It was hardly a slow-news weekend as the U.S. took some coercive action on the Chinese spy balloon hovering in its airspace, and Turkey and Syria suffered a horrendous earthquake that claimed hundreds of lives. On the business side of things, Apple Inc. (NASDAQ:AAPL) looks like it's coming up with a bigger and better iPhone next year and Larry Summers expressed cautious optimism over the economic scenario. Bill Gates and Elon Musk also feature in our top five stories from the weekend.
Take a look:
1) Apple iPhone’s “Ultra” Model: Apple is apparently planning to add a new higher-end iPhone model to the top both the Pro and Pro Max levels and could introduce it alongside its 2024 release. Apple plans to use the term “the Ultra” for the new iPhone model, Bloomberg columnist Mark Gurman said in his weekly “Power On” newsletter.
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2) Turkey Earthquake Kills Hundreds, Musk Offers Help: More than 300 people were killed after a massive 7.8-magnitude earthquake hit Turkey and sent tremors across the region, collapsing buildings and sending residents running into the streets. Many people were also trapped under debris. The tremors were felt in Cyprus, Lebanon and Syria, reported Reuters. SpaceX CEO Musk offered help to Turkey as the earthquake caused communication shortages. Musk, while replying to a tweet asking for help, wrote, “Starlink is not approved by Turkish government yet. SpaceX can send as soon as approved.”
5) Larry Summers Says Soft Landing ‘Looks More Possible:’ Though the Fed can pull off a soft landing, former Treasury Secretary Lawrence Summers cautions that it would be a “big mistake” to believe that the economy is “out of the woods.” Summers stated that it seems more likely that “we'll have a soft landing than it did a few months ago,” during a CNN interview. Summers expressed concern about the inflation indicators, noting that “they're still unimaginably high from the perspective of two or three years ago” and getting the rest of the way back to target inflation may still prove to be extremely difficult.
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