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Samsung’s luxury foldable phone has hefty price tag

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When closed, the Samsung Galaxy Fold has a 4.3-inch screen.

When closed, the Samsung Galaxy Fold has a 4.3-inch screen.

Samsung Electronics yesterday gave audiences across the world a glimpse via live-streaming of what the future of smartphone technology may look like, when it unveiled its Galaxy Fold device at its Unpacked event.

The Galaxy Fold is a smartphone with a flexible display that folds onto itself from 0- to 180-degrees and can be used folded or unfolded.

Samsung global CEO DJ Koh said during the announcement: “For those who think they have seen it all, get ready for the dawn of a new mobile era.”

The South Korean electronics manufacturer announced its Galaxy Fold will be available in SA when it is released globally in April or May. The company says it will be a luxury device, and it certainly comes with a luxury price tag of $1 980, which converts to about R28 000, but would be priced much higher locally as import duties and mark-up will have to be incorporated.

When folded, the device has a slim 4.6-inch display and opens to become a 7.3-inch display tablet. The hinges are hidden within the screen to make the folding appear seamless.

Samsung patented foldable screen technology in 2015 that would allow for a flexible OLED display with a folding mechanism under the display, so the company has been working on the technology for a while.

There are two batteries in the device, one on each side, and both are used in tandem to power the smartphone/tablet. The Galaxy Fold has a total of six cameras, one on the front, three on the back, and two on the inside.

Last year, Chinese start-up Royole became the first company to bring a commercial foldable smartphone to market.

However, Arthur Goldstuck, World Wide Worx MD, says a player like Samsung was needed to enter the game before consumers would take the notion seriously.

“There is no question that it is the standout announcement of this event [where the Samsung S10 range was also unveiled].

“Royole was a niche brand trying to win technology leadership versus the giants, but it simply cannot compete. Foldable phones would remain obscure until one of the big brands came out with a production device and the Galaxy Fold is that device.”

He warns, however, that the Galaxy Fold must be seen in the same light as the cutting-edge television technology that is launched at CES each year; for example, the rollable LG TV and modular Samsung TV.

“These are always devices that signify efforts at technology thought leadership rather than market share. Samsung is positioning itself as a technology leader in foldable handsets.”

He says foldable phones will most likely be a common theme at Mobile World Congress in Barcelona next week, “but now everyone will be seen as following in Samsung’s footsteps”.

“In the same way Samsung led the way to large screen phones with the Note range, they will also be able to claim this leadership in foldable phones. The difference is that large screen phones required a courageous leap into a new format. Foldable phones, on the other hand, represent the R&D capacity to be the first to market with a new technology that may be expected from every manufacturer.”

Goldstuck believes this technology will be mainstream within the next three to five years, but only people with cash to burn will buy the first generation of the device this year.

The Samsung Fold opens to reveal a 7.3-inch tablet.

The Samsung Fold opens to reveal a 7.3-inch tablet.

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Mexico says dodges bullet on ‘safe third country’ talks with U.S. after stemming migrant flows

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MEXICO CITY/SAN SALVADOR (Reuters) – Mexico said on Sunday it averted the so-called “safe third country” negotiations with the United States it desperately wanted to avoid after U.S. Secretary of State Mike Pompeo praised Mexican efforts in reducing U.S.-bound migrant flows.

But Pompeo, while praising Mexico’s efforts, said there was still “more work to do.”

Pompeo met with Mexican Foreign Minister Marcelo Ebrard on Sunday in Mexico City amid heightened bilateral tension ahead of a July 22 deadline on a deal that removed tariff threats on Mexican exports.

An agreement reached in June laid out that if the United States deems that Mexico has not done enough to thwart migrants by the deadline, the two countries would begin talks over changing rules to make most asylum seekers apply for refuge in Mexico, not the United States.

Ebrard said considering the advances Mexico had made, it was not necessary to “initiate any type of negotiation on a safe third country agreement between Mexico and the United States.”

Pompeo, however, was less definitive. He praised the progress made by Mexico in helping cut apprehensions on the U.S. southern border by a almost a third last month, but added: “We’ve got a long way to go yet. There’s still much more work to do.

