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Apple’s stock market value tops $2 trillion

Just two years after Apple became the first publicly listed U.S. company with a $1 trillion stock market value, the iPhone maker has now topped $2 trillion.

The Cupertino, California-based company’s shares briefly rose to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion. The stock was last up 1.2% at $467.62, giving Apple a market capitalization of $1.999 trillion.

Buoyed by bets on the long-term success of the country’s biggest tech names in a post-coronavirus world, Apple’s shares have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world’s most valuable listed company. Apple’s stock is up about 57% so far in 2020.The rally reflects growing investor confidence in Apple’s shift toward relying less on sales of iPhones and more on services for its users, including video, music and games.

Apple now accounts for close to 7% of the S&P 500’s total market value. Its market capitalization is about equal to the combined values of the S&P 500’s 200 smallest companies.

However, Apple’s recent stock rally has left it potentially overvalued, according to a widely used metric. The stock is trading at over 30 times analysts’ expected earnings, its highest level in more than a decade, according to Refinitiv.

Those and other heavyweight technology companies have surged to record highs during the coronavirus pandemic as consumers rely more on ecommerce, video streaming and other services they provide. Investors are betting these companies will emerge from the pandemic stronger than smaller competitors, with some even viewing their volatile shares as safe havens.

Apple’s revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the U.S. economy to contract at its worst rate since the Great Depression.

The iPhone maker is slated to split its stock four-for-one when trading opens on Aug. 31, with the company saying it aims to make its shares more accessible to individual investors.

Umar Akmal approaches ‘Court of Arbitration for Sports’ for justice

Lahore: Banned cricketer Umar Akmal has filed an appeal against reduced 1.5 years ban in anti-corruption case in the Court of Arbitration for Sports (CAS), in Lausanne, Switzerland.

Akmal’s lawyer Khuwaja Umaiz confirmed ARY News that they have filed an appeal against the ban in CAS. According to Umaiz, the cricketer didn’t get a proper chance to clear his stance in the case.

“Akmal wasn’t given a proper chance to clear his stance. That’s why we have filed an appeal in CAS to get justice for the cricketer. We appealed to lift 1.5 years ban too from the cricketer,” he said.

On the other hand, Pakistan Cricket Board (PCB) had already filed an appeal in the CAS against the reduction of Akmal’s ban. Ex-Supreme Court judge Mr. Justice (retd) Faqir Muhammad Khokhar, in his capacity as an independent adjudicator had reduced Akmal’s ban to 1.5 years from 3 years on compassionate grounds.
According to PCB, there is no room in anti-Corruption rules for reducing the ban on compassionate grounds.

It must be noted here that the national cricket body handed three years ban to Akmal after he was found guilty of violating two breaches of Article 2.4.4 of the PCB anti-Corruption-code in two unlinked incidents.

Gnabry double sends dominant Bayern into Champions League final

Lisbon: Bayern Munich powered into the Champions League final, where they will face Paris St Germain, as two goals from Serge Gnabry led them to an emphatic 3-0 win over Olympique Lyonnais on Wednesday.

Bayern will bid for their sixth European Cup triumph when they come up against Neymar and Kylian Mbappe on Sunday and after convincingly beating Chelsea, Barcelona and now Lyon, Hansi Flick’s side will surely start as favourites.

The Germans are unbeaten in 2020, winning 24 of 25 matches in all competitions and they have won every Champions League game this season.

No team has ever won the Champions League with a 100 percent record but while Bayern will fancy their chances, PSG’s powerful attack should make for an entertaining contest.

“Paris are a good team. For now we celebrate a little bit but afterwards we focus on the next game,” said Bayern’s Canadian left back Alphonso Davies.

“It’s going to be a good game, there’s going to be goals in it. This is what you dream of as a footballer – playing against the best in Europe. And we’re able to do that, I’m excited,” he added.

PSG will take hope from the early chances that Lyon created — Memphis Depay found space behind the Bayern defence but, forced wide, he could only shoot into the side-netting.
Lyon, who upset Juventus and Manchester City in the previous rounds, had warmed up on the field before the game with rarely-seen intensity and it showed as they took the game to Bayern and they went close again in the 17th minute.

Powerful striker Karl Toko Ekambi found space in the Bayern box and should have done better after his first shot was blocked and his follow-up effort struck the post.

But moments later Bayern grabbed the lead – a clever ball from Joshua Kimmich found Gnabry who danced in from the right and unleashed an unstoppable shot, from over 20 metres out, into the top corner.

SNAP-SHOT

Gnabry went close again with a snap-shot that Lyon keeper Anthony Lopes did well to keep out as Bayern pushed hard for a second.

It came in the 33rd minute – and was started and finished by Gnabry.

The former Arsenal midfielder fed Ivan Perisic on the left and the Croatian’s low cross found Robert Lewandowski at the back post.

His weak shot was saved by Lopes, only for the alert Gnabry to pounce and convert his ninth goal in nine Champions League games.

