Whole Foods Market is looking to cut prices, which could help it shake its longtime nickname “Whole Paycheck.”
Driving the news: The Amazon-owned grocery store chain is asking its suppliers to help cut costs on packaged groceries as consumers continue to deal with inflation, The Wall Street Journal reports.
Whole Foods made the request to suppliers during a virtual summit in December, according to The Journal.
The company told The Journal that its rate of price increases has been lower than the industry standard and the company is committed to ensuring prices reflect easing inflation.
A Whole Foods spokesperson confirmed the suppliers’ pricing request to Axios Tuesday.
The big picture: The meteoric rise in food prices slowed slightly in December, per a new Axios analysis — but prices were still up more than 10% year-over-year.
While grocery items have broadly gotten more expensive, no food item has been impacted by inflation as much as eggs and their prices often give a clue about the current economic environment.
Flashback:Amazon acquired Whole Foods Market in August 2017 for $13.7 billion and the companies said in a joint statement at the time that there was a “vision of making Whole Foods Market’s high-quality, natural and organic food affordable for everyone."
Whole Foods prices were lowered at the start of the acquisition and in 2018 an Amazon Prime member discount was introduced.
Amazon and Whole Foods announced another round of price cuts in April 2019.
Context: Amazon Prime members save an extra 10% off on in-store sale prices excluding alcohol at Whole Foods.
OPEC chief talks about output cuts, price volatility, and Russia’s war in Ukraine and its effect on oil prices.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, will meet virtually on February 1. The meeting comes as the price of oil has rallied towards $90 a barrel. Al Jazeera’s Fidelis Mbah in Abuja, Nigeria, spoke to OPEC President Gabriel Mbaga Obiang Lima — who is also Equatorial Guinea’s hydrocarbons minister — about issues confronting the organisation. The piece has been edited for clarity.
FM: Are you taking any steps to boost output or will you stick with the recently announced production target cuts?
Lima: I think the approach that we have been having from the organizations, is a see-and-watch, and why I will say it is a see-and-watch is because there are so many uncertainties that is happening in the market, everything is changing by the week, by the month, by the day and what we do is we monitor what is going on in the market. I will give you the best example. The opening of China. Another example is the conflict between Russia and Ukraine. So really, all of those are the factors that we put together and once we do that, that’s when we evaluate what we need to do.
We want to remind you, one thing OPEC does not control is the price. What OPEC does is make sure that the supply and the demand are stable. So it is very important that we watch and we monitor and we make sure that the consumer … always receives the product. So at this moment to say that either the quota are going to go up or down, it is really irresponsible to do that. Let’s have first the data, let’s see what happens through the new opening of China, let’s see our future expectation of the product and then from there as a bloc we can make a decision.
FM: So, does this mean the issue of oil output policy will be discussed during the OPEC Joint Ministerial Monitoring Committee meeting on February 1?
Lima: What I’m saying is not that it will not come up. There are many factors that we need to take into account including key members of OPEC like Venezuela, Iran, and Libya that have many [challenges] with production, you know one day they are producing and another day they have a problem. So before that meeting we have an internal meeting where we evaluate such things.
The way it’s looking at this moment, the world needs oil to be able to continue developing, to be able to continue growing so we need to make sure we can keep up the supply. And this is not just the OPEC members. This is also non-OPEC members and other ones. We will monitor what’s going on, we will have a meeting before our February meeting and for that February meeting we will make a decision of what we will do. But at this moment the way it is looking is that there is more requirement of this product than ever. So clearly we need to make sure we can keep supplying to the market. This product is much more necessary for economic recovery rather than restricting it.
FM: Then why is the United States accusing OPEC of slashing production to favour Russia?
Lima: OPEC is not a political organization. Secondly, OPEC does not have a spat with anybody. What OPEC does is gather information about the producer and we gather information about the consumers and then OPEC makes a logical decision. It is not political. It is not to favour either one country or another country. So when people say that we favour one and the other one is really irresponsible. It is not true, and clearly, we are looking after the consumers at the same time because you are to remember the one thing that everybody wants is a stable product.
