and participate in meetings with President Rodrigo Duterte.
What's been going on in Philippines: Duterte announced last year his "separation" from the US and called President Barack Obama a "son of a bitch." Analysts interpreted this as an attempt to get more economic, trade, and investment benefits from China. He was also likely keen to see some international support for his "war on drugs," which was denounced in 2016 by both the US and human-rights groups. China expressed support for the crackdown ahead of Duterte's visit there last year.
What to watch for: Trump and Duterte have a "warm rapport," according to a senior administration official. Trump once praised Duterte for doing an "unbelievable job on the drug problem." It will be worth watching how their dynamic plays out.
Why this matters: As analysts at BMI Research explained last year, the Philippines has been a key US ally in the Asia Pacific for decades, in part because of its strategic location between the South China Sea and the western Pacific Ocean, both of which are key for international trade. Additionally, the Philippines is an element of the "first island chain" from southern Japan and Taiwan down to the South China Sea, which the US formulated during the Cold War to contain the former USSR and China.
Last year, those analysts argued that if the Philippines were to continue pulling toward China, then the US might have to "increasingly cultivate Vietnam as a regional security partner to partially offset the withdrawal of the Philippines from an informal US-led bloc of Asian nations aimed at counterbalancing China's rise."

And now check out ...

And now check out ...
Chinese President Xi Jinping attends a meeting at the United Nations European headquarters in Geneva, Switzerland, January 18, 2017.REUTERS/Denis Balibouse

Xi Jinping is officially China's most powerful leader since Mao — here's what that means for the economy

Thursday, November 2, 2017

It looks like Trump has made the safe choice for Fed chair — and Wall Street will love it

It looks like Trump has made the safe choice for Fed chair — and Wall Street will love it

U.S. Federal Reserve Chair Janet Yellen (L) congratulates Fed Governor Jerome Powell at his swearing-in ceremony for a new term on the Fed's board, in Washington in this handout photo taken and released June 16, 2014. REUTERS/U.S. Federal Reserve/Handout via Reuters Federal Reserve Chair Janet Yellen congratulating Jerome Powell at his swearing-in ceremony for Fed governor.Thomson Reuters
  • President Donald Trump is expected to appoint Jerome Powell, a Federal Reserve board governor who previously worked as a private-equity executive, as Fed chair, replacing Janet Yellen.
  • Picking Powell would signal the administration is wary of jolting markets with some of the other choices on the short list. Powell is likely to keep interest rates low, while others had signaled they might be more aggressive in raising interest rates.
  • Powell lacks formal monetary-policy training but has gotten quite a bit of experience since joining the board in 2012.


President Donald Trump looks set to appoint Jerome Powell, a former private-equity executive at Carlyle Group who now sits on the Federal Reserve board, as the next Fed chair.
While the official announcement is not expected until Thursday, several news outlets starting with Politico have reported that he is the likely nominee, citing White House sources.
The choice of Powell would be a departure in a long tradition of reappointing Fed chairs to a second term, regardless of party affiliation. Janet Yellen, a Democrat, actively interviewed for the job.
Powell, a 64-year-old Republican, was appointed to the Fed's powerful Washington-based board of governors in 2012 by President Barack Obama. Powell worked in private industry much of his life and was a partner at Carlyle Group from 1997 to 2005. He had to learn on the job a bit when it came to monetary theory and interest-rate policy, but his financial background made him well-equipped.
Danielle DiMartino Booth, who served as an adviser to Richard Fisher, then the Dallas Fed president, told Business Insider she didn't see Powell's lack of formal monetary economic training as a liability.
"His experience in private equity affords him a unique vista on shadow banking, and his background in politics is critical for dealing with the craziness that it DC these days," said DiMartino Booth, who founded the research firm Money Strong. "He's not a Ph.D. in economics, which too few are highlighting in my view."

Well received on Wall Street

The appointment of Powell, who is among the wealthiest members of the Fed, is likely to be well received on Wall Street, which will see him as a friendly face on possible deregulation but also, importantly, as a voice of continuity in interest-rate policy at a key time for the central bank.
The Fed has raised interest rates four times since December 2015, and it recently began gradually winding down its $4.5 trillion balance sheet. Fed officials are predicting several additional rate increases this year and next, but financial markets are more skeptical.
Powell is likely for now to maintain a steady course of gradual but cautious rate increases with an eye to an inflation rate that continues to undershoot the central bank's 2% goal. (This points to economic activity and a labor market that are still running below their potential, a point highlighted by weak wage growth for most Americans.)
He has not been a major voice on interest rates until now, focusing on more tangential issues for the Fed like the regulation of scandal-ridden Libor interest rates, financial innovation, and housing policy. His most recent speech on monetary policy was in June for the Economic Club of New York. At that point he said:
"The healthy state of our economy and favorable outlook suggest that the FOMC should continue the process of normalizing monetary policy. The Committee has been patient in raising rates, and that patience has paid dividends."
Back in May 2016, he sounded more dovish on policy — that is, less likely to tighten rates — than many members on the Fed's policy-setting Federal Open Market Committee.
"The risks of waiting [to raise rates] are frankly not so great," said. "This doesn't feel like an economy that's bubbling over or threatening to break into high inflation."
"He has been in line with the leadership on monetary policy in recent years," Julia Coronado, a former Fed board economist who worked on Wall Street before founding the research firm MacroPolicy Perspectives, told Business Insider. "His comfort zone and leadership has been in getting his hands dirty on regulatory and financial sector plumbing issues. He is smart and collegial and knows how to lean on the staff's expertise."

Forging a consensus

She added he would probably be a different kind of Fed chair than Yellen "in that he will be forging a consensus more than driving it on monetary policy." She continued: "His depth on financial infrastructure could come in handy if and when the FOMC needs to confront decisions on balance sheet policy again."
Because Powell is seen as less likely than other contenders like John Taylor and Kevin Warsh to be more aggressive about interest-rate hikes, bond markets reacted positively to the news.
Powell previously served as assistant secretary and undersecretary of the Treasury under George W. Bush, overseeing banking and Treasury markets. His status as a board member makes him an easy nominee to confirm as well.
"Given his voting record and public comments to date, we would expect the Fed's [rate-hike path] to be pulled forward only modestly if Gov. Powell is tapped," Isaac Boltansky and Lukas Davaz of the DC-based policy financial research firm Compass Point wrote in a client note.
"[He] has been confirmed twice by the Senate for his current post on the Federal Reserve, which underscores our view that he would win confirmation if nominated as Chair."
Likely a plus for Trump, who ran on a platform of Wall Street deregulation, Powell has signaled an openness to watering down Dodd-Frank rules that were put in place after the global financial crisis.
This puts him in the company of another Trump appointee to the Fed, the central bank's vice chair for supervision, Randall Quarles, who's also in favor of unwinding some of the postcrisis rules meant to prevent a repeat of 2008.
Yellen recently warned of the risks of going too far in the other direction. "Any adjustments to the regulatory framework should be modest and preserve the increase in resilience at large dealers and banks associated with the reforms put in place in recent years," she said in August.

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