“As for the next set of actions, I’ll talk with the president and the teams back in Washington and we’ll decide exactly which tools and exactly how to proceed,” Pompeo said at a news conference in San Salvador, the last leg of a short Latin American tour.

Mexico argues it has followed through on its commitment to reduce migration from Central America, underscoring that apprehensions of migrants on the southern U.S. border dropped roughly a third to about 100,000 in June. Mexico has deployed some 21,000 militarized National Guard police to decrease the flow of people.

Under the agreement, Mexico averted punitive tariffs on U.S.-bound Mexican shipments threatened by President Donald Trump by promising to cut the number of illegal migrants traveling from Central America to the U.S. border.

The meeting between the nations’ two top diplomats came a day before the end of the 45-day period and as U.S lawmakers wrangle over a regional trade deal meant to replace the current North American Free Trade Agreement (NAFTA).

The Mexican ambassador to Washington, Martha Barcena, on Thursday said “we have said once and again that we are not ready to sign” any such safe third country agreement.

Slideshow (6 Images)

Trump has made immigration a cornerstone of his presidency and pledged to build a wall on the southern border with Mexico in his 2016 run for office. He has since fought with Congress and in the courts for funding to pay for it.

His administration announced sweeping new asylum rules last Monday that bar almost all immigrants from applying for asylum at the U.S.-Mexico border by requiring them first to pursue safe haven in a third country through which they had traveled on the way to the United States.

However, Mexico has long resisted U.S. pressure to formally accept the safe third country status.

Reporting by Anthony Esposito in Mexico City and Nelson Renteria in San Salvador; Editing by Nick Macfie and Dan Grebler

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Imran Khan: Pakistan PM to meet Trump in bid to mend ties

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Donald Trump (left) and Imran Khan (composite image)Image copyright
Getty Images

Image caption

Donald Trump (left) is receiving Imran Khan for the first time

Pakistani Prime Minister Imran Khan is due to visit the White House for his first face-to-face talks with US President Donald Trump.

The meeting is part of a push to mend relations, which have been strained by the Afghan conflict.

Mr Trump reduced security aid to Pakistan early last year, accusing the country of “lies and deceit”.

Mr Khan said US assistance was “miniscule” compared with what the US-led “war on terror” had cost Pakistan.

Since he won Pakistan’s general election just under a year ago, he has called for “mutually beneficial” ties with America, while remaining an outspoken critic of US anti-terrorist tactics such as drone strikes.

The Trump administration is trying to negotiate its military withdrawal from Afghanistan with the Taliban, a militant group it has long accused Pakistan of supporting.

As well as counter-terrorism and defence, the two leaders are likely to discuss trade and investment as Mr Khan battles to fend off a balance of payments crisis after a bailout from the International Monetary Fund.

How did relations fray last year?

Since Donald Trump took office in 2017, his administration has adopted a hard line against Pakistan, accusing it of supporting Islamist militants and misleading the US over the issue – charges Islamabad denies.

Mr Trump began 2018 by promising on Twitter to end “foolish” aid to the country.

As much as $2bn (£1.6bn) in US security assistance has been suspended.

After Mr Trump tweeted again in November to remind Pakistan that 9/11 mastermind Osama Bin Laden had lived there before finally being hunted down by US forces, Imran Khan shot back to “put the record straight” on which country had paid more to defeat terrorism.

However, a couple of months before that Twitter clash, US Secretary of State Mike Pompeo had already raised the prospect of a reset with the new government of Mr Khan.

Media playback is unsupported on your device

Media captionFive things to know about Imran Khan

According to Pakistan’s foreign office, Mr Khan’s visit “will help renew and reinvigorate long-standing ties between Pakistan” and the US.

Adding to the positive mood music came a new tweet from Mr Trump on Wednesday, announcing that Pakistan had arrested the “mastermind” of the 2008 terror attacks in the Indian city of Mumbai, after a search lasting two years.

In actual fact, the man arrested, Hafiz Saeed, has been arrested and freed several times by the Pakistani authorities over the past two decades. Far from hiding, he has even addressed rallies and campaigned in recent Pakistani elections.

