Feb 3, 2017
Week in Review, February 4
The first rise in iPhone sales in a year sent Apple's shares surging this week, pushing them close to all-time highs, writes Tim Bradshaw. The fastest growing part of Apple's business is its digital services unit, which includes Apple Music and the App Store, where sales grew 18 per cent year on year to $7.2bn. Apple said it would double its annual services revenues to about $50bn in the next four years. The North Sea is one of the most expensive places in the world to operate but costs are down 30-40 per cent in the past two years, increasing its appeal for investors as oil prices recover. Deutsche Bank had a mixed week, taking a step towards resolving one of its biggest legal problems, but also reporting weak results that underscored the size of the task facing chief executive John Cryan as he attempts to overhaul the bank, writes James Shotter. Deutsche's efforts to free up capital by selling assets have had an effect: its common equity tier one ratio reached 11.9 per cent at the end of the quarter - its highest for three years.
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