Apple to launch Apple TV with gaming focus

Apple Inc will make gaming a key part of an Apple TV product it is expected to unveil at an event on Wednesday, according to a New York Times online report on Sunday. 

PHOTO: REUTERS

SEP 7, 20158:51 AM

[NEW YORK] Apple Inc will make gaming a key part of an Apple TV product it is expected to unveil at an event on Wednesday, according to a New York Times online report on Sunday.

The article, which cited unnamed people briefed on Apple's plans, said the new product is expected to have a starting price around US$150, more power for better graphics, a new remote that could double as a controller and an app store for buying games.

Apple representatives were not immediately available for comment.

The New York Times said most game executives and analysts see little chance that Apple will be able to win over fans of high-end game consoles such as Microsoft Corp's Xbox One Sony Corp's PlayStation 4.

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But Apple could instead go after the casual gamers who do not want a high-end console, according to the story.

On August 27, Apple invited journalists to an event on Wednesday where it is widely expected to unveil new iPhones and potentially a new version of its Apple TV set-top box.

REUTERS

    
 

Hong Kong home prices may begin drop in 2016: JPMorgan

Hong Kong's property prices may correct next year after reaching a record high, as an economic slowdown in China and Hong Kong starts to weigh on real estate, according to JPMorgan Chase & Co. 

PHOTO: BLOOMBERG

SEP 7, 201511:32 AM

[HONG KONG] Hong Kong's property prices may correct next year after reaching a record high, as an economic slowdown in China and Hong Kong starts to weigh on real estate, according to JPMorgan Chase & Co.

Residential prices may start to fall by 5 per cent to 10 per cent annually starting in 2016, Cusson Leung, head of Hong Kong research, conglomerates and property for JPMorgan, said in a briefing on Friday. Prices of new homes will rise by 5 per cent in 2015, as demand remains strong. Prices of existing housing will increase by 10 per cent, according to Leung.

Mr Leung said the shrinking retail market, driven by luxury brands closing stores, as well as the prospect of rising unemployment in Hong Kong will hurt property sales. Investors globally have been rattled by concern that China's growth is slowing and that the markets may not be able to withstand an increase in US interest rates.

"Pressure on the economy is the biggest concern here instead of an interest rate hike," said Mr Leung.

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Hong Kong's private-sector economy suffered its sharpest contraction since 2009 in August, sending a warning sign for the economic health of Asia's financial capital.

Hong Kong reported the weakest home sales in 17 months last Wednesday, after a month-long stock rout that began in China hurt market sentiment among home-buyers and investors. It sold one-third fewer units in August than a year earlier, according to data from the government.

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UK's North Sea loses 5,500 jobs in oil market downturn: regulator

Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday.

PHOTO: BLOOMBERG

SEP 7, 20157:25 AM

[LONDON] Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday, putting an official figure on job losses resulting from a year-long decline in oil prices.

North Sea oil companies have been particularly hard hit by the near 55 per cent decline in Brent crude prices since June 2014, as they were already facing some of the industry's highest operating costs in one of the world's most mature basins. "Regrettably, this has led to the loss of around 5,500 jobs since late 2014," Andy Samuel, chief executive of the OGA, said in a report summarising the newly-created body's first months.

North Sea operators, including Shell, BP, Chevron and ConocoPhillips, have all announced staff cuts, a trend that has raised concerns about an emerging skills gap.

The OGA, established as an executive body five months ago, is tasked with helping North Sea operators squeeze as much oil and gas out of the basin as possible.

The oil and gas sector employs around 375,000 people and remains an important source of tax revenue, despite those receipts dropping.

UK oil production has fallen to the lowest since output started in the mid-1970s as old fields run out of resources.

Two operators recently announced their intention to shut fields early, making the OGA's mission more pressing than ever.

The body said it had helped mediate commercial discussions between companies involved in the running of Theddlethorpe gas terminal, and the Sullom Voe terminal on the Shetland Islands, key facilities in the North Sea but which are expensive to operate. "We should be in no doubt about the scale of the challenge ahead," Mr Samuel said.

REUTERS

    
 

Oil prices down in Asian trade

Oil prices eased in Asian trade on Monday as dealers await the US Federal Reserve's decision on whether to raise interest rate following a mixed August jobs report, analysts said. 

PHOTO: AFP

SEP 7, 201511:42 AM

[SINGAPORE] Oil prices eased in Asian trade on Monday as dealers await the US Federal Reserve's decision on whether to raise interest rate following a mixed August jobs report, analysts said.

US benchmark West Texas Intermediate for October delivery fell 35 US cents to US$45.70 while Brent crude for October eased 38 US cents to US$49.23 in mid-morning trade.

The US Labor Department said Friday the economy added 173,000 jobs in August, fewer than estimated.

However, the previous two months' job gains were revised upward, pushing the unemployment rate down more than expected to 5.1 per cent, its lowest level since April 2008.

The report was the last before the Fed's policy board meets on September 16-17 to discuss its plans for borrowing costs. US financial markets are closed Monday for the Labor Day public holiday.

"The realisation that the Fed will still raise interest rates this year... dampened market sentiment," said Bernard Aw, market strategist at IG Markets In Singapore.

A rate hike would likely strengthen the greenback, making dollar-priced oil more expensive to holders of weaker currencies, hurting demand and prices.

Analysts said dealers are awaiting a slew of global economic data this week for clues about demand, with ample supplies boosted by relentless US and OPEC production.

The Chinese government is scheduled to release monthly trade and inflation figures, as well as industrial output, fixed-asset investment and retail sales in the coming days.

Oil prices have fluctuated wildly in recent weeks on uncertainty about Fed monetary policy as well as worries about the growth in world number-one energy consumer China.

The eurozone's second-quarter gross domestic product figures are due Tuesday.

AFP