When you have the stability of the products, you can manage a better economy. We want stability. If you have stability at $20, $80, $100, that’s what you want for a longer period because that’s what you can manage. So any issue about OPEC being against this or the other one really is more of a speculation. You have to remember one thing, the speculators are the traders. Those are really the key to who wants to make all that volatility of the price. OPEC does not want volatility. OPEC is there to evaluate the data and whatever the data tells us that’s when we act on.
FM: How has the Russia-Ukraine war affected the energy sector and the impact on the world economy?
Lima: I’m the president of OPEC but also the president of the Gas Exporting Countries Forum (GECF) so this is oil and gas and clearly. We have made our impact in gas but also in oil now. The issue is that some people think that it is very easy to replace production from one country to another country. so they can say OK I’m not buying from this I’m buying from the next one. But what they forget is that a lot of us, the producers, sign long-term agreements, and some of those long-term agreements are clients that have been very loved and loyal to us.
So when, for example, in Europe they say we want oil, we want gas, we are saying OK, first we have this long-term client in Asia that has been paying for all these years so you are telling us to take that product. So we are asking them to sign the same long-term contract as the other clients.
But what we want as a producer for a long time is that they provide investment. This is what we keep saying when people say that you should immediately stop investing in fossil fuels. It has an impact on our production. If you want to have stability in the economy, we need to invest back into the fuels.
I think for us all of the members of OPEC the solution is peace. The solution is not war because we need to create stability. In all these issues the only thing that is clear is volatility and we don’t want volatility. We want stability because in fuel stability you can invest through peace, you can develop, and you can grow. Clearly, it affects us. Also because Russia was a major supplier of refined products like diesel. So Russia not being able to send their diesel affects everybody. Our key message is that peace is the solution. The sooner we could have a resolution to this conflict, the better we can create this stability and keep growing and create employment.
Middle East crude producers hoped that soaring Chinese demand would give them leeway to hike OSPs.
Saudi Aramco cut its formula prices for the third consecutive month in January.
The EU ban on Russian seaborne crude imports could bolster demand for Middle East crude.
China is back, and even the most ardent skeptics of Beijing’s policy easing will be compelled to admit that there is great upside in global oil demand in 2023. China has been allocating huge export and import quotas, nudging its oil refiners as hard as possible. Against the background of US economic readings rising quicker than expected and increasing the likelihood of a soft landing, as well as of Europe soon implementing its import ban on Russian products, there are several bullish factors that should push oil prices higher, in fact much higher than they are right now. Add to this the biggest position-taking spree into oil since November 2020, with investors swinging enthusiastically into net long positions (in Brent the long-short ratio is already up at almost 6:1), one would ask themselves why are we not seeing a much more pronounced market reaction. The Middle East, arguably the largest benefactor of oil volatility in 2022, has been wondering exactly that. With there being no real upside to global supply and plentiful upside to global demand, why do we keep on cutting prices for several consecutive months already?
Chart 1. Saudi Aramco’s Official Selling Prices for Asian Cargoes (vs Oman/Dubai average).
Source: Saudi Aramco.
Saudi Aramco found itself between a rock and a hard place when setting the February 2023 official selling prices. On the one hand, ever since the Russian oil price cap kicked in, Saudi Arabia was believed to be the main go-to nation to alleviate Europe’s need to find new sources of supply. Combined with the prospect of a returning China, this should have normally translated into more demand for Saudi crude. On the other hand, the market dynamics were once again shifting to the disadvantage of Riyadh as the Middle East’s key oil marker, the Dubai futures contract, saw a steep decrease in December with the cash-to-futures spread falling by $1.60 per barrel month-on-month. As a consequence, Saudi Aramco cut its formula prices for the third consecutive month, with Arab Light down by $1.45 per barrel compared to January, falling to the lowest level since November 2021, a mere $1.80 per barrel to the Oman/Dubai benchmark. Related: U.S. Oil Rig Count Slips Again
Chart 2. Saudi Aramco’s Official Selling Prices for Northwest Europe-bound cargoes (vs ICE Brent).
Source: Saudi Aramco.
