MARKETS: AUSTRALIA) Shares in troubled financial services firm AMP have failed to fight back from yesterday’s 25 per cent plunge, ending down by nearly 5 per cent at a fresh record low after failing to hold onto the early gains today before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

#AceFinanceReport – Oct.26: After choosing a bad day to reveal news to the market, and being swept up in the global sell-off that saw Australian shares wipe off more than $50 billion in value, AMP shares failed to hold on to early gains today: The stock closed at $2.38, compared to its 2018 high of $5.47 in March — before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

Building with AMP logo on topPhoto: AMP’s reputation and share price have taken a battering since the banking royal commission. (Reuters: David Gray)

AMP’s stints before the commission have revealed lies told to the corporate regulator, interference with an independent report and charging fees for no service, leading to the loss of a chairman, chief executive and a slew of directors.

“Almost from the day it listed 20 years ago, it’s been almost one bad story, or one bad move, after another,” investor and former fund manager Peter Morgan said.

The latest story was confirmation that customers are deserting AMP. Its Australian wealth management division saw a $1.5 billion net outflow of funds over a what it called a “testing” quarter, coming on top of nearly $900 million over the previous six months.

The company also announced the sale of its life insurance business to Resolution Life for $3.3 billion.

Despite the life insurance sector taking a battering at the royal commission, Mr Morgan thinks there was a potential opportunity in an industry “on its knees”.

“The sale feels desperate,” he said.

However, he used the share-price plunge as a buying opportunity, picking up some AMP shares on Friday morning with the hope the potential impacts of the royal commission’s final report are already priced in.

“The pain is well known and the problems are well known, that’s in the market now and hopefully it can’t get any worse,” he said.

There was blood in the streets yesterday.

“When you see a stock fall 25 per cent, following on from a history of negativity, it feels like the last are getting out.”

Embed: AMP share price

‘A sense of arrogance’

The pain has been long-term for AMP shareholders — after the stock peaked above $14 in 2001 — and Morningstar analyst Chanaka Gunasekera thinks management’s short-term focus has been the problem.

They haven’t looked to the long term interests of shareholders,” he said.

Mr Morgan says a “sense of arrogance” has hurt the company since it listed on the market in 1998.

“It’s better to under-promise and overdeliver rather than the reverse, overpromise and underdeliver, which has been basically what AMP has done,” he said.

However, most analysts say the company’s problems are not terminal.

“There are a couple of businesses within AMP that are doing pretty well — you’ve got AMP Capital and AMP Bank,” Mr Gunasekera said.

Mr Morgan thinks management needs to sell their strategy better and is calling for the board to have some skin in the game, to instil confidence in investors.

“If I could say one thing to AMP, I’d say get out there on the front foot and be transparent,” he said.

“I’d love to see the directors buy some shares in it, out of their own back pocket.”

New chief executive Francesco De Ferrari takes the reins in December, with a battered corporate reputation and share price awaiting his attention.

Source: ABC.Net/Reuters.Com/ Published: October.26: 2018:

Related Story: AMP shares nosedive 25pc to record low on life insurance sale and funds outflow

Related Story: AMP charges dead customers for life insurance
Related Story: AMP releases $615m damage control plan, lowers profit expectation

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JUST IN: Ford is cutting staff as it transforms its business: The second largest US automaker said it was reorganising its global salaried workforce as part of a broader plan to trim costs and revitalise its business but numbers were not announced #AceFinanceDesk reports

#AceFinanceNews – Oct.06: The second largest US automaker said Friday it was reorganising its global salaried workforce as part of a broader plan to trim costs and restructure: “The reorganisation will result in headcount reduction over time and this will vary based on team and location,” a spokesperson said in a statement: The company did not say how many salaried jobs would be trimmed or when the changes would take place. The spokesperson said it would announce specifics at the “appropriate time.” #AceFinanceDesk reports

The Detroit Free Press and Detroit News, which were first to report the planned job cuts, said workers were informed on Thursday. The company employs about 200,000 people around the world, including some 70,000 salaried workers, according to the Free Press: In July, Ford said it was making big changes to its core auto division and would spend $11 billion to help it adapt.

The company has not detailed its planned changes, but Ford and top auto makers are focusing on trying to develop self-driving cars: Analysts have been critical of Ford’s lack of transparency: In July, Ford lowered its earnings guidance for the rest of the year. It blamed struggles in Europe and Asia, although its North American division has been performing well.

