Apple - The first listed company to be valued at over $1 Trillion
First $1 Trillion company
US technology manufacturer Apple on Thursday became the first publicly listed company to be valued at over $1 trillion dollars. The company is worth more than the annual gross domestic product (GDP) of every country in Africa, and in South America, only Brazil has a lager GDP than the value of Apple.
Zimbabwe’s incumbent president Emmerson Mnangagwa was elected president of Zimbabwe in the country’s first post‑Mugabe elections. Although the elections passed off relatively smoothly, its aftermath revealed the deep rifts in Zimbabwean society and the instinctive heavy-handedness of the security forces.
Following the ANC’s National Executive Committee meeting, South African president Cyril Ramaphosa announced that the ANC has decided to change the SA Constitution in order to push ahead with its plans to expropriate land without compensation. The rand weakened by more than 1% after Ramaphosa’s announcement on Tuesday evening.
South Africa’s unemployment rate stayed near a 15-year high in the second quarter as factories shed jobs. The unemployment rate was 27.2% compared with 26.7% in the previous three months, Statistics South Africa said in a report released on Tuesday. This confirms that SA urgently needs economic growth to spur employment.
In the US, the unemployment rate dipped to 3.9% from 4.0% in June, while average hourly earnings rose 0.3% month‑over‑month, and 2.7% from the previous year. Over the last three months, payrolls expanded by an average of 224 000 positions per month.
The White House announced on Wednesday that President Donald Trump had told his top trade official to consider raising the proposed tariffs on $200 billion in Chinese goods to 25% from the 10% rate the Trump administration is currently mulling. China returned fire on Friday by threatening to slap tariffs on $60 billion of US products if the United States moves ahead with its plan. The Shanghai composite lost 4.63% in value on the back of the news.
The Monetary Policy Committee (MPC) of the Bank of England raised its interest rate to 0.75%, the highest rate since 2009. The MPC last hiked rates in November, and indicated it expects to raise them at a very gradual rate going forward. The hike was delivered despite much uncertainty around the outcome of the Brexit negotiations between the United Kingdom and the European Union.
In conclusion: US technology manufacturer Apple on Thursday became the first publicly listed company to be valued at over $1 trillion dollars. The company is worth more than the annual gross domestic product (GDP) of every country in Africa, and in South America, only Brazil has a lager GDP than the value of Apple.
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