“Apple Inc. has halted online sales in Russia due to ‘extreme’ ruble fluctuations, the company said,” Tim Higgins reports for Bloomberg News. “‘Our online store in Russia is currently unavailable while we review pricing,’ Alan Hely, a spokesman for the Cupertino, California-based company, said today in an e-mailed statement. ‘We apologize to customers for any inconvenience.'”
“Apple has been working to deal with the ruble swings in other ways. Last month, the company increased the price of the iPhone 6 by 25 percent in Russia,” Higgins reports. “Russia’s currency lost as much as 19 percent today, with a surprise interest-rate increase failing to stem the run on the currency. The ruble sank beyond 80 per dollar, and bonds and stocks also tumbled, with the RTS equity gauge dropping the most since 2008.”
Higgins reports. “The selloff in Moscow is spreading across the globe, prompting nervous investors to pull money from other developing nations amid concern that Russia’s financial struggles and the tumble in oil signal a global economic slowdown.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Ottawa Mark” for the heads up.]