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As Tim Cook steps down, Apple hit record sales — but a chip shortage looms

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Apple reported a record quarter on Thursday. Yet outgoing CEO Tim Cook warned of some gathering storm clouds in the form of memory chip supply issues that could impact business in the near future.

“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” Cook said during Thursday’s earnings call. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup.”

Less rosily, Cook relayed that Apple spent more on memory chips in March than in previous quarters though the company’s costs were offset by its ability to sell stockpiled inventory. But, he warned, the expectation is “significantly higher memory costs” in June and beyond — the likes of which may “drive an increasing impact” on the business.

Cook was referencing what has commonly been called “RAMaggedon,” the trend of the AI industry guzzling up memory chips with such astonishing gusto it is spurring shortages. This is driving up the prices of hardware. Apple is primarily a hardware company, so that’s obviously not great news for its core products.

Most notably, the chip shortage has impacted the iPhone. Despite the strong sales figures touted by Apple on Thursday, it has previously been reported that RAM costs have quadrupled — impacting phone production costs, and putting John Ternus, Apple’s incoming CEO in a less-than-enviable position.

One possible result may be that Apple increases prices for the iPhone. “There’s just a little less flexibility in the supply chain at the moment for getting more parts,” Cook told Reuters on Thursday.

Ternus, who has served as Apple’s senior vice president of hardware engineering, was on Thursday’s earnings call and praised Cook. “In my view, Tim is one of the greatest business leaders of all time. Stepping into the role of CEO is an incredible honor, and it means a great deal to me to have Tim’s trust and confidence,” Ternus said.

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He will obviously have his work cut out for him when he begins the job on September 1. But he will still have Cook’s supply chain experience to lean on for a while. Cook will become executive chairman.

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Plateau police nab six suspects over cattle rustling, firearm possession

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The Violent Crime Response Unit (VCRU) of the police command in Plateau has arrested six suspects for alleged cattle rustling, criminal conspiracy and illegal firearm possession.

The suspects were paraded during the inauguration of the VCRU in Jos on Friday.

The Commissioner of Police, Bassey Ewah, said the unit was established following directives of the former Inspector-General of Police, Kayode Egbetokun.

Mr Ewah said the initiative also aligned with the police mandate to protect lives and property across Plateau State.

“This fulfils the I-G’s directive for a force that is professional, humane, accountable and effective.

“This unit answers growing demands for faster, more precise and professional responses to violent crime,” he said.

Mr Ewah said the VCRU would operate under a Civilian Oversight Board comprising traditional rulers, civil society groups, lawyers and human rights advocates.

He said officers underwent intensive screening, selection and specialised training before deployment.

“Every officer selected has been prepared for operational excellence, disciplined conduct and unwavering respect for human rights.

“Their mandate is to confront violent crimes referred to them by the command for further investigation.

“We are equipping them to act with speed, precision and integrity because justice delayed and justice abused are both justice denied.

“Impunity, misconduct and abuse of power will not be tolerated under my watch,” Ewah said.

One suspect, Yahuza Sale, was arrested over a viral Facebook video allegedly capable of inciting fear and public unrest.

Police said detectives from the Pankshin Division arrested Mr Sale immediately after receiving intelligence reports.

According to police findings, Mr Sale confessed involvement in cattle rustling alongside Victor Danladi, also known as Boka.

Mr Sale reportedly told investigators they used locally made AK-47 rifles and revolvers during operations.

The Intelligence Response Team later arrested Danladi following Mr Sale’s confession.

Police recovered two locally made AK-47 rifles, three rounds of 7.62mm live ammunition and one locally made pump-action gun.

Mr Ewah said investigations were ongoing and suspects would be charged after their completion.

“Under my leadership, the Plateau Police Command remains committed to proactive, intelligence-driven policing and community partnership,” he said.

He urged residents to support police efforts with timely and credible information.

“The police cannot succeed alone. Provide credible information and we will act swiftly to protect you.

“The VCRU is your unit. Its success depends on trust and cooperation between the police and the community,” he said.

Mr Ewah added that the unit had a fully equipped operational base in Jos, with plans for additional sub-units across the state. 

(NAN)

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Budget office DG defends Tinubu’s foreign engagements, faults Peter Obi’s claims

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The Director General of the Budget Office of the Federation, Tanimu Yakubu, has defended the foreign engagement strategy of President Bola Tinubu, describing recent criticisms by the former Anambra State Governor, Peter Obi, as a “populist simplification” of Nigeria’s economic realities.

