Company briefs: Apple

Apple's pivot to a subscription-like model creates a clear path to a market capitalisation of more than US$3 trillion (S$4.2 trillion), according to Morgan Stanley. While the market still tends to value the iPhone maker as a hardware company, shifting to a "lifetime value" based approach - which takes into account recurring revenues from services - suggests long-term upside to over US$200 per share, or more than US$3 trillion in market value, Morgan Stanley analysts wrote in a note.

Apple shares closed at US$153 on Wednesday.

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MUFG

Mitsubishi UFJ Financial Group (MUFG) is bolstering its commodity trade-finance business, helping the industry cope with the surge in liquidity needs following Russia's invasion of Ukraine.

The Japanese bank is splitting its agriculture and metals desks in London, after setting up shop in Amsterdam. It has also stepped up lending to core clients, as war-related dislocations and the pandemic have roiled energy, metals and agriculture markets.

MUFG is stepping up lending to help ease the shipment of raw materials amid roaring inflation.

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NetEase

NetEase is planning to debut the Diablo Immortal mobile game in China on July 25 - a month after the highly anticipated title was originally scheduled to launch in the world's biggest gaming market.

China's largest game company after Tencent Holdings has won the go-ahead to release the game it co-developed with Activision Blizzard, following a controversial social media post that halted the rollout, people familiar with the matter said.

Diablo Immortal, the latest instalment of Blizzard's iconic franchise, is one of China's few blockbuster releases this year.

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