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Apple hits $4tn market value as new iPhone models revitalize sales

2 days ago
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Apple topped $4tn (£3tn) in market value for the first time on Tuesday, joining Microsoft and Nvidia as the third company in history to hit the milestone, thanks to strong demand for its latest iPhones,Apple’s share price has increased by more than 50% since a low point in April, thanks to the debut of its latest products,“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, the chief investment officer for Northlight Asset Management, before the milestone was reached,Apple’s shares had struggled earlier this year on concerns over tough competition in China and how it would cope with high US tariffs on Asian economies such as China and India, its main manufacturing hubs,However, the latest smartphones, the iPhone 17 lineup, have won back customers from Beijing to Moscow, while the company has swallowed tariff costs instead of passing them on to consumers.

Analysts said the iPhone Air’s slim design could help fend off rivals such as Samsung Electronics, while early sales of the iPhone 17 outperformed its predecessor by 14% in the US and China, data from the research company Counterpoint showed.Apple is the third company to hit the $4tn mark after Nvidia and Microsoft.Nvidia was the first, in July, as the chip designer rode the wave of AI spending.It currently leads with a market value of more than $4.5tn.

Microsoft hit the $4tn mark a few weeks later in July.After a subsequent dip in its share price, it reclaimed its membership in the $4tn club on Tuesday after it announced a deal with OpenAI to allow the ChatGPT maker to restructure itself into a for-profit corporation.With OpenAI’s valuation pegged at $500bn, Microsoft’s 27% stake in it is valued at more than $100bn.Sign up to TechScapeA weekly dive in to how technology is shaping our livesafter newsletter promotionWhile Microsoft has aggressively pursued growth in AI, Apple’s cautious approach had fuelled concerns it could lose out on what could be the industry’s biggest growth catalyst in decades.Recent reports also indicate that the company is losing a number of its senior artificial intelligence executives to Meta.

However, Apple reported its strongest quarterly results in years during the April-June period, with double-digit growth across key segments, and its forecasts were better than analysts’ expectations.The company is expected to announce its fourth-quarter results on Thursday when analysts anticipate its highly profitable services division – which includes iCloud and Apple Pay – will surpass $100bn in revenue.The continued strength in the technology sector, along with hopes of another cut in US interest rates, helped lift Wall Street to new highs.The Dow and the Nasdaq Composite rose about 0.5% in early afternoon trading, while the S&P 500 added 0.

1%.Meanwhile in the UK, the FTSE 100 closed at a record 9,696.74, up 0.44%, helped by a rise in HSBC shares after its latest figures.While Wall Street has celebrated the arrival of yet another $4tn company, many investors have also taken it as a sign that the stock market is in a bubble.

Chris Beauchamp, the chief market analyst at the trading platform IG, said: “This continues to be one of the most disliked rallies in history.Each new high in indices and every milestone achieved by individual stocks is presented as evidence of a bubble in equities.“It is understandable to see signs of nervousness around tech earnings this week, but the market continues to demonstrate remarkable resilience.”
societySee all
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Almost all children in 73 areas of England live in low-income households

Almost 100% of children in 73 neighbourhoods in England are living in income-deprived families, according to new measures that factor in the impact of soaring rents.Changes to official measures reveal the neighbourhoods where in effect all children live in low-income households. Of these, 31 are in inner London boroughs with high housing costs such as Tower Hamlets, Hackney, Haringey and Westminster.The new indices of multiple deprivation confirm that attempts at levelling up have failed to shift stubbornly high levels of deprivation in so-called left-behind towns and cities in the Midlands and north of England.Blackpool, Middlesbrough, Burnley, Manchester and Birmingham are the top five most deprived local authority areas

about 4 hours ago
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UK woman who booked Oslo flight but did not fly loses child benefit ‘because she emigrated’

