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Apple is first public company worth $1 trillion

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Apple has become the world’s first public company to be worth $1 trillion (£767bn).

The iPhone maker’s market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207.

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year.

The rise is even more astonishing – 50,000% – since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 over the same period.

Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy.

Apple graphic

Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple’s fortunes.

In 2006 the company had sales of less than $20bn and posted profits of almost $2bn.

Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company.

PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. It is now worth about $220bn.

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Business persons in Tanzania pleads for Scrapping of Nuisance Taxes

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Business persons in Kilimanjaro Region have pleaded with the government to scrap nuisance taxes and charges saying they are crippling their businesses and undermining growth.

Speaking here during a training to public officials and businesspersons from all districts of Kilimanjaro Region, the businessmen said there multitude of charges which have led to closure of many businesses in the region.



The training is organised by the regional Chamber of Commerce, Industry and Agriculture (TCCIA) and Best Dialogue. Mr Christopher Shayo ‘Chrisburger’ who runs restaurants in the region said there were between 18 to 20 taxes to new entrants in business that make it difficult for newcomers to be able to run businesses, while others more are charged to going-on businesses.

Mr Shayo said the difficult periods are during auditing, whereby apart from being required to pay respective taxes, traders are slapped with hefty fines. He said that he was optimistic the situation would change as he sees the government noticing some improper issues and seeking to address the them.

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 The Moshi based businessman said the Fire and Rescue Services and Occupational Safety and Health Authority (OSHA) officers charge more than a business licence fee. TCCIA Vice Chairman (Trade), Mr Dismas Dede pleaded with the government to make early payments to suppliers and constactors as it is making it difficult for them to operate as well as paying salaries and procurement of other items.

He said it was sad that everything was referred to Dar es Salaam for action and it takes too long to pay. Mr Dede also called upon Tanzania Revenue Authority (TRA) to be closer and friendlier to businesspersons instead of the current situation where the two sides look at each other as if they are enemies

Officiating the training, Kilimanjaro Regional Commissioner (RC), Ms Anna Mghwira thanked TCCIA and Best Dialogue for facilitating the training, saying that it was necessary when the government is taking all efforts toimprove the economy and make industrialisation real.

In a speech read by Same District Commissioner, Ms Rosemary Senyamule, the RC said participants have to understand the investment climate in the region, challenges and how to solve them; get the knowledge on how to manage and develop dialogue between public and private sector and how to bring together private and public sectors and work in friendly environment.

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-AllAfricaNews

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Ghana disclosed plans to get 27 Defunct SOEs off Nation’s Books

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A Deputy Minister of Finance, Mrs Abena Osei-Asare, has indicated that moves were underway to clear defunct State Owned Enterprises (SOEs) off government’s books.

Mrs Osei-Asare, MP, Atiwa East, said that in this vein, government, through the Ministry of Finance will soon present to Parliament an audited report of the SOEs as part of the approval processes needed to write them off.



Appearing before Parliament’s Public Accounts Committee (PAC) in Accra yesterday to answer questions on the 2016 Auditor General’s report on Consolidated Funds, she revealed that the Finance Ministry had secured the services of England based accounting firm, Deloitte and Touche, to audit and find out the values of the defunct companies and also study their equity stakes.

“We have received the consultant’s report and we will review it. The Ministry of Finance will come to Parliament to seek approval to clear these defunct companies and also reduce loan balances they have with government” she told the James Klutse Avedzi-chaired committee.

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Per the 2016 Auditor General’s report, sighted by the Ghanaian Times, 27 erstwhile SOEs and Joint Venture companies which were divested or officially liquidated have been included in the Investment of the state as at December 31, 2016.

The companies are the National Savings and Credit Bank, Ashanti Cocoa Project, State Construction Corporation, State Fishing Corporation, New India Assurance, Zenith Assurance, Ghana Livestock Company, Ejura Farms and Bridatrust International.

Others are Oppong Mansi Integrated Iron and Steel, Ghana Industrial Holding Corporation, State Hotels Corporation, Rural Banks, Ghana National Trading Corporation, Bakeley Steel Ltd, Kumasi Brewery, Home Finance Company and Ghana International Airways.

The rest are the Bonsa Tyre Company, Ghana Tobacco Company, Ghana Bottling Company, West Africa Mills, Crystal Oil Mills, Neoplan Ghana Limited, Ghana Cargo Handling, Ghana Merchant Company and Ghana Sugar Estate.

According to the report, Public Debt and Investment (PDI) and Public Investment Divisions of the Ministry of Finance and the Controller and Accountant Generals Department (CAGD) respectively compiled the statements making up Governments’ Investments which forms part of the financial assets in the Consolidated Fund.

The report added that sampled review of 35 transactions disclosed that investments in four SOEs and three other companies, partly owned by the Government of Ghana, were omitted from the investment schedule.

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-GhanaianTimes

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