Connect with us

Technologies

Apple becomes world’s first $3 trillion company

The inventor of the iPhone, iPad, iPod music player and Mac computer nearly went bankrupt two decades ago. Now, it’s the world’s most highly valued.

A little over three years ago, Apple investors pushed the value of its shares above $1 trillion, making it the world’s most highly valued tech company. Then, two years later, Apple stock rose so high that the company’s value passed $2 trillion. Now, it’s risen yet again, topping $3 trillion. As in $3,000,000,000,000.

Around 10:45 a.m. on Monday, Jan. 3, Apple stock hit $182.86 per share, which when multiplied by the 16.4 billion shares outstanding, values Apple at about $3 trillion. That’s more than the value of AT&T, Boeing, Coca-Cola, Comcast, Disney, Exxon, Ford, Goldman Sachs, IBM, McDonald’s, Morgan Stanley, Netflix, Nike, and Walmart — combined. The largely symbolic milestone comes as Apple’s struggled to keep up with near-record demand for its devices amid the pandemic.

In October, the tech giant warned investors that it was struggling with supply chain disruptions amid the coronavirus pandemic, which at the time amounted to as much as $6 billion in lost revenue. “We are optimistic about the future, especially as we see strong demand for new products,” Apple CEO Tim Cook told analysts on a conference call back then.

Apple’s market value moment marks another reminder of the company’s unlikely turnaround from near bankruptcy in 1997 to one of the most influential companies on the planet. Part of how the company did that was by creating mass-market products like the iPod music player, iPhone and iPad, which went on to become leading devices in each of their competing markets.

Apple’s been led by Cook for the past decade. Apple co-founder Steve Jobs recruited him to help oversee the company’s supply chain and operations in 1998. Jobs named him as successor in 2011, just a few months before Jobs died of cancer that year.

At $3 trillion, Apple’s value is greater than the annual economic output of the United Kingdom, France, India or Italy, according to data collected by the World Bank. Only Germany, Japan, China and the US are larger.

“Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values,” Cook said in a memo to staff after the company reached $1 trillion, according to Reuters. Cook has frequently said that investors looking for Apple to focus on stock performance rather than its products shouldn’t invest in the company.

Apple shares closed regular trading at $182.01, valuing the company at $2.99 trillion.

Technologies

Passengers and crew foil co-pilot’s apparent attempt to crash FlyDubai flight to Israel

One of the pilots on a FlyDubai flight headed for Israel stabbed the second pilot, according to Israeli Prime Minister Benjamin Netanyahu.

On-duty flight crew and passengers managed to foil a pilot’s apparent attempt to crash a FlyDubai flight, after reports emerged of a fight in the cockpit.

The incident on flight FZ1073 from Dubai to Tel Aviv happened when a co-pilot stabbed a pilot, according to Israeli Prime Minister Benjamin Netanyahu, who praised the victim’s quick thinking.

“Despite being stabbed and seriously injured, he fought back, resisted, opened the cockpit door, and enabled passengers and crew to overpower the attacker — preventing a catastrophic mid-air disaster. He saved the lives of 174 people, including Israeli citizens and other nationals,” Netanyahu wrote in a post on X.

FZ1073 was diverted to the Tabuk airport in Saudi Arabia, the airline said, after being successfully secured and diverted by flight crew.

FlyDubai in a statement said that an “altercation” occurred on the flight deck of the plane, but did not mention a stabbing.

However, the airline added that the underlying reasons and motives for the clash is currently unknown, urging all parties to refrain from speculation.

The injured pilot was identified by Netanyahu as Indian national Smit Machchhar. No details have been released on the identity of the attacker, except that he was being interrogated by Saudi authorities.

The Indian embassy in Riyadh said on X that Machchhar is in a hospital in Tabuk, and is reported to be in stable condition.

The Israeli Prime Minister also identified the passenger who broke into the cockpit as Yaniv Hayun, calling him a “hero” and adding he deserved “a global medal of honor.”

Flight data from tracking site FlightRadar24 showed that the plane had experienced extreme altitude fluctuations before broadcasting a “general emergency” squawk code.

FZ1073 had dropped from over 14,000 feet in just 29 seconds, and FlightRadar24 also added that vertical speeds ranging from approximately -30,000 to +10,000 feet per minute were observed from the transponder data.

For context, vertical speeds during normal operations rarely exceed plus or minus 4,000 feet per minute, it added.

