Apple on Tuesday unveiled its iPhone 15 with a USB-C charging port, bowing to the European Union’s new rule mandating all device makers to switch to the charging port by 2024.

CNBC reported that by the time the event concluded, Apple had already commenced the sale of a USB-C adapter on its website, priced at $29.

This adapter will be essential for iPhone 15 customers who wish to connect their Lightning charging cables, which are used for current iPhones, to their new devices.

The European Union parliament voted to confirm the rule last October. Apple, Samsung, Huawei, and others were expected to change their mobile device charging ports to USB-C before 2024 in Europe to comply with the rules.

Apple said last year that it was ready to comply with the rule by moving from its proprietary Lightning charger cables to the USB-C charging port.

“USB-C has become a universally accepted standard, so we’re bringing it to iPhone,” a presenter said during the Apple launch event Tuesday.

EU officials believe the rule will reduce waste since people will not need to buy a new charger when they purchase a new device.

Besides reducing waste, the EU Commission said last year that multiple ports cost consumers a fortune. The Commission has estimated that a single charger would save about €250m ($247.3 million) for consumers.

The transition to USB-C chargers for the iPhone 15 implies that the old Lightning cables previously used by Apple users will no longer be compatible. However, many individuals already possess the appropriate cables for their laptops, headphones, and other devices. Additionally, Apple is likely to include a compatible cable in the iPhone 15 packaging.

“Although Apple has a huge installed base of lightning cable-powered devices, the ubiquity of USB-C across all consumer electronics products means that harmonizing on USB-C makes perfect sense,” Ben Wood, chief analyst at CCS Insight, said last year while predicting that iPhone 15 will come with the USB-C charger.

The rule will also apply to laptops starting from 2026, providing manufacturers with more time to make the necessary adjustments, although many of them already utilize USB-C.

Following the event on Tuesday, Apple’s shares closed down by more than 1%.

In total, 13 categories of electronic devices are expected to adapt to the rule by 2024.

Apple, which launches its newest iPhone model Tuesday, is doubling down on a pricier strategy as unit sales slow. The iPhone 15 Pro, as well as its watches and AirPods, will come with features ranging from titanium cases to more advanced cameras. The price tags for these devices will also be higher, boosting sales at a time when restricted iPhone use in China threatens to depress revenue, along with slower unit sales globally. Apple’s launch event, to be held in Cupertino, California, begins at 10 a.m. PT on Tuesday.

Qualcomm announced it will continue to supply modems for Apple iPhones — for now. Both the chipmaker and investors had expected Apple to make its own.

iPhone and iPad users are being urged to downloadan emergency software update to fix two security flaws used to install Pegasus spyware.

——–

Apple confirmed at its annual event Tuesday that the iPhone 15 will indeed feature a significant change: a universal USB-C charging port. Still, it’s clear Apple wants to keep its higher-end phones — which have become increasingly important to the company’s bottom line — at center stage. The iPhone 15 Pro and Pro Max are seeing some of the line’s most significant new features, with faster chips, lightweight titanium casing and (on the Pro Max only) a souped-up telephoto camera lens.

• The iPhone 15 will start at $799, while the iPhone 15 Pro starts at $999, both in line with their predecessors. The iPhone 15 Pro Max will be $1,199 — $100 more than the 14 Pro Max.
• The Apple Watch Series 9 and new Apple Watch Ultra will also feature faster chips. Both products will be carbon-neutral, and Apple says all of its products will be carbon-neutral by 2030.
• While most of the new iPhones will be made in China, for the first time, some will also be made in India.

(LinkedIn News).

The Federal Government on Monday, through the Federal Competition and Consumer Protection Commission (FCCCPC) delisted 37 more illegal loan apps, strengthening its crackdown on the operation of unlicensed loan sharks in Nigeria.

As a result of this development, the total number of fully approved loan apps has increased to 164, up from the previous count of 154, as of the latest updates on the commission’s website on Monday.

Meanwhile, the number of loan apps with conditional approval has decreased to 38, down from the previous count of 40. Additionally, the number of apps on the commission’s watchlist has surged to 56, up from the previous count of 20.