When pricing its grades into Asia, Aramco cut the lighter ones much more than the heavies, a trend that it also followed with its European prices where Arab Light was lowered by $1.40 per barrel, coming in at a -$1.50 per barrel discount to ICE Brent. In just six months since September 2022, the average formula price in Asia plummeted by $8 per barrel, whilst in Europe the decline was milder, only $5-6 per barrel. Just as Saudi Aramco finalized the merger of Aramco Trading and Motiva Trading, moving all of its trading activity under one umbrella, prices of US-bound cargoes continue to boggle the mind as the Saudi NOC rolled over the same prices for the fourth straight month. Hardly a surprise than exports to the United States are a mere quarter of what they were in early autumn, competing with late 2020 readings for the title of weakest flows on record with only three tankers departing towards the US this month.
Chart 3. ADNOC Official Selling Prices for January 2023 (set outright, here vs Oman/Dubai average).
Source: ADNOC.
The Emirati national oil company ADNOC and renewable energy are not the first association that comes to mind, however recently, with the naming of the NOC’s chief executive Sultan Ahmed al-Jaber as the president of the UN COP 28 conference, that has indeed been the case. In many ways, this year will be very eventful ADNOC. Earlier this month, the Emirati NOC established Adnoc Gas from its gas-focused assets in both processing and LNG and boosting gas reserves of 290 TCf intends to hold an IPO of a minority stake in the newly formed company. When it comes to ADNOC’s pricing of its grades into February 2023, the overall decline in oil prices nudged the exchange-traded price of Murban lower to $80.11 per barrel, more than $10 per barrel lower than the month before, with the light sour benchmark’s premium to Dubai shrinking again to $3 per barrel. As the medium sour complex appreciated, so did Upper Zakum, a grade that has seen some heavy discounting in recent months – its February differential to Murban was back at -$3.10 per barrel.
Chart 4. Iraqi Official Selling Prices for Asia-bound cargoes (vs Oman/Dubai).
Source: SOMO.
Slowly but surely, Iraq is consolidating its federal powers, greatly aided by increasing revenues from oil (which have risen to $115.5 billion last year, up approximately $40 billion compared to 2021). Exactly a year after last year’s Supreme Court decision that Kurdistan’s oil and gas laws are unconstitutional and contradict Iraq’s federal nature, the same court has now ruled that Baghdad’s federal budget transfers, too, are unconstitutional and should be brought to an immediate halt. After years of tacit coexistence between the federal powers in Baghdad and the Kurdish regional government in Erbil, the pressure on the latter is intensifying – most oil services companies have given up on Kurdistan so as not to lose out on bigger deals in southern Iraq, last year ExxonMobil relinquished its assets there and now trading major Trafigura is also severing its connections with KRG. The end game might take place anytime soon, with the state oil marketing company SOMO regaining marketing rights over Kirkuk crude.
Chart 5. Iraqi Official Selling Prices for Europe-bound cargoes (vs Dated Brent).
Source: SOMO.
Whilst internal matters have been progressing relatively well for Iraq, the external pricing environment is forcing SOMO to walk the line and do what other Middle Eastern exporters are doing, too. At the same time, realizing that Iraq overdid some of the price bidding earlier in 2022, SOMO has cut February OSPs into Asia, however it did so by less than Saudi Aramco or KPC. Consequently, Basrah Medium and Basrah Heavy are both down by $0.90 per barrel compared to January, setting them at a -$1.40 and -$5.95 per barrel discount to the Oman/Dubai average, respectively. Iraqi pricing into Europe has arguably marked the one marked difference across all exporters as SOMO increased its prices by $0.95-1.60 per barrel, going the opposite way of Saudi Aramco that cut its formula prices by approximately $1 per barrel. Such a dramatic shift does not necessarily stem from an Iraqi perception of Basrah being underpriced, rather is a reflection in European pricing benchmarks. As SOMO bases its prices of Dated Brent which plunged to a sizable discount to ICE Brent (Saudi Aramco’s pricing basis) recently, this needed to be reflected in formula prices, too. Regardless of the initial trigger, it is a welcome development for Iraq as it will now garner more for its crude.