A woman who booked a flight from London to Oslo but never checked in or travelled has had her child benefit stopped by the UK government. Tax authorities told her their records showed she had emigrated.Lisa Morris-Almond is one of thousands of people who have had their child benefit frozen as part of a botched crackdown on benefit fraud.She was due to travel to Norway in April 2024 for a wedding but her friend called it off just days before and Morris-Almond did not check in for her British Airways flight.But three weeks ago she noticed her child benefit had not arrived as usual and rang the child benefit helpline where she was told to check with her bank, a routine request

about 14 hours ago
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Only full abolition of two-child benefit cap will substantially cut poverty, thinktank says

Failure to abolish the two-child benefit limit would wreck the government’s child poverty ambitions and risk creating levels of hardship not seen under a Labour government for more than half a century, an analysis warns.The Resolution Foundation said political courage was required for ministers to show they are serious about reversing trends that, if not addressed, would push the rate of child poverty to a historic high by the end of the decade.It advised the government against introducing half-measures that would dampen the impact of the two-child limit – such as lifting the limit for families in work – saying this would have little or no meaningful effect on overall child poverty rates.The thinktank’s analysis concludes: “In one fell swoop, the government could reduce the number of children growing up in poverty by 330,000 today and save a further 150,000 children from that fate by 2029-30 if it were bold enough to scrap the two-child limit in full.”Aside from the economic and moral case, the Resolution Foundation suggests failing to emulate some of its Labour predecessors by reducing child poverty will tarnish the government’s social justice legacy

about 21 hours ago
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Patients go to court to stop embryos being destroyed after admin error

A group of at least 15 fertility patients are taking legal action to prevent their frozen embryos being destroyed as a result of administrative errors that could deny them a chance to have children.The group, which includes people with cancer and fertility problems, froze gametes or embryos to improve their chances of conceiving later on, but were informed by their clinics that owing to administrative errors they had not renewed their consent in time and would not be able to access their embryos or extend their storage without a court order.In some cases, people only learned of the errors when they approached the clinic about their plans to have a child and for some it is their only hope of conceiving naturally. In other cases, clinics approached couples after internal audit processes and apologised for their errors but notified them that they could only extend storage through a court order.The errors relate to two changes in law

1 day ago
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Robert Wilkinson obituary

My father, Robert Wilkinson, who has died aged 73, was employed for more than 30 years in local government, mostly as a community worker for the London borough of Waltham Forest, but also managing lottery funding bids in nearby Camden.Outside his career, Robert’s main passion was oral history, which he believed was a way of giving voice to ordinary people who would otherwise have left behind just birth and death certificates.In 1983 he co-founded the Waltham Forest Oral History workshop, whose members interviewed hundreds of local people; it also published books and pamphlets on subjects such as school strikes, childhood health and local pubs. He later became a long-serving committee member and treasurer of the national Oral History Society.Later in life he worked as a freelance, including as the oral historian in residence for two years at Kettle’s Yard in Cambridge and for the British Library

1 day ago
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Councils in England face clampdown on four-day working weeks

The local government secretary, Steve Reed, is seeking to clamp down on councils introducing four-day working weeks after writing to South Cambridgeshire warning that the policy had damaged performance.Reed told the council, which is the only local authority to formally trial a four-day week for staff, that they risked worsening public services and value for money.His letter, first seen by the Telegraph, marks the first intervention by the Labour government on shortened working weeks in local government in England.Reed wrote to Bridget Smith, the council’s Liberal Democrat leader, noting there had been a deterioration in rent collection and repairs by the council.“The independent report shows that performance declined in key housing-related services including rent collection, reletting times and tenant satisfaction with repairs, especially where vulnerable residents may be affected,” he wrote

1 day ago
foodSee all
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José Pizarro’s recipe for pumpkin and spinach with pimenton

3 days ago
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The £1 oyster: cut-price shellfish is all the rage – but is eating it advisable?

3 days ago
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Double, heavy, pure cream? Helen Goh’s guide to baking across borders – plus a finger bun recipe

3 days ago
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Rukmini Iyer’s quick and easy recipe for beetroot, apple and feta fritters | Quick and easy

3 days ago
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From harissa baked hake to chicken schnitzel: Ravinder Bhogal’s recipes for cooking with nuts

4 days ago
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We tried Tyra Banks’ ‘revolutionary’ hot ice-cream, and colour us confused

4 days ago