Thursday 19 April 2018

Apple beats forecast

APPLE sold a higher-than-expected nine million iPhone 5s and iPhone 5c models in the first three days following their launch last Friday, prompting the company to issue a more optimistic financial forecast. Apple shares rose 4.5pc in early trading following the news.

Sales of the new models were nearly double those of the iPhone 5 in the first weekend after its launch a year ago. The iPhone 5 sold five million in its first three days on the market. Wall Street analysts had expected Apple to sell about six million of the two new iPhones. Apple tweaked its financial forecast to reflect the higher sales, an unusual move for the company.

STOCKMARKET 'TO SOAR'

A THIRD of Irish investment analysts expect the Irish stockmarket to outperform global peers in the second half of 2013.

A survey by the Chartered Financial Analyst (CFA) Society Ireland reveals that 48pc of respondents expect the economy to grow this year. The number who think the economy will weaken has dropped sharply. Just 9pc of those surveyed believe the country's economy will contract this year compared to 22pc who thought so when asked last December.

RECEIVERS AT THE MINT

A landmark building in the City of London that was effectively part owned by two Irish investors has gone into receivership.

Savills were called in as receivers for the Royal Mint complex in central London after a breach of covenant of an £85m (€101m) loan secured against a 50pc stake in the leasehold interest in the former mint that was previously owned by Tom Quinn and Donal O'Mahony. The two men bought the stake for around £95m in 2002. The value of the Royal Mint complex has slumped with the downturn, and it is expected to lose two key tenants over the next few months.

WAL-MART IN JOBS DRIVE

US retailer Wal-Mart is moving 35,000 part-time workers to full-time status and is elevating another 35,000 to part-time from temporary after struggling to keep shelves stocked with too few employees in the past year. About 55,000 seasonal workers will be hired for the Christmas season, up from 50,000 last year, the Arkansas-based retailer said yesterday in a statement.

The 70,000 workers whose employment statuses are being elevated will keep their new positions after the holiday season ends, said Kory Lundberg, a Wal-Mart spokesman.

Irish Independent

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