Flash Briefing: Samsung hit worse than Apple; Amazon tops most valuable charts

By Alec Hogg.In today's global headlines:.___STEADY_PAYWALL___.Apple's global smartphone rival Samsung came up even shorter in the three months to end December, indicating this morning its revenues fell 11% and operating income was down by a quarter. The setback was widely anticipated, however, with Samsung's share price falling less than 2% on the news. Apple stock lost 10% last week when it announced it would miss projected December quarter sales by a relatively modest 6%, its first miss in 16 years. Samsung blames the trade war between the US and China, its two biggest export markets, for the unexpected reverse. Some good news on that front was the unexpected inclusion of Chinese president Xi's most senior economic adviser at talks currently being held between the countries in Beijing, aimed at breaking the impasse. Pundits say it signals China's desire to reach a settlement.Japanese New Economy venture capital group Softbank has cancelled a proposed $16bn deal with shared office space provider WeWork. The deal would have given Softbank control of WeWork. Although no official announcement has been forthcoming, both the Wall Street Journal and London Financial Times report that sources close to the companies say the investment will be cut to $2bn, with Softbank only buying out some of the other shareholders, and also not injecting $6bn in fresh capital as initially proposed. The Japanese fund has already invested $8bn into WeWork, one of its biggest equity investments. Pundits say the rout in tech stocks since September, which dropped Softbank's share price by a third, is responsible for the reassessment.A recent rebound in the share price of online retailing giant Amazon has made it the most valuable listed company on earth. Amazon's share price rose 3% yesterday giving it a market cap of $797bn, more than $10bn above previous leader Microsoft. For some years both previously trailed Apple and Google's parent Alphabet, but those two have been hard hit by the tech stock meltdown. This is the first time Amazon has been number one. Microsoft held the crown since November after surpassing Apple, whose value now trails Amazon's by almost $100bn.In South African-related news, former Eskom FD and Xstrata founder Mick Davis, who has been occupying himself of late as the CEO of Britain's ruling Conservative Party, is quietly expanding his interest in mining. Sir Michael Lawrence Davis is listed at Companies House as one of three directors at Niron Metals Plc, a company established last June. His partners are former De Beers executive Varda Shine and the Swiss-based Greek money manager Marcos Camhis, founder of Fos Asset Management which says it takes a seven to 10-year view on investments. Niron will be looking at buying into junior mining companies.

Flash Briefing: Samsung hit worse than Apple; Amazon tops most valuable charts

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