Shares of Ford have fallen 26% this year. Shares were slightly down on Friday CNN.Com/

Sources: CNN – The Detroit Press – Detroit News – Published: October:2018:

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MARKETS: JUST IN: Unemployment rate drops to 3.7%, lowest in nearly half a century and only 134,000 jobs wer e added due to ‘ Hurricane Florence ‘ with many people working part-time wanting full time j obs as earnings grew 2.8% and markets roar away its reported on Friday #AceNewsDesk reports

#AceFinanceReport – Oct.05: The unemployment rate dropped to a half-century low in September, the Labor Department reported Friday: The U.S. unemployment rate fell to 3.7 percent in September — the lowest level since December 1969 — signaling how the longest streak of hiring on record has put millions of Americans back to work: However, there was an increase in the number of people working part-time who want full-time work #AceNewsDesk reports

The unemployment rate is now at 3.7 percent, the lowest rate since December 1969, when the jobless rate was 3.5 percent. That’s despite September hiring being slower than expected. “The fall in the unemployment rate is largely due to the ‘right’ reasons: people finding work (i.e. not because people gave up looking),” wrote Elise Gould, senior economist at the Economic Policy Institute.

Unemployment fell broadly, indicating that workers across all levels of education are finding work: “Over the last six months to a year, the market has really tightened at the lower-experience level,” said Cathy Barrera, chief economist for ZipRecruiter, an online job platform. “That’s really good news for people with less education and also young people.”

Only 134,000 jobs were added, But that figure was likely depressed by the impact of Hurricane Florence while economists had been expecting about 180,000 jobs to be added. Most say it’s a temporary dip, which battered and flooded the Carolinas in mid-September, during the time the national jobs survey is conducted. Businesses that close temporarily can have a big impact on the jobs numbers, Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note: “[T]he official data only include people who were paid something – anything – in the survey period,” he wrote. People “who could not work because of the storm therefore disappear temporarily from the BLS numbers.”

Other data show the economy roaring ahead. Earlier estimates for job creation in July and August were revised up, so that on average, businesses added nearly 200,000 jobs per month this year — well above the number needed to keep up with a growing population.

Average earnings grew 2.8 percent year-over-year. While that’s still lower than what economists would expect with a rock-bottom unemployment rate, it’s an improvement from the 2.0 percent wage growth seen at the start of this year. Economist Justin Wolfers said September’s data pushes up annualized wage growth over the last three months to a healthy 3.8%.

While nominal wage growth over the past 12 months is only 2.8%, there’s definitely a trend here…

Annualized wage growth over the 3 months ending:
Dec 2017: 2.0%
Mar 2018: 2.4%
Jun 2018: 2.9%
Sep 2018: 3.8%

— Justin Wolfers (@JustinWolfers) October 5, 2018

Date Published: October.05:2018:

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(NEW YORK) Gov.Cuomo says the only way to fund the MTA and prevent a subway crisis is to charge motorists a congestion charge but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

#AceFinanceNews – Oct.05: With the subways in crisis, Gov. Andrew Cuomo is abandoning his demand for New York City and its reluctant mayor to fund the MTA, saying congestion pricing is the only option…………..Not to be outdone, Cuomo’s Republican opponent says OK, but let drivers deduct the fees from their tax returns #AceFinanceDesk reports

The line of demarcation would be on West 60th Street, CBS2’s Marcia Kramer reported: Cross it in a car, truck or taxi going south, and you may soon have to swallow hard and dig deep into your pocket for a congestion fee to enter the central business district: A whopping $11.52 from 6 a.m. to 8 p.m., if Cuomo accepts the recommendation of his own task force: Cuomo surprised a group of the city’s movers and shakers at the Association for a Better New York by saying up he’s given up on trying to get Mayor Bill de Blasio to cough up some dough, and that congestion pricing is the only viable solution for fixing the subways.

Here are the options: God is going to send down $33 billion… that’s not going to happen,” Cuomo joked. “New York City is going to dig into its pocket and they’re going to ante up, and the state will ante up. That’s not going to happen. There’s only one way it happens, and that is congestion pricing.”

Cuomo dismissed De Blasio’s continued insistence on a millionaire’s tax as “political blather.”…………………..“Well, ideally we would like to have a millionaires tax,” Cuomo said. “Yes, I wish I could be an elected official who lives in the ideal.”

Cuomo’s Republican opponent, Dutchess County Executive Marc Molinaro, says once the MTA tightens its belt and eliminates waste and fraud “by reforming expenditures, by holding down costs, by making the system more efficient,” he would support congestion pricing too. But he wants to offer drivers some tax relief.

