Audio By Carbonatix
Shares in Apple have fallen for a second day in a row after reports that Chinese government workers have been banned from using iPhones.
The technology giant's stock market valuation has fallen by almost $200bn (£160bn) in the last two days.
China is Apple's third-largest market, accounting for 18% of its total revenue last year.
It is also where most of Apple's products are manufactured by its biggest supplier Foxconn.
The Wall Street Journal reported on Wednesday that Beijing had ordered central government agency officials to not bring iPhones into the office or use them for work.
The following day, Bloomberg News reported that the ban may also be imposed on workers at state-owned companies and government-backed agencies.
Apple's share price has now fallen by around 6% over the course of two trading sessions in New York.
The reports came ahead of the launch of the iPhone 15, which is expected to take place on 12 September.
There has been no official statement from the Chinese government in response to the reports.
Apple did not immediately respond to a BBC request for comment.
The reports came as tensions between Washington and Beijing remain high.
This year, Washington, along with its allies Japan and the Netherlands, restricted China's access to some chip technology.
China retaliated by restricting exports of two materials key to the semiconductor industry.
Beijing is also reportedly preparing a new $40bn investment fund to boost its chip making industry.
Last week, during US Commerce Secretary Gina Raimondo's visit to Beijing, Chinese tech giant Huawei unexpectedly unveiled its Mate 60 Pro smartphone.
Canada-based technology research firm, TechInsights, said the phone contained a new 5G Kirin 9000s processor, developed for Huawei by China's largest contract chipmaker SMIC.
TechInsights analyst Dan Hutchenson said it "demonstrates the technical progress China's semiconductor industry has been able to make".
This is a "big tech breakthrough for China," investment firm Jefferies said in a research note.
This week, US congressman Mike Gallagher, who is the chairman of the House of Representatives committee on China, called on the Commerce Department to further restrict exports to Huawei and SMIC.
Latest Stories
-
UniMAC-IF holds workshop on Vertical Revolution: Mastering micro-dramas for African digital economy
1 minute -
Pan-African Progressive Front hosts landmark online conference ahead of Geneva Forum
6 minutes -
Civil society is not an adversary of gov’t, but partners in nation-building – Mahama
15 minutes -
Defeamekpor calls for interdiction of Land Ministry’s director of finance
18 minutes -
Atebubu Paramount Chief visits NPA boss to strengthen ties
19 minutes -
TGMA Group of the Year nominees to be announced this week – Robert Klah
23 minutes -
Ex-Effia MP writes: Big Push for infrastructure, Small Push for people
24 minutes -
Interior Minister demands probe into GH¢3m payments made outside GIFMIS
27 minutes -
Ex-Defence Ministry procurement director to face prosecution over GH¢4.8m scandal
43 minutes -
Gov’t committed to finishing Tema Motorway by 2027, says Agbodza
49 minutes -
OSP under threat from political interference — Kissi Agyebeng calls for constitutional protection
53 minutes -
T.I. Ahmadiyya SHS, Kumasi, celebrates 75 years of excellence
1 hour -
Court orders SHS students to pay compensation for assault on teacher
1 hour -
Mahama assents to 5 bills, including key amendments on security, education and finance
1 hour -
Students of Nkwantanang M.A 6 Basic School benefit from ‘Break the Silence’ Menstrual Awareness Initiative
1 hour
