Tue. Jan 18th, 2022


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Apple became the first company to launch a market capitalization of $ 3tn, after its value rose by $ 1 billion in less than 16 months when the coronavirus pandemic turbo-charged Big Tech.

The iPhone maker became a $ 1tn company in August 2018 and two years later became the first company to be valued at $ 2tn. On Monday, shares of the company rose 3 percent to $ 182.86, taking it past the latest milestone, before falling back to trading at $ 182. Apple briefly lost its title as the world’s most valuable company to Microsoft at the end of October.

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

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

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1. Hong Kong’s free press faces collapse Hong Kong’s free press is on the verge of extinction after the two largest remaining independent news sites in the Chinese territory announced they were going to close within a week. Citizen News said it would suspend operations today, citing security issues for its reporters

2. Jurors were killed on three charges in the Elizabeth Holmes trial Jurors said they were deadlock on three of 11 counts in the trial of Theranos founder Elizabeth Holmes, while deliberations continued for an eighth day in one of Silicon Valley’s most high-profile criminal fraud cases. Judge Edward Davila instructed the jurors to continue to deliberate and try to reach a verdict, according to U.S. news reports.

3. Bridgewater appoints co-executives Bridgewater Associates has two co-CEOs appointed to replace David McCormick, who is leaving the world’s largest hedge fund for an expected run for the U.S. Senate. The firm said it was promoting Nir Bar Dea, former deputy chief executive, to share the top job with Mark Bertolini, co-chair of Bridgewater’s industry council.

4. Turkish inflation rises to the highest level below Erdogan As President Recep Tayyip Erdogan’s controversial economic governance continues causes a rise in prices, the country’s consumer price index rose 36 percent year-on-year in December, according to data released by Turkey’s statistical agency yesterday. The increase was the highest level of consumer price increases since September 2002.

Line graph from year to year% change in CPI showing Turkey's inflation rate reaches the highest level of Erdogan era

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

Coronavirus consumed

  • Who was the corporate winners and losers since the beginning of the pandemic? Find out here.

  • Increasing Covid-19 infections and winter storms have come to a halt America’s Yesterday back to work, airline passengers stranded and leave many offices, commercial floors, schools and colleges empty after the Christmas and New Year holidays.

  • Boris Johnson acknowledged the NHS comes under heavy pressure due to the Omicron variant, but said England would stick to existing Covid-19 restrictions for now.

  • The UK shall follow other developed countries in its economic recovery from the 2022 pandemic, according to economists polled for a Financial Times poll.

Bar chart of% of respondents showing Economists expect challenges for UK economy in 2022

The day ahead

PMI figures December Purchasing Manager Indices by IHS Markit is released for Japan, Thailand, Australia, Vietnam and China. Singapore Institute of Purchasing and Materials Management will also release its December report.

What else are we reading

Putin’s attempt to control the past follows the Xi model The closing of Memorial feels like a turning point for the whole of Russia, writes Gideon Rachman. Despite all the brutality of the Putin regime, Russia has until recently allowed significantly more room for political opposition than China.

M&A boom accelerates junior burnout at elite law firms Employees at the world’s leading law firms regard exhausting hours as part of a Faustian agreement in which evenings, weekends and sleep are exchanged for salient salaries. But junior lawyers have has reached breaking point as workloads increase and pandemic-induced anxiety and isolation increase.

Ten economic trends that can define 2022 For a second year, the pandemic reformed the world and accelerated the trends of population decline toward digital revolution. Ruchir Sharma investigates how these streams could define this year, from a slowing China to “green inflation” in commodity prices.

The use of artificial intelligence to predict medical conditions Last month, a physician and machine-learning scientist at the University of California, Berkeley unveiled a treasure trove of unique medical datasets, each compiled around a medical mystery. The datasets can help train computer algorithms to predict medical conditions earlier, triage better, and save lives.

We must expect stagnation in global inflation dynamics What if the only constant in the next few years is volatility? What if inflation dynamics that appear to be entrenched begin to oscillate? Rana Foroohar argues this will be the case due to the following reasons.

Books

About 10,000 business books are published annually in the USA, the world’s largest market. Of course, almost all of them are inexhaustible, but inevitably only a few clowns slip through publishers’ strict filters. Do not miss Andrew Hill’s (completely imaginary) examples of titles to avoid in 2022.

A landslide vehicle manages waste

Waste paper: a few clumps inevitably slip through publishers’ strict filters © Svyatoslav Lypynskyy | Dreamstime.com

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