“Our plan is they would be able to deduct it from the state’s income tax,” Molinaro said.

And while commuters may cheer, drivers are offering a Bronx cheer

“It’s a bad idea. I don’t like it. It’s more expensive. I don’t want to pay extra in a yellow cab. Our business is down we don’t need to pay extra,” a cab driver named Zakia said: Others called congestion pricing a “terrible idea” that would cause people to suffer……….“It’s think it’s a bad idea. We don’t have too much money to pay extra for things in the city,” said Jackson Heights resident Mario Bonilla…………Cuomo said he will ask the legislature to pass congestion pricing when it returns to Albany.

He called on all the movers and shakers at the breakfast today to help convince lawmakers.

Source: CBS Local New York Published: October.04: 2018:

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(LONDON) £600-Million sale of Wembley Stadium to Fulham owner ‘Shahid Khan ‘ has moved a step forward after being discussed by the FA’s 127-member board but former England player Gary Neville called the plan ridiculous: Heres details of the planned sale #AceFinanceDesk reports

#AceFinanceNews – Sept.30: It will now be considered by the 127-member FA Council on 11 October, with its views likely to impact on the board’s final decision: FA chiefs say money from the sale to Fulham owner Shahid Khan could help transform community facilities: But the plan was called “ridiculous” by former England player Gary Neville #AceFinanceDesk reports

Wembley Stadium reopened 11 years ago after a rebuild costing £757m

Wembley Stadium reopened 11 years ago after a rebuild costing £757-Million https://en.wikipedia.org/wiki/Wembley_Stadium

In a statement, an FA spokesperson said: “The sale of Wembley Stadium, the negotiated protections and an outlined plan to invest £600m into football community facilities, were presented and discussed at the FA board meeting today.

Following on from this discussion, the FA board has agreed to take the presentation to the FA Council to get its input now that the full facts are known.”

FA chiefs have previously said they would not give up the national stadium unless there was a consensus within the game: The FA Council – which includes representatives of the Premier League, Football League and county FAs – does not have the power to accept or reject the deal.

The news from today’s FA board meeting is welcomed and encouraging,” Khan said

“I understand the discussion was open and thorough. One cannot ask for more as we continue to work through the process toward reaching an agreement that will serve English football for generations to come: He added that his purchase of Wembley had “no effect” on plans to renovate Fulham’s ground, Craven Cottage, which would continue as “the permanent home of Fulham Football Club”.

What are the details of planned sale?

  • Khan has offered £600m for the national stadium. The governing body would retain rights for the Club Wembley hospitality venture which it values at £250m-£300m.
  • He wants to move his American Football team, the Jacksonville Jaguars, to Wembley.
  • The FA plans to use profit from the sale to invest in grassroots facilities.
  • It has pledged to keep showpiece events, such as most England internationals and the FA Cup final, at the stadium under a pre-agreed hire fee.

Shahid Khan – If you love English football, Wembley deal must go ahead

Analysis – ‘Closer to historic decision’

BBCSport.Com/ Published: September.30:2018: Correspondent Richard Conway

This deal is inching forwards: But it remains under threat from those opposed to selling off what they see as the crown jewels of English football: FA councillors will now get the chance to hear the plans over how the windfall would be invested and the commercial protections that will be put in place by the FA……………A further meeting is then planned with councillors to air grievances or raise any concerns………….The 127-strong body has no formal power to block the deal. But if there’s substantial resistance then it’s difficult to see how the sale could feasibly continue………………..Should it navigate that stage then the board will meet again – the date is currently unknown – and make a final, potentially historic, decision.

Pros and cons – what they say

FOR

The FA says only one in three grassroots pitches are of adequate quality and it will invest in facilities.

FA chief executive Martin Glenn: “This is an opportunity to unleash an unprecedented amount of investment into community football. Receiving an offer to sell Wembley Stadium is not a ‘betrayal’. It is not selling the ‘soul of the game’.”

Prospective Wembley buyer Shahid Khan: “If you love English football, you want this deal to go ahead. This is a very good deal for all parties involved.”

AGAINST

Opponents have suggested selling an iconic national venue is a short-term plan which the FA will live to regret.

Former England and Manchester United defender Gary Neville: “The FA feels to fund the grassroots programme, they have to sell a national asset – it’s quite simply ridiculous. Don’t sell Wembley when you can place a levy on agents’ fees.”

