FirstFT: Apple becomes first $ 3 billion company

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Apple became the first company to reach a market cap of $ 3 billion, after its value increased by $ 1 billion in less than 16 months as the coronavirus pandemic supercharged Big Tech.

The iPhone maker turned into a billion dollar company in August 2018, and two years later became the first company to be valued at $ 2 billion. On Monday, the company’s shares rose 3% to $ 182.86, surpassing the latest milestone, before falling back to $ 182. Apple briefly lost its title to the world’s most valuable company to Microsoft at the end of October.

However, a strong rally in November restored its crown. It then increased until the end of 2021 and has added half a trillion dollars to its market value since November 15.

Only a handful of companies are worth more than $ 1 billion, including Tesla and Amazon. Google’s parent company Alphabet and oil group Saudi Aramco are valued at around $ 2 billion, while Microsoft’s market value is around $ 2.5 billion.

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1. Hong Kong’s Free Press Facing Collapse Hong Kong’s free press is on the verge of extinction after the two largest remaining independent news sites in Chinese territory announced their closure within a week. Citizen News said it will cease operations today, citing safety concerns for its journalists

2. Jurors deadlocked on three counts in Elizabeth Holmes trial Jurors said they were deadlocked on three of 11 counts in the trial of Theranos founder Elizabeth Holmes as deliberations continued for an eighth day in one of the fraud cases most high-profile criminal in Silicon Valley. Judge Edward Davila has asked jurors to continue deliberating and try to reach a verdict, according to US dispatches.

3. Bridgewater appoints co-CEOs Bridgewater Associates has appointed two co-chief executives to replace David McCormick, who is leaving the world’s largest hedge fund for an expected candidacy for the US Senate. The company said it is encouraging Nir Bar Dea, previously deputy managing director, to share the management role with Mark Bertolini, co-chair of the board of directors of Bridgewater.

4. Turkish inflation peaks under Erdogan As President Recep Tayyip Erdogan’s controversial economic management continues to spike prices, the country’s consumer price index rose 36% year-on-year in December, according to data released yesterday by the statistical agency. Turkish. This increase marked the highest level of consumer price increases since September 2002.

Line graph of the% change in year-on-year CPI showing Turkey's inflation rate reaching Erdogan-era high

5. Evergrande shares suspended Trading in shares of Evergrande Group was suspended in Hong Kong yesterday, days after Chinese media reported that the indebted real estate developer would be forced to demolish a residential development in southern Hainan province.

Coronavirus digest

  • Who were the business winners and losers since the start of the pandemic? Find out here.

  • Spike in Covid-19 infections and stalled winter storms America return to work yesterday, stranding airline passengers and leaving numerous offices, market halls, schools and colleges empty after the Christmas and New Years holidays.

  • Boris Johnson admitted the NHS was under major pressure from the Omicron variant, but said England would stick to existing Covid-19 restrictions for now.

  • the UK will follow other developed countries in their economic recovery from the pandemic in 2022, according to economists interviewed for a Financial Times survey.

Percentage of respondents bar graph showing economists expect challenges for the UK economy in 2022

The day to come

PMI figures IHS Markit’s December purchasing manager indices are expected to be released for Japan, Thailand, Australia, Vietnam and China. The Singapore Institute of Purchasing and Materials Management will also release its December report.

What else do we read

Putin’s attempt to control the past follows Xi pattern The closing of Memorial is a turning point for all of Russia, writes Gideon Rachman. Despite all the brutality of the Putin regime, Russia, until recently, has given much more leeway to political dissent than China.

M&A boom accelerates junior exhaustion in elite law firms Partners at the world’s largest law firms have long viewed the grueling hours as part of a Faustian pact in which evenings, weekends, and sleep are traded for mind-boggling salaries. But junior lawyers have reached a breaking point as workloads skyrocket and anxiety and isolation over the pandemic increase.

Ten economic trends that could define 2022 For a second year, the pandemic reshaped the world, accelerating trends from population decline to the digital revolution. Ruchir Sharma examines how those currents might define this year, from China’s slowdown to “greenflation” in commodity prices.

Using artificial intelligence to predict medical conditions Last month, a doctor and machine learning scientist at the University of California, Berkeley, unveiled a treasure trove of unique medical data sets, each organized around a medical mystery. The datasets could help train computer algorithms to predict medical conditions earlier, sort better, and save lives.

We should expect the dynamics of global inflation to oscillate What if the only constant over the next few years was volatility? What if seemingly entrenched inflation dynamics begin to oscillate? Rana Foroohar maintains this will be the case for the following reasons.

Books

Some 10,000 business books are published each year in the United States, the world’s largest market. Almost all of them are unbeatable, of course, but inevitably only a few big piles slip through the rigorous filters of publishers. Don’t miss Andrew Hill’s (entirely imaginary) examples of titles to avoid in 2022.

An earth moving machine manages waste

Waste paper: inevitably a few piles of nonsense passes through the editors’ rigorous filters © Svyatoslav Lypynskyy | Dreamstime.com

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