Chart 6. Iranian Official Selling Prices for Asia-bound cargoes (vs Oman/Dubai average).
Source: NIOC.
Iran traditionally took its time to publish its February prices, releasing them 20 days after Saudi Aramco, though it remains an open question whether they matter still considering almost all of the exports anyway go to China at a discount. Perhaps the idea behind NIOC’s was to wait out the trilateral sanctions of the US, EU and UK which agreed on a new round of restrictions placed on both individuals and organizations linked to the IRGC. At the same time, Tehran is getting increasingly confident in its ability to place cargoes as its 2023 budget is counting with exports of 1.4 million b/d at an average price of $85 per barrel. This is quite ambitious considering that, according to Kpler data, there has not been a single month last year when Iranian crude exports reached this level. Iran’s official selling prices for February 2023 reflect this confidence, with Iran Light into Asia lowered by $1.35 per barrel from the previous month, resulting in the same differential to Oman/Dubai as Arab Light ($1.80 per barrel), the first time this happened since December 2020.
Chart 7. Kuwait Export Blend Official Selling prices, compared with Arab Medium and Iran Heavy (vs Oman/Dubai average).
Source: KPC.
Whilst still generating solid profits from its oil exports, Kuwait is struggling to find its mojo when it comes to delivering promised outcomes on time. Its government resigned again in the second half of January, lasting only six months since the previous collapse, yet perhaps even more importantly, the progress that KPC managed to make with the 615,000 b/d al-Zour refinery, the largest downstream unit being commissioned currently, is minimal. Of the three distillation units only one is operational and the second would only start at some point in Q2, confirming that the delays will be even worse than though (the refinery was supposed to be running in 2020 already). On the other hand, Kuwait’s exports remain stable, churning out the same 1.9 million b/d as it did a year ago. Amidst all this, KPC continues to follow the trend set by Saudi Aramco and cut the price of its Kuwait Export crude by $1.05 per barrel from January’s $2.10 per barrel premium to Oman/Dubai.
Samsung Electronics, the world’s largest producer of memory chips, is expecting operating profit to drop in the latest quarter.
Photo: SAMSUNG ELECTRONICS/via REUTERS
SEOUL—Memory-chip prices, which dropped steeply over the past year, are expected to keep falling in the first half of 2023, putting more pressure on an industry that has already cut investments and jobs.
Average prices for the two main types of memory chips used in everyday electronics—from smartphones to personal computers and TV sets—are projected to experience double-digit percentage declines this quarter, industry analysts say. That comes after prices dropped by more than 20% in the last three months of 2022 from the previous quarter, according to analyst data.
Micron TechnologyInc.,SK HynixInc.,Western DigitalCorp. and Tokyo-based Kioxia Holdings Corp. have unveiled plans to reduce their investments aimed at capacity expansion or to lower output to address a supply glut that is getting worse. Last month, Micron Technology said it would cut jobs and spending for the year to reduce costs after reporting a loss in its most recent quarter.
Memory chips are considered a bellwether for the semiconductor industry because they are largely commoditized and sensitive to shifts in supply and demand.
Samsung ElectronicsCo. , the world’s largest producer of memory chips, reports earnings Tuesday after saying earlier this month that its operating profit for the October-to-December quarter was expected to drop by 69% from a year earlier to 4.3 trillion won, which is equivalent to roughly $3.5 billion.
SK Hynix, which reports earnings Wednesday, is expected to report a fourth-quarter loss of around 812 billion won, or about $661 million, according to analyst projections averaged by FactSet.
The memory-chip industry started 2023 with high inventories, said Kim Soo-kyoum, associate vice president covering memory semiconductors at International Data, a tech-market-research firm. With demand still sluggish, memory prices are expected to keep declining throughout this year, though the quarterly drops could narrow or flatten in the second half depending on how soon buyers come back, Mr. Kim said.
Average contract prices for the two main types of memory chips, DRAM and NAND flash, dropped by roughly 23% and 28%, respectively, during the October-to-December period from the prior quarter, according to TrendForce, a Taiwan-based market researcher that tracks memory prices.
DRAM memory enables devices to multitask, while NAND flash memory provides storage capacity on devices.
