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SharkNinja Recalls
Apple Shifts iPhone Production to India
Finance Megaphone
May 02, 2025
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Let’s dive into what’s happening in the market today!
Apple Shifts iPhone Production to India as Trump’s Tariffs Threaten $900M Cost Surge
SharkNinja Recalls 1.8 Million Pressure Cookers After Reports of Severe Burn Injuries
California’s $20 Fast Food Wage Boost Brings Higher Pay, But Job Cuts and Hour Reductions Spark Debate
Apple Shifts iPhone Production to India as Trump’s Tariffs Threaten $900M Cost Surge
Apple CEO Tim Cook announced the company could face up to $900 million in additional costs this quarter due to President Trump’s steep tariffs on Chinese goods, prompting Apple to accelerate its shift of iPhone production for the US market from China to India. While most iPhones have been made in Cina, Cook said India will soon become the main source for US bound devices, with Vietnam handling most iPads, Macs, Watches, and AirPods. Despite the supply chain shakeup, Apple posted a 5% revenue increase to $95.4 billion and a 2% rise in iPhone sales, though sales in Greater China dipped 2% amid growing local competition. Apple's stock dropped nearly 4% after the news, reflecting investor concerns about onging trade tensions and rising production costs.
SharkNinja is recalling nearly 1.8 million Ninja Foodi OP300 Series Multi-Function Pressure Cookers sold in the US and Canada after over 100 users reported burn injuries more than 50 of them serious caused by the lid opening during use and releasing hot contents. The affected models, sold at major retailers like Walmart, Costco, and Amazon, pose a risk when using the pressure-cooking function but are still safe for air frying and other settings. Consumers are urged to stop using the pressure-cook mode immediately and contact SharkNinja for a free replacement lid, as the recall also includes separately purchased OP300 series lids. Over two dozen lawsuits have been filed, prompting the company to prioritize customer safety in cooperation with US and Canadian safety regulators.
California’s $20 Fast Food Wage Boost Brings Higher Pay, But Job Cuts and Hour Reductions Spark Debate
One year after California raised fast food wages to $20 per hour under the FAST Act, workers like Edgar Recinos and Selvin Martinez report improved financial stability but also fewer hours, leaving many still struggling. The landmark law, affecting chains with over 60 loctions nationwide, aimed to uplift workrs with higher wages and safety standards, but its economic impact remains mixed. While wages have increased 8–9%, employment in the sector droped by over 22,000 jobs, with economists split on whether the wage hike or broder trends like population loss and slow growth are to blame. Franchise owners, like Kerri Harper Howie, report declining sales, increased labor costs, reduced employee hours, and higher menu prices to stay afloat. Although many workers feel financially better off, reduced scheduling and industry strain raise concerns about the long-term effects of California’s bold wage experiment.
That’s a wrap for this edition of Finance Megaphone.
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