Ex-Wembley chairman and Chelsea owner Ken Bates: “I thought it was a joke at first. The FA is not a commercial institution; it is the custodian of the national game.”The proposed £600m sale of Wembley Stadium has been unanimously backed by the Football Association’s board

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JUST IN: Trumps #MAGA Economy ADDS a strong 201,000 jobs in August, and the unemployment rate remained near historical lows at 3.9% Ave earnings GREW 2.9% in the strongest rate since 2009 #AceFinanceDesk reports

#AceFinanceReport – Sept.07: The unemployment rate stayed at 3.9%, near historical lows, the Labor Department reported #AceNewsDesk reports

Average hourly earnings grew 2.9% compared with a year ago, the strongest rate since 2009. That number is not adjusted for inflation, which has been rising in recent months and eating into workers’ paychecks. And it’s lower than wage growth rates in previous economic expansions……………………..Still, the wage growth figure may be held down by larger numbers of young people entering the workforce at lower pay scales. Other measures of wage growth, such as the total cost for employers, have been rising more quickly.

“We don’t think it’s a fluke,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “We think we are at that stage where the labor market has gotten so tight that you’re going to see upward pressure on wages.”

The job gains for August were roughly in line with the average for the last 12 months, which is196,000: Employment growth was revised down by a total of 50,000 over June and July, making the last three months look more like a slowdown as trade tensions loomed. August is also commonly revised, meaning that this month’s number will likely change as well. …………………………August’s job gains were driven by professional and business services as well as health care and wholesale trade. Manufacturing shed 3,000 jobs, the sector’s first monthly decline since July 2017, although manufacturers have still added 254,000 jobs over the year………………The economy has been on a roll lately, with employers reporting difficulty finding enough workers to fill their open positions. The number of job openings has exceeded the number of unemployed people since March.

CNNMoney (New York) First published September 7, 2018: 12:01 AM ET: https://cnnmon.ie/2Nm0ykF pic.twitter.com/FcueJ9rBcE

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(BEIJING, China.) Ready to retaliate with $60-billion targeted list if Donald Trump goes ahead with his proposed 25% tariff hike on $200-billion Chinese goods this week a spokesman said on Thursday #AceFinanceDesk reports

#AceFinanceReport – Sept.06: China is ready to retaliate if U.S. President Donald Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain “steady and healthy” economic growth, a government spokesman said Thursday.The Trump administration is poised to impose 25% penalties this week on $200 billion of Chinese goods in an escalation of their fight over U.S. complaints that Beijing steals or pressures companies to hand over technology #AceNewsDesk reports
image1.jpeg

China has announced a $60 billion list of American products targeted for retaliation: “ China will have to take necessary countermeasures if the U.S. side ignores the opposition of the overwhelming major of its enterprises and adopts new tariff measures,” Commerce Ministry spokesman Gao Feng said…………………..The two governments already have imposed penalty duties on $50 billion of each other’s exports………………Beijing has rejected pressure to scale back plans for state-led development of champions in robotics and other technologies………………..U.S. officials say that violates China’s free-trade commitments and worry it might erode American industrial leadership.

Some Chinese exporters say U.S. orders have declined, but Chinese leaders express confidence the economic impact will be modest: The United States buys about 20% of China’s exports, but trade has shrunk over the past decade as a share of the Chinese economy.“We are confident, capable and able to maintain steady and healthy development of the Chinese economy,” Gao said

Source: #AceTelegramNews https://t.me/acenewsgroup/752347

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(WASHINGTON) In latest the US unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs, in the the latest escalation in the trade war between the two countries which will take effect from Aug.23: As the markets Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece #AceFinanceDesk reports

#AceFinanceReport – Aug.08: Editor says but the markets reacted positively Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece. Tesla soars 11% after Elon Musk says he wants to take the company private. https://cnnmon.ie/2ARtM5G to the news: The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs: The move marks the latest escalation of a trade war between the world’s two largest economies………………….The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23 #AceFinanceDesk reports

It is the second time the US has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers: The Trump administrationhas accused China of unfair trade practices and President Donald Trump has long vowed to bring down the United States’ trade deficit in goods with Beijing.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

So far, financial markets have shrugged off the first round of trade duties

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is “my thing.”