Prices for both will likely keep falling through the first half of this year, TrendForce said. DRAM prices are expected to drop—on a quarterly basis—by 20% in the first quarter and 11% in the second quarter, while NAND flash prices during the same time frame are projected to drop by about 10% and 3%, respectively.
Inflation, high interest rates and weak economies are expected to continue to drive pullbacks in corporate and consumer spending on products including smartphones, PCs and data servers that are the biggest users of memory chips, TrendForce said.
DRAM prices are expected to continue dropping through the second half of this year and production cuts on a massive scale would be needed to shore them up, said Avril Wu, a TrendForce senior vice president.
Average contract prices for DRAM chips dropped by roughly 23% in the fourth quarter from the prior quarter, according to estimates.
Photo: SeongJoon Cho/Bloomberg News
Prices of NAND flash, however, could start to rebound starting in the second half as steeper price falls in recent months had prompted vendors to pursue more aggressive supply cutbacks for 2023, Ms. Wu said.
Samsung, the biggest producer of both types of memory chips, hasn’t publicly committed to moves that could reduce supply. In its last earnings call in October, Samsung’s memory-business Executive Vice President Han Jin-man said the firm was “not considering any artificial reduction in production for the sake of short-term, supply-demand rebalance.”
A Samsung spokeswoman said the company’s stance hasn’t changed.
In a report last month, Goldman Sachs forecast Samsung’s semiconductor unit’s operating profit for the October-to-December quarter would be around 1.5 trillion won, or roughly $1.2 billion, an 83% drop from a year earlier. It also projected Samsung’s memory business would record an operating loss starting from the first quarter of this year due to steep losses in the NAND flash business.
Global tech demand could recover later this year, aided by factors like China’s reopening after a period of strict Covid-19 restrictions, which could revive consumer spending on products like smartphones, said David Tsui, senior credit analyst at S&P Global Ratings.
For now, it isn’t clear how quickly and to what extent consumer behavior would change in the country, he said.
Micron Technology has said it would cut spending for the year to reduce costs.
Spotify (SPOT) is set to report fourth quarter financial results before the bell on Tuesday as the music streaming giant grapples with fresh layoffs, declining margins, and a business struggling to turn a profit.
The stock, which lost more than two-thirds of its value in 2022, has climbed about 20% so far in 2023 but is still off roughly 40% from last year and more than than 65% below its record close of $364.59 in February 2021.
Here's what Wall Street expects, according to Bloomberg consensus estimates:
Premium subscribers are expected to grow 7 million in the quarter to reach 202 million; ad-supported users are estimated to total 287 million, a 14 million jump compared to Q3.
Current estimates call for gross margins of 24.5%, roughly on par with the third quarter's 24.7% result.
The company said it expects gross margins to come in between 30% to 35% over the long term amid plans to further scale its podcasting and ads business; however, execution remains murky amid macroeconomic challenges.
Free cash flow (FCF), another key metric for investors, is expected to be negative in the fourth quarter amid greater medium-to-long term investments. After reporting positive free cash flow of €35 million in Q3, analysts expect negative FCF of -€69 million in Q4.
Spotify CFO Paul Vogel, who previously categorized 2022 as a peak investment year, warned of the reversal during the company's latest earnings call: "Given the timing within quarters, we may see free cash flow turn negative in Q4, but we still expect to be free cash flow positive for the year and moving forward."
One of those heavily invested areas has been podcasts, where Spotify has spent more than $1 billion over the past four years.
Newly announced layoffs, coupled with a company reorganization focused on "efficiency," suggest Spotify could be looking to pivot away from that strategy, especially with Dawn Ostroff out as chief content officer.
Under her leadership, Ostroff led pricey, A-list deals including a reported $200 million deal with Joe Rogan.
Wells Fargo analyst Steve Cahall wrote in a recent client note he expects gross margins estimate for the quarter to come in at 24.5%, down from an earlier forecast for 24.7%, given lower premium subscriber expectations.
Still, the analyst remained fairly bullish on the potential for margin expansion, writing gross margins "should be boosted by the recent headcount reductions (~6%) and the potential for a price increase in the near future."