Lewandowski, looking well below his usual levels of sharpness, had another good chance after the interval, but he again made it too easy for Lopes, leaving Lyon still with hope.

Moussa Dembele, the two-goal hero in the quarter-final win over Manchester City, came on for Depay in the 58th minute and added much-needed life to the Lyon attack.

But once again, when the chance came for the French side, they failed to make the most of it — Houssem Aouar finding Ekambi in the box but the Cameroonian’s finish was straight at Manuel Neuer.

Bayern lacked the intensity of their first-half display but they made sure of the win in the 88th minute when Lewandowski rose to head home a Kimmich cross from a free kick for his 15th Champions League goal this season.

Lewandowski has scored in nine straight UEFA Champions League matches – only Cristiano Ronaldo (11) has a longer streak — and has notched 55 goals in all competitions this season.

Lyon’s disappointment will be stronger given that their seventh-place finish in the French league means they will not be competing in European football next season.

“We knew that we were up against a better team and we stuck to our game plan but to beat such a team, you need to score when you have the chance,” said Lyon sports director Juninho.

“Maybe it would have been different if we had converted our early chances.”

Supreme Court gives government four more weeks to overhaul Pak Railways

ISLAMABAD : The Supreme Court on Thursday gave the government four more weeks to overhaul loss-making Pakistan Railways in order to turn it into a profit-making national entity.

Headed by Chief Justice Gulzar Ahmed, an apex court bench was hearing a suo motu case pertaining to financial losses the Railway department has been inflicting on the national kitty.

The SC extended the deadline for overhaul of the railways on a request by the Planning Commission.The court also sought a progress report on revival of the Karachi Circular Railway from the railways and the Sindh government.

CJP Ahmed observed that the Karachi-Hyderabad bridge might collapse any time, but the British-era Kotri bridge is still in its right shape. There isn’t a single bridge over Indus River that the nation can take pride in, he added.

The bridge built during the regime of former military ruler Ayub Khan is the only beautiful bridge the country has at present, he remarked. He said bridges were poorly built after the Ayub Bridge and called for construction of quality bridges under the ML-1 project. Indus River be accorded respect for running the country’s economy, he stressed.

The railway secretary said state-of-the-art bridges will be built as part of the ML-1 project whose phase one will be completed in three years. At this, the CJP snapped three years is a long period as Chinese people lay down railway tracks in months.

He directed the government to complete the project at the earliest if funds are available.

FM Qureshi departs for China to attend Sino-Pak strategic dialogue

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi departed on Thursday for China on a two-day official visit to attend the second round of Pakistan-China foreign ministers’ strategic dialogue.

He will also hold meetings with senior Chinese officials during his Beijing visit. Issues of mutual interest, bilateral cooperation, the phase-II of China Pakistan Economic Corridor (CPEC), and regional security will come under discussion in these meetings.

It is noteworthy that the first Pakistan-China foreign ministers’ strategic dialogue had taken place in March.Shah Mahmood Qureshi will also deliberate Chinese President Xi Jinping’s likely visit to Islamabad in meetings with Chinese leaders, they said.

Earlier, diplomatic sources had said that dates are being finalised for Chinese President Xi Jinping’s visit to Pakistan.

It is expected that the Chinese president will make announcements for further investment plans for the China-Pakistan Economic Corridor (CPEC) project, said the sources, adding that he is also likely to address the parliament during his visit.

In February, the Ministry of Foreign Affairs had announced that the Chinese President Xi Jinping is expected to visit Pakistan, whereas, some sources claimed that the visit was likely in June this year. Prime Minister Imran Khan had invited President Xi Jinping to visit Pakistan last year in Oct.

White House announces $2 million in new funding for Azerbaijan

The W-GDP Fund support of $2 million will help USAID/Azerbaijan to increase the capacity of women-led and women-focused business and professional associations in Azerbaijan. These platforms play an important role for women in business to raise their voices, and provide collective access to training, resources, and markets 

BAKU (DNA) -Deputy Administrator of the U.S. Agency for International Development (USAID) Bonnie Glick, U.S. Deputy Secretary of State Stephen Biegun and Advisor to the US President Ivanka Trump announced $122 million in new activities and partnerships under the White House-led Women’s Global Development and Prosperity (W-GDP) Initiative, established by President Trump in February 2019. USAID/Azerbaijan will receive $2 million from the W-GDP Fund at USAID, which was established by the Initiative and is now in its second year.

The W-GDP Fund support of $2 million will help USAID/Azerbaijan to increase the capacity of women-led and women-focused business and professional associations in Azerbaijan. These platforms play an important role for women in business to raise their voices, and provide collective access to training, resources, and markets. W-GDP funding will help women entrepreneurs and business owners access markets, financing, networks, mentorship and other resources that enable them to overcome the obstacles of starting and growing firms.

“The W-GDP Fund was created to source and scale the most innovative programs to advance women’s economic empowerment. We are leveraging the resources and expertise of the U.S. government and the private sector so that activities have enduring, deep effects on the communities they reach,” said Advisor to the President Ivanka Trump.

