Last week, the New York City Council voted 39-6 to approve a temporary cap on ride hailing companies, including Uber, Lyft, and Via, within city limits. The bill will limit growth on the number of for-hire vehicles for a year while it studies the impact of the booming indu...
Turkish President Recep Tayyip Erdogan has called for a boycott of American electronics in response to increased tariffs the Trump administration put into effect. In this announcement, President Erdogan specifically declared that a ban should be put on the billion-dollar brand Apple (NASDAQ: AAPL), saying that if the United States has iPhones, "there is Samsung (KRX: 005930) on the other side, and we have our own Vestel here." After the nationalistic statement, Vestel (IST: VESTL), a Turkish electronics company, rose 5%.
Although Erdogan has voiced his desire for the Turks to abandon Apple, far more Turkish citizens own iPhones than Vestel. At the end of 2017, approximately 2% of Turkish smartphone users had a Vestel, compared to the 17.41 percent of those who used Apple. It is clear that if Turkey actually goes ahead with the ban, it have little to no effect on Apple's business as a whole, especially given that Apple's largest markets are composed of the US and China.
Tensions are rising between the two nations since the Trump administration levied sanctions on Turkey. Last week, Trump increased tariffs on Turkish steel and aluminum imports by twofold. As a result, the value of the lira decreased to an all-time low of 7.24 to the dollar. Turkey's economy has recently suffered from multiple losses. In 2018 alone, the value of the lira has decreased more than 40%...
