Apple's yearly Worldwide Developer's Conference (WWDC) has become a gathering of near-mystical significance for tech-heads.
Last week's WWDC 2012 in San Francisco was no exception. Thousands of Apple fans queued to get a glimpse of the new MacBook Pro laptop, with improved "retina" display. This was the first WWDC after the death of former Apple chief executive Steve Jobs, giving commentators pause to reflect on the remarkable story of what is now the world's most valuable company, worth a staggering US$500 billion (Dh1.8trillion). As ever, a selection of the best reading can unravel the details.
Go to Apple Confidential 2.0 by Owen Linzmayer (No Starch Press, Dh120) to learn how Steve Jobs and friend Steve Wozniak formed Apple as a vehicle to sell computers that Wozniak was building by hand. The Apple Macintosh became one of the first commercially successful home computers, and by 1990 Apple was riding high.
Then read Infinite Loop: How Apple Went Insane by Michael S Malone (Arum, Dh 48) to learn what happened next: boardroom powerplays forced Jobs out in 1985, and unsuccessful products saw Apple's fortunes plummet. In 1997, though, one of the most remarkable turnarounds in corporate history began. Jobs returned, and steered Apple through a series of era-defining products, including the iPod and the iPhone. Apple's share price soared, from around US$10 in 2002 to more than $500 today.
In the authorised biography Steve Jobs by Walter Isaacson (Little, Brown, Dh150) you'll read how Jobs combined ruthless business strategy with an unrivaled purity of design vision: he was, we learn, such a perfectionist that he lived in an empty mansion for years, unable to find furniture that he liked. And learn more about that design vision in Insanely Simple: The Obsession that Drives Apple's Success by Ken Segall (Portfolio Penguin, Dh90). Now, Apple must face a future without its guiding spirit. See this year's Inside Apple (John Murray, Dh120), by Adam Lashinky, to learn how the company has no plans to relinquish its market lead.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg