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DOJ and SEC to Probe Apple

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The U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) is in preliminary stages of investigating Apple Inc., maker of the iPhone, iPad and iMac. The investigation surrounds whether Apple violated U.S. securities laws regarding disclosures on software updates that slowed the performance of older iPhone models.

The government agencies requested information from Apple.

Slowdown

Apple made a public apology once this information was revealed to the public. Apple then moved to lower the price of battery replacements in its retail locations down to US$ 29 from US$ 79.

Clouds Form

Apple is facing a number of issues. First, CalSTRS and activist investor Jana Partners recently issued a warning to Apple regarding the negative effects of smartphone addiction on children. Second, the iPhone X was pushed out in September 2017 with a US$ 1,000 price (US$ 999.00 to US$ 1,149.00 according to sources) – a record price tag of a standard smart phone. Apple informed suppliers it was lowering its first quarter 2018 production target for the iPhone X down 50% to roughly 20 million phone units from 40 million units. The weaker-than-expected demand has spooked some investors. Last, Apple is planning to delay new iOS software features until 2019.

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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