TODAYS BUSINESS NEWS

Hello and welcome to this beautiful day!😄 We're so glad you're here with us. Whether you're starting a new adventure or simply enjoying the present moment, we hope you have a fantastic day ahead. Feel free to share your thoughts, questions, or just spread some positivity with us. Let's make today amazing together! 🌞🌼

TOPICS

(1) APPLE CEO TIM COOK MAKES 41$ MIL FROM BIGGEST STOCK SALE IN TWO YEARS

(2) US AD REVENUE AT MUSK’S X DECLINED EACH MONTH TAKEOVER-DATA

(3) THE INDIAN INFLUENCE: HOW THE MICROSOFT VS. GOOGLE BATTLE IS SHAPED BY TWO VISIONARIES

(4) UK's Metro Bank shares suspended multiple times after plunging more than 25%

FACTS

APPLE CEO TIM CsOOK MAKES 41$ MIL FROM BIGGEST STOCK SALE IN TWO YEARS

Hey there! 🍏 Just wanted to share some news about Apple's CEO, Tim Cook. He recently sold some of his shares and made about $41.5 million after taxes. That's a pretty big deal! 😄

He sold 511,000 shares, which were worth around $87.8 million before taxes. Tim Cook still has about 3.3 million shares left, valued at around $565 million.

Apple's stock has gone down a bit lately, about 13%, mostly because people are a bit worried about the demand for iPhones. But don't worry, Apple just released its new iPhone 15 lineup, and they didn't raise the prices, which is good news.

However, some experts think that not as many people in the U.S. will buy new phones because of high prices due to inflation. A research firm even said that smartphone shipments in North America might go down by 12% in 2023.

So, that's the scoop on Apple and Tim Cook for now. Have a great day! 😊📱

US AD REVENUE AT MUSK’S X DECLINED EACH MONTH TAKEOVER-DATA

Since billionaire Elon Musk acquired the social media platform formerly known as Twitter in October 2022, the monthly advertising revenue in the United States for the platform, now referred to as "X," has consistently dropped by at least 55% year-over-year. This information comes from third-party data shared with Reuters.

THE INDIAN INFLUENCE: HOW THE MICROSOFT VS. GOOGLE BATTLE IS SHAPED BY TWO VISIONARIES

In a Washington DC federal courtroom, Microsoft CEO Satya Nadella testified in an anti-trust trial against Google. The trial pits the two tech giants, both significant players in the Indian tech world, against each other. Nadella criticized Google's dominance in online search, saying it hinders competitors like Microsoft's Bing. Despite Microsoft's larger market capitalization, Nadella argued that Google's search dominance remains a substantial challenge. He also expressed concerns that Google could leverage its power to dominate the emerging AI industry. This trial, similar to Microsoft's antitrust case 25 years ago, focuses on allegations that Google extends its search monopoly by securing default positions on popular browsers and smartphones. Google's multibillion-dollar deal with Apple to be the default search engine on iPhones was highlighted. Nadella and Google's CEO Sundar Pichai are expected to testify, turning this trial into a significant tech showdown. Despite their competition, Nadella and Pichai have maintained a respectful relationship in the public eye.

ECONOMICS

UK's Metro Bank shares suspended multiple times after plunging more than 25%

Shares of Britain's Metro Bank suspended trading Thursday after tanking more than 29% amid reports that it was trying to raise £600 million ($727 million) in debt and equity.

Metro Bank, a challenger bank in the UK, experienced a volatile trading session, with its shares briefly suspended twice, dropping over 29% from the previous day's close. They have since resumed trading.

The suspensions were due to extreme price swings, according to the London Stock Exchange. Reports suggested the bank was aiming to raise £600 million ($727 million) in debt and equity.

Metro Bank is evaluating ways to bolster its capital, focusing on a £350 million bond maturing in October 2025. The bank's value has declined significantly, losing about two-thirds of its value since February.

Concerns about capital adequacy have persisted, as the Bank of England's regulator indicated limitations on the bank's internal risk models for certain mortgages.

The challenge for Metro Bank now lies in successfully raising capital to address these concerns.

Thats all for today have a great day 😄