Apple Announces New iPhones
The company said it will reveal three new iPhones later this year.
Editor’s Remarks: Of the three new devices that Apple plans to release, one will be the largest ever made, another will be an upgraded iPhone X, and the remaining one will be a more affordable version of the iPhone X. The new models will satisfy customers who are increasingly looking to oversized smartphones – often nicknamed “phablets” – as well as those who have been put off by the iPhone X’s $1,000 price tag. However, the new iPhones do not change the fact that the entire smartphone sector is suffering from a lack of innovation and is an increasingly crowded space.
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Amazon’s Share Price Rally
Amazon shares are now over $1,500 apiece, giving the company a market cap of nearly $750bn.
Editor’s Remarks: Analysts reckon that this year might see both Amazon and Apple break past the $1trn market cap barrier. However, the question of which company will make it there first is a bone of contention. Apple is presently in the lead: after a recent dip, its shares are now above $180 each for a market cap of just over $900bn. Amazon is lagging behind slightly at just $730bn but many feel that its recent acquisitions, including the Whole Foods deal, and expansion into pharmaceuticals, will push it over the line before Apple.
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WeWork Records $900m in Sales
The company has grown to 200 buildings and is now cutting costs to boost profitability.
Editor’s Remarks: WeWork’s CFO Artie Minson said that, as his company has expanded across the globe, it is able to find massive savings for its daily needs. The company’s critics feel that the co-working pioneer is overvalued, with an estimated market value of $20bn; IWG, a public co-working company is expected to post revenues three times those of WeWork, and yet is valued at less than $3bn. Meanwhile, WeWork has received around $4.75bn in private funding. Despite being flush with cash, WeWork’s CEO Adam Neumann has urged his peers to end what he describes as a “spending culture” within the company.
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Comcast Bid for Sky
The US media giant has bid £22bn for UK broadcaster Sky.
Editor’s Remarks: Comcast announced its bid yesterday in a move that makes life a lot more difficult for 21st Century Fox, which is trying to buy up the 61% of Sky that it does not yet own. Fox has currently offered £10.75 per share, whereas Comcast is offering £12.50 in an all-cash offer. The news caused Sky shares to surge 20% to around £13.30, which is higher than both offers on the table and perhaps indicates that the market believes a bidding war is about to erupt. The bid also causes problems for Disney, which is itself trying to buy Fox for $66bn, including its existing stake in Sky.
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Companies Back London
The latest figures contradict rumours that banks would shun post-Brexit London.
Editor’s Remarks: Real estate advisors CBRE have announced that London businesses hired an extra one million square feet of commercial letting space in November 2017 – the highest single-month increase since way back in 2014. The figures were improved by Deutsche Bank opening up a new London headquarters, and Sumitomo Mitsui renting 161,000 square feet in Broadgate. Overall, investment in London office space grew by 26% last year. Aside from financial services, a number of white shoe US law firms have reported record revenue rises in their London operations over the past year, and Airbus confirmed that it is committed to the UK.
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