Irma was downgraded to a Category 1 hurricane, but not before doing what could be $200 billion in damage. Not only were homes and commercial property damaged, but critical infrastructure, which included Miami International Airport, were decimated. Over 3 million people were left without power.
Equifax Inc. (NYSE: EFX) faces a rising number of complaints after a breach that hit 143 million records. The level of lawsuits the company faces may not be covered by its insurance, raising the matter of massive drains on the company’s cash and borrowing capacity.
Investors worry that the $1,000 price for the new iPhone 8 from Apple Inc. (NASDAQ: AAPL) could drag on sales in many markets. The iPhone 8 will be the first mass market smartphone to cross the $1,000 barrier, according to The New York Times.
“It,” a movie based on a Steven King novel, shattered several box office records on its way to a $117 million debut weekend. The number breaks a period of weak revenue for the motion picture industry.
China has cut its level of support for the value of its currency. According to CNBC:
China is starting to roll back measures meant to prop up its currency after a recent surge in the yuan erased all of last year’s losses.
Starting today, the central bank has scrapped a reserve requirement rule on trades called currency forwards, making it cheaper for investors to buy dollars while selling the yuan. Banks previously had to set aside 20 percent of the previous month’s yuan forwards settlement amount for use as foreign exchange risk reserves. The People’s Bank of China is also removing a reserve requirement on yuan deposits for foreign banks.
China smartphone company Xiaomi, one of the most valuable startups in the world, has posted market share gains that may wipe out concerns about demand for the firm’s products. According to the Financial Times:
Xiaomi, once the world’s most valuable unicorn, looked set to become one of China’s biggest unicorpses: it burnt cash and stumbled with supply problems. Now, with fortunes improving, it is staging its next act: Chinese phoenix.
The Beijing-based tech company, which makes products ranging from smartphones to smart rice cookers, re-entered the top five of global smartphone makers in the second quarter, as shipments surged 59 per cent year on year to 21m, according to the IDC research firm.
The recovery, noted founder and chief executive Lei Jun, “follows a year of setbacks that collectively signify the most challenging period in our company history”.