to the shop floor? as hello kitty hits 50, we hear from the brand's ceo about how he turned his business into a trillion yen company. welcome to business today. we start with the latest of this week's slew of tech results as apple reported revenue growth ahead of wall street expectations. but the overall picture sent the company's shares down slightly by 1.4% in after hours trading. that's because of a modest forecast for sales, especially due to expectations of a decline in china in the fourth quarter. much of apple's success now hinges on the success of its ai product, apple intelligence, which has underwhelmed many since its launch.

this week, shares in microsoft and the facebook owner, meta, both suffered due to the anticipated costs of ai in the year ahead. here's our north america technology correspondent lilyjamali. apple has been looking for a turnaround in iphone sales which have been pretty sluggish and i got that in this most recent quarter.— centre 5.5%. there are good signs for the new iphone 16. this is such there are good signs for the new iphone16. this is such an important market for this company. iphone sales make up about half of the company? revenues. we also heard from the ceo, tim cook, but apple intelligence, a suite of tools that allows customers to do everything from right a better e—mail to clean everything from right a better e—mailto clean up everything from right a better e—mail to clean up photos and generate movies with a simple prompt. that service just this

week and the ceo said early feedback has been pretty positive. there is one dark spot for apple in this report and that has to do with the traditional ruling in europe that was handed out in september. this is all about the company's tax bill in ireland, ireland having to pay 13 billion in taxes and interest, resulting in a 35 kick in profits in this most recent quarter. this was a pretty solid quarter for apple. this was a pretty solid quarter forapple. many this was a pretty solid quarter for apple. many expected that iphone performance would be tepid at best, but almost 6% growth in revenue has been pretty good. iphone revenue is the magic metric to look out forfor two

the magic metric to look out for for two reasons. the magic metric to look out forfor two reasons. one, the magic metric to look out forfortwo reasons. one, it makes up almost half of apple plasma total revenue, but second the iphone is the gateway, it is the portal to apple cosmic and once consumers enter that universe they spent a bunch of money on other stuff, like devices, and also like services. let's talk about services for a moment. services are apple's fastest growing revenue stream, and based on performance this quarter it is annualised at about $100 billion, and that is revenue coming in at 75% gross margin, so as faras coming in at 75% gross margin, so as far as services are concerned, apple has struck it out of the stadium. all things considered, pretty decent earning quarterfor apple. us jobs numbers are expected within the next hour the last significant piece of economic data to be released ahead

of the us presidential election on tuesday the fifth of november and the federal reserve�*s next meeting on november the seventh. the us labour market has shown signs of cooling down with the unemployment rate rising by 0.7% percentage points so far this year. where will it leave the fed with its next interest rate decision? joining me isjoe brusuelas, global chief economist at rsm, an accounting and consulting firm. u nfortu nately, we unfortunately, we are going to get a distorted report due to the large hurricane that impacted the american southeast and an ongoing labour action in the us civilian aircraft sector. we think we will see about 120,000 increase in about 120 , 000 increase in overall employment about 120,000 increase in overall employment of 4.1% unemployment rate, and a strong 4% increase in wage gains. so despite the distortion, we are

going to draw from the labour report a fundamental picture as we head into the election of an economy at full employment anchored around price stability, and that is a good problem to have.— stability, and that is a good problem to have. talk to -- talk to us — problem to have. talk to -- talk to us about _ problem to have. talk to -- talk to us about what - problem to have. talk to -- talk to us about what you i problem to have. talk to -- i talk to us about what you think the underlying performances. what is the broader situation? i think all we need is between 100000 and 150,000 per month to keep the labour market stable. the pace of immigration that really drove hiring and the economy in 2023 and 23 has slowed. it is an election year so the federal government has joked of immigration. the level we need to keep things stable has declined. the underlying trend in harrogate somewhere between 150 and 180,000. that

is well below the 254,000 increase so last month, but that kind of number is not sustainable. we are not going to get a clean read until next year. right now what i am focusing on is that unemployment rate and those wage gains because that is a much better indication of the true underlying fundamental strength of the american labour market. ~ . , ,, ., market. what is the us federal reserve thinking? _ market. what is the us federal reserve thinking? it'll- market. what is the us federal reserve thinking? it'll be - reserve thinking? it'll be thinking again about the cost of borrowing in the us. what of borrowing in the us. what our of borrowing in the us. what your expectations? - of borrowing in the us. what your expectations? the - of borrowing in the us. what your expectations? the 7th | of borrowing in the us. what| your expectations? the 7th of november meeting next week we will get another reduction in the federalfunds will get another reduction in the federal funds policy rate, however you might have noticed we had a gdp report this week. the us economy is booming, growing at a rate well above the long—term trend of 1.8%. we are closer to 3% now in terms of our overall growth and the fed may choose deposit its

