6 Most Important Things In Business Today
Apple Inc. (NASDAQ: AAPL) posted a weak revenue outlook. According to The New York Times:
Apple Inc.reported its fourth consecutive quarter of record revenue and profit, as the combination of higher iPhone prices and strong app-store sales propelled the technology giant to its best year ever.
But the world’s most valuable company offered guidance for the current period that disappointed many investors, and said it would stop reporting unit sales for its products—a measure closely watched by investors—raising questions about the prospects for strong sales of new gadgets it has unveiled in the past two months.
WeWork, which used to offer unlimited beer, won’t anymore. According to The Wall Street Journal:
Since it was founded eight years ago, WeWork Cos. has offered tenants in its locations kegs of free beer, as part of the hip vibe the fast-growing shared office startup has been selling.
Now it’s paring back— a little.
This week the company started limiting its beer to four 12-ounce glasses per person a day. Those caps apply to just three New York City locations at first, but WeWork told tenants in an email that it plans implement the policy citywide. New York is WeWork’s largest market by far, where it recently surpassed JPMorgan Chase & Co. as the largest private occupant of office space.
Some Tesla Inc. (NASDAQ: TSLA) investors want to change most of its board. According to The Wall Street Journal:
A group of Tesla Inc. shareholders, including several U.S. state investment officials, called on the company’s board to make sweeping changes to its governance to enhance oversight of Chief Executive Elon Musk.
In a letter sent Thursday to three Tesla directors, the shareholders said Tesla’s board should create a plan to refresh its membership and to set time lines for some directors to leave, among other demands. The letter also said the board should permanently separate the positions of chairman and chief executive, both of which Mr. Musk has long held.
There are nine members on the board, including Mr. Musk
President Trump has started a new effort to cut a trade deal with China:
President Donald Trump wants to reach an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina later this month and has asked key U.S. officials to begin drafting potential terms, according to four people familiar with the matter.
The push for a possible deal with China was prompted by the president’s telephone call with Xi on Thursday, the people said, requesting anonymity to discuss internal deliberations. Afterward, Trump described the conversation as “long and very good” and said in a tweet that their discussions on trade were “moving along nicely.”
Central banks are buying record amounts of gold. According to CNBC:
Central banks around the world have upped their spending on gold to the highest level in almost three years, according to the World Gold Council (WGC).
More than 148 metric tons of gold were bought by the national banks in the three months to the end of September, a rise of 22 percent on the same period last year.
Using the current spot price of $1,223 per troy ounce, the gold purchases by the banks added up to a $5.82 billion spending splurge on the precious metal.
Several large companies said they will protect transgender rights. According to CNNMoney:
Some of the largest American companies are taking a stand on transgender rights as President Donald Trump considers a rollback of legal protections for the group.
More than 50 US companies said Thursday in a letter posted online that they oppose “any administrative and legislative efforts to erase transgender protections through reinterpretation of existing laws and regulations.”
“We call for respect and transparency in policy-making, and for equality under the law for transgender people,” the letter says