Since last year, the FCCPC has maintained its crackdown on loan apps that are perceived to be operating without the proper legal authorization or engaged in unlawful activities.

On August 1, 2023, the FCCPC formally requested Google to remove illegal loan apps that were operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines), from its Play Store.

This crackdown comes in response to ongoing complaints from Nigerian borrowers about the aggressive tactics employed by these loan companies when attempting to recover outstanding loans.

See the list of 37 newly delisted loan apps below:

1. Swiftkash App
2. Hen Credit Loan App
3. Cash Door App
4. Joy Cash-Loan Up To 1,000,000 App
5. Eaglecash App
6. Luckyloan Personal Loan App
7. Getloan App
8. Easeloan Apps
9. Naira Naija
10. Cashlawn App
11. Easynaira App
12. Crediting App
13. Yoyi App
14. Nut Loan App
15. Cashpal App
16. Nairaeasy Gist Loan App
17. Camelloan App
18. Nairaloan App
19. Moneytreefinance Made Easy App
20. Cashme App
21. Secucash App
22. Creditbox App
23. Cashmama App
24. Crimson Credit App
25. Galaxy Credit App
26. Ease Cash App
27. Xcredit
28. Imoney
29. Naira Naija
30. Imoneyplus-Instant
31. Nairanaija-Instant
32. Nownowmoney
33. Naija Cash
34. Eagle Cash
35. Firstnell App
36. Flypay
37. Spark Credit
38. Luckyloan Personal Loan App

These loan companies typically have access to borrowers’ phone contacts and often resort to calling or sending defamatory messages about the borrower who defaulted, to these contacts.

Last week, the Nigerian Communications Commission (NCC) issued a strong warning to loan app companies regarding their unauthorized use of individuals’ phone numbers for commercial purposes. The Commission warned that individuals found engaging in such activities would face arrest and prosecution.

The African Union (AU) is preparing to inaugurate a new credit rating agency for the continent in the upcoming year, to tackle concerns regarding the fairness of current credit ratings assigned to African nations, according to an official who spoke to Reuters.

The proposal follows complaints by African leaders that rating agencies have been unfair to African nations.

In July of this year, during the 5th Ordinary Session of the Specialized Technical Committee, which centered on “Improving Africa’s Access to Capital: Debt Management and the Rising Influence of Credit Rating Agencies,” AU finance ministers gave their approval to a resolution endorsing the establishment of a new agency.

This initiative was spearheaded by the African Peer Review Mechanism (APRM), a branch of the AU established last year to promote governance improvements across the continent. It is expected that the full AU executive council will also ratify this resolution in February.

Credit ratings function as a tool to evaluate the probability of a borrower defaulting and play a crucial role in determining the terms under which financial institutions and other entities extend loans.

The proposed agency, which will operate within Africa, aims to offer a new perspective on assessing the risk associated with lending to African countries.

“Our goal has not been to replace the big three…we need them to support access to international capital. Our view has been to widen the diversity of opinions,” Misheck Mutize, who serves as the lead expert for country support on rating agencies within the African Union, told Reuters.

Mutize explained that this agency would furnish investors with contextual information when they are making decisions regarding the acquisition of African bonds or extending private loans to African nations.

“Our goal has not been to replace the big three…we need them to support access to international capital. Our view has been to widen diversity of opinions.

“We know the big three follow the opinion of other smaller ratings agencies. They’ve acknowledged that other smaller ratings agencies have got an edge in understanding domestic dynamics,” Mutize said.

More than a dozen African countries presently have outstanding international bonds.

The African Union, in collaboration with member nations such as Ghana, Senegal, and Zambia, asserts that the three major credit rating agencies—Moody’s, Fitch, and S&P Global Ratings—have exhibited bias in their assessments of lending risks in African countries. They argue that these agencies tend to downgrade African nations more swiftly, especially during crises like the COVID-19 pandemic.

However, all three of the major rating agencies vigorously deny any bias and maintain that their rating methodologies remain consistent across continents.

The rating agencies are yet to comment on the development. But earlier, Ravi Bhatia, the lead analyst for sovereign ratings at S&P, affirmed that the agency applies the same criteria uniformly across all regions.