Mr Yakubu, in an article titled “Foreign Engagements and the Dangers of Populist Simplification: Peter Obi’s Ignorance,” argued that Mr Obi failed to appreciate the complexities involved in rebuilding investor confidence and restoring economic stability in a country emerging from fiscal and monetary challenges.

On 16 May, Mr Obi criticised the value of recent foreign state visits by Nigerian leaders, arguing that such engagements must translate into measurable economic benefits for citizens, rather than ceremonial visits.

“State visits by leaders are not tourism, and diplomacy is not a fashion parade,” Mr Obi said.

According to Mr Yakubu, the Tinubu-led administration inherited an economy burdened by structural weaknesses, including fuel subsidy costs, exchange-rate distortions, mounting debt-service obligations, dwindling investor confidence, and heavy reliance on the Central Bank of Nigeria (CBN) financing to sustain government operations.

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The Budget Office DG said under such conditions, international engagements should not be viewed as ceremonial trips but as strategic efforts aimed at rebuilding sovereign credibility, strengthening diplomatic relations, restoring investor confidence, and attracting long-term capital.

Mr Yakubu said the former Anambra state governor oversimplifies economic realities, which has a tendency to reduce complex questions of economic recovery.

“No serious analyst disputes that foreign engagements should ultimately produce measurable economic outcomes. The real issue, however, is whether Mr. Obi properly understands the sequence through which nations emerging from fiscal and monetary instability rebuild investor confidence, restore credibility, and reposition themselves within global capital markets.

“President Tinubu inherited an economy facing severe structural stress: an unsustainable fuel subsidy regime, multiple exchange-rate distortions, collapsing fiscal buffers, mounting debt-service pressures, dwindling investor confidence, and unprecedented dependence on Ways and Means financing simply to sustain government operations.

“Under such circumstances, international engagements are not mere ceremonial excursions; they become instruments for rebuilding sovereign credibility, restoring policy confidence, reassuring investors, strengthening diplomatic alignments, attracting long-term capital, and repositioning the country within regional and global economic networks,” Mr Yakubu said.

Economic comparison

He also faulted Mr Obi’s comparison of Nigeria’s economic situation with that of the United States under former President Donald Trump, saying the two countries operate under entirely different economic realities.

According to him, the United States engages China from the position of the world’s dominant reserve currency issuer, also as the largest consumer market on earth, and a mature industrial economy with deep capital markets and global technological dominance.

In contrast, the director general said Nigeria is a reforming emerging economy attempting to stabilize itself after years of fiscal distortion and policy disequilibrium.

Mr Yakubu further argued that the benefits of international engagements often take time to materialise, stressing that major investments, infrastructure partnerships, and sovereign financing commitments usually emerge gradually after sustained diplomatic and economic engagement.

ALSO READ: Ex-foreign affairs minister criticises Tinubu’s ambassadorial appointments

He described it as contradictory for critics to oppose reforms such as fuel subsidy removal and exchange-rate unification while simultaneously demanding immediate foreign investment inflows.

Mr Yakubu said its is inconsistent to oppose stabilization reforms on one hand while simultaneously demanding the investment confidence that only such reforms can eventually produce.

“More importantly, many of the benefits of state engagements do not materialize instantly in the form of dramatic headline announcements. Serious investments, infrastructure partnerships, manufacturing relocations, energy financing arrangements, and sovereign investment commitments often emerge gradually after sustained diplomatic engagement, policy stabilization, and investor confidence-building.

“Ironically, many of the same critics now demanding immediate investment inflows were among those who opposed the difficult stabilization reforms, including fuel subsidy removal and exchange-rate unification, that were necessary to restore the macroeconomic credibility investors require before committing long-term capital,” he said.

He extolled the administration and CBN’s achievements in stabilising the economy with reforms, and that Nigeria was approaching a dangerous fiscal cliff before the administration’s intervention.

“Diplomacy should indeed generate economic value. But rebuilding a damaged economy requires more than slogans, photo comparisons, or selective foreign analogies.

“It requires difficult decisions, international re-engagement, policy credibility, institutional stabilization, and the patience necessary for long-term economic restructuring to take root,” Mr Yakubu said.


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