december meeting in terms of ascertaining if the us economy is likely to continue outperforming not only its long—term trend growth rate but all of its g7 peers, so there is a lot more to talk about as we head into that holiday season. . ~' we head into that holiday season. ., ~ , ., ., we head into that holiday season. . ~' , ., ., . some breaking news now from newcastle crown court. logan mcphail was found guilty of holly mick's murder at the crown court. he was also convicted of stabbing another boy who had tried to help her.

mcphail had stopped holcomb —— holly, who was 15, before repeatedly stabbing her in an alleyway, this after he ended their relationship. let's go to newcastle and speak to our correspondence who has been following the case. a lengthy sentencing remark today, take case throughout the judge came to that sentence of 17 years. it was a long speech that the judge gave to us here after what has been an incredibly long legal process. holly newton was stabbed to death in that alleyway in hexham 18 months ago and it has been an incredibly complicated process to get here because logan macphail suffers from some learning difficulties and also has been diagnosed with autism spectrum —— autism spectrum disorder. they were trying to determine if he was fit to

plead. that means 0c able to understand the court process. he was found fit to play because he ended up here at newcastle crown court on trial for holly newton's murder. the judge said today it had become apparent to him throughout the trial that logan did understand exactly what he was doing, and not as it was betrayed at some points, not understood what stabbing to holly to death and the finality of that, the fact that she would be dead, would not be coming back. he told macphail today that he believed holly had been her child who stood no match for macphail when he was armed with a knife and went into the alleyway and stabbed her. he said that macphail had beenjealous stabbed her. he said that macphail had been jealous and resentful and the reason he had murdered holly newton is because he knew that friday afternoon in january because he knew that friday afternoon injanuary of last year when he approached her she had no intention of resuming

the relationship they had been in. i the relationship they had been in. ~' , . ,, the relationship they had been in. ~ , ., , , , the relationship they had been in. , ., in. i think perhaps it is worth aaivin a in. i think perhaps it is worth giving a bit _ in. i think perhaps it is worth giving a bit of _ in. i think perhaps it is worth giving a bit of background i in. i think perhaps it is worth | giving a bit of background and explaining the events that led up explaining the events that led up to the stabbing in that alleyway in hexham and just the relationship between the two. holly's mum has been very outspoken on how important she felt that relationship was. she said it was domestic violence between the two.— said it was domestic violence between the two. yes. this was a relationship — between the two. yes. this was a relationship between - between the two. yes. this was a relationship between two - a relationship between two teenagers. holly newton and logan macphail had met 18 months prior at army cadets. herfamily describes the her family describes the relationship as herfamily describes the relationship as a normal teenage relationship, they often broke up and got back together. when the relationship ended logan macphail realised there was no going back this time. part of the, or the main

reason the relationship had ended, is that holly had realised it wasn't a normal relationship. logan macphail had exhibited controlling behaviours towards her, he would use emotional blackmail, threatened to kill himself if she ended the relationship, something that the police say is a common tactic by perpetrators exhibiting controlling behaviour towards people. once he realised there was a final relationship, he began to stalk holly. the night before her death he turned up on a very cold january night outside her house in the northumberland town in which she lived. he had to take two buses to get there. he sat outside her house in the cold and there was some quite chilling facts where he was sending voice notes to one of her siblings repeatedly asking to be let in, being allowed to

sneak in a window, asking for keys to be thrown down so he could come in and talk to holly. he claims he wanted to get his playstation back. the judge said that he believed that logan macphail had the knife with him that night, as well. ollie's mum was so concerned about this behaviour that the next morning she arranged for the police to come out the following night, the night of holly's death. holly being a teenage girl had wanted to go out that afternoon and spent some time with friends so the push everything back. holly never came home to attend that meeting because logan macphail left school early on friday afternoon, got a bus hexham and wandered around the northumbrian town. there is some quite chilling cctv of him covering his face. the pair met at army cadets and he said he had learnt about stalking people from army cadets. he followed her around for about an hour before finally making himself known to her. the judge

said he wasn't sure that if this point was if logan macphail did plan, as he had claimed, to hurt himself rather than holly. he said in that. when they spoke to each other and it was made clear by holly that he did not intend to resume the relationship, he made the decision then 1530 00:13:19,141 --> 0