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Apple is forecasting a return to revenue growth in the run-up to Christmas, after reporting its first decline in annual revenues for more than a decade.
The tech group reported a 9 per cent decline in sales in the three months to September 24, and sold 45.5m iPhones in the period, down 5 per cent on a year ago.
The group sought to dispel any bad feeling in the market by emphasising the increase in revenues from services, such as the App Store, iCloud and Apple Music. Revenues from that part of the business rose 24 per cent to $6.3bn, ahead of analyst forecasts, making it Apple’s largest source of income after the iPhone. It’s not clear whether that will be enough to charm investors. (FT)
In the news
End of PPI payouts for Lloyds Lloyds Banking Group has reported a 15 per cent fall in pre-tax profit in the third quarter after earmarking a further £1bn for PPI. The latest provision, which the UK government-backed bank says will be its last, takes its compensation pot to £17bn. (FT)
Heathrow secures government backing for third runway The west London airport plans to expand its capacity after more than a decade of delays and indecision, but its development faces stiff opposition led by MPs from within Theresa May’s Tory party and government. (FT)
Gambia joins exit queue for International Criminal Court Set up to tackle genocide and crimes against humanity, the ICC has been accused by Gambia of unfairly targeting African nations. South Africa said last week it would withdraw and Burundi has also said it will leave. Nine of the ICC’s 10 investigations have been Africa based. (BBC)
Chinese military drone maker targets listing The Nanyang Technology unit, which it hopes to list on the Shenzhen Stock Exchange, makes armed drones and two types of air-to-ground missile eagerly sought by Middle-Eastern and African buyers who have been refused drones by the US for fear of how they will be used. (FT)
Duterte gives foreign troops two years to get out Philippine president Rodrigo Duterte has told delegates at the Philippine Economic Forum in Tokyo that he wants his country to be free of foreign troops within two years. The US maintains a large military presence in the Southeast Asian nation.(NAR)
It’s a big day for
Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.
Food for thought
Demographics and markets Many economists now agree that the steady ageing of western populations over the past few decades has contributed to historically low interest rates. How will the world deal with low yields and low growth? (FT)
DNA: the future of data storage? How a synthetic version of our genetic code could become the world’s most efficient hard drive. (WSJ)
HK lesbian tops FT’s LGBT ranking Gigi Chao, a Hong Kong lesbian whose father had offered a $65m bounty to any man who could woo and marry her, has earned top spot in the FT’s annual ranking of the Top 100 LGBT executives. (FT)
Man Booker prize won by American for first time Paul Beatty was announced as the winner for his satirical novel The Sellout, a piercing tale about US race relations. (FT)
Tequila and sympathy: Clinton courts Hispanics in Florida Hillary Clinton is closing her campaign with a message aimed at Latino voters. The Democratic party candidate was in Florida, an important swing state because it has 29 of the 270 electoral votes needed to win the White House. (FT)
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Video of the day
Germany’s refugee backlog A data-driven look at what happens to Syrian refugees who have reached Germany, which faces a staggering increase in applications, leaving many refugees in limbo. (FT)