Martin Benn Finally Reveals The Name Of New Melbourne Restaurant

When three-hatted chef Martin Benn announced that his lauded Sydney fine-diner Sepia was closing more than three years ago, heightened levels of anticipation surrounded his next move.

Combining with Melbourne restaurateur, Chris Lucas, Martin Benn and Vicki Wild kept their cards close, only revealing that an upcoming venue would be housed at 80 Collins street in Melbourne’s CBD.

Today, the trio announced the launch of Society – a 300-seat landmark establishment of dining and drinking due to open in late March 2021.

“This year we have been challenged like never before, but we have proven our resilience and in 2021 we will celebrate our achievements,” says Lucas. “Society is a restaurant for Melbourne and Australia, it will signal a rebirth of our great city and I hope it will be a restaurant that places us comfortably on a global stage.”Three venues will complete the offering at 80 Collins Street, with the centrepiece, the Society dining room – to also offer customised private dining – alongside the Lillian Terrace and a luxurious lounge bar.

The fit-out, by leading Melbourne design firm Russell & George will see the lounge bar connect the two restaurants, acting as a perfect hideaway for a Martini and a pre-dinner taste of what’s to come. Elsewhere, the main Society dining room sees lofty ceilings for a grand, yet intimate experience and the Lillian Terrace enjoys a leafy, open-air terrace experience for indoor-outdoor dining.

Martin Benn’s avant-garde cooking style will continue to evolve on the plate however the menus in all three environments will be entirely unique to each setting and will be a la carte throughout.

Societyrestaurant.com.au

The Apple growth and profit machine is wavering, and the boost from price increases might not be enough to keep it going at historic rates. That dials up the pressure on Apple’s new chief executive, John Ternus.

The company saved the bad news for its earnings call, an hour after it posted its results for the September quarter, projecting that for the current quarter its high-margin services business will continue to slow and that its widely watched gross profit margin will continue to fall.

Apple AAPL -1.83%decrease; down pointing triangle shares had been flat in post-close trading but declined as much as 4% after the company made the projections, which fell short of Wall Street estimates.

The impact of high memory costs are weighing even more heavily on the company, Ternus and Apple Chief Financial Officer Kevan Parekh said on the company’s earnings call. Apple has stockpiled cheaper components purchased earlier, but those inventories are dwindling.

When Ternus took over as Apple’s third chief executive of the past 29 years on Sept. 1, he inherited sky-high expectations. The men he followed were among the most successful company leaders in American business history. Steve Jobs revolutionized consumer devices multiple times. Tim Cook expanded Jobs’s creation to spectacular heights.

The expectations are reflected in Apple’s huge valuation. Oppenheimer analyst Martin Yang noted that Apple stock trades at 36 times next year’s expected earnings, a premium to the overall market, even though its earnings are only expected to grow 1%, which is slower than its tech peers.

“We see insufficient upside to justify the premium,” Yang wrote in an investor note, adding that Apple needs to boost iPhone sales growth and turn around its slowing services business to make him more bullish.

Investors have bid up Apple shares because it has been a port in the AI storm—a reliable and capital-efficient business that stands apart from rivals which are spending hundreds of billions of dollars racing to the AI frontier.

While others invest in data centers, Apple has been pouring its own cash into buybacks and dividends. But that safety may be challenged if Ternus can’t speed up Apple’s innovation engine.

Apple’s lagging performance in AI was evident when its new “Siri AI” chatbot arrived this past quarter. Its long-maligned assistant was already stale the day it arrived, surpassed by agents such as Instinct and Muse that can complete multistep tasks for consumers, while Siri still sets kitchen timers.

Apple needs to give people reasons to buy its devices as they get more expensive. The company raised prices across the board last quarter to help offset higher costs. Without compelling new features, a big question is whether consumers will slow the frequency of iPhone upgrades.

The new iPhone Duo appears to be a bright spot. Consumers are scooping up the $1,999 foldable smartphone despite mixed reviews—so many that Apple can’t keep up with demand. Shipping dates jumped out to January soon after the device went on sale, a disappointment for the normally reliable Apple supply chain.

Apple said its revenue grew 12% in the September quarter, slightly ahead of Wall Street’s expectations. Its widely tracked gross profit margin, at 47.9%, also came in just ahead of analyst estimates.

Apple will need to find new growth avenues because a reliable engine during the Cook era—the services business—is slowing. Courts and regulators worldwide have limited Apple’s ability to charge developers big fees to distribute apps through its App Store, the biggest component of the company’s services segment.

One of its most lucrative App Store fee generators has been the ChatGPT app from OpenAI. Around the time Apple accused OpenAI of trade-secret theft this past summer, OpenAI began redirecting potential subscribers to pay via its website instead of the App Store, skirting Apple’s tollbooth.

Apple’s valuation has bumped up against a ceiling in recent weeks. Six times it traded above a $5 trillion market capitalization intraday before finally closing above the threshold, which it has already fallen back below.

News Corp, owner of The Wall Street Journal, has a commercial agreement to supply news through Apple services.

Martin Benn Finally Reveals The Name Of New Melbourne Restaurant

Society is set to open late March 2021.

Apple’s growth engine is showing signs of slowing, as rising costs, weaker services growth and AI competition challenge its profitability. With John Ternus taking the helm, the pressure is on to reignite innovation and sustain investor confidence.