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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.

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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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China eliminates poverty in 85 counties

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China, on Wednesday, announced that another 85 counties have been officially taken off the country’s list of impoverished areas, marking further steps toward its goal of eradicating poverty by 2020.

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The announcement, made by the State Council Leading Group Office of Poverty Alleviation and Development, came on the fifth National Poverty Relief Day, which falls on October 17 every year.

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This is the largest number of counties to shake off poverty since China vowed in 2015 to win the battle against poverty.

It brings the total number of counties removed from the poverty list since then to 153.

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Poverty levels still high – World Bank Report

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Despite decline in extreme poverty, billions of people in the world still struggle to meet basic needs, the latest World Bank report shows. 
According to the report, economic advances around the world mean that while fewer people live in extreme poverty some 3.4 billion people still struggle to meet basic needs, living on less than $3.20 (Sh323) per day.



The biennial Poverty and Shared Prosperity report titled “Piecing Together the Poverty Puzzle” will be released worldwide today
An earlier report released in April indicated Kenya will not eradicate poverty by 2030.
“At the current pace of poverty reduction, about one percentage point per year, Kenya cannot eradicate poverty by 2030,” World Bank poverty economist and lead author of the update’s special section on poverty commented.
A June report by World Poverty Clock indicates 14.62 million Kenyans, or 29.2 per cent of the population lives in extreme poverty. It also singled out Lamu, Nakuru, Nairobi and Kirinyaga as the only counties with no extreme poverty recorded, at less than three per cent.

In its latest report, World Bank says that more than half of the extreme poor live in Sub-Saharan Africa, with the number of poor in the region increasing by 9 million to 413 million people living on less than US$1.90 a day as at 2015, more than all the other regions combined. 
The report says that if the trend continues, by 2030, nearly 9 out of 10 extreme poor will be in Sub-Saharan Africa.
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The majority of the global poor live in rural areas, are poorly educated, employed in the agricultural sector, and under 18 years of age. 
“Living on less than $3.20 per day reflects poverty lines in lower-middle-income countries, while $5.50(Sh555) a day reflects standards in upper-middle-income countries,” says the report.
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-ThrStar

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