Trump directed the Office of Trade Representativeearlier this month to considerimposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

China has threatened to retaliate on any additional US tariffs tit-for-tat

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in a statement last Friday.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries: https://cnn.it/2M6fkLA pic.twitter.com/oBzvZoV5rI

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MARKETS: Trade War: U.S. Stocks opened flat Friday morning after US unemployment fell to 3.9% in July, the American economy added 157,000 jobs and China announced plans to impose tariffs on $60 billion worth of US imports listing 5,207 products with duties as high as 25% if Trump applies his to $200-billion of Chinese goods #AceFinanceDesk reports

#AceFinanceReport – Aug.03: China has announced plans to put up tariffs on products worth $60-billion Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods #AceFinanceDesk reports

In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in its statement on Friday:

China listed 5,207 US products that it would target in an effort to “safeguard its own legitimate interests.” ………………….Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts…………….Sarah Sanders, the White House press secretary, said in a statement that “instead of retaliating, China should address the longstanding concerns about its unfair trading practices.” …………………The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries #AceFinanceDesk reports

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against US tariffs………….These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total………………..Trade tensions between the United States and China have been on the rise since April 2017, when President Donald Trump directed the US Commerce Department to investigate whether imports of steel and aluminum from China and other countries threatened national security……………..The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March. Beijing responded with equal measures.

Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property. Beijing again responded with penalties of an equal scale, targeting American products such as motorcycles and communications satellites……………………..The most recent threat from the Trump administration came this week, when it warned that it could impose steeper tariffs than originally planned on another batch of imports from China. The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods. Under the new plan, tariffs of 25% would be applied.

Protectionist moves by the United States have drawn a response from other trading major partners. Canada, Mexico and the European Union have responded to US taxes on steel and aluminum with retaliatory tariffs.

– Kaitlan Collins contributed reporting.

CNNMoney (London) First published August 3, 2018: 9:03 AM ET

BREAKING: China has announced plans to put tariffs of up to 25% on US products worth $60 billion https://cnnmon.ie/2Koa692 pic.twitter.com/3T7YD1Tnsa – Watch live https://cnnmon.ie/2AB3MLL

#AceRelatedNews

The making of a global trade war

A brief history of the US-China trade war

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MARKETS: Apples market valuation surged past the $1 trillion point on Thursday, the first time in history a company has reached that level: But Apple’s Stocks app mistakenly labelled its creator as the world’ s first trillion-dollar company and was not added to the Stocks app: That meant that a small surge in Apple’ s shares showed the company as being worth $1 trillion when it was not #AceFinanceDesk reports

#AceFinanceReport – Aug.03: Editor says a great way to get people to buy tech shares but things are not what they seem in this world: On the face of it the announcement Apple shares surged 2.5 per cent in the afternoon but then fell back, taking the valuation back to $988bn: The share price closed at $207.39 meaning that the company finished the day’s trading worth more than $1tn. Apple’s shares are up 23 per cent so far this year: Of course markets have been waiting for the tech giant to break the trillion barrier in recent weeks, with anticipation increasing earlier this week when the company’s stock rose 3.3 per cent after its latest results were announced: The firm beat sales estimates despite iPhone sales dwindling, as it sold more expensive models during the third quarter to make up the difference #AceFinanceDesk reports

apple-one-trillion.jpg

Read moreThe other companies to reach major market valuation steps before Apple

Earlier on Thursday afternoon, Apple’s Stocks app mistakenly labelled its creator as the world’s first trillion-dollar company. It falsely claimed to have already broken past $1 trillion, because of a technical fault with the app built into the iPhone

The glitch occurred because Apple announced a substantial share buyback programme after reporting its third quarter figures, which meant that the total number of shares in issue went down, increasing the value the share price had to reach before it pushed the company over $1 trillion.

Apple unveils the iPhone X

However, the update was not added to the Stocks app. That meant that a small surge in Apple’s shares showed the company as being worth $1 trillion when it was not

When asked, Siri informed iPhone users that the company had passed the trillion dollar mark — though the error was fixed later in the day.

The achievement seemed unimaginable in September 1997 when Apple teetered on the edge of bankruptcy and founder Steve Jobs rejoined the company, having been driven out in the mid-1980s. If someone had dared to buy $10,000 worth of Apple stock at that point of desperation, the investment would now be worth about $2.6 million.

The Silicon Valley stalwart’s stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000-percent increase during the same time. Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

In becoming the first company to ever reach a market valuation of $1tn, Apple joins an exclusive list of companies that have made history in market valuations in the past.

That group includes the likes of Microsoft — which was the first to reach a market valuation of $500b — as well as IBM ($100b), General Motors ($10b), and US Steel ($1b).

Several other companies are close behind Apple in market valuation, and could very well become trillion dollar companies in the future.

That list of companies includes Microsoft itself, as well as Amazon, and the parent company of Google, Alphabet.

Source: Independent: https://t.co/IZPHE6zDL7 Published: August 02, 2018 at 08:00AM

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