This year, Azerbaijan joins more than 60 other countries around the world advancing the W-GDP Initiative. W-GDP aims to enhance opportunities for women to participate meaningfully in the economy and advance both prosperity and national security. When women are economically empowered, they re-invest in their families and communities, producing a multiplier effect that spurs economic growth and contributes to global peace and stability.

In February 2019, the White House established the Women’s Global Development and Prosperity (W-GDP) Initiative, the United States’ first whole-of-government approach to women’s economic empowerment. W-GDP seeks to reach 50 million women in the developing world by 2025 by focusing on three pillars – Women Prospering in the Workforce, Women Succeeding as Entrepreneurs and Women Enabled in the Economy. W-GDP leverages a new innovative fund, scaling private-public partnerships which address the three pillars. In its first year alone, W-GDP programs reached 12 million women across the globe.

President Alvi to address joint sitting of Parliament session today

ISLAMABAD : President Dr Arif Alvi has summoned a joint session of the parliament today [Thursday] to formally start the third parliamentary year of the National Assembly.

The president has summoned the joint sitting under Article 54(1) and 56(3) of the Constitution. According to the notification, the president will address the joint sitting to mark the start of third parliamentary year of the incumbent government.

Pakistan armed forces leadership, diplomats, all four Governors, Chief Ministers have been invited to attend the joint session of parliament, said an agenda released by NA secretariat.Parliamentary sources said that the president in his address will throw light on government’s two years performance. He will also make Pakistan’s renewed pledge for support of Kashmir cause.

President has summoned both the sessions in the exercise of powers conferred by clause (1) of Article 54 of the Constitution of the Islamic Republic of Pakistan.

Meanwhile, the session of the National Assembly will commence on August 10.

FM Qureshi departs for China today

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi will travel to China today (Thursday) on a two-day official visit.

He will hold meetings with senior Chinese officials during his Beijing visit, the sources said, adding issues of mutual interest, bilateral cooperation, China Pakistan Economic Corridor (CPEC) projects, and regional security will come under discussion in these meetings.

Shah Mahmood Qureshi will also deliberate Chinese President Xi Jinping’s likely visit to Islamabad in meetings with Chinese leaders, they said.

Earlier, diplomatic sources had said that dates are being finalised for Chinese President Xi Jinping’s visit to Pakistan.

It is expected that the Chinese president will make announcements for further investment plans for the China-Pakistan Economic Corridor (CPEC) project, said the sources, adding that he is also likely to address the parliament during his visit.

In February, the Ministry of Foreign Affairs had announced that the Chinese President Xi Jinping is expected to visit Pakistan, whereas, some sources claimed that the visit was likely in June this year. Prime Minister Imran Khan had invited President Xi Jinping to visit Pakistan last year in Oct.

Uzbekistan’s Deputy Prime Minister to visit Pakistan next month

ISLAMABAD, AUG 19 – The Deputy Prime Minister of Uzbekistan Sardor Umurzakov is expected to visit Pakistan in September 2020.

The Charge d’ Affaires at the Embassy of Uzbekistan in Pakistan Lt. Colonel Sadullah Tashmotov visited the Ministry of Commerce in Islamabad on Wednesday and met the Prime Minister’s Adviser for Commerce and Investment Abdul Razak Dawood to discuss deepening of the economic relations between the two Countries.

They also discussed the visit of Deputy Prime Minister of Uzbekistan Sardor Umurzakov to Pakistan which hopefully will take place in September 2020.

Earlier in May 2020, Abdul Razak Dawood invited the Uzbek deputy prime minister to visit Pakistan along with a delegation to discuss bilateral economic relations.

During the meeting, the adviser reiterated that the trade and investment relations between the two Countries will be strengthened through institutional mechanisms and private sector joint ventures.

Abdul Razak Dawood emphasized the importance of developing connectivity for harnessing and deepening the bilateral relationship.

The adviser added that Pakistan is keen to develop backward and forward linkages in textile, leather, pharmaceutical, and agriculture sector with Uzbekistan.

During the visit of the Uzbek deputy prime minister, both sides will sign Memorandum of Understanding (MoU) for the establishment of ‘Pakistan-Uzbekistan Joint Working Group on Trade and Investment’.

The inaugural session of the Joint Working Group is also likely to be held during the visit.

Both sides agreed to work together for improving connectivity, establishing banking channels, and enhancing bilateral trade.

In the meeting with the Uzbek deputy prime minister in May, discussions were held on business to business cooperation as well as utilization of Gwadar and Karachi ports for trade.

All these suggestions will also be taken up in the upcoming visit of Uzbekistan’s Deputy Prime Minister.

In addition, the Uzbek envoy discussed the development of connectivity through road, rail and air linkages between both Countries.

The Uzbek Charge d’ Affaires also expressed interest in the use of Sialkot International Airport for trade.

Both sides agreed to explore opportunities for cooperation and were hopeful that the upcoming visit will help in advancing the bilateral trade and economic ties.

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