Continue Reading

Technologies

UK Prime Minister Burnham says Iran ‘played a part’ in British air base incident

RAF Fairford has been used as the U.S. Air Force’s command outpost for operations from Europe and for American strikes on Iranian missile sites.

United Kingdom Prime Minister Andy Burnham said Iran was involved in the incident at the Royal Air Force base in Fairford on Sunday that led to the arrest of five men on suspicion of explosive and terrorism offences.

Speaking to the BBC Wednesday, Burnham said that “There are strong indications that Iran played a part in what happened over the weekend at RAF Fairford,” without providing additional details. In response, Iranian Foreign Minister Abbas Araghchi said on X that Burnham was “barking up the wrong tree.”

RAF Fairford, located in Gloucestershire, has been used as the U.S. Air Force’s command outpost for operations from Europe and for American strikes on Iranian missile sites.

London had initially denied the U.S. permission to use UK bases for its war on Iran, but former Prime Minister Keir Starmer had allowed it for “defensive strikes.”

Burnham’s BBC interview comes as U.S. Secretary of State Marco Rubio told Fox News on Monday that the incident at RAF Fairford “clearly involves the hands of a foreign actor,” without giving any details or evidence.

The Iranian Embassy in London on Monday “categorically” rejected speculation linking the country to the alleged plot.

All the five arrested suspects are UK nationals aged between 23 and 25, and one reportedly called the police himself. They have been released on bail.

Iran UNGA delegation leaves U.S.

Separately, a U.S. official told MS NOW that Rubio “kicked out” the Iranian delegation as the United Nations General Assembly was over, saying that they had “overstayed their welcome.”

The officials, including Aragachi, left on Monday morning U.S. time. “UNGA was over, so it was time for them to go,” the official added.

Indirect negotiations between Washington and Tehran over Iran’s nuclear program and the Strait of Hormuz failed to bear any fruit over the course of the U.N. General Assembly.

Tehran had proposed a seven-day deal at the UNGA, under which the Strait of Hormuz would be opened and nuclear talks resumed with the U.S. if Washington returned to the terms of the Islamabad deal framework.

The Islamabad memorandum of understanding in June led to a ceasefire agreement between the U.S. and Iran that collapsed in early July. The Trump administration is unwilling to return to the terms of the June agreement, according to a report by the Wall Street Journal.

President Donald Trump on Sunday called the latest Iranian proposal “unacceptable,” telling reporters that Tehran wants a swift deal because of the economic pressure it is under.

— CNBC’s Anniek Bao contributed to this report.

Continue Reading

Technologies

Oil prices rise as Chinese refiners reportedly ban October fuel exports; Brent crude above $100

It comes after a report that Chinese refiners suspended October fuel exports to protect domestic supplies.

Oil prices rose on Thursday, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.

Brent crude, the international benchmark, was last seen trading about 3.7% higher at $101.64 per barrel, while U.S. West Texas Intermediate futures rose 2.3% to $92.49.

Reuters reported that China’s state oil major PetroChina canceled a handful of gasoline and jet fuel shipments that were planned for October, citing multiple unnamed sources, as Beijing looks to safeguard domestic supplies. CNBC could not independently verify the report.

Global energy markets have been grappling with supply disruptions from the U.S.-Iran war in the Middle East and Russia’s full-scale invasion of Ukraine.

Oil prices had moved higher earlier in the session as investors parsed a recovery in Middle East crude exports.

UOB in a note Thursday said that crude flows from Middle East were reportedly nearing pre-war levels, but fuel supplies, particularly gasoline, were lagging behind.

Worries over crude supply disruptions have eased following the resumption of oil tanker loadings by Saudi Arabia from its Red Sea port of Yanbu after the kingdom restarted operations on its East-West Pipeline.

“The pipeline has done much of the heavy lifting when it came to moving crude out of the Gulf,” given that Iran has blocked the Strait of Hormuz, said David Morrison, senior market analyst at Trade Nation on Wednesday.

“Analysts say that the pipeline is nowhere near running at full capacity. But the fact that it is open provides some relief and has helped oil prices retreat,” Morrison added.

Traders continue to keep a close eye on developments in the Middle East amid concerns that a lasting resolution to the Iran conflict may be delayed, with U.S. Secretary of State Marco Rubio ordering the Iranian delegation visiting America to leave as the UN General Assembly was over, according to MS Now.

U.S. and Iranian officials had reportedly held separate indirect talks with mediators on Monday, while in New York for the UNGA.

Continue Reading

Trending

Copyright © Verum World Media