Spotify indicated the company is actively exploring raising prices on its U.S.-based tiers. Both Apple Music and YouTube Premium raised prices on their respective plans late last year.
"It is one of the things that we would like to do, and this is a conversation we will have in light of these recent developments with our label partners," Ek told investors during Spotify's latest earnings call. "I feel good about this upcoming year, and what it means about pricing for our service."
Spotify CEO Daniel Ek speaks during a press event in New York May 20, 2015. Spotify, which provides free on-demand music or ad-free tunes for paying customers, said it will now also provide video content and podcasts. REUTERS/Shannon Stapleton
Alexandra is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter@alliecanal8193and email her at alexandra.canal@yahoofinance.com
LAUNCESTON, Australia (Reuters) - Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases.
Prices of the main traded grades for coal used in power plants dropped to their lowest in months last week, and to the weakest in a year in the case of one of the major Australian varieties.
Australian coal at Newcastle Port with an energy value of 5,500 kilocalories per kg (kcal/kg), as assessed by commodity price reporting agency Argus, slipped to $129.87 a tonne in the week to Jan. 27, the lowest since the week to Jan. 21, 2022.
This grade of coal is most commonly bought by Indian utilities, and was the preferred Australian thermal grade among Chinese buyers prior to Beijing's unofficial ban on Australian cargoes, imposed amid a diplomatic dispute in mid-2020.
While the Chinese ban has been lifted, it's unlikely that buyers will flock back to Australian thermal coal, given the availability of cheaper, and similar quality, coal from Russia.
The higher quality 6,000 kcal/kg Newcastle grade also dropped last week, with the index ending at $307.47 a tonne, the lowest since April and 31% below the record high of $442.89 reached in early September.
The price of Newcastle 6,000 kcal/kg physical cargoes compiled by globalCOAL was even weaker, ending last week at $294 a tonne, dropping below $300 for the first time since April last year.
This grade is more commonly purchased by buyers in Japan and South Korea, usually on a contract basis, meaning the spot market accounts for only a small portion of overall volumes.
The weakness in prices wasn't limited to Australian thermal coal, with Indonesian grades also dropping.
Indonesia is the world's largest exporter of thermal coal, while Australia ranks second and Russia third.
Lower quality Indonesian coal with an energy value of 4,200 kcal/kg ended last week at $80.39 a tonne, the lowest since early September.
This grade is preferred by Chinese utilities for its low sulphur and ash content, and is also sought by Indian power plants as it is cheaper than alternatives from Australia and South Africa.
Russian thermal coal from Vostochny port, which is largely being bought by China after Japan curbed imports following Russia's invasion of Ukraine, has also been weakening.
The price dropped to $157 a tonne in mid-January, the lowest since December last year.
VOLUMES SLIP
The softer prices for thermal coal are occurring as demand for seaborne cargoes appears to be weakening among Asia's top two importing nations.
China, the world's biggest coal importer, is forecast to import 23.96 million tonnes of all grades in January, down from 28.33 million in December, according to data compiled by commodity analysts Kpler.
If January's final arrivals are in line with Kpler's estimate, it will be the weakest month for Chinese imports since August.
India, the second-ranked importer, is expected to land 16.20 million tonnes in January, roughly in line with December's 16.22 million, but it's worth noting that December was the weakest month for imports since February 2022.
Imports by Japan and South Korea, the third- and fourth-biggest coal importers in Asia, appear to be slightly stronger in January than in December.
However, January is historically a strong month for the two North Asian countries, with imports falling away in subsequent months as the peak winter demand period passes.
Overall, the picture from both softer prices and volumes is that Asia's coal demand remains solid, but the froth in the market caused by Russia's invasion of Ukraine and the subsequent threat to Europe's energy supplies appears to be evaporating.
But Brisbane’s price drop has not erased the massive gains experienced during the pandemic.
“The record fall in Brisbane home values has not made much of a dent in the gains made during the upswing,” CoreLogic head of research Eliza Owen said.
