Afternoon Coffee: Apple Sheds $1B from Spending Plans, Accenture Buys EnergyQuote JHA

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Apple Inc. announced it would cut its annual capital spending projection by $1 billion. The tech company plans to spend a total of $12 billion for the year ending in September, reducing the amount of spend on buying manufacturing equipment, building data centers and retail stores.

Accenture will buy Pan-European energy management and procurement services provider EnergyQuote JHA. The deal will “bolster Accenture’s energy procurement capabilities in Europe and further enhance its ability to deliver energy management as-a-service to clients,” a press release stated.

The state of China’s economy is impacting US businesses’ bottom lines, with a number of US firms reporting a drop in demand for their products in China and a loss of revenue from the Chinese market. US exports to China were more than 6% lower in the first 5 months of this year compared to the same time frame in 2014.

The Leading Economic Index increased 0.6% in June to 123.6, according to the Conference Board. The index came in higher than the 0.2% rise analysts expected.

 

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