5 Top Stories

Apple Acts on iPhone Issues; Telecoms Challenge Big Tech; SingTel Sells Stake

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Apple Acts on iPhone 15 Issues

Apple [AAPL] has announced a software update to its new iPhone 15 models after users complained the devices were overheating. “We have identified a few conditions which can cause iPhone to run warmer than expected,” an Apple spokesperson told CNBC, including a bug in the operating system and increased background activity during set-up. Meanwhile, Dutch competition authority ACM has rejected Apple’s objections to a €50m fine over the predominance of its App Store.

EU Telecoms: Big Tech Must Pay its Way

The CEOs of 20 of the biggest telecoms companies in the EU — including BT [BT-A.L], Deutsche Telekom [DTE.DE] and Telefónica [TEF.MC] — have sent an open letter to the European Commission, urging that big tech firms like Netflix [NFLX] and Google [GOOGL] should pay a “fair and proportionate contribution… towards the costs of network infrastructure”. “Future investments are under serious pressure and regulatory action is needed to secure them,” they warned.

SingTel Sells Trustwave Stake

Southeast Asia's largest telecom, Singapore Telecommunications (SingTel) [Z74.SI], has announced it is to sell a $205m stake in its cybersecurity firm Trustwave to MC2 Titanium. Having purchased Trustwave in 2015 for $770m, in 2021 Singtel launched a strategic review of its 98% interest in the firm. The company incurred an impairment charge of $245.9m on Trustwave in the latter half of that year.

SpaceX Broadband in Africa

Elon Musk’s SpaceX is to partner with Goldman Sachs-backed [GS] e-commerce firm Jumia Technologies [JMIA] to expand satellite broadband services in Africa. Under the deal, Jumia will sell satellite terminals and other kits made by SpaceX’s Starlink division, starting in Nigeria this month and then expanding to Kenya. This will be Starlink’s first sales and distribution deal on the continent, having made similar moves in southeast Asia and South America.

Overhaul Needed at Airbnb, CEO Says

“We need to get our house in order”, Airbnb [ABNB] CEO and Founder Brian Chesky told Bloomberg: “We need to make sure the listings are great, we’re providing great customer service and we’re affordable,” he said, emphasising that the company is prioritising its foundational elements. The tech platform has faced massive headwinds this year; in addition, Chesky said, it has grown very fast, and must catch up with itself.

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