“The fall in the Brisbane daily HVI follows an upswing of 43.5 per cent between August 2020 and June 19, 2022, which was the fastest trajectory of rising values on record. This leaves home values across Brisbane 27.9 per cent higher than at the previous trough in August 2020.”
In Brisbane, the median dwelling value increased from $506,553 at the start of the pandemic in March 2020 to $707,658 at the end of 2022.
According to CoreLogic, the pace of price falls has slowed in recent months. Owen said factors like Brisbane’s relative affordability, interstate migration and increased rent values may be “placing a floor under the market”.
“While Brisbane property values are likely to fall further in 2023, it is possible the rate of decline will continue to slow over the coming months,” she said.
Brisbane is just one of two capital city markets with record declines, the other being Hobart. Sydney, meanwhile, has had the largest peak-to-trough fall of the capital cities - currently 13.8 per cent below its peak.
Other capitals have experienced milder drops. For example, Perth values are down just 1.0 per cent from its August 2022 peak.
It's been less than three months since the Meta Quest Pro first went on sale, and it's already getting a $400 discount.
The new price, $1,100, isn't permanent: It's only for one week in the US, and two weeks in the UK (where the price is dropping to £1,300). But it's a notable reduction for a headset that was widely criticized for its high price when it debuted last fall.
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The Meta Quest Pro is a step-up design from the two-year-old Quest 2 headset, but the Quest 2 only costs $400, while the Pro, even at its on-sale price, costs nearly three times as much.
The Pro has some advantages over the Quest 2: It has a higher-res display, fits more easily over wider glasses, has redesigned controllers that can track movement with their own built-in cameras, adds color passthrough cameras and improved mixed reality, and has eye and face tracking. But its bulkier design and sometimes shorter battery life mean it isn't always a clear improvement for everyone, it runs VR apps basically the same as the Quest 2, and its built-in processor isn't really much different.
The Quest Pro promotion is available on Meta's store and at third-party stores, and it's a limited-time promotion for now. But it may be a sign that Meta's already considering more price cuts for its hardware as competition screeches around the corner.
Sony's PlayStation VR2 arrives in late February, and so does HTC's Vive XR Elite, another standalone pro-level VR headset with a lower $1,099 price. Apple's rumored VR headset is expected in 2023, and could be announced anytime this year. Meta's own Quest 3 is expected later in the year, and could include several Quest Pro features at a much lower price.
It's going to be a busy year for VR hardware. While the Quest Pro is getting a significant price drop for now, you probably want to wait it out and see what else happens, or stick with the Quest 2 you may already have.
Jan 29 (Reuters) - Pakistan's ministry of finance announced on Sunday petrol and diesel prices would rise by 35 rupees ($0.1400) a litre after the country's currency value plummeted this week when price caps were removed.
The decision came days before an International Monetary Fund mission will visit Pakistan later this month to discuss the stalled ninth review of the country's current funding programme.
Last week, the Pakistani rupee lost close to 12% of its value after the removal of price caps that were imposed by the government but which were opposed by the IMF.
Finance Minister Ishaq Dar said at a press conference on Sunday he hoped the announcement would dispel speculation on social media of a higher price hike or that petrol supplies would run dry. He said the hike was recommended by oil and gas authorities due to the higher cost of buying energy in the global market.
"We will have to take the rise in international oil prices and the devaluation of the rupee into account," he said.
"This rise is being done immediately on the recommendation of the oil and gas regulatory authority who said there were reports of artificial shortages and hoarding of fuel in anticipation of price rises - hence this price rise is being done immediately to combat this."
The day before, Reuters witnesses reported some petrol stations had long lines outside as residents filled their tanks due to speculation that prices would soon rise.
Pakistan is in the midst of a balance of payments crisis and the plummeting value of the Pakistani rupee will push up the price of imported goods. Energy comprises a large part of Pakistan's import bill.
A successful IMF visit is critical for Pakistan, which is facing an increasingly acute balance of payments crisis and is desperate to secure external financing, with less than three weeks' worth of import cover in its foreign exchange reserves.
($1 = 250.0000 Pakistani rupees)
Reporting by Charlotte Greenfield and Gibran Peshimam; Editing by Muralikumar Anantharaman
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