Pakistan will hope the arrest will help persuade the Financial Action Task Force (FATF), a global watchdog against money laundering and terrorism financing, not to blacklist it in the coming months.

Khan and Trump basics

  • Khan, 66, was best known as Pakistan’s most famous cricketer before he took office as prime minister in July 2018 following his PTI party’s election victory; property tycoon and reality TV star Trump, 73, took office as US president in January 2017

How crucial is Afghanistan to the relationship?

Writing in Foreign Policy, Sherry Rehman, Pakistan’s ambassador to the US between 2011 and 2013, argues that “stabilizing Afghanistan is Pakistan’s only real trump card” in its dealings with the US.

Pakistan has always denied it was the architect of the Taliban. It was one of only three countries to recognise them after they took power in Afghanistan in 1996 and the last to break diplomatic ties when US-led forces ousted the movement after the 9/11 attacks in 2001.

Few observers doubt that Pakistan has been instrumental in getting the Taliban to the table for direct talks with members of the Afghan government this month, a negotiation praised by US lead negotiator Zalmay Khalilzad as a “big success”.

Image copyright
AFP

Image caption

Men checking a list of casualties after a car bombing in Kabul this month

The Trump administration is keen to end a war which, according to US officials, costs about $45bn annually, and to withdraw most or all of the 14,000 American soldiers deployed there.

In the opinion of Ms Rehman, Pakistan has already “received some muted recognition of its unprecedented efforts to facilitate these delicate negotiations” in two respects this month:

  • The US listed the Balochistan Liberation Army, a separatist group active in Pakistan, as a terrorist group
  • The IMF approved a $6bn loan package for Pakistan

“Pakistan has been facilitating the US-Taliban talks in good faith, underscoring that it remains a shared responsibility,” Foreign Minister Shah Mehmood Qureshi said recently.

“It will therefore be appropriate to work for broader engagement from Afghanistan to bilateral issues, economic and trade co-operation, to peace and stability in South Asia.”

What are Khan’s economic aims?

The US, a major source of foreign investment in Pakistan, remains its largest export market, so trade is very much on the agenda in Washington.

Image copyright
AFP

Image caption

Price rises brought protesters out on to the streets of Karachi this month

However, financial pressures have led Pakistan to go further afield in search of aid and it attracted Saudi pledges of investment deals worth $20bn this year.

Given that Pakistan is so strapped for cash, Mr Khan has been keen to portray an image of austerity. He used to be known as a celebrity playboy but now styles himself as a pious, anti-poverty reformer.

Reports say he plans to stay at the Pakistan ambassador’s residence in Washington, rather than waste money in an expensive hotel.

Pakistan has also been seeking new assistance from China, its biggest foreign investor and also a major aid donor.

So Imran Khan must tread a delicate path between Mr Trump’s America and its economic arch-rival, Beijing.

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In the investing space, no-one can hear you scream

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Investing is a risk, so it’s worth asking why it isn’t possible to come up with a set of rules that eliminates risk and uncertainty completely. And do we want to?

In Ridley Scott’s classic movie Alien, the hero is a solitary space traveller who encounters an alien. This is terrifying on two levels – the protagonist is completely alone and its adversary, the alien, does not follow what we would regard as “normal” rules of engagement.

All of life’s engagements are governed by sets of rules. These rules define what counterparts can and can’t do. Laws, rules and regulations reduce uncertainty, so that role players know what is expected of them. We find comfort in a system where we understand the rules.

In the movie, however, the alien is not only incubated by – but also eventually hatches from – the hero’s stomach. And this is just the start of the confrontation! The uncertainty created by an environment which exists far outside of our set of accepted rules of behaviour makes for truly terrifying viewing.

Compounding this horror is the fact that our hero has to face this terrible situation entirely on her own. Human beings are herd animals, hard-wired to feel safer in groups.

The tagline of the movie: “In space no one can hear you scream” – clearly speaks to our inherent fear of isolation.

Often, that’s exactly how we feel about being invested in the stock market.  The stock market is a hive of risk and uncertainty. Our investment decisions are made in an environment which does not adhere to a fixed set of rules, where surprising things happen all the time. Companies issue profit warnings and their share prices go up. Highly respected CEOs turn out to be frauds. Businesses with otherwise good reputations waste shareholders’ funds on expensive acquisitions in foreign jurisdictions. At precisely the moment when investors agree that nothing can go wrong and all invest accordingly – it can, and it does. And so we learn that in the market, there isn’t any safety in numbers. Instead, we are vulnerable, fearful and alone. In the market, no one can hear us scream.

Most investors’ first call, when faced with these circumstances, is for increased regulation. Did the CEO sell his stock before the profit warning? Make a rule prohibiting such transactions. Was the CEO a fraud? Increase corporate governance regulations. Was the IPO a dud? Call for better disclosure rules. And so on.

Following this train of thought, one can’t be blamed for asking why it isn’t possible to come up with a set of rules that eliminates risk and uncertainty completely.  But standard economic theory states that in a world of perfect competition, in which all economic agents have complete knowledge, people will make purchase and production decisions that will lead to zero profits. Profit pools exist where there is imperfect knowledge, where uncertainty reigns. Uncertainty is a cost of doing business, and creates profit pools to act as incentives for economic agents (read: entrepreneurs) to act on. Taking advantage of this uncertainty can create a lot of value – for instance, retailers reduce search costs and banks reduce credit costs.

If increased regulation causes less uncertainty, it follows that this also leads to a stifling of incentives to innovate, leading to worse outcomes for the economy, and ultimately, the consumer and the investor. It should be no surprise then that economies with relatively high levels of government intervention (i.e. high regulation), also have poor GDP growth, higher poverty and less choice for consumers. This directly impacts the earnings power of corporations – in a negative way.

The harsh truth is that increased regulation is not the answer – like the protagonist in “Alien”, you are on your own when it comes to protecting yourself. But instead of calling for more rules and regulations, we would propose that investors apply two far more useful tools to protect themselves against adversity: diversification and a margin of safety.

Diversification helps us deal with the inherent uncertainty embedded in the market by allowing us to make that simple statement that is so difficult for us to admit: “I don’t know”. The result of being able to admit to “not knowing” is the ability to build a portfolio consisting of as many uncorrelated outcomes as possible. If the individual outcomes are appropriately sized, such a portfolio will be relatively stable, and generate satisfactory returns – whatever the future holds. Of course, the corollary is that we have to accept that some of these positions will turn out to be wrong, but this is when position sizing is important. If one works off the premise that you “don’t know”, it is hard to justify a huge position in anything. Importantly, when one or more of these diversified positions underperforms,  it does not destroy the overall portfolio.

Tool number two is a “margin of safety”: the difference between the share price paid, and the underlying fundamental value of the business bought. If, at the outset, we have paid a lot less than what the asset is fundamentally worth, even in a bad outcome we are unlikely to lose a lot of money. But in a good outcome, we can make a lot of money. Again, this tool helps us deal with “not knowing” what the future holds by providing us with some downside protection if we turn out to be wrong, while stacking the odds in favour of substantial upside if we turn out to be correct.   

So, while it is true that in space no-one can hear you scream, in the market things need not be so scary. All we need to do is use these two simple tools effectively enough such that screaming is no longer inevitable.  BM

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In other news…

July 18 marks Nelson Mandela day. All over the country, South African citizens devote 67 minutes to charitable causes in memory of Madiba. It’s a great initiative and one of those few occasions in South Africa where we come together as a nation in pursuit of a common cause. An annual 67 minutes isn’t going to cut it though.

In the words of Madiba:
“A critical, independent and investigative free press is the lifeblood of any democracy.”

Every day Daily Maverick investigates and exposes the deep rot of state capture and corruption but we need your help. Without our readers’ support we simply won’t survive. We created Maverick Insider as a membership platform where our readers can become part of our community while ensuring that we can keep doing the investigations that we do and, crucially, that our articles remain free to everyone that reads them. Sign up to Maverick Insider this Mandela Month and make that meaningful contribution last longer than 67 minutes.For whatever amount you choose, you can support Daily Maverick and it only takes a minute.

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