Good morning. Today we're talking about Apple’s latest product launch, Amazon’s UK expansion and the Spectator’s new owner.

Big Stories

Apple’s sweet 16

Apple unveiled its latest flagship device, the iPhone 16, at a special launch event. The tech giant is positioning the new phone as an AI-powered device, emphasising its commitment to leveraging artificial intelligence to enhance the user experience. While the iPhone 16 features modest hardware upgrades, Apple is betting on its AI capabilities to attract consumers. The company's CEO, Tim Cook, highlighted that the device is "built for AI from the ground up," with new features and functionalities to be gradually introduced through software updates. Apple's focus on AI comes as its competitors, such as Google and Microsoft, have made significant strides in the field of generative AI. The company's presentation aimed to reassure both consumers and investors of its commitment to AI and its ability to compete in this rapidly evolving market. However, the event left some questions unanswered regarding Apple's strategy to boost sales and address the growing competition from Chinese tech companies. Investors are eagerly awaiting further details on how Apple plans to leverage AI to drive growth and differentiate its products.

Amazon’s UK expansion

Amazon has announced it will invest £8bn in the UK to build data centres in London and the west of England giving the new Labour government a welcome investment boost. The tech giant says the investment will support up to 14,000 jobs and contribute £14bn to the British economy between 2024 and 2028. Amazon is the world’s largest provider of cloud computing services and data storage via massive server farms but is facing increasing competition from rivals like Microsoft and Google. Cloud computing, or the delivery of IT services such as data storage and computing power over the internet with a pay-as-you-go pricing structure, is widely used by businesses and has emerged as a significant piece of infrastructure in the development of the next generation of AI models.

The Spectator’s new owner

The Spectator, a 196-year-old magazine with a prominent place in British political life, has been sold to Sir Paul Marshall, a hedge fund tycoon and GB News’s largest shareholder. The sale price is reported to be £100m. The magazine, which has been edited by former Prime Minister Boris Johnson, was put up for sale earlier this year after a bid from an Abu Dhabi-backed consortium to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed. Sir Paul says he wants to expand the magazine’s reach and modernise its offerings. Plans include increasing the magazine's presence in the Anglosphere and North America, as well as investing in technology, video, and audio content to enhance the reader experience.

Elsewhere...

Super sales: Aldi UK sales reached record levels as the supermarket unveiled plans to invest £800m in more than 20 new stores by the end of the year.

Property battle: An Australian property giant controlled by Rupert Murdoch is considering a higher bid for UK portal Rightmove.

Chinese punishment: The China arm of the accountancy firm PwC has been banned for six months and fined a record £47m over its audit of the collapsed property developer Evergrande.

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