World
Apple hits $3trn market value — now worth more than all cryptocurrencies
Apple has become the first American company to reach a market capitalisation of $3 trillion.
Yesterday, the company crossed the $3 trillion mark when its share price hit $182.88 in midday trading before paring some of its gains.
With this development, the maker of iPhone, Mac computers and Apple wristwatch is now the valuable publicly traded company in the world.
It is worth more than the value of all of the world’s cryptocurrencies.
The combined value of cryptos currently stands at $2.2 trillion, according to data obtained from coinmarketcap.com.
It also implies that Apple’s net worth exceeds the gross domestic product (GDP) of countries including India ($2.9 trillion), France ($2.9 trillion) and Russia ($1.6 trillion).
At a market value of $3 trillion, Apple tripled its valuation in less than four years. It reached $1 trillion in valuation in August 2018 and doubled the figure two years later in August 2020.
While iPhone is still the biggest sales driver, Apple’s services business grew 25.6 percent year-over-year and delivered more than $18 billion in revenue last quarter.
“Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino,” Dan Ives, an analyst at Wedbush Securities said.
“The linchpin to Apple’s valuation re-rating remains its Services business which we believe is worth $1.5 trillion in the eyes of the Street.”
World
Jhené Aiko, John Legend, Paris Hilton… celebrities who lost homes in LA wildfires
Jhené Aiko, the American singer, has revealed she lost her home in the fast-moving wildfires in Los Angeles, a county in California.
The fire started on Tuesday night and was caused by strong gusty winds and fast-moving embers. It has led to the evacuation of over 137,000 people, the death of five people, and the destruction of over 1,000 houses, cars, and businesses.
In an Instagram post, the 36-year-old singer disclosed that her home got “burned to the ground with all of our things inside”.
She said while the situation left her heart feeling “so heavy,” she is grateful to be alive with her children.
“Me and my children’s home is gone burned to the ground with all of our things inside,” she wrote.
“Lord have mercy. Thankful we still have each other starting from scratch. My heart is so heavy.”
She offered prayers for those affected by the loss, hoping the situation would inspire compassion and understanding between people.
“Praying for everyone this morning. Those who lost their home. Those who lost their life’s work, those who lost their life,” she added.
“Praying for my city. Praying for the wildlife and lost pets. Praying for the world. Let suffering be a gift; a lesson in compassion.”
The singer has two children, including a two-year-old son Noah Hasani with rapper Big Sean.
Aiko is not the only celebrity affected by the disaster.
The American rapper Kid Cudi disclosed he had to evacuate his home. The media personality Paris Hilton also lost her house in Malibu.
“Heartbroken beyond words,” Hilton wrote. “Sitting with my family, watching the news, and seeing our home in Malibu burn to the ground on live TV is something no one should ever have to experience. This home was where we built so many precious memories. It’s where Phoenix took his first steps and where we dreamed of building a lifetime of memories with London.”
Chrissy Teigen earlier revealed that she and John Legend, her husband, their four children, and four dogs had to evacuate and check into a hotel.
“I haven’t had the words, it is a hellscape,” Teigen wrote on her Instatory.
“We are ok as of right now, and I felt weird saying that with so many people we know and don’t know who are not ok. Thank you for reaching out. Looking for any and all ways to help our community right now, please send anything you see. And god bless the firefighters and all first responders.”
Billy Crystal released a statement on Wednesday revealing that his home of 45 years was lost in the wildfire.
“Janice and I lived in our home since 1979. We raised our children and grandchildren here. Every inch of our house was filled with love. Beautiful memories that can’t be taken away. We are heartbroken of course but with the love of our children and friends we will get through this,” Billy wrote.
While songwriter Diane Warren lost her home, Cobie Smulders and Taran Killam’s house in Pacific Palisades was also destroyed by fire.
‘This Is Us’ actress Mandy Moore shared footage of the scene of destruction as she evacuated.
“Grateful for my family and pets getting out last night before it was too late (and endless gratitude to friends for taking us in and bringing us clothes and blankets),” she wrote.
“Honestly, I’m in shock and feeling numb for all so many have lost, including my family. My children’s school is gone.
“Our favourite restaurants, levelled. So many friends and loved ones have lost everything too. Our community is broken but we will be here to rebuild together.”
Other celebrities who have homes in the area include Adam Sandler, Ben Affleck, Tom Hanks, and Steven Spielberg.
The National Oceanic and Atmospheric Administration (NOAA) said increased heat, extended drought, and a thirsty atmosphere caused by climate change have been key drivers in exacerbating wildfires in the western United States.
World
Supreme Court rejects Trump’s move to halt hush-money case sentencing
The US Supreme Court has rejected President-elect Donald Trump’s last-minute bid to halt his sentencing on Friday in the criminal hush-money case.
Trump had urged the top court to consider whether he was entitled to an automatic stay of his sentencing, but the justices rejected the application by 5-4.
Trump was found guilty of falsifying records to disguise reimbursements for a $130,000 hush money payment to adult film star Stormy Daniels as legal expenses in 2016.
Justice Juan Merchan, who is overseeing the case, has indicated he will not consider a jail term for Trump.
Reacting on Thursday evening, the president-elect told reporters the case was a “disgrace”, although the Supreme Court decision was a “fair decision, actually.”
“It’s a judge that shouldn’t have been on the case,” he said, apparently referring to Justice Merchan, and adding “they can have fun with their political opponent”.
“The pathetic, dying remnants of the Witch Hunts against me will not distract us,” he posted later on his Truth Social platform.
Two of the Supreme Court’s conservative justices – John Roberts and Amy Coney Barrett – joined the three liberals to deny Trump’s request for a delay.
The remaining four judges – Clarence Thomas, Samuel Alito, Neil Gorsuch and Brett Kavanaugh – would have allowed Trump’s bid to postpone sentencing.
World
Tension mounts in South Korea as Yoon’s security chief resigns
South Korea’s presidential security chief resigned Friday as he faced questioning over why his guards prevented the detention of impeached President Yoon Suk Yeol and investigators prepared to make a fresh arrest attempt.
Yoon has refused questioning and last week resisted arrest in a stand-off between his guards and investigators after his short-lived power grab on December 3 plunged South Korea into its worst political crisis in decades.
Yoon’s Presidential Security Service (PSS) chief Park Chong-jun submitted his resignation on Friday morning “as he attended a police questioning”, a PSS official told AFP.
It was later accepted by acting president Choi Sang-mok, an official from the interim leader’s office told reporters.
It came as investigators and police prepare to mount a new bid to arrest Yoon over his martial law declaration after securing a new warrant this week.
Earlier on Friday, Park told reporters there must be no bloodshed if investigators attempt another arrest of Yoon.
“I understand many citizens are concerned about the current situation where government agencies are in conflict and confrontation,” he said.
“I believe that under no circumstances should there be physical clashes or bloodshed,” he added, before being questioned at the Korean National Police Agency.
Rival protest camps in sub-zero temperatures are calling for Yoon’s impeachment to be declared invalid on one side, and for him to be immediately detained on the other.
Yoon would become the first sitting South Korean president to be arrested if investigators are able to detain him.
His legal team have said they will not comply with the current warrant.
The Corruption Investigation Office (CIO) said it will “prepare thoroughly” for the second arrest attempt.
Police on Friday held a meeting of its commanders to plan for the renewed effort, Yonhap news agency reported.
Park twice ignored police requests to appear for questioning over allegations of obstruction of public duty since his team blocked investigators